2022 Q3 Form 10-Q Financial Statement

#000149315222023592 Filed on August 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $252.7K $151.9K $214.2K
YoY Change 131.33% 38.38% 5391.28%
Cost Of Revenue $94.53K $82.43K $273.8K
YoY Change
Gross Profit $158.2K $69.44K -$59.64K
YoY Change 44.8% -36.73%
Gross Profit Margin 62.6% 45.72% -27.85%
Selling, General & Admin $487.2K $1.405M $698.1K
YoY Change -6.19% 93.39% 25.24%
% of Gross Profit 307.97% 2024.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.71K $32.71K $10.01K
YoY Change
% of Gross Profit 20.67% 47.11%
Operating Expenses $530.8K $1.449M $708.1K
YoY Change 2.19% 93.4% 27.03%
Operating Profit -$372.6K -$1.380M -$767.7K
YoY Change -9.16% 115.73%
Interest Expense $47.29K $600.3K -$4.210K
YoY Change -1223.18% 14446.09% 9.07%
% of Operating Profit
Other Income/Expense, Net $4.100K $66.77K $218.5K
YoY Change -96.98% -91.6% 333.27%
Pretax Income -$415.7K -$1.913M -$553.4K
YoY Change 49.29% -1366.05% 9.17%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$415.7K -$1.913M -$553.4K
YoY Change 49.29% -1366.05% 9.17%
Net Earnings / Revenue -164.5% -1259.7% -258.4%
Basic Earnings Per Share -$0.02 -$0.08
Diluted Earnings Per Share -$17.80K -$83.18K -$24.97K
COMMON SHARES
Basic Shares Outstanding 23.15M shares 23.00M shares
Diluted Shares Outstanding 23.36M shares 23.00M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.06K $19.21K $75.70K
YoY Change -47.8% -96.46% 187.5%
Cash & Equivalents $86.06K $19.21K $75.70K
Short-Term Investments
Other Short-Term Assets $1.077M $18.83K $86.18K
YoY Change 774.51%
Inventory
Prepaid Expenses $119.4K $18.83K $86.18K
Receivables
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.163M $38.04K $161.9K
YoY Change 303.73% -92.99% 435.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $740.5K $740.5K $740.5K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $989.9K
YoY Change
Total Long-Term Assets $1.325M $2.326M $1.358M
YoY Change -0.11% 75.3%
TOTAL ASSETS
Total Short-Term Assets $1.163M $38.04K $161.9K
Total Long-Term Assets $1.325M $2.326M $1.358M
Total Assets $2.488M $2.364M $1.520M
YoY Change 54.07% 26.48% 4927.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.132M $2.007M $1.934M
YoY Change 20.09% 11.8% 0.2%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.577M $2.311M $444.5K
YoY Change 472.66% 413.56% 48.17%
Total Short-Term Liabilities $4.709M $4.339M $2.378M
YoY Change 111.61% 93.27% 6.49%
LONG-TERM LIABILITIES
Long-Term Debt $139.1K $139.1K $157.4K
YoY Change -11.61% -34.03% -18.29%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $139.1K $139.1K $157.4K
YoY Change -11.61% -34.03% -18.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.709M $4.339M $2.378M
Total Long-Term Liabilities $139.1K $139.1K $157.4K
Total Liabilities $4.848M $4.478M $2.536M
YoY Change 103.47% 82.34% 4.53%
SHAREHOLDERS EQUITY
Retained Earnings -$38.69M -$38.27M -$33.87M
YoY Change
Common Stock $36.33M $36.15M $32.85M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.360M -$2.114M -$1.016M
YoY Change
Total Liabilities & Shareholders Equity $2.488M $2.364M $1.520M
YoY Change 54.07% 26.48% 4927.61%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$415.7K -$1.913M -$553.4K
YoY Change 49.29% -1366.05% 9.17%
Depreciation, Depletion And Amortization $32.71K $32.71K $10.01K
YoY Change
Cash From Operating Activities -$178.1K -$392.7K -$647.0K
YoY Change -52.81% -143.83% 635.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $563.3K
YoY Change
Cash From Investing Activities $0.00 $0.00 $563.3K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 245.0K 313.1K -5.500K
YoY Change 108.73%
NET CHANGE
Cash From Operating Activities -178.1K -392.7K -647.0K
Cash From Investing Activities 0.000 0.000 563.3K
Cash From Financing Activities 245.0K 313.1K -5.500K
Net Change In Cash 66.85K -79.59K -89.16K
YoY Change -117.71% -73.77% 1.31%
FREE CASH FLOW
Cash From Operating Activities -$178.1K -$392.7K -$647.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$178.1K -$392.7K
YoY Change

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1874473 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
993265 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-56485 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
515999 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
75699 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26326 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19214 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
542325 usd
us-gaap Cost Of Revenue
CostOfRevenue
19000 usd
CY2022Q2 us-gaap Cash
Cash
19214 usd
us-gaap Net Income Loss
NetIncomeLoss
-4397422 usd
CRCW Working Capital
WorkingCapital
4300654 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38265940 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zgsgs57DthBe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_865_zL1nvIQoGE1c">Use of estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the related disclosure of contingent assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company’s significant estimates and assumptions include but are not limited to the valuation allowances of deferred taxes, and share-based compensation expenses. Actual results may differ from these estimates. In addition, any change in these estimates or their related assumptions could have an adverse effect on the Company’s operating results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2281429 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y9M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5155003 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2281429 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.26
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5155003 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2022Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
1349457 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
699457 usd
CY2022Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
650000 usd
us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Intangibles
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentIntangibles
54166 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
21666 usd
CY2022Q2 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
125000 usd
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2281429 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2281429 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.26
CRCW Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Beginning Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingBeginningWeightedAverageRemainingContractualTerm2
P4Y3M
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5155003 usd
us-gaap Payments For Rent
PaymentsForRent
0 usd
us-gaap Payments For Rent
PaymentsForRent
0 usd

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