$CTHR
CHARLES & COLVARD LTD

2023 Q4 Form 10-K Financial Statement

#000114036123048055 Filed on October 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q2 2023
Revenue $7.906M $5.560M $29.95M
YoY Change -23.74% -40.24% -30.5%
Cost Of Revenue $5.050M $4.680M $25.21M
YoY Change -16.83% -15.46% 10.36%
Gross Profit $2.856M $890.0K $4.734M
YoY Change -33.5% -76.38% -76.62%
Gross Profit Margin 36.12% 16.01% 15.81%
Selling, General & Admin $5.793M $4.340M $18.71M
YoY Change 4.81% 15.81% 7.71%
% of Gross Profit 202.87% 487.64% 395.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $178.7K $170.0K $653.2K
YoY Change 4.4% 31.67% 36.27%
% of Gross Profit 6.26% 19.1% 13.8%
Operating Expenses $5.793M $4.330M $18.71M
YoY Change 4.81% 15.54% 7.71%
Operating Profit -$2.938M -$3.440M -$13.98M
YoY Change 138.2% -16962.75% -586.43%
Interest Expense $5.571K $130.0K $300.0K
YoY Change -90.65% 651.01%
% of Operating Profit
Other Income/Expense, Net $71.79K $297.3K
YoY Change 20.5% 1444.78%
Pretax Income -$2.866M -$9.210M -$13.68M
YoY Change 144.17% -12426.02% -572.91%
Income Tax $0.00 $40.00K $5.902M
% Of Pretax Income
Net Earnings -$2.866M -$9.250M -$19.58M
YoY Change 175.1% -22788.25% -924.83%
Net Earnings / Revenue -36.25% -166.37% -65.39%
Basic Earnings Per Share -$0.09 -$0.64
Diluted Earnings Per Share -$0.09 -$0.30 -$0.64
COMMON SHARES
Basic Shares Outstanding 30.52M 30.52M 30.38M
Diluted Shares Outstanding 30.34M 30.38M

Balance Sheet

Concept 2023 Q4 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.772M $10.45M $10.45M
YoY Change -51.74% -33.31% -33.31%
Cash & Equivalents $5.772M $10.45M $10.45M
Short-Term Investments
Other Short-Term Assets $6.253M $6.020M $6.020M
YoY Change -0.86% -10.16% -10.16%
Inventory $9.880M $7.476M $7.480M
Prepaid Expenses
Receivables $1.528M $380.1K $630.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.68M $24.58M $24.58M
YoY Change -29.19% -31.47% -31.46%
LONG-TERM ASSETS
Property, Plant & Equipment $2.639M $2.492M $4.670M
YoY Change 19.13% 31.05% -0.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.66K $49.66K $19.33M
YoY Change -1.28% 0.0% -31.91%
Total Long-Term Assets $20.78M $24.31M $24.30M
YoY Change -37.93% -27.1% -27.12%
TOTAL ASSETS
Total Short-Term Assets $23.68M $24.58M $24.58M
Total Long-Term Assets $20.78M $24.31M $24.30M
Total Assets $44.47M $48.88M $48.88M
YoY Change -33.56% -29.37% -29.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.049M $4.786M $4.790M
YoY Change 24.44% 8.75% 8.83%
Accrued Expenses $1.405M $1.395M $1.510M
YoY Change 0.48% -9.76% -20.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.346M $7.062M $7.060M
YoY Change 17.1% 3.78% 3.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.632M $2.050M $2.050M
YoY Change -33.51% -27.99% -27.99%
Total Long-Term Liabilities $1.632M $2.048M $2.050M
YoY Change -33.51% -28.07% -27.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.346M $7.062M $7.060M
Total Long-Term Liabilities $1.632M $2.048M $2.050M
Total Liabilities $9.978M $9.110M $9.110M
YoY Change 4.14% -5.61% -5.61%
SHAREHOLDERS EQUITY
Retained Earnings -$48.59M -$43.18M
YoY Change 90.29% 82.96%
Common Stock $83.57M $83.45M
YoY Change 0.23% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.49M $39.77M $39.77M
YoY Change
Total Liabilities & Shareholders Equity $44.47M $48.88M $48.88M
YoY Change -33.56% -29.37% -29.37%

Cashflow Statement

Concept 2023 Q4 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$2.866M -$9.250M -$19.58M
YoY Change 175.1% -22788.25% -924.83%
Depreciation, Depletion And Amortization $178.7K $170.0K $653.2K
YoY Change 4.4% 31.67% 36.27%
Cash From Operating Activities -$1.275M -$50.00K -$3.875M
YoY Change -306.66% -90.57% -776.81%
INVESTING ACTIVITIES
Capital Expenditures $307.0K $350.0K $1.230M
YoY Change 64.25% -228.91% -17.84%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$307.0K -$350.0K -$1.284M
YoY Change 42.55% 28.91% -17.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $451.8K
YoY Change 1083.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -451.8K
YoY Change -100.0% -162.71%
NET CHANGE
Cash From Operating Activities -1.275M -50.00K -3.875M
Cash From Investing Activities -307.0K -350.0K -1.284M
Cash From Financing Activities 0.000 0.000 -451.8K
Net Change In Cash -1.582M -400.0K -5.610M
YoY Change -493.93% -45.38% 1996.49%
FREE CASH FLOW
Cash From Operating Activities -$1.275M -$50.00K -$3.875M
Capital Expenditures $307.0K $350.0K $1.230M
Free Cash Flow -$1.582M -$400.0K -$5.105M
YoY Change -467.87% 54.48% 452.5%

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Charles & Colvard, Ltd.
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170 Southport Drive
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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">1.</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF BUSINESS</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Charles &amp; Colvard, Ltd. (the “Company”), a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes <span style="font-style: italic;">Charles &amp; Colvard Created Moissanite</span><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">®</sup> (hereinafter referred to as moissanite or moissanite jewels) and finished jewelry featuring moissanite, including <span style="font-style: italic;">Forever One</span><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">™</sup>, the Company’s premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes <span style="font-style: italic;">Caydia</span><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">®</sup> lab grown diamonds and finished jewelry featuring lab grown diamonds for sale in the worldwide fine jewelry market.<br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">The Company sells loose moissanite jewels, loose lab grown diamonds, and finished jewelry featuring both moissanite and lab grown diamonds at wholesale prices to distributors, manufacturers, retailers, and designers, including some of the largest distributors and jewelry manufacturers in the world. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">In addition, In May 2023, the Company launched charlesandcolvarddirect.com, a direct-to-wholesaler sales portal, which is a gemstone product disposition wholesale outlet.</span> The Company’s finished jewelry and loose moissanite jewels and lab grown diamonds that are mounted into fine jewelry by other manufacturers are sold at retail outlets and via the Internet. <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company sells at retail prices to end-consumers through its <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">own </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-style: italic;">Charles &amp; Colvard Signature Showroom</span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-style: italic;">,</span> which opened in October 2022, and also through its</span> </span>wholly owned operating subsidiary, charlesandcolvard.com, LLC, third-party online marketplaces, drop-ship, and other pure-play, exclusively e-commerce outlets. The Company also sells at discount retail prices to end-consumers through moissaniteoutlet.com, LLC, a wholly owned operating subsidiary of charlesandcolvard.com, LLC,<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">and third-party online marketplaces</span></span>.</span></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; font-weight: normal; font-style: normal;"><span style="font-weight: bold; font-style: italic;">Reclassification</span> <span style="font-weight: bold; font-style: italic; color: #000000;">–</span> </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Certain </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial;">amounts in the Company’s consolidated financial statements </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">for the fiscal year ended June 30, 2022 have been reclassified to conform to current presentation, principally amounts presented in Note 9, “Accrued Expenses and Other Liabilities”, relating to the combination of accrued sales tax and accrued franchise taxes, which had previously been presented separately. These reclassifications had no impact on the Company’s consolidated financial position or consolidated results of operations as of or for the fiscal years ended June 30, 2023 and 2022.</span> </div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Concentration of Credit Risk – </span>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash on deposit and cash equivalents held with banks and trade accounts receivable. The Company places cash deposits with federally insured financial institutions and maintains its cash at banks and financial institutions it considers to be of high credit quality. However, the Company’s cash deposits may<span style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> </span>at times exceed the Federal Deposit Insurance Corporation’s insurable limits. Accordingly, balances in excess of federally insured limitations may not be insured. The Company has not experienced losses on these accounts, and management believes that the Company is not exposed to significant risks on such accounts.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Trade receivables potentially subject the Company to credit risk. Payment terms on trade receivables for the Company’s Traditional segment customers are generally between 30 and 90 days, though it may offer extended terms with specific customers and on significant orders from time to time. The Company extends credit to its customers based upon a number of factors, including an evaluation of the customer’s financial condition and credit history that is verified through trade association reference services, the customer’s payment history with the Company, the customer’s reputation in the trade, and/or an evaluation of the Company’s opportunity to introduce its moissanite jewels or finished jewelry featuring moissanite to new or expanded markets. Collateral is not generally required from customers. The need for an allowance for uncollectible accounts is determined based upon factors surrounding the credit risk of specific customers, historical trends, and other information.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">See Note 14, “Major Customers and Concentration of Credit Risk”, for further discussion of credit risk within trade accounts receivable.</div>
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