2022 Q4 Form 10-K Financial Statement
#000147793223006747 Filed on September 08, 2023
Income Statement
Concept | 2022 Q4 | 2022 | 2021 Q4 |
---|---|---|---|
Revenue | $90.59K | ||
YoY Change | 1205.68% | ||
Cost Of Revenue | $126.6K | ||
YoY Change | 86.05% | ||
Gross Profit | -$36.00K | ||
YoY Change | -41.08% | ||
Gross Profit Margin | -39.74% | ||
Selling, General & Admin | $12.23K | ||
YoY Change | |||
% of Gross Profit | |||
Research & Development | $0.00 | ||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $5.515K | ||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $2.608M | ||
YoY Change | 226.93% | ||
Operating Profit | -$2.644M | ||
YoY Change | 207.86% | ||
Interest Expense | $114.7K | ||
YoY Change | 19.4% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$108.7K | ||
YoY Change | 969.23% | ||
Pretax Income | |||
YoY Change | |||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$2.752M | ||
YoY Change | 216.77% | ||
Net Earnings / Revenue | -3038.47% | ||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | |||
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q4 | 2022 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $8.993K | $1.801K | |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | $178.0K | $8.419K | |
Prepaid Expenses | $1.951K | $0.00 | |
Receivables | $25.20K | $0.00 | |
Other Receivables | |||
Total Short-Term Assets | $214.1K | $10.22K | |
YoY Change | 1995.39% | -1.54% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $49.49K | $0.00 | |
YoY Change | -100.0% | ||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $179.9K | $0.00 | |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $214.1K | $10.22K | |
Total Long-Term Assets | $179.9K | $0.00 | |
Total Assets | $394.0K | $10.22K | |
YoY Change | 3755.33% | -1.54% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $629.1K | $787.2K | |
YoY Change | -20.08% | 29.15% | |
Accrued Expenses | $293.6K | $199.5K | |
YoY Change | 47.19% | 86.44% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.008M | $1.903M | |
YoY Change | 5.48% | 32.44% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | |||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $191.5K | $95.49K | |
YoY Change | 100.53% | -52.58% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.008M | $1.903M | |
Total Long-Term Liabilities | $191.5K | $95.49K | |
Total Liabilities | $2.199M | $1.999M | |
YoY Change | 10.02% | 22.0% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$7.342M | -$4.590M | |
YoY Change | 59.97% | 23.35% | |
Common Stock | $12.79K | $15.90K | |
YoY Change | -19.55% | 87.63% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.805M | -$1.989M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $394.0K | $10.22K | |
YoY Change | 3755.33% | -1.54% |
Cashflow Statement
Concept | 2022 Q4 | 2022 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.752M | ||
YoY Change | 216.77% | ||
Depreciation, Depletion And Amortization | $5.515K | ||
YoY Change | |||
Cash From Operating Activities | -$1.835M | ||
YoY Change | 434.68% | ||
INVESTING ACTIVITIES | |||
Capital Expenditures | $55.00K | ||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$55.00K | ||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $1.821M | ||
YoY Change | 469.42% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $1.897M | ||
YoY Change | 450.31% | ||
NET CHANGE | |||
Cash From Operating Activities | -$1.835M | ||
Cash From Investing Activities | -$55.00K | ||
Cash From Financing Activities | $1.897M | ||
Net Change In Cash | $7.192K | ||
YoY Change | 364.3% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.835M | ||
Capital Expenditures | $55.00K | ||
Free Cash Flow | -$1.890M | ||
YoY Change | 450.7% |
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CY2021 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
0 | usd |
CY2022 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
95574 | usd |
CY2021 | us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
151111 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
160058 | usd |
CY2021 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
295123 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1835288 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-343251 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
55000 | usd |
CY2021 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-55000 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd |
CY2022 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
0 | usd |
CY2021 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
25000 | usd |
CY2022 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
50460 | usd |
CY2021 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
24000 | usd |
CY2022 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
34645 | usd |
CY2021 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
24000 | usd |
CY2022 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
29336 | usd |
CY2021 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
0 | usd |
CY2022 | elite |
Proceeds From Advances
ProceedsFromAdvances
|
90000 | usd |
CY2021 | elite |
Proceeds From Advances
ProceedsFromAdvances
|
0 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1821001 | usd |
CY2021 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
319800 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1897480 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
344800 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
7192 | usd |
CY2021 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
1549 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1801 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
252 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
8993 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1801 | usd |
CY2022 | us-gaap |
Interest Paid
InterestPaid
|
5832 | usd |
CY2021 | us-gaap |
Interest Paid
InterestPaid
|
0 | usd |
CY2022 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | usd |
CY2021 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | usd |
CY2022 | elite |
Shares Issued For Commitment Fees
SharesIssuedForCommitmentFees
|
0 | usd |
CY2021 | elite |
Shares Issued For Commitment Fees
SharesIssuedForCommitmentFees
|
3000 | usd |
CY2022 | elite |
Shares Issued For Sub Licensing Contract
SharesIssuedForSubLicensingContract
|
0 | usd |
CY2021 | elite |
Shares Issued For Sub Licensing Contract
SharesIssuedForSubLicensingContract
|
500 | usd |
CY2022 | elite |
Shares Issued For Patents
SharesIssuedForPatents
|
0 | usd |
CY2021 | elite |
Shares Issued For Patents
SharesIssuedForPatents
|
20000 | usd |
CY2022 | elite |
Convertible Note Issued For Accounts Payable
ConvertibleNoteIssuedForAccountsPayable
|
0 | usd |
CY2021 | elite |
Convertible Note Issued For Accounts Payable
ConvertibleNoteIssuedForAccountsPayable
|
20000 | usd |
CY2022 | elite |
Shares Issued For Stock Payable
SharesIssuedForStockPayable
|
0 | usd |
CY2021 | elite |
Shares Issued For Stock Payable
SharesIssuedForStockPayable
|
13803 | usd |
CY2022 | elite |
Shares Issued And To Be Issued For Payment Of Accounts Payable
SharesIssuedAndToBeIssuedForPaymentOfAccountsPayable
|
278000 | usd |
CY2021 | elite |
Shares Issued And To Be Issued For Payment Of Accounts Payable
SharesIssuedAndToBeIssuedForPaymentOfAccountsPayable
|
5000 | usd |
CY2022 | elite |
Recognition Of Lease Asset And Lease Liability
RecognitionOfLeaseAssetAndLeaseLiability
|
142613 | usd |
CY2021 | elite |
Recognition Of Lease Asset And Lease Liability
RecognitionOfLeaseAssetAndLeaseLiability
|
0 | usd |
CY2022Q4 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
-7359525 | usd |
CY2022Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
|
0 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.35 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.21 | pure |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
178003 | usd |
CY2021Q4 | us-gaap |
Inventory Net
InventoryNet
|
8419 | usd |
CY2022Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
545250 | usd |
CY2022Q4 | elite |
Accrued Interest
AccruedInterest
|
259971 | usd |
CY2022 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
16104420 | shares |
CY2021Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
545250 | usd |
CY2021Q4 | elite |
Accrued Interest
AccruedInterest
|
158914 | usd |
CY2021 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
14083283 | shares |
CY2022 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
0 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> | |
CY2022 | us-gaap |
Revenues
Revenues
|
90588 | usd |
CY2021 | us-gaap |
Revenues
Revenues
|
6938 | usd |
CY2020Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
49485 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
5515 | usd |
CY2021 | us-gaap |
Depreciation
Depreciation
|
0 | usd |
CY2022 | elite |
Property Plant And Equipments Useful Life
PropertyPlantAndEquipmentsUsefulLife
|
P5Y | |
CY2022Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
465000000 | shares |
CY2022Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2022 | elite |
Description Of Shares Registered In The S1 Registration Statement
DescriptionOfSharesRegisteredInTheS1RegistrationStatement
|
the Company has raised $1,250,000 (25,000,000 shares issued) through a registered offering for $1,250,000 which was registered with the SEC through an S1 registration statement which went effective on April 23, 2019. | |
CY2022Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
35000000 | shares |
CY2020Q2 | us-gaap |
Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
|
201352 | usd |
CY2020Q2 | elite |
Interest Rates
InterestRates
|
0.0098 | pure |
CY2020Q2 | us-gaap |
Derivative Maturity Dates
DerivativeMaturityDates
|
2022-04-23 | |
CY2021Q3 | us-gaap |
Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
|
105867 | usd |
CY2022Q4 | srt |
Bank Loans
BankLoans
|
95485 | usd |
CY2022Q2 | us-gaap |
Amortization Of Advance Royalty
AmortizationOfAdvanceRoyalty
|
90000 | usd |
CY2022 | elite |
Paid Back For Advance Payment
PaidBackForAdvancePayment
|
P12M | |
CY2022Q4 | us-gaap |
Notes Payable
NotesPayable
|
29316 | usd |
CY2022Q4 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
6188 | usd |
CY2022Q4 | us-gaap |
Notes And Loans Payable
NotesAndLoansPayable
|
23128 | usd |
CY2022 | us-gaap |
Interest Expense Other
InterestExpenseOther
|
955 | usd |
CY2022 | elite |
Ppp Loan
PppLoan
|
101510 | usd |
CY2021Q3 | elite |
Ppp Loan
PppLoan
|
95525 | usd |
CY2021Q4 | us-gaap |
Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
|
0 | usd |
elite |
Concentration Risk Percentage From Online Sales
ConcentrationRiskPercentageFromOnlineSales
|
0.98 | pure | |
CY2022Q4 | us-gaap |
Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
|
25202 | usd |
CY2022 | elite |
Concentration Risk Percentage From Online Sales
ConcentrationRiskPercentageFromOnlineSales
|
0.23 | pure |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
178003 | usd |
CY2022Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
46740 | usd |
CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
131263 | usd |
CY2021Q4 | us-gaap |
Inventory Net
InventoryNet
|
8419 | usd |
CY2021Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
8419 | usd |
CY2021Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
0 | usd |
CY2023Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
130001300 | shares |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
7342000 | usd |
CY2021Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
4590000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
1542000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
964000 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1542000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
964000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
1542000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
964000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1542000 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
964000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2021Q4 | us-gaap |
Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
|
20000 | usd |