2024 Q1 Form 10-K Financial Statement

#000143774924004234 Filed on February 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3 2023
Revenue $31.87K $39.52K $75.72K
YoY Change 91.34% 2417.2% 383.8%
Cost Of Revenue $21.56K $23.28K $78.16K
YoY Change 15.16% 17807.69% 51.81%
Gross Profit $10.31K $16.24K -$2.439K
YoY Change -599.56% 1027.78% -93.19%
Gross Profit Margin 32.36% 41.09% -3.22%
Selling, General & Admin $683.2K $1.145M $4.371M
YoY Change -45.47% -5.45% -3.29%
% of Gross Profit 6625.78% 7053.02%
Research & Development $203.9K $199.8K $670.9K
YoY Change 19.48% -13.61% -41.83%
% of Gross Profit 1977.2% 1229.99%
Depreciation & Amortization $560.00 $1.970K $1.966K
YoY Change 47.37% 146.25% -38.49%
% of Gross Profit 5.43% 12.13%
Operating Expenses $887.1K $1.345M $5.042M
YoY Change -37.68% -6.76% -11.12%
Operating Profit -$876.7K -$1.329M -$5.044M
YoY Change -38.5% -7.79% -11.64%
Interest Expense $592.4K -$1.128M $3.097M
YoY Change -6.74% 152.2% 446.08%
% of Operating Profit
Other Income/Expense, Net -$592.4K -$1.938M
YoY Change -213.27% -547.71%
Pretax Income -$1.469M -$2.457M -$6.983M
YoY Change 62.79% 30.11% 32.35%
Income Tax
% Of Pretax Income
Net Earnings -$1.469M -$2.457M -$6.983M
YoY Change 62.79% 30.11% 32.35%
Net Earnings / Revenue -4610.37% -6217.61% -9221.43%
Basic Earnings Per Share -$0.33 -$2.27
Diluted Earnings Per Share -$0.33 -$1.36 -$2.27
COMMON SHARES
Basic Shares Outstanding 4.742M 3.094M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.43K $222.7K $222.7K
YoY Change -10.41% -70.18% -70.18%
Cash & Equivalents $26.43K $222.7K
Short-Term Investments
Other Short-Term Assets $177.2K $362.9K $362.9K
YoY Change 13.31% -16.85% -16.85%
Inventory $1.330M $1.365M $1.365M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.533M $1.950M $1.950M
YoY Change -3.47% -24.94% -24.94%
LONG-TERM ASSETS
Property, Plant & Equipment $3.390K $4.599K $4.600K
YoY Change 238.66% 125.0% 125.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.500K $3.500K $3.500K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $6.890K $8.099K $8.100K
YoY Change 53.08% 46.09% 46.21%
TOTAL ASSETS
Total Short-Term Assets $1.533M $1.950M $1.950M
Total Long-Term Assets $6.890K $8.099K $8.100K
Total Assets $1.540M $1.958M $1.958M
YoY Change -3.31% -24.79% -24.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.970M $2.304M $2.304M
YoY Change 22.41% 73.51% 73.51%
Accrued Expenses $1.390M $1.291M $1.291M
YoY Change 63.25% 189.19% 189.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.898M $5.628M $5.628M
YoY Change 55.51% 923.24% 923.24%
Total Short-Term Liabilities $12.42M $9.466M $9.466M
YoY Change 55.63% 185.08% 185.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.42M $9.466M $9.466M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.42M $9.466M $9.466M
YoY Change 55.63% 39.28% 39.28%
SHAREHOLDERS EQUITY
Retained Earnings -$66.21M -$62.06M
YoY Change 14.59% 12.68%
Common Stock $55.33M $54.55M
YoY Change 7.67% 7.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.88M -$7.508M -$7.508M
YoY Change
Total Liabilities & Shareholders Equity $1.540M $1.958M $1.958M
YoY Change -3.31% -24.79% -24.79%

Cashflow Statement

Concept 2024 Q1 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$1.469M -$2.457M -$6.983M
YoY Change 62.79% 30.11% 32.35%
Depreciation, Depletion And Amortization $560.00 $1.970K $1.966K
YoY Change 47.37% 146.25% -38.49%
Cash From Operating Activities -$700.1K -$1.224M -$3.374M
YoY Change 16.72% -26.67% -24.28%
INVESTING ACTIVITIES
Capital Expenditures $4.520K $4.521K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.520K -$4.521K
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 520.7K 1.365M $2.855M
YoY Change -15.84% -42.22% -2.79%
NET CHANGE
Cash From Operating Activities -700.1K -1.224M -$3.374M
Cash From Investing Activities -4.520K -$4.521K
Cash From Financing Activities 520.7K 1.365M $2.855M
Net Change In Cash -179.4K 135.8K -$524.2K
YoY Change -1049.81% -80.38% -65.51%
FREE CASH FLOW
Cash From Operating Activities -$700.1K -$1.224M -$3.374M
Capital Expenditures $4.520K $4.521K
Free Cash Flow -$1.229M -$3.379M
YoY Change -26.4% -24.18%

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><span style="text-decoration: underline; ">Use of Estimates</span></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates include the assumptions used in the accrual for potential liabilities, the net realizable value of inventory, the valuation of debt and equity instruments, the fair value of derivative liabilities, valuation of equity instruments issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><span style="text-decoration: underline; ">Concentration of Credit Risk</span></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash in bank deposits accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash. </p>
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