2021 Q4 Form 10-K Financial Statement

#000141057822000752 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $236.8K $907.4K $180.5K
YoY Change 31.21% 22.96% -78.25%
Cost Of Revenue $41.17K $199.2K $54.49K
YoY Change -24.44% 2.5% -77.15%
Gross Profit $195.6K $708.1K $126.0K
YoY Change 55.28% 30.27% -78.69%
Gross Profit Margin 82.61% 78.04% 69.81%
Selling, General & Admin $1.681M $4.508M -$95.00K
YoY Change -1869.13% 21.51% -104.36%
% of Gross Profit 859.06% 636.66% -75.4%
Research & Development $215.3K
YoY Change 581.39%
% of Gross Profit 30.41%
Depreciation & Amortization $5.470K $21.88K $5.470K
YoY Change 0.0% 0.0% -50.0%
% of Gross Profit 2.8% 3.09% 4.34%
Operating Expenses $1.686M $4.724M -$57.93K
YoY Change -3010.65% 26.24% -102.56%
Operating Profit -$1.491M -$3.800M $183.9K
YoY Change -910.41% 20.01% -111.02%
Interest Expense -$354.9K $3.314M -$593.6K
YoY Change -40.21% 330.6% 983.0%
% of Operating Profit -322.74%
Other Income/Expense, Net $0.00 -$4.680M -$570.00
YoY Change -100.0% 563.78% -97.27%
Pretax Income -$1.845M -$8.480M -$410.3K
YoY Change 349.83% 119.03% -76.48%
Income Tax
% Of Pretax Income
Net Earnings -$1.845M -$8.480M -$410.3K
YoY Change 349.83% 119.03% -76.48%
Net Earnings / Revenue -779.29% -934.59% -227.31%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$21.72K -$0.24 -$14.35K
COMMON SHARES
Basic Shares Outstanding 87.73M 50.99M
Diluted Shares Outstanding 50.99M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $383.2K $383.2K $264.9K
YoY Change 44.64% 44.64%
Cash & Equivalents $383.2K $383.2K $264.9K
Short-Term Investments
Other Short-Term Assets $38.00K $38.00K $285.9K
YoY Change -86.71% -86.71% 334.24%
Inventory $218.5K $218.5K $78.71K
Prepaid Expenses
Receivables $35.09K $35.09K $17.69K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $674.8K $674.8K $647.2K
YoY Change 4.26% 4.26% 509.45%
LONG-TERM ASSETS
Property, Plant & Equipment $727.3K $727.3K $749.2K
YoY Change -2.92% -2.92% -2.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $20.60K
YoY Change -100.0% -100.0% -19.46%
Total Long-Term Assets $727.3K $727.3K $769.8K
YoY Change -5.52% -5.52% -3.37%
TOTAL ASSETS
Total Short-Term Assets $674.8K $674.8K $647.2K
Total Long-Term Assets $727.3K $727.3K $769.8K
Total Assets $1.402M $1.402M $1.417M
YoY Change -1.05% -1.05% 56.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $214.8K $226.1K $262.6K
YoY Change -18.21% -21.04% -6.93%
Accrued Expenses $317.0K $317.0K $201.8K
YoY Change 57.1% 57.1% -30.36%
Deferred Revenue $0.00 $28.65K
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $39.50K
YoY Change -100.0% -100.0%
Long-Term Debt Due $899.1K $899.1K $631.0K
YoY Change 42.48% 42.48% -62.54%
Total Short-Term Liabilities $1.442M $1.442M $2.019M
YoY Change -28.58% -28.58% -12.08%
LONG-TERM LIABILITIES
Long-Term Debt $673.3K $673.3K $700.9K
YoY Change -3.93% -3.93% -10.08%
Other Long-Term Liabilities $9.167K $9.170K $15.60K
YoY Change -41.25% -41.22% 37.96%
Total Long-Term Liabilities $9.167K $682.5K $15.60K
YoY Change -41.25% -4.75% -98.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.442M $1.442M $2.019M
Total Long-Term Liabilities $9.167K $682.5K $15.60K
Total Liabilities $2.125M $2.125M $2.736M
YoY Change -22.33% -22.33% -11.39%
SHAREHOLDERS EQUITY
Retained Earnings -$21.88M -$9.632M
YoY Change 127.19%
Common Stock $876.00 $269.00
YoY Change 225.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$722.5K -$722.5K -$1.319M
YoY Change
Total Liabilities & Shareholders Equity $1.402M $1.402M $1.417M
YoY Change -1.05% -1.05% 56.94%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$1.845M -$8.480M -$410.3K
YoY Change 349.83% 119.03% -76.48%
Depreciation, Depletion And Amortization $5.470K $21.88K $5.470K
YoY Change 0.0% 0.0% -50.0%
Cash From Operating Activities -$287.6K -$1.194M -$541.0K
YoY Change -46.84% -10.7% 3036.35%
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 506.0K 1.312M 720.4K
YoY Change -29.77% -18.08% 4076.52%
NET CHANGE
Cash From Operating Activities -287.6K -1.194M -541.0K
Cash From Investing Activities
Cash From Financing Activities 506.0K 1.312M 720.4K
Net Change In Cash 218.4K 118.3K 179.4K
YoY Change 21.7% -55.36%
FREE CASH FLOW
Cash From Operating Activities -$287.6K -$1.194M -$541.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2020 us-gaap Debt Conversion Converted Instrument Amount1
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CY2020 elcq Increase Decrease In Credit Card Payables
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CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021 elcq Increase Decrease In Customer Deposits Operating Activities
IncreaseDecreaseInCustomerDepositsOperatingActivities
-28651
CY2020 elcq Increase Decrease In Customer Deposits Operating Activities
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-11469
CY2021 us-gaap Increase Decrease In Other Current Liabilities
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-6436
CY2020 us-gaap Increase Decrease In Other Current Liabilities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Repayments Of Notes Payable
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, certain disclosures at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant estimates affecting the financial statements have been prepared on the basis of the most current and best available information. However, actual results from the resolution of such estimates and assumptions may vary from those used in the preparation of the financial statements.</p>
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CY2021 elcq Sales Returns Allowance
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CY2020Q4 us-gaap Deferred Income
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CY2020Q4 us-gaap Receivables From Customers
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CY2020Q4 us-gaap Due From Customer Acceptances
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CY2020Q4 us-gaap Contract With Customer Liability Current
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2020 elcq Increase Decrease In Operating Loss Carryforwards
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CY2020Q4 us-gaap Operating Loss Carryforwards
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CY2020Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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CY2020Q4 us-gaap Standard Product Warranty Accrual
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CY2020 us-gaap Research And Development Expense
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CY2020Q4 elcq Stock Options Warrants And Convertible Promissory Notes With Underlying Shares
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21875
CY2021 us-gaap Depreciation Depletion And Amortization
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CY2021 elcq Derivative Liabilities In Conjunction With Promissory Notes
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CY2019Q4 us-gaap Derivative Liabilities Current
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420000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.71
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y6M
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
445000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.71
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P0Y6M
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
100000
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.52
CY2020Q2 elcq Warrants Issued
WarrantsIssued
250000
CY2020Q2 elcq Warrants Issued
WarrantsIssued
250000
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.00
CY2020Q2 elcq Increase In Underlying Shares Warrants
IncreaseInUnderlyingSharesWarrants
714286
CY2020Q2 elcq Warrants Issued
WarrantsIssued
250000
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.35
CY2020Q2 elcq Reduction To Retained Earnings And Increase In Additional Paid In Capital
ReductionToRetainedEarningsAndIncreaseInAdditionalPaidInCapital
371069
elcq Shares Issued On Warrant Cancellation
SharesIssuedOnWarrantCancellation
1000000
CY2020Q4 elcq Warrants Issued
WarrantsIssued
135000
CY2020Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
135000
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.50
CY2020Q4 elcq Increase In Underlying Shares Warrants
IncreaseInUnderlyingSharesWarrants
368182
CY2020Q4 elcq Warrants Issued
WarrantsIssued
135000
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.55
CY2020Q4 elcq Reduction To Retained Earnings And Increase In Additional Paid In Capital
ReductionToRetainedEarningsAndIncreaseInAdditionalPaidInCapital
136238
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
2500000
CY2021Q1 elcq Warrants Issued
WarrantsIssued
2500000
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.40
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.025
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6249999
CY2021Q4 elcq Warrants Issued
WarrantsIssued
6249999
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.12
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.062
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18468499
CY2021 elcq Reduction To Retained Earnings And Increase In Additional Paid In Capital
ReductionToRetainedEarningsAndIncreaseInAdditionalPaidInCapital
3770831

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