2024 Q3 Form 10-Q Financial Statement

#000149315224030484 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.032M $542.5K
YoY Change 48.51% -15.7%
Cost Of Revenue $48.77K $66.59K
YoY Change 45.49% 9.64%
Gross Profit $983.6K $475.9K
YoY Change 48.66% -18.34%
Gross Profit Margin 95.28% 87.72%
Selling, General & Admin $792.5K $747.7K
YoY Change 7.49% 18.69%
% of Gross Profit 80.57% 157.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.12K $28.36K
YoY Change
% of Gross Profit 3.16% 5.96%
Operating Expenses $792.5K $747.7K
YoY Change 7.49% 18.69%
Operating Profit $191.1K -$271.8K
YoY Change -352.57% 475.85%
Interest Expense -$16.66K -$15.49K
YoY Change
% of Operating Profit -8.72%
Other Income/Expense, Net
YoY Change
Pretax Income $175.9K -$285.0K
YoY Change -336.81% 630.99%
Income Tax
% Of Pretax Income
Net Earnings $184.5K -$281.1K
YoY Change -347.98% 2931.01%
Net Earnings / Revenue 17.87% -51.82%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 81.55M shares 81.55M shares
Diluted Shares Outstanding 81.55M shares 81.55M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $858.8K $1.154M
YoY Change
Cash & Equivalents $858.7K $1.154M
Short-Term Investments
Other Short-Term Assets $124.9K $124.1K
YoY Change
Inventory
Prepaid Expenses $161.5K $156.8K
Receivables $1.069M $537.5K
Other Receivables $390.3K $32.69K
Total Short-Term Assets $2.443M $2.103M
YoY Change 17.04% -7.33%
LONG-TERM ASSETS
Property, Plant & Equipment $568.9K $500.9K
YoY Change 9.42% -4.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $486.6K $445.8K
YoY Change
Other Assets $50.00 $40.00
YoY Change
Total Long-Term Assets $1.291M $1.167M
YoY Change 112.11% 83.41%
TOTAL ASSETS
Total Short-Term Assets $2.443M $2.103M
Total Long-Term Assets $1.291M $1.167M
Total Assets $3.734M $3.271M
YoY Change 38.51% 12.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.83K $57.36K
YoY Change
Accrued Expenses $261.6K $291.0K
YoY Change 27.52% 46.15%
Deferred Revenue
YoY Change
Short-Term Debt $178.6K $167.8K
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $1.081M $1.070M
YoY Change 22.94% 7.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $614.7K $553.0K
YoY Change
Total Long-Term Liabilities $618.4K $556.2K
YoY Change 3237.68% 1636.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.081M $1.070M
Total Long-Term Liabilities $618.4K $556.2K
Total Liabilities $1.700M $1.626M
YoY Change 89.26% 58.63%
SHAREHOLDERS EQUITY
Retained Earnings -$8.271M -$8.455M
YoY Change -0.75% 2.37%
Common Stock $8.155K $8.155K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.051M $1.653M
YoY Change
Total Liabilities & Shareholders Equity $3.734M $3.271M
YoY Change 38.51% 12.55%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $184.5K -$281.1K
YoY Change -347.98% 2931.01%
Depreciation, Depletion And Amortization $31.12K $28.36K
YoY Change
Cash From Operating Activities -$327.7K -$56.21K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $11.70K $14.44K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$35.32K
YoY Change
Cash From Investing Activities -$11.70K -$49.76K
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 -13.49K -22.97K
YoY Change
NET CHANGE
Cash From Operating Activities -327.7K -56.21K
Cash From Investing Activities -11.70K -49.76K
Cash From Financing Activities -13.49K -22.97K
Net Change In Cash -352.9K -128.9K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$327.7K -$56.21K
Capital Expenditures $11.70K $14.44K
Free Cash Flow -$339.4K -$70.65K
YoY Change

Facts In Submission

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ASFH Payment Of Advances To Related Companies
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<p id="xdx_848_eus-gaap--UseOfEstimates_zooQiNqIfqY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_869_zEyTgkVzhhQh">Use of Estimates</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Deposits
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CY2024Q2 us-gaap Deposits
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us-gaap Net Income Loss
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OtherDeposits
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OtherDeposits
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CY2024Q2 ASFH Purchase In Advance
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CY2023Q4 us-gaap Prepaid Expense Current
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114133 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1331110 usd
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Depreciation
Depreciation
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CY2023 us-gaap Depreciation
Depreciation
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CY2024Q2 us-gaap Accrued Liabilities Current
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CY2024Q2 ASFH Receipt In Advance
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CY2023Q4 ASFH Receipt In Advance
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CY2024Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2021Q2 ASFH Payments To Acquire Motor Vehicle
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CY2021Q2 us-gaap Loans Payable
LoansPayable
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CY2021Q2 us-gaap Long Term Debt Term
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P36M
CY2021Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
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CY2021Q2 us-gaap Debt Instrument Date Of First Required Payment1
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2021-06-05
CY2021Q2 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
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CY2021Q2 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
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us-gaap Repayments Of Long Term Debt
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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ASFH Operating Lease Right Of Use Asset New Lease Recognition
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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ASFH Operating Lease Right Of Use Asset Adjustment For Non Exercising Option
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q4 us-gaap Operating Lease Liability
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ASFH Operating Lease Liability New Lease Recognition
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us-gaap Proceeds From Interest Received
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us-gaap Operating Lease Payments
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ASFH Operating Lease Liability Adjustment For Non Exercising Option
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ASFH Operating Lease Liability Adjustment For Foreign Currency Translation Difference
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CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 us-gaap Operating Lease Liability Current
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CY2024Q2 us-gaap Operating Lease Liability Noncurrent
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552987 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y3M18D
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P0Y11M15D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
111036 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
117370 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
542475 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
643479 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
542475 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q2 us-gaap Concentration Risk Percentage1
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1 pure
CY2023Q2 us-gaap Concentration Risk Percentage1
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1 pure
CY2024Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
618736 usd
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1062228 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1118281 usd
CY2024Q2 us-gaap Cost Of Revenue
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66591 usd
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
60738 usd
CY2024Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
66591 usd
CY2023Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
60738 usd
CY2024Q2 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1 pure
CY2023Q2 us-gaap Concentration Risk Percentage1
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1 pure
CY2024Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
57355 usd
CY2023Q2 us-gaap Accounts Payable Trade Current
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40429 usd
us-gaap Cost Of Revenue
CostOfRevenue
100425 usd
us-gaap Cost Of Revenue
CostOfRevenue
114400 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
100425 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
114400 usd
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1 pure
us-gaap Concentration Risk Percentage1
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1 pure
CY2024Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
57355 usd
CY2023Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
40429 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-566552 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-373629 usd
us-gaap Dividends
Dividends
0 usd
us-gaap Factors Used To Identify Entitys Reportable Segments
FactorsUsedToIdentifyEntitysReportableSegments
The Company has single reportable segment based on business unit, information technology business and two reportable segments based on country, Malaysia and Non-Malaysia
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1062228 usd
us-gaap Cost Of Revenue
CostOfRevenue
100425 usd
us-gaap Gross Profit
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961803 usd
ASFH Share Of Loss From Operation Of Associate
ShareOfLossFromOperationOfAssociate
25087 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2024Q2 us-gaap Assets
Assets
3270659 usd
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
93238 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1062228 usd
us-gaap Cost Of Revenue
CostOfRevenue
100425 usd
us-gaap Gross Profit
GrossProfit
961803 usd
ASFH Share Of Loss From Operation Of Associate
ShareOfLossFromOperationOfAssociate
25087 usd
ASFH Selling General And Administrative Expenses And Other Income
SellingGeneralAndAdministrativeExpensesAndOtherIncome
1503268 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-566552 usd
CY2024Q2 us-gaap Assets
Assets
3270659 usd
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
93238 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1118281 usd
us-gaap Cost Of Revenue
CostOfRevenue
114400 usd
us-gaap Gross Profit
GrossProfit
1003881 usd
ASFH Selling General And Administrative Expenses And Other Income
SellingGeneralAndAdministrativeExpensesAndOtherIncome
1377510 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-373629 usd
CY2023Q2 us-gaap Assets
Assets
2906046 usd
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
17141 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Cost Of Revenue
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us-gaap Gross Profit
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ASFH Selling General And Administrative Expenses And Other Income
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us-gaap Operating Income Loss
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CY2023Q2 us-gaap Assets
Assets
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us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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