2024 Q3 Form 10-Q Financial Statement

#000143774924026451 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.662M $1.799M
YoY Change 22.95%
% of Gross Profit
Research & Development $1.174M $954.0K $368.0K
YoY Change 50.02% 159.24%
% of Gross Profit
Depreciation & Amortization $45.00K $43.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $2.836M $2.753M $871.0K
YoY Change -57.61% 216.07%
Operating Profit -$2.836M -$2.753M -$871.0K
YoY Change -51.27% 216.07%
Interest Expense $29.00K $54.00K
YoY Change 18.13%
% of Operating Profit
Other Income/Expense, Net $29.00K $54.00K $6.000K
YoY Change -112.11% 800.0%
Pretax Income -$2.807M -$2.699M -$865.0K
YoY Change -59.35% 212.02%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.807M -$2.700M -$865.0K
YoY Change -53.53% 212.14% 153.67%
Net Earnings / Revenue
Basic Earnings Per Share -$2.47 -$0.14 -$0.07
Diluted Earnings Per Share -$2.47 -$0.14
COMMON SHARES
Basic Shares Outstanding 23.04M 18.85M 12.88M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.155M $6.751M
YoY Change 140.29%
Cash & Equivalents $5.200M $6.800M $2.939M
Short-Term Investments
Other Short-Term Assets $199.0K $325.0K
YoY Change 219.42%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.354M $7.076M
YoY Change 142.51%
LONG-TERM ASSETS
Property, Plant & Equipment $17.00K $19.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $17.00K $19.00K
YoY Change -89.54%
TOTAL ASSETS
Total Short-Term Assets $5.354M $7.076M
Total Long-Term Assets $17.00K $19.00K
Total Assets $5.371M $7.095M
YoY Change 126.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $574.0K $287.0K
YoY Change 42.47%
Accrued Expenses $683.0K $476.0K
YoY Change 1873.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.257M $763.0K
YoY Change 187.31%
LONG-TERM LIABILITIES
Long-Term Debt $1.086M $1.043M
YoY Change 1660.13%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.086M $1.043M
YoY Change -77.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.257M $763.0K
Total Long-Term Liabilities $1.086M $1.043M
Total Liabilities $2.343M $1.806M
YoY Change -55.75%
SHAREHOLDERS EQUITY
Retained Earnings -$44.50M -$41.70M
YoY Change
Common Stock $1.000K $19.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.028M $5.289M $2.619M
YoY Change
Total Liabilities & Shareholders Equity $5.371M $7.095M
YoY Change 126.6%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.807M -$2.700M -$865.0K
YoY Change -53.53% 212.14% 153.67%
Depreciation, Depletion And Amortization $45.00K $43.00K $0.00
YoY Change
Cash From Operating Activities -$1.596M -$1.900M -$700.0K
YoY Change -11.54% 171.43%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $5.000K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$5.000K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00 $2.735M
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.596M -$1.900M -$700.0K
Cash From Investing Activities 0.000 -$5.000K $0.00
Cash From Financing Activities 0.000 $0.00 $2.735M
Net Change In Cash -1.596M -$1.857M $2.074M
YoY Change -224.62% -189.54%
FREE CASH FLOW
Cash From Operating Activities -$1.596M -$1.900M -$700.0K
Capital Expenditures $0.00 $5.000K $0.00
Free Cash Flow -$1.596M -$1.905M -$700.0K
YoY Change 172.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-indent: 9pt;"><i>Correction of an Immaterial Error in the Prior Period Financial Statements</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt; text-indent: 18pt;">During the <em style="font: inherit;">fourth</em> quarter of fiscal <em style="font: inherit;">2024</em> (<em style="font: inherit;"> March 31, 2024), </em>the Company determined that the prior year financial statements had an error caused by an immaterial classification error of certain research and development expense in accordance with ASC <em style="font: inherit;">730</em> Research and Development Costs. As a result, certain prior year amounts have been revised for consistency with the current year presentation. The Company assessed the materiality of this change in presentation on prior period financial statements in accordance with <i>SEC Staff Accounting Bulletin <em style="font: inherit;">No.</em> <em style="font: inherit;">99</em></i>, “<i>Materiality</i>,” (<i>ASC Topic <em style="font: inherit;">250,</em> Accounting Changes and Error Corrections</i>). Based on this assessment, the Company concluded that these classification error corrections in its Statements of Operations are <em style="font: inherit;">not</em> material to any previously presented financial statements based upon overall considerations of both quantitative and qualitative factors. The corrections had <em style="font: inherit;">no</em> impact on the fiscal year <em style="font: inherit;">2023</em> Balance Sheet, Statements of Cash Flows, or Statement of Changes in Stockholders’ Equity. Further, the immaterial corrections did <em style="font: inherit;">not</em> result in a change in operating losses, net loss, or basic or diluted earnings per share in the Income Statement.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 16pt; text-indent: 0pt;">A summary of immaterial corrections reflecting the prior period impact to the Company’s Statement of Operations, for the quarter ended <em style="font: inherit;"> June 30, 2023</em> is shown below (in thousands):</p> <p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; margin-left: 5%; width: 90%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><em style="font: inherit;"> </em></td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">As Revised</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td></tr> <tr class="finHeading" style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">June 30, 2023</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">Correction</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">June 30, 2023</em></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 49%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">General and administrative expense</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">523</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(20</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">503</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Research and development expense</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">348</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">20</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">368</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net Loss</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">871</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">871</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><i>Use of Estimates in Financial Statement Presentation</i></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:18pt;">The preparation of these unaudited condensed interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include work performed but <em style="font: inherit;">not</em> yet billed by contract manufacturers, engineers and research organizations and the valuation of equity related instruments. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates.</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:18pt;"></p>
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