$CVAT
Cavitation Technologies, Inc.

2024 Q2 Form 10-Q Financial Statement

#000168316824003488 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $652.0K $519.0K $61.00K
YoY Change 1153.85% 750.82% 60.53%
Cost Of Revenue $115.0K $7.000K $11.00K
YoY Change 139.58% -36.36% -31.25%
Gross Profit $537.0K $512.0K $50.00K
YoY Change 13325.0% 924.0% 127.27%
Gross Profit Margin 82.36% 98.65% 81.97%
Selling, General & Admin $152.0K $170.0K $273.0K
YoY Change -52.94% -37.73% 1.11%
% of Gross Profit 28.31% 33.2% 546.0%
Research & Development $16.00K $9.000K $0.00
YoY Change 433.33% -100.0%
% of Gross Profit 2.98% 1.76% 0.0%
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0% 0.0%
Operating Expenses $168.0K $179.0K $273.0K
YoY Change -48.47% -34.43% -3.87%
Operating Profit $369.0K $333.0K -$223.0K
YoY Change -214.6% -249.33% -14.89%
Interest Expense $6.000K $2.000K $1.000K
YoY Change -100.54% 100.0% -97.14%
% of Operating Profit 1.63% 0.6%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $375.0K $331.0K -$238.0K
YoY Change -126.22% -239.08% -60.2%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $375.0K $331.0K -$238.0K
YoY Change -126.22% -239.08% -60.2%
Net Earnings / Revenue 57.52% 63.78% -390.16%
Basic Earnings Per Share $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 277.8M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.0K $183.0K $310.0K
YoY Change 894.44% -40.97% -60.21%
Cash & Equivalents $179.0K $183.0K $310.0K
Short-Term Investments
Other Short-Term Assets $16.00K $2.000K $0.00
YoY Change
Inventory $48.00K
Prepaid Expenses $16.00K $2.000K $0.00
Receivables $19.00K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $195.0K $204.0K $358.0K
YoY Change 983.33% -43.02% -58.61%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $3.000K
YoY Change -100.0% -100.0% -99.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000K $1.000K $1.106M
YoY Change 0.0% -99.91% -12.22%
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $53.00K $71.00K $1.249M
YoY Change -57.6% -94.32% -24.26%
TOTAL ASSETS
Total Short-Term Assets $195.0K $204.0K $358.0K
Total Long-Term Assets $53.00K $71.00K $1.249M
Total Assets $248.0K $275.0K $1.607M
YoY Change 73.43% -82.89% -36.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $129.0K $125.0K $129.0K
YoY Change 7.5% -3.1% 32.99%
Accrued Expenses $460.0K $473.0K $343.0K
YoY Change 32.18% 37.9% 0.59%
Deferred Revenue $0.00 $382.0K $443.0K
YoY Change -100.0% -13.77%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.000K $5.000K
YoY Change 80.0%
Total Short-Term Liabilities $598.0K $985.0K $915.0K
YoY Change -30.79% 7.65% -38.05%
LONG-TERM LIABILITIES
Long-Term Debt $130.0K $145.0K $150.0K
YoY Change -10.34% -3.33% 0.0%
Other Long-Term Liabilities $0.00 $0.00 $76.00K
YoY Change -100.0% -100.0% -47.59%
Total Long-Term Liabilities $130.0K $145.0K $150.0K
YoY Change -10.34% -3.33% -49.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $598.0K $985.0K $915.0K
Total Long-Term Liabilities $130.0K $145.0K $150.0K
Total Liabilities $728.0K $1.130M $1.141M
YoY Change -31.45% -0.96% -35.61%
SHAREHOLDERS EQUITY
Retained Earnings -$26.85M -$27.22M -$25.86M
YoY Change -1.61% 5.28%
Common Stock $284.0K $284.0K $279.0K
YoY Change 0.0% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$480.0K -$855.0K $466.0K
YoY Change
Total Liabilities & Shareholders Equity $248.0K $275.0K $1.607M
YoY Change 73.43% -82.89% -36.08%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $375.0K $331.0K -$238.0K
YoY Change -126.22% -239.08% -60.2%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities $7.000K $176.0K -$33.00K
YoY Change -102.4% -633.33% -88.09%
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 -11.00K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 7.000K 176.0K -33.00K
Cash From Investing Activities 0.000
Cash From Financing Activities -11.00K 0.000
Net Change In Cash -4.000K 176.0K -33.00K
YoY Change -98.63% -633.33% -89.72%
FREE CASH FLOW
Cash From Operating Activities $7.000K $176.0K -$33.00K
Capital Expenditures $0.00
Free Cash Flow -$33.00K
YoY Change -85.84%

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us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zwlePY9VHqZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_86F_z1QsYaG4Asy9">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"><b><i> </i></b></p>
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_z0qacolEUNbc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_863_zkU1E4xIPys6">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 – three vendors accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240331__srt--MajorCustomersAxis__custom--OneVendorMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zsyPUc8aW44i" title="Concentration risk percentage">34</span>%, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240331__srt--MajorCustomersAxis__custom--TwoVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_za5gwUeXeJ3k" title="Concentration risk percentage">12</span>% and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240331__srt--MajorCustomersAxis__custom--ThreeVendorsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--ProductConcentrationRiskMember_zIezpF0NmaP3" title="Concentration risk percentage">11</span>% of accounts payable and accrued expenses as of March 31, 2024. 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_zq6m9AxPEy3j" title="Concentration risk percentage">22</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_zL3dhuye6M96" 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 and nine months ended March 31, 2024, all revenues were generated from Desmet Ballestra (Desmet; see Note 2) . During the three months and nine months ended March 31, 2023, <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20230331__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zk4zAnUiAO94" title="Concentration risk percentage"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230331__srt--MajorCustomersAxis__custom--DesmetMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zMHyEBt0Fqj9" title="Concentration risk percentage">95</span></span>% of revenues, for each period, was from Desmet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
53000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
57000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
56000 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
57000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
65000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
20000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
46000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
66000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
65000 usd
CY2024Q1 us-gaap Sublease Income
SubleaseIncome
4294 usd
CY2023Q2 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
280000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
128000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
408000 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
150000 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
150000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
30260574 shares
CY2024Q1 CVAT Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsExercisableNumber
30260574 shares
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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