2024 Q2 Form 10-K Financial Statement

#000149315224014708 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $3.751K $134.1K $158.5K
YoY Change -45.16% -27.52% -55.25%
Cost Of Revenue $1.466K $81.68K $94.33K
YoY Change -4.68% -52.85% -61.19%
Gross Profit $2.285K $52.46K $64.14K
YoY Change -56.9% 343.07% -42.24%
Gross Profit Margin 60.92% 39.11% 40.48%
Selling, General & Admin $111.1K $101.4K $468.8K
YoY Change -20.23% -40.07% -6.95%
% of Gross Profit 4861.18% 193.23% 730.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $138.00 $2.820K $42.39K
YoY Change -99.03% -80.07% -34.95%
% of Gross Profit 6.04% 5.38% 66.09%
Operating Expenses $111.1K $101.4K $468.8K
YoY Change -20.23% -40.07% -6.95%
Operating Profit -$108.8K -$48.91K -$404.6K
YoY Change -18.78% -68.91% 3.03%
Interest Expense $260.00 $340.00 $590.00
YoY Change 385.71% 210.53%
% of Operating Profit
Other Income/Expense, Net $395.00 $0.00 $937.00
YoY Change 63.9% -100.0% -97.63%
Pretax Income -$108.4K -$48.57K -$403.7K
YoY Change -18.93% -67.29% 14.28%
Income Tax -$100.00 $0.00
% Of Pretax Income
Net Earnings -$108.3K -$48.57K -$403.7K
YoY Change -19.01% -66.58% 14.01%
Net Earnings / Revenue -2887.18% -36.21% -254.74%
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share -$0.01 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 20.25M shares 20.25M shares 20.25M shares
Diluted Shares Outstanding 20.25M shares 20.25M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.49K $174.9K $174.9K
YoY Change -68.55% -54.19% -53.98%
Cash & Equivalents $75.49K $174.9K $174.9K
Short-Term Investments
Other Short-Term Assets $110.7K $84.61K $84.61K
YoY Change 84.42% 32.29% 41.02%
Inventory $59.44K $48.28K $48.28K
Prepaid Expenses
Receivables $38.83K $38.83K
Other Receivables $0.00 $3.005K $3.010K
Total Short-Term Assets $245.6K $349.6K $349.6K
YoY Change -43.06% -41.75% -41.73%
LONG-TERM ASSETS
Property, Plant & Equipment $16.58K $12.98K $12.98K
YoY Change -35.84% -76.61% -83.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $18.88K $15.58K $15.58K
YoY Change -34.01% -80.28% -80.53%
TOTAL ASSETS
Total Short-Term Assets $245.6K $349.6K $349.6K
Total Long-Term Assets $18.88K $15.58K $15.58K
Total Assets $264.5K $365.2K $365.2K
YoY Change -42.5% -46.23% -46.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00
YoY Change -100.0%
Accrued Expenses $147.4K $114.4K $114.4K
YoY Change -7.9% -20.36% -18.26%
Deferred Revenue $104.1K $68.89K
YoY Change 48.77% -6.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $828.1K $756.0K $756.0K
YoY Change 20.34% 14.24% 14.55%
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 $828.1K $756.0K $756.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $828.1K $756.0K $756.0K
YoY Change 20.02% 14.24% 14.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.846M -$1.676M
YoY Change 21.94% 31.73%
Common Stock $1.292M $1.292M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$563.7K -$390.8K -$390.8K
YoY Change
Total Liabilities & Shareholders Equity $264.5K $365.2K $365.2K
YoY Change -42.5% -46.23% -46.3%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$108.3K -$48.57K -$403.7K
YoY Change -19.01% -66.58% 14.01%
Depreciation, Depletion And Amortization $138.00 $2.820K $42.39K
YoY Change -99.03% -80.07% -34.95%
Cash From Operating Activities -$66.56K -$57.17K -$297.2K
YoY Change -4.91% -1.35% 73.18%
INVESTING ACTIVITIES
Capital Expenditures $4.170K $750.00 $746.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.170K -$750.00 -$746.00
YoY Change -103.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.50K 84.52K $94.52K
YoY Change 17.5% 234.07% -279.4%
NET CHANGE
Cash From Operating Activities -66.56K -57.17K -$297.2K
Cash From Investing Activities -4.170K -750.0 -$746.00
Cash From Financing Activities 23.50K 84.52K $94.52K
Net Change In Cash -47.23K 26.60K -$206.8K
YoY Change -5.54% -181.47% -9.17%
FREE CASH FLOW
Cash From Operating Activities -$66.56K -$57.17K -$297.2K
Capital Expenditures $4.170K $750.00 $746.00
Free Cash Flow -$70.73K -$57.92K -$297.9K
YoY Change -0.05% 73.61%

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609434 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
174877 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
381709 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_znmkhGxPQ854" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zrLd5iWJ2uY3">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant areas for which management uses estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revenue recognition at point in time and over time;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales returns at point in time and allowances;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inventory;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated lives for tangible and intangible assets; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">income tax valuation allowances</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
433 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500 usd
CY2023 CFOO Sales Tax Percentage
SalesTaxPercentage
0.17 pure
CY2023 CFOO Sales Tax Percentage
SalesTaxPercentage
0.17 pure
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158475 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
354096 usd
CY2023 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
greater than fifty percent (50%) likelihood of being realized upon ultimate settlement
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
174877 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
381709 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-206832 usd
CY2023Q4 CFOO Working Capital
WorkingCapital
-406393 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1675973 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158475 usd
CY2023 us-gaap Cost Of Revenue
CostOfRevenue
94331 usd
CY2023 us-gaap Gross Profit
GrossProfit
64144 usd
CY2023 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3547 usd
CY2023 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
465234 usd
CY2023 us-gaap Operating Expenses
OperatingExpenses
468781 usd
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
-404637 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
354096 usd
CY2022 us-gaap Cost Of Revenue
CostOfRevenue
243034 usd
CY2022 us-gaap Gross Profit
GrossProfit
111062 usd
CY2022 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2988 usd
CY2022 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
500807 usd
CY2022 us-gaap Operating Expenses
OperatingExpenses
503795 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-392733 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158475 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
354096 usd
CY2023Q4 CFOO Purchase Deposits
PurchaseDeposits
22631 usd
CY2022Q4 CFOO Purchase Deposits
PurchaseDeposits
23835 usd
CY2023Q4 CFOO Rental And Utility Deposits
RentalAndUtilityDeposits
41181 usd
CY2022Q4 CFOO Rental And Utility Deposits
RentalAndUtilityDeposits
40115 usd
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3005 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
10863 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
66817 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
74813 usd
CY2023 CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CY2022 CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
317620 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
322983 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
309878 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
258665 usd
CY2023Q4 CFOO Foreign Translation Difference Net
ForeignTranslationDifferenceNet
-5239 usd
CY2022Q4 CFOO Foreign Translation Difference Net
ForeignTranslationDifferenceNet
8823 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12981 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55495 usd
CY2023 us-gaap Depreciation
Depreciation
42390 usd
CY2022 us-gaap Depreciation
Depreciation
65165 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
68885 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
73602 usd
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company leased office and warehouse facilities under various non-cancelable operating leases expiring at the term of 1 to 2 years, through May 16, 2024.
CY2023Q4 CFOO Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
20796 usd
CY2022Q4 CFOO Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
20341 usd
CY2023Q4 CFOO Operating Lease Liability Current Portion
OperatingLeaseLiabilityCurrentPortion
20796 usd
CY2022Q4 CFOO Operating Lease Liability Current Portion
OperatingLeaseLiabilityCurrentPortion
20341 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
20796 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
20341 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20252309 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20252309 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20252309 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20252309 shares
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-403700 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-354078 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20252309 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20252309 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20252309 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20252309 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
828 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
828 usd
CY2023 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the years presented
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
154361 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
524244 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
459505 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
524244 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
459505 usd
CY2023Q4 CFOO Due To Director Current
DueToDirectorCurrent
232344 usd
CY2022Q4 CFOO Due To Director Current
DueToDirectorCurrent
220794 usd

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