2023 Q3 Form 10-Q Financial Statement

#000143774923023314 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $6.373M $5.146M
YoY Change 23.05% -23.38%
Cost Of Revenue $4.285M $3.614M
YoY Change 26.44% -17.83%
Gross Profit $2.088M $1.532M
YoY Change 16.65% -33.91%
Gross Profit Margin 32.76% 29.77%
Selling, General & Admin $2.545M $2.550M
YoY Change 5.12% 2.12%
% of Gross Profit 121.89% 166.45%
Research & Development $175.0K $191.0K
YoY Change -15.05% -22.36%
% of Gross Profit 8.38% 12.47%
Depreciation & Amortization $404.0K $407.0K
YoY Change -3.12% -2.4%
% of Gross Profit 19.35% 26.57%
Operating Expenses $2.720M $2.741M
YoY Change 3.54% -0.07%
Operating Profit -$632.0K -$1.209M
YoY Change -24.49% 184.47%
Interest Expense $163.0K $160.0K
YoY Change 58.25% 263.64%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$795.0K -$1.369M
YoY Change -15.43% 191.9%
Income Tax $2.000K $0.00
% Of Pretax Income
Net Earnings -$797.0K -$1.369M
YoY Change -15.21% 190.04%
Net Earnings / Revenue -12.51% -26.6%
Basic Earnings Per Share -$0.13 -$0.22
Diluted Earnings Per Share -$0.13 -$0.22
COMMON SHARES
Basic Shares Outstanding 6.308M 6.291M
Diluted Shares Outstanding 6.366M 6.290M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.240M $648.0K
YoY Change 227.18% -12.08%
Cash & Equivalents $1.236M $648.0K
Short-Term Investments
Other Short-Term Assets $430.0K $378.0K
YoY Change 20.79% -2.07%
Inventory $9.591M $10.51M
Prepaid Expenses
Receivables $1.430M $1.794M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.69M $13.33M
YoY Change -15.1% -11.3%
LONG-TERM ASSETS
Property, Plant & Equipment $10.78M $11.07M
YoY Change -8.27% -7.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $88.00K $85.00K
YoY Change -4.35% -10.53%
Total Long-Term Assets $15.40M $15.81M
YoY Change -0.1% 0.72%
TOTAL ASSETS
Total Short-Term Assets $12.69M $13.33M
Total Long-Term Assets $15.40M $15.81M
Total Assets $28.08M $29.13M
YoY Change -7.48% -5.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.392M $1.721M
YoY Change -9.84% -10.69%
Accrued Expenses $897.0K $821.0K
YoY Change -16.79% -38.59%
Deferred Revenue $127.0K $77.00K
YoY Change 38.04% -2.53%
Short-Term Debt $2.480M $2.520M
YoY Change 90.77%
Long-Term Debt Due $5.737M $5.833M
YoY Change 263.79% 1411.14%
Total Short-Term Liabilities $8.659M $8.946M
YoY Change 88.85% 119.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M
YoY Change -76.26% -76.6%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $1.000M $1.000M
YoY Change -76.29% -76.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.659M $8.946M
Total Long-Term Liabilities $1.000M $1.000M
Total Liabilities $13.68M $14.09M
YoY Change 13.33% 20.63%
SHAREHOLDERS EQUITY
Retained Earnings -$19.80M -$19.00M
YoY Change 26.87% 29.57%
Common Stock $129.0K $126.0K
YoY Change 3.2% 1.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.41M $15.04M
YoY Change
Total Liabilities & Shareholders Equity $28.08M $29.13M
YoY Change -7.48% -5.16%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$797.0K -$1.369M
YoY Change -15.21% 190.04%
Depreciation, Depletion And Amortization $404.0K $407.0K
YoY Change -3.12% -2.4%
Cash From Operating Activities $840.0K -$596.0K
YoY Change -172.35% -54.12%
INVESTING ACTIVITIES
Capital Expenditures $140.0K $150.0K
YoY Change -144.59% -139.89%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$140.0K -$150.0K
YoY Change -55.41% -60.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K $420.0K
YoY Change -109.85% -337.29%
NET CHANGE
Cash From Operating Activities 840.0K -$596.0K
Cash From Investing Activities -140.0K -$150.0K
Cash From Financing Activities -110.0K $420.0K
Net Change In Cash 590.0K -$326.0K
YoY Change -264.8% -82.4%
FREE CASH FLOW
Cash From Operating Activities $840.0K -$596.0K
Capital Expenditures $140.0K $150.0K
Free Cash Flow $700.0K -$746.0K
YoY Change -182.64% -19.18%

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InventoryRawMaterialsNetOfReserves
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InventoryWorkInProcessNetOfReserves
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324000 usd
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189000 usd
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37182000 usd
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3402000 usd
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CY2023Q2 us-gaap Long Term Debt
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4402000 usd
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P9Y7M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
203000 usd
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OperatingLeaseRightofuseAssetBeforeAccumulatedAmortization
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4640000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4758000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
609000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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817000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
794000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
801000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
591000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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2854000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6466000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1826000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4640000 usd
CY2023Q2 us-gaap Accrued Bonuses Current
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143000 usd
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143000 usd
CY2023Q2 us-gaap Accrued Salaries Current
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79000 usd
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215000 usd
CY2023Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
384000 usd
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AccruedVacationCurrent
393000 usd
CY2023Q2 cyan Accrued Interest And Legal Liabilities Current
AccruedInterestAndLegalLiabilitiesCurrent
47000 usd
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AccruedInterestAndLegalLiabilitiesCurrent
30000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
168000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
320000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
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821000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
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1101000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1950000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1079271
CY2023Q2 cyan Sharebased Compensation Arrangement By Sharebased Payment Award Number Of Shares Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardNumberOfSharesOutstanding
328756
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.88
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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253000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.88
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M12D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M18D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.55
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
33333
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.77
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
108334
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
1.48
CY2023Q2 us-gaap Income Tax Expense Benefit
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0.007 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q2 us-gaap Unrecognized Tax Benefits
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0 usd
CY2023Q2 us-gaap Net Income Loss
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6290000
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6204000
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EarningsPerShareBasic
-0.08

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