2024 Q3 Form 10-Q Financial Statement
#000168316824008140 Filed on November 15, 2024
Income Statement
Concept | 2024 Q3 | 2023 Q3 | 2021 Q3 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $22.88K | $25.38K | $8.600K |
YoY Change | -9.85% | 64.06% | |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | ||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $22.88K | $25.38K | $8.600K |
YoY Change | -9.86% | 64.11% | |
Operating Profit | -$22.88K | -$25.38K | -$8.603K |
YoY Change | -9.86% | 64.11% | |
Interest Expense | $0.00 | $0.00 | $0.00 |
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Pretax Income | -$22.88K | -$25.38K | -$8.600K |
YoY Change | -9.84% | 64.06% | |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$22.88K | -$25.38K | -$8.600K |
YoY Change | -9.86% | 64.11% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | $0.00 | $0.00 |
Diluted Earnings Per Share | $0.00 | $0.00 | -$1.131K |
COMMON SHARES | |||
Basic Shares Outstanding | 6.493M shares | 6.493M shares | 7.603M shares |
Diluted Shares Outstanding | 6.493M shares | 6.493M shares | 7.603M shares |
Balance Sheet
Concept | 2024 Q3 | 2023 Q3 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cash & Equivalents | $0.00 | $0.00 | $0.00 |
Short-Term Investments | |||
Other Short-Term Assets | $0.00 | $9.110K | |
YoY Change | -100.0% | ||
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $0.00 | $18.46K | $0.00 |
YoY Change | -100.0% | ||
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $118.3K | ||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $7.620K | ||
YoY Change | |||
Total Long-Term Assets | $126.0K | $0.00 | $0.00 |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $0.00 | $18.46K | $0.00 |
Total Long-Term Assets | $126.0K | $0.00 | $0.00 |
Total Assets | $126.0K | $18.46K | $0.00 |
YoY Change | 582.33% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $246.0K | $173.0K | $41.43K |
YoY Change | 42.21% | 116.55% | |
Accrued Expenses | $24.50K | ||
YoY Change | |||
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 | $270.5K | $173.0K | $54.37K |
YoY Change | 56.38% | 79.66% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $93.45K | ||
YoY Change | |||
Total Long-Term Liabilities | $93.45K | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $270.5K | $173.0K | $54.37K |
Total Long-Term Liabilities | $93.45K | $0.00 | $0.00 |
Total Liabilities | $363.9K | $173.0K | $54.37K |
YoY Change | 110.4% | 79.66% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$2.562M | -$2.478M | |
YoY Change | 3.37% | 2.41% | |
Common Stock | $6.493K | $6.493K | |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$238.0K | -$154.5K | -$54.37K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $126.0K | $18.46K | $0.00 |
YoY Change | 582.33% |
Cashflow Statement
Concept | 2024 Q3 | 2023 Q3 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$22.88K | -$25.38K | -$8.600K |
YoY Change | -9.86% | 64.11% | |
Depreciation, Depletion And Amortization | $0.00 | ||
YoY Change | |||
Cash From Operating Activities | -$18.58K | -$19.21K | -$10.50K |
YoY Change | -3.28% | 13.87% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | ||
YoY Change | |||
Cash From Investing Activities | $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 | 18.58K | 19.21K | 10.50K |
YoY Change | -3.28% | 13.87% | |
NET CHANGE | |||
Cash From Operating Activities | -18.58K | -19.21K | -10.50K |
Cash From Investing Activities | 0.000 | 0.000 | |
Cash From Financing Activities | 18.58K | 19.21K | 10.50K |
Net Change In Cash | 0.000 | 0.000 | 0.000 |
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | -$18.58K | -$19.21K | -$10.50K |
Capital Expenditures | $0.00 | ||
Free Cash Flow | -$18.58K | ||
YoY Change |
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Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-59251 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-83213 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
59251 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
83213 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
59251 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
83213 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
0 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
0 | usd | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2024Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84E_eus-gaap--UseOfEstimates_zJoFnKvWTVAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline"><span id="xdx_869_zSyaP3ymnSsb">Use of estimates</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 reported period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company’s significant estimates include income taxes provision and valuation allowance of deferred tax assets; the fair value of financial instruments; the carrying value and recoverability of long-lived assets, including the values assigned to an estimated useful lives of computer equipment; and the assumption that the Company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management regularly reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> | ||
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zN6DvnzL4L99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration: underline"><span id="xdx_86A_zCkkwz8gcBma">Concentration of credit risk</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial instruments which potentially subject the Company to concentration of credit risk consist of cash deposits and customer receivables. The Company maintains cash with various major financial institutions. The Company performs periodic evaluations of the relative credit standing of these institutions. To reduce risk, the Company performs credit evaluations of its customers and maintains reserves when necessary for potential credit losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> | ||
CY2024Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
90000000 | shares |
CY2021Q3 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
one-for-ten reverse stock split | |
CY2021Q3 | us-gaap |
Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
|
1276487 | shares |
CY2021Q3 | us-gaap |
Treasury Stock Common Shares
TreasuryStockCommonShares
|
1276487 | shares |
CY2024Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6493346 | shares |
CY2024Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6493346 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6493346 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6493346 | shares |
CY2024Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
CY2024Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2024Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2024Q3 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
2561662 | usd |
CY2024Q3 | us-gaap |
Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
|
0 | usd |
CY2023Q4 | us-gaap |
Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
|
0 | usd |
CY2024Q3 | ARMC |
Due To Related Parties Current And Noncurrent1
DueToRelatedPartiesCurrentAndNoncurrent1
|
239911 | usd |
CY2023Q4 | ARMC |
Due To Related Parties Current And Noncurrent1
DueToRelatedPartiesCurrentAndNoncurrent1
|
179860 | usd |
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
20560 | usd | |
us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
15306 | usd | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
20560 | usd | |
us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
0 | usd | |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
16744 | usd | |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
0 | usd | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
|
P4Y6M | |
CY2024Q3 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.0704 | pure |
CY2023Q3 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0 | pure |
CY2024Q3 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
118338 | usd |
CY2023Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
0 | usd |
CY2024Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
117943 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
0 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
7031 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
29519 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
31007 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
32549 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
34182 | usd |
CY2024Q3 | ARMC |
Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
|
0 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
132288 | usd |
CY2024Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
18424 | usd |
CY2024Q3 | ARMC |
Operating Lease Liability1
OperatingLeaseLiability1
|
115864 | usd |
CY2024Q3 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q3 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q3 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |