2024 Q1 Form 10-K Financial Statement

#000149315224009955 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $467.9K $3.555M $6.812M
YoY Change -22.28% 153.67% -80.09%
Cost Of Revenue $234.5K $2.968M $4.185M
YoY Change -53.31% 475.42% -23.65%
Gross Profit $233.3K $587.3K $2.627M
YoY Change 134.01% -33.69% -90.86%
Gross Profit Margin 49.88% 16.52% 38.57%
Selling, General & Admin $4.482M $5.921M $21.14M
YoY Change -5.04% -10.02% -2.16%
% of Gross Profit 1920.94% 1008.1% 804.7%
Research & Development $5.680M $6.179M $22.96M
YoY Change 13.28% 30.37% 31.68%
% of Gross Profit 2433.98% 1051.98% 874.07%
Depreciation & Amortization $330.6K $312.9K $1.230M
YoY Change 4.61% 4.77% -4.07%
% of Gross Profit 141.66% 53.27% 46.84%
Operating Expenses $10.49M $12.41M $45.33M
YoY Change 4.4% 6.83% -18.64%
Operating Profit -$10.26M -$11.83M -$42.71M
YoY Change 3.1% 10.18% 58.29%
Interest Expense $519.9K $1.428M $3.506M
YoY Change -42.1% 456.03% 844.72%
% of Operating Profit
Other Income/Expense, Net $970.1K $4.596M
YoY Change -49.88% -43.49%
Pretax Income -$9.289M -$10.84M -$38.11M
YoY Change 15.9% -56.71% 102.21%
Income Tax $22.76K $3.834M -$2.778M
% Of Pretax Income
Net Earnings -$9.312M -$14.68M -$35.33M
YoY Change 61.8% -33.0% 148.15%
Net Earnings / Revenue -1990.37% -412.82% -518.68%
Basic Earnings Per Share -$0.31 -$1.20
Diluted Earnings Per Share -$0.31 -$0.50 -$1.20
COMMON SHARES
Basic Shares Outstanding 31.26M shares 30.58M shares 29.35M shares
Diluted Shares Outstanding 29.84M shares 29.35M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.96M $58.55M $58.55M
YoY Change -33.63% -27.95% -27.95%
Cash & Equivalents $23.10M $14.92M
Short-Term Investments $26.86M $43.63M $43.63M
Other Short-Term Assets $1.750M $1.597M $1.597M
YoY Change 91.69% 109.82% 109.82%
Inventory $1.550M $1.665M $1.665M
Prepaid Expenses
Receivables $434.9K $303.9K $303.9K
Other Receivables $0.00 $26.95K $26.95K
Total Short-Term Assets $53.70M $62.14M $62.14M
YoY Change -37.5% -32.99% -32.99%
LONG-TERM ASSETS
Property, Plant & Equipment $3.183M $3.036M $6.003M
YoY Change 26.81% 19.54% 106.16%
Goodwill
YoY Change
Intangibles $26.33M $26.40M
YoY Change -1.25% -1.36%
Long-Term Investments $702.4K $773.4K $773.4K
YoY Change -26.06% 14.97% 14.97%
Other Assets
YoY Change
Total Long-Term Assets $32.97M $33.18M $33.18M
YoY Change 6.11% 9.31% 9.31%
TOTAL ASSETS
Total Short-Term Assets $53.70M $62.14M $62.14M
Total Long-Term Assets $32.97M $33.18M $33.18M
Total Assets $86.67M $95.32M $95.32M
YoY Change -25.92% -22.56% -22.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.028M $1.482M $1.482M
YoY Change 144.34% 55.64% 55.63%
Accrued Expenses $1.325M $2.173M $3.011M
YoY Change -11.24% 132.54% 144.5%
Deferred Revenue $306.5K $362.4K
YoY Change 1591.37%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.270M $5.748M $5.748M
YoY Change 45.97% 48.38% 48.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.049M $3.559M $3.559M
YoY Change 19.39% 56.47% 56.47%
Total Long-Term Liabilities $3.049M $3.559M $3.559M
YoY Change 10.58% -24.15% 56.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.270M $5.748M $5.748M
Total Long-Term Liabilities $3.049M $3.559M $3.559M
Total Liabilities $8.318M $9.307M $9.307M
YoY Change 30.65% 8.65% 8.65%
SHAREHOLDERS EQUITY
Retained Earnings -$4.714M $4.598M
YoY Change -113.79% -88.48%
Common Stock $36.13K $36.11K
YoY Change 3.74% 3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.58M $15.58M
YoY Change 6.0% 9.6%
Treasury Stock Shares
Shareholders Equity $78.35M $86.01M $86.01M
YoY Change
Total Liabilities & Shareholders Equity $86.67M $95.32M $95.32M
YoY Change -25.92% -22.56% -22.56%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$9.312M -$14.68M -$35.33M
YoY Change 61.8% -33.0% 148.15%
Depreciation, Depletion And Amortization $330.6K $312.9K $1.230M
YoY Change 4.61% 4.77% -4.07%
Cash From Operating Activities -$8.490M -$4.779M -$22.08M
YoY Change 54.39% 19.17% -436.17%
INVESTING ACTIVITIES
Capital Expenditures $402.3K $464.6K $1.365M
YoY Change 123.57% 58.41% -4.36%
Acquisitions
YoY Change
Other Investing Activities $17.08M $10.08M $16.75M
YoY Change -263.35% -119.01% -129.53%
Cash From Investing Activities $16.67M $9.615M $15.39M
YoY Change -256.8% -118.04% -126.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.364M
YoY Change -90.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -159.7K -$1.364M
YoY Change -86.89% -90.28%
NET CHANGE
Cash From Operating Activities -$8.490M -4.779M -$22.08M
Cash From Investing Activities $16.67M 9.615M $15.39M
Cash From Financing Activities -159.7K -$1.364M
Net Change In Cash $8.182M 4.677M -$8.057M
YoY Change -149.25% -107.99% -87.72%
FREE CASH FLOW
Cash From Operating Activities -$8.490M -$4.779M -$22.08M
Capital Expenditures $402.3K $464.6K $1.365M
Free Cash Flow -$8.893M -$5.243M -$23.45M
YoY Change 56.58% 21.85% -556.06%

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<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zgfVcYfuqaVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zZMBHjoqHgu1">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts have been reclassified to conform with the current year’s presentation. These reclassifications have no impact on the previously reported results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_z3uady2vZ1H1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zpxT2VGITII6">Concentrations Risk and Significant Customers</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company had certain customers which were each responsible for generating <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zeWhSgluJF3a" title="Concentration risk percentage"><span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zjPJNOTSiCGi" title="Concentration risk percentage">10</span></span>% or more of the total revenue for the years ended December 31, 2023 and 2022, respectively. Two customers accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--TwoCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zvaMjr3yRLV9" title="Concentration risk percentage">28</span>% of product revenue for the year ended December 31, 2023 and one customer accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zxx0kXFeHxH7" title="Concentration risk percentage">37</span>% of product revenue for the year ended December 31, 2022. One granting agency accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--OneGrantingAgencyMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z0UiTEgdSQP8" title="Concentration risk percentage">100</span>% of grant revenue for the year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0pt; 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Three customers accounted for more than <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--TwoCustomersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_z5HhCKDJFR9h" title="Concentration risk percentage"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--TwoCustomersMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zB4AiwtztUO5" title="Concentration risk percentage">10</span></span>% of accounts receivable at December 31, 2023 and 2022, respectively. These customers together accounted for approximately <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomersTogetherMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zcVLqDdo9Oll" title="Concentration risk percentage">97</span>% and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomersTogetherMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zkFZiWlLg7dj" title="Concentration risk percentage">61</span>% of accounts receivable at December 31, 2023 and 2022, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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