2023 Q3 Form 10-Q Financial Statement

#000143774923022050 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $11.57M $9.196M
YoY Change 3.47% -15.81%
Cost Of Revenue $6.265M $4.898M
YoY Change -6.02% -21.77%
Gross Profit $5.303M $4.298M
YoY Change 17.48% -7.81%
Gross Profit Margin 45.84% 46.74%
Selling, General & Admin $3.933M $3.824M
YoY Change 12.15% 3.1%
% of Gross Profit 74.17% 88.97%
Research & Development $393.0K $377.0K
YoY Change 65.13% -9.81%
% of Gross Profit 7.41% 8.77%
Depreciation & Amortization $813.0K $797.0K
YoY Change -8.14% 70.3%
% of Gross Profit 15.33% 18.54%
Operating Expenses $5.143M $4.998M
YoY Change 7.19% 7.9%
Operating Profit $160.0K -$700.0K
YoY Change -156.34% -2433.33%
Interest Expense $734.0K $787.0K
YoY Change -3.04% 4.93%
% of Operating Profit 458.75%
Other Income/Expense, Net -$2.106M -$680.0K
YoY Change 652.14% -152.92%
Pretax Income -$1.946M -$1.380M
YoY Change 245.04% -204.94%
Income Tax -$15.00K $45.00K
% Of Pretax Income
Net Earnings -$1.931M -$1.425M
YoY Change 248.56% -212.92%
Net Earnings / Revenue -16.69% -15.5%
Basic Earnings Per Share -$0.22 -$0.19
Diluted Earnings Per Share -$0.22 -$0.19
COMMON SHARES
Basic Shares Outstanding 7.409M 7.409M
Diluted Shares Outstanding 8.713M 7.406M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.376M $3.264M
YoY Change 922.71% 14.93%
Cash & Equivalents $8.376M $3.264M
Short-Term Investments
Other Short-Term Assets $960.0K $784.0K
YoY Change -40.67% -74.8%
Inventory $2.306M $1.148M
Prepaid Expenses
Receivables $5.865M $6.496M
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.51M $11.69M
YoY Change 35.19% -32.0%
LONG-TERM ASSETS
Property, Plant & Equipment $513.0K $453.0K
YoY Change 165.8% 223.57%
Goodwill $26.45M $26.45M
YoY Change 1.38% 1.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.00K $44.00K
YoY Change 126.32% 158.82%
Total Long-Term Assets $52.18M $52.24M
YoY Change 0.81% 1.79%
TOTAL ASSETS
Total Short-Term Assets $17.51M $11.69M
Total Long-Term Assets $52.18M $52.24M
Total Assets $69.69M $63.93M
YoY Change 7.69% -6.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.340M $2.892M
YoY Change 9.87% -42.7%
Accrued Expenses $4.499M $3.217M
YoY Change 48.53% 20.4%
Deferred Revenue $3.507M $2.827M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $4.211M $4.197M
YoY Change 136.97% 100.91%
Total Short-Term Liabilities $19.66M $17.76M
YoY Change 46.34% 7.37%
LONG-TERM LIABILITIES
Long-Term Debt $10.57M $11.59M
YoY Change -20.81% -13.47%
Other Long-Term Liabilities $175.0K $136.0K
YoY Change -98.48% -98.88%
Total Long-Term Liabilities $10.75M $11.72M
YoY Change -56.79% -54.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.66M $17.76M
Total Long-Term Liabilities $10.75M $11.72M
Total Liabilities $42.29M $40.08M
YoY Change 10.38% -4.76%
SHAREHOLDERS EQUITY
Retained Earnings -$54.77M -$52.83M
YoY Change 11.59% 8.89%
Common Stock $104.0K $74.00K
YoY Change -52.07% -65.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.40M $23.86M
YoY Change
Total Liabilities & Shareholders Equity $69.69M $63.93M
YoY Change 7.69% -6.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.931M -$1.425M
YoY Change 248.56% -212.92%
Depreciation, Depletion And Amortization $813.0K $797.0K
YoY Change -8.14% 70.3%
Cash From Operating Activities $1.966M $2.476M
YoY Change -299.19% -295.89%
INVESTING ACTIVITIES
Capital Expenditures $938.0K $1.169M
YoY Change -229.92% -174.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$938.0K -$1.169M
YoY Change 29.92% -25.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.085M -1.948M
YoY Change -1409.29% 534.53%
NET CHANGE
Cash From Operating Activities 1.966M 2.476M
Cash From Investing Activities -938.0K -1.169M
Cash From Financing Activities 4.085M -1.948M
Net Change In Cash 5.113M -641.0K
YoY Change -352.99% -79.64%
FREE CASH FLOW
Cash From Operating Activities $1.966M $2.476M
Capital Expenditures $938.0K $1.169M
Free Cash Flow $1.028M $1.307M
YoY Change -487.92% 320.26%

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crex Proceeds From Warrant Issuance And Exercises
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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 Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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NetIncomeLoss
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
19060000 usd
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AdjustmentsToAdditionalPaidInCapitalAmendmentOfWarrants
5709000 usd
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NetIncomeLoss
1262000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
26437000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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crex Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
2278000 usd
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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crex Adjustments To Additional Paid In Capital Warrant Repricing
AdjustmentsToAdditionalPaidInCapitalWarrantRepricing
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crex Adjustments To Additional Paid In Capital Amendment Of Warrants
AdjustmentsToAdditionalPaidInCapitalAmendmentOfWarrants
5709000 usd
us-gaap Net Income Loss
NetIncomeLoss
3764000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
26437000 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
66666666
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52834000 usd
CY2023Q2 crex Working Capital
WorkingCapital
6071000 usd
CY2023Q2 us-gaap Debt Current
DebtCurrent
4197000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-790000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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AllowanceForDoubtfulAccountsReceivable
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InventoryRawMaterialsNetOfReserves
551000 usd
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1671000 usd
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597000 usd
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InventoryNet
2267000 usd
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InventoryWriteDown
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InventoryWriteDown
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7391651
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i><em style="font: inherit;">10.</em> Use of Estimates</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The preparation of 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 reported amounts of revenues and expenses during the reporting periods. Our significant estimates include: contingent purchase consideration valuation, allowance for credit losses, valuation allowances related to deferred taxes, the fair value of acquired assets and liabilities, the fair value of liabilities reliant upon the appraised fair value of the Company, valuation of stock-based compensation awards and other assumptions and estimates used to evaluate the recoverability of long-lived assets, goodwill and other intangible assets and the related amortization methods and periods. Actual results could differ from those estimates.</p>
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9196000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10923000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
19140000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21680000 usd
CY2021Q4 crex Business Combination Contingent Consideration Billable Devices Online Maximum Share Price
BusinessCombinationContingentConsiderationBillableDevicesOnlineMaximumSharePrice
21.60
CY2022Q4 crex Business Combination Contingent Consideration Billable Devices Online Maximum Share Price
BusinessCombinationContingentConsiderationBillableDevicesOnlineMaximumSharePrice
19.20
CY2022Q4 crex Business Combination Contingent Consideration Billable Devices Online Reduction In Share Price
BusinessCombinationContingentConsiderationBillableDevicesOnlineReductionInSharePrice
2.40
crex Conversion Of Liability Warrants To Equity Warrants
ConversionOfLiabilityWarrantsToEquityWarrants
0 usd
crex Capitalized Software In Accounts Payable
CapitalizedSoftwareInAccountsPayable
264000 usd
crex Capitalized Software In Accounts Payable
CapitalizedSoftwareInAccountsPayable
0 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
23000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
89000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
crex Conversion Of Liability Warrants To Equity Warrants
ConversionOfLiabilityWarrantsToEquityWarrants
5709000 usd
us-gaap Interest Paid Net
InterestPaidNet
1040000 usd
us-gaap Interest Paid Net
InterestPaidNet
656000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
377000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
252000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
44000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
44000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
36843000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12907000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
35151000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11399000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12907000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11399000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
23936000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
23752000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
755000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
431000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1508000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1111000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18137000 usd
us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
1731499
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2355000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
15782000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
4197000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
11585000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20641000 usd
CY2022 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
1731499
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3069000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
17572000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4499000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
13073000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
88000 usd
CY2023Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
75000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
28000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M10D
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
65000 usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
30000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
55000 usd
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
45000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
70000 usd

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