$CVAT
Cavitation Technologies, Inc.

2024 Q1 Form 10-Q Financial Statement

#000168316824000947 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $519.0K $192.0K
YoY Change 750.82% 231.03%
Cost Of Revenue $7.000K $34.00K
YoY Change -36.36% 161.54%
Gross Profit $512.0K $158.0K
YoY Change 924.0% 251.11%
Gross Profit Margin 98.65% 82.29%
Selling, General & Admin $170.0K $172.0K
YoY Change -37.73% -48.19%
% of Gross Profit 33.2% 108.86%
Research & Development $9.000K $0.00
YoY Change
% of Gross Profit 1.76% 0.0%
Depreciation & Amortization $0.00 $1.000K
YoY Change 0.0%
% of Gross Profit 0.0% 0.63%
Operating Expenses $179.0K $172.0K
YoY Change -34.43% -48.19%
Operating Profit $333.0K -$14.00K
YoY Change -249.33% -95.12%
Interest Expense $2.000K $2.000K
YoY Change 100.0% 100.0%
% of Operating Profit 0.6%
Other Income/Expense, Net
YoY Change
Pretax Income $331.0K -$16.00K
YoY Change -239.08% -94.65%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $331.0K -$16.00K
YoY Change -239.08% -94.65%
Net Earnings / Revenue 63.78% -8.33%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 284.3M shares 284.3M shares
Diluted Shares Outstanding 284.3M shares 284.3M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.0K $7.000K
YoY Change -40.97% -97.96%
Cash & Equivalents $183.0K $7.000K
Short-Term Investments
Other Short-Term Assets $2.000K
YoY Change
Inventory
Prepaid Expenses $2.000K
Receivables $19.00K
Other Receivables $0.00
Total Short-Term Assets $204.0K $7.000K
YoY Change -43.02% -98.21%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000K $1.000K
YoY Change -99.91% -99.91%
Other Assets $10.00K $10.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $71.00K $89.00K
YoY Change -94.32% -93.05%
TOTAL ASSETS
Total Short-Term Assets $204.0K $7.000K
Total Long-Term Assets $71.00K $89.00K
Total Assets $275.0K $96.00K
YoY Change -82.89% -94.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $125.0K $121.0K
YoY Change -3.1% -26.22%
Accrued Expenses $473.0K $443.0K
YoY Change 37.9% 29.15%
Deferred Revenue $382.0K $555.0K
YoY Change -13.77% 115.95%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000K $5.000K
YoY Change
Total Short-Term Liabilities $985.0K $1.124M
YoY Change 7.65% 47.12%
LONG-TERM LIABILITIES
Long-Term Debt $145.0K $145.0K
YoY Change -3.33% -3.33%
Other Long-Term Liabilities $0.00 $13.00K
YoY Change -100.0% -86.02%
Total Long-Term Liabilities $145.0K $158.0K
YoY Change -3.33% 5.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $985.0K $1.124M
Total Long-Term Liabilities $145.0K $158.0K
Total Liabilities $1.130M $1.282M
YoY Change -0.96% 27.31%
SHAREHOLDERS EQUITY
Retained Earnings -$27.22M -$27.55M
YoY Change 5.28% 7.55%
Common Stock $284.0K $284.0K
YoY Change 1.79% 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$855.0K -$1.186M
YoY Change
Total Liabilities & Shareholders Equity $275.0K $96.00K
YoY Change -82.89% -94.25%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $331.0K -$16.00K
YoY Change -239.08% -94.65%
Depreciation, Depletion And Amortization $0.00 $1.000K
YoY Change 0.0%
Cash From Operating Activities $176.0K -$133.0K
YoY Change -633.33% 454.17%
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 176.0K -133.0K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash 176.0K -133.0K
YoY Change -633.33% 454.17%
FREE CASH FLOW
Cash From Operating Activities $176.0K -$133.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_84F_eus-gaap--UseOfEstimates_z6bOfPUvV9kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i><span id="xdx_868_zLRlpjTiwrsl">Use of Estimates</span></i></b></span></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"><span style="background-color: white">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zGJugBIvDPDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white"><b><i><span id="xdx_860_zlkPBNcwRgla">Concentrations</span></i></b></span></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"><span style="background-color: white">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.</span></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"><span style="background-color: white">Accounts Payable and Accrued Expenses – two vendors accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zdOgk4YGL6vb" title="Concentration risk percentage">64</span>% and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__srt--MajorCustomersAxis__custom--TwoVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zARrd78cVJ8d" title="Concentration risk percentage">19</span>% of accounts payable and accrued expenses as of December 31, 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_zOH7Qit5eJSb" 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_zFSChNbQcQQ6" title="Concentration risk percentage">36</span>% of accounts payable and accrued expenses as of June 30, 2023.</span></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"><span style="background-color: white">Revenues – during the three and six months period ended December 31, 2023, <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20231001__20231231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zQTwJlcxtlO3" title="Concentration risk percentage"><span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zdYXq7fb9R35" title="Concentration risk percentage">100</span></span>% of revenues were from Desmet Ballestra (Desmet). During the three months and six months ended December 31, 2022, <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20221001__20221231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z1DuOgxRl3s1" title="Concentration risk percentage">100</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z8Qe4jYXFAj" title="Concentration risk percentage">95</span>% of revenues, respectively was from Desmet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
38000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
38000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
38000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
38000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
78000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
71000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
84000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
40000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
47000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
87000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
84000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
280000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
92000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
372000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
150000 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
150000 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
30260574 shares
CY2023Q4 CVAT Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsExercisableNumber
30260574 shares

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