2023 Q4 Form 10-Q Financial Statement

#000109690623002186 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $1.594M $1.679M $488.9K
YoY Change 226.02% 99.6% -71.35%
Cost Of Revenue $1.574M $1.226M $801.4K
YoY Change 96.37% -6.44% -69.06%
Gross Profit $20.07K $453.0K -$312.6K
YoY Change -106.42% -196.62% -64.64%
Gross Profit Margin 1.26% 26.99% -63.93%
Selling, General & Admin $1.908M $1.598M $853.0K
YoY Change 123.69% 211.32% -25.14%
% of Gross Profit 9506.58% 352.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.430K $45.33K $402.5K
YoY Change -97.91% -89.24% 43.66%
% of Gross Profit 42.0% 10.01%
Operating Expenses $1.908M $1.598M $853.0K
YoY Change 123.68% 211.32% -25.14%
Operating Profit -$1.888M -$1.145M -$1.166M
YoY Change 61.98% 16.55% -42.4%
Interest Expense -$762.1K $765.9K -$429.0K
YoY Change 77.66% 564.53% 301.38%
% of Operating Profit
Other Income/Expense, Net $22.15K -$765.8K $30.43K
YoY Change -27.21% 447.17% -88.43%
Pretax Income -$11.27M -$1.910M -$6.031M
YoY Change 86.85% 70.27% -46.26%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.33M -$1.910M -$6.071M
YoY Change 86.62% 70.2% -45.76%
Net Earnings / Revenue -710.84% -113.82% -1241.84%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.14 -$0.02 -$0.16
COMMON SHARES
Basic Shares Outstanding 82.21M shares 82.21M shares 36.73M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.74K $1.741M $12.47K
YoY Change 531.44% 1468.34% -94.24%
Cash & Equivalents $78.74K $1.741M $12.47K
Short-Term Investments $0.00
Other Short-Term Assets $20.45K $94.62K $20.13K
YoY Change 1.59% -20.42% -85.09%
Inventory $1.796M $1.865M $0.00
Prepaid Expenses $74.25K $0.00
Receivables $942.2K $712.9K $28.25K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.838M $4.413M $60.85K
YoY Change 4563.61% 1361.47% -90.66%
LONG-TERM ASSETS
Property, Plant & Equipment $156.3K $164.8K $53.57K
YoY Change 191.85% 252.34% 27.15%
Goodwill $8.676M $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $297.3K $297.3K $0.00
YoY Change 48.64% -100.0%
Other Assets $8.910K $55.68K $645.8K
YoY Change -98.62% 19.05% 1432.9%
Total Long-Term Assets $5.459M $15.99M $870.6K
YoY Change 527.1% 172.27% -86.99%
TOTAL ASSETS
Total Short-Term Assets $2.838M $4.413M $60.85K
Total Long-Term Assets $5.459M $15.99M $870.6K
Total Assets $5.459M $15.99M $870.6K
YoY Change 527.1% 172.27% -86.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.019M $2.487M $2.358M
YoY Change 28.03% -1.94% 18.06%
Accrued Expenses $3.828M $3.318M $2.344M
YoY Change 63.34% 56.61% 39.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.272M $3.854M $3.088M
YoY Change 135.48% 180.47% 39.12%
Total Short-Term Liabilities $17.21M $12.45M $8.864M
YoY Change 94.21% 74.0% 21.49%
LONG-TERM LIABILITIES
Long-Term Debt $128.4K $4.072M $978.3K
YoY Change -86.87% 115.49% -25.75%
Other Long-Term Liabilities $1.547M $1.724M $200.8K
YoY Change 670.78% 508.55% -57.76%
Total Long-Term Liabilities $128.4K $4.072M $978.3K
YoY Change -86.87% 115.49% -25.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.21M $12.45M $8.864M
Total Long-Term Liabilities $128.4K $4.072M $978.3K
Total Liabilities $18.89M $18.24M $10.04M
YoY Change 88.1% 95.61% 10.5%
SHAREHOLDERS EQUITY
Retained Earnings -$74.42M -$63.09M -$59.00M
YoY Change 26.15% 19.26% 20.81%
Common Stock $82.21K $82.21K $37.69K
YoY Change 118.12% 143.07% 18.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.43M -$2.252M -$9.172M
YoY Change
Total Liabilities & Shareholders Equity $5.459M $15.99M $870.6K
YoY Change 527.1% 172.27% -86.99%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$11.33M -$1.910M -$6.071M
YoY Change 86.62% 70.2% -45.76%
Depreciation, Depletion And Amortization $8.430K $45.33K $402.5K
YoY Change -97.91% -89.24% 43.66%
Cash From Operating Activities -$1.213M -$3.202M -$31.27K
YoY Change 3779.18% 3803.5% -64.89%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $162.2K $212.1K
YoY Change -100.0% 260.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 $134.1K $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$28.14K -$212.1K
YoY Change -100.0% -162.53% 562.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -449.2K 3.923M 147.1K
YoY Change -405.28% 18841.14% 34.55%
NET CHANGE
Cash From Operating Activities -1.213M -3.202M -31.27K
Cash From Investing Activities 0.000 -28.14K -212.1K
Cash From Financing Activities -449.2K 3.923M 147.1K
Net Change In Cash -1.662M 692.9K -96.21K
YoY Change 1627.66% -4348.44% 722.31%
FREE CASH FLOW
Cash From Operating Activities -$1.213M -$3.202M -$31.27K
Capital Expenditures $0.00 $162.2K $212.1K
Free Cash Flow -$1.213M -$3.364M -$243.3K
YoY Change 398.49% 2548.28%

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<p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Use of Estimates</i></b></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>
CY2022Q3 us-gaap Revenues
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Financial Statement Reclassification</i></b></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>
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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us-gaap Concentration Risk Credit Risk
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<p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Concentration of Credit Risks</i></b></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 September 30, 2023, the Company had $1,491,005 in excess of federally insured limits.</p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
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Revenues
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us-gaap Revenues
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CY2021Q4 us-gaap Stockholders Equity Reverse Stock Split
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the Company effected a reverse split of its outstanding common stock in the ratio of 1-for-15
CY2023Q3 fil Shares Issued As Payment For Accrued Interest Value
SharesIssuedAsPaymentForAccruedInterestValue
405000 usd
CY2023Q3 us-gaap Advertising Expense
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24487 usd
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CY2023Q3 fil Issuance Of Common Stock Pursuant To Business Combination
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45000 usd
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339768 usd
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CY2023Q3 us-gaap Asset Acquisition Contingent Consideration Liability
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CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
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175340 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
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217500 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
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2000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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180000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
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CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q3 us-gaap Property Plant And Equipment Net
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164775 usd
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CY2023Q3 us-gaap Depreciation
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CY2021Q2 us-gaap Notes Payable
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CY2021Q2 fil Outstanding Amount
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158625 usd
CY2021Q2 fil Balance Paid Per Month
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20000 usd
CY2021Q2 fil Total Paid Per Month
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138625 usd
CY2021Q4 us-gaap Debt Instrument Carrying Amount
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250000 usd
CY2021Q4 fil Accrued Interest Rate
AccruedInterestRate
0.12 pure
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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3854300 usd
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CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2023Q3 us-gaap Long Term Debt
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CY2023Q3 us-gaap Notes Payable Current
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CY2023Q1 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
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CY2023Q2 us-gaap Proceeds From Sale Of Real Estate
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2023Q3 us-gaap Assets Held For Sale Long Lived Fair Value Disclosure
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CY2023Q3 fil Due To Related Party
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CY2022Q4 fil Due To Related Party
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CY2021Q4 us-gaap Proceeds From Legal Settlements
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CY2021Q4 fil Monthly Installment
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1250 usd
CY2022Q4 fil Balance Legal Amount Paid During The Period
BalanceLegalAmountPaidDuringThePeriod
32500 usd
CY2023Q3 fil Balance Legal Amount Paid During The Period
BalanceLegalAmountPaidDuringThePeriod
41250 usd

Files In Submission

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cnfn-20230930_def.xml Edgar Link unprocessable
cnfn-20230930_lab.xml Edgar Link unprocessable
cnfn-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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cfn_ex31z1.htm Edgar Link pending
cfn_ex32z1.htm Edgar Link pending
cnfn-20230930.htm Edgar Link pending
cnfn-20230930.xsd Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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