2023 Q4 Form 10-Q Financial Statement

#000095017023062233 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $10.07M $13.70M
YoY Change -49.37% -28.66%
Cost Of Revenue $7.140M $8.460M
YoY Change -49.03% -28.03%
Gross Profit $2.930M $5.236M
YoY Change -50.17% -29.65%
Gross Profit Margin 29.1% 38.23%
Selling, General & Admin $5.250M $4.848M
YoY Change -24.1% -16.5%
% of Gross Profit 179.18% 92.59%
Research & Development $3.168M $2.298M
YoY Change 41.43% -20.79%
% of Gross Profit 108.12% 43.89%
Depreciation & Amortization $903.0K $200.0K
YoY Change -2.9% 0.0%
% of Gross Profit 30.82% 3.82%
Operating Expenses $8.418M $7.146M
YoY Change -8.07% -17.93%
Operating Profit -$5.488M -$1.910M
YoY Change 67.47% 51.11%
Interest Expense $41.00K $30.00K
YoY Change 57.69% 15.38%
% of Operating Profit
Other Income/Expense, Net $7.000K $33.00K
YoY Change -143.75% -294.12%
Pretax Income -$5.440M -$1.877M
YoY Change 66.51% 50.52%
Income Tax $44.00K $4.000K
% Of Pretax Income
Net Earnings -$5.484M -$1.881M
YoY Change 70.31% 44.8%
Net Earnings / Revenue -54.46% -13.73%
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$0.52 -$0.18
COMMON SHARES
Basic Shares Outstanding 10.44M 10.42M
Diluted Shares Outstanding 10.43M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.881M $9.990M
YoY Change -33.79% 8.71%
Cash & Equivalents $7.881M $9.989M
Short-Term Investments
Other Short-Term Assets $1.422M $2.040M
YoY Change -37.74% 1.75%
Inventory $2.403M $3.950M
Prepaid Expenses
Receivables $7.375M $6.272M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.08M $22.25M
YoY Change -29.73% -25.81%
LONG-TERM ASSETS
Property, Plant & Equipment $2.507M $2.454M
YoY Change -49.68% -12.86%
Goodwill $10.85M $10.85M
YoY Change 0.0% 0.0%
Intangibles $8.234M $8.977M
YoY Change -26.5% -24.94%
Long-Term Investments
YoY Change
Other Assets $170.0K $170.0K
YoY Change -21.3% -30.04%
Total Long-Term Assets $23.15M $24.05M
YoY Change -15.04% -15.02%
TOTAL ASSETS
Total Short-Term Assets $19.08M $22.25M
Total Long-Term Assets $23.15M $24.05M
Total Assets $42.23M $46.30M
YoY Change -22.37% -20.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.472M $5.425M
YoY Change -0.54% -30.69%
Accrued Expenses $2.971M $3.750M
YoY Change -53.53% -34.88%
Deferred Revenue $17.00M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.991M $9.514M
YoY Change -22.55% -33.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $674.0K $880.0K
YoY Change -56.12% -50.62%
Total Long-Term Liabilities $674.0K $880.0K
YoY Change -56.12% -50.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.991M $9.514M
Total Long-Term Liabilities $674.0K $880.0K
Total Liabilities $10.82M $10.54M
YoY Change -25.79% -35.28%
SHAREHOLDERS EQUITY
Retained Earnings -$78.52M -$73.04M
YoY Change 18.8% 16.17%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.364M $5.364M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $31.41M $35.77M
YoY Change
Total Liabilities & Shareholders Equity $42.23M $46.30M
YoY Change -22.37% -20.57%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.484M -$1.881M
YoY Change 70.31% 44.8%
Depreciation, Depletion And Amortization $903.0K $200.0K
YoY Change -2.9% 0.0%
Cash From Operating Activities -$1.937M $640.0K
YoY Change -181.97% 521.36%
INVESTING ACTIVITIES
Capital Expenditures $174.0K $70.00K
YoY Change 34.88% -115.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$174.0K -$70.00K
YoY Change 38.1% -84.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000K 70.00K
YoY Change -99.58% -29.29%
NET CHANGE
Cash From Operating Activities -1.937M 640.0K
Cash From Investing Activities -174.0K -70.00K
Cash From Financing Activities 2.000K 70.00K
Net Change In Cash -2.111M 640.0K
YoY Change -177.81% -348.06%
FREE CASH FLOW
Cash From Operating Activities -$1.937M $640.0K
Capital Expenditures $174.0K $70.00K
Free Cash Flow -$2.111M $570.0K
YoY Change -194.49% 1.24%

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<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The preparation of financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
10210000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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Cash
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Cash
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CY2023Q3 us-gaap Depreciation
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CY2022Q3 us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Amortization Of Intangible Assets
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CY2023Q3 airg Advanced Payments From Contract Manufacturers
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AdvancedPaymentsFromContractManufacturers
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GoodsReceivedNotInvoiced
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CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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us-gaap Lessee Operating Lease Option To Extend
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P2Y
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P2Y8M12D
CY2023Q3 us-gaap Short Term Lease Cost
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CY2022Q3 us-gaap Short Term Lease Cost
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CY2023Q3 us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4008000
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3825000
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
541000
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
541000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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523000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1120000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2472000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3575000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
200000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2046000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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10.65
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M12D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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281000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2022Q4 airg Severance And Exit Costs1
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CY2023Q1 airg Accrued Expense Of Severanc Costs
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CY2023Q1 airg Payment Of Severance Costs
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CY2023Q1 airg Severance And Exit Costs1
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CY2023Q2 airg Accrued Expense Of Severanc Costs
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CY2023Q2 airg Payment Of Severance Costs
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CY2023Q2 airg Severance And Exit Costs1
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CY2023Q3 airg Accrued Expense Of Severanc Costs
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CY2023Q3 airg Payment Of Severance Costs
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CY2023Q3 airg Severance And Exit Costs1
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airg Accrual Warranty Expense
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CY2022 airg Accrual Warranty Expense
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CY2023Q3 us-gaap Noncurrent Assets
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CY2022Q4 us-gaap Noncurrent Assets
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
45970000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56006000

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