2022 Q3 Form 10-Q Financial Statement

#000121390022045057 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $223.0K $327.0K $108.0K
YoY Change -54.02% 20.66% -43.46%
% of Gross Profit
Research & Development $11.00K $3.000K $14.00K
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K $1.000K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $11.00K $3.000K $107.0K
YoY Change -97.94% -43.98%
Operating Profit -$234.0K -$330.0K -$107.0K
YoY Change -56.18% 21.77% -43.98%
Interest Expense -$4.000K $43.00K $173.0K
YoY Change -98.42% -129.25% 232.69%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$238.0K -$287.0K $66.00K
YoY Change -69.76% -31.34% -147.48%
Income Tax
% Of Pretax Income
Net Earnings -$238.0K -$287.0K $66.00K
YoY Change -69.76% -31.34% -147.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.00 -$0.01 $1.221K
COMMON SHARES
Basic Shares Outstanding 54.22M shares 54.12M shares
Diluted Shares Outstanding 54.12M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.010M $3.154M $3.560M
YoY Change -19.3% -20.07% 3290.48%
Cash & Equivalents $3.010M $3.154M $3.560M
Short-Term Investments
Other Short-Term Assets $36.00K $52.00K $40.00K
YoY Change -29.41% -7.14% 110.53%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.046M $3.206M $3.600M
YoY Change -19.44% -19.89% 2803.23%
LONG-TERM ASSETS
Property, Plant & Equipment $22.00K $23.00K $9.000K
YoY Change 120.0% 109.09% -25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.00K $15.00K
YoY Change
Total Long-Term Assets $37.00K $38.00K $9.000K
YoY Change 270.0% 245.45% -25.0%
TOTAL ASSETS
Total Short-Term Assets $3.046M $3.206M $3.600M
Total Long-Term Assets $37.00K $38.00K $9.000K
Total Assets $3.083M $3.244M $3.609M
YoY Change -18.68% -19.16% 2553.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.00K $77.00K $75.00K
YoY Change -12.12% -38.4% -76.71%
Accrued Expenses $101.0K $98.00K $136.0K
YoY Change 4.12% -38.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $188.0K $175.0K $211.0K
YoY Change -64.05% -38.38% -83.77%
LONG-TERM LIABILITIES
Long-Term Debt $303.0K $301.0K $297.0K
YoY Change 3.06% 2.73% -54.93%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $303.0K $301.0K $297.0K
YoY Change 3.06% 2.73% -56.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $188.0K $175.0K $211.0K
Total Long-Term Liabilities $303.0K $301.0K $297.0K
Total Liabilities $491.0K $476.0K $508.0K
YoY Change -39.9% -17.5% -74.41%
SHAREHOLDERS EQUITY
Retained Earnings -$6.913M -$6.675M -$6.019M
YoY Change
Common Stock $5.000K $5.000K $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.592M $2.768M $3.101M
YoY Change
Total Liabilities & Shareholders Equity $3.083M $3.244M $3.609M
YoY Change -18.68% -19.16% 2553.68%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$238.0K -$287.0K $66.00K
YoY Change -69.76% -31.34% -147.48%
Depreciation, Depletion And Amortization $1.000K $1.000K $1.000K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$144.0K -$243.0K -$170.0K
YoY Change -33.33% 20.9% 8.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$3.000K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$15.00K
YoY Change
Cash From Investing Activities $0.00 -$18.00K
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 0.000 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -144.0K -243.0K -170.0K
Cash From Investing Activities 0.000 -18.00K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -144.0K -261.0K -170.0K
YoY Change -33.33% -107.47% 2.41%
FREE CASH FLOW
Cash From Operating Activities -$144.0K -$243.0K -$170.0K
Capital Expenditures $0.00 -$3.000K
Free Cash Flow -$144.0K -$240.0K
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to share based compensation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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TotalValueOfShareBasedCompensation
62000 usd
CY2022Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y
CY2022Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P2Y
us-gaap Lease Cost
LeaseCost
5200 usd
CY2022Q2 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.05 pure
CY2022Q2 us-gaap Other Commitment
OtherCommitment
15 usd
usdr Directors Compensation
DirectorsCompensation
282000 usd
usdr Directors Compensation
DirectorsCompensation
106000 usd
CY2021Q2 us-gaap Financing Interest Expense
FinancingInterestExpense
2000 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
25000 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
30000 usd
CY2022Q2 us-gaap Due To Officers Or Stockholders Noncurrent
DueToOfficersOrStockholdersNoncurrent
279000 usd
CY2021Q4 us-gaap Due To Officers Or Stockholders Noncurrent
DueToOfficersOrStockholdersNoncurrent
276000 usd
CY2021Q1 usdr Description Of Board Of Directors
DescriptionOfBoardOfDirectors
the Board of Directors appointed Yossi Balucka to serve as its Chief Executive Officer. Mr. Balucka is entitled to a monthly fee of NIS30,000 (approximately $9,650), reimbursement of expenses and discretionary performance bonus. In conjunction with the appointment of Mr. Balucka, the Company issued to Mr. Balucka options to purchase 450,000 shares of the Company’s commons stock at an exercise price of $0.0001 per share, subject to and in accordance with the terms and conditions of an Option Plan.
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
usdr Expenses With Respect To Changes In Fair Value Of Option Granted In Equity Financing
ExpensesWithRespectToChangesInFairValueOfOptionGrantedInEquityFinancing
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
usdr Issuance Of Shares In Exchange For Convertible Loans
IssuanceOfSharesInExchangeForConvertibleLoans
usd
us-gaap Stock Issued1
StockIssued1
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
usdr Share Based Compensation Arrangement By Share Based Payment Award Options Exercise In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExerciseInPeriod
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2021Q4 usdr Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRange
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001638911

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