2023 Q1 Form 10-K Financial Statement

#000143774923010426 Filed on April 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.160M $2.403M $12.02M
YoY Change -27.89% -6.95% -20.03%
Cost Of Revenue $1.503M $1.610M $9.442M
YoY Change -42.61% -16.18% -17.31%
Gross Profit $656.8K $792.7K $2.580M
YoY Change 74.65% 19.89% -28.64%
Gross Profit Margin 30.41% 32.99% 21.46%
Selling, General & Admin $1.612M $3.184M $12.06M
YoY Change -40.63% 7.39% 119.84%
% of Gross Profit 245.36% 401.63% 467.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.16K $360.0K $1.443M
YoY Change -85.09% 186.93% 510.03%
% of Gross Profit 8.25% 45.42% 55.94%
Operating Expenses $1.612M $3.184M $12.06M
YoY Change -40.63% 7.39% 119.84%
Operating Profit -$954.7K -$2.391M -$18.78M
YoY Change -65.57% 3.8% 614.75%
Interest Expense $35.45K -$22.05K $81.62K
YoY Change 83.49% -40.93% 118.68%
% of Operating Profit
Other Income/Expense, Net $91.00 $3.130K $7.107K
YoY Change -100.76% -90.31% -41.61%
Pretax Income -$990.1K -$9.549M -$18.85M
YoY Change -64.69% 294.46% 756.02%
Income Tax $0.00 -$99.35K -$1.098M
% Of Pretax Income
Net Earnings -$1.350M -$9.450M -$17.75M
YoY Change -35.05% 600.03% 1469.12%
Net Earnings / Revenue -62.49% -393.29% -147.67%
Basic Earnings Per Share -$0.07 -$0.98
Diluted Earnings Per Share -$0.05 -$0.49 -$0.98
COMMON SHARES
Basic Shares Outstanding 19.26M 19.17M 18.06M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $814.7K $731.1K $731.1K
YoY Change -72.84% -85.17% -85.17%
Cash & Equivalents $814.7K $731.1K $731.1K
Short-Term Investments
Other Short-Term Assets $826.8K $0.00 $442.5K
YoY Change 80.24% -100.0% 59.74%
Inventory
Prepaid Expenses
Receivables $1.634M $1.630M $1.630M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.275M $2.803M $2.803M
YoY Change -36.15% -59.22% -59.22%
LONG-TERM ASSETS
Property, Plant & Equipment $88.89K $597.4K $973.5K
YoY Change -14.18% 467.58% 25.11%
Goodwill $1.125M $1.125M
YoY Change -85.17% -85.17%
Intangibles $1.138M $3.000M
YoY Change -85.22% -62.73%
Long-Term Investments $557.1K $0.00
YoY Change
Other Assets $79.31K $79.31K $79.31K
YoY Change 2.86% 2.86% 2.87%
Total Long-Term Assets $4.015M $5.178M $5.178M
YoY Change -75.05% -68.6% -68.6%
TOTAL ASSETS
Total Short-Term Assets $3.275M $2.803M $2.803M
Total Long-Term Assets $4.015M $5.178M $5.178M
Total Assets $7.290M $7.981M $7.981M
YoY Change -65.65% -65.84% -65.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $513.7K $573.8K $573.8K
YoY Change 69.9% -11.79% -11.79%
Accrued Expenses $1.188M $1.164M $1.164M
YoY Change -26.67% 26.45% 26.45%
Deferred Revenue $127.1K $182.8K
YoY Change -15.1% -2.18%
Short-Term Debt $1.276M $425.0K $425.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.614M $3.888M $3.888M
YoY Change 98.68% 96.2% 96.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $245.7K $303.8K $303.8K
YoY Change -89.3% -86.59% -89.04%
Total Long-Term Liabilities $245.7K $303.8K $303.8K
YoY Change -89.3% -86.59% -89.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.614M $3.888M $3.888M
Total Long-Term Liabilities $245.7K $303.8K $303.8K
Total Liabilities $4.919M $4.251M $4.251M
YoY Change -10.91% -28.21% -28.21%
SHAREHOLDERS EQUITY
Retained Earnings -$32.54M -$31.19M
YoY Change 109.73% 132.13%
Common Stock $20.93K $20.84K
YoY Change 10.25% 10.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $965.2K
YoY Change 3.76%
Treasury Stock Shares $1.673M
Shareholders Equity $2.371M $3.730M $3.730M
YoY Change
Total Liabilities & Shareholders Equity $7.290M $7.981M $7.981M
YoY Change -65.65% -65.84% -65.84%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.350M -$9.450M -$17.75M
YoY Change -35.05% 600.03% 1469.12%
Depreciation, Depletion And Amortization $54.16K $360.0K $1.443M
YoY Change -85.09% 186.93% 510.03%
Cash From Operating Activities -$1.764M -$913.7K -$6.014M
YoY Change -9.39% 195.5% 718.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $301.8K $535.9K
YoY Change -100.0% -2296.8% 668.27%
Acquisitions
YoY Change
Other Investing Activities $936.0K
YoY Change
Cash From Investing Activities $936.0K -$301.8K -$535.9K
YoY Change -8050.17% -95.86% -94.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.887M
YoY Change -85.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $912.0K 425.0K $2.350M
YoY Change 3303.21% -95.2% -82.45%
NET CHANGE
Cash From Operating Activities -$1.764M -913.7K -$6.014M
Cash From Investing Activities $936.0K -301.8K -$535.9K
Cash From Financing Activities $912.0K 425.0K $2.350M
Net Change In Cash $83.64K -790.6K -$4.200M
YoY Change -104.33% -163.31% -236.68%
FREE CASH FLOW
Cash From Operating Activities -$1.764M -$913.7K -$6.014M
Capital Expenditures $0.00 $301.8K $535.9K
Free Cash Flow -$1.764M -$1.216M -$6.550M
YoY Change -9.93% 311.4% 713.88%

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CY2022 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2022 wavd Accretion Of Deferred Acquisition Consideration
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CY2021 wavd Accretion Of Deferred Acquisition Consideration
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CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Contract With Customer Asset
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CY2021 us-gaap Increase Decrease In Contract With Customer Asset
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CY2022 us-gaap Increase Decrease In Other Operating Assets
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CY2021 us-gaap Increase Decrease In Other Operating Assets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2022 us-gaap Increase Decrease In Reserve For Commissions Expense And Taxes
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CY2021 us-gaap Increase Decrease In Reserve For Commissions Expense And Taxes
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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CY2021 us-gaap Proceeds From Long Term Lines Of Credit
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CY2022 us-gaap Repayments Of Long Term Lines Of Credit
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CY2021 us-gaap Repayments Of Long Term Lines Of Credit
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CY2022 us-gaap Proceeds From Issuance Of Secured Debt
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CY2021 us-gaap Proceeds From Issuance Of Secured Debt
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CY2022 us-gaap Repayments Of Secured Debt
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CY2021 us-gaap Repayments Of Secured Debt
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
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CY2022 wavd Forgiveness Of Note Payable Noncash
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CY2021 wavd Forgiveness Of Note Payable Noncash
ForgivenessOfNotePayableNoncash
450000 usd
CY2022 wavd Noncash Or Part Noncash Acquisition Deferred Contingent Consideration Assumed
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CY2021 wavd Noncash Or Part Noncash Acquisition Deferred Contingent Consideration Assumed
NoncashOrPartNoncashAcquisitionDeferredContingentConsiderationAssumed
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CY2022 us-gaap Operating Income Loss
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CY2022Q4 wavd Working Capital
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CY2022Q4 wavd Deferred Acquisition Consideration Current
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022 us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Use of Estimates</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates due to uncertainties. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses; fair values of financial instruments, reporting units, intangible assets, and goodwill; useful lives of intangible assets and property and equipment; the valuation of stock-based compensation, the valuation of deferred tax assets and liabilities; and contingent liabilities, among others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, and the results of which form the basis for making judgments about the carrying values of assets and liabilities.</p>
CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentration of Credit Risk</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During the year ended <em style="font: inherit;"> December 31, 2022, </em>the Company’s prime contracts with U.S. government agencies represented 31.3% of revenue, subcontracts under federal procurements represented 65.4% of revenue, and 3.3% of revenue came from local government and commercial contracts. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. Three subcontracts under federal procurements represented 26.0%, 15.8% and 10.3% of revenue, respectively. Revenue in our Tellenger operating segment from <span style="-sec-ix-hidden:c96595998">one</span> prime contractor under which the Company has multiple subcontracts represented 39.9% of the Company’s revenue in aggregate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">During the year ended <em style="font: inherit;"> December 31, 2021, </em>the Company’s prime contracts with U.S. government agencies represented 31.7% of revenue, subcontracts under federal procurements represented 66.4% of revenue, and 1.9% of revenue came from commercial contracts. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. Three subcontracts under federal procurements represented 33.2%, 10.0% and 9.6% of revenue, respectively. Revenue in our Tellenger operating segment from <span style="-sec-ix-hidden:c96596007">one</span> prime contractor under which the Company has multiple subcontracts represented 28.7% of revenue in aggregate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company sold <em style="font: inherit;">third</em>-party software and maintenance contracts under agreements with <span style="-sec-ix-hidden:c96596010"><span style="-sec-ix-hidden:c96596011">one</span></span> major supplier in <em style="font: inherit;">2022</em> and <em style="font: inherit;">2021,</em> accounting for 22.3% and 29.3% of total revenue, respectively.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As of <em style="font: inherit;"> December 31, 2022, </em>the Company’s accounts receivable included receivables from <span style="-sec-ix-hidden:c96596016">one</span> prime contract and <span style="-sec-ix-hidden:c96596017">one</span> subcontract under federal procurements that represented 26.5% and 25.8% of the Company’s outstanding accounts receivable, respectively. Receivables from <span style="-sec-ix-hidden:c96596020">one</span> prime contractor under which the Company has multiple subcontracts represented 39.2% of the Company’s outstanding accounts receivable in aggregate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As of <em style="font: inherit;"> December 31, 2021, </em>the Company’s accounts receivable included receivables from <span style="-sec-ix-hidden:c96596022">two</span> subcontracts under federal procurements that represented 52.6% and 19.6% of the Company’s outstanding accounts receivable, respectively. Receivables from <span style="-sec-ix-hidden:c96596025">one</span> prime contractor under which the Company has multiple subcontracts represented 72.2% of the Company’s outstanding accounts receivable in aggregate.</p>
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CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021 us-gaap Contract With Customer Liability Revenue Recognized
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CY2021 wavd Increase Decrease In Deferred Costs Of Revenue Deliverables
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CY2021 wavd Deferred Costs Of Revenue Expense
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CY2021Q4 wavd Deferred Costs Of Revenue
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CY2022 wavd Increase Decrease In Deferred Costs Of Revenue Maintenance
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CY2022 wavd Deferred Costs Of Revenue Expense
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CY2022Q4 wavd Deferred Costs Of Revenue
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CY2022 us-gaap Revenues
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022 us-gaap Goodwill Impairment Loss
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CY2022 us-gaap Other Operating Income Expense Net
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CY2022 us-gaap Operating Income Loss
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CY2022 us-gaap Interest Expense
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CY2022 us-gaap Other Nonoperating Income Expense
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Revenues
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CY2021 us-gaap Operating Income Loss
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CY2021 us-gaap Interest Expense
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CY2021 us-gaap Other Nonoperating Income Expense
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CY2021 us-gaap Gains Losses On Extinguishment Of Debt
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Net Income Loss
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CY2021 us-gaap Property Plant And Equipment Additions
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CY2022Q4 us-gaap Assets
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CY2021Q4 us-gaap Assets
Assets
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CY2022 wavd Lessee Operating Lease Rent Escalations Percentage
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0.025 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022 us-gaap Operating Lease Expense
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CY2021 us-gaap Operating Lease Expense
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CY2021Q4 us-gaap Accounts Receivable Net
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CY2020Q4 us-gaap Accounts Receivable Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q3 us-gaap Goodwill Impairment Loss
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022 us-gaap Depreciation And Amortization
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CY2021 us-gaap Depreciation And Amortization
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CY2022 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2021 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022 us-gaap Finite Lived Intangible Assets Period Increase Decrease
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
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CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022 us-gaap Increase Decrease In Intangible Assets Current
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CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2021Q4 us-gaap Goodwill Gross
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CY2022 us-gaap Goodwill Acquired During Period
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CY2022Q4 us-gaap Goodwill Gross
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CY2022 us-gaap Goodwill Impairment Loss
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CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2022Q4 us-gaap Goodwill
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note <em style="font: inherit;">15.</em></b>         <b>Common Stock Purchase Agreement</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">On <em style="font: inherit;"> July 8, 2022, </em>we entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley”). Pursuant to the Purchase Agreement, subject to certain limitations and conditions, the Company has the right, but <em style="font: inherit;">not</em> the obligation, to sell to B. Riley up to $15,000,000 of shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), from time to time. Sales of Common Stock to B. Riley under the Purchase Agreement, and the timing of any such sales, are solely at the Company’s option, and the Company is under <em style="font: inherit;">no</em> obligation to sell any securities to B. Riley under the Purchase Agreement. Pursuant to the Registration Rights Agreement, the Company agreed to file a registration statement with the Securities Exchange Commission (the “SEC”) to register under the Securities Act of <em style="font: inherit;">1933,</em> as amended (the “Securities Act”) the resale by B. Riley of up to 4,500,000 shares of Common Stock that the Company <em style="font: inherit;"> may </em>issue or elect, in the Company’s sole discretion, to issue and sell to B. Riley, from time to time under the Purchase Agreement. We issued 119,780 common shares valued at $150,000 to B. Riley as a commitment fee. The cost of the shares is included in prepaid expenses and other current assets on the condensed consolidated balance sheet and will be charged to additional paid in capital as shares are sold under the ELOC. As of <em style="font: inherit;"> December 31, 2022, </em>no shares have been sold to B. Riley under the Purchase Agreement.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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