2024 Q2 Form 10-K Financial Statement

#000141057824000581 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $237.6K $351.6K $1.349M
YoY Change -19.43% -16.91% 17.3%
Cost Of Revenue $64.39K $80.65K $303.3K
YoY Change 2.99% -10.61% 16.12%
Gross Profit $173.3K $271.0K $1.046M
YoY Change -25.46% -18.62% 17.65%
Gross Profit Margin 72.9% 77.06% 77.51%
Selling, General & Admin $425.1K $493.9K $3.110M
YoY Change -25.92% -15.54% 24.81%
% of Gross Profit 245.36% 182.29% 297.51%
Research & Development $231.4K
YoY Change 150.74%
% of Gross Profit 22.14%
Depreciation & Amortization $0.00 $0.00 $4.557K
YoY Change -100.0% -79.17%
% of Gross Profit 0.0% 0.0% 0.44%
Operating Expenses $425.1K $493.9K $3.342M
YoY Change -25.92% -16.32% 29.31%
Operating Profit -$251.8K -$223.0K -$2.065M
YoY Change -26.23% -13.35% 28.77%
Interest Expense $58.30K -$115.1K $893.2K
YoY Change -79.51% -59.0% 12.9%
% of Operating Profit
Other Income/Expense, Net $483.1K -$19.00K -$576.3K
YoY Change -143.19% -69.1%
Pretax Income $231.2K -$348.7K -$2.641M
YoY Change -115.84% -58.0% -23.85%
Income Tax
% Of Pretax Income
Net Earnings $231.2K -$348.7K -$2.641M
YoY Change -115.84% -59.21% -23.85%
Net Earnings / Revenue 97.3% -99.16% -195.82%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 507.3M 463.1M 377.2M
Diluted Shares Outstanding 1.944B 377.2M

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.9K $87.70K $87.70K
YoY Change -71.91% -76.2% -76.2%
Cash & Equivalents $116.9K $87.70K $87.70K
Short-Term Investments
Other Short-Term Assets $236.3K $288.6K $288.6K
YoY Change -27.7% 38.82% 38.82%
Inventory $31.68K $68.52K $68.52K
Prepaid Expenses
Receivables $4.338K $4.399K $4.400K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $389.2K $449.2K $449.2K
YoY Change -55.87% -30.66% -30.66%
LONG-TERM ASSETS
Property, Plant & Equipment $149.7K $149.7K $299.2K
YoY Change 0.0% -78.78% -57.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $275.7K $299.2K $299.2K
YoY Change 84.19% -57.59% -57.59%
TOTAL ASSETS
Total Short-Term Assets $389.2K $449.2K $449.2K
Total Long-Term Assets $275.7K $299.2K $299.2K
Total Assets $665.0K $748.4K $748.4K
YoY Change -35.55% -44.7% -44.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.4K $239.5K $267.6K
YoY Change -10.81% -10.22% -12.09%
Accrued Expenses $612.4K $38.47K $965.7K
YoY Change -7.71% -80.16% -9.36%
Deferred Revenue $438.2K $197.3K
YoY Change 84.38% -9.31%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.539M $1.394M $1.394M
YoY Change 8.94% 4.25% 4.25%
Total Short-Term Liabilities $3.831M $3.357M $3.357M
YoY Change 21.48% 14.79% 14.79%
LONG-TERM LIABILITIES
Long-Term Debt $150.0K $150.0K $150.0K
YoY Change 0.0% -76.55% -76.55%
Other Long-Term Liabilities $4.982K $8.416K $114.6K
YoY Change -50.17% -17.76% 1020.43%
Total Long-Term Liabilities $4.982K $8.416K $264.6K
YoY Change -50.17% -17.76% -59.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.831M $3.357M $3.357M
Total Long-Term Liabilities $4.982K $8.416K $264.6K
Total Liabilities $4.065M $3.621M $3.621M
YoY Change 22.67% 1.32% 1.32%
SHAREHOLDERS EQUITY
Retained Earnings -$28.07M -$27.47M
YoY Change 4.97% 10.65%
Common Stock $5.659K $4.631K
YoY Change 30.9% 144.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.400M -$2.873M -$2.873M
YoY Change
Total Liabilities & Shareholders Equity $665.0K $748.4K $748.4K
YoY Change -35.55% -44.7% -44.7%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $231.2K -$348.7K -$2.641M
YoY Change -115.84% -59.21% -23.85%
Depreciation, Depletion And Amortization $0.00 $0.00 $4.557K
YoY Change -100.0% -79.17%
Cash From Operating Activities $108.9K -$50.94K -$1.417M
YoY Change -117.13% 53.9% 83.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $149.7K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.895M
YoY Change
Cash From Investing Activities $0.00 $1.745M
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 -70.84K 180.0 -608.2K
YoY Change 113.76% -100.31% -180.18%
NET CHANGE
Cash From Operating Activities 108.9K -50.94K -1.417M
Cash From Investing Activities 0.000 1.745M
Cash From Financing Activities -70.84K 180.0 -608.2K
Net Change In Cash 38.09K -50.76K -280.7K
YoY Change -104.65% -43.91% 1803.84%
FREE CASH FLOW
Cash From Operating Activities $108.9K -$50.94K -$1.417M
Capital Expenditures $0.00 $149.7K
Free Cash Flow -$50.94K -$1.567M
YoY Change

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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-color:#000000;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 based on 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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CY2023Q4 us-gaap Long Term Debt
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
120610
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
532334
CY2022Q4 elcq Number Of Members Appointed In Board
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2
CY2022 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
7500000
CY2022 elcq Stock Issued During Period Value Per Share Issued For Services
StockIssuedDuringPeriodValuePerShareIssuedForServices
0.035
CY2022 us-gaap Stock Issued1
StockIssued1
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CommonStockSharesAuthorized
999000000
CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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65271
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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67230
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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29104
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
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12000
CY2022Q2 elcq Debt Conversion Converted Instrument Accrued Interest Amount
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CY2022 elcq Cashless Warrants Exercised
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CY2023 elcq Adjustments To Additional Paid In Capital Warrants Reset
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CY2023Q3 elcq Operating Lease Rental Payments
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