2024 Q3 Form 10-Q Financial Statement

#000168316824005571 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $11.48M $14.81M $17.82M
YoY Change -30.35% -16.88% 379.26%
Cost Of Revenue $10.25M $12.46M $17.32M
YoY Change -36.73% -28.07% 328.24%
Gross Profit $1.231M $2.356M $501.0K
YoY Change 334.98% 370.26% -253.68%
Gross Profit Margin 10.72% 15.91% 2.81%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $700.0K $359.0K
YoY Change 94.44% 94.99% 25.96%
% of Gross Profit 56.86% 29.71% 71.66%
Operating Expenses -$51.00K $7.147M $4.042M
YoY Change -101.26% 76.82% 62.33%
Operating Profit $1.282M -$4.791M -$3.541M
YoY Change -134.15% 35.3% 25.75%
Interest Expense $48.00K $24.00K $2.000K
YoY Change 1100.0% 1100.0% 100.0%
% of Operating Profit 3.74%
Other Income/Expense, Net $15.00K -$125.0K $23.00K
YoY Change -88.0% -643.48% 64.29%
Pretax Income $1.297M -$4.916M -$3.518M
YoY Change -135.74% 39.74% 25.55%
Income Tax $0.00 $0.00 $12.00K
% Of Pretax Income 0.0%
Net Earnings $1.297M -$4.916M -$3.530M
YoY Change -135.74% 39.26% 25.94%
Net Earnings / Revenue 11.3% -33.19% -19.81%
Basic Earnings Per Share $0.09 -$0.34 -$0.32
Diluted Earnings Per Share $0.09 -$0.34 -$0.32
COMMON SHARES
Basic Shares Outstanding 14.62M shares 14.44B shares 10.76M shares
Diluted Shares Outstanding 14.71M shares 14.53M shares 10.99K shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.874M $8.749M $23.68M
YoY Change -66.98% -63.06% 72.18%
Cash & Equivalents $4.874M $8.749M $23.68M
Short-Term Investments
Other Short-Term Assets $2.187M $2.006M $2.825M
YoY Change -17.47% -28.99% -11.64%
Inventory $12.71M $12.84M $12.33M
Prepaid Expenses
Receivables $11.34M $12.68M $10.42M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.12M $36.27M $49.26M
YoY Change -32.11% -26.36% 80.95%
LONG-TERM ASSETS
Property, Plant & Equipment $14.91M $14.89M $2.002M
YoY Change 679.76% 643.96% 42.69%
Goodwill $11.03M $10.12M $4.600M
YoY Change 139.72% 119.91% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $106.0K $106.0K $62.00K
YoY Change 76.67% 70.97% 0.0%
Total Long-Term Assets $36.14M $35.64M $17.48M
YoY Change 112.64% 103.94% -5.53%
TOTAL ASSETS
Total Short-Term Assets $31.12M $36.27M $49.26M
Total Long-Term Assets $36.14M $35.64M $17.48M
Total Assets $67.26M $71.91M $66.74M
YoY Change 7.05% 7.76% 45.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.349M $8.028M $7.170M
YoY Change 15.86% 11.97% 81.2%
Accrued Expenses $2.968M $4.440M $3.524M
YoY Change -2.24% 25.99% 303.2%
Deferred Revenue $787.0K $918.0K $796.0K
YoY Change 58.03% 15.33% -49.56%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $62.00K $45.00K $37.00K
YoY Change 55.0% 21.62%
Total Short-Term Liabilities $13.25M $20.23M $12.14M
YoY Change 15.56% 66.63% 54.58%
LONG-TERM LIABILITIES
Long-Term Debt $215.0K $246.0K $181.0K
YoY Change 26.47% 35.91%
Other Long-Term Liabilities $3.372M $3.689M $1.059M
YoY Change 247.63% 248.35% -44.06%
Total Long-Term Liabilities $3.372M $3.689M $1.240M
YoY Change 195.79% 197.5% -34.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.25M $20.23M $12.14M
Total Long-Term Liabilities $3.372M $3.689M $1.240M
Total Liabilities $20.84M $28.52M $13.38M
YoY Change 65.34% 113.12% 37.28%
SHAREHOLDERS EQUITY
Retained Earnings -$100.0M -$101.3M -$84.66M
YoY Change 13.28% 19.67% 35.03%
Common Stock $15.00K $14.00K $14.00K
YoY Change 7.14% 0.0% 40.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.42M $43.40M $53.35M
YoY Change
Total Liabilities & Shareholders Equity $67.26M $71.91M $66.74M
YoY Change 7.05% 7.76% 45.96%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $1.297M -$4.916M -$3.530M
YoY Change -135.74% 39.26% 25.94%
Depreciation, Depletion And Amortization $700.0K $700.0K $359.0K
YoY Change 94.44% 94.99% 25.96%
Cash From Operating Activities -$2.954M $2.929M -$4.443M
YoY Change -66.08% -165.92% -19.48%
INVESTING ACTIVITIES
Capital Expenditures $191.0K $136.0K $271.0K
YoY Change -31.79% -49.82% -305.3%
Acquisitions
YoY Change
Other Investing Activities -$514.0K $0.00 $0.00
YoY Change
Cash From Investing Activities -$705.0K -$136.0K -$271.0K
YoY Change 151.79% -49.82% 105.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -178.0K 1.119M 27.41M
YoY Change -354.29% -95.92% 11920.18%
NET CHANGE
Cash From Operating Activities -2.954M 2.929M -4.443M
Cash From Investing Activities -705.0K -136.0K -271.0K
Cash From Financing Activities -178.0K 1.119M 27.41M
Net Change In Cash -3.837M 3.912M 22.69M
YoY Change -56.98% -82.76% -518.52%
FREE CASH FLOW
Cash From Operating Activities -$2.954M $2.929M -$4.443M
Capital Expenditures $191.0K $136.0K $271.0K
Free Cash Flow -$3.145M $2.793M -$4.714M
YoY Change -65.02% -159.25% -12.48%

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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1704000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
438000 usd
CY2023Q1 BEEM Warrants Exercised For Cash Value
WarrantsExercisedForCashValue
100000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
158000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3831000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
21852000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
148000 usd
CY2023Q2 BEEM Stock Issued During Period Value Earnout Related To Acquisition
StockIssuedDuringPeriodValueEarnoutRelatedToAcquisition
7051000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
427000 usd
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25424000 usd
CY2023Q2 BEEM Warrants Exercised For Cash Value
WarrantsExercisedForCashValue
26000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
1956000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-3530000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
53354000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
49542000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
6000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
468000 usd
CY2024Q1 BEEM Warrants Exercised For Cash Value
WarrantsExercisedForCashValue
252000 usd
CY2024Q1 BEEM Impact Of Foreign Currency Translation
ImpactOfForeignCurrencyTranslation
-329000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-3037000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
46902000 usd
CY2024Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
6000 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
446000 usd
CY2024Q2 BEEM Warrants Exercised For Cash Value
WarrantsExercisedForCashValue
558000 usd
CY2024Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
-95000 usd
CY2024Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
496000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-4916000 usd
CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
43397000 usd
us-gaap Net Income Loss
NetIncomeLoss
-7953000 usd
us-gaap Net Income Loss
NetIncomeLoss
-7361000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1916000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
691000 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
-70000 usd
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
0 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
0 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
224000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1532000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
260000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1088000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
865000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-43000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-0 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
409000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
0 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
75000 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
BEEM Share Based Compensation Non Employees
ShareBasedCompensationNonEmployees
0 usd
BEEM Share Based Compensation Non Employees
ShareBasedCompensationNonEmployees
142000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3279000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5993000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-277000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-276000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
957000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-36000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
44000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-0 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1653000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4305000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1710000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1878000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-397000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
346000 usd
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-18000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
296000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-367000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
0 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-97000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5062000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
240000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
521000 usd
BEEM Payment Of Deferred Consideration
PaymentOfDeferredConsideration
2713000 usd
BEEM Payment Of Deferred Consideration
PaymentOfDeferredConsideration
-0 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
-0 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
80000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2953000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-601000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
495000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2114000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
810000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
126000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
91000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
25424000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1396000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27664000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1644000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
22001000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10393000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1681000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8749000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23682000 usd
us-gaap Interest Paid Net
InterestPaidNet
18000 usd
us-gaap Interest Paid Net
InterestPaidNet
2000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13000 usd
BEEM Fair Value Of Common Stock Issued As Consideration For Business Combination
FairValueOfCommonStockIssuedAsConsiderationForBusinessCombination
0 usd
BEEM Fair Value Of Common Stock Issued As Consideration For Business Combination
FairValueOfCommonStockIssuedAsConsiderationForBusinessCombination
7051000 usd
BEEM Purchase Of Property And Equipment By Incurring Debt
PurchaseOfPropertyAndEquipmentByIncurringDebt
0 usd
BEEM Purchase Of Property And Equipment By Incurring Debt
PurchaseOfPropertyAndEquipmentByIncurringDebt
218000 usd
BEEM Purchase Of Property And Equipment By Incurring Current Liabilities
PurchaseOfPropertyAndEquipmentByIncurringCurrentLiabilities
240000 usd
BEEM Purchase Of Property And Equipment By Incurring Current Liabilities
PurchaseOfPropertyAndEquipmentByIncurringCurrentLiabilities
0 usd
BEEM Rightofuse Assets Obtained In Exchange For Lease Liabilities
RightofuseAssetsObtainedInExchangeForLeaseLiabilities
1421000 usd
BEEM Rightofuse Assets Obtained In Exchange For Lease Liabilities
RightofuseAssetsObtainedInExchangeForLeaseLiabilities
0 usd
BEEM Issuance Of Stock For Committed Equity Line
IssuanceOfStockForCommittedEquityLine
0 usd
BEEM Issuance Of Stock For Committed Equity Line
IssuanceOfStockForCommittedEquityLine
121000 usd
BEEM Warrants Issued For Services To Nonemployee
WarrantsIssuedForServicesToNonemployee
0 usd
BEEM Warrants Issued For Services To Nonemployee
WarrantsIssuedForServicesToNonemployee
1609000 usd
BEEM Shares Issued For Services To Nonemployee
SharesIssuedForServicesToNonemployee
0 usd
BEEM Shares Issued For Services To Nonemployee
SharesIssuedForServicesToNonemployee
95000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_84C_eus-gaap--NatureOfOperations_zQwJfMw3nAj9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_862_zua80S9SKgKi">Nature of Operations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beam is a sustainable technology innovation company based in San Diego, California; Broadview, Illinois; Belgrade and Kraljevo, Serbia. We develop, design, engineer, manufacture and sell high-quality, renewably energized infrastructure products for electric vehicle (“EV”) charging, energy security and disaster preparedness. We also manufacture highly energy-dense battery solutions in safe, compact and unique form-factors. Additionally, we manufacture street lighting, communications and energy infrastructure products. Beam’s products enable vital and highly valuable energy production in locations where it is either too expensive or too impactful to connect to the utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable. Beam’s energy storage products provide high energy density in a safe, compact and bespoke form-factors ideal for the rapidly increasing numbers of mobile and stationary equipment and products which require electrical energy without being connected to the electrical grid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beam’s products and proprietary technology solutions target markets that are experiencing significant growth with annual global spending in the billions of dollars:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="text-align: justify"><span style="font-size: 10pt">electric vehicle (EV) charging infrastructure; </span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="text-align: justify"><span style="font-size: 10pt">energy storage solutions;</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="text-align: justify"><span style="font-size: 10pt">energy security and disaster preparedness; and</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="text-align: justify"><span style="font-size: 10pt">transportation infrastructure products.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zzANYw4gh1pc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_862_zzY5efVTPmwd">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the allowance for certain expected credit losses (CECL), valuation of inventory and standard cost allocations, depreciable lives of property and equipment, valuation of contingent consideration liability, valuation of intangible assets, estimates of loss contingencies, estimates of the valuation of lease liabilities and the related right of use assets, valuation of share-based costs, and the valuation allowance on deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_z72rFRj1WXQ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_862_z9Ih2oYRoIYh">Concentrations</span></b></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"><span style="text-decoration: underline">Credit Risk</span></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; text-align: justify; text-indent: 0.5in">Financial instruments that potentially subject us to concentrations of credit risk consist of cash and accounts receivable.</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; text-align: justify; text-indent: 0.5in">The Company maintains its cash in banks and financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts from inception through June 30, 2024. As of June 30, 2024, approximately $<span id="xdx_90B_eus-gaap--CashUninsuredAmount_iI_pn5n6_c20240630_zN61D6p0wJRf" title="Uninsured cash">8.1</span> million of the Company’s cash deposits were greater than the federally insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Major Customers</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company continually assesses the financial strength of its customers. We are not aware of any material credit risks associated with our customers. <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--FederalStateAndLocalGovernmentMember_zscMLoRHYQk4" title="Concentration risk, percentage">69</span>% of our second quarter revenues were derived from pre-funded federal, state and local government programs, and the remaining <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--CommercialCustomersMember_z7whFUkCTXR2" title="Concentration risk, percentage">31</span>% were derived from commercial customers that we believe have good credit or, alternatively, favorable payment terms which minimizes our credit risk with respect to such customers. For the three months ended June 30, 2024, three customers accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer1Member_ztIWl4CmN2Sg" title="Concentration risk, percentage">21</span>%, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer2Member_zIeS4eDXDO6f" title="Concentration risk, percentage">11</span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer3Member_ztWsaQK7GsB4" title="Concentration risk, percentage">10</span>% of total revenues and for the six months ended June 30, 2024, one customer accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer1Member_zu17ZMkQZGX" title="Concentration risk, percentage">25</span>% of total revenues, with no other single customer accounting for more than <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--OtherSingleCustomerMember_zYNKeLui1F51" title="Concentration risk, Percentage">10</span>% of total revenues. At June 30, 2024, accounts receivable from three customers accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer1Member_zfm9luTXfWd3" title="Concentration risk, percentage">22</span>%, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer2Member_zZ10hPkHxoq9" title="Concentration risk, percentage">13</span>% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer3Member_zWWn4EZq5Vck" title="Concentration risk, percentage">10</span>% of total accounts receivable with no other single customer accounting for more than 10% of the accounts receivable balance. At December 31, 2023, accounts receivable from four customers accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer1Member_zndVq11fIXMj" title="Concentration risk, percentage">11</span>%, <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer2Member_z1PVWXfkn1p" title="Concentration risk, percentage">10</span>%, <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer3Member_zu3BwoHnuEn6" title="Concentration risk, percentage">10</span>% and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pip0_dp_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer4Member_zGKZYpDSO8Mj" title="Concentration risk, percentage">10</span>% of total accounts receivable each with no other single customer accounting for more than 10% of the accounts receivable balance. For the three months ended June 30, 2024 and 2023, the Company’s sales to federal, state and local governments represented <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--FederalStateAndLocalGovernmentMember_ztrUnCbXo9m7" title="Concentration risk, percentage">69</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--FederalStateAndLocalGovernmentMember_zkH3pao1VXDc" title="Concentration risk, percentage">86</span>% of revenues, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
8100000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
4200000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
2100000 usd
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
8700000 usd
CY2024Q2 BEEM Working Capital
WorkingCapital
16000000 usd
CY2024Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
12700000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
35362000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-7354000 usd
CY2024Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5106000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1953000 usd
CY2024Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2694000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2006000 usd
CY2024Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
5041000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7974000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
12841000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
11933000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17985000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18226000 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3091000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1713000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14894000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16513000 usd
CY2024Q2 us-gaap Depreciation
Depreciation
700000 usd
us-gaap Depreciation
Depreciation
1400000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
100000 usd
us-gaap Depreciation
Depreciation
200000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11070000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2020000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9050000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10996000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2510000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8486000 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000 usd
CY2024Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
290000 usd
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
246000 usd
CY2024Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2055000 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1086000 usd
CY2024Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
118000 usd
CY2023Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
50000 usd
CY2024Q2 BEEM Accrued Warranty
AccruedWarranty
10000 usd
CY2023Q4 BEEM Accrued Warranty
AccruedWarranty
27000 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1966000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1328000 usd
CY2024Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
4439000 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2737000 usd
CY2024Q2 us-gaap Deferred Tax And Other Liabilities Noncurrent
DeferredTaxAndOtherLiabilitiesNoncurrent
1652000 usd
CY2023Q4 us-gaap Deferred Tax And Other Liabilities Noncurrent
DeferredTaxAndOtherLiabilitiesNoncurrent
1698000 usd
CY2024Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3689000 usd
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3787000 usd
CY2024Q2 BEEM Total Long Term Liabilities
TotalLongTermLiabilities
5341000 usd
CY2023Q4 BEEM Total Long Term Liabilities
TotalLongTermLiabilities
5485000 usd
CY2024Q2 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
101000 usd
CY2023Q2 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
130000 usd
us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
179000 usd
us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
189000 usd
CY2024Q2 us-gaap Revenues
Revenues
14812000 usd
CY2023Q2 us-gaap Revenues
Revenues
17819000 usd
us-gaap Revenues
Revenues
29373000 usd
us-gaap Revenues
Revenues
30839000 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1500000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1200000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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