2024 Q1 Form 10-K Financial Statement

#000114036124016853 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.392M $22.08M
YoY Change -2.26% 146.93%
Cost Of Revenue $3.378M $19.82M
YoY Change 3.11% 109.62%
Gross Profit $14.27K $2.258M
YoY Change -92.67% -539.38%
Gross Profit Margin 0.42% 10.23%
Selling, General & Admin $7.678M $43.64M
YoY Change -16.79% -3.74%
% of Gross Profit 53801.13% 1932.35%
Research & Development $1.728M $8.469M
YoY Change 10.06% 33.11%
% of Gross Profit 12107.28% 375.03%
Depreciation & Amortization $385.1K $1.457M
YoY Change 26.17% 52.74%
% of Gross Profit 2698.79% 64.52%
Operating Expenses $9.406M $52.54M
YoY Change -12.89% 3.42%
Operating Profit -$9.392M -$50.28M
YoY Change -11.42% -2.01%
Interest Expense -$73.24K -$402.4K
YoY Change -114.91% -98.98%
% of Operating Profit
Other Income/Expense, Net $190.6K $621.6K
YoY Change 33.12% -109.53%
Pretax Income -$9.260M -$54.35M
YoY Change -16.68% -51.53%
Income Tax -$30.03K $8.988K
% Of Pretax Income
Net Earnings -$9.230M -$54.20M
YoY Change -15.77% -50.77%
Net Earnings / Revenue -272.12% -245.47%
Basic Earnings Per Share -$0.30 -$1.78
Diluted Earnings Per Share -$0.30 -$1.78
COMMON SHARES
Basic Shares Outstanding 30.83M 304.4M 30.42M
Diluted Shares Outstanding 30.83M 30.42M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.44M $33.60M
YoY Change -73.39% -78.17%
Cash & Equivalents $20.26M $29.38M
Short-Term Investments $4.181M $4.228M
Other Short-Term Assets $869.1K $573.6K
YoY Change -91.76% -94.51%
Inventory $43.77M $43.91M
Prepaid Expenses
Receivables $4.577M $6.531M
Other Receivables $270.3K $287.4K
Total Short-Term Assets $94.73M $104.9M
YoY Change -35.63% -48.31%
LONG-TERM ASSETS
Property, Plant & Equipment $20.20M $20.40M
YoY Change -35.13% -11.87%
Goodwill $218.0K $223.5K
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.580M $4.686M
YoY Change -87.15% -86.64%
Other Assets $2.134M $2.228M
YoY Change -16.32% -66.4%
Total Long-Term Assets $78.30M $80.61M
YoY Change 5.97% 24.33%
TOTAL ASSETS
Total Short-Term Assets $94.73M $104.9M
Total Long-Term Assets $78.30M $80.61M
Total Assets $173.0M $185.5M
YoY Change -21.73% -30.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.558M $6.798M
YoY Change 126.21% 100.94%
Accrued Expenses
YoY Change
Deferred Revenue $2.664M $3.394M
YoY Change 0.3% 42.1%
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.24M $29.30M
YoY Change -9.24% -58.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $33.26M $34.37M
YoY Change 16.59% 33.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.24M $29.30M
Total Long-Term Liabilities $33.26M $34.37M
Total Liabilities $60.50M $63.67M
YoY Change 3.35% -33.31%
SHAREHOLDERS EQUITY
Retained Earnings -$283.3M -$274.0M
YoY Change 22.74% 24.66%
Common Stock $403.2M $402.3M
YoY Change 1.25% 1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.5M $121.9M
YoY Change
Total Liabilities & Shareholders Equity $173.0M $185.5M
YoY Change -21.73% -30.73%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$9.230M -$54.20M
YoY Change -15.77% -50.77%
Depreciation, Depletion And Amortization $385.1K $1.457M
YoY Change 26.17% 52.74%
Cash From Operating Activities -$8.865M -$58.46M
YoY Change -48.94% -15.77%
INVESTING ACTIVITIES
Capital Expenditures $327.6K $7.636M
YoY Change -87.29% -61.32%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $306.8K -$16.39M
YoY Change -105.58% -71.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -48.14M
YoY Change -100.0% -347.45%
NET CHANGE
Cash From Operating Activities -8.865M -58.46M
Cash From Investing Activities 306.8K -16.39M
Cash From Financing Activities 0.000 -48.14M
Net Change In Cash -8.987M -124.5M
YoY Change -85.54% 16.56%
FREE CASH FLOW
Cash From Operating Activities -$8.865M -$58.46M
Capital Expenditures $327.6K $7.636M
Free Cash Flow -$9.192M -$66.09M
YoY Change -53.9% -25.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023 us-gaap Use Of Estimates
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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">(b)</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Use of estimates</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"> </span><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. The Company continually evaluates these estimates and assumptions based on the most recently available information, historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Significant accounting estimates reflected in the Company’s consolidated financial statements include, but are not limited to, estimates and judgments applied in determination of provision for doubtful accounts, lower of cost and net realizable value of inventories, impairment losses for long-lived assets and investments, goodwill, valuation allowance for deferred tax assets and fair value measurement for share-based compensation expense, convertible promissory notes and warrants. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates.</div>
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<div><span style="color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;"> </span></div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left;"><span style="font-style: italic; font-weight: bold;">(i)</span></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">Cross-currency swap</span><br/> </div> </td> </tr> </table> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The Company used cross-currency swap contracts to manage its exposures to movements in foreign exchange rates primarily related to the RMB or Renminbi. The use of these cross-currency swap modifies the Company’s exposure to these risks with the goal of reducing the risk or cost to the Company. The Company does not use derivatives for trading purposes and is not a party to leveraged derivative contracts.</div> <div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Depending on the nature of the underlying risk being hedged, these cross-currency swap are accounted for either as cash flow, net investment or mark to market hedges against changes in the value of the hedged item. Derivatives are recorded in the Consolidated Balance Sheets at fair value. The fair value is based upon either market quotes for actively traded instruments or independent bids for nonexchange traded instruments. The accounting for changes in fair value of a derivative instrument depends on whether the instrument has been designated and qualifies as part of a hedging relationship. The Company determines whether a derivative instrument meets the criteria for cash flow or net investment hedge accounting treatment on the date the derivative is executed. Derivatives accounted for as mark to market hedges are not designated as hedges for accounting purposes.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <span style="font-style: italic;">Economic Hedges</span><br/> </div> <div><span style="font-style: italic;"> </span><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">A derivative instrument whose change in fair value is used to hedge against changes in the value of a hedged item, but which is not designated as a hedge under ASC815 “Derivative Instruments and Hedging Activities”, is accounted for as an economic hedge. These derivatives are recorded at fair value in the Consolidated Balance Sheets when the hedged item is recorded as an asset or liability and then are revalued each accounting period. Changes in the fair value of derivatives accounted for as economic hedges are reported in the “Gain from cross-currency swaps” lines under “Other expense” in the Consolidated Statements of Operations. Cash flows from derivatives not designated as hedges are classified as cash flows from operating activities in the Consolidated Statements of Cash Flows. For the year ended December 31, 2023, all of the cross-currency swap contracts were accounted for as economic hedges.</div>
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WeightedAverageNumberOfSharesOutstandingBasic
30424686
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30424686
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26332324
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26332324
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.78
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.78
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.18
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.18
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2022Q3 cenn Number Of European Union Trademarks Cancellation Request Filed
NumberOfEuropeanUnionTrademarksCancellationRequestFiled
2
CY2023Q4 cenn Number Of European Union Trademarks Cancelled
NumberOfEuropeanUnionTrademarksCancelled
2
CY2022Q3 cenn Number Of Complaint Causes In Contract And Tort Against Defendants
NumberOfComplaintCausesInContractAndTortAgainstDefendants
11
CY2022Q3 cenn Number Of Contract Claims
NumberOfContractClaims
4
CY2022Q3 cenn Number Of Tort Claims
NumberOfTortClaims
7
CY2022Q3 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
19000000
CY2023 cenn Period To Amend Complaint
PeriodToAmendComplaint
P30D
CY2023Q4 cenn Number Of Civil Litigation Cases Withdrawn
NumberOfCivilLitigationCasesWithdrawn
2
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
287439
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
366936
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10468
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
716372
CY2023 us-gaap Other Income
OtherIncome
26746

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