$CTM
Castellum, Inc.

2024 Q4 Form 10-Q Financial Statement

#000187793924000077 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $11.61M
YoY Change -1.13%
Cost Of Revenue $6.650M
YoY Change -3.67%
Gross Profit $4.959M
YoY Change 2.51%
Gross Profit Margin 42.72%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.86K
YoY Change -4.82%
% of Gross Profit 0.78%
Operating Expenses $6.342M
YoY Change -52.71%
Operating Profit -$1.383M
YoY Change -83.87%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$154.5K
YoY Change -70.08%
Pretax Income -$1.538M
YoY Change -83.08%
Income Tax -$257.5K
% Of Pretax Income
Net Earnings -$1.280M
YoY Change -86.07%
Net Earnings / Revenue -11.03%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.02
COMMON SHARES
Basic Shares Outstanding 56.11M shares 56.11M shares
Diluted Shares Outstanding 57.19M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.743M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $5.611M
Other Receivables
Total Short-Term Assets $9.330M
YoY Change -7.51%
LONG-TERM ASSETS
Property, Plant & Equipment $193.5K
YoY Change -45.3%
Goodwill $10.68M
YoY Change -0.37%
Intangibles $7.253M
YoY Change -24.39%
Long-Term Investments $52.11K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $19.51M
YoY Change -8.67%
TOTAL ASSETS
Total Short-Term Assets $9.330M
Total Long-Term Assets $19.51M
Total Assets $28.84M
YoY Change -8.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.402M
YoY Change -49.86%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $8.418M
YoY Change 810.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.402M
Total Long-Term Liabilities $8.418M
Total Liabilities $16.82M
YoY Change -4.87%
SHAREHOLDERS EQUITY
Retained Earnings -$51.31M
YoY Change 22.85%
Common Stock $5.611K
YoY Change 17.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.03M
YoY Change
Total Liabilities & Shareholders Equity $28.84M
YoY Change -8.3%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.280M
YoY Change -86.07%
Depreciation, Depletion And Amortization $38.86K
YoY Change -4.82%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
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
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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Nature of Operations<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Castellum, Inc. (the “Company”) is focused on building a large, successful technology company in the areas of cybersecurity, information technology, electronic warfare, information warfare, and information operations with businesses in the defense, federal, civilian, and commercial markets (the "Markets"). Services include intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, data analytics, and model based systems engineering ("MBSE"). These services, which largely focus on securing data and establishing related policies, are applicable to customers in the United States ("U.S.") government, financial services, healthcare, and other users of large data applications. The services can be delivered to legacy, customer owned networks, or customers who rely upon cloud-based infrastructures. The Company works with multiple business brokers and contacts within its business network to identify potential acquisitions.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Since November 2019, the Company has made the following acquisitions that specialize in the areas noted above:</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Corvus Consulting, LLC (“Corvus”),</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Mainnerve Federal Services, Inc. dba MFSI Government Group (“MFSI"),</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Merrison Technologies, LLC ("Merrison"), </span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Specialty Systems, Inc. (“SSI”),</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">the business assets of Pax River from The Albers Group (“Pax River”),</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Lexington Solutions Group, LLC (“LSG”), and</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">Global Technology and Management Resources, Inc. ("GTMR").</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">With the exception of Pax River, all of these acquisitions were considered business combinations under Topic 805 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). See </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i154923830d24474e87010cb4cd953349_49" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Note 3</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, “Acquisition and Disposition” for greater detail on the GTMR acquisition and the disposition of MFSI.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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 consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates include, but are not limited to, management’s estimate of provisions required for uncollectible accounts receivable, the acquired value of the intangible assets and goodwill, impaired value of intangible assets, self-insurance expense and accruals, liabilities to accrue, cost incurred in the satisfaction of performance obligations, fair value for consideration elements of business combinations, permanent and temporary differences related to income taxes, and determination of the fair value of stock awards. Actual results could differ from these estimates.</span></div>
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Reclassification Adjustment</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company identified an immaterial error in its annual and interim financial statements for the year ended December 31, 2022 and the first and second quarters of 2023, whereby additional paid in capital was overstated by $304,500 and the obligation to issue common shares account and the accumulated deficit account were understated by $274,500 and $30,000 respectively. These immaterial amounts have been adjusted and the corrected balances are reflected in the Company's Consolidated Balance Sheets, Consolidated Statements of Cash Flows, and the Consolidated Statement of Changes in Stockholders' Equity.</span></div>
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528784 usd
CY2024Q3 ctm Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
2847774 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7252948 usd
CY2023Q4 us-gaap Goodwill
Goodwill
10716907 usd
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
40073 usd
CY2024Q3 us-gaap Goodwill
Goodwill
10676834 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2024Q3 us-gaap Notes Payable
NotesPayable
8300000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
8221764 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
146989 usd
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
8300000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8074775 usd
CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
181474 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
565440 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
486079 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
1444540 usd
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
0 usd
CY2024Q3 ctm Debt Instrument Covenant Debt Service Covenant
DebtInstrumentCovenantDebtServiceCovenant
1.15
us-gaap Interest Expense
InterestExpense
109512 usd
CY2024Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
0 usd
CY2024Q1 ctm Merger Agreement Earnout Settlement
MergerAgreementEarnoutSettlement
720000 usd
CY2024Q1 ctm Merger Agreement Earnout Settlement Initial Payment
MergerAgreementEarnoutSettlementInitialPayment
180000 usd
CY2024Q1 ctm Merger Agreement Earnout Settlement Periodic Payment Amount
MergerAgreementEarnoutSettlementPeriodicPaymentAmount
20000 usd
CY2024Q1 ctm Merger Agreement Earnout Settlement Interest Percent
MergerAgreementEarnoutSettlementInterestPercent
0.05
CY2024Q1 ctm Merger Agreement Earnout Settlement Term
MergerAgreementEarnoutSettlementTerm
P27M
CY2024Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.32
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
3000000000 shares
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
56109928 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
56109928 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
47672427 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
47672427 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
11631035 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.34
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1765862 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.17
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3193534 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.32
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y1M2D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.2305
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.2433
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.6161
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.6614
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0389
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0445
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0348
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0389
CY2024Q3 us-gaap Derivative Assets
DerivativeAssets
296009 usd
CY2024Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
40000 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
157600 usd
CY2024Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
40000 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
157600 usd
CY2022Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1670
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0110
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0680
ctm Factoring Agreement Accounts Receivable Sold During Period
FactoringAgreementAccountsReceivableSoldDuringPeriod
1757281 usd
ctm Factoring Agreement Fees
FactoringAgreementFees
11716 usd

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0001877939-24-000077.txt Edgar Link pending
0001877939-24-000077-xbrl.zip Edgar Link pending
ctm-20240930.htm Edgar Link pending
ctm-20240930.xsd Edgar Link pending
ctmq32024ex-211.htm Edgar Link pending
ctmq32024ex-311.htm Edgar Link pending
ctmq32024ex-312.htm Edgar Link pending
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ctm-20240930_htm.xml Edgar Link completed
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ctm-20240930_cal.xml Edgar Link unprocessable