2020 Q4 Form 10-Q Financial Statement

#000143774920023965 Filed on November 16, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $1.040M $1.100M $296.3K
YoY Change 263.53% 271.32% 55.82%
Cost Of Revenue $500.0K $288.2K $159.2K
YoY Change 94.62% 81.02% 1.82%
Gross Profit $540.0K $812.1K $137.1K
YoY Change 1751.22% 492.28% 305.51%
Gross Profit Margin 51.92% 73.81% 46.27%
Selling, General & Admin $940.0K $640.0K $353.3K
YoY Change 200.46% 81.17% 7.05%
% of Gross Profit 174.07% 78.81% 257.64%
Research & Development $83.71K $27.14K
YoY Change 208.42% -15.8%
% of Gross Profit 10.31% 19.79%
Depreciation & Amortization $0.00 $3.170K $4.200K
YoY Change -100.0% -24.52% -58.0%
% of Gross Profit 0.0% 0.39% 3.06%
Operating Expenses $860.0K $726.6K $384.6K
YoY Change 223.89% 88.93% 3.47%
Operating Profit -$320.0K $85.48K -$247.5K
YoY Change 35.39% -134.54% -26.76%
Interest Expense -$200.0K -$160.0K -$260.4K
YoY Change -31.71% -38.55% 2503.8%
% of Operating Profit -187.17%
Other Income/Expense, Net $0.00 -$158.2K
YoY Change -100.0%
Pretax Income -$520.0K -$72.71K -$507.9K
YoY Change -71.54% -85.68% 44.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$520.0K -$72.71K -$507.9K
YoY Change -71.54% -85.68% 44.73%
Net Earnings / Revenue -50.0% -6.61% -171.38%
Basic Earnings Per Share -$0.01 -$0.07
Diluted Earnings Per Share -$62.80K -$65.21K
COMMON SHARES
Basic Shares Outstanding 8.341M 8.116M 7.788M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $970.0K $170.0K $35.11K
YoY Change 4481.96% 384.19% -12.23%
Cash & Equivalents $972.8K $165.5K $35.10K
Short-Term Investments $10.00
Other Short-Term Assets $0.00 $144.4K
YoY Change -37.24%
Inventory $17.66K $14.76K
Prepaid Expenses $44.64K $107.6K
Receivables $17.99K $20.23K $3.759K
Other Receivables $0.00 $0.00 $29.85K
Total Short-Term Assets $1.090M $200.5K $213.1K
YoY Change 3948.81% -5.91% -21.09%
LONG-TERM ASSETS
Property, Plant & Equipment $70.00K $80.00K $143.5K
YoY Change -44.59% -44.25% 258.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $80.00K $120.0K
YoY Change -31.96%
Total Long-Term Assets $68.03K $198.0K $143.5K
YoY Change -73.19% 37.98% 258.72%
TOTAL ASSETS
Total Short-Term Assets $1.090M $200.5K $213.1K
Total Long-Term Assets $68.03K $198.0K $143.5K
Total Assets $1.158M $398.4K $356.6K
YoY Change 312.58% 11.75% 15.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $352.5K $581.5K $559.5K
YoY Change -44.24% 3.93% -0.09%
Accrued Expenses $50.00K $100.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $390.0K $760.0K $788.8K
YoY Change -62.5% -3.65% 258.54%
Long-Term Debt Due $399.6K
YoY Change -61.58%
Total Short-Term Liabilities $1.999M $2.070M $1.757M
YoY Change -43.72% 17.8% 39.44%
LONG-TERM LIABILITIES
Long-Term Debt $890.1K $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $30.00K $40.00K $77.98K
YoY Change -55.04% -48.7%
Total Long-Term Liabilities $916.4K $40.00K $77.98K
YoY Change 1273.59% -48.7% 679.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.999M $2.070M $1.757M
Total Long-Term Liabilities $916.4K $40.00K $77.98K
Total Liabilities $2.916M $2.110M $1.835M
YoY Change -19.43% 14.99% 45.63%
SHAREHOLDERS EQUITY
Retained Earnings -$7.185M -$6.666M -$5.003M
YoY Change 5.2% 33.25%
Common Stock $8.410K $8.171K $7.883K
YoY Change 6.35% 3.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.758M -$1.707M -$1.478M
YoY Change
Total Liabilities & Shareholders Equity $1.158M $398.4K $356.6K
YoY Change 312.58% 11.75% 15.02%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$520.0K -$72.71K -$507.9K
YoY Change -71.54% -85.68% 44.73%
Depreciation, Depletion And Amortization $0.00 $3.170K $4.200K
YoY Change -100.0% -24.52% -58.0%
Cash From Operating Activities $50.00K $2.320K -$201.7K
YoY Change -194.22% -101.15% 18.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K -$19.04K
YoY Change -152.52% -195.2%
Cash From Investing Activities $0.00 $10.00K -$19.04K
YoY Change -100.0% -152.52% -195.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 750.0K -250.0 164.0K
YoY Change -35985.17% -100.15% 9.36%
NET CHANGE
Cash From Operating Activities 50.00K 2.320K -201.7K
Cash From Investing Activities 0.000 10.00K -19.04K
Cash From Financing Activities 750.0K -250.0 164.0K
Net Change In Cash 800.0K 12.07K -56.68K
YoY Change -5843.0% -121.29%
FREE CASH FLOW
Cash From Operating Activities $50.00K $2.320K -$201.7K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $50.00K $2.320K -$201.7K
YoY Change -194.22% -101.15% 18.64%

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CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
42566
CY2020Q3 us-gaap Inventory Net
InventoryNet
14757
CY2019Q4 us-gaap Inventory Net
InventoryNet
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
55250
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
CY2020Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
398446
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
280639
CY2020Q3 us-gaap Liabilities Current
LiabilitiesCurrent
2069594
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3552223
CY2020Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
173559
CY2019Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
62549
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
404635
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
201299
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45036
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
707842
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
6890
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-42818
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
92379
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-657924
us-gaap Net Income Loss
NetIncomeLoss
163946
us-gaap Net Income Loss
NetIncomeLoss
-1156140
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-72710
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-507859
CY2020Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
121509
CY2019Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
228000
CY2020Q3 us-gaap Operating Expenses
OperatingExpenses
726632
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
384598
us-gaap Operating Expenses
OperatingExpenses
1722218
us-gaap Operating Expenses
OperatingExpenses
1107004
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
85484
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-247482
us-gaap Operating Income Loss
OperatingIncomeLoss
-98513
us-gaap Operating Income Loss
OperatingIncomeLoss
-768683
us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
175950
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
6890
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
93442
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
331573
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
117568
CY2019Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
127391
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
225214
CY2020Q3 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
83705
CY2019Q3 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
27140
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
134673
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
180000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
180000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1587
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q3 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
80868
CY2019Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
80868
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt">Reclassification</div> - Affiliate referral expenses totaling <div style="display: inline; font-style: italic; font: inherit;">$173,999</div> as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>have been reclassed from cost of operations to selling, general and administrative expenses on the statement of operations.</div></div></div></div>
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
100000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
473725
CY2020Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10001
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
136156
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
272547
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
127100
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
175684
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
11100
us-gaap Stock Issued1
StockIssued1
CY2020Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.95
CY2020Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.95
us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
102489
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6665961
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6829907
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1100329
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
296332
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2324428
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
776489
CY2020Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2
us-gaap Stock Issued1
StockIssued1
128000
CY2020Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
25000
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
50000
CY2020Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5129
CY2020Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
64103
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
48750
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
272547
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
136156
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
-1706946
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-3338299
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-1146467
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
-1478334
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div> - The Company's financial statement preparation requires that management make estimates and assumptions which affect the reporting of assets and liabilities and the related disclosure of contingent assets and liabilities in order to report these financial statements in conformity with GAAP.&nbsp;&nbsp;Actual results could differ from those estimates.</div></div></div></div></div></div>
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8116112
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7788008
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8006006
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7701581

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