2022 Q1 Form 10-Q Financial Statement

#000143774922013291 Filed on May 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2021
Revenue $1.941M $1.889M $5.114M
YoY Change 2.78% 261.47% 80.27%
Cost Of Revenue $337.4K $766.6K $1.673M
YoY Change -55.98% 516.95% 110.48%
Gross Profit $1.604M $1.122M $3.442M
YoY Change 42.93% 181.75% 68.54%
Gross Profit Margin 82.62% 59.41% 67.3%
Selling, General & Admin $1.798M $1.516M $6.028M
YoY Change 18.57% 9.77% 3.07%
% of Gross Profit 112.11% 135.15% 175.16%
Research & Development $805.3K $441.7K $2.355M
YoY Change 82.33% 31.1% 68.65%
% of Gross Profit 50.21% 39.36% 68.43%
Depreciation & Amortization $11.22K $25.12K $54.65K
YoY Change -55.33% 26.13% -36.27%
% of Gross Profit 0.7% 2.24% 1.59%
Operating Expenses $2.603M $1.958M $8.383M
YoY Change 32.95% 13.95% 15.71%
Operating Profit -$999.5K -$836.0K -$4.942M
YoY Change 19.55% -59.22% -5.02%
Interest Expense $0.00 $18.00K $18.00K
YoY Change -100.0% -98.84% -99.59%
% of Operating Profit
Other Income/Expense, Net $131.00 -$15.39K -$123.9K
YoY Change -100.85% -98.83% -97.23%
Pretax Income -$999.4K -$850.0K -$5.066M
YoY Change 17.58% -74.78% -47.61%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$999.4K -$851.4K -$5.066M
YoY Change 17.38% -74.74% -47.64%
Net Earnings / Revenue -51.48% -45.08% -99.06%
Basic Earnings Per Share -$0.13 -$0.11 -$0.65
Diluted Earnings Per Share -$126.7K -$109.4K -$650.1K
COMMON SHARES
Basic Shares Outstanding 7.885M 7.774M 7.792M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.801M $14.04M $7.754M
YoY Change -58.68% 1100.0% -55.72%
Cash & Equivalents $5.801M $13.53M $7.754M
Short-Term Investments $510.0K $0.00
Other Short-Term Assets $51.85K $49.81K $216.0K
YoY Change 4.1% -61.88% 8.02%
Inventory $4.956M $600.4K $4.941M
Prepaid Expenses
Receivables $2.553M $970.6K $970.6K
Other Receivables $133.9K $50.00K $131.5K
Total Short-Term Assets $13.81M $17.73M $14.01M
YoY Change -22.13% 790.95% -26.01%
LONG-TERM ASSETS
Property, Plant & Equipment $129.2K $69.99K $323.3K
YoY Change 84.55% -7.42% -43.29%
Goodwill $1.721M $1.263M
YoY Change 36.3%
Intangibles $2.647M $1.460M
YoY Change 81.27% 891.79%
Long-Term Investments $452.8K $452.8K
YoY Change
Other Assets $288.5K $180.0K $257.7K
YoY Change 60.28% -18.18% 51.6%
Total Long-Term Assets $5.597M $3.753M $3.756M
YoY Change 49.12% 264.64% 4.92%
TOTAL ASSETS
Total Short-Term Assets $13.81M $17.73M $14.01M
Total Long-Term Assets $5.597M $3.753M $3.756M
Total Assets $19.40M $21.48M $17.77M
YoY Change -9.68% 611.53% -21.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.014M $309.3K $427.8K
YoY Change 227.9% -49.87% 78.24%
Accrued Expenses $895.5K $536.0K $1.006M
YoY Change 67.08% 4.05% 35.97%
Deferred Revenue $798.8K $524.8K
YoY Change 52.21% 26.97%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $123.0K
YoY Change
Total Short-Term Liabilities $3.488M $1.600M $1.999M
YoY Change 117.99% -60.75% 6.35%
LONG-TERM LIABILITIES
Long-Term Debt $423.7K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $109.4K $260.0K $154.3K
YoY Change -57.92% -25.71% -50.24%
Total Long-Term Liabilities $533.1K $260.8K $154.3K
YoY Change 104.4% -26.22% -50.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.488M $1.600M $1.999M
Total Long-Term Liabilities $533.1K $260.8K $154.3K
Total Liabilities $4.021M $1.861M $2.154M
YoY Change 116.09% -57.99% -1.66%
SHAREHOLDERS EQUITY
Retained Earnings -$105.6M -$100.4M
YoY Change 5.19% 7.68%
Common Stock $841.00 $782.00
YoY Change 7.54% -57.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.38M $19.62M $15.62M
YoY Change
Total Liabilities & Shareholders Equity $19.40M $21.48M $17.77M
YoY Change -9.68% 611.53% -21.1%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2021
OPERATING ACTIVITIES
Net Income -$999.4K -$851.4K -$5.066M
YoY Change 17.38% -74.74% -47.64%
Depreciation, Depletion And Amortization $11.22K $25.12K $54.65K
YoY Change -55.33% 26.13% -36.27%
Cash From Operating Activities -$1.434M -$3.199M -$8.978M
YoY Change -55.16% 212.72% 81.38%
INVESTING ACTIVITIES
Capital Expenditures $4.459K $13.31K $42.02K
YoY Change -66.49% 18.15%
Acquisitions
YoY Change
Other Investing Activities -$540.6K $0.00
YoY Change -100.0%
Cash From Investing Activities -$545.0K -$13.31K -$42.02K
YoY Change 3995.87% -98.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$252.7K -$218.6K
YoY Change -100.0% -115.74% -100.91%
NET CHANGE
Cash From Operating Activities -$1.434M -$3.199M -$8.978M
Cash From Investing Activities -$545.0K -$13.31K -$42.02K
Cash From Financing Activities $0.00 -$252.7K -$218.6K
Net Change In Cash -$1.953M -$3.465M -$9.239M
YoY Change -43.63% -694.34% -154.62%
FREE CASH FLOW
Cash From Operating Activities -$1.434M -$3.199M -$8.978M
Capital Expenditures $4.459K $13.31K $42.02K
Free Cash Flow -$1.439M -$3.212M -$9.020M
YoY Change -55.2% 214.03% 80.93%

Facts In Submission

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CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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BusinessCombinationAccountsReceivableAcquired
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CY2021Q1 bkyi Business Combination Equipment Acquired
BusinessCombinationEquipmentAcquired
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CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
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0 USD
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BusinessCombinationIntangibleAssetsAcquired
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BusinessCombinationIntangibleAssetsAcquired
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CY2022Q1 us-gaap Goodwill Acquired During Period
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CY2021Q1 us-gaap Goodwill Acquired During Period
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CY2022Q1 us-gaap Contract With Customer Liability
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CY2022Q1 us-gaap Share Price
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AccountsReceivableGrossCurrent
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CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-50000 USD
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ForeignCurrencyTransactionGainLossBeforeTax
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2022Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 bkyi Factored Accounts Receivable Original Invoice Value
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CY2021Q4 bkyi Factored Accounts Receivable Original Invoice Value
FactoredAccountsReceivableOriginalInvoiceValue
99000 USD
CY2022Q1 bkyi Factored Accounts Receivable Factored Amount
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56550 USD
CY2021Q4 bkyi Factored Accounts Receivable Factored Amount
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CY2022Q1 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
51850 USD
CY2021Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
49500 USD
CY2022Q1 bkyi Factoring Arrangement Minimum Amount Of Accounts Receivable Per Quarter
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150000 USD
CY2022Q1 bkyi Factoring Fees
FactoringFees
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CY2021Q1 bkyi Factoring Fees
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295000 USD
us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
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0.05 pure
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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100000 USD
CY2022Q1 bkyi Notes Receivable Periodic Payment
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022Q1 us-gaap Notes Receivable Net
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CY2022Q1 us-gaap Notes And Loans Receivable Net Noncurrent
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CY2021Q1 us-gaap Notes And Loans Receivable Net Noncurrent
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CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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CY2022Q1 us-gaap Inventory Net
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CY2021Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Lease Cost
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55219 USD
CY2021Q1 us-gaap Lease Cost
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63973 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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CY2022Q1 us-gaap Operating Lease Liability Current
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CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
211440 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y3M7D
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P1Y5M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q1 us-gaap Operating Lease Liability
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211440 USD
CY2022Q1 us-gaap Preferred Stock Shares Authorized
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5000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1

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