2023 Q1 Form 10-Q Financial Statement

#000166357723000014 Filed on January 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q3
Revenue $298.4K $236.8K $872.0K
YoY Change -83.42% 657.67%
Cost Of Revenue $912.0K $945.9K $986.3K
YoY Change 32.84% 37.77% -34.0%
Gross Profit -$613.6K -$709.1K -$114.3K
YoY Change -155.11% 3.28% -91.72%
Gross Profit Margin -205.61% -299.43% -13.1%
Selling, General & Admin $379.6K $424.5K $289.7K
YoY Change -42.74% 16.63% -84.29%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.108K $1.116K $987.4K
YoY Change -99.84% -99.84% 56.97%
% of Gross Profit
Operating Expenses -$450.1K -$495.0K $289.7K
YoY Change -167.9% -84.29%
Operating Profit -$1.064M -$1.204M -$404.0K
YoY Change -336.16% 75.38% -87.47%
Interest Expense $79.00 $79.00 -$240.00
YoY Change -99.86%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$1.064M -$1.204M -$404.2K
YoY Change -336.15% 14.45% -88.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.064M -$1.204M -$404.2K
YoY Change -336.15% 14.45% -88.8%
Net Earnings / Revenue -356.41% -508.43% -46.35%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00 -$1.120K
COMMON SHARES
Basic Shares Outstanding 692.7M shares 609.8M shares 362.1M shares
Diluted Shares Outstanding 728.7M shares 481.9M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.9K $20.24K $84.22K
YoY Change 26.0% -88.14% -36.32%
Cash & Equivalents $165.9K $20.24K $84.22K
Short-Term Investments
Other Short-Term Assets $9.480K $9.480K $13.04K
YoY Change -61.27% -61.27% -3.91%
Inventory
Prepaid Expenses $9.480K $9.480K $13.04K
Receivables $60.00K $60.00K
Other Receivables $300.0K $58.50K
Total Short-Term Assets $535.4K $148.2K $97.26K
YoY Change -54.34% -89.27% -88.94%
LONG-TERM ASSETS
Property, Plant & Equipment $10.47K $11.58K $12.70K
YoY Change -98.99% -98.96% -76.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.24K $570.2K $927.0K
YoY Change -98.12% -38.58% 19.13%
Total Long-Term Assets $3.652M $4.995M $5.742M
YoY Change -39.86% -6.77% 17.7%
TOTAL ASSETS
Total Short-Term Assets $535.4K $148.2K $97.26K
Total Long-Term Assets $3.652M $4.995M $5.742M
Total Assets $4.187M $5.143M $5.839M
YoY Change -42.2% -23.68% 1.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.9K $564.5K $293.8K
YoY Change -10.55% 337.34% 148.39%
Accrued Expenses $237.7K $230.6K $229.8K
YoY Change 33.96% 38.24% 376.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.319M $1.222M $954.1K
YoY Change 7.15% -24.21% -13.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $740.7K $805.2K $863.2K
YoY Change -17.97% -14.75%
Total Long-Term Liabilities $740.7K $805.2K $863.2K
YoY Change -17.97% -14.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.319M $1.222M $954.1K
Total Long-Term Liabilities $740.7K $805.2K $863.2K
Total Liabilities $2.059M $2.027M $1.817M
YoY Change -3.48% -20.72% 64.02%
SHAREHOLDERS EQUITY
Retained Earnings -$11.07M -$10.00M -$8.790M
YoY Change 33.61%
Common Stock $13.25M $13.24M $13.02M
YoY Change 15.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.128M $3.116M $4.022M
YoY Change
Total Liabilities & Shareholders Equity $4.187M $5.143M $5.839M
YoY Change -42.2% -23.68% 1.42%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$1.064M -$1.204M -$404.2K
YoY Change -336.15% 14.45% -88.8%
Depreciation, Depletion And Amortization $1.108K $1.116K $987.4K
YoY Change -99.84% -99.84% 56.97%
Cash From Operating Activities -$442.6K -$222.1K -$1.022M
YoY Change 63.83% -64.71% -6.96%
INVESTING ACTIVITIES
Capital Expenditures $280.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $280.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 588.2K $158.2K 454.1K
YoY Change 154.5% -76.32% -60.96%
NET CHANGE
Cash From Operating Activities -442.6K -$222.1K -1.022M
Cash From Investing Activities 280.0K
Cash From Financing Activities 588.2K $158.2K 454.1K
Net Change In Cash 145.6K -$63.98K -287.5K
YoY Change -473.24% -542.03%
FREE CASH FLOW
Cash From Operating Activities -$442.6K -$222.1K -$1.022M
Capital Expenditures $280.0K
Free Cash Flow -$1.302M
YoY Change 18.53%

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CY2021Q4 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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1080156 usd
CY2021Q4 ABQQ Preferred Shares Converted To Common Shares
PreferredSharesConvertedToCommonShares
75000 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
50000000 usd
CY2022Q4 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zbkk5tL9aDLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="text-decoration: underline">Use of Estimates</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"> </p>
CY2022Q3 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
0 usd
CY2022Q4 ABQQ Net Cash Used In Operations Approximate
NetCashUsedInOperationsApproximate
0.2 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 usd
CY2022Q4 us-gaap Reclassifications
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<p id="xdx_847_eus-gaap--Reclassifications_zf4kJBkPeEtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="text-decoration: underline">Reclassification</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Certain prior period amounts have been reclassified to conform to the current period presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q4 ABQQ Retained Earnings Accumulated Deficit Estimated
RetainedEarningsAccumulatedDeficitEstimated
10.0 usd
CY2022Q4 ABQQ Net Income Loss Estimated
NetIncomeLossEstimated
1.2 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
58500 usd
CY2022Q4 us-gaap Depreciation
Depreciation
1116 usd
CY2021Q4 us-gaap Depreciation
Depreciation
13300 usd
CY2022Q4 ABQQ Total Cost
TotalCost
8913798 usd
CY2022Q3 ABQQ Total Cost
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8313798 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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-5439015 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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-4515516 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3474783 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3798282 usd
CY2022Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
923499 usd
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
686567 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
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2542331 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
932452 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
3474783 usd
CY2022Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
68771 usd
CY2021Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
58093 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
938281 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1004018 usd
CY2022Q4 us-gaap Deferred Costs Leasing Net Current
DeferredCostsLeasingNetCurrent
230618 usd
CY2022Q3 us-gaap Deferred Costs Leasing Net Current
DeferredCostsLeasingNetCurrent
229813 usd
CY2022Q4 us-gaap Deferred Costs Leasing Net Noncurrent
DeferredCostsLeasingNetNoncurrent
805187 usd
CY2022Q3 us-gaap Deferred Costs Leasing Net Noncurrent
DeferredCostsLeasingNetNoncurrent
863145 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1035805 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1092958 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Next Rolling Twelve Months
OperatingLeasesFutureMinimumPaymentsNextRollingTwelveMonths
238444 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
262728 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
251748 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
256642 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive
42910 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1052472 usd
CY2022Q4 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
16667 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1035805 usd
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
CY2021Q4 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
378582 usd
CY2022Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
377398 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
659550369 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
659550369 shares
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
384512583 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
384512583 shares
CY2022Q4 ABQQ Series C Preferred Shares Issued Shares
SeriesCPreferredSharesIssuedShares
90275 shares
CY2022Q4 ABQQ Series C Preferred Shares Issued Amount
SeriesCPreferredSharesIssuedAmount
78500 usd
CY2022Q4 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
-5765 usd
CY2021Q4 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
-1511 usd
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1581049 usd
CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1328204 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1581049 usd
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1328204 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1581049 usd
CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1328204 usd
CY2022Q4 ABQQ Hong Kong Deposit Protection
HongKongDepositProtection
64000 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1615 usd
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
70602 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
17977 usd
CY2022Q3 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
13621 usd
CY2022Q4 us-gaap Revenues
Revenues
236812 usd
CY2022Q4 us-gaap Cost Of Revenue
CostOfRevenue
945903 usd
CY2021Q4 us-gaap Cost Of Revenue
CostOfRevenue
686567 usd
CY2022Q4 us-gaap Gross Profit
GrossProfit
-709091 usd
CY2021Q4 us-gaap Gross Profit
GrossProfit
-686567 usd
CY2022Q4 us-gaap Interest Expense
InterestExpense
79 usd
CY2022Q4 us-gaap Depreciation
Depreciation
1116 usd
CY2021Q4 us-gaap Depreciation
Depreciation
13300 usd
CY2022Q4 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
5143103 usd
CY2021Q4 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
6738733 usd
CY2022Q4 ABQQ Segment Income Loss
SegmentIncomeLoss
-1209790 usd
CY2021Q4 ABQQ Segment Income Loss
SegmentIncomeLoss
-1052045 usd

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