2023 Q3 Form 10-Q Financial Statement

#000109690623001595 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.679M $152.3K
YoY Change 99.6% -89.63%
Cost Of Revenue $1.226M $47.48K
YoY Change -6.44% -97.76%
Gross Profit $453.0K $104.8K
YoY Change -196.62% -116.16%
Gross Profit Margin 26.99% 68.82%
Selling, General & Admin $1.598M $1.703M
YoY Change 211.32% 117.19%
% of Gross Profit 352.66% 1624.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.33K $2.831K
YoY Change -89.24% -99.3%
% of Gross Profit 10.01% 2.7%
Operating Expenses $1.598M $1.703M
YoY Change 211.32% 117.19%
Operating Profit -$1.145M -$1.598M
YoY Change 16.55% 11.54%
Interest Expense $765.9K $37.45K
YoY Change 564.53% -64.69%
% of Operating Profit
Other Income/Expense, Net -$765.8K $142.6K
YoY Change 447.17% -521.25%
Pretax Income -$1.910M -$1.456M
YoY Change 70.27% -0.76%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.910M -$1.456M
YoY Change 70.2% -0.76%
Net Earnings / Revenue -113.82% -955.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02 -$0.04
COMMON SHARES
Basic Shares Outstanding 82.21M shares 40.09M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.741M $1.048M
YoY Change 1468.34% 589.04%
Cash & Equivalents $1.741M $1.048M
Short-Term Investments
Other Short-Term Assets $94.62K $20.28K
YoY Change -20.42% -83.24%
Inventory $1.865M $0.00
Prepaid Expenses $74.25K
Receivables $712.9K $36.10K
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.413M $1.105M
YoY Change 1361.47% 188.44%
LONG-TERM ASSETS
Property, Plant & Equipment $164.8K $47.91K
YoY Change 252.34% 2.19%
Goodwill $8.676M
YoY Change
Intangibles
YoY Change
Long-Term Investments $297.3K
YoY Change 48.64%
Other Assets $55.68K $55.68K
YoY Change 19.05% 18.77%
Total Long-Term Assets $15.99M $1.477M
YoY Change 172.27% -77.18%
TOTAL ASSETS
Total Short-Term Assets $4.413M $1.105M
Total Long-Term Assets $15.99M $1.477M
Total Assets $15.99M $1.477M
YoY Change 172.27% -77.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.487M $2.318M
YoY Change -1.94% -3.64%
Accrued Expenses $3.318M $2.437M
YoY Change 56.61% 29.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.854M $3.795M
YoY Change 180.47% 116.6%
Total Short-Term Liabilities $12.45M $9.459M
YoY Change 74.0% 37.75%
LONG-TERM LIABILITIES
Long-Term Debt $4.072M $746.2K
YoY Change 115.49% -54.14%
Other Long-Term Liabilities $1.724M $223.8K
YoY Change 508.55% -60.46%
Total Long-Term Liabilities $4.072M $746.2K
YoY Change 115.49% -54.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.45M $9.459M
Total Long-Term Liabilities $4.072M $746.2K
Total Liabilities $18.24M $10.43M
YoY Change 95.61% 15.11%
SHAREHOLDERS EQUITY
Retained Earnings -$63.09M -$61.12M
YoY Change 19.26% 18.17%
Common Stock $82.21K $41.71K
YoY Change 143.07% 23.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.252M -$8.952M
YoY Change
Total Liabilities & Shareholders Equity $15.99M $1.477M
YoY Change 172.27% -77.18%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.910M -$1.456M
YoY Change 70.2% -0.76%
Depreciation, Depletion And Amortization $45.33K $2.831K
YoY Change -89.24% -99.3%
Cash From Operating Activities -$3.202M $22.00K
YoY Change 3803.5% -101.74%
INVESTING ACTIVITIES
Capital Expenditures $162.2K $0.00
YoY Change 260.44% -100.0%
Acquisitions
YoY Change
Other Investing Activities $134.1K $608.3K
YoY Change
Cash From Investing Activities -$28.14K $608.3K
YoY Change -162.53% -483.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.923M 399.3K
YoY Change 18841.14% -72.29%
NET CHANGE
Cash From Operating Activities -3.202M 22.00K
Cash From Investing Activities -28.14K 608.3K
Cash From Financing Activities 3.923M 399.3K
Net Change In Cash 692.9K 1.030M
YoY Change -4348.44% 6838.07%
FREE CASH FLOW
Cash From Operating Activities -$3.202M $22.00K
Capital Expenditures $162.2K $0.00
Free Cash Flow -$3.364M $22.00K
YoY Change 2548.28% -101.98%

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NonControllingInterest
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
8910 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
351937 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
540235 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5349 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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fil Payments Made In Advance Of Securities Date
PaymentsMadeInAdvanceOfSecuritiesDate
32500 usd
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Increase Decrease In Assets Held For Sale
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us-gaap Increase Decrease In Assets Held For Sale
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fil Purchase Of Property And Equipment Net
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
608300 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
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us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
5443 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1175000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1233000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
531056 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
15206 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
350000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
210000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
991825 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1433237 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1035848 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32602 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190029 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1068450 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
145118 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12474 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
170015 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
20128 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
20014 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
32602 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
190029 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1048166 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
125095 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
20284 usd
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
20023 usd
CY2023Q2 fil Cash And Restricted Cash At End Of Period
CashAndRestrictedCashAtEndOfPeriod
1068450 usd
CY2022Q2 fil Cash And Restricted Cash At End Of Period
CashAndRestrictedCashAtEndOfPeriod
145118 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Interest Paid
InterestPaid
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us-gaap Interest Paid
InterestPaid
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fil Conversion Of Accrued Preferred Stock Interest Into Shares
ConversionOfAccruedPreferredStockInterestIntoShares
405000 usd
fil Conversion Of Accrued Preferred Stock Interest Into Shares
ConversionOfAccruedPreferredStockInterestIntoShares
0 usd
fil Right Of Use Asset And Liability
RightOfUseAssetAndLiability
187863 usd
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RightOfUseAssetAndLiability
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fil Warrants Issued With Promissory Notes
WarrantsIssuedWithPromissoryNotes
185788 usd
fil Warrants Issued With Promissory Notes
WarrantsIssuedWithPromissoryNotes
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fil Accrual Of Preferred Stock Interest
AccrualOfPreferredStockInterest
120000 usd
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AccrualOfPreferredStockInterest
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ConversionOfNotesIntoCommonStock
0 usd
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ConversionOfNotesIntoCommonStock
415875 usd
fil Purchase Of Property And Equipment With Common Stock
PurchaseOfPropertyAndEquipmentWithCommonStock
0 usd
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PurchaseOfPropertyAndEquipmentWithCommonStock
700000 usd
fil Purchase Of Property And Equipment With Accounts And Notes Payable
PurchaseOfPropertyAndEquipmentWithAccountsAndNotesPayable
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PurchaseOfPropertyAndEquipmentWithAccountsAndNotesPayable
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fil Settlement Of Accounts Payable With Sale Of Equipment
SettlementOfAccountsPayableWithSaleOfEquipment
0 usd
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SettlementOfAccountsPayableWithSaleOfEquipment
212067 usd
CY2019Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
3000000 usd
CY2023Q2 fil Working Capital Deficit
WorkingCapitalDeficit
8354673 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-61123034 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2006934 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;text-align:justify">Use of Estimates</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The preparation of consolidated financial statements in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reporting amounts of revenues and expenses during the reported period. Actual results will differ from those estimates. Included in these estimates are assumptions about collection of accounts receivable, useful life of fixed assets and intangible assets, borrowing rate considered for operating lease right-of-use asset and related operating lease liability, and assumptions used in Black-Scholes valuation methods, such as expected volatility, risk-free interest rate, and expected dividend rate.</p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font:10pt Times New Roman;margin:0;text-align:justify">Financial Statement Reclassification</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Certain account balances from prior periods have been reclassified in these consolidated financial statements to conform to current period classifications.</p>
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
454012 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
470532 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font:10pt Times New Roman;margin:0;text-align:justify">Concentration of Credit Risks</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company is subject to concentrations of credit risk primarily from cash and cash equivalents and accounts receivable.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company’s cash and restricted cash accounts are held at a financial institution and are insured by the Federal Deposit Insurance Corporation, or the FDIC, up to $250,000. From time-to-time, the Company’s bank balances exceed the FDIC insurance limit. To reduce its risk associated with the failure of such financial institutions, the Company periodically evaluates the credit quality of the financial institution in which it holds deposits. As of June 30, 2023, the Company had $798,166 in excess of federally insured limits.</p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Advertising Expense
AdvertisingExpense
27969 usd
us-gaap Advertising Expense
AdvertisingExpense
18411 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11202 usd
CY2022 us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
339768 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64773 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64772 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16866 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
47907 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53570 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
3276193 usd
CY2023Q2 us-gaap Depreciation
Depreciation
2831 usd
CY2022Q2 us-gaap Depreciation
Depreciation
407252 usd
us-gaap Depreciation
Depreciation
5664 usd
us-gaap Depreciation
Depreciation
788452 usd
CY2021Q2 us-gaap Notes Payable
NotesPayable
2957000 usd
CY2021Q2 fil Outstanding Amount
OutstandingAmount
158625 usd
CY2021Q2 fil Balance Paid Per Month
BalancePaidPerMonth
20000 usd
CY2021Q2 fil Total Paid Per Month
TotalPaidPerMonth
138625 usd
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
250000 usd
CY2021Q4 fil Accrued Interest Rate
AccruedInterestRate
0.12 pure
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3794914 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
565814 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
50882 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
23702 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
105783 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
4541094 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
3794914 usd
CY2021Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Company effected a reverse split of its outstanding common stock in the ratio of 1-for-15
CY2023Q2 fil Shares Issued As Payment For Accrued Interest Value
SharesIssuedAsPaymentForAccruedInterestValue
405000 usd
CY2023Q2 fil Payments In Advance Of Securities Date
PaymentsInAdvanceOfSecuritiesDate
0 usd
CY2022Q4 fil Payments In Advance Of Securities Date
PaymentsInAdvanceOfSecuritiesDate
217500 usd
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Dividends Paidinkind
DividendsPaidinkind
120000 usd
us-gaap Dividends Paidinkind
DividendsPaidinkind
120000 usd
CY2022 us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
339768 usd
fil Right Of Use Asset And Liability
RightOfUseAssetAndLiability
187863 usd
CY2023Q1 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
AssetsHeldForSaleLongLivedFairValueDisclosure
599047 usd
CY2023Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
699000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
9253 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
13219 usd
CY2023Q2 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
AssetsHeldForSaleLongLivedFairValueDisclosure
0 usd
CY2022Q4 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
AssetsHeldForSaleLongLivedFairValueDisclosure
599047 usd
CY2023Q2 fil Due To Related Party
DueToRelatedParty
501140 usd
CY2022Q4 fil Due To Related Party
DueToRelatedParty
503259 usd
CY2021Q4 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
100000 usd
CY2021Q4 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
40000 usd
CY2021Q4 fil Monthly Installment
MonthlyInstallment
1250 usd
CY2023Q2 fil Balance Legal Amount Paid During The Period
BalanceLegalAmountPaidDuringThePeriod
32500 usd
CY2022Q4 fil Balance Legal Amount Paid During The Period
BalanceLegalAmountPaidDuringThePeriod
41250 usd

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