$CNFN
CFN Enterprises Inc.

2019 Q1 Form 10-Q Financial Statement

#000143774919010492 Filed on May 20, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $5.047M $5.993M
YoY Change -17.13% 0.6%
Cost Of Revenue $2.210M $2.354M
YoY Change -8.28% 52.32%
Gross Profit $2.836M $3.639M
YoY Change -22.92% -17.51%
Gross Profit Margin 56.2% 60.72%
Selling, General & Admin $289.0K $2.963M $3.170M
YoY Change -90.88% -3.81% 64.59%
% of Gross Profit 104.45% 87.12%
Research & Development $779.2K $0.00 $1.123M
YoY Change -30.59% -100.0% 7.62%
% of Gross Profit 0.0% 30.85%
Depreciation & Amortization $0.00 $142.4K $119.1K
YoY Change -100.0% 42.37% -29.56%
% of Gross Profit 5.02% 3.27%
Operating Expenses $289.0K $8.709M $4.293M
YoY Change -93.27% 103.96% 2.56%
Operating Profit -$289.0K -$5.872M -$654.1K
YoY Change -55.82% 895.33% -390.03%
Interest Expense -$761.4K $0.00
YoY Change 117.55% -100.0%
% of Operating Profit
Other Income/Expense, Net $56.00 $0.00 -$602.4K
YoY Change -100.01% 114.55%
Pretax Income -$288.9K -$6.634M -$460.0K
YoY Change -37.19% 525.83% 666.67%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.014M -$6.634M -$1.256M
YoY Change -19.33% 525.83% 2175.2%
Net Earnings / Revenue -131.44% -20.97%
Basic Earnings Per Share -$0.02 -$0.02
Diluted Earnings Per Share -$0.02 -$100.2K -$0.02
COMMON SHARES
Basic Shares Outstanding 66.18M 65.94M
Diluted Shares Outstanding 66.18M 65.94M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $544.4K $27.30K $810.0K
YoY Change -32.8% -83.94% 58.82%
Cash & Equivalents $544.3K $27.30K $805.9K
Short-Term Investments
Other Short-Term Assets $215.7K $2.386M $500.0K
YoY Change -56.87% 297.72% -15.25%
Inventory
Prepaid Expenses
Receivables $2.233M $2.856M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.993M $2.414M $4.157M
YoY Change -28.02% -30.2% 21.39%
LONG-TERM ASSETS
Property, Plant & Equipment $42.13K $82.04K
YoY Change -48.65% -97.5%
Goodwill
YoY Change
Intangibles $0.00 $4.196M
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $109.8K $108.2K $125.9K
YoY Change -12.82% -12.11% 21.78%
Total Long-Term Assets $1.656M $160.2K $4.403M
YoY Change -62.4% -96.11% 29.86%
TOTAL ASSETS
Total Short-Term Assets $2.993M $2.414M $4.157M
Total Long-Term Assets $1.656M $160.2K $4.403M
Total Assets $4.648M $2.574M $8.561M
YoY Change -45.7% -66.03% 25.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.112M $0.00 $2.240M
YoY Change 83.59% -100.0% 17.28%
Accrued Expenses $296.5K $0.00
YoY Change
Deferred Revenue $239.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $2.902M $0.00 $3.240M
YoY Change -10.42% -100.0% 45.95%
Total Short-Term Liabilities $7.550M $6.861M $5.962M
YoY Change 26.63% -2.8% 27.64%
LONG-TERM LIABILITIES
Long-Term Debt $9.413M $6.840M
YoY Change 37.62% 51.33%
Other Long-Term Liabilities $531.3K $637.5K $956.3K
YoY Change -44.44% -40.0% -30.77%
Total Long-Term Liabilities $531.3K $637.5K $956.3K
YoY Change -44.44% -40.0% -30.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.550M $6.861M $5.962M
Total Long-Term Liabilities $531.3K $637.5K $956.3K
Total Liabilities $18.86M $16.05M $13.76M
YoY Change 37.04% 25.44% 30.21%
SHAREHOLDERS EQUITY
Retained Earnings -$43.97M -$42.96M -$32.80M
YoY Change 34.07% 36.2% 12.43%
Common Stock $66.18K $66.18K $65.94K
YoY Change 0.37% 0.37% 1.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.21M -$13.47M -$5.199M
YoY Change
Total Liabilities & Shareholders Equity $4.648M $2.574M $8.561M
YoY Change -45.7% -66.03% 25.6%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income -$1.014M -$6.634M -$1.256M
YoY Change -19.33% 525.83% 2175.2%
Depreciation, Depletion And Amortization $0.00 $142.4K $119.1K
YoY Change -100.0% 42.37% -29.56%
Cash From Operating Activities $374.1K -$691.0K -$1.100M
YoY Change -134.02% 35.48% 66.74%
INVESTING ACTIVITIES
Capital Expenditures -$4.440K $13.40K
YoY Change -77.8% 36.77%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$228.6K -$380.0K
YoY Change -100.0% -36.5% -25.49%
Cash From Investing Activities -$233.0K -$388.4K
YoY Change -40.24% -25.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K -841.6K 2.110M
YoY Change -93.36% -295.72% 15582.0%
NET CHANGE
Cash From Operating Activities 374.1K -691.0K -1.100M
Cash From Investing Activities -233.0K -388.4K
Cash From Financing Activities 140.0K -841.6K 2.110M
Net Change In Cash 517.1K -1.766M 639.0K
YoY Change -19.08% 275.66% -154.59%
FREE CASH FLOW
Cash From Operating Activities $374.1K -$691.0K -$1.100M
Capital Expenditures -$4.440K $13.40K
Free Cash Flow $374.1K -$686.5K -$1.113M
YoY Change -133.61% 40.11% 66.3%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risks</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">The Company is subject to concentrations of credit risk primarily from cash and cash equivalents and accounts receivable.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">The Company&#x2019;s cash and cash equivalents accounts are held at a financial institution and are insured by the Federal Deposit Insurance Corporation, or the FDIC, up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company has reached bank balances exceeding 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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">The Company's accounts receivable are due from customers, generally located in the United States, Europe, Asia, and Canada. The Company had a customer who accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17%</div> of its accounts receivable at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.&nbsp;&nbsp;</div>The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require any collateral from its customers.</div></div></div></div></div></div></div>
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Liabilities
16047027
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4648314
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
7550108
CY2018Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
373257
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
407074
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
373257
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
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CY2019Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
2902259
CY2018Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
3399240
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-388402
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
374140
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1099773
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1013637
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-725117
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-602354
CY2019Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
403580
CY2018Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
386686
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
3284969
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
4292993
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-288520
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-654105
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1659211
CY2018Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
296461
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1362750
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1503669
CY2018Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13402
CY2018Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
375000
CY2019Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
165658
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
109766
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
108211
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2931
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
17630
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
17630
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2931
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2931
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
17630
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
531250
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
637500
CY2019Q1 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
2341009
CY2018Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
2273402
CY2019Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
725173
CY2018Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
603115
CY2019Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
56
CY2018Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
761
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
254760
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
499980
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
3771600
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
829848
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
835310
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42130
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52035
CY2019Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
35952
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-235441
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1000000
CY2019Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
360000
CY2018Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
662058
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
779248
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1122623
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
50000
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
50000
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
50000
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
50000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
50000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
50000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-43973761
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-42960124
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4825822
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5992748
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
856439
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1170484
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
102500
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
45000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.39
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.40
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
6578
CY2018Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
8303
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-14208876
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-13473175
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-5216538
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-5199320
CY2017Q4 us-gaap Subordinated Debt
SubordinatedDebt
625000
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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, borrowing rate considered for operating lease right-of-use asset and related operating lease liability, and assumptions used in Black-Scholes-Merton, or BSM, valuation methods, such as expected volatility, risk-free interest rate, and expected dividend rate.</div></div></div></div></div></div></div>
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66179709
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65939709
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
66179709
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
65939709
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66179709
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65939709

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