2022 Q3 Form 10-Q Financial Statement
#000169641122000009 Filed on August 04, 2022
Income Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
Revenue | |||
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.440K | $17.69K | $5.710K |
YoY Change | -21.79% | 189.53% | |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $170.00 | $167.00 | $170.00 |
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $2.609K | $17.86K | $5.880K |
YoY Change | -16.38% | 192.12% | |
Operating Profit | -$2.609K | $17.86K | |
YoY Change | -16.35% | 192.12% | |
Interest Expense | $0.00 | $0.00 | |
YoY Change | |||
% of Operating Profit | 0.0% | ||
Other Income/Expense, Net | $0.00 | $0.00 | |
YoY Change | |||
Pretax Income | -$2.610K | -$17.86K | -$5.880K |
YoY Change | -16.35% | 192.31% | |
Income Tax | $0.00 | ||
% Of Pretax Income | |||
Net Earnings | -$2.609K | -$17.86K | -$10.74K |
YoY Change | -16.38% | 192.12% | -8.46% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | $0.00 | $0.00 | |
Diluted Earnings Per Share | -$428.70 | -$2.934K | -$965.90 |
COMMON SHARES | |||
Basic Shares Outstanding | 6.088M shares | 6.088M shares | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $0.00 | ||
Short-Term Investments | |||
Other Short-Term Assets | $9.970K | $220.00 | $13.61K |
YoY Change | 1247.3% | -88.17% | |
Inventory | |||
Prepaid Expenses | $9.965K | $220.00 | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $9.965K | $220.00 | $13.61K |
YoY Change | 1246.62% | -88.17% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | $1.500K | ||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $21.50K | $21.67K | $21.84K |
YoY Change | 975.0% | 983.35% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $9.965K | $220.00 | $13.61K |
Total Long-Term Assets | $21.50K | $21.67K | $21.84K |
Total Assets | $31.47K | $21.89K | $35.45K |
YoY Change | 1048.36% | 467.02% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $198.00 | $496.00 | $4.500K |
YoY Change | -50.5% | 24.0% | |
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $102.1K | $89.59K | $81.28K |
YoY Change | 131.66% | 113.01% | |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $102.3K | $90.08K | $85.78K |
YoY Change | 130.03% | 112.21% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $102.3K | $90.08K | $85.78K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $102.3K | $90.08K | $85.78K |
YoY Change | 130.03% | 112.21% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $108.3K | $105.7K | |
YoY Change | |||
Common Stock | $6.088K | ||
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$70.81K | -$68.20K | -$50.34K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $31.47K | $21.89K | $35.45K |
YoY Change | 1048.36% | 467.02% |
Cashflow Statement
Concept | 2022 Q3 | 2022 Q2 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.609K | -$17.86K | -$10.74K |
YoY Change | -16.38% | 192.12% | -8.46% |
Depreciation, Depletion And Amortization | $170.00 | $167.00 | $170.00 |
YoY Change | |||
Cash From Operating Activities | -$12.49K | -$8.310K | -$24.82K |
YoY Change | 524.5% | 24.03% | |
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 | 12.49K | 8.310K | 24.82K |
YoY Change | 524.5% | 24.03% | |
NET CHANGE | |||
Cash From Operating Activities | -12.49K | -8.310K | -24.82K |
Cash From Investing Activities | |||
Cash From Financing Activities | 12.49K | 8.310K | 24.82K |
Net Change In Cash | 0.000 | 0.000 | |
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | -$12.49K | -$8.310K | -$24.82K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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<p id="xdx_848_eus-gaap--UseOfEstimates_zXOzI0QQCVp" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 4.5pt; text-align: justify"><span id="xdx_86B_zw4JEURi7pj9">Use of Estimates</span></p> <p style="font: 10pt/105% Times New Roman, Times, Serif; margin: 0.6pt 0 0 4.5pt; text-align: justify">The preparation of financial statements 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 at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0 4.5pt"> </p> | ||
us-gaap |
Revenue Recognition Allowances
RevenueRecognitionAllowances
|
<p id="xdx_847_eus-gaap--RevenueRecognitionAllowances_zDEQ3MH1XpA6" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: justify"><span id="xdx_86A_zvBFJMUPbcDa">Revenue Recognition</span></p> <p style="font: 10pt/105% Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.5pt; text-align: justify">The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “<i>Revenue from Contracts with Customers</i>”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. An entity must also disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0 4.5pt"> </p> <p style="font: 10pt/105% Times New Roman, Times, Serif; margin: 0.05pt 0 0 4.5pt; text-align: justify">The contract between the Company and the customer is signed without specific quantity of service to be used from the date of signing. The revenue depends on the hours spent on the recording services. The rates of the specific services are set out in the contract. The Company’s revenues are recognized at a point-in-time as ownership of track, mix or master (when it is approved by the customer) is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for services under the contract.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 4.5pt"> </p> | ||
CY2021Q4 | us-gaap |
Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
|
17209 | usd |
CY2022Q2 | us-gaap |
Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
|
89587 | usd |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
2225 | usd | |
us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
-4985 | usd | |
us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
-3695 | usd | |
us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
4985 | usd | |
us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
3695 | usd |