2023 Q3 Form 10-K Financial Statement

#000149315223027069 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $480.0K $607.6K $2.179M
YoY Change -10.03% 68.1% -19.15%
% of Gross Profit
Research & Development $510.0K $465.2K $1.938M
YoY Change 8.97% 97.3% 46.45%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $995.4K $1.073M $4.175M
YoY Change -2.03% 82.82% 3.9%
Operating Profit -$995.4K -$4.175M
YoY Change -2.03% 3.9%
Interest Expense -$340.0K -$264.5K -$992.4K
YoY Change 43.91% 70.87% -27.07%
% of Operating Profit
Other Income/Expense, Net -$342.8K -$992.4K
YoY Change 45.07% -31.74%
Pretax Income -$1.340M -$1.337M -$5.168M
YoY Change 7.0% 60.15% -5.57%
Income Tax
% Of Pretax Income
Net Earnings -$1.338M -$1.625M -$5.168M
YoY Change 6.85% 94.61% -5.56%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 -$0.18
Diluted Earnings Per Share -$0.04 -$0.05 -$0.18
COMMON SHARES
Basic Shares Outstanding 38.16M shares 35.25M shares 34.84M shares
Diluted Shares Outstanding 38.19M shares 34.84M shares

Balance Sheet

Concept 2023 Q3 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $222.7K $222.7K
YoY Change -100.0% 139.17% 139.17%
Cash & Equivalents $2.582K $222.7K
Short-Term Investments
Other Short-Term Assets $3.400K $23.01K $187.2K
YoY Change -83.29% -89.57% -15.17%
Inventory
Prepaid Expenses $242.4K $164.2K
Receivables
Other Receivables
Total Short-Term Assets $250.0K $409.9K $409.9K
YoY Change -30.67% 30.62% 30.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets -$1.643K -$5.00 $0.00
YoY Change -164400.0%
TOTAL ASSETS
Total Short-Term Assets $250.0K $409.9K $409.9K
Total Long-Term Assets -$1.643K -$5.00 $0.00
Total Assets $248.4K $409.8K $409.9K
YoY Change -31.13% 30.62% 30.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.581M $680.3K $680.3K
YoY Change 134.47% 205.02% 205.03%
Accrued Expenses $4.550M $1.486M $4.219M
YoY Change 254.19% -52.34% 35.34%
Deferred Revenue
YoY Change
Short-Term Debt $680.0K $768.1K $768.1K
YoY Change -10.54% 1.08% 1.08%
Long-Term Debt Due $1.480M $1.058M $1.058M
YoY Change 72.46% -46.67% -46.67%
Total Short-Term Liabilities $16.28M $13.04M $13.04M
YoY Change 32.2% 28.64% 28.64%
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 $16.28M $13.04M $13.04M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $16.28M $13.04M $13.04M
YoY Change 32.19% 28.64% 28.64%
SHAREHOLDERS EQUITY
Retained Earnings -$40.62M -$36.35M
YoY Change 16.02% 16.57%
Common Stock $38.50K $36.08K
YoY Change 9.22% 5.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$16.03M -$12.63M -$12.63M
YoY Change
Total Liabilities & Shareholders Equity $248.4K $409.8K $409.9K
YoY Change -31.13% 30.62% 30.62%

Cashflow Statement

Concept 2023 Q3 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.338M -$1.625M -$5.168M
YoY Change 6.85% 94.61% -5.56%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$280.0K -$723.3K -$3.139M
YoY Change -74.23% 57.51% -7.09%
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 270.0K 880.0K $3.268M
YoY Change -76.52% -1966.38% 1.29%
NET CHANGE
Cash From Operating Activities -280.0K -723.3K -$3.139M
Cash From Investing Activities
Cash From Financing Activities 270.0K 880.0K $3.268M
Net Change In Cash -10.00K 156.7K $129.6K
YoY Change -115.79% -130.95% -185.23%
FREE CASH FLOW
Cash From Operating Activities -$280.0K -$723.3K -$3.139M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_847_eus-gaap--UseOfEstimates_z2mvExViFNxk" 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 style="text-decoration: underline"><span id="xdx_861_zGYqGNPqZzKb">Use of Estimates</span></span></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 U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. Management bases its estimates and judgements on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, and stock-based compensation. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of any material revisions are reflected in the consolidated financial statements in the period that they are determined to be necessary. See the <i>Stock-Based Compensation</i> section of this footnote for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock.</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>
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<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zUL6iVVzTQad" 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 style="text-decoration: underline"><span id="xdx_86E_znXfPnJ54sr1">Reclassifications</span></span></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1771902 usd
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.75
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
251511 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.80
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
67230 usd
CY2022Q4 CLCS Common Stock Accrued Dividend Issued
CommonStockAccruedDividendIssued
417944 shares
CY2021Q4 CLCS Common Stock Accrued Dividend Issued
CommonStockAccruedDividendIssued
0 shares
CY2021Q4 CLCS Additional Accrued Dividend Par Value
AdditionalAccruedDividendParValue
0.75
CY2022Q4 CLCS Additional Accrued Dividend Par Value
AdditionalAccruedDividendParValue
0.75
CY2022 CLCS Accrued Dividend Designation
AccruedDividendDesignation
313523 usd
CY2021 CLCS Accrued Dividend Designation
AccruedDividendDesignation
0 usd
CY2022Q4 CLCS Accrued Dividend Payable
AccruedDividendPayable
5217 usd
CY2021Q4 CLCS Accrued Dividend Payable
AccruedDividendPayable
67229 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
77887 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
419401 usd
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
2820000 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
3792426 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
11108079 shares
CY2021Q4 CLCS Share Based Compensation Arrangements By Share Based Payment Award Non Options Weighted Average Exercise Price Outstanding
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsWeightedAverageExercisePriceOutstanding
1.02
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
2820000 shares
CY2022 CLCS Share Based Compensation Arrangements By Share Based Payment Award Non Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsGrantsInPeriodWeightedAverageExercisePrice
1.21
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
50000 shares
CY2022 CLCS Share Based Compensation Arrangements By Share Based Payment Award Non Options Expired Cacelled Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExpiredCacelledWeightedAverageExercisePrice
0.75
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
13878079 shares
CY2022Q4 CLCS Share Based Compensation Arrangements By Share Based Payment Award Non Options Weighted Average Exercise Price Outstanding
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsWeightedAverageExercisePriceOutstanding
1.06
CY2022 CLCS Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm
P3Y6M
CY2022Q4 CLCS Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
13878079 shares
CY2022Q4 CLCS Share Based Compensation Arrangement By Share Based Payment Award Non Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableWeightedAverageExercisePrice
1.06
CY2022 CLCS Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Exercisable Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsExercisableWeightedAverageRemainingContractualTerm
P3Y6M
CY2021Q1 CLCS Stock Options To Purchase Common Stock
StockOptionsToPurchaseCommonStock
1350000 shares
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
CY2021Q4 CLCS Fair Value Of Option
FairValueOfOption
218600 usd
CY2022Q3 CLCS Stock Options To Purchase Common Stock
StockOptionsToPurchaseCommonStock
750000 shares
CY2022Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
CY2022Q3 CLCS Fair Value Of Option
FairValueOfOption
74600 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.10
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.16
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6182004 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
750000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.00
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6932004 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.83
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
6932004 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.83
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y1M6D
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
250000 usd
CY2019Q4 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
267680 usd
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
146912 usd
CY2022 CLCS Remaining Amount Due
RemainingAmountDue
106000 usd
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
360000 shares

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