2024 Q2 Form 10-K Financial Statement
#000147793224002182 Filed on April 17, 2024
Income Statement
Concept | 2024 Q2 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $0.00 | $1.603K | |
YoY Change | -100.0% | -88.5% | |
Cost Of Revenue | $0.00 | $995.00 | |
YoY Change | -100.0% | -92.2% | |
Gross Profit | $0.00 | $608.00 | |
YoY Change | -100.0% | -48.56% | |
Gross Profit Margin | 37.93% | ||
Selling, General & Admin | $288.7K | $1.709M | |
YoY Change | -28.34% | 1596.46% | |
% of Gross Profit | 281101.97% | ||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $288.7K | $1.774M | |
YoY Change | -38.29% | 227.8% | |
Operating Profit | -$288.7K | -$1.773M | |
YoY Change | -38.72% | 228.4% | |
Interest Expense | $128.4K | ||
YoY Change | 4994.61% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$50.45K | $192.8K | |
YoY Change | 1901.31% | ||
Pretax Income | -$339.2K | -$1.581M | |
YoY Change | -28.01% | 192.71% | |
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$339.2K | -$1.581M | |
YoY Change | -28.01% | 192.71% | |
Net Earnings / Revenue | -98610.92% | ||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | |||
COMMON SHARES | |||
Basic Shares Outstanding | 65.36M shares | 47.26M shares | 47.32M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q2 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $75.00K | $48.94K | |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | $72.77K | $72.85K | |
Prepaid Expenses | |||
Receivables | $2.762K | $3.600K | |
Other Receivables | |||
Total Short-Term Assets | $195.7K | $148.3K | |
YoY Change | 7.94% | -36.01% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $0.00 | $0.00 | |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $195.7K | $148.3K | |
Total Long-Term Assets | $0.00 | $0.00 | |
Total Assets | $195.7K | $148.3K | |
YoY Change | 7.94% | -36.01% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $897.7K | $612.7K | |
YoY Change | 2.93% | -25.9% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | |||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $950.6K | ||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $897.7K | $612.7K | |
Total Long-Term Liabilities | $950.6K | ||
Total Liabilities | $2.118M | $1.563M | |
YoY Change | 89.06% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$3.048M | -$2.422M | |
YoY Change | 97.56% | 187.89% | |
Common Stock | $7.554K | $5.858K | |
YoY Change | 63.65% | 56.55% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.923M | -$1.415M | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $195.7K | $148.3K | |
YoY Change | 7.94% | -36.01% |
Cashflow Statement
Concept | 2024 Q2 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$339.2K | -$1.581M | |
YoY Change | -28.01% | 192.71% | |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$747.1K | ||
YoY Change | 22.45% | ||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$86.50K | ||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $412.5K | ||
YoY Change | 153.85% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $777.5K | ||
YoY Change | 10.18% | ||
NET CHANGE | |||
Cash From Operating Activities | -$747.1K | ||
Cash From Investing Activities | -$86.50K | ||
Cash From Financing Activities | $777.5K | ||
Net Change In Cash | -$56.12K | ||
YoY Change | -158.76% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$747.1K | ||
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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CY2023 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
269852 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
25188 | usd |
CY2023 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
29195 | usd |
CY2022 | us-gaap |
Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
|
0 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-747104 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-610151 | usd |
CY2023 | onesix |
Proceeds From Investment In Operating Companies
ProceedsFromInvestmentInOperatingCompanies
|
65000 | usd |
CY2022 | onesix |
Proceeds From Investment In Operating Companies
ProceedsFromInvestmentInOperatingCompanies
|
0 | usd |
CY2023 | us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
21500 | usd |
CY2022 | us-gaap |
Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
|
0 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-86500 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd |
CY2023 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
215500 | usd |
CY2022 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
543173 | usd |
CY2023 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
245000 | usd |
CY2022 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
0 | usd |
CY2023 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
95520 | usd |
CY2022 | us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
0 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
412500 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
162500 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
777480 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
705673 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-56124 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
95522 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
105065 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
9543 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
48941 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
105065 | usd |
CY2023 | us-gaap |
Interest Paid
InterestPaid
|
0 | usd |
CY2022 | us-gaap |
Interest Paid
InterestPaid
|
0 | usd |
CY2023 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd |
CY2022 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd |
CY2023 | onesix |
Non Cash Activities Discount On Convertible Notes Payable From Derivative Liability
NonCashActivitiesDiscountOnConvertibleNotesPayableFromDerivativeLiability
|
141231 | usd |
CY2022 | onesix |
Non Cash Activities Discount On Convertible Notes Payable From Derivative Liability
NonCashActivitiesDiscountOnConvertibleNotesPayableFromDerivativeLiability
|
0 | usd |
CY2023 | onesix |
Non Cash Activities Settlement Of Derivative Liability
NonCashActivitiesSettlementOfDerivativeLiability
|
59831 | usd |
CY2022 | onesix |
Non Cash Activities Settlement Of Derivative Liability
NonCashActivitiesSettlementOfDerivativeLiability
|
0 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of the financial statements in conformity with U.S. GAAP 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. Accordingly, actual results may differ from those estimates.</p> | |
CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
0 | usd |
CY2023Q4 | onesix |
Common Stock Share Outstanding
CommonStockShareOutstanding
|
58582469 | shares |
CY2022Q4 | onesix |
Common Stock Share Outstanding
CommonStockShareOutstanding
|
37428394 | shares |
CY2023 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1709100 | usd |
CY2022 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
541219 | usd |
CY2022Q4 | us-gaap |
Servicing Liability At Amortized Value Balance
ServicingLiabilityAtAmortizedValueBalance
|
0 | usd |
CY2023 | us-gaap |
Servicing Liability At Amortized Value Additions
ServicingLiabilityAtAmortizedValueAdditions
|
445616 | usd |
CY2023 | onesix |
Servicing Liability At Amortized Value Settlements
ServicingLiabilityAtAmortizedValueSettlements
|
-59831 | usd |
CY2023 | us-gaap |
Servicing Liability At Amortized Value Period Increase Decrease
ServicingLiabilityAtAmortizedValuePeriodIncreaseDecrease
|
-192759 | usd |
CY2023Q4 | us-gaap |
Servicing Liability At Amortized Value Balance
ServicingLiabilityAtAmortizedValueBalance
|
193026 | usd |
CY2023Q4 | us-gaap |
Share Price
SharePrice
|
0.0285 | |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
0.0182 | |
CY2023 | us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
The holders of common stock are entitled to one vote for each share held | |
CY2023 | onesix |
Common Stock Issued In Payment Shares
CommonStockIssuedInPaymentShares
|
6518950 | shares |
CY2023Q4 | onesix |
Promissory Note Related Party Current
PromissoryNoteRelatedPartyCurrent
|
950550 | usd |
CY2023Q4 | onesix |
Promissory Note Related Party Current
PromissoryNoteRelatedPartyCurrent
|
950550 | usd |
CY2023Q4 | us-gaap |
Convertible Subordinated Debt
ConvertibleSubordinatedDebt
|
204488 | usd |
CY2023 | onesix |
Description Of Conversion Price
DescriptionOfConversionPrice
|
conversion price equal to 65% of the lowest trading price for the common stock during the ten-day period prior to the conversion date | |
CY2023 | us-gaap |
Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
|
9476 | usd |
CY2023 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
3653 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
|
20323 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
178653 | usd |
CY2023 | us-gaap |
Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
|
2714 | usd |
us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
445616 | usd | |
onesix |
Additional Debt Discounts
AdditionalDebtDiscounts
|
249000 | usd | |
CY2023 | onesix |
Settlement Of Derivative Liabilities
SettlementOfDerivativeLiabilities
|
59831 | usd |
CY2023Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
114542 | usd |
CY2023Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
950550 | usd |
CY2023Q4 | onesix |
Long Term Debt Maturities Repayments Of Principal
LongTermDebtMaturitiesRepaymentsOfPrincipal
|
1065092 | usd |
CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
5000000000 | shares |
CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q4 | us-gaap |
Preferred Stock No Par Value
PreferredStockNoParValue
|
0.0001 | |
CY2023Q4 | onesix |
Preferred Stock Shares Issued Related To Class A
PreferredStockSharesIssuedRelatedToClassA
|
56282599 | shares |
CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
58582469 | shares |
CY2023 | onesix |
Common Stock Issued In Payment Amount
CommonStockIssuedInPaymentAmount
|
178544 | usd |
CY2023 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
13810125 | shares |
CY2023 | onesix |
Share Conversions Shares
ShareConversionsShares
|
552405 | shares |
CY2023 | us-gaap |
Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
|
825000 | shares |
CY2023Q4 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.50 | |
CY2023 | us-gaap |
Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
|
412500 | shares |
CY2022 | us-gaap |
Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
|
325000 | shares |
CY2022Q4 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
0.50 | |
CY2022 | us-gaap |
Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
|
162500 | shares |
CY2023Q4 | us-gaap |
Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
|
1.00 | |
CY2023 | us-gaap |
Preferred Stock Voting Rights
PreferredStockVotingRights
|
Each share of Class A preferred stock entitles the holder thereof to 50 votes on any matters requiring a shareholder vote of the Company | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.210 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
537032 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
265673 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |