2024 Q2 Form 10-K Financial Statement
#000107997324000814 Filed on May 24, 2024
Income Statement
Concept | 2024 Q2 | 2024 Q1 | 2024 |
---|---|---|---|
Revenue | $0.00 | $0.00 | |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $55.10K | $47.55K | |
YoY Change | -24.51% | ||
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $55.10K | $47.55K | $199.4K |
YoY Change | 2.64% | -24.51% | -13.86% |
Operating Profit | -$55.10K | -$199.4K | |
YoY Change | 2.64% | -13.86% | |
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | -$14.05K | $14.05K |
YoY Change | -100.0% | ||
Pretax Income | -$55.10K | -$47.55K | -$185.4K |
YoY Change | 39.04% | -24.51% | -19.93% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$55.10K | -$47.55K | -$185.4K |
YoY Change | 39.04% | -24.51% | -19.93% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | $0.00 | |
Diluted Earnings Per Share | $0.00 | $0.00 | |
COMMON SHARES | |||
Basic Shares Outstanding | 120.0M shares | 120.0M shares | 120.0M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q2 | 2024 Q1 | 2024 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $7.980K | $1.330K | $1.330K |
YoY Change | -15.29% | -15.29% | |
Cash & Equivalents | $7.978K | $1.334K | |
Short-Term Investments | |||
Other Short-Term Assets | $9.100K | $13.00K | $13.00K |
YoY Change | 4.0% | 4.0% | |
Inventory | |||
Prepaid Expenses | $9.100K | $13.00K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $17.08K | $14.33K | $14.33K |
YoY Change | 88.75% | 1.9% | 1.85% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $17.08K | $14.33K | $14.33K |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $17.08K | $14.33K | $14.33K |
YoY Change | 88.75% | 1.9% | 1.85% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $27.10K | $21.76K | $525.8K |
YoY Change | -1.54% | -55.5% | 28.58% |
Accrued Expenses | $900.0K | $900.0K | $900.0K |
YoY Change | 0.0% | 0.0% | 0.0% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.032M | $1.975M | $1.975M |
YoY Change | 11.45% | 10.38% | 10.38% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.032M | $1.975M | $1.975M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $2.032M | $1.975M | $1.975M |
YoY Change | 11.45% | 10.38% | 10.38% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$2.074M | -$2.019M | |
YoY Change | 10.72% | 10.11% | |
Common Stock | $58.50K | $58.50K | |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$2.015M | -$1.960M | -$1.960M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $17.08K | $14.33K | $14.33K |
YoY Change | 88.75% | 1.9% | 1.85% |
Cashflow Statement
Concept | 2024 Q2 | 2024 Q1 | 2024 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$55.10K | -$47.55K | -$185.4K |
YoY Change | 39.04% | -24.51% | -19.93% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$9.856K | -$4.670K | -$69.02K |
YoY Change | -53.63% | -83.47% | -15.33% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | $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 | $16.50K | 5.250K | $68.79K |
YoY Change | -17.44% | -80.65% | -9.72% |
NET CHANGE | |||
Cash From Operating Activities | -$9.856K | -4.670K | -$69.02K |
Cash From Investing Activities | $0.00 | 0.000 | $0.00 |
Cash From Financing Activities | $16.50K | 5.250K | $68.79K |
Net Change In Cash | $6.644K | 580.0 | -$233.00 |
YoY Change | -623.56% | -151.79% | -95.62% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$9.856K | -$4.670K | -$69.02K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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Use Of Estimates
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<p id="xdx_849_eus-gaap--UseOfEstimates_zdYywbBNVBD1" style="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><i><span style="text-decoration: underline"><span id="xdx_86B_zE8vbgvZLKRl">Use of Estimates</span></span></i></p> <p style="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates.</p> <p style="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> | |
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Concentration Risk Credit Risk
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<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zxCEl816H0F5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i><span style="text-decoration: underline"><span id="xdx_86B_zZlgazBZ6FEk">Concentrations of Credit Risk</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> | |
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Cash Equivalents At Carrying Value
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|
0 | usd |
CY2023Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
0 | usd |
CY2024 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | shares |
CY2023 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | shares |
CY2023Q1 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
385000 | usd |
CY2024Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
424000 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
385000 | usd |
CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-2018732 | usd |
CY2024Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
13000 | usd |
CY2023Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
12500 | usd |
CY2024Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
900000 | usd |
CY2023Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
900000 | usd |
CY2024Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
548805 | usd |
CY2023Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
480020 | usd |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2024Q1 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
424000 | usd |
CY2024Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2024 | us-gaap |
Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
|
39000 | usd |
CY2023 | us-gaap |
Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
|
49000 | usd |
CY2024 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
39000 | usd |
CY2023 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
49000 | usd |
CY2024 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2024Q1 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
424000 | usd |
CY2024 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |