2023 Q4 Form 10-Q Financial Statement

#000149315223040859 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $268.0K $233.1K $420.9K
YoY Change 5.24% -44.61% 267.34%
% of Gross Profit
Research & Development $65.87K $105.8K
YoY Change 362.57%
% of Gross Profit
Depreciation & Amortization $13.78K $13.78K
YoY Change
% of Gross Profit
Operating Expenses $293.3K $352.3K $420.9K
YoY Change 9.09% -16.29%
Operating Profit -$352.3K -$420.9K
YoY Change -16.29% 267.35%
Interest Expense -$48.11K $36.44K $11.03K
YoY Change 261.73% 230.22% -134.27%
% of Operating Profit
Other Income/Expense, Net $0.00 -$36.44K -$2.073M
YoY Change -98.24% -178.02%
Pretax Income -$341.5K -$388.8K -$2.493M
YoY Change 22.41% -84.41% -180.1%
Income Tax
% Of Pretax Income
Net Earnings -$341.5K -$388.8K -$2.493M
YoY Change 22.41% -84.41% -180.1%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 -$0.04
Diluted Earnings Per Share $0.00 $0.00 -$0.04
COMMON SHARES
Basic Shares Outstanding 83.66M shares 83.62M shares 71.08M shares
Diluted Shares Outstanding 83.24M shares 60.09M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.79K $4.530K $191.0K
YoY Change -80.2% -97.63% -92.89%
Cash & Equivalents $29.79K $4.531K $185.4K
Short-Term Investments $5.500K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $29.79K $4.531K $190.9K
YoY Change -80.21% -97.63% -92.89%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.500K $5.500K
YoY Change -89.16%
Total Long-Term Assets $713.7K $727.5K $0.00
YoY Change -12.24%
TOTAL ASSETS
Total Short-Term Assets $29.79K $4.531K $190.9K
Total Long-Term Assets $713.7K $727.5K $0.00
Total Assets $743.5K $732.0K $190.9K
YoY Change -22.85% 283.35% -92.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.351M $1.350M $1.385M
YoY Change 3.89% -2.54% -36.56%
Accrued Expenses $136.1K $136.1K $176.1K
YoY Change 0.0% -22.72% -95.74%
Deferred Revenue
YoY Change
Short-Term Debt $2.289M $1.984M $761.5K
YoY Change 109.73% 160.52% -80.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.559M $4.212M $2.793M
YoY Change 31.12% 50.79% -73.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.559M $4.212M $2.793M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.559M $4.212M $2.793M
YoY Change 31.12% 50.79% -73.22%
SHAREHOLDERS EQUITY
Retained Earnings -$384.6M -$384.3M -$382.7M
YoY Change 0.43% 0.41%
Common Stock $380.8M $380.8M $380.1M
YoY Change 0.09% 0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.816M -$3.480M -$2.602M
YoY Change
Total Liabilities & Shareholders Equity $743.5K $732.0K $190.9K
YoY Change -22.85% 283.35% -92.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$341.5K -$388.8K -$2.493M
YoY Change 22.41% -84.41% -180.1%
Depreciation, Depletion And Amortization $13.78K $13.78K
YoY Change
Cash From Operating Activities -$88.07K $11.06K -$436.1K
YoY Change -121.22% -102.54% 364.63%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 113.3K -23.95K 350.0K
YoY Change 126.66% -106.84% 250.01%
NET CHANGE
Cash From Operating Activities -88.07K 11.06K -436.1K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 113.3K -23.95K 350.0K
Net Change In Cash 25.26K -12.89K -86.09K
YoY Change -172.27% -85.03% -1502.12%
FREE CASH FLOW
Cash From Operating Activities -$88.07K $11.06K -$436.1K
Capital Expenditures
Free Cash Flow
YoY Change

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4531 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
185447 usd
BTAX Conversion Of Notes And Accrued Interest To Common Stock
ConversionOfNotesAndAccruedInterestToCommonStock
42703 usd
BTAX Conversion Of Notes And Accrued Interest To Common Stock
ConversionOfNotesAndAccruedInterestToCommonStock
6901242 usd
us-gaap Stock Issued1
StockIssued1
95973 usd
CY2023Q3 us-gaap Cash
Cash
4531 usd
CY2023Q3 BTAX Working Capital
WorkingCapital
4207330 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-384277604 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1309110 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3257151 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zj812peGJ1pj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zDQBVol0Wxp5">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4531 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
150491 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_z2d6s4xhFlJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zlEz8N7Sj8Yc">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its cash and cash equivalents to the extent of amounts recorded on the condensed consolidated balance sheets. The cash accounts are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_901_eus-gaap--CashFDICInsuredAmount_iI_c20230930_z7tk728RXxxi" title="Cash at federal deposit">250,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
461969 usd
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2022Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
50000 shares
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
93500 usd
CY2022Q3 us-gaap Share Price
SharePrice
1.87
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-388760 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2493455 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83239115 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60089305 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-388760 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2493455 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83239115 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60089305 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1309110 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3257151 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83461806 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20643181 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1309110 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3257151 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83461806 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20643181 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2023Q3 us-gaap Notes Payable Current
NotesPayableCurrent
1118978 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
696478 usd
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
121544 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
64455 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
31995 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
38495 shares
CY2022Q4 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAveragePrice
59.42
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
6500 shares
BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Forfeitures And Expirations In Period Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsForfeituresAndExpirationsInPeriodWeightedAveragePrice
73.85
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
31995 shares
CY2023Q3 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAveragePrice
56.49
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure

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