2023 Q1 Form 10-Q Financial Statement

#000143774923017071 Filed on June 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $3.084M $1.941M
YoY Change 58.86% 2.78%
Cost Of Revenue $820.3K $337.4K
YoY Change 143.09% -55.98%
Gross Profit $2.263M $1.604M
YoY Change 41.14% 42.93%
Gross Profit Margin 73.4% 82.62%
Selling, General & Admin $1.932M $1.798M
YoY Change 7.44% 18.57%
% of Gross Profit 85.34% 112.11%
Research & Development $690.2K $805.3K
YoY Change -14.29% 82.33%
% of Gross Profit 30.49% 50.21%
Depreciation & Amortization $13.24K $11.22K
YoY Change 18.02% -55.33%
% of Gross Profit 0.59% 0.7%
Operating Expenses $2.622M $2.603M
YoY Change 0.72% 32.95%
Operating Profit -$358.4K -$999.5K
YoY Change -64.14% 19.55%
Interest Expense $56.92K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $70.08K $131.00
YoY Change 53393.13% -100.85%
Pretax Income -$526.5K -$999.4K
YoY Change -47.32% 17.58%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$288.3K -$999.4K
YoY Change -71.15% 17.38%
Net Earnings / Revenue -9.35% -51.48%
Basic Earnings Per Share -$0.03 -$0.13
Diluted Earnings Per Share -$0.06 -$126.7K
COMMON SHARES
Basic Shares Outstanding 8.944M 7.885M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $667.7K $5.801M
YoY Change -88.49% -58.68%
Cash & Equivalents $722.3K $5.801M
Short-Term Investments
Other Short-Term Assets $82.50K $51.85K
YoY Change 59.11% 4.1%
Inventory $4.428M $4.956M
Prepaid Expenses
Receivables $3.362M $2.553M
Other Receivables $57.75K $133.9K
Total Short-Term Assets $8.936M $13.81M
YoY Change -35.27% -22.13%
LONG-TERM ASSETS
Property, Plant & Equipment $94.17K $129.2K
YoY Change -27.09% 84.55%
Goodwill $1.721M
YoY Change 36.3%
Intangibles $1.682M $2.647M
YoY Change -36.47% 81.27%
Long-Term Investments $452.8K
YoY Change
Other Assets $263.0K $288.5K
YoY Change -8.84% 60.28%
Total Long-Term Assets $2.170M $5.597M
YoY Change -61.23% 49.12%
TOTAL ASSETS
Total Short-Term Assets $8.936M $13.81M
Total Long-Term Assets $2.170M $5.597M
Total Assets $11.11M $19.40M
YoY Change -42.76% -9.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.210M $1.014M
YoY Change 19.3% 227.9%
Accrued Expenses $876.3K $895.5K
YoY Change -2.14% 67.08%
Deferred Revenue $653.3K $798.8K
YoY Change -18.21% 52.21%
Short-Term Debt $2.454M $0.00
YoY Change
Long-Term Debt Due $134.9K $123.0K
YoY Change 9.67%
Total Short-Term Liabilities $5.425M $3.488M
YoY Change 55.53% 117.99%
LONG-TERM LIABILITIES
Long-Term Debt $277.6K $423.7K
YoY Change -34.49%
Other Long-Term Liabilities $73.34K $109.4K
YoY Change -32.97% -57.92%
Total Long-Term Liabilities $523.9K $533.1K
YoY Change -1.73% 104.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.425M $3.488M
Total Long-Term Liabilities $523.9K $533.1K
Total Liabilities $5.949M $4.021M
YoY Change 47.94% 116.09%
SHAREHOLDERS EQUITY
Retained Earnings -$116.8M -$105.6M
YoY Change 10.61% 5.19%
Common Stock $922.00 $841.00
YoY Change 9.63% 7.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.157M $15.38M
YoY Change
Total Liabilities & Shareholders Equity $11.11M $19.40M
YoY Change -42.76% -9.68%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$288.3K -$999.4K
YoY Change -71.15% 17.38%
Depreciation, Depletion And Amortization $13.24K $11.22K
YoY Change 18.02% -55.33%
Cash From Operating Activities -$1.929M -$1.434M
YoY Change 34.47% -55.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $4.459K
YoY Change -100.0% -66.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$540.6K
YoY Change -100.0%
Cash From Investing Activities $0.00 -$545.0K
YoY Change -100.0% 3995.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$34.29K $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$1.929M -$1.434M
Cash From Investing Activities $0.00 -$545.0K
Cash From Financing Activities -$34.29K $0.00
Net Change In Cash -$1.913M -$1.953M
YoY Change -2.03% -43.63%
FREE CASH FLOW
Cash From Operating Activities -$1.929M -$1.434M
Capital Expenditures $0.00 $4.459K
Free Cash Flow -$1.929M -$1.439M
YoY Change 34.05% -55.2%

Facts In Submission

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CY2023Q1 us-gaap Increase Decrease In Deferred Revenue
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NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 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 Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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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CY2023Q1 us-gaap 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 Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5801121 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
56919 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2023Q1 bkyi Business Combination Accounts Receivable Acquired
BusinessCombinationAccountsReceivableAcquired
0 usd
CY2022Q1 bkyi Business Combination Accounts Receivable Acquired
BusinessCombinationAccountsReceivableAcquired
702886 usd
CY2023Q1 bkyi Business Combination Equipment Acquired
BusinessCombinationEquipmentAcquired
0 usd
CY2022Q1 bkyi Business Combination Equipment Acquired
BusinessCombinationEquipmentAcquired
65640 usd
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
0 usd
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
20708 usd
CY2023Q1 bkyi Business Combination Intangible Assets Acquired
BusinessCombinationIntangibleAssetsAcquired
0 usd
CY2022Q1 bkyi Business Combination Intangible Assets Acquired
BusinessCombinationIntangibleAssetsAcquired
1379589 usd
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2022Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
450643 usd
CY2023Q1 bkyi Noncash Or Part Noncash Acquisition Accrued Expenses And Other Liabilities Assumed
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0 usd
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NoncashOrPartNoncashAcquisitionAccruedExpensesAndOtherLiabilitiesAssumed
431884 usd
CY2023Q1 bkyi Government Loan Acquired
GovernmentLoanAcquired
0 usd
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GovernmentLoanAcquired
544000 usd
CY2023Q1 bkyi Noncash Or Part Noncash Acquisition Stock Issued Amount
NoncashOrPartNoncashAcquisitionStockIssuedAmount
0 usd
CY2022Q1 bkyi Noncash Or Part Noncash Acquisition Stock Issued Amount
NoncashOrPartNoncashAcquisitionStockIssuedAmount
600004 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3083767 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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223000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
234000 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3985988 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2096569 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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623785 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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573785 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3362203 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1522784 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
71375 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
109697 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4758089 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2023Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
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CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
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CY2023Q1 bkyi Inventory Finished Goods Reserves
InventoryFinishedGoodsReserves
400000 usd
CY2022Q4 bkyi Inventory Finished Goods Reserves
InventoryFinishedGoodsReserves
400000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
4427815 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
4434369 usd
CY2023Q1 us-gaap Lease Cost
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63139 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
55219 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
131223 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
197355 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q4 us-gaap Operating Lease Liability Current
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159665 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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33366 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
37829 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
129950 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
197494 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M28D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y11M15D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0550 pure
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
69821 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
65108 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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95911 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
38808 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
134719 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4769 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
129950 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd

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