2022 Q3 Form 10-Q Financial Statement

#000173112222001479 Filed on August 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q1 2021 Q4
Revenue $26.78K $11.03K $374.0K
YoY Change -89.92% -70.17% -50.6%
Cost Of Revenue $17.11K $5.409K $41.30K
YoY Change -74.35% -49.74% -53.04%
Gross Profit $9.670K $5.620K $332.7K
YoY Change -95.14% -78.56% -50.28%
Gross Profit Margin 36.11% 50.96% 88.96%
Selling, General & Admin $234.9K $19.71K $317.4K
YoY Change -241.18% 32.54% -23.75%
% of Gross Profit 2429.37% 350.75% 95.42%
Research & Development $15.72K $13.71K $15.68K
YoY Change -11.79%
% of Gross Profit 162.56% 243.88% 4.71%
Depreciation & Amortization $8.440K $27.32K
YoY Change -70.57% -12.58%
% of Gross Profit 87.28% 8.21%
Operating Expenses $250.6K $346.7K $344.8K
YoY Change 64.58% 168.38% -22.97%
Operating Profit -$241.0K -$341.1K -$12.07K
YoY Change -617.53% 231.24% -105.45%
Interest Expense $401.8K -$12.33K -$6.900K
YoY Change
% of Operating Profit
Other Income/Expense, Net $98.95K -$500.0K -$300.00
YoY Change -3477.13% 22731.87% -115.38%
Pretax Income $259.8K -$841.1K -$12.37K
YoY Change 495.46% 699.83% -105.54%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $259.8K -$841.1K -$251.7K
YoY Change 495.46% 699.83% 154.88%
Net Earnings / Revenue 970.13% -7626.13% -67.31%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share $0.00 -$118.7K -$938.80
COMMON SHARES
Basic Shares Outstanding 105.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.1K $593.1K $278.9K
YoY Change -63.67% 50.79% -38.55%
Cash & Equivalents $127.1K $593.1K $6.066K
Short-Term Investments
Other Short-Term Assets $10.50K $183.7K
YoY Change -94.52% -16.41%
Inventory
Prepaid Expenses $10.50K
Receivables $6.082K $9.324K $52.58K
Other Receivables $0.00 $100.0K $5.850K
Total Short-Term Assets $143.7K $702.4K $521.0K
YoY Change 360.11% -16.56% -42.15%
LONG-TERM ASSETS
Property, Plant & Equipment $149.4K $103.9K
YoY Change 478.51% 3.37%
Goodwill $1.557M
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $234.5K
YoY Change -46.7%
Total Long-Term Assets $149.4K $1.557M $492.4K
YoY Change 245.91% -8.91%
TOTAL ASSETS
Total Short-Term Assets $143.7K $702.4K $521.0K
Total Long-Term Assets $149.4K $1.557M $492.4K
Total Assets $293.1K $2.259M $1.013M
YoY Change 838.61% 74.89% -29.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $198.1K $60.26K $57.86K
YoY Change 17.31% 5.42% -14.26%
Accrued Expenses $29.04K $42.96K $428.2K
YoY Change 157.92% 90.19% 1795.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $120.0K
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due $755.8K $393.7K
YoY Change
Total Short-Term Liabilities $1.100M $501.0K $1.314M
YoY Change 379.93% -48.97% 25.39%
LONG-TERM LIABILITIES
Long-Term Debt $292.2K $505.3K $0.00
YoY Change
Other Long-Term Liabilities $1.110M
YoY Change -44.1%
Total Long-Term Liabilities $292.2K $505.3K $1.110M
YoY Change -77.02% -70.15% -44.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.100M $501.0K $1.314M
Total Long-Term Liabilities $292.2K $505.3K $1.110M
Total Liabilities $1.392M $606.2K $2.425M
YoY Change 169.52% -77.33% -20.1%
SHAREHOLDERS EQUITY
Retained Earnings -$2.381M -$1.998M
YoY Change 162.95%
Common Stock $1.300M $3.269M
YoY Change 209.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.13K
YoY Change
Treasury Stock Shares 15.10K shares 15.10K shares
Shareholders Equity -$1.099M $1.253M -$564.0K
YoY Change
Total Liabilities & Shareholders Equity $293.1K $2.259M $1.013M
YoY Change 838.61% 74.89% -29.68%

Cashflow Statement

Concept 2022 Q3 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $259.8K -$841.1K -$251.7K
YoY Change 495.46% 699.83% 154.88%
Depreciation, Depletion And Amortization $8.440K $27.32K
YoY Change -70.57% -12.58%
Cash From Operating Activities -$827.6K -$217.3K -$72.25K
YoY Change 4797.1% 255.61% -425.45%
INVESTING ACTIVITIES
Capital Expenditures $157.9K -$630.00
YoY Change -969.27% 270.59%
Acquisitions
YoY Change
Other Investing Activities $70.36K $70.36K $0.00
YoY Change 8377.11% 8377.11% -100.0%
Cash From Investing Activities -$87.50K $70.99K -$630.00
YoY Change 404.9% -3649.5% -195.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.032M 802.5K $136.2K
YoY Change
NET CHANGE
Cash From Operating Activities -827.6K -217.3K -72.25K
Cash From Investing Activities -87.50K 70.99K -630.0
Cash From Financing Activities 1.032M 802.5K $136.2K
Net Change In Cash 117.3K 656.2K -72.88K
YoY Change -442.8% -1139.87% -418.81%
FREE CASH FLOW
Cash From Operating Activities -$827.6K -$217.3K -$72.25K
Capital Expenditures $157.9K -$630.00
Free Cash Flow -$985.5K -$71.62K
YoY Change -78311.9% -420.16%

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LossOnContingencyLiability
400000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
87683 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-12131 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-897 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
6377 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
2521 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-90557 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
56298 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
38959 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8302 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-289526 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-78206 usd
clcn Acquisition Of Subsidiary
AcquisitionOfSubsidiary
-70361 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
70361 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
65000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
766250 usd
clcn Proceeds From Sba Loan
ProceedsFromSbaLoan
36200 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
802450 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
65000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
583285 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-13206 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9774 usd
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28975 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
593059 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15769 usd
clcn Preferred Stock Issued For Conversion Of Debt Related Parties
PreferredStockIssuedForConversionOfDebtRelatedParties
104564 usd
clcn Preferred Stock Issued For Conversion Of Debt
PreferredStockIssuedForConversionOfDebt
288458 usd
clcn Common Stock And Warrant Issued In Connection With Promissory Note
CommonStockAndWarrantIssuedInConnectionWithPromissoryNote
344696 usd
clcn Number Of Shares Exchaged
NumberOfSharesExchaged
2594593 shares
CY2022Q1 clcn Convertible Preferred Stock
ConvertiblePreferredStock
1720867 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
70361 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
100000 usd
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
6600 usd
CY2022Q1 us-gaap Goodwill
Goodwill
1557106 usd
clcn Increase In Cash From Financings
IncreaseInCashFromFinancings
802450 usd
clcn Increase In Cash From Acquisition Of Subsidiary
IncreaseInCashFromAcquisitionOfSubsidiary
70361 usd
CY2019Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.06 pure
us-gaap Fiscal Period
FiscalPeriod
<p id="xdx_845_eus-gaap--FiscalPeriod_zyC7FDRzzwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i><span id="xdx_86B_z4YPaBU8iVx6">Fiscal year</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates on a September 30 fiscal year-end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zLGDMpfEBMVh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_861_zAo81aYb31se">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. The significant estimates and assumptions made by management include allowance for doubtful accounts, allowance for deferred tax assets, fair value of equity instruments. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q1 us-gaap Cash
Cash
593059 usd
CY2021Q3 us-gaap Cash
Cash
9774 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
300000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.75
CY2022Q1 clcn Shares Issued For Promissory Note Value
SharesIssuedForPromissoryNoteValue
750000 usd
CY2022Q1 clcn Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issuance Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuanceNumber
1000000 shares
CY2022Q1 clcn Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issuance In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuanceInPeriodWeightedAverageGrantDateFairValue
0.30
CY2022Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
28372 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2019Q3 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
1000000 usd
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
2296 usd
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
2522 usd
CY2022Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
104564 usd
CY2022Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
52284 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
90968474 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
78401540 shares
us-gaap Profit Loss
ProfitLoss
-1092807 usd
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
289526 usd
CY2022Q1 us-gaap Notes Receivable Net
NotesReceivableNet
100000 usd
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-04-20
us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.15 pure
clcn Note Issued For Cancellation Of Common Stock
NoteIssuedForCancellationOfCommonStock
500000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Preferred Stock Redemption Terms
PreferredStockRedemptionTerms
The Series A Preferred Stock is entitled to receive, prior to any distribution to any junior class of securities, an amount equal to $0.01 per share as a liquidation preference before any distribution may be made to the holders of any junior security, including the Common Stock.
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
Each holder of Series A Preferred Stock shall vote with holders of the Common Stock upon any matter submitted to a vote of shareholders, in which event it shall have the number of votes equal to the number of shares of Common Stock into which such share of Series A Preferred Stock would be convertible on the record date for the vote or consent of shareholders. Each holder of Series A Preferred Stock shall also be entitled to one vote per share on each submitted to a class vote of the holders of Series A Preferred Stock.
us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Each share of Series A Preferred Stock is convertible into 33.94971 shares of Common Stock at the option of the holder thereof.
clcn Mandatory Conversion Right Description
MandatoryConversionRightDescription
The Company has the right to convert each share of Series A Preferred Stock into 33.94971 shares of Common Stock at any time that there are less than 200,000 shares of Series A Preferred Stock outstanding.
clcn Stockbased Compensation Expense
StockbasedCompensationExpense
288461 usd
clcn Stockbased Compensation Expense
StockbasedCompensationExpense
57693 usd
CY2022Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
52284 shares
CY2022Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
104564 usd
clcn Stock Issued During Period Share Conversion Of Convertible Securities
StockIssuedDuringPeriodShareConversionOfConvertibleSecurities
129809 shares
clcn Stock Issued For Conversion Of Debt Value
StockIssuedForConversionOfDebtValue
288458 usd
clcn Stock Issued During Period Share Stock Options Exercised
StockIssuedDuringPeriodShareStockOptionsExercised
112500 shares
CY2022Q1 clcn Reorganization
Reorganization
1720867 usd
CY2022Q1 clcn Shares Issued For Commitment Fees
SharesIssuedForCommitmentFees
4000000 shares
CY2022Q1 clcn Shares Issued For Commitment Fees Value
SharesIssuedForCommitmentFeesValue
316324 usd
CY2022Q1 clcn Shares Issued For Promissory Note Value
SharesIssuedForPromissoryNoteValue
750000 usd
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17716041 shares
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
0 shares
CY2022Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
15100 shares
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2022Q1 us-gaap Share Price
SharePrice
0.10
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.30
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.20 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0184 pure
CY2022Q1 clcn Reorganizations Shares
ReorganizationsShares
1882793 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2022Q3 clcn Shares Issued For Commitment Fees
SharesIssuedForCommitmentFees
2000000 shares
CY2022Q3 clcn Shares Issued For Commitment Fees Value
SharesIssuedForCommitmentFeesValue
400000 usd
CY2022Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
28372 usd
CY2021Q3 us-gaap Convertible Debt
ConvertibleDebt
2000000 usd
us-gaap Interest Expense
InterestExpense
4833 usd

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