$CVAT
Cavitation Technologies, Inc.

2022 Q4 Form 10-Q Financial Statement

#000168316822007688 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $58.00K $261.0K $551.0K
YoY Change -48.67% -52.63% 31.82%
Cost Of Revenue $13.00K $50.00K $23.00K
YoY Change 333.33% 117.39% 109.09%
Gross Profit $45.00K $211.0K $528.0K
YoY Change -59.09% -60.04% 29.73%
Gross Profit Margin 77.59% 80.84% 95.83%
Selling, General & Admin $332.0K $265.0K $306.0K
YoY Change -39.19% -13.4% -1.29%
% of Gross Profit 737.78% 125.59% 57.95%
Research & Development $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 0.0% 0.0%
Depreciation & Amortization $1.000K $0.00
YoY Change -100.0%
% of Gross Profit 2.22% 0.0%
Operating Expenses $332.0K $265.0K $306.0K
YoY Change -39.42% -13.4% -3.16%
Operating Profit -$287.0K -$54.00K $222.0K
YoY Change -34.47% -124.32% 143.96%
Interest Expense $1.000K $1.000K -$2.000K
YoY Change -200.0% -150.0%
% of Operating Profit -0.9%
Other Income/Expense, Net -$19.00K $102.0K
YoY Change -118.63%
Pretax Income -$299.0K -$73.00K $324.0K
YoY Change -31.89% -122.53% 256.04%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$299.0K -$73.00K $324.0K
YoY Change -31.89% -122.53% 256.04%
Net Earnings / Revenue -515.52% -27.97% 58.8%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $1.480K
COMMON SHARES
Basic Shares Outstanding 276.7M shares 276.7M shares 218.9M shares
Diluted Shares Outstanding 276.7M shares 276.7M shares 218.9M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.0K $367.0K $1.882M
YoY Change -68.82% -80.5% 160.66%
Cash & Equivalents $343.0K $367.0K $1.882M
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory $48.00K $48.00K $3.000K
Prepaid Expenses $0.00 $0.00
Receivables $0.00 $18.00K $483.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $391.0K $433.0K $2.368M
YoY Change -64.71% -81.71% 136.8%
LONG-TERM ASSETS
Property, Plant & Equipment $3.000K $4.000K $661.0K
YoY Change -99.24% -99.39% 51.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.120M $1.131M
YoY Change -5.0%
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.280M $1.308M $671.0K
YoY Change -19.19% 94.93% 50.79%
TOTAL ASSETS
Total Short-Term Assets $391.0K $433.0K $2.368M
Total Long-Term Assets $1.280M $1.308M $671.0K
Total Assets $1.671M $1.741M $3.039M
YoY Change -37.93% -42.71% 110.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.0K $139.0K $329.0K
YoY Change -47.94% -57.75% 2.17%
Accrued Expenses $343.0K $343.0K $723.0K
YoY Change -41.77% -52.56% -1.23%
Deferred Revenue $257.0K $36.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $764.0K $518.0K $2.012M
YoY Change -58.99% -74.25% 49.37%
LONG-TERM LIABILITIES
Long-Term Debt $150.0K $150.0K $150.0K
YoY Change -48.1% 0.0% -40.94%
Other Long-Term Liabilities $93.00K $110.0K $179.0K
YoY Change -42.59% -38.55% -26.34%
Total Long-Term Liabilities $150.0K $150.0K $329.0K
YoY Change -66.74% -54.41% -33.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $764.0K $518.0K $2.012M
Total Long-Term Liabilities $150.0K $150.0K $329.0K
Total Liabilities $1.007M $778.0K $2.341M
YoY Change -56.48% -66.77% 26.95%
SHAREHOLDERS EQUITY
Retained Earnings -$25.62M -$25.32M
YoY Change
Common Stock $277.0K $277.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $664.0K $963.0K $698.0K
YoY Change
Total Liabilities & Shareholders Equity $1.671M $1.741M $3.039M
YoY Change -37.93% -42.71% 110.31%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$299.0K -$73.00K $324.0K
YoY Change -31.89% -122.53% 256.04%
Depreciation, Depletion And Amortization $1.000K $0.00
YoY Change -100.0%
Cash From Operating Activities -$24.00K -$74.00K -$16.00K
YoY Change -116.33% 362.5% -85.71%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$250.0K
YoY Change -100.0% -100.0% 233.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$250.0K
YoY Change -100.0% -100.0% 233.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $785.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00 785.0K
YoY Change -100.0% 423.33%
NET CHANGE
Cash From Operating Activities -24.00K -$74.00K -16.00K
Cash From Investing Activities 0.000 $0.00 -250.0K
Cash From Financing Activities 0.000 $0.00 785.0K
Net Change In Cash -24.00K -$74.00K 519.0K
YoY Change -96.93% -114.26% -1502.7%
FREE CASH FLOW
Cash From Operating Activities -$24.00K -$74.00K -$16.00K
Capital Expenditures $0.00 $0.00 -$250.0K
Free Cash Flow -$24.00K -$74.00K $234.0K
YoY Change -102.23% -131.62% -732.43%

Facts In Submission

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UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zOIqAPLnlTwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_86C_zOH1dYoASJh2">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the 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, disclosure of contingent assets and liabilities at the financial statement date, and reported amounts of revenue and expenses during the reporting period. Significant estimates are used in allowance for bad debts, reserve for inventory obsolescence, impairment analysis for fixed assets, accrual of potential liabilities, deferred tax assets and valuing our stock options, warrants, and common stock issued for services, among other items. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
CY2022Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zIpdqzlOehY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_866_z8ODY9oKmC74">Concentrations</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash - cash is deposited in one financial institution. The balances held at this financial institution at times may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits of up to $250,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts Receivable – accounts receivable at September 30, 2022 and June 30, 2022, were due from EW (see Note 3).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts Payable and Accrued Expenses – one vendor accounted <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20220930__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zAensaztoowf" title="Concentration Risk, Percentage">100</span>%, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20220930__srt--MajorCustomersAxis__custom--SecondVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zsGqX9uhU8P9" title="Concentration Risk, Percentage">58</span>% of accounts payable and accrued expenses as of September 30, 2022, respectively. One vendor accounted <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zjZh9HbSgfO5" title="Concentration Risk, Percentage">88</span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__srt--MajorCustomersAxis__custom--AnotherVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zrcIQoydFvV3" title="Concentration Risk, Percentage">67</span>% of accounts payable and accrued expenses as of June 30, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues – revenues during the three months period ended September 30, 2022 and 2021, were <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20220930__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zBqts7Torez3" title="Concentration Risk, Percentage">93</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20210930__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zonOjVZT7ce2" title="Concentration Risk, Percentage">100</span>% of revenues, respectively, were from Desmet</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
280000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
19000 usd
CY2022Q3 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
19000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
163000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
63000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
110000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
173000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
62000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
78000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
47000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
187000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
173000 usd

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