$CVAT
Cavitation Technologies, Inc.

2023 Q1 Form 10-Q Financial Statement

#000168316823000731 Filed on February 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $61.00K $58.00K $113.0K
YoY Change 60.53% -48.67% 56.94%
Cost Of Revenue $11.00K $13.00K $3.000K
YoY Change -31.25% 333.33% 50.0%
Gross Profit $50.00K $45.00K $110.0K
YoY Change 127.27% -59.09% 57.14%
Gross Profit Margin 81.97% 77.59% 97.35%
Selling, General & Admin $273.0K $332.0K $546.0K
YoY Change 1.11% -39.19% 92.93%
% of Gross Profit 546.0% 737.78% 496.36%
Research & Development $0.00 $0.00 $2.000K
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 0.0% 1.82%
Depreciation & Amortization $0.00 $1.000K $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 2.22% 0.0%
Operating Expenses $273.0K $332.0K $548.0K
YoY Change -3.87% -39.42% 90.28%
Operating Profit -$223.0K -$287.0K -$438.0K
YoY Change -14.89% -34.47% 100.92%
Interest Expense $1.000K $1.000K -$1.000K
YoY Change -97.14% -200.0% -66.67%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$238.0K -$299.0K -$439.0K
YoY Change -60.2% -31.89% 98.64%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$238.0K -$299.0K -$439.0K
YoY Change -60.2% -31.89% 98.64%
Net Earnings / Revenue -390.16% -515.52% -388.5%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.887K
COMMON SHARES
Basic Shares Outstanding 276.7M shares 276.7M shares 232.7M shares
Diluted Shares Outstanding 277.8M shares 276.7M shares 232.7M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $310.0K $343.0K $1.100M
YoY Change -60.21% -68.82% 23.32%
Cash & Equivalents $310.0K $343.0K $1.100M
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory $48.00K $48.00K $0.00
Prepaid Expenses $0.00 $0.00
Receivables $0.00 $0.00 $8.000K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $358.0K $391.0K $1.108M
YoY Change -58.61% -64.71% 11.58%
LONG-TERM ASSETS
Property, Plant & Equipment $3.000K $3.000K $395.0K
YoY Change -99.21% -99.24% -15.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.106M $1.120M $1.179M
YoY Change -12.22% -5.0%
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.249M $1.280M $1.584M
YoY Change -24.26% -19.19% 233.47%
TOTAL ASSETS
Total Short-Term Assets $358.0K $391.0K $1.108M
Total Long-Term Assets $1.249M $1.280M $1.584M
Total Assets $1.607M $1.671M $2.692M
YoY Change -36.08% -37.93% 83.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $129.0K $164.0K $315.0K
YoY Change 32.99% -47.94%
Accrued Expenses $343.0K $343.0K $589.0K
YoY Change 0.59% -41.77% -18.42%
Deferred Revenue $443.0K $257.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $915.0K $764.0K $1.863M
YoY Change -38.05% -58.99% 16.0%
LONG-TERM LIABILITIES
Long-Term Debt $150.0K $150.0K $289.0K
YoY Change 0.0% -48.1% 13.78%
Other Long-Term Liabilities $76.00K $93.00K $162.0K
YoY Change -47.59% -42.59% -28.95%
Total Long-Term Liabilities $150.0K $150.0K $451.0K
YoY Change -49.15% -66.74% -6.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $915.0K $764.0K $1.863M
Total Long-Term Liabilities $150.0K $150.0K $451.0K
Total Liabilities $1.141M $1.007M $2.314M
YoY Change -35.61% -56.48% 10.82%
SHAREHOLDERS EQUITY
Retained Earnings -$25.86M -$25.62M
YoY Change
Common Stock $279.0K $277.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $466.0K $664.0K $378.0K
YoY Change
Total Liabilities & Shareholders Equity $1.607M $1.671M $2.692M
YoY Change -36.08% -37.93% 83.38%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$238.0K -$299.0K -$439.0K
YoY Change -60.2% -31.89% 98.64%
Depreciation, Depletion And Amortization $0.00 $1.000K $0.00
YoY Change -100.0%
Cash From Operating Activities -$33.00K -$24.00K $147.0K
YoY Change -88.09% -116.33% -33.18%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$929.0K
YoY Change -100.0% -100.0% 1758.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$929.0K
YoY Change -100.0% -100.0% 1758.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -33.00K -24.00K 147.0K
Cash From Investing Activities 0.000 0.000 -929.0K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -33.00K -24.00K -782.0K
YoY Change -89.72% -96.93% -560.0%
FREE CASH FLOW
Cash From Operating Activities -$33.00K -$24.00K $147.0K
Capital Expenditures $0.00 $0.00 -$929.0K
Free Cash Flow -$33.00K -$24.00K $1.076M
YoY Change -85.84% -102.23% 298.52%

Facts In Submission

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PaymentsToAcquireEquityMethodInvestments
1179000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1179000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
785000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
785000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-98000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-263000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
441000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1363000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
343000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1100000 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CVAT Issuance Of Note Payable To Settle Accrued Payroll And Liability Related Party
IssuanceOfNotePayableToSettleAccruedPayrollAndLiabilityRelatedParty
0 usd
CVAT Issuance Of Note Payable To Settle Accrued Payroll And Liability Related Party
IssuanceOfNotePayableToSettleAccruedPayrollAndLiabilityRelatedParty
139000 usd
us-gaap Net Income Loss
NetIncomeLoss
-372000 usd
us-gaap Net Income Loss
NetIncomeLoss
-372000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-98000 usd
CY2022Q4 CVAT Working Capital
WorkingCapital
-373000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
343000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zHU0Knc18rZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_86C_zbemesqdLSSe">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; text-align: justify"> </p>
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zE2Cq9SQ8Hjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_860_za5QcK82Gst6">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 June 30, 2022, were due from Desmet (see Note 2).</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 – three vendors accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z2hchZbGH7n6" title="Concentration Risk, Percentage">41</span>%, <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--SecondVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z0ZoxHzxVvx" title="Concentration Risk, Percentage">26</span>%, and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--ThirdVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zmXfwdGp3OEi" title="Concentration Risk, Percentage">20</span>% of accounts payable and accrued expenses as of December 31, 2022, respectively. Three vendors accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zVRRsRAyUWHk" title="Concentration Risk, Percentage">32</span>%, <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__srt--MajorCustomersAxis__custom--SecondVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zrkh6anbb7Kg" title="Concentration Risk, Percentage">29</span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__srt--MajorCustomersAxis__custom--ThirdVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_z5f2AuFEaIVk" title="Concentration Risk, Percentage">24</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 – during the three and six months periods ended December 31, 2022 were <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20221001__20221231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zvbVK2ppJWC1" title="Concentration Risk, Percentage">100</span>% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z8sK6mhCHKhl" title="Concentration Risk, Percentage">95</span>% of revenues, respectively, were from Desmet. Revenue during the three and six months periods ended December 31, 2021 were <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20211001__20211231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zPNf38jZRwDb" title="Concentration Risk, Percentage">96</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20211231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zf1w07WkUWK2" title="Concentration Risk, Percentage">99</span>% of revenues, respectively, were from Desmet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
47000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
163000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
156000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
38000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
38000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
147000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
63000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
93000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
156000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
38000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
78000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
280000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
280000 usd

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