2023 Q4 Form 10-Q Financial Statement

#000147793223008571 Filed on November 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q2
Revenue $13.43K $16.80K
YoY Change -31.45% 625.39%
Cost Of Revenue $13.27K $14.95K
YoY Change -67.93% -72.83%
Gross Profit $166.00 $1.849K
YoY Change -100.76% -103.51%
Gross Profit Margin 1.24% 11.01%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $0.00 $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $369.7K $339.3K
YoY Change -51.74% -31.35%
Operating Profit -$369.6K -$337.5K
YoY Change -53.09% -38.31%
Interest Expense $40.80K $35.64K
YoY Change 37.37% 41.97%
% of Operating Profit
Other Income/Expense, Net -$30.61K -$35.64K
YoY Change 29.16% 41.97%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$400.2K -$373.1K
YoY Change -50.69% -34.78%
Net Earnings / Revenue -2979.04% -2220.84%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 130.3M shares 130.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $52.00 $0.00 $68.96K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $30.80K $143.1K $150.7K
Prepaid Expenses $0.00 $0.00 $656.00
Receivables $0.00 $0.00
Other Receivables
Total Short-Term Assets $30.85K $143.1K $221.4K
YoY Change -85.59%
LONG-TERM ASSETS
Property, Plant & Equipment $38.48K $41.26K $44.03K
YoY Change -22.23% -21.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $139.9K $153.6K $162.3K
YoY Change -22.23%
TOTAL ASSETS
Total Short-Term Assets $30.85K $143.1K $221.4K
Total Long-Term Assets $139.9K $153.6K $162.3K
Total Assets $170.7K $296.7K $383.7K
YoY Change -56.67% -31.83% -20.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $879.9K $859.5K $720.5K
YoY Change 39.88% 19.89% -15.5%
Accrued Expenses $397.1K $366.0K $344.1K
YoY Change 35.26% 35.82% 39.23%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.965M $2.807M $2.570M
YoY Change 47.66% 40.48% 20.83%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $172.4K $182.2K
YoY Change -9.96% -0.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.965M $2.807M $2.570M
Total Long-Term Liabilities $172.4K $182.2K
Total Liabilities $3.137M $2.989M $2.752M
YoY Change 42.65% 37.3% 19.12%
SHAREHOLDERS EQUITY
Retained Earnings -$8.790M -$8.480M -$8.079M
YoY Change 19.72% 29.35% 40.66%
Common Stock $13.04K $13.01K $12.94K
YoY Change 1.97% 8.9% 15.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.966M -$2.692M -$2.368M
YoY Change
Total Liabilities & Shareholders Equity $170.7K $296.7K $383.7K
YoY Change -56.67% -31.83% -20.55%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$400.2K -$373.1K
YoY Change -50.69% -34.78%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
55000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-55000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
295000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
98500 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
50460 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
75447 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
17323 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
747 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
0 usd
elite Payments On Financing Leases
PaymentsOnFinancingLeases
-8275 usd
elite Payments On Financing Leases
PaymentsOnFinancingLeases
0 usd
elite Proceeds From Advances
ProceedsFromAdvances
50000 usd
elite Proceeds From Advances
ProceedsFromAdvances
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1411001 usd
elite Proceeds From Sale Of Common Stock And Shares To Be Issued
ProceedsFromSaleOfCommonStockAndSharesToBeIssued
73000 usd
elite Proceeds From Sale Of Common Stock And Shares To Be Issued
ProceedsFromSaleOfCommonStockAndSharesToBeIssued
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
433525 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1454138 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-8993 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
11154 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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12955 usd
us-gaap Interest Paid
InterestPaid
16799 usd
us-gaap Interest Paid
InterestPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
45000 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 usd
elite Shares Issued And To Be Issued For Payment Of Accounts Payable
SharesIssuedAndToBeIssuedForPaymentOfAccountsPayable
0 usd
elite Shares Issued And To Be Issued For Payment Of Accounts Payable
SharesIssuedAndToBeIssuedForPaymentOfAccountsPayable
140000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
0 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
121301 usd
CY2023Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
-8476880 usd
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
0 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
25202 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
0 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
143130 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
178003 usd
CY2023Q3 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
0 usd
CY2022Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
1951 usd
CY2023Q3 us-gaap Convertible Debt
ConvertibleDebt
795250 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
336360 usd
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
18553001 shares
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
545250 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
259971 usd
CY2022 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
16104420 shares
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 usd
us-gaap Revenues
Revenues
40141 usd
us-gaap Revenues
Revenues
22197 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
142613 usd
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
142613 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18049 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
0 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
7870 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
2859 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
6929 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
27717 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
27717 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
27717 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
27012 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
10099 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
127191 usd
CY2023Q3 elite Imputed Interest Deducted
ImputedInterestDeducted
-22191 usd
CY2023Q3 elite Present Value Of Finance Lease Liabilities
PresentValueOfFinanceLeaseLiabilities
105000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
55000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13742 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
41258 usd
us-gaap Depreciation
Depreciation
8228 usd
us-gaap Depreciation
Depreciation
2742 usd
elite Property Plant And Equipment Estimated Useful Life
PropertyPlantAndEquipmentEstimatedUsefulLife
P5Y
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
465000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
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
CY2023Q3 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
130091300 shares
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
35000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Value
PreferredStockValue
1000 usd
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10000000 shares
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
3587 usd
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
2632 usd
CY2022 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
90000 usd
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
50000 usd
CY2023Q3 elite Balances Of Advances
BalancesOfAdvances
140000 usd
CY2022Q4 elite Balances Of Advances
BalancesOfAdvances
90000 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
70070 usd
elite Interest Expense Including Discount Amortization
InterestExpenseIncludingDiscountAmortization
113666 usd
elite Interest Expense Including Discount Amortization
InterestExpenseIncludingDiscountAmortization
79908 usd
elite Concentration Risk Percentage1 From Online Sales
ConcentrationRiskPercentage1FromOnlineSales
0.32 pure
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
25202 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
143130 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
47221 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
95909 usd
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
us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.07 pure
us-gaap Other Income
OtherIncome
10188 usd

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