2023 Q2 Form 10-Q Financial Statement

#000147793223003860 Filed on May 22, 2023

View on sec.gov

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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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

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