2024 Q2 Form 10-Q Financial Statement

#000149315224018885 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $20.73K $49.16K
YoY Change -57.84% -43.62%
Cost Of Revenue $25.37K $26.75K $100.8K
YoY Change -54.54% -73.47% 145.5%
Gross Profit -$25.37K -$6.025K -$51.68K
YoY Change -6.93% -88.34% -212.06%
Gross Profit Margin -29.07% -105.13%
Selling, General & Admin $1.045M $1.029M $762.5K
YoY Change 69.03% 35.01% 38.2%
% of Gross Profit
Research & Development $1.979M $2.085M $1.699M
YoY Change 18.4% 22.71% 7.7%
% of Gross Profit
Depreciation & Amortization $1.198M $1.201M $1.205M
YoY Change -1.73% -0.29% 3.07%
% of Gross Profit
Operating Expenses $3.024M $3.114M $2.461M
YoY Change 32.07% 26.52% 15.6%
Operating Profit -$3.049M -$3.120M -$2.513M
YoY Change 31.62% 24.16% 20.64%
Interest Expense -$118.8K $48.70K $3.810K
YoY Change 258.48% 1178.11% -76.01%
% of Operating Profit
Other Income/Expense, Net -$146.0K -$194.7K $1.830K
YoY Change -2133.61% -10740.38% 1153.42%
Pretax Income -$3.195M -$3.315M -$2.520M
YoY Change 35.97% 31.52% 20.03%
Income Tax
% Of Pretax Income
Net Earnings -$3.195M -$3.315M -$2.520M
YoY Change 35.97% 31.52% 20.03%
Net Earnings / Revenue -15991.17% -5126.67%
Basic Earnings Per Share -$0.49 -$0.57 -$0.63
Diluted Earnings Per Share -$0.49 -$0.57 -$0.13
COMMON SHARES
Basic Shares Outstanding 6.284M shares 0.000 shares 20.01M shares
Diluted Shares Outstanding 6.519M shares 5.771M shares 4.002M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.014M $1.031M $1.146M
YoY Change 488.85% -10.05% -38.75%
Cash & Equivalents $8.014M $1.031M $1.146M
Short-Term Investments
Other Short-Term Assets $291.2K $304.6K $303.3K
YoY Change 20.7% 0.42% -62.73%
Inventory $166.3K $169.7K $572.4K
Prepaid Expenses
Receivables $9.00 $4.172K $111.3K
Other Receivables $0.00 $0.00 $1.500M
Total Short-Term Assets $8.472M $1.509M $3.633M
YoY Change 295.92% -58.46% 20.18%
LONG-TERM ASSETS
Property, Plant & Equipment $691.1K $768.7K $1.315M
YoY Change -45.55% -41.53% -7.39%
Goodwill
YoY Change
Intangibles $26.03M $27.16M
YoY Change
Long-Term Investments
YoY Change
Other Assets $348.6K $320.9K $68.82K
YoY Change 376.48% 366.26% -13.55%
Total Long-Term Assets $27.07M $28.25M $33.08M
YoY Change -15.17% -14.6% -12.3%
TOTAL ASSETS
Total Short-Term Assets $8.472M $1.509M $3.633M
Total Long-Term Assets $27.07M $28.25M $33.08M
Total Assets $35.54M $29.75M $36.71M
YoY Change 4.39% -18.94% -9.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $738.9K $1.286M $806.0K
YoY Change 72.05% 59.55% -39.83%
Deferred Revenue
YoY Change
Short-Term Debt $312.0K $312.0K $684.0K
YoY Change -54.39% -54.39% -32.51%
Long-Term Debt Due $4.586M $3.000M $376.5K
YoY Change 696.75% -88.85%
Total Short-Term Liabilities $5.743M $4.706M $1.867M
YoY Change 415.78% 152.12% -67.42%
LONG-TERM LIABILITIES
Long-Term Debt $9.000M $2.370M $2.500M
YoY Change 260.0% -5.21% -90.71%
Other Long-Term Liabilities $83.91K $3.280K
YoY Change 123.4% -86.42%
Total Long-Term Liabilities $83.91K $0.00 $2.503M
YoY Change 123.4% -100.0% -90.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.743M $4.706M $1.867M
Total Long-Term Liabilities $83.91K $0.00 $2.503M
Total Liabilities $14.83M $7.076M $4.370M
YoY Change 306.1% 61.92% -86.62%
SHAREHOLDERS EQUITY
Retained Earnings -$44.40M -$41.20M -$26.64M
YoY Change 53.16% 54.68% 118.17%
Common Stock $1.318M $1.528M $200.1K
YoY Change 549.52% 663.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.71M $22.68M $32.34M
YoY Change
Total Liabilities & Shareholders Equity $35.54M $29.75M $36.71M
YoY Change 4.39% -18.94% -9.89%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.195M -$3.315M -$2.520M
YoY Change 35.97% 31.52% 20.03%
Depreciation, Depletion And Amortization $1.198M $1.201M $1.205M
YoY Change -1.73% -0.29% 3.07%
Cash From Operating Activities -$1.974M -$1.495M -$1.427M
YoY Change 71.51% 4.72% 2.7%
INVESTING ACTIVITIES
Capital Expenditures $5.850K $4.428K $72.18K
YoY Change -735.87% -93.87% -46.88%
Acquisitions
YoY Change
Other Investing Activities -$2.670K -$106.9K -$300.00
YoY Change 35516.67% -99.78%
Cash From Investing Activities -$8.510K -$111.3K -$72.48K
YoY Change -797.54% 53.53% -46.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.000M $777.5K $795.2K
YoY Change 547.12% -2.23% -51.66%
NET CHANGE
Cash From Operating Activities -1.974M -$1.495M -$1.427M
Cash From Investing Activities -8.510K -$111.3K -$72.48K
Cash From Financing Activities 9.000M $777.5K $795.2K
Net Change In Cash 7.017M -$854.7K -$707.2K
YoY Change 2812.13% 20.86% -693.83%
FREE CASH FLOW
Cash From Operating Activities -$1.974M -$1.495M -$1.427M
Capital Expenditures $5.850K $4.428K $72.18K
Free Cash Flow -$1.980M -$1.499M -$1.500M
YoY Change 72.16% -0.03% -1.72%

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<p id="xdx_84B_eus-gaap--UseOfEstimates_zVJYxbs7tvkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_867_zIqwlRyrSTn2">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The preparation of condensed financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosures as of the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on various factors, including historical experience, and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Significant items subject to estimates and assumptions include useful lives of property and equipment, valuation of stock option, warrants and convertible notes measured at fair value, and impairment testing of intangible assets. Actual results may differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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