2024 Q3 Form 10-K Financial Statement

#000139390524000329 Filed on September 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $7.500K $7.500K $30.00K
YoY Change 0.0% 0.0% 200.0%
Cost Of Revenue $7.356K $9.440K $30.07K
YoY Change 7.01% 37.41% 227.88%
Gross Profit $144.00 -$1.940K -$67.00
YoY Change -77.0% -407.94% -108.03%
Gross Profit Margin 1.92% -25.87% -0.22%
Selling, General & Admin $73.92K $79.75K $252.6K
YoY Change 22.83% 27.31% -25.54%
% of Gross Profit 51333.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.061K $1.060K $4.244K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit 736.81%
Operating Expenses $74.98K $80.82K $256.9K
YoY Change 22.44% 26.86% -25.22%
Operating Profit -$74.84K -$82.76K -$256.9K
YoY Change 23.46% 31.2% -25.02%
Interest Expense $14.85K $720.3K $26.80K
YoY Change 258.67% -17498.79% 202.34%
% of Operating Profit
Other Income/Expense, Net -$460.2K -$1.008M
YoY Change 11017.08%
Pretax Income -$535.1K -$1.077M -$1.265M
YoY Change 726.3% 1502.35% 259.73%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$535.1K -$1.077M -$1.265M
YoY Change 726.3% 1502.35% 259.73%
Net Earnings / Revenue -7134.48% -14361.33% -4215.43%
Basic Earnings Per Share -$0.01 -$0.03
Diluted Earnings Per Share -$0.01 -$0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 70.68M shares 46.25M shares 47.32M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $25.74K $28.56K
Short-Term Investments
Other Short-Term Assets $174.7K $168.9K
YoY Change 3844.47% 3493.62%
Inventory
Prepaid Expenses $149.0K $140.3K
Receivables
Other Receivables
Total Short-Term Assets $174.7K $168.9K
YoY Change 3845.45% 3494.42%
LONG-TERM ASSETS
Property, Plant & Equipment $23.55K $24.61K
YoY Change -15.27% -14.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $659.1K $649.7K
YoY Change 109.06% 90.19%
TOTAL ASSETS
Total Short-Term Assets $174.7K $168.9K
Total Long-Term Assets $659.1K $649.7K
Total Assets $833.8K $818.6K
YoY Change 160.82% 136.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.10K $4.304K
YoY Change -50.43% -60.04%
Accrued Expenses $90.69K $241.7K
YoY Change 597.35% 2626.45%
Deferred Revenue
YoY Change
Short-Term Debt $135.0K $135.0K
YoY Change 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $236.8K $381.0K
YoY Change -39.35% 14.14%
LONG-TERM LIABILITIES
Long-Term Debt $610.7K $424.6K
YoY Change 352.37% 214.53%
Other Long-Term Liabilities $25.97K $40.94K
YoY Change -85.45% -80.22%
Total Long-Term Liabilities $610.7K $424.6K
YoY Change 94.81% 24.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $236.8K $381.0K
Total Long-Term Liabilities $610.7K $424.6K
Total Liabilities $2.715M $2.242M
YoY Change 285.67% 231.85%
SHAREHOLDERS EQUITY
Retained Earnings -$3.136M -$2.679M
YoY Change 112.03% 89.42%
Common Stock $70.68K $70.68K
YoY Change 59.71% 59.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.881M -$1.424M
YoY Change
Total Liabilities & Shareholders Equity $833.8K $818.6K
YoY Change 160.82% 136.38%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$535.1K -$1.077M -$1.265M
YoY Change 726.3% 1502.35% 259.73%
Depreciation, Depletion And Amortization $1.061K $1.060K $4.244K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$5.320K -$410.00 -$45.64K
YoY Change 62.69% -97.64% -72.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.500K 28.92K $74.00K
YoY Change -44.44% 131.36% -54.92%
NET CHANGE
Cash From Operating Activities -$5.320K -410.0 -$45.64K
Cash From Investing Activities $0.00 $0.00
Cash From Financing Activities $2.500K 28.92K $74.00K
Net Change In Cash -$2.820K 28.51K $28.36K
YoY Change -329.27% -684.22% 14152.76%
FREE CASH FLOW
Cash From Operating Activities -$5.320K -$410.00 -$45.64K
Capital Expenditures
Free Cash Flow
YoY Change

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0 usd
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="border-bottom:1px solid #000000">Use of Estimates</span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28562 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
199 usd
CY2024 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2024 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
85539731 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25596625 shares
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8488 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4244 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24612 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28856 usd
CY2024 us-gaap Depreciation
Depreciation
4244 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
135000 usd
CY2024Q2 us-gaap Notes Payable Current
NotesPayableCurrent
83159 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
29159 usd
CY2024 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
20000 usd
CY2024 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2000000 shares
CY2024Q2 us-gaap Debt Instrument Unamortized Premium Current
DebtInstrumentUnamortizedPremiumCurrent
612105 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Premium Current
DebtInstrumentUnamortizedPremiumCurrent
612105 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
135000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
187852 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
101760 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
424612 usd
CY2024 us-gaap Interest Expense
InterestExpense
26802 usd
CY2023 us-gaap Interest Expense
InterestExpense
8865 usd
CY2024 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
192132 usd
CY2024 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
30067 usd
CY2023 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
44208 usd
CY2024Q2 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
625093 usd
CY2023Q2 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
312748 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
125157 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
149997 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
40936 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
206959 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
166093 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
356956 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
133750 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Three
OperatingLeasesFutureMinimumPaymentsDueInRollingYearThree
42800 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Four And Five
OperatingLeasesFutureMinimumPaymentsDueInRollingYearFourAndFive
0 usd
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
176550 usd
CY2024 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
10457 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
166093 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5000000 shares
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
5000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
3600000 shares
CY2023Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.04
CY2023 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
124000 usd
CY2024 us-gaap Adjustment For Amortization
AdjustmentForAmortization
20000 usd
CY2024 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
20000 usd
CY2024 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2000000 shares
CY2024Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.01
CY2024Q2 us-gaap Debt Instrument Unamortized Premium Current
DebtInstrumentUnamortizedPremiumCurrent
612105 usd
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
70680938 shares
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
313468 usd
CY2024Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1182899 usd
CY2018Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
43526 usd
CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1139373 usd
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1014975 usd
CY2023Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
213145 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
213145 usd
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1182899 usd
CY2024Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
313468 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
313468 usd
CY2024Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
5000000 shares

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