$AIFF
FIREFLY NEUROSCIENCE, INC.

2023 Q3 Form 10-Q Financial Statement

#000143774923023323 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.967M $2.025M
YoY Change -14.7% -53.11%
Cost Of Revenue $1.317M $1.320M
YoY Change -27.8% -61.03%
Gross Profit $649.8K $705.0K
YoY Change 34.92% -24.17%
Gross Profit Margin 33.03% 34.82%
Selling, General & Admin $1.167M $1.654M
YoY Change -60.13% -48.95%
% of Gross Profit 179.54% 234.66%
Research & Development $392.0K
YoY Change
% of Gross Profit 60.33%
Depreciation & Amortization $54.47K $60.00K
YoY Change -92.43% -82.85%
% of Gross Profit 8.38% 8.51%
Operating Expenses $1.167M $1.654M
YoY Change -60.13% -48.95%
Operating Profit -$516.8K $493.1K
YoY Change -89.09% -128.6%
Interest Expense $18.73K $36.81K
YoY Change -8.38% 85.74%
% of Operating Profit 7.46%
Other Income/Expense, Net $3.113K $131.00
YoY Change -2.35% -32.82%
Pretax Income -$149.9K $456.4K
YoY Change -96.85% -126.18%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$149.9K $234.8K
YoY Change -96.81% -115.39%
Net Earnings / Revenue -7.62% 11.6%
Basic Earnings Per Share -$0.08 $0.01
Diluted Earnings Per Share -$0.08 $0.01
COMMON SHARES
Basic Shares Outstanding 19.46M 19.26M
Diluted Shares Outstanding 19.45M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $877.2K $340.0K
YoY Change -42.35% -41.28%
Cash & Equivalents $877.2K $338.3K
Short-Term Investments
Other Short-Term Assets $363.7K $530.0K
YoY Change 20.25% 77.74%
Inventory
Prepaid Expenses
Receivables $1.480M $1.735M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.721M $2.599M
YoY Change -18.94% -41.73%
LONG-TERM ASSETS
Property, Plant & Equipment $66.70K $79.29K
YoY Change -78.18% -27.92%
Goodwill $1.125M $1.125M
YoY Change -78.89% -85.17%
Intangibles $1.050M $1.094M
YoY Change -85.0% -85.12%
Long-Term Investments $335.5K
YoY Change
Other Assets $20.62K $20.62K
YoY Change -74.0% -73.25%
Total Long-Term Assets $2.541M $3.648M
YoY Change -80.82% -76.77%
TOTAL ASSETS
Total Short-Term Assets $2.721M $2.599M
Total Long-Term Assets $2.541M $3.648M
Total Assets $5.262M $6.247M
YoY Change -68.32% -69.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $495.9K $839.7K
YoY Change 117.92% -45.72%
Accrued Expenses $1.040M $1.260M
YoY Change -34.4% -15.09%
Deferred Revenue $26.03K $72.00K
YoY Change -30.94% -56.58%
Short-Term Debt $594.1K $1.190M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.183M $3.380M
YoY Change 5.19% -1.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $134.8K $190.0K
YoY Change -90.33% -86.17%
Total Long-Term Liabilities $134.8K $190.0K
YoY Change -90.33% -86.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.183M $3.380M
Total Long-Term Liabilities $134.8K $190.0K
Total Liabilities $2.377M $3.630M
YoY Change -40.24% -33.4%
SHAREHOLDERS EQUITY
Retained Earnings -$32.46M -$32.31M
YoY Change 49.28% 90.04%
Common Stock $2.148K $20.93K
YoY Change -89.68% 9.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.885M $2.618M
YoY Change
Total Liabilities & Shareholders Equity $5.262M $6.247M
YoY Change -68.32% -69.02%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$149.9K $234.8K
YoY Change -96.81% -115.39%
Depreciation, Depletion And Amortization $54.47K $60.00K
YoY Change -92.43% -82.85%
Cash From Operating Activities -$563.4K -$390.0K
YoY Change -82.13%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $1.396M $0.00
YoY Change
Cash From Investing Activities $1.396M $0.00
YoY Change -727.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -296.4K -90.00K
YoY Change -115.62%
NET CHANGE
Cash From Operating Activities -563.4K -390.0K
Cash From Investing Activities 1.396M 0.000
Cash From Financing Activities -296.4K -90.00K
Net Change In Cash 536.1K -480.0K
YoY Change -136.28%
FREE CASH FLOW
Cash From Operating Activities -$563.4K -$390.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$563.4K -$390.0K
YoY Change -83.31%

Facts In Submission

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us-gaap Net Income Loss
NetIncomeLoss
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-0.04
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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-0.02
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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wavd Accretion Of Deferred Acquisition Consideration
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27370 usd
wavd Accretion Of Deferred Acquisition Consideration
AccretionOfDeferredAcquisitionConsideration
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us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1442468 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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45561 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
21189 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-58682 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
265922 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
83243 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
556220 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-101357 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-93932 usd
us-gaap Increase Decrease In Reserve For Commissions Expense And Taxes
IncreaseDecreaseInReserveForCommissionsExpenseAndTaxes
104670 usd
us-gaap Increase Decrease In Reserve For Commissions Expense And Taxes
IncreaseDecreaseInReserveForCommissionsExpenseAndTaxes
-25977 usd
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1460430 usd
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
-0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31033 usd
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
935974 usd
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
935974 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
575000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 usd
wavd Proceeds From Premium Financing Borrowing
ProceedsFromPremiumFinancingBorrowing
305759 usd
wavd Proceeds From Premium Financing Borrowing
ProceedsFromPremiumFinancingBorrowing
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wavd Repayments Of Premium Financing Borrowings
RepaymentsOfPremiumFinancingBorrowings
119644 usd
wavd Repayments Of Premium Financing Borrowings
RepaymentsOfPremiumFinancingBorrowings
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us-gaap Proceeds From Issuance Of Common Stock
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56266 usd
us-gaap Proceeds From Issuance Of Common Stock
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ProceedsFromStockOptionsExercised
7400 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
35191 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
824781 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
35191 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-392781 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
731081 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4931302 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
338300 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
578982 usd
us-gaap Interest Paid Net
InterestPaidNet
18356 usd
us-gaap Interest Paid Net
InterestPaidNet
1002 usd
us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
1263000 usd
us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
0 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
3729903 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1349952 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
353658 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
407322 usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
37631 usd
CY2023Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
7400 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
2371318 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
234785 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
88159 usd
CY2023Q2 wavd Adjustments To Additional Paid In Capital Amortization Of Stock Issuance Costs
AdjustmentsToAdditionalPaidInCapitalAmortizationOfStockIssuanceCosts
-76673 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
2617589 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
17441172 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2078307 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
312176 usd
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
26799 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
15701840 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1525442 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
529565 usd
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
8392 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
14714355 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-461614 usd
CY2023Q2 wavd Working Capital
WorkingCapital
-780757 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
338300 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><span style="text-decoration: underline; ">Use of Estimates</span></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 condensed 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, intangible assets, and goodwill, including the underlying estimates of cash flows of our products and reporting unit; useful lives of intangible assets and property and equipment; the valuation of stock-based compensation, and the valuation of deferred tax assets and 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> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><span style="text-decoration: underline; ">Concentration of Credit Risk</span></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 <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2023, </em>the Company’s prime contracts with U.S. government agencies represented 10.2% of revenue and subcontracts under federal procurements represented 89.7% of revenue. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. <span style="-sec-ix-hidden:c101650950">Three</span> subcontracts under federal procurements represented 30.5%, 19.3%, and 17.5% of revenue, respectively. Revenue from <span style="-sec-ix-hidden:c101650954">one</span> prime contractor under which the Company has multiple subcontracts represented 55.1% 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;text-align:justify;margin:0pt;text-indent:36pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2022, </em>the Company’s prime contracts with U.S. government agencies represented 34.7% of revenue and subcontracts under federal procurements represented 60.7% of revenue. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. <span style="-sec-ix-hidden:c101650960">Two</span> subcontracts under federal procurements represented 25.7% and 14.47% of revenue, respectively. Revenue from <span style="-sec-ix-hidden:c101650963">one</span> prime contractor under which the Company has multiple subcontracts represented 37.1% 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 <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2023, </em>the Company’s subcontracts under federal procurements represented 88.7% of revenue. The terms of these subcontracts vary from <span style="-sec-ix-hidden:c101650967">one</span> to <span style="-sec-ix-hidden:c101650968">five</span> years. Three subcontracts under federal procurements represented 30.8%, 21.7%, and 15.6% of revenue, respectively. Revenue from <span style="-sec-ix-hidden:c101650972">one</span> prime contractor under which the Company has multiple subcontracts represented 52.9% 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;text-align:justify;margin:0pt;text-indent:36pt;">During the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2022, </em>the Company’s prime contracts with U.S. government agencies represented 28.6% of revenue and subcontracts under federal procurements represented 67.8% of revenue. The terms of these contracts and subcontracts vary from single transactions to <em style="font: inherit;">five</em> years. <span style="-sec-ix-hidden:c101650978">Three</span> subcontracts under federal procurements represented 27.4%, 16.5%, and 10.5% of revenue, respectively. Revenue from <span style="-sec-ix-hidden:c101650982">one</span> prime contractor under which the Company has multiple subcontracts represented 41.4% 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', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The Company sold <em style="font: inherit;">third</em>-party software and maintenance contracts under agreements with <span style="-sec-ix-hidden:c101650987">one</span> major supplier, accounting for 39.3% and 35.4% of total revenue during the <em style="font: inherit;">three</em>- and <em style="font: inherit;">six</em>-months ended <em style="font: inherit;"> June 30, 2022, </em>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;text-indent:36pt;">As of <em style="font: inherit;"> June 30, 2023, </em>the Company’s accounts receivable included receivables from <span style="-sec-ix-hidden:c101650992">two</span> subcontracts under federal procurements that represented 49.5% and 20.7% of the Company’s outstanding accounts receivable, respectively. Receivables from <span style="-sec-ix-hidden:c101650995">one</span> prime contractor under which the Company has multiple subcontracts represented 74.4% 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;text-indent:36pt;">As of <em style="font: inherit;"> June 30, 2022, </em>the Company’s accounts receivable included receivables from two prime contracts under federal procurements that represented 29.8% and 14.0% of the Company’s outstanding accounts receivable, respectively and one subcontract under a federal procurement that represented 26.9% of the Company’s outstanding accounts receivable. Receivables from one prime contractor under which the Company has multiple subcontracts represented 32.8% 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>
CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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CY2023Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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133148 usd
CY2023Q1 wavd Disposal Group Including Discontinued Operation Buyer Stock
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581000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Asset Noncurrent
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CY2023Q1 wavd Disposal Group Including Discontinued Operation Estimated Fair Value Of Reporting Unit
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CY2023Q1 wavd Sharebased Compensation Arrangement By Sharebased Payment Award Income Previously Recognized As Stocked Based Compensation Expense
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CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6746032 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
1734944 usd
CY2022Q4 us-gaap Accounts Receivable Net
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1629559 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
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182756 usd
CY2023Q1 wavd Contract With Customer Liability Additions
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CY2023Q1 wavd Contract With Customer Liability Revenue Recognized During Period
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CY2023Q1 us-gaap Contract With Customer Asset Net
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127091 usd
CY2023Q2 wavd Contract With Customer Liability Additions
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CY2023Q2 wavd Contract With Customer Liability Revenue Recognized During Period
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CY2023Q2 us-gaap Contract With Customer Asset Net
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CY2021Q4 us-gaap Contract With Customer Asset Net
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186835 usd
CY2022Q1 wavd Contract With Customer Liability Additions
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19280 usd
CY2022Q1 wavd Contract With Customer Liability Revenue Recognized During Period
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CY2022Q1 us-gaap Contract With Customer Asset Net
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149692 usd
CY2022Q2 wavd Contract With Customer Liability Additions
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CY2022Q2 wavd Contract With Customer Liability Revenue Recognized During Period
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CY2022Q2 us-gaap Contract With Customer Asset Net
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165843 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
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55088 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
55168 usd
us-gaap Contract With Customer Liability Revenue Recognized
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110753 usd
us-gaap Contract With Customer Liability Revenue Recognized
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111591 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net
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0 usd
CY2021Q4 wavd Deferred Costs Of Revenue
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154218 usd
CY2022Q1 wavd Deferred Costs Of Revenue Added
DeferredCostsOfRevenueAdded
2800 usd
CY2022Q1 wavd Deferred Costs Of Revenue Expense
DeferredCostsOfRevenueExpense
55362 usd
CY2022Q1 wavd Deferred Costs Of Revenue
DeferredCostsOfRevenue
101656 usd
CY2022Q2 wavd Deferred Costs Of Revenue Added
DeferredCostsOfRevenueAdded
-53434 usd
CY2022Q2 wavd Deferred Costs Of Revenue
DeferredCostsOfRevenue
48222 usd
wavd Lessee Operating Lease Rent Escalations Percentage
LesseeOperatingLeaseRentEscalationsPercentage
0.025 pure
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P29Y
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.050 pure
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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115438 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
174721 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
74804 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
70220 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
435183 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29420 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
405763 usd
CY2023Q2 us-gaap Operating Lease Expense
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38053 usd
CY2022Q2 us-gaap Operating Lease Expense
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54460 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
76106 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
110720 usd
CY2023Q2 wavd Discount Rate Of Project Revenue
DiscountRateOfProjectRevenue
0.4075 pure
CY2022Q4 wavd Business Combination Contingent Consideration Asset Fair Value Disclosure
BusinessCombinationContingentConsiderationAssetFairValueDisclosure
0 usd
CY2023Q1 wavd Business Combination Contingent Consideration Asset Additions Fair Value Disclosure
BusinessCombinationContingentConsiderationAssetAdditionsFairValueDisclosure
682000 usd
CY2023Q1 wavd Business Combination Contingent Consideration Asset Fair Value Disclosure
BusinessCombinationContingentConsiderationAssetFairValueDisclosure
682000 usd
CY2023Q2 wavd Business Combination Contingent Consideration Asset Additions Fair Value Disclosure
BusinessCombinationContingentConsiderationAssetAdditionsFairValueDisclosure
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CY2023Q2 wavd Business Combination Contingent Consideration Asset Fair Value Disclosure
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136248 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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136248 usd
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170488 usd
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2023Q1 wavd Percentage Of Size Adjustment Premium Of Volatility Increased During Period
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0.30 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2074670 usd
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CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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wavd Common Stock Purchase Agreement Text Bock
CommonStockPurchaseAgreementTextBock
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Note <em style="font: inherit;">10.</em></b>         <b>Sales of Shares Under 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” or "ELOC") 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 <em style="font: inherit;">$15,000,000</em> 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.</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;"> August 11, 2022 </em>and <em style="font: inherit;"> November 10, 2022, </em>the Company issued to B. Riley 89,835 and 29,945 shares, respectively, as a commitment fee in accordance with the Purchase Agreement. The total value of the commitment fee shares was $150,000 and is included in prepaid expenses and other current assets on the unaudited consolidated condensed balance sheet as of <em style="font: inherit;"> December </em><em style="font: inherit;">31,</em> <em style="font: inherit;">2022.</em> The commitment fee represents prepaid stock issuance cost and is being amortized to additional paid in capital as shares are sold under the Purchase Agreement. For the <em style="font: inherit;">three</em>- and <em style="font: inherit;">six</em>-month periods ended <em style="font: inherit;"> June </em><em style="font: inherit;">30,</em> <em style="font: inherit;">2023,</em> the Company amortized $76,673 and $92,495 of the commitment fee, 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;text-indent:36pt;">During the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> June 30, 2023, </em>there were no shares of common stock sold under the Purchase Agreement. During the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2023, </em>the Company sold 74,286 shares of common stock to B. Riley at an average price of $0.72 per share, net of fees of approximately $0.04 per share. The net proceeds from these sales were $53,453. There were no sales under the Purchase Agreement during the <em style="font: inherit;">three</em> and <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June </em><em style="font: inherit;">30,</em> <em style="font: inherit;">2022.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure

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