2024 Q3 Form 10-Q Financial Statement

#000147793224004672 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $5.237M $3.361M $4.069M
YoY Change -22.38% -18.25% -28.16%
Cost Of Revenue $3.642M $2.301M $3.054M
YoY Change -18.55% -13.21% -19.38%
Gross Profit $1.595M $1.061M $1.015M
YoY Change -29.91% -27.39% -45.9%
Gross Profit Margin 30.45% 31.55% 24.94%
Selling, General & Admin $2.702M $4.634M $8.047M
YoY Change 9.89% 162.93% 339.3%
% of Gross Profit 169.43% 436.93% 793.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.581K $1.043K $58.46K
YoY Change -36.53% 92.08% 13.23%
% of Gross Profit 0.41% 0.1% 5.76%
Operating Expenses -$2.702M -$4.634M $8.047M
YoY Change -209.89% -362.93% 339.3%
Operating Profit -$1.107M -$3.574M -$7.032M
YoY Change 502.65% 1083.85% -16248.04%
Interest Expense $7.356K $5.817K -$343.2K
YoY Change -97.86% -98.29% -0.87%
% of Operating Profit
Other Income/Expense, Net $343.0K -$2.585M -$10.60M
YoY Change -214.33% 2004.4% 3156.77%
Pretax Income -$764.4K -$6.159M $9.416M
YoY Change -7.62% 705.99% -1599.37%
Income Tax -$294.2K -$346.00 $473.2K
% Of Pretax Income 5.03%
Net Earnings -$470.2K -$6.159M $8.943M
YoY Change -43.17% 705.7% -1484.34%
Net Earnings / Revenue -8.98% -183.24% 219.8%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.07 $0.08
COMMON SHARES
Basic Shares Outstanding 96.15M shares 94.37M shares 94.32M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.439M $20.94M
YoY Change 333.62% 1292.06%
Cash & Equivalents $4.394M $8.439M $20.94M
Short-Term Investments
Other Short-Term Assets $139.1K $183.6K
YoY Change 58.28% -31.33%
Inventory $886.4K $965.0K $795.2K
Prepaid Expenses
Receivables $1.930M $1.784M $2.233M
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.591M $11.33M $24.15M
YoY Change 24.97% 127.98% 335.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.290M $1.661M $1.596M
YoY Change 25.82% -9.13% -12.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.500K $5.180K
YoY Change -65.62% -49.12%
Total Long-Term Assets $4.064M $3.422M $3.316M
YoY Change 12.66% -6.92% -12.74%
TOTAL ASSETS
Total Short-Term Assets $7.591M $11.33M $24.15M
Total Long-Term Assets $4.064M $3.422M $3.316M
Total Assets $11.65M $14.75M $27.47M
YoY Change 20.38% 70.61% 194.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.260M $1.558M
YoY Change -26.6% -47.11%
Accrued Expenses $595.5K $20.09K
YoY Change 1701.24% -81.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.238M
YoY Change
Total Short-Term Liabilities $3.987M $6.498M $2.183M
YoY Change -9.47% 98.19% -32.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $11.22M
YoY Change -100.0% 13.52%
Other Long-Term Liabilities $6.019M $14.85M
YoY Change 52.3% 306.84%
Total Long-Term Liabilities $6.019M $26.07M
YoY Change -58.48% 92.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.987M $6.498M $2.183M
Total Long-Term Liabilities $6.019M $26.07M
Total Liabilities $9.741M $12.52M $28.25M
YoY Change -50.14% -29.59% 68.59%
SHAREHOLDERS EQUITY
Retained Earnings -$71.98M -$71.51M -$62.79M
YoY Change 0.34% 0.85% -8.59%
Common Stock $96.18K $96.05K $94.36K
YoY Change 1.99% 1.89% 1.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.914M $2.233M -$782.9K
YoY Change
Total Liabilities & Shareholders Equity $11.65M $14.75M $27.47M
YoY Change 20.38% 70.61% 194.08%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$470.2K -$6.159M $8.943M
YoY Change -43.17% 705.7% -1484.34%
Depreciation, Depletion And Amortization $6.581K $1.043K $58.46K
YoY Change -36.53% 92.08% 13.23%
Cash From Operating Activities -$2.683M $18.44M
YoY Change 392.3% 4101.95%
INVESTING ACTIVITIES
Capital Expenditures $66.27K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$66.27K $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 0.000 -500.0
YoY Change -99.74%
NET CHANGE
Cash From Operating Activities -2.683M 18.44M
Cash From Investing Activities -66.27K 0.000
Cash From Financing Activities 0.000 -500.0
Net Change In Cash -2.750M 18.44M
YoY Change 404.46% 7361.06%
FREE CASH FLOW
Cash From Operating Activities -$2.683M $18.44M
Capital Expenditures $66.27K $0.00
Free Cash Flow -$2.750M $18.44M
YoY Change 4101.95%

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meec Gain Loss On Change In Fair Value Of Profit Share And Unsecured Note
GainLossOnChangeInFairValueOfProfitShareAndUnsecuredNote
2954634 usd
meec Gain Loss On Change In Fair Value Of Profit Share And Unsecured Note
GainLossOnChangeInFairValueOfProfitShareAndUnsecuredNote
313897 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-448774 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-734279 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-99912 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-146811 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
501183 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
131674 usd
us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-67478 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-21493 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
232492 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
66274 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-66274 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
9040000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
271686 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
209500 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9311686 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
209500 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-12500579 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
441992 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20939762 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1504225 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8439183 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1946217 usd
us-gaap Interest Paid Net
InterestPaidNet
3939 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
200000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
meec Capital From Related Party Debt Extinguishments
CapitalFromRelatedPartyDebtExtinguishments
10827195 usd
meec Capital From Related Party Debt Extinguishments
CapitalFromRelatedPartyDebtExtinguishments
0 usd
meec Right Of Use Asset And Operating Lease Liability Recognition
RightOfUseAssetAndOperatingLeaseLiabilityRecognition
161728 usd
meec Right Of Use Asset And Operating Lease Liability Recognition
RightOfUseAssetAndOperatingLeaseLiabilityRecognition
0 usd
CY2024Q2 us-gaap Cash
Cash
8400000 usd
CY2024Q2 meec Working Capital
WorkingCapital
4800000 usd
CY2024Q2 meec Retained Earning Accumulated Deficit
RetainedEarningAccumulatedDeficit
-71500000 usd
CY2024Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
387767 usd
CY2023Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
200496 usd
CY2024Q2 us-gaap Other Inventory
OtherInventory
17912 usd
CY2023Q4 us-gaap Other Inventory
OtherInventory
17912 usd
CY2024Q2 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
559303 usd
CY2023Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
576756 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
964982 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
795164 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2110210 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2043936 usd
CY2024Q2 meec Less Accumulated Depreciation
LessAccumulatedDepreciation
-2037556 usd
CY2023Q4 meec Less Accumulated Depreciation
LessAccumulatedDepreciation
-2035978 usd
CY2024Q2 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
1588000 usd
CY2023Q4 us-gaap Inventory Real Estate Construction In Process
InventoryRealEstateConstructionInProcess
1588000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1660654 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1595958 usd
CY2024Q2 us-gaap Depreciation
Depreciation
1043 usd
us-gaap Depreciation
Depreciation
1578 usd
CY2023Q2 us-gaap Interest Expense Other
InterestExpenseOther
4862 usd
us-gaap Interest Expense Other
InterestExpenseOther
9671 usd
CY2023 meec Unamortized Balance Of Discount
UnamortizedBalanceOfDiscount
32220 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4500000 usd
CY2022Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
13154931 usd
CY2023Q1 us-gaap Taxes And Licenses
TaxesAndLicenses
12500 usd
CY2023Q2 meec Stock Based Compensation Expense
StockBasedCompensationExpense
158414 usd
meec Stock Based Compensation Expense
StockBasedCompensationExpense
320306 usd
CY2024Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.67

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