2022 Q4 Form 10-Q Financial Statement

#000155837022017759 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $818.0K $970.0K $1.150M
YoY Change -35.55% -15.68% -54.89%
% of Gross Profit
Research & Development $1.272M $1.622M $2.961M
YoY Change -56.42% -45.21% 2639.6%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.090M $2.592M $4.111M
YoY Change -50.1% -36.95% 54.4%
Operating Profit -$2.592M -$4.111M
YoY Change -36.95% 54.4%
Interest Expense $45.16K $16.61K $1.510K
YoY Change -113.95% 1000.0% -101.51%
% of Operating Profit
Other Income/Expense, Net $16.61K $1.509K
YoY Change 1000.4% -102.46%
Pretax Income -$2.045M -$2.576M -$4.110M
YoY Change -54.68% -37.33% 50.88%
Income Tax
% Of Pretax Income
Net Earnings -$2.045M -$2.576M -$4.110M
YoY Change -54.68% -37.33% 50.88%
Net Earnings / Revenue
Basic Earnings Per Share -$0.28 -$0.49
Diluted Earnings Per Share -$0.18 -$0.28 -$493.4K
COMMON SHARES
Basic Shares Outstanding 18.33M 8.330M 8.330M
Diluted Shares Outstanding 9.200M 8.330M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.031M $9.788M $19.19M
YoY Change -49.81% -48.98% 3737.26%
Cash & Equivalents $7.031M $9.788M $19.19M
Short-Term Investments
Other Short-Term Assets $1.339M $1.070M $920.9K
YoY Change -24.3% 16.14% 1434.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.370M $10.86M $20.11M
YoY Change -46.95% -46.0% 3490.58%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $8.370M $10.86M $20.11M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $8.370M $10.86M $20.11M
YoY Change -46.95% -46.0% 2445.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $573.2K $679.4K $483.5K
YoY Change 61.97% 40.52% 141.75%
Accrued Expenses $470.1K $953.7K $743.3K
YoY Change -49.0% 28.31% -53.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.043M $1.633M $1.227M
YoY Change -18.22% 33.12% -31.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.043M $1.633M $1.227M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.043M $1.633M $1.227M
YoY Change -18.22% 33.12% -79.35%
SHAREHOLDERS EQUITY
Retained Earnings -$56.17M -$54.13M -$39.40M
YoY Change 27.88% 37.38%
Common Stock $1.833K $1.833K $833.00
YoY Change 120.05% 120.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.326M $9.225M $18.88M
YoY Change
Total Liabilities & Shareholders Equity $8.370M $10.86M $20.11M
YoY Change -46.95% -46.0% 2445.22%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$2.045M -$2.576M -$4.110M
YoY Change -54.68% -37.33% 50.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.671M -$2.483M -$2.649M
YoY Change -48.41% -6.25% 372.99%
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 -85.99K 4.577M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.671M -2.483M -2.649M
Cash From Investing Activities
Cash From Financing Activities -85.99K 4.577M 0.000
Net Change In Cash -2.757M 2.093M -2.649M
YoY Change -46.75% -179.03% 381.59%
FREE CASH FLOW
Cash From Operating Activities -$2.671M -$2.483M -$2.649M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of these financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company's significant estimates and assumptions include estimated work performed but not yet billed by contract manufacturers, engineers and research organizations, the valuation of equity and stock-based related instruments, and the valuation allowance related to deferred taxes. Some of these judgments can be subjective and complex, and, consequently, actual results could differ from those estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates.</p>
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863
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1069580
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1768503
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
261347
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
532678
CY2022Q3 viri Accrued Interest On Preferred Members Interest
AccruedInterestOnPreferredMembersInterest
188085
CY2021Q4 viri Accrued Interest On Preferred Members Interest
AccruedInterestOnPreferredMembersInterest
188085
CY2022Q3 viri Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
379721
CY2021Q4 viri Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
138522
CY2022Q3 viri Accrued Director Fees Current
AccruedDirectorFeesCurrent
15500
CY2021Q4 viri Accrued Director Fees Current
AccruedDirectorFeesCurrent
31000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
103575
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
24100
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5498
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7375
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
953726
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
921760
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
43000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
172500
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.50
CY2021 viri Warrants Exercisable Percentage
WarrantsExercisablePercentage
1
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
500000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.625
CY2022Q3 viri Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Aggregate Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAggregateGrantDateFairValue
178462
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0369
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9646
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0
CY2022Q3 us-gaap Share Price
SharePrice
0.50
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
172500
CY2021Q4 viri Class Of Warrant Or Right Outstanding Weighted Average Exercise Price
ClassOfWarrantOrRightOutstandingWeightedAverageExercisePrice
12.50
viri Class Of Warrant Or Right Granted
ClassOfWarrantOrRightGranted
500000
viri Class Of Warrant Or Right Granted Weighted Average Exercise Price
ClassOfWarrantOrRightGrantedWeightedAverageExercisePrice
0.63
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
672500
CY2022Q3 viri Class Of Warrant Or Right Outstanding Weighted Average Exercise Price
ClassOfWarrantOrRightOutstandingWeightedAverageExercisePrice
3.67
viri Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
172500
viri Class Of Warrant Or Right Exercisable Weighted Average Exercise Price
ClassOfWarrantOrRightExercisableWeightedAverageExercisePrice
12.50
CY2022Q3 viri Aggregate Intrinsic Value Of Warrants Outstanding
AggregateIntrinsicValueOfWarrantsOutstanding
0
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
18266000

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