2024 Q1 Form 10-Q Financial Statement

#000166357724000009 Filed on January 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q3
Revenue $385.3K $801.7K $364.6K
YoY Change 29.09% 238.56% -58.19%
Cost Of Revenue $62.73K $41.36K $621.8K
YoY Change -93.12% -95.63% -36.95%
Gross Profit $322.5K $760.4K -$257.2K
YoY Change -152.56% -207.23% 125.13%
Gross Profit Margin 83.72% 94.84% -70.56%
Selling, General & Admin $249.9K $261.7K $387.9K
YoY Change -34.17% -38.35% 33.89%
% of Gross Profit 77.49% 34.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $561.8K $1.108K $529.3K
YoY Change 50602.17% -0.72% -46.39%
% of Gross Profit 174.18% 0.15%
Operating Expenses -$873.3K -$829.9K $387.9K
YoY Change 94.01% 67.65% 33.89%
Operating Profit -$488.1K -$28.16K -$645.1K
YoY Change -54.12% -97.66% 59.69%
Interest Expense -$6.850K -$13.24K -$10.07K
YoY Change -8770.89% -16859.49% 4095.83%
% of Operating Profit
Other Income/Expense, Net $85.00K $0.00
YoY Change
Pretax Income -$494.9K $43.60K -$655.2K
YoY Change -53.47% -103.62% 62.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$494.9K $43.60K -$672.0K
YoY Change -53.47% -103.62% 66.26%
Net Earnings / Revenue -128.47% 5.44% -184.33%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 2.567B shares 2.567B shares
Diluted Shares Outstanding 2.502B shares 2.008B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.67K $261.1K $117.1K
YoY Change -79.7% 1189.97% 39.04%
Cash & Equivalents $33.67K $261.1K $117.1K
Short-Term Investments
Other Short-Term Assets $30.00K $0.00
YoY Change 216.46% -100.0%
Inventory
Prepaid Expenses $30.00K
Receivables $57.00K
Other Receivables $0.00
Total Short-Term Assets $63.67K $318.1K $117.1K
YoY Change -88.11% 114.6% 20.4%
LONG-TERM ASSETS
Property, Plant & Equipment $6.038K $7.146K $8.254K
YoY Change -42.34% -38.28% -34.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $46.01K $46.01K $345.2K
YoY Change 1.7% -91.93% -62.76%
Total Long-Term Assets $1.726M $2.338M $2.505M
YoY Change -52.74% -53.19% -56.37%
TOTAL ASSETS
Total Short-Term Assets $63.67K $318.1K $117.1K
Total Long-Term Assets $1.726M $2.338M $2.505M
Total Assets $1.790M $2.656M $2.622M
YoY Change -57.26% -48.35% -55.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.4K $341.7K $156.8K
YoY Change 15.53% -39.46% -46.64%
Accrued Expenses $244.1K $230.7K $211.5K
YoY Change 2.68% 0.04% -7.96%
Deferred Revenue
YoY Change
Short-Term Debt $319.6K $543.3K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $798.6K $1.116M $1.123M
YoY Change -39.44% -8.68% 17.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $485.7K $547.2K $608.2K
YoY Change -34.43% -32.04% -29.54%
Total Long-Term Liabilities $485.7K $547.2K $608.2K
YoY Change -34.43% -32.04% -29.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $798.6K $1.116M $1.123M
Total Long-Term Liabilities $485.7K $547.2K $608.2K
Total Liabilities $1.284M $1.663M $1.731M
YoY Change -37.64% -17.96% -4.74%
SHAREHOLDERS EQUITY
Retained Earnings -$12.84M -$12.34M -$12.39M
YoY Change 16.0% 23.45% 40.93%
Common Stock $13.34M $13.34M $13.28M
YoY Change 0.73% 0.72% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $505.5K $993.5K $891.0K
YoY Change
Total Liabilities & Shareholders Equity $1.790M $2.656M $2.622M
YoY Change -57.26% -48.35% -55.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$494.9K $43.60K -$672.0K
YoY Change -53.47% -103.62% 66.26%
Depreciation, Depletion And Amortization $561.8K $1.108K $529.3K
YoY Change 50602.17% -0.72% -46.39%
Cash From Operating Activities -$3.710K -$35.99K -$86.48K
YoY Change -99.16% -83.8% -91.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 -223.7K $180.0K 68.73K
YoY Change -138.03% 13.8% -84.87%
NET CHANGE
Cash From Operating Activities -3.710K -$35.99K -86.48K
Cash From Investing Activities
Cash From Financing Activities -223.7K $180.0K 68.73K
Net Change In Cash -227.4K $144.0K -17.75K
YoY Change -256.15% -325.05% -93.83%
FREE CASH FLOW
Cash From Operating Activities -$3.710K -$35.99K -$86.48K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
87975 usd
CY2022Q4 ABQQ Proceeds From Preferred Share C Issuances
ProceedsFromPreferredShareCIssuances
69000 usd
CY2023Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
179981 usd
CY2022Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
158159 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
143991 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-63983 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
117096 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
84223 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
261087 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20240 usd
CY2023Q4 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
45000 usd
CY2023Q4 ABQQ Net Purchase Deposit With Loans Related Partty Sales Of Software
NetPurchaseDepositWithLoansRelatedParttySalesOfSoftware
300000 usd
CY2022Q4 ABQQ Transfer From Purchase Depositt To Intangible Assets
TransferFromPurchaseDeposittToIntangibleAssets
356724 usd
CY2022Q4 ABQQ Subscription Receivable For Common Stock Issuance
SubscriptionReceivableForCommonStockIssuance
58500 usd
CY2023Q4 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zFl3xeGehq7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"><span style="text-decoration: underline">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><span style="color: Black"><b> </b></span></p>
CY2022Q4 us-gaap Revenues
Revenues
236812 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2023Q4 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022Q4 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q4 us-gaap Revenues
Revenues
801747 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
50000000 usd
CY2023Q4 us-gaap Reclassifications
Reclassifications
<p id="xdx_847_eus-gaap--Reclassifications_zKucQIhaj3sg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"><span style="text-decoration: underline">Reclassification</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212529"><span style="color: Black">Certain prior period amounts have been reclassified to conform to the current period presentation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="color: Black"> </span></p>
CY2023Q4 ABQQ Retained Earnings Accumulated Deficit Estimated
RetainedEarningsAccumulatedDeficitEstimated
12.3 usd
CY2023Q4 us-gaap Capital
Capital
0.8 usd
CY2023Q4 ABQQ Net Cash Used In Operations Approximate
NetCashUsedInOperationsApproximate
36000 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
57000 usd
CY2023Q4 us-gaap Depreciation
Depreciation
1108 usd
CY2022Q4 us-gaap Depreciation
Depreciation
1116 usd
CY2023Q4 ABQQ Total Cost
TotalCost
9714587 usd
CY2023Q3 ABQQ Total Cost
TotalCost
9018798 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-8075497 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-7563688 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1639090 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1455110 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
1332847 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
306243 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
1639090 usd
CY2023Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
52449 usd
CY2022Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
68771 usd
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
235208 usd
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
251748 usd
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFour
256642 usd
CY2023Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Five
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFive
42910 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
786508 usd
CY2023Q4 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
8614 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
777894 usd
CY2023Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
on June 12, 2023, the Board of Directors approved a reverse split for the Company’s issued and outstanding common stock, at a ratio of 1 share for every 10,000 shares, contingent upon receiving a market effectiveness date from FINRA.
CY2023Q3 ABQQ Stockholders Equity Reverse Stock Split Cancellation
StockholdersEquityReverseStockSplitCancellation
On September 8, 2023, however, the Board of Directors decided to cancel the company's upcoming 10,000 to 1 reverse split
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2022Q4 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
5765 usd
CY2023Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2068057 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2077213 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2068057 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2077213 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2068057 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2077213 usd
CY2023Q4 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 At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q4 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 Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
0 usd
CY2023Q4 ABQQ Hong Kong Deposit Protection
HongKongDepositProtection
64000 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
236819 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
92972 usd
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
24268 usd
CY2023Q3 us-gaap Fair Value Concentration Of Risk Cash And Cash Equivalents
FairValueConcentrationOfRiskCashAndCashEquivalents
24124 usd
CY2023Q4 us-gaap Revenues
Revenues
801747 usd
CY2022Q4 us-gaap Revenues
Revenues
236812 usd
CY2023Q4 us-gaap Cost Of Revenue
CostOfRevenue
41355 usd
CY2022Q4 us-gaap Cost Of Revenue
CostOfRevenue
22404 usd
CY2023Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
512917 usd
CY2022Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
924615 usd
CY2023Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
13242 usd
CY2022Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
-79 usd
CY2023Q4 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
2656363 usd
CY2022Q4 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
5143103 usd
CY2023Q4 ABQQ Segment Income Loss
SegmentIncomeLoss
43600 usd
CY2022Q4 ABQQ Segment Income Loss
SegmentIncomeLoss
-1209790 usd

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