2024 Q2 Form 10-Q Financial Statement

#000143774924016203 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.027M $141.9K
YoY Change 177.4% -14.43%
Cost Of Revenue $17.71K $14.35K
YoY Change 33.96% 40.69%
Gross Profit $1.010M $127.5K
YoY Change 182.71% -18.04%
Gross Profit Margin 98.28% 89.88%
Selling, General & Admin $503.1K $563.0K
YoY Change 98.09% -13.02%
% of Gross Profit 49.83% 441.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.065K $1.066K
YoY Change 0.0% 0.09%
% of Gross Profit 0.11% 0.84%
Operating Expenses $504.2K $564.1K
YoY Change 97.67% -12.99%
Operating Profit $646.1K -$436.6K
YoY Change 532.83% 27.36%
Interest Expense $50.88K $50.22K
YoY Change 43.16% 93.45%
% of Operating Profit 7.87%
Other Income/Expense, Net $13.75K
YoY Change
Pretax Income $710.8K -$386.4K
YoY Change 416.4% 21.95%
Income Tax $145.5K $14.94K
% Of Pretax Income 20.47%
Net Earnings $565.3K -$401.3K
YoY Change 447.6% 68.88%
Net Earnings / Revenue 55.02% -282.92%
Basic Earnings Per Share $0.28 -$0.20
Diluted Earnings Per Share $0.27 -$0.20
COMMON SHARES
Basic Shares Outstanding 2.027M 1.991M
Diluted Shares Outstanding 2.063M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.393M $8.751M
YoY Change 12.01% 6.65%
Cash & Equivalents $7.867M $7.243M
Short-Term Investments $1.527M $1.507M
Other Short-Term Assets $125.8K $136.3K
YoY Change 4.29% 4.04%
Inventory
Prepaid Expenses
Receivables $136.6K $95.09K
Other Receivables $32.61K $0.00
Total Short-Term Assets $9.688M $8.982M
YoY Change 12.79% 6.76%
LONG-TERM ASSETS
Property, Plant & Equipment $9.093M $9.094M
YoY Change -0.05% -0.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $168.7K $314.2K
YoY Change -51.08% -17.16%
Total Long-Term Assets $9.262M $9.408M
YoY Change -1.92% -0.7%
TOTAL ASSETS
Total Short-Term Assets $9.688M $8.982M
Total Long-Term Assets $9.262M $9.408M
Total Assets $18.95M $18.39M
YoY Change 5.09% 2.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $219.8K $63.74K
YoY Change 875.89% 106.01%
Accrued Expenses
YoY Change
Deferred Revenue $95.11K $153.2K
YoY Change 1.67% 3.06%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $466.3K $368.4K
YoY Change 301.73% 105.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $466.3K $368.4K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $466.3K $368.4K
YoY Change 301.73% 105.07%
SHAREHOLDERS EQUITY
Retained Earnings $15.54M $14.97M
YoY Change 2.92% -0.14%
Common Stock $59.34K $59.34K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.48M $18.02M
YoY Change
Total Liabilities & Shareholders Equity $18.95M $18.39M
YoY Change 5.09% 2.8%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $565.3K -$401.3K
YoY Change 447.6% 68.88%
Depreciation, Depletion And Amortization $1.065K $1.066K
YoY Change 0.0% 0.09%
Cash From Operating Activities $691.8K -$337.8K
YoY Change 255.51% 273.75%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $140.6K $34.49K
YoY Change -86.01% -77.01%
Cash From Investing Activities $140.6K $34.49K
YoY Change -85.96% -74.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -208.9K
YoY Change
NET CHANGE
Cash From Operating Activities 691.8K -$337.8K
Cash From Investing Activities 140.6K $34.49K
Cash From Financing Activities -208.9K
Net Change In Cash 623.5K -$303.4K
YoY Change -47.86% -818.11%
FREE CASH FLOW
Cash From Operating Activities $691.8K -$337.8K
Capital Expenditures $0.00 $0.00
Free Cash Flow $691.8K -$337.8K
YoY Change 261.79% 213.54%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Concentration of Credit Risk</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company maintains its cash balances in nine financial institutions. At times, cash balances may exceed the Federal Deposit Insurance Corporation’s insured limit of $250,000. The Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on its cash balances.</p>
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