2023 Q2 Form 10-Q Financial Statement

#000149315223016526 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $993.00 $300.00
YoY Change 231.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.782K $3.548K $275.0K
YoY Change -33.46% -98.71% 203.26%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $93.47K $97.71K $0.00
YoY Change -50.95% -100.0%
Operating Profit -$93.47K -$96.71K -$275.9K
YoY Change -50.66% -64.95%
Interest Expense -$120.3K -$59.80K -$8.920K
YoY Change 106.07% 570.4% 72.53%
% of Operating Profit
Other Income/Expense, Net -$120.3K -$59.80K -$27.01K
YoY Change -26.38% 121.43%
Pretax Income -$213.7K -$156.5K -$302.9K
YoY Change -39.42% -48.33% 195.1%
Income Tax
% Of Pretax Income
Net Earnings -$213.7K -$156.5K -$302.9K
YoY Change -39.42% -48.33% 195.09%
Net Earnings / Revenue -15761.63% -100973.67%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$3.500K
COMMON SHARES
Basic Shares Outstanding 119.7M shares 119.7M shares
Diluted Shares Outstanding 120.8M shares 119.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.36K $18.67K $52.62K
YoY Change 38.96% -64.52% 65.06%
Cash & Equivalents $23.36K $18.67K $52.62K
Short-Term Investments
Other Short-Term Assets $79.40K $31.85K $138.8K
YoY Change 301.42% -77.05% 19725.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $102.8K $50.51K $191.4K
YoY Change 180.79% -73.61% 487.48%
LONG-TERM ASSETS
Property, Plant & Equipment $589.9K $451.9K
YoY Change 331.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $589.9K $451.9K $109.9K
YoY Change 331.84% 311.27%
TOTAL ASSETS
Total Short-Term Assets $102.8K $50.51K $191.4K
Total Long-Term Assets $589.9K $451.9K $109.9K
Total Assets $692.7K $502.5K $301.3K
YoY Change 299.92% 66.77% 824.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.67K $41.04K $80.05K
YoY Change -60.19% -48.73% -12.75%
Accrued Expenses $77.20K $59.07K $32.84K
YoY Change 97.85% 79.87% 206.92%
Deferred Revenue $0.00 $0.00
YoY Change
Short-Term Debt $185.0K $185.0K $220.0K
YoY Change 0.0% -15.91% 18.92%
Long-Term Debt Due $162.0K $60.01K $1.390K
YoY Change 7649.28% 4217.27%
Total Short-Term Liabilities $448.8K $345.1K $661.0K
YoY Change -26.99% -47.78% 129.94%
LONG-TERM LIABILITIES
Long-Term Debt $30.36K $30.36K $107.5K
YoY Change -62.63% -71.75% 201.85%
Other Long-Term Liabilities $163.3K
YoY Change
Total Long-Term Liabilities $30.36K $30.36K $270.8K
YoY Change -87.59% -88.79% 660.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $448.8K $345.1K $661.0K
Total Long-Term Liabilities $30.36K $30.36K $270.8K
Total Liabilities $479.2K $375.5K $931.7K
YoY Change -44.24% -59.7% 188.43%
SHAREHOLDERS EQUITY
Retained Earnings -$7.603M -$7.390M
YoY Change 10.04%
Common Stock $120.9K $120.2K
YoY Change 23.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.00K $50.00K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $213.5K $127.0K -$630.5K
YoY Change
Total Liabilities & Shareholders Equity $692.7K $502.5K $301.3K
YoY Change 299.92% 66.77% 824.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$213.7K -$156.5K -$302.9K
YoY Change -39.42% -48.33% 195.09%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$157.6K -$90.70K -$88.59K
YoY Change 77.98% 2.38% -17.87%
INVESTING ACTIVITIES
Capital Expenditures $138.0K $168.7K -$109.9K
YoY Change -616.43% -253.52%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$138.0K -$168.7K -$109.9K
YoY Change 416.43% 53.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.3K $274.0K 196.8K
YoY Change 277.91% 39.23% 74.16%
NET CHANGE
Cash From Operating Activities -157.6K -$90.70K -88.59K
Cash From Investing Activities -138.0K -$168.7K -109.9K
Cash From Financing Activities 300.3K $274.0K 196.8K
Net Change In Cash 4.690K $14.60K -1.680K
YoY Change -113.1% -969.05%
FREE CASH FLOW
Cash From Operating Activities -$157.6K -$90.70K -$88.59K
Capital Expenditures $138.0K $168.7K -$109.9K
Free Cash Flow -$295.6K -$259.4K $21.30K
YoY Change 378.18% -1317.84%

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-302921 usd
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
47802 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
184376 usd
CY2022Q1 CLOQ Loss On Settlement With Officer And Director
LossOnSettlementWithOfficerAndDirector
18086 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-21966 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
12949 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-15284 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
18397 usd
CY2023Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
11329 usd
CY2022Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
6421 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-90700 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-88590 usd
CY2023Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
168700 usd
CY2022Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
109885 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-168700 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-109885 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
44000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
87500 usd
CY2022Q1 CLOQ Proceeds From Issuance Of Commonstock To Be Issued
ProceedsFromIssuanceOfCommonstockToBeIssued
60000 usd
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
700 usd
CY2022Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
100000 usd
CY2023Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
230000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
50000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
274000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
196800 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14600 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1675 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4067 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
54295 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18667 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
52620 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
668 usd
CY2023Q1 CLOQ Beneficial Conversion Feature
BeneficialConversionFeature
222500 usd
CY2022Q1 us-gaap Stock Issued1
StockIssued1
100000 usd
CY2022Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
490000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_z3HvtrHFEYL" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_zCyQOdO3wAc5">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 usd
CY2020 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
321725 usd
CY2023Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
451940 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
0 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0 usd
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
0 usd
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
0 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
283240 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
0 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
0 usd
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
14500000 shares
CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3000000 shares
CY2022Q2 us-gaap Payments For Rent
PaymentsForRent
719 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
451940 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7389635 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-156513 usd
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
10000 shares
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
10 usd
CY2022Q1 us-gaap Severance Costs1
SeveranceCosts1
50000 usd
CY2022Q1 CLOQ Gain Loss On Severance Costs
GainLossOnSeveranceCosts
18076 usd
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
500000 shares
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
50000 usd
CY2022Q1 us-gaap Litigation Reserve
LitigationReserve
490000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
500000 shares
CY2022Q1 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
50000 usd
CY2022Q2 us-gaap Payments For Rent
PaymentsForRent
719 usd
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
35000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
35000 usd
CY2023Q1 us-gaap Convertible Subordinated Debt Current
ConvertibleSubordinatedDebtCurrent
290000 usd
CY2022Q4 us-gaap Convertible Subordinated Debt Current
ConvertibleSubordinatedDebtCurrent
60000 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
150000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
150000 usd
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
30000 usd
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
30000 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
42500 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
10000 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
100000 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
50000 usd
CY2023Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
20000 usd

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