2023 Q2 Form 10-Q Financial Statement
#000147793223003860 Filed on May 22, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Cost Of Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Gross Profit | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Gross Profit Margin | |||
Selling, General & Admin | $110.0K | $80.00K | $54.45K |
YoY Change | 123.67% | 46.92% | 333.17% |
% of Gross Profit | |||
Research & Development | $15.55K | $33.85K | |
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $10.00K | $11.12K | $29.49K |
YoY Change | -66.08% | -62.29% | 0.0% |
% of Gross Profit | |||
Operating Expenses | $112.4K | $114.8K | $83.94K |
YoY Change | 42.85% | 36.73% | 99.02% |
Operating Profit | -$112.4K | -$114.8K | -$83.94K |
YoY Change | 42.85% | 36.73% | 95.06% |
Interest Expense | $1.180M | -$1.090M | $459.1K |
YoY Change | -1097.63% | -337.42% | 762.99% |
% of Operating Profit | |||
Other Income/Expense, Net | -$1.158M | $0.00 | $0.00 |
YoY Change | 30767.76% | ||
Pretax Income | $1.050M | -$1.270M | $391.0K |
YoY Change | -623.17% | -424.78% | 3744.94% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$227.5K | -$1.209M | $391.0K |
YoY Change | 13.37% | -409.25% | 3744.15% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | ||
Diluted Earnings Per Share | $0.00 | $0.00 | $269.30 |
COMMON SHARES | |||
Basic Shares Outstanding | 1.713B shares | 1.713B shares | 1.452B shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $10.00K | $0.00 | $6.480K |
YoY Change | -60.97% | -100.0% | -39.83% |
Cash & Equivalents | $9.825K | $228.00 | $6.479K |
Short-Term Investments | |||
Other Short-Term Assets | $450.0K | $630.0K | |
YoY Change | 38.46% | ||
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $459.8K | $625.2K | $6.479K |
YoY Change | 31.15% | 9550.07% | -90.95% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $45.97K | $57.09K | $99.93K |
YoY Change | -49.74% | -42.87% | -33.65% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $63.72K | $75.17K | $144.4K |
YoY Change | -46.42% | -47.94% | -45.11% |
TOTAL ASSETS | |||
Total Short-Term Assets | $459.8K | $625.2K | $6.479K |
Total Long-Term Assets | $63.72K | $75.17K | $144.4K |
Total Assets | $523.5K | $700.4K | $150.9K |
YoY Change | 11.5% | 364.22% | -54.92% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $230.0K | $240.0K | $237.1K |
YoY Change | -3.01% | 1.21% | -19.75% |
Accrued Expenses | $500.0K | $500.0K | $501.3K |
YoY Change | -0.25% | -0.25% | 0.0% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $2.400M | $2.560M | $1.584M |
YoY Change | 18.82% | 61.6% | 10.13% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $4.858M | $6.391M | $3.317M |
YoY Change | 30.03% | 92.7% | 6.91% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.858M | $6.391M | $3.317M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $4.860M | $6.390M | $3.317M |
YoY Change | 30.08% | 92.65% | 6.91% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$36.61M | -$37.59M | -$34.83M |
YoY Change | 4.5% | 7.92% | |
Common Stock | $1.876M | $1.573M | $1.466M |
YoY Change | 24.59% | 7.31% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$4.335M | -$5.691M | -$3.166M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $523.5K | $700.4K | $150.9K |
YoY Change | 11.5% | 364.22% | -54.92% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$227.5K | -$1.209M | $391.0K |
YoY Change | 13.37% | -409.25% | 3744.15% |
Depreciation, Depletion And Amortization | $10.00K | $11.12K | $29.49K |
YoY Change | -66.08% | -62.29% | 0.0% |
Cash From Operating Activities | -$210.0K | -$125.7K | -$94.62K |
YoY Change | -44.62% | 32.82% | 432.15% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | |
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 220.0K | $126.2K | $101.1K |
YoY Change | -45.32% | 24.84% | 405.48% |
NET CHANGE | |||
Cash From Operating Activities | -210.0K | -$125.7K | -$94.62K |
Cash From Investing Activities | 0.000 | $0.00 | $0.00 |
Cash From Financing Activities | 220.0K | $126.2K | $101.1K |
Net Change In Cash | 10.00K | $534.00 | $6.479K |
YoY Change | -47.78% | -91.76% | 191.98% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$210.0K | -$125.7K | -$94.62K |
Capital Expenditures | $0.00 | $0.00 | |
Free Cash Flow | -$125.7K | -$94.62K | |
YoY Change | 32.82% |
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0 | usd |
CY2023Q1 | gftx |
Advances From Related Parties
AdvancesFromRelatedParties
|
48230 | usd |
CY2022Q1 | gftx |
Advances From Related Parties
AdvancesFromRelatedParties
|
41095 | usd |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
|
12500 | usd |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
|
0 | usd |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
35000 | usd |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
60000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
30474 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
126204 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
101095 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
534 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
6479 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-306 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
228 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
6479 | usd |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd |
CY2023Q1 | gftx |
Income Tax Paid
IncomeTaxPaid
|
0 | usd |
CY2022Q1 | gftx |
Income Tax Paid
IncomeTaxPaid
|
0 | usd |
CY2023Q1 | gftx |
Shares Issued For Convertible Notes Settlement
SharesIssuedForConvertibleNotesSettlement
|
0 | usd |
CY2022Q1 | gftx |
Shares Issued For Convertible Notes Settlement
SharesIssuedForConvertibleNotesSettlement
|
78263 | usd |
CY2023Q1 | gftx |
Accumulated Deficit
AccumulatedDeficit
|
35500000 | usd |
CY2023Q1 | gftx |
Working Capital Deficit
WorkingCapitalDeficit
|
3700000 | usd |
CY2023Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
215665 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
215665 | usd |
CY2023Q1 | gftx |
Forklift
Forklift
|
20433 | usd |
CY2022Q4 | gftx |
Forklift
Forklift
|
20433 | usd |
CY2023Q1 | gftx |
Camera
Camera
|
4022 | usd |
CY2022Q4 | gftx |
Camera
Camera
|
4022 | usd |
CY2023Q1 | gftx |
Trident
Trident
|
733 | usd |
CY2022Q4 | gftx |
Trident
Trident
|
733 | usd |
CY2023Q1 | gftx |
Total Fixed Assets
TotalFixedAssets
|
240853 | usd |
CY2022Q4 | gftx |
Total Fixed Assets
TotalFixedAssets
|
240853 | usd |
CY2023Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
183767 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
172648 | usd |
CY2023Q1 | us-gaap |
Assets Net
AssetsNet
|
57086 | usd |
CY2022Q4 | us-gaap |
Assets Net
AssetsNet
|
68206 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
11118 | usd |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
29485 | usd |
CY2023Q1 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P15Y | |
CY2023Q1 | gftx |
Amortization For The Intangible Assets
AmortizationForTheIntangibleAssets
|
148096 | usd |
CY2022Q1 | gftx |
Amortization For The Intangible Assets
AmortizationForTheIntangibleAssets
|
148096 | usd |
CY2023Q1 | gftx |
Less Accumulated Amortization
LessAccumulatedAmortization
|
-130008 | usd |
CY2022Q1 | gftx |
Less Accumulated Amortization
LessAccumulatedAmortization
|
-129623 | usd |
CY2023Q1 | gftx |
Amortization For The Intangible Assets Net
AmortizationForTheIntangibleAssetsNet
|
18088 | usd |
CY2022Q1 | gftx |
Amortization For The Intangible Assets Net
AmortizationForTheIntangibleAssetsNet
|
18473 | usd |
CY2023Q1 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
385 | usd |
CY2022Q1 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
307 | usd |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of stock-based awards issued and derivatives embedded in financial instruments. Assessments are used to determine depreciation, the valuation of non-cash issuances of common stock, stock options, and warrants, and valuing convertible notes for beneficial conversion features, among others.</p> | |
CY2022Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
1608485 | usd |
CY2023Q1 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
2655332 | usd |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The carrying value of short-term financial instruments, including cash, restricted cash, trade accounts receivable, accounts payable, accrued expenses, and short-term debt, approximates the fair value of these instruments. These financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate the market. The Company maintains cash balances at financial institutions insured by the FDIC. On March 31, 2023 and December 31, 2022, the Company had no amounts above the FDIC limit.</p> | |
CY2023Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
15555556 | shares |
CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
35000 | usd |
CY2023Q1 | gftx |
Derivative Liabilities Principal Amount
DerivativeLiabilitiesPrincipalAmount
|
1180001 | usd |
CY2022Q4 | gftx |
Derivative Liabilities Principal Amount
DerivativeLiabilitiesPrincipalAmount
|
1180001 | usd |
CY2023Q1 | gftx |
Derivative Liabilities Discount
DerivativeLiabilitiesDiscount
|
-92000 | usd |
CY2022Q4 | gftx |
Derivative Liabilities Discount
DerivativeLiabilitiesDiscount
|
-92000 | usd |
CY2023Q1 | gftx |
Accrued Interest
AccruedInterest
|
-184716 | usd |
CY2022Q4 | gftx |
Accrued Interest
AccruedInterest
|
-155243 | usd |
CY2023Q1 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
1266025 | usd |
CY2022Q4 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
1243243 | usd |
CY2023Q1 | gftx |
Net Cash Proceeds Of Received From Related Parties For Operating Expenses
NetCashProceedsOfReceivedFromRelatedPartiesForOperatingExpenses
|
75227 | usd |
CY2022Q1 | gftx |
Net Cash Proceeds Of Received From Related Parties For Operating Expenses
NetCashProceedsOfReceivedFromRelatedPartiesForOperatingExpenses
|
41095 | usd |
CY2023Q1 | gftx |
Advance From Related Party
AdvanceFromRelatedParty
|
439457 | usd |
CY2022Q1 | gftx |
Advance From Related Party
AdvanceFromRelatedParty
|
383686 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Description
LesseeOperatingLeaseDescription
|
operating lease for an office premise had expired on October 1 and the lease was not renewed | |
CY2023Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
1601 | usd |
CY2022Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
586 | usd |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
950587548 | shares |
CY2022 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
950587548 | shares |