2024 Q2 Form 10-Q Financial Statement

#000095017024060530 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $318.0K $542.0K $2.000K
YoY Change 15800.0% 27000.0% -99.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.400M $9.053M $8.356M
YoY Change -6.18% 8.34% -37.91%
% of Gross Profit
Research & Development $7.704M $7.005M $7.190M
YoY Change 28.76% -2.57% 9.64%
% of Gross Profit
Depreciation & Amortization $100.0K $105.0K $100.0K
YoY Change -50.0% 5.0% -66.67%
% of Gross Profit
Operating Expenses $16.10M $16.06M $15.55M
YoY Change 7.82% 3.29% -22.33%
Operating Profit -$15.79M -$15.52M -$15.54M
YoY Change 5.71% -0.18% -21.92%
Interest Expense $711.0K $2.757M $2.680M
YoY Change -73.7% 2.87% -2.9%
% of Operating Profit
Other Income/Expense, Net $9.892M $217.0K -$81.00K
YoY Change -197940.0% -367.9% -90.01%
Pretax Income $6.398M -$4.141M -$17.44M
YoY Change -135.94% -76.26% 20.37%
Income Tax -$67.00K $48.00K $0.00
% Of Pretax Income -1.05%
Net Earnings $6.465M -$4.200M -$17.40M
YoY Change -136.31% -75.86% 26.01%
Net Earnings / Revenue 2033.02% -774.91% -870000.0%
Basic Earnings Per Share $0.18 -$0.14 -$1.59
Diluted Earnings Per Share -$0.04 -$0.14 -$1.59
COMMON SHARES
Basic Shares Outstanding 35.88M 30.31M 11.83M
Diluted Shares Outstanding 74.22M 29.30M 10.97M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.325M $10.82M $30.46M
YoY Change -79.87% -64.48% -54.69%
Cash & Equivalents $5.100M $10.60M $30.50M
Short-Term Investments
Other Short-Term Assets $406.0K $169.0K $309.0K
YoY Change 110.36% -45.31% -73.06%
Inventory
Prepaid Expenses $2.648M $2.260M $3.059M
Receivables
Other Receivables
Total Short-Term Assets $9.201M $14.07M $37.17M
YoY Change -72.85% -62.14% -50.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.268M $1.136M $1.498M
YoY Change -6.14% -24.17% -45.37%
Goodwill $6.072M $6.072M $6.072M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $6.000M
YoY Change -100.0% -100.0%
Other Assets $505.0K $293.0K $6.259M
YoY Change -92.2% -95.32% 1819.94%
Total Long-Term Assets $9.062M $8.919M $16.08M
YoY Change -42.6% -44.52% 37.18%
TOTAL ASSETS
Total Short-Term Assets $9.201M $14.07M $37.17M
Total Long-Term Assets $9.062M $8.919M $16.08M
Total Assets $18.26M $22.99M $53.24M
YoY Change -63.23% -56.82% -38.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.512M $4.936M $3.422M
YoY Change 48.99% 44.24% -36.39%
Accrued Expenses $15.58M $14.87M $16.33M
YoY Change -26.77% -8.98% -43.67%
Deferred Revenue $32.00K $0.00 $44.00K
YoY Change -23.81% -100.0% -77.32%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.912M $1.976M
YoY Change
Total Short-Term Liabilities $45.99M $51.10M $25.08M
YoY Change 22.1% 103.74% -46.32%
LONG-TERM LIABILITIES
Long-Term Debt $43.77M $43.28M $128.2M
YoY Change -65.96% -66.24% 1.14%
Other Long-Term Liabilities $581.0K $2.583M $4.973M
YoY Change -86.54% -48.06% -23.04%
Total Long-Term Liabilities $581.0K $2.583M $4.973M
YoY Change -86.54% -48.06% -23.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.99M $51.10M $25.08M
Total Long-Term Liabilities $581.0K $2.583M $4.973M
Total Liabilities $107.6M $123.2M $158.2M
YoY Change -36.92% -22.16% -12.05%
SHAREHOLDERS EQUITY
Retained Earnings -$948.7M -$955.1M -$844.3M
YoY Change 10.05% 13.12% 5.21%
Common Stock $878.4M $874.0M $758.4M
YoY Change 15.54% 15.25% 4.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$89.32M -$100.2M -$105.0M
YoY Change
Total Liabilities & Shareholders Equity $18.26M $22.99M $53.24M
YoY Change -63.23% -56.82% -38.62%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $6.465M -$4.200M -$17.40M
YoY Change -136.31% -75.86% 26.01%
Depreciation, Depletion And Amortization $100.0K $105.0K $100.0K
YoY Change -50.0% 5.0% -66.67%
Cash From Operating Activities -$10.95M -$12.50M -$12.10M
YoY Change -5.76% 3.31% -49.58%
INVESTING ACTIVITIES
Capital Expenditures $180.0K $15.00K $16.00K
YoY Change 800.0% -6.25% -95.32%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.020M $10.00K
YoY Change -100.0% 30100.0%
Cash From Investing Activities -$180.0K $3.005M -$6.000K
YoY Change 847.37% -50183.33% -98.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.637M 5.100M 12.08M
YoY Change -26.12% -57.78% 285.48%
NET CHANGE
Cash From Operating Activities -10.95M -12.50M -12.10M
Cash From Investing Activities -180.0K 3.005M -6.000K
Cash From Financing Activities 5.637M 5.100M 12.08M
Net Change In Cash -5.495M -4.391M -23.00K
YoY Change 37.0% 18991.3% -99.89%
FREE CASH FLOW
Cash From Operating Activities -$10.95M -$12.50M -$12.10M
Capital Expenditures $180.0K $15.00K $16.00K
Free Cash Flow -$11.13M -$12.52M -$12.12M
YoY Change -4.38% 3.29% -50.23%

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<p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates include the valuation of stock options, the valuation of goodwill, the valuation of the derivative liabilities associated with the 2028 Convertible Notes, accrual for reimbursement claims and settlements, the valuation of warrant liabilities, assessing future tax exposure and the realization of deferred tax assets, and the useful lives and the recoverability of property and equipment. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses that are not readily apparent from other sources. Actual results could differ from those estimates and assumptions.</span></p>
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