2024 Q1 Form 10-K Financial Statement

#000114036124014541 Filed on March 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.809M $4.866M $18.93M
YoY Change 4.75% 4.79% 5.3%
Cost Of Revenue $2.198M $2.027M $7.833M
YoY Change 14.45% 8.58% 12.15%
Gross Profit $2.611M $2.839M $11.10M
YoY Change -2.23% 2.24% 0.95%
Gross Profit Margin 54.3% 58.34% 58.63%
Selling, General & Admin $2.554M $2.172M $9.223M
YoY Change 8.25% -0.19% 2.02%
% of Gross Profit 97.8% 76.52% 83.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $93.17K $93.77K $383.8K
YoY Change -4.46% 16.22% 0.37%
% of Gross Profit 3.57% 3.3% 3.46%
Operating Expenses $4.845M $2.268M $17.44M
YoY Change 10.68% 0.47% 85.08%
Operating Profit -$35.84K $571.2K $1.492M
YoY Change -116.76% 9.93% -5.05%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $201.8K $193.7K $715.3K
YoY Change 43.11% 69.33% 295.73%
Pretax Income $165.9K $764.9K $2.207M
YoY Change -53.23% 20.65% 25.98%
Income Tax $38.51K $175.1K $512.4K
% Of Pretax Income 23.21% 22.89% 23.21%
Net Earnings $127.4K $589.8K $1.695M
YoY Change -53.72% 15.53% 24.61%
Net Earnings / Revenue 2.65% 12.12% 8.95%
Basic Earnings Per Share $0.01 $0.16
Diluted Earnings Per Share $0.01 $0.05 $0.16
COMMON SHARES
Basic Shares Outstanding 10.72M 10.72M 10.72M
Diluted Shares Outstanding 10.77M 10.80M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.96M $14.50M
YoY Change 9.18% 4.35%
Cash & Equivalents $11.42M $11.00M
Short-Term Investments $3.539M $3.495M
Other Short-Term Assets $806.7K $788.7K
YoY Change 22.88% 20.16%
Inventory
Prepaid Expenses
Receivables $3.793M $3.941M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.55M $19.23M
YoY Change 10.06% 6.53%
LONG-TERM ASSETS
Property, Plant & Equipment $661.7K $557.6K
YoY Change 11.47% -75.74%
Goodwill $1.954M $1.954M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $700.0K $700.0K
YoY Change
Other Assets $18.11K $18.11K
YoY Change 0.0% -88.92%
Total Long-Term Assets $4.894M $4.843M
YoY Change 12.97% 9.66%
TOTAL ASSETS
Total Short-Term Assets $19.55M $19.23M
Total Long-Term Assets $4.894M $4.843M
Total Assets $24.45M $24.07M
YoY Change 10.63% 7.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $238.2K $142.0K
YoY Change 95.08% -42.26%
Accrued Expenses $1.315M $2.105M
YoY Change 10.14% -12.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.88M $12.73M
YoY Change 7.27% 0.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.695M $1.623M
YoY Change -10.02% -15.87%
Total Long-Term Liabilities $1.695M $1.623M
YoY Change -10.02% -15.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.88M $12.73M
Total Long-Term Liabilities $1.695M $1.623M
Total Liabilities $14.93M $14.70M
YoY Change 4.94% -1.3%
SHAREHOLDERS EQUITY
Retained Earnings -$20.62M -$20.75M
YoY Change -6.98% -7.55%
Common Stock $107.2K $107.2K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.520M $9.368M
YoY Change
Total Liabilities & Shareholders Equity $24.45M $24.07M
YoY Change 10.63% 7.14%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $127.4K $589.8K $1.695M
YoY Change -53.72% 15.53% 24.61%
Depreciation, Depletion And Amortization $93.17K $93.77K $383.8K
YoY Change -4.46% 16.22% 0.37%
Cash From Operating Activities $608.8K $79.31K $1.449M
YoY Change -447.72% -75.46% -16.92%
INVESTING ACTIVITIES
Capital Expenditures $197.3K $153.9K $303.9K
YoY Change 267.61% 152.13% 17.81%
Acquisitions
YoY Change
Other Investing Activities -$330.00 -$7.100K -$7.100K
YoY Change -105.49% -99.82% -99.82%
Cash From Investing Activities -$197.6K -$161.0K -$311.0K
YoY Change 314.62% -96.04% -92.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities 608.8K 79.31K 1.449M
Cash From Investing Activities -197.6K -161.0K -311.0K
Cash From Financing Activities
Net Change In Cash 411.2K -81.69K 1.138M
YoY Change -284.61% -97.82% -145.26%
FREE CASH FLOW
Cash From Operating Activities $608.8K $79.31K $1.449M
Capital Expenditures $197.3K $153.9K $303.9K
Free Cash Flow $411.5K -$74.59K $1.145M
YoY Change -279.91% -128.46% -22.95%

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<div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Concentrations of Credit Risk</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk principally consist of cash, cash equivalents, available-for-sale securities and accounts receivable. The Company maintains its cash and cash equivalents in bank deposits and other accounts, the balances of which, at times, may exceed federally insured limits. Exposure to credit risk is reduced by placing such deposits in high credit quality financial institutions.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company closely monitors the extension of credit to its subscribers. The Company’s accounts receivable balance is net of an allowance for doubtful accounts. The Company does not require collateral or other security to support credit sales but provides an allowance for doubtful accounts of $30,000 as of December 31, 2023 and 2022, based on historical experience and specifically identified risks. Accounts receivable are charged off against the allowance for doubtful accounts when management determines that recovery is unlikely and the Company ceases collection efforts. The Company does not believe that significant credit risk existed at December 31, 2023 nor 2022.</div>
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CohnReznick LLP
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New York, New York

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