2024 Q3 Form 10-Q Financial Statement

#000095017024096148 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $526.0K $2.088M
YoY Change -74.81% -16.65%
Cost Of Revenue $1.840M
YoY Change 16.53%
Gross Profit $248.0K
YoY Change -73.22%
Gross Profit Margin 11.88%
Selling, General & Admin $5.514M $5.984M
YoY Change -7.85% 167.62%
% of Gross Profit 2412.9%
Research & Development $12.03M $9.275M $5.653M
YoY Change 110.24% 64.07% 610.18%
% of Gross Profit 2279.44%
Depreciation & Amortization $572.0K $260.0K
YoY Change 120.0% 246.67%
% of Gross Profit 104.84%
Operating Expenses $19.00M $14.79M $11.62M
YoY Change 68.59% 27.25% 283.31%
Operating Profit -$18.63M -$14.26M -$11.37M
YoY Change 76.89% 25.4% 440.08%
Interest Expense $3.049M $28.00K
YoY Change 10789.29% 0.0%
% of Operating Profit
Other Income/Expense, Net $3.512M $3.049M $268.0K
YoY Change 1873.03% 1037.69% 857.14%
Pretax Income -$15.12M -$11.21M -$11.11M
YoY Change 46.02% 0.97% 434.46%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$15.12M -$11.70M -$11.11M
YoY Change 46.02% 5.38% 434.46%
Net Earnings / Revenue -2225.1% -531.9%
Basic Earnings Per Share -$0.21 -$0.18 -$0.04
Diluted Earnings Per Share -$0.21 -$0.18 -$0.04
COMMON SHARES
Basic Shares Outstanding 67.43M 622.6M 280.1M
Diluted Shares Outstanding 70.63M 66.65M 28.00M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $292.9M $28.30M
YoY Change 934.87% -49.36%
Cash & Equivalents $226.4M $252.0M $28.32M
Short-Term Investments $40.87M
Other Short-Term Assets $1.226M $1.400M
YoY Change -12.43% 5085.19%
Inventory $1.094M
Prepaid Expenses
Receivables $217.0K $142.0K $1.113M
Other Receivables $0.00 $0.00
Total Short-Term Assets $270.2M $294.2M $31.95M
YoY Change 1145.72% 820.81% -46.14%
LONG-TERM ASSETS
Property, Plant & Equipment $43.79M $14.75M $7.043M
YoY Change 524.53% 109.39% 256.43%
Goodwill $24.10M $24.06M $27.32M
YoY Change -11.78% -11.92%
Intangibles $50.00M
YoY Change
Long-Term Investments
YoY Change
Other Assets $694.0K $672.0K $573.0K
YoY Change 25.95% 17.28% 435.51%
Total Long-Term Assets $121.0M $91.68M $88.19M
YoY Change 36.19% 3.96% 1625.85%
TOTAL ASSETS
Total Short-Term Assets $270.2M $294.2M $31.95M
Total Long-Term Assets $121.0M $91.68M $88.19M
Total Assets $391.2M $385.9M $120.1M
YoY Change 253.93% 221.21% 86.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.127M $4.900M
YoY Change 25.04% 407.25%
Accrued Expenses $3.029M $3.600M
YoY Change -15.86% 176.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $54.00K $100.0K
YoY Change -46.0%
Total Short-Term Liabilities $28.14M $10.61M $8.589M
YoY Change 246.8% 23.53% 279.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.651M $1.700M
YoY Change -2.88%
Other Long-Term Liabilities $33.00K $19.00K $1.200M
YoY Change -98.3% -98.42% 33.93%
Total Long-Term Liabilities $33.00K $19.00K $2.900M
YoY Change -99.09% -99.34% 223.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.14M $10.61M $8.589M
Total Long-Term Liabilities $33.00K $19.00K $2.900M
Total Liabilities $62.68M $44.92M $11.49M
YoY Change 433.55% 290.9% 263.44%
SHAREHOLDERS EQUITY
Retained Earnings -$191.6M -$176.4M -$117.4M
YoY Change 49.92% 50.27% 19.08%
Common Stock $520.0M $517.4M $226.1M
YoY Change 129.55% 128.89% 41.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $328.5M $341.0M $108.7M
YoY Change
Total Liabilities & Shareholders Equity $391.2M $385.9M $120.1M
YoY Change 253.93% 221.21% 86.45%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$15.12M -$11.70M -$11.11M
YoY Change 46.02% 5.38% 434.46%
Depreciation, Depletion And Amortization $572.0K $260.0K
YoY Change 120.0% 246.67%
Cash From Operating Activities -$8.902M -$8.080M
YoY Change 10.17% 179.49%
INVESTING ACTIVITIES
Capital Expenditures $1.015M $570.0K
YoY Change 78.07% -563.41%
Acquisitions
YoY Change
Other Investing Activities -$2.280M $0.00
YoY Change
Cash From Investing Activities -$3.295M -$570.0K
YoY Change 478.07% 363.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 122.1M 510.0K
YoY Change 23838.04%
NET CHANGE
Cash From Operating Activities -8.902M -8.080M
Cash From Investing Activities -3.295M -570.0K
Cash From Financing Activities 122.1M 510.0K
Net Change In Cash 109.9M -8.140M
YoY Change -1449.96% 170.07%
FREE CASH FLOW
Cash From Operating Activities -$8.902M -$8.080M
Capital Expenditures $1.015M $570.0K
Free Cash Flow -$9.917M -$8.650M
YoY Change 14.65% 212.5%

Facts In Submission

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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Reclassifications</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In addition to the discontinued operations discussed above, during the first quarter of 2024, the Company made certain reclassifications to prior period amounts in the condensed consolidated financial statements and accompanying notes to conform to the current period presentation. The reclassification of these items had no impact on net loss, financial position or cash flows in the current or prior periods. Specifically, accrued payroll and related taxes and accrued vacation were combined to create accrued personnel, and accrued protocol expense and accrued waste disposal were included in accounts payable and accrued expenses, all of which are presented on the condensed consolidated balance sheets and condensed consolidated statement of cash flows.</span></p>
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