2024 Q2 Form 10-Q Financial Statement

#000147793224002701 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $9.920M $8.293M $93.47K
YoY Change 11758.89% 8771.77% -31.48%
Cost Of Revenue $6.857M $5.908M $43.09K
YoY Change 21315.43% 13610.29% -12.72%
Gross Profit $3.063M $2.385M $50.38K
YoY Change 5832.09% 4633.56% -42.12%
Gross Profit Margin 30.87% 28.76% 53.9%
Selling, General & Admin $4.125M $1.419M
YoY Change 190.65% 28.82%
% of Gross Profit 172.97% 2817.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $228.8K $2.823K
YoY Change 8004.85% -1.64%
% of Gross Profit 9.59% 5.6%
Operating Expenses $11.45M $10.28M $1.465M
YoY Change 429.97% 601.95% 32.64%
Operating Profit -$1.529M -$1.992M -$1.372M
YoY Change -26.36% 45.22% 34.8%
Interest Expense $548.8K $598.3K $1.158M
YoY Change -53.33% -48.35% -101.73%
% of Operating Profit
Other Income/Expense, Net -$1.292M -$24.36M -$974.4K
YoY Change -132.32% 2399.9% -98.55%
Pretax Income -$2.821M -$26.35M -$2.346M
YoY Change -246.88% 1023.22% -96.56%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.821M -$26.35M -$2.346M
YoY Change -246.88% 1023.22% -96.56%
Net Earnings / Revenue -28.44% -317.77% -2509.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.19 -$0.12
COMMON SHARES
Basic Shares Outstanding 175.8M shares 148.9M shares 20.00M shares
Diluted Shares Outstanding 19.72M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $407.7K $575.0K
YoY Change -29.09% -86.33%
Cash & Equivalents $608.0K $407.7K $575.0K
Short-Term Investments
Other Short-Term Assets $604.4K $389.6K
YoY Change 55.13% 24.63%
Inventory $8.466M $9.249M
Prepaid Expenses $389.6K
Receivables $6.517M $5.307M $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.20M $15.57M $964.6K
YoY Change 3749.08% 1514.01% -78.69%
LONG-TERM ASSETS
Property, Plant & Equipment $1.557M $1.617M $61.91K
YoY Change 2464.89% 2511.57% -7.98%
Goodwill $34.86M $52.97M
YoY Change
Intangibles
YoY Change
Long-Term Investments $25.74M
YoY Change -27.15%
Other Assets $341.4K $6.077M
YoY Change -94.38% -27.63%
Total Long-Term Assets $62.78M $80.90M $31.88M
YoY Change 107.76% 153.77% -27.21%
TOTAL ASSETS
Total Short-Term Assets $16.20M $15.57M $964.6K
Total Long-Term Assets $62.78M $80.90M $31.88M
Total Assets $78.98M $96.47M $32.84M
YoY Change 157.77% 193.72% -32.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.825M $8.414M $1.077M
YoY Change 560.33% 681.37% -31.7%
Accrued Expenses $8.751M $4.244M
YoY Change 106.2% 78.75%
Deferred Revenue
YoY Change
Short-Term Debt $3.927M $0.00
YoY Change
Long-Term Debt Due $2.795K $2.769K
YoY Change -99.99%
Total Short-Term Liabilities $31.19M $29.81M $17.53M
YoY Change 181.66% 70.09% -79.37%
LONG-TERM LIABILITIES
Long-Term Debt $38.86M $40.85M $34.72M
YoY Change 9.4% 17.66% 10.21%
Other Long-Term Liabilities $5.102M $63.01K
YoY Change 7997.37% 16.0%
Total Long-Term Liabilities $38.86M $40.85M $34.72M
YoY Change 9.4% 17.66% 10.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.19M $29.81M $17.53M
Total Long-Term Liabilities $38.86M $40.85M $34.72M
Total Liabilities $75.87M $76.31M $542.3M
YoY Change 62.6% -85.93% 365.46%
SHAREHOLDERS EQUITY
Retained Earnings -$169.2M -$180.9M -$591.4M
YoY Change -71.3% -69.4%
Common Stock $200.0K $151.9K $20.00K
YoY Change 653.76% 659.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.352M $10.60M -$19.47M
YoY Change
Total Liabilities & Shareholders Equity $78.98M $96.47M $32.84M
YoY Change 157.77% 193.72% -32.03%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.821M -$26.35M -$2.346M
YoY Change -246.88% 1023.22% -96.56%
Depreciation, Depletion And Amortization $228.8K $2.823K
YoY Change 8004.85% -1.64%
Cash From Operating Activities -$1.185M -$1.087M
YoY Change 9.06% -3.42%
INVESTING ACTIVITIES
Capital Expenditures $42.40K $25.73K
YoY Change 64.83%
Acquisitions
YoY Change
Other Investing Activities $205.0K $495.0K
YoY Change -58.59% -111.52%
Cash From Investing Activities $162.6K $495.0K
YoY Change -67.15% -111.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $676.00 $0.00
YoY Change -100.0%
Cash From Financing Activities $524.1K $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$1.185M -$1.087M
Cash From Investing Activities $162.6K $495.0K
Cash From Financing Activities $524.1K $0.00
Net Change In Cash -$498.4K -$591.6K
YoY Change -15.76% -64.09%
FREE CASH FLOW
Cash From Operating Activities -$1.185M -$1.087M
Capital Expenditures $42.40K $25.73K
Free Cash Flow -$1.227M -$1.112M
YoY Change 10.35%

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LitigationSettlementAmountAwardedToOtherParty
4150000 usd
CY2023 us-gaap Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
4150000 usd
CY2024Q1 us-gaap Revenues
Revenues
8292532 usd
CY2024Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
5907762 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
22349 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3820001 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
304999 usd
CY2024Q1 cei Accretion Aro
AccretionAro
536 usd
CY2024Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
228799 usd
CY2024Q1 us-gaap Operating Expenses
OperatingExpenses
10284446 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1991914 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
23873934 usd
CY2024Q1 cei Corporate And Unallocated Asset
CorporateAndUnallocatedAsset
75595302 usd
CY2024Q1 cei Consolidated Assets
ConsolidatedAssets
96469236 usd
CY2023Q1 us-gaap Revenues
Revenues
7244189 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4786631 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
125363 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3050321 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2023Q1 cei Accretion Aro
AccretionAro
31382 usd
CY2023Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
231148 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
8224845 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-980656 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
29300426 usd
CY2023Q1 cei Corporate And Unallocated Asset
CorporateAndUnallocatedAsset
20192137 usd
CY2023Q1 cei Consolidated Assets
ConsolidatedAssets
49492563 usd

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