$CVAT
Cavitation Technologies, Inc.

2023 Q4 Form 10-Q Financial Statement

#000168316823007549 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $192.0K $0.00 $261.0K
YoY Change 231.03% -100.0% -52.63%
Cost Of Revenue $34.00K $0.00 $50.00K
YoY Change 161.54% -100.0% 117.39%
Gross Profit $158.0K $0.00 $211.0K
YoY Change 251.11% -100.0% -60.04%
Gross Profit Margin 82.29% 80.84%
Selling, General & Admin $172.0K $214.0K $265.0K
YoY Change -48.19% -19.25% -13.4%
% of Gross Profit 108.86% 125.59%
Research & Development $0.00 $36.00K $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization $1.000K
YoY Change 0.0%
% of Gross Profit 0.63%
Operating Expenses $172.0K $250.0K $265.0K
YoY Change -48.19% -5.66% -13.4%
Operating Profit -$14.00K -$250.0K -$54.00K
YoY Change -95.12% 362.96% -124.32%
Interest Expense $2.000K $1.000K $1.000K
YoY Change 100.0% 0.0% -150.0%
% of Operating Profit
Other Income/Expense, Net -$19.00K
YoY Change -118.63%
Pretax Income -$16.00K -$251.0K -$73.00K
YoY Change -94.65% 243.84% -122.53%
Income Tax
% Of Pretax Income
Net Earnings -$16.00K -$251.0K -$73.00K
YoY Change -94.65% 243.84% -122.53%
Net Earnings / Revenue -8.33% -27.97%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 284.3M shares 284.3M shares 276.7M shares
Diluted Shares Outstanding 284.3M shares 284.3M shares 276.7M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.000K $140.0K $367.0K
YoY Change -97.96% -61.85% -80.5%
Cash & Equivalents $7.000K $140.0K $367.0K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory $48.00K
Prepaid Expenses $0.00
Receivables $18.00K
Other Receivables $0.00
Total Short-Term Assets $7.000K $140.0K $433.0K
YoY Change -98.21% -67.67% -81.71%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $1.000K $4.000K
YoY Change -100.0% -75.0% -99.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000K $1.000K $1.131M
YoY Change -99.91% -99.91%
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $89.00K $107.0K $1.308M
YoY Change -93.05% -91.82% 94.93%
TOTAL ASSETS
Total Short-Term Assets $7.000K $140.0K $433.0K
Total Long-Term Assets $89.00K $107.0K $1.308M
Total Assets $96.00K $247.0K $1.741M
YoY Change -94.25% -85.81% -42.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $121.0K $144.0K $139.0K
YoY Change -26.22% 3.6% -57.75%
Accrued Expenses $443.0K $394.0K $343.0K
YoY Change 29.15% 14.87% -52.56%
Deferred Revenue $555.0K $695.0K $36.00K
YoY Change 115.95% 1830.56%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000K $5.000K
YoY Change
Total Short-Term Liabilities $1.124M $1.238M $518.0K
YoY Change 47.12% 139.0% -74.25%
LONG-TERM LIABILITIES
Long-Term Debt $145.0K $145.0K $150.0K
YoY Change -3.33% -3.33% 0.0%
Other Long-Term Liabilities $13.00K $34.00K $110.0K
YoY Change -86.02% -69.09% -38.55%
Total Long-Term Liabilities $158.0K $179.0K $150.0K
YoY Change 5.33% 19.33% -54.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.124M $1.238M $518.0K
Total Long-Term Liabilities $158.0K $179.0K $150.0K
Total Liabilities $1.282M $1.417M $778.0K
YoY Change 27.31% 82.13% -66.77%
SHAREHOLDERS EQUITY
Retained Earnings -$27.55M -$27.54M -$25.32M
YoY Change 7.55% 8.76%
Common Stock $284.0K $284.0K $277.0K
YoY Change 2.53% 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.186M -$1.170M $963.0K
YoY Change
Total Liabilities & Shareholders Equity $96.00K $247.0K $1.741M
YoY Change -94.25% -85.81% -42.71%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$16.00K -$251.0K -$73.00K
YoY Change -94.65% 243.84% -122.53%
Depreciation, Depletion And Amortization $1.000K
YoY Change 0.0%
Cash From Operating Activities -$133.0K $122.0K -$74.00K
YoY Change 454.17% -264.86% 362.5%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -133.0K $122.0K -$74.00K
Cash From Investing Activities $0.00
Cash From Financing Activities 0.000 $0.00
Net Change In Cash -133.0K $122.0K -$74.00K
YoY Change 454.17% -264.86% -114.26%
FREE CASH FLOW
Cash From Operating Activities -$133.0K $122.0K -$74.00K
Capital Expenditures $0.00
Free Cash Flow -$74.00K
YoY Change -131.62%

Facts In Submission

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<p id="xdx_845_eus-gaap--UseOfEstimates_zPR4Rf7ynKne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_86A_zp0GXA0jIc26">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 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>
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CY2023Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zD6kYA4Qa3ic" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_862_zyB5FMKGIol9">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 Payable and Accrued Expenses – two vendors accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20230930__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zKS7uysbteyf" title="Concentration risk percentage">22</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20230930__srt--MajorCustomersAxis__custom--TwoVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zKroutOIvmih" title="Concentration risk percentage">30</span>% of accounts payable and accrued expenses as of September 30, 2023, respectively. Two vendors accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zoq24qOdMHOj" title="Concentration risk percentage">52</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__srt--MajorCustomersAxis__custom--TwoVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zYyU68Q5IWU6" title="Concentration risk percentage">36</span>% of accounts payable and accrued expenses as of June 30, 2023.</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-month period ended September 30, 2022, <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20220930__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z1twHZFFbscj" title="Concentration risk percentage">93</span>% of revenues were from Desmet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
110000 usd
CY2021Q4 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
40000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
391000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
695000 usd
CY2023Q3 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
19000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
19000 usd
CY2023Q3 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
17000 usd
CY2022Q3 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
19000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
102000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
173000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
59000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
47000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
106000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
102000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
280000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
46000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
326000 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
150000 usd

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