2024 Q4 Form 10-Q Financial Statement

#000149315224045528 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $22.40K
YoY Change 323.26%
Cost Of Revenue $21.09K
YoY Change 1202.53%
Gross Profit $1.315K
YoY Change -64.21%
Gross Profit Margin 5.87%
Selling, General & Admin $112.0K
YoY Change -4.48%
% of Gross Profit 8515.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $138.00
YoY Change -98.44%
% of Gross Profit 10.49%
Operating Expenses $112.0K
YoY Change -4.48%
Operating Profit -$110.7K
YoY Change -2.55%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $39.00
YoY Change 200.0%
Pretax Income -$110.6K
YoY Change -2.57%
Income Tax $16.54K
% Of Pretax Income
Net Earnings -$127.2K
YoY Change 12.0%
Net Earnings / Revenue -567.66%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 20.25M shares 20.25M shares
Diluted Shares Outstanding 20.25M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $65.57K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $70.53K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $251.2K
YoY Change -26.91%
LONG-TERM ASSETS
Property, Plant & Equipment $16.86K
YoY Change -4.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $19.12K
YoY Change -65.07%
TOTAL ASSETS
Total Short-Term Assets $251.2K
Total Long-Term Assets $19.12K
Total Assets $270.3K
YoY Change -32.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.28K
YoY Change 2351.79%
Accrued Expenses
YoY Change
Deferred Revenue $141.2K
YoY Change 111.53%
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $966.1K
YoY Change 30.52%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $966.1K
Total Long-Term Liabilities
Total Liabilities
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.973M
YoY Change 21.24%
Common Stock $1.292M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$695.8K
YoY Change
Total Liabilities & Shareholders Equity $270.3K
YoY Change -32.15%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$127.2K
YoY Change 12.0%
Depreciation, Depletion And Amortization $138.00
YoY Change -98.44%
Cash From Operating Activities
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-201678 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-235515 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4169 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
743 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4169 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-743 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
104147 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
14606 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
104147 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14606 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-7612 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-2611 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-109312 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
65565 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
157446 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zehsBDHY2OYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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. Significant areas for which management uses estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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: 0.25in"><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"><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"><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"><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"><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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0 usd
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0 usd
CY2024Q3 us-gaap Depreciation
Depreciation
138 usd
us-gaap Depreciation
Depreciation
194 usd
CY2023Q3 us-gaap Depreciation
Depreciation
8830 usd
us-gaap Depreciation
Depreciation
37341 usd
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
116 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
233 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
116 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
359 usd
CFOO Sales Tax Percentage
SalesTaxPercentage
0.17 pure
CFOO Product Sales Returns
ProductSalesReturns
0 usd
CFOO Product Sales Returns
ProductSalesReturns
0 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22403 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5293 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50020 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24338 usd
us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
greater than fifty percent (50%) likelihood of being realized upon ultimate settlement
us-gaap Net Income Loss
NetIncomeLoss
-297132 usd
CY2024Q3 CFOO Working Capital
WorkingCapital
695762 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22403 usd
CY2024Q3 us-gaap Cost Of Revenue
CostOfRevenue
21088 usd
CY2024Q3 us-gaap Gross Profit
GrossProfit
1315 usd
CY2024Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1111 usd
CY2024Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
110873 usd
CY2024Q3 us-gaap Operating Expenses
OperatingExpenses
111984 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-110669 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5293 usd
CY2023Q3 us-gaap Cost Of Revenue
CostOfRevenue
1619 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
3674 usd
CY2023Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
248 usd
CY2023Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
116990 usd
CY2023Q3 us-gaap Operating Expenses
OperatingExpenses
117238 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-113564 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50020 usd
us-gaap Cost Of Revenue
CostOfRevenue
28529 usd
us-gaap Gross Profit
GrossProfit
21491 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6110 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
312344 usd
us-gaap Operating Expenses
OperatingExpenses
318454 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-296963 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24338 usd
us-gaap Cost Of Revenue
CostOfRevenue
12654 usd
us-gaap Gross Profit
GrossProfit
11684 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3506 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
363907 usd
us-gaap Operating Expenses
OperatingExpenses
367413 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-355729 usd
CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
70530 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
42282 usd
CY2024Q3 CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CY2023Q3 CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CFOO Allowance For Obsolete Inventories
AllowanceForObsoleteInventories
0 usd
CY2024Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
141190 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
68885 usd
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 year, through May 16, 2025.
CY2024Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P1Y
CY2024Q3 CFOO Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
36531 usd
CY2023Q4 CFOO Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
20796 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
36879 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
21038 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
36879 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21038 usd
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20252309 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20252309 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20252309 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20252309 shares
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
835 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
835 usd
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.
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
100 usd
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2024Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
153804 usd
CY2024Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
571187 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
524244 usd
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
571187 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
524244 usd
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd

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