2024 Q3 Form 10-K Financial Statement

#000168316824006402 Filed on September 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $178.9K $248.8K
YoY Change 145.65% -21.46%
Cost Of Revenue $8.362K $45.60K
YoY Change -5.19% -51.2%
Gross Profit $170.5K $203.2K
YoY Change 166.44% -9.01%
Gross Profit Margin 95.33% 81.68%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $268.1K $689.4K
YoY Change 11.36% -42.87%
Operating Profit -$97.60K -$486.1K
YoY Change -44.79% -50.56%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $21.30K -$165.2K
YoY Change -525.55% 235.73%
Pretax Income
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$76.31K -$651.3K
YoY Change -58.03% -36.92%
Net Earnings / Revenue -42.66% -261.75%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 10.43B shares 10.38B shares 10.32B shares
Diluted Shares Outstanding 10.46B shares 10.32B shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $969.00 $755.00
Short-Term Investments
Other Short-Term Assets $598.00 $598.00
YoY Change
Inventory
Prepaid Expenses
Receivables $17.18K $20.14K
Other Receivables
Total Short-Term Assets $18.74K $21.49K
YoY Change 10.43%
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 $27.54K $35.67K
YoY Change 49.12%
TOTAL ASSETS
Total Short-Term Assets $18.74K $21.49K
Total Long-Term Assets $27.54K $35.67K
Total Assets $46.28K $57.16K
YoY Change 31.76%
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 $7.054K $7.054K
YoY Change -51.66%
Total Short-Term Liabilities $852.1K $881.9K
YoY Change 128.74%
LONG-TERM LIABILITIES
Long-Term Debt $249.5K $249.4K
YoY Change -0.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $249.5K $254.3K
YoY Change 1.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $852.1K $881.9K
Total Long-Term Liabilities $249.5K $254.3K
Total Liabilities $1.102M $1.136M
YoY Change 78.91%
SHAREHOLDERS EQUITY
Retained Earnings -$5.410M -$5.334M
YoY Change 13.91%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.055M -$1.079M
YoY Change
Total Liabilities & Shareholders Equity $46.28K $57.16K
YoY Change 31.76%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$76.31K -$651.3K
YoY Change -58.03% -36.92%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$30.41K -$479.4K
YoY Change -59.24% -46.64%
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 $30.63K $471.2K
YoY Change -56.53% -46.16%
NET CHANGE
Cash From Operating Activities -$30.41K -$479.4K
Cash From Investing Activities
Cash From Financing Activities $30.63K $471.2K
Net Change In Cash $214.00 -$8.158K
YoY Change -105.14% -64.64%
FREE CASH FLOW
Cash From Operating Activities -$30.41K -$479.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_848_eus-gaap--UseOfEstimates_zrvYHN5hHW7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86D_z1QNnGdNNZzh">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. Certain of these estimates could be affected by external conditions, including those unique to the Company’s businesses, and general economic conditions. These external conditions could have an effect on the Company’s estimates that could cause actual results to differ materially from its estimates. Actual results could differ from those estimates. The Company re-evaluates all of its accounting estimates at least quarterly based on these conditions and records adjustments when necessary. Significant estimates relied upon in preparing these statements include revenue recognition, accounts receivable reserves, accrued expenses, share-based compensation and the recoverability of the Company’s net deferred tax assets and any related valuation allowance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024 us-gaap Use Of Estimates
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<p id="xdx_848_eus-gaap--UseOfEstimates_zrvYHN5hHW7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86D_z1QNnGdNNZzh">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Making estimates requires management to exercise significant judgment. Certain of these estimates could be affected by external conditions, including those unique to the Company’s businesses, and general economic conditions. These external conditions could have an effect on the Company’s estimates that could cause actual results to differ materially from its estimates. Actual results could differ from those estimates. The Company re-evaluates all of its accounting estimates at least quarterly based on these conditions and records adjustments when necessary. Significant estimates relied upon in preparing these statements include revenue recognition, accounts receivable reserves, accrued expenses, share-based compensation and the recoverability of the Company’s net deferred tax assets and any related valuation allowance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2024 us-gaap Lessee Operating Lease Description
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On March 23, 2023, the Company amended the lease to extend its term to June 30, 2024, at a base rent of $4,779 per month. For information regarding the recording of the right-of-use asset and the lease liability in the balance sheets with respect to this lease, see Note 5. This lease was terminated effective May 1, 2024, and on that date, the Company leased premises of approximately 1,367 square feet located at 6201 Bonhomme Road, Suite 435N, Houston, Texas, under a lease dated April 12, 2024. This lease, which has a one-year term that commenced on May 1, 2024, provides for base rent of $1,631 per month.
CY2024 CBIH Operating Leases Rent Expense Monthly Payment
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CY2024 us-gaap Lessee Operating Lease Description
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On March 23, 2023, the Company amended the lease to extend its term to June 30, 2024, at a base rent of $4,779 per month. For information regarding the recording of the right-of-use asset and the lease liability in the balance sheets with respect to this lease, see Note 5. This lease was terminated effective May 1, 2024, and on that date, the Company leased premises of approximately 1,367 square feet located at 6201 Bonhomme Road, Suite 435N, Houston, Texas, under a lease dated April 12, 2024. This lease, which has a one-year term that commenced on May 1, 2024, provides for base rent of $1,631 per month.
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