2023 Q4 Form 10-Q Financial Statement

#000149315223042109 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $376.9K $419.0K $666.1K
YoY Change -43.42% -85.49% -66.44%
Cost Of Revenue -$897.6K $1.236M $820.8K
YoY Change -209.35% 20.06% 11.61%
Gross Profit $1.274M -$816.7K -$154.8K
YoY Change -923.58% -143.93% -112.39%
Gross Profit Margin 338.16% -194.93% -23.23%
Selling, General & Admin $4.749M $2.762M $12.62M
YoY Change -62.36%
% of Gross Profit 372.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $350.0K $351.2K $349.5K
YoY Change 0.15% 0.49% 31.87%
% of Gross Profit 27.46%
Operating Expenses $1.926M $2.762M $2.435M
YoY Change -20.89% -68.21% -47.22%
Operating Profit -$651.7K -$3.578M -$2.590M
YoY Change -74.83% -47.59% -23.01%
Interest Expense -$1.175M $585.4K -$306.8K
YoY Change 283.03% 252.68% -53.06%
% of Operating Profit
Other Income/Expense, Net $20.69K -$587.2K -$2.300K
YoY Change -999.57% 789.53% -3933.33%
Pretax Income -$1.806M -$4.165M -$2.899M
YoY Change -37.69% -39.58% -27.84%
Income Tax $0.00 $790.00
% Of Pretax Income
Net Earnings -$1.806M -$4.165M -$2.899M
YoY Change -37.71% -39.58% -27.82%
Net Earnings / Revenue -479.2% -994.23% -435.3%
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$0.06 -$0.36 -$0.70
COMMON SHARES
Basic Shares Outstanding 26.25M shares 9.614M shares 4.047M shares
Diluted Shares Outstanding 11.59M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.01K $31.32K $73.19K
YoY Change -53.53% -9.14% -83.7%
Cash & Equivalents $34.01K $31.32K $73.19K
Short-Term Investments
Other Short-Term Assets $4.140K $29.14K $21.02K
YoY Change -80.3% 61.8% 1189.57%
Inventory $1.620M $959.7K $2.024M
Prepaid Expenses
Receivables $3.723M $6.613M $6.586M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.381M $7.633M $8.704M
YoY Change -38.18% -18.38% 30.82%
LONG-TERM ASSETS
Property, Plant & Equipment $4.401M $4.453M $5.432M
YoY Change -18.98% -22.94% -22.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $248.6K $13.14K $13.14K
YoY Change 1791.77% 0.0% 0.0%
Total Long-Term Assets $4.745M $5.443M $6.855M
YoY Change -30.78% -26.13% -30.2%
TOTAL ASSETS
Total Short-Term Assets $5.381M $7.633M $8.704M
Total Long-Term Assets $4.745M $5.443M $6.855M
Total Assets $10.13M $13.08M $15.56M
YoY Change -34.92% -21.79% -5.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.945M $4.047M $3.140M
YoY Change -38.06% 30.51% 169.96%
Accrued Expenses $254.4K $595.9K $181.7K
YoY Change 40.01% 228.0% -92.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.569M $7.842M $7.951M
YoY Change 7.78% 7.96% 63.41%
Total Short-Term Liabilities $11.13M $12.86M $12.42M
YoY Change -10.43% 11.25% 31.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $438.1K
YoY Change -100.0% -100.0% -68.53%
Total Long-Term Liabilities $0.00 $438.1K
YoY Change -100.0% -68.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.13M $12.86M $12.42M
Total Long-Term Liabilities $0.00 $438.1K
Total Liabilities $11.13M $12.86M $12.86M
YoY Change -13.48% 5.16% 18.49%
SHAREHOLDERS EQUITY
Retained Earnings -$102.4M -$100.6M -$92.69M
YoY Change 10.51% 12.06% 19.19%
Common Stock $83.26M $82.68M $79.61M
YoY Change 4.58% 5.31% 60.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $572.7K $572.7K $572.7K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity -$1.002M $219.6K $2.698M
YoY Change
Total Liabilities & Shareholders Equity $10.13M $13.08M $15.56M
YoY Change -34.92% -21.79% -5.55%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.806M -$4.165M -$2.899M
YoY Change -37.71% -39.58% -27.82%
Depreciation, Depletion And Amortization $350.0K $351.2K $349.5K
YoY Change 0.15% 0.49% 31.87%
Cash From Operating Activities $151.4K -$206.6K -$526.5K
YoY Change -128.76% -80.58% -58.18%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $370.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $370.00 $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 -149.1K 114.5K 565.2K
YoY Change -126.38% -88.25% -67.29%
NET CHANGE
Cash From Operating Activities 151.4K -206.6K -526.5K
Cash From Investing Activities 370.0 0.000 0.000
Cash From Financing Activities -149.1K 114.5K 565.2K
Net Change In Cash 2.680K -92.12K 38.73K
YoY Change -93.08% 2.84% -85.02%
FREE CASH FLOW
Cash From Operating Activities $151.4K -$206.6K -$526.5K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $151.4K -$206.6K -$526.5K
YoY Change -128.76% -80.58% -55.87%

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<p id="xdx_845_eus-gaap--UseOfEstimates_zhZuqv833pnl" 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><i><span id="xdx_866_zlwdmDZnMju4">Use of Estimates</span></i></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"><b><i> </i></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">The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes. Descriptions of these policies are discussed in the Company’s 2022 Form 10-K. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</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>
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us-gaap Prior Period Reclassification Adjustment Description
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2022 CANB Purchase Amount Of Future Receivables
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Payments For Rent
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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canb-20230930_lab.xml Edgar Link unprocessable
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canb-20230930.xsd Edgar Link pending
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