2022 Q3 Form 10-Q Financial Statement

#000141057822002628 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $279.6K $225.3K $221.9K
YoY Change -7.17% 10.99% 33.32%
Cost Of Revenue $58.01K $45.34K $67.64K
YoY Change -13.07% -8.86% 61.24%
Gross Profit $221.5K $179.9K $154.3K
YoY Change -5.49% 17.43% 23.55%
Gross Profit Margin 79.25% 79.87% 69.52%
Selling, General & Admin $558.9K $463.2K $879.8K
YoY Change 22.84% -31.67% -47.92%
% of Gross Profit 252.28% 257.44% 570.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.469K $10.94K $5.469K
YoY Change 0.02% 0.0% 0.0%
% of Gross Profit 2.47% 6.08% 3.55%
Operating Expenses $558.9K $463.2K $879.8K
YoY Change 22.84% -31.67% -47.92%
Operating Profit -$337.4K -$283.3K -$725.6K
YoY Change 52.95% -46.01% -53.62%
Interest Expense $160.6K $136.5K $213.4K
YoY Change -85.47% -82.33% -79.88%
% of Operating Profit
Other Income/Expense, Net -$620.6K -$252.7K -$419.0K
YoY Change -79.85% 1.12% -57.93%
Pretax Income -$958.0K -$535.9K -$1.145M
YoY Change -70.97% -30.81% -55.3%
Income Tax
% Of Pretax Income
Net Earnings -$957.9K -$535.9K -$1.145M
YoY Change -70.97% -30.81% -55.3%
Net Earnings / Revenue -342.67% -237.93% -515.8%
Basic Earnings Per Share -$0.01 $0.00 -$0.01
Diluted Earnings Per Share -$0.01 $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 149.2M 114.6M 97.26M
Diluted Shares Outstanding 147.0M 114.6M 97.26M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $458.9K $65.23K $170.1K
YoY Change 178.45% -82.85% -70.72%
Cash & Equivalents $458.9K $65.23K $170.0K
Short-Term Investments
Other Short-Term Assets $101.2K $30.08K $24.93K
YoY Change 322.68% 218.31% -79.87%
Inventory $117.6K $159.6K $196.9K
Prepaid Expenses
Receivables $16.68K $27.29K $31.79K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $694.3K $282.1K $423.7K
YoY Change 54.44% -59.23% -54.69%
LONG-TERM ASSETS
Property, Plant & Equipment $710.9K $716.4K $721.9K
YoY Change -2.99% -2.96% -2.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $710.9K $716.4K $721.9K
YoY Change -4.75% -4.72% -4.68%
TOTAL ASSETS
Total Short-Term Assets $694.3K $282.1K $423.7K
Total Long-Term Assets $710.9K $716.4K $721.9K
Total Assets $1.405M $998.6K $1.146M
YoY Change 17.5% -30.84% -32.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $277.1K $281.1K $274.3K
YoY Change 13.44% 32.3% 16.22%
Accrued Expenses $717.6K $244.1K $539.2K
YoY Change 266.59% 11.81% 170.57%
Deferred Revenue $25.84K $90.85K $21.85K
YoY Change 1039.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.415M $986.1K $1.320M
YoY Change 31.64% 9.0% 84.88%
Total Short-Term Liabilities $2.479M $1.643M $2.170M
YoY Change 6.14% -25.73% -21.42%
LONG-TERM LIABILITIES
Long-Term Debt $651.0K $658.9K $665.4K
YoY Change -4.4% -4.33% -4.34%
Other Long-Term Liabilities $11.05K $10.17K $9.204K
YoY Change 8.69% -17.83% -40.0%
Total Long-Term Liabilities $11.05K $10.17K $9.204K
YoY Change 8.69% -17.83% -98.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.479M $1.643M $2.170M
Total Long-Term Liabilities $11.05K $10.17K $9.204K
Total Liabilities $3.141M $2.312M $2.845M
YoY Change 3.78% -20.64% -18.08%
SHAREHOLDERS EQUITY
Retained Earnings -$23.97M -$22.99M -$22.46M
YoY Change 19.76% 10.27%
Common Stock $1.577K $1.420K $1.048K
YoY Change 111.11% 225.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.736M -$1.314M -$1.699M
YoY Change
Total Liabilities & Shareholders Equity $1.405M $998.6K $1.146M
YoY Change 17.5% -30.84% -32.31%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$957.9K -$535.9K -$1.145M
YoY Change -70.97% -30.81% -55.3%
Depreciation, Depletion And Amortization $5.469K $10.94K $5.469K
YoY Change 0.02% 0.0% 0.0%
Cash From Operating Activities -$324.5K -$97.92K -$317.8K
YoY Change 82.74% -75.6% -2.87%
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 $42.77K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 718.2K -6.900K 104.7K
YoY Change -1986.42% -103.43% -83.72%
NET CHANGE
Cash From Operating Activities -324.5K -97.92K -317.8K
Cash From Investing Activities
Cash From Financing Activities 718.2K -6.900K 104.7K
Net Change In Cash 393.7K -104.8K -213.1K
YoY Change -282.58% -47.68% -167.47%
FREE CASH FLOW
Cash From Operating Activities -$324.5K -$97.92K -$317.8K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
1001
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-3229
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-415765
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-728507
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
13787
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
13117
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-57875
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-80000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
494220
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
950000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
367500
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
12846
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
42766
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
97824
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
844037
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-317941
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
115530
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
383170
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
264913
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65229
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
380443
us-gaap Interest Paid Net
InterestPaidNet
79402
us-gaap Interest Paid Net
InterestPaidNet
23648
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
elcq Adoption Of Accounting Standard
AdoptionOfAccountingStandard
379355
elcq Warrants Common Stock And Beneficial Conversion Feature Issued In Conjunction With Convertible Promissory Note
WarrantsCommonStockAndBeneficialConversionFeatureIssuedInConjunctionWithConvertiblePromissoryNote
350796
elcq Warrants Common Stock And Beneficial Conversion Feature Issued In Conjunction With Convertible Promissory Note
WarrantsCommonStockAndBeneficialConversionFeatureIssuedInConjunctionWithConvertiblePromissoryNote
420096
elcq Derivative Liabilities Issued In Conjunction With Convertible Promissory Notes
DerivativeLiabilitiesIssuedInConjunctionWithConvertiblePromissoryNotes
1197607
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
668370
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1354417
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 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;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with 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>
elcq Accumulated Net Loss
AccumulatedNetLoss
19300000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-415765
elcq Working Capital Deficit
WorkingCapitalDeficit
1361177
elcq Right Of Return Period
RightOfReturnPeriod
P30D
elcq Sales Returns Allowance
SalesReturnsAllowance
6990
CY2021 elcq Sales Returns Allowance
SalesReturnsAllowance
6990
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
90850
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0
elcq Initial Warranty Period
InitialWarrantyPeriod
P3Y
CY2022Q2 us-gaap Deferred Income
DeferredIncome
27028
CY2021Q4 us-gaap Deferred Income
DeferredIncome
28252
CY2022Q2 us-gaap Receivables From Customers
ReceivablesFromCustomers
27318
CY2021Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
13300
CY2022Q2 us-gaap Due From Customer Acceptances
DueFromCustomerAcceptances
3250
CY2021Q4 us-gaap Due From Customer Acceptances
DueFromCustomerAcceptances
4575
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
90850
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
209002
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
723166
CY2022Q2 us-gaap Notes Payable
NotesPayable
955998
CY2021Q4 us-gaap Notes Payable
NotesPayable
811687
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1165000
CY2022Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
61000
CY2021Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
61000
elcq Standard Warranty Period
StandardWarrantyPeriod
P3Y
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13646
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
14828
elcq Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Outstanding Warrants Stock Options And Convertible Promissory Notes
IncrementalCommonSharesAttributableToDilutiveEffectOfConversionOfOutstandingWarrantsStockOptionsAndConvertiblePromissoryNotes
61300000
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
209002
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
899987
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
899987
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
183581
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
172643
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
716406
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
727344
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10938
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10938
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
158875
CY2022Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
57875
CY2022Q2 elcq Interest Income Expense Related Party Net
InterestIncomeExpenseRelatedPartyNet
0
CY2021Q2 elcq Interest Income Expense Related Party Net
InterestIncomeExpenseRelatedPartyNet
3785
elcq Interest Income Expense Related Party Net
InterestIncomeExpenseRelatedPartyNet
78
elcq Interest Income Expense Related Party Net
InterestIncomeExpenseRelatedPartyNet
6622
CY2022Q2 elcq Number Of Warrants Issued
NumberOfWarrantsIssued
2500000
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.025
CY2022Q2 elcq Debt Instrument Debt Default Extension Of Maturity Term
DebtInstrumentDebtDefaultExtensionOfMaturityTerm
P5Y
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1165000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1534853
CY2022Q2 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
259000
CY2022Q2 us-gaap Notes Payable
NotesPayable
955998
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1534853
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
723166
CY2021Q4 us-gaap Notes Payable
NotesPayable
811687
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3000000
elcq Number Of Warrants Exercised
NumberOfWarrantsExercised
10742001
CY2022Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.025
elcq Number Of Shares Issued Upon Exercise Of Warrants
NumberOfSharesIssuedUponExerciseOfWarrants
8679887
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
50000000
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4703
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4703
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
6000000
elcq Warrants Issued
WarrantsIssued
3000000
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.025
CY2022Q2 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
500000
CY2022Q2 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
2500000
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.025
CY2022Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q2 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
65000
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
16226498
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18468499
elcq Reduction To Retained Earnings And Increase In Additional Paid In Capital
ReductionToRetainedEarningsAndIncreaseInAdditionalPaidInCapital
63381
elcq Commitment For Product Development
CommitmentForProductDevelopment
525000
elcq Amount For Commitment For Product Development Paid
AmountForCommitmentForProductDevelopmentPaid
170000

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