2024 Q1 Form 10-K Financial Statement

#000155837024003886 Filed on March 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $380.6K $14.08K $583.2K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.930M $1.643M $8.428M
YoY Change -42.67% -22.49% -59.81%
% of Gross Profit
Research & Development $1.600M $2.046M $7.627M
YoY Change 27.36% 284.96% -53.5%
% of Gross Profit
Depreciation & Amortization $6.157K $7.050K $7.050K
YoY Change 1401.71% -394.98% 60.12%
% of Gross Profit
Operating Expenses $3.530M $3.689M $16.06M
YoY Change -23.63% 39.12% -85.84%
Operating Profit -$3.150M -$15.47M
YoY Change -31.86% -86.36%
Interest Expense $283.4K $231.7K $1.185M
YoY Change 10.53% 10.59% 164.16%
% of Operating Profit
Other Income/Expense, Net $339.6K $1.185M
YoY Change 39.97% 62.31%
Pretax Income -$2.810M -$3.443M -$14.29M
YoY Change -35.84% 40.99% -87.32%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.810M -$3.443M -$14.29M
YoY Change -35.84% 40.99% -87.32%
Net Earnings / Revenue -738.39% -24454.9% -2449.59%
Basic Earnings Per Share -$0.67 -$3.95
Diluted Earnings Per Share -$0.67 -$0.92 -$3.95
COMMON SHARES
Basic Shares Outstanding 5.430M 3.737M 3.618M
Diluted Shares Outstanding 4.198M 3.618M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.37M $21.61M $21.61M
YoY Change 4.43% -24.94% -24.94%
Cash & Equivalents $32.40M $21.61M $21.61M
Short-Term Investments
Other Short-Term Assets $698.9K $914.3K $914.3K
YoY Change -31.67% -33.11% -33.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $33.07M $22.52M $22.52M
YoY Change 3.28% -25.31% -25.31%
LONG-TERM ASSETS
Property, Plant & Equipment $90.18K $88.36K $88.36K
YoY Change 4616.68% 3706.98% 3708.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.99K $40.72K $40.72K
YoY Change
Total Long-Term Assets $131.2K $129.1K $129.1K
YoY Change 6760.3% 5460.97% 5463.36%
TOTAL ASSETS
Total Short-Term Assets $33.07M $22.52M $22.52M
Total Long-Term Assets $131.2K $129.1K $129.1K
Total Assets $33.20M $22.65M $22.65M
YoY Change 3.68% -24.89% -24.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.318M $1.670M $1.670M
YoY Change 59.61% 98.2% 98.2%
Accrued Expenses $1.498M $2.186M $2.186M
YoY Change -55.95% -7.3% -7.3%
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 $2.965M $4.386M $4.386M
YoY Change -29.86% 37.0% 37.0%
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 $2.965M $4.386M $4.386M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.965M $4.386M $4.386M
YoY Change -29.86% 37.0% 37.0%
SHAREHOLDERS EQUITY
Retained Earnings -$310.9M -$308.1M
YoY Change 4.26% 4.86%
Common Stock $5.430K $3.736K
YoY Change 45.54% 40.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.92M $18.26M $18.26M
YoY Change
Total Liabilities & Shareholders Equity $33.20M $22.65M $22.65M
YoY Change 3.68% -24.89% -24.89%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.810M -$3.443M -$14.29M
YoY Change -35.84% 40.99% -87.32%
Depreciation, Depletion And Amortization $6.157K $7.050K $7.050K
YoY Change 1401.71% -394.98% 60.12%
Cash From Operating Activities -$3.936M -$3.738M -$12.18M
YoY Change 32.12% -7.04% -51.31%
INVESTING ACTIVITIES
Capital Expenditures $7.978K $3.090K $93.09K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$7.978K -$3.090K -$93.09K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.789M
YoY Change 747.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.71M -10.00 5.140M
YoY Change 186.18% -100.01% 652.59%
NET CHANGE
Cash From Operating Activities -3.936M -3.738M -12.18M
Cash From Investing Activities -7.978K -3.090K -93.09K
Cash From Financing Activities 14.71M -10.00 5.140M
Net Change In Cash 10.77M -3.741M -7.131M
YoY Change 398.21% -4.62% -70.69%
FREE CASH FLOW
Cash From Operating Activities -$3.936M -$3.738M -$12.18M
Capital Expenditures $7.978K $3.090K $93.09K
Free Cash Flow -$3.944M -$3.741M -$12.27M
YoY Change -6.96% -50.94%

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Capital Lease Obligations Incurred
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CY2022 us-gaap Stock Issued1
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CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of estimates</b>—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. Significant items subject to such estimates and assumptions, are used for, but not limited to, include stock-based compensation and accounting for research and development costs.</p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentrations of credit risk</b>—Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at financial institutions that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits.</p>
CY2023Q4 us-gaap Restricted Cash Noncurrent
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2022 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
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CY2021 us-gaap Operating Lease Payments Use
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CY2023Q4 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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EmployeeRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1397977
CY2023Q4 apre Research And Development Related Liabilities Current
ResearchAndDevelopmentRelatedLiabilitiesCurrent
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ResearchAndDevelopmentRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2023Q4 apre Accrued Liabilities And Employee Related Liabilities Current
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CY2022Q4 apre Accrued Liabilities And Employee Related Liabilities Current
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NetIncomeLoss
-14286756
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-112662027
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-37127303
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
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EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
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CY2023 apre Effective Income Tax Rate Reconciliation Section162 Limitation Percent
EffectiveIncomeTaxRateReconciliationSection162LimitationPercent
0.103
CY2022 apre Effective Income Tax Rate Reconciliation Section162 Limitation Percent
EffectiveIncomeTaxRateReconciliationSection162LimitationPercent
-0.025
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
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CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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26
CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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5800000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1500000
CY2023Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
100000
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
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CY2023 apre Research And Development Capitalized
ResearchAndDevelopmentCapitalized
7800000
CY2022 apre Research And Development Capitalized
ResearchAndDevelopmentCapitalized
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CY2023Q4 apre Stock Shares Authorized
StockSharesAuthorized
440000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2023 apre Common Stock Number Of Voting Rights Per Share
CommonStockNumberOfVotingRightsPerShare
1
CY2020Q4 apre Universal Shelf Registration Maximum Amount To Be Issued
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350000000.0
CY2023 us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0

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