2023 Q3 Form 10-Q Financial Statement

#000149315223029509 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $124.2K $106.6K $151.9K
YoY Change -50.86% -29.8% 38.38%
Cost Of Revenue $14.90K $117.3K $82.43K
YoY Change -84.24% 42.31%
Gross Profit $109.3K -$10.71K $69.44K
YoY Change -30.91% -115.42% -36.73%
Gross Profit Margin 88.0% -10.04% 45.72%
Selling, General & Admin $358.0K $440.4K $1.405M
YoY Change -26.52% -68.66% 93.39%
% of Gross Profit 327.55% 2024.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $32.71K
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 47.11%
Operating Expenses $368.8K $451.3K $1.449M
YoY Change -30.51% -68.86% 93.4%
Operating Profit -$259.5K -$462.0K -$1.380M
YoY Change -30.33% -66.51% 115.73%
Interest Expense $99.31K $346.4K $600.3K
YoY Change 110.01% -42.3% 14446.09%
% of Operating Profit
Other Income/Expense, Net $0.00 $25.78K $66.77K
YoY Change -100.0% -61.39% -91.6%
Pretax Income -$358.8K -$782.6K -$1.913M
YoY Change -13.68% -59.09% -1366.05%
Income Tax
% Of Pretax Income
Net Earnings -$358.8K -$782.6K -$1.913M
YoY Change -13.68% -59.09% -1366.05%
Net Earnings / Revenue -288.94% -734.06% -1259.7%
Basic Earnings Per Share $0.00 -$0.08 -$0.08
Diluted Earnings Per Share $0.00 -$0.08 -$83.18K
COMMON SHARES
Basic Shares Outstanding 96.74M shares 25.62M shares 23.00M shares
Diluted Shares Outstanding 110.8M shares 35.73M shares 23.00M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.44K $17.68K $19.21K
YoY Change -76.25% -7.96% -96.46%
Cash & Equivalents $20.44K $17.68K $19.21K
Short-Term Investments
Other Short-Term Assets $3.750K $19.12K $18.83K
YoY Change -99.65% 1.54%
Inventory
Prepaid Expenses $3.750K $19.12K $18.83K
Receivables
Other Receivables
Total Short-Term Assets $24.19K $36.80K $38.04K
YoY Change -97.92% -3.27% -92.99%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $740.5K $740.5K $740.5K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $989.9K
YoY Change -100.0%
Total Long-Term Assets $1.282M $1.293M $2.326M
YoY Change -3.27% -44.42% 75.3%
TOTAL ASSETS
Total Short-Term Assets $24.19K $36.80K $38.04K
Total Long-Term Assets $1.282M $1.293M $2.326M
Total Assets $1.306M $1.330M $2.364M
YoY Change -47.5% -43.75% 26.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.632M $2.590M $2.007M
YoY Change 23.47% 29.06% 11.8%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.441M $2.408M $2.311M
YoY Change -5.28% 4.2% 413.56%
Total Short-Term Liabilities $5.073M $4.998M $4.339M
YoY Change 7.73% 15.19% 93.27%
LONG-TERM LIABILITIES
Long-Term Debt $138.5K $138.7K $139.1K
YoY Change -0.42% -0.29% -34.03%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $138.5K $138.7K $139.1K
YoY Change -0.42% -0.29% -34.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.073M $4.998M $4.339M
Total Long-Term Liabilities $138.5K $138.7K $139.1K
Total Liabilities $5.211M $5.136M $4.478M
YoY Change 7.5% 14.71% 82.34%
SHAREHOLDERS EQUITY
Retained Earnings -$43.45M -$43.10M -$38.27M
YoY Change 12.3% 12.63%
Common Stock $39.55M $39.29M $36.15M
YoY Change 8.85% 8.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.905M -$3.807M -$2.114M
YoY Change
Total Liabilities & Shareholders Equity $1.306M $1.330M $2.364M
YoY Change -47.5% -43.75% 26.48%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$358.8K -$782.6K -$1.913M
YoY Change -13.68% -59.09% -1366.05%
Depreciation, Depletion And Amortization $0.00 $0.00 $32.71K
YoY Change -100.0% -100.0%
Cash From Operating Activities -$173.6K -$303.1K -$392.7K
YoY Change -2.53% -22.82% -143.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
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 173.4K 304.1K 313.1K
YoY Change -29.2% -2.88% 108.73%
NET CHANGE
Cash From Operating Activities -173.6K -303.1K -392.7K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 173.4K 304.1K 313.1K
Net Change In Cash -180.0 1.010K -79.59K
YoY Change -100.27% -101.27% -73.77%
FREE CASH FLOW
Cash From Operating Activities -$173.6K -$303.1K -$392.7K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$173.6K -$303.1K -$392.7K
YoY Change -2.53% -22.82%

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IncreaseDecreaseInDeferredRevenue
21000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-590629 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-897458 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1033500 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1033500 usd
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
-18265 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
187062 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
659767 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1866498 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
26240 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
497705 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1874473 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-92924 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-56485 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
110606 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
75699 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17682 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19214 usd
CY2023Q2 us-gaap Cash
Cash
17682 usd
us-gaap Net Income Loss
NetIncomeLoss
-3567677 usd
CRCW Working Capital
WorkingCapital
4960998 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-43099113 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_z2WPIrz5fQ8e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_862_zZ8LsJ5k1vwe">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Intangibles
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentIntangibles
54166 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
43611 usd
CY2023Q2 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
125000 usd
CY2022Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
125000 usd
CY2023Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
1349457 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
740469 usd
CY2023Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
650000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2281429 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.26
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2281429 shares
CY2023Q2 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
P2Y9M
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2281429 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
us-gaap Payments For Rent
PaymentsForRent
0 usd
us-gaap Payments For Rent
PaymentsForRent
0 usd

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