2024 Q3 Form 10-Q Financial Statement

#000109690624001665 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $6.772M $5.894M
YoY Change 303.42% 3769.94%
Cost Of Revenue $2.395M $4.878M
YoY Change 95.42% 10172.94%
Gross Profit $4.377M $1.016M
YoY Change 866.09% 869.27%
Gross Profit Margin 64.63% 17.24%
Selling, General & Admin $2.740M $1.547M
YoY Change 71.52% -9.17%
% of Gross Profit 62.61% 152.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.16K $9.478K
YoY Change -77.58% 234.79%
% of Gross Profit 0.23% 0.93%
Operating Expenses $2.740M $1.547M
YoY Change 71.52% -9.17%
Operating Profit $1.636M -$531.0K
YoY Change -242.96% -66.78%
Interest Expense $663.5K $720.4K
YoY Change -13.37% 1823.7%
% of Operating Profit 40.55%
Other Income/Expense, Net -$663.5K -$720.4K
YoY Change -13.37% -605.14%
Pretax Income -$1.251M
YoY Change -14.04%
Income Tax
% Of Pretax Income
Net Earnings $972.9K -$1.251M
YoY Change -150.92% -14.04%
Net Earnings / Revenue 14.37% -21.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.02
COMMON SHARES
Basic Shares Outstanding 82.21M shares 82.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.4K
YoY Change -78.49%
Cash & Equivalents $263.7K $225.4K
Short-Term Investments
Other Short-Term Assets $20.60K
YoY Change 1.58%
Inventory $4.237M $1.865M
Prepaid Expenses
Receivables $2.360M $1.701M
Other Receivables $0.00
Total Short-Term Assets $6.861M $3.811M
YoY Change 55.45% 245.06%
LONG-TERM ASSETS
Property, Plant & Equipment $167.6K $164.4K
YoY Change 1.7% 243.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $297.3K
YoY Change
Other Assets $8.810K
YoY Change -84.18%
Total Long-Term Assets $9.052M $6.142M
YoY Change -43.39% 315.92%
TOTAL ASSETS
Total Short-Term Assets $6.861M $3.811M
Total Long-Term Assets $9.052M $6.142M
Total Assets $6.142M
YoY Change 315.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.794M $4.440M
YoY Change 132.96% 91.54%
Accrued Expenses $6.238M $5.530M
YoY Change 87.99% 126.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $7.362M
YoY Change 94.01%
Total Short-Term Liabilities $21.72M $19.75M
YoY Change 74.54% 108.8%
LONG-TERM LIABILITIES
Long-Term Debt $128.4K $127.0K
YoY Change -96.85% -82.98%
Other Long-Term Liabilities $1.584M
YoY Change 607.81%
Total Long-Term Liabilities $128.4K $127.0K
YoY Change -96.85% -82.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.72M $19.75M
Total Long-Term Liabilities $128.4K $127.0K
Total Liabilities $23.46M $21.46M
YoY Change 28.6% 105.79%
SHAREHOLDERS EQUITY
Retained Earnings -$75.53M -$76.44M
YoY Change 19.71% 25.06%
Common Stock $82.21K $82.21K
YoY Change 0.0% 97.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.32M
YoY Change
Total Liabilities & Shareholders Equity $9.052M $6.142M
YoY Change -43.39% 315.92%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $972.9K -$1.251M
YoY Change -150.92% -14.04%
Depreciation, Depletion And Amortization $10.16K $9.478K
YoY Change -77.58% 234.79%
Cash From Operating Activities $75.26K
YoY Change 242.09%
INVESTING ACTIVITIES
Capital Expenditures $19.27K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$19.27K
YoY Change -103.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.45K
YoY Change -95.88%
NET CHANGE
Cash From Operating Activities 75.26K
Cash From Investing Activities -19.27K
Cash From Financing Activities 16.45K
Net Change In Cash 72.44K
YoY Change -92.96%
FREE CASH FLOW
Cash From Operating Activities $75.26K
Capital Expenditures $19.27K
Free Cash Flow $55.99K
YoY Change 154.5%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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246015 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1068450 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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CY2022Q4 us-gaap Restricted Cash
RestrictedCash
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CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1048166 usd
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
20600 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
20284 usd
CY2024Q2 fil Cash And Restricted Cash At End Of Period
CashAndRestrictedCashAtEndOfPeriod
246015 usd
CY2023Q2 fil Cash And Restricted Cash At End Of Period
CashAndRestrictedCashAtEndOfPeriod
1068450 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Interest Paid
InterestPaid
192500 usd
us-gaap Interest Paid
InterestPaid
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fil Accrual Of Preferred Stock Interest
AccrualOfPreferredStockInterest
120000 usd
fil Accrual Of Preferred Stock Interest
AccrualOfPreferredStockInterest
120000 usd
fil Warrants Issued With Promissory Notes
WarrantsIssuedWithPromissoryNotes
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fil Warrants Issued With Promissory Notes
WarrantsIssuedWithPromissoryNotes
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fil Right Of Use Asset And Liability
RightOfUseAssetAndLiability
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RightOfUseAssetAndLiability
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ConversionOfAccruedPreferredStockInterestIntoShares
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ConversionOfAccruedPreferredStockInterestIntoShares
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CY2019Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
3000000 usd
CY2024Q2 fil Working Capital Deficit
WorkingCapitalDeficit
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CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2024Q2 us-gaap Inventory Net
InventoryNet
1864703 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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.</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"><b><i>Concentrations</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 had two customers which accounted for 39% of accounts receivable as of June 30, 2024.  During the three and six months ended June 30, 2024, one customer accounted for 52% and 33% of the Company’s revenues, respectively. The Company may be negatively affected by the loss of one of these customers.</p>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q2 us-gaap Revenues
Revenues
5893962 usd
CY2023Q2 us-gaap Revenues
Revenues
152301 usd
us-gaap Revenues
Revenues
9738554 usd
us-gaap Revenues
Revenues
265259 usd
CY2024Q2 us-gaap Loans Payable Current
LoansPayableCurrent
1000000 usd
CY2024Q2 fil Issuance Of Common Stock Pursuant To Business Combination
IssuanceOfCommonStockPursuantToBusinessCombination
8000000 usd
CY2024Q2 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
208000 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
9208000 usd
CY2024Q2 fil Issuance Of Common Stock Pursuant To Business Combination
IssuanceOfCommonStockPursuantToBusinessCombination
8000000 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
134060 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
175340 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
297269 usd
CY2024Q2 fil Business Combination Recognized Identifiable Assets Acquired Andliabilities Assumed Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndliabilitiesAssumedGoodwill
8676430 usd
CY2024Q2 fil Business Combination Recognized Identifiable Assets Acquired Andliabilities Assumed Right Of Use Asset
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndliabilitiesAssumedRightOfUseAsset
2272059 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
48430 usd
CY2024Q2 fil Business Combination Recognized Identifiable Assets Acquired Andliabilities Assumed Right Of Use Liability Current
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndliabilitiesAssumedRightOfUseLiabilityCurrent
-538243 usd
CY2024Q2 fil Business Combination Recognized Identifiable Assets Acquired Andliabilities Assumed Right Of Use Liability Noncurrent
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndliabilitiesAssumedRightOfUseLiabilityNoncurrent
-1760485 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
9208000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2459000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2282313 usd
fil Business Acquisition Proforma Earnings Per Share
BusinessAcquisitionProformaEarningsPerShare
-0.06
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
252952 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
226973 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
88540 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
70630 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
164412 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
156343 usd
CY2024Q2 us-gaap Depreciation
Depreciation
9478 usd
CY2023Q2 us-gaap Depreciation
Depreciation
2831 usd
us-gaap Depreciation
Depreciation
17910 usd
us-gaap Depreciation
Depreciation
5664 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
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7362408 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8772 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8772 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
8772 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
100665 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
7489389 usd
CY2024Q2 us-gaap Notes Payable Current
NotesPayableCurrent
7362408 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2024Q2 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
fil Right Of Use Asset And Liability
RightOfUseAssetAndLiability
187863 usd
CY2024Q2 fil Right Of Use Asset
RightOfUseAsset
1860574 usd
CY2023Q4 fil Right Of Use Asset
RightOfUseAsset
2159043 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
394726 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
822259 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1584214 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1547410 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1978940 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2369669 usd
CY2024Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.10 pure
CY2023Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.10 pure
CY2024Q2 fil Due To Related Party
DueToRelatedParty
501140 usd
CY2023Q4 fil Due To Related Party
DueToRelatedParty
501140 usd
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
130167 usd

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