2024 Q1 Form 10-Q Financial Statement
#000106299324000789 Filed on January 11, 2024
Income Statement
| Concept | 2024 Q1 | 2023 Q4 | 2023 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 | $105.1K | $117.4K | $125.7K |
| YoY Change | -47.62% | -26.54% | -33.79% |
| % of Gross Profit | |||
| Research & Development | $20.50K | $88.30K | $89.05K |
| YoY Change | -51.0% | 468.72% | -70.11% |
| % of Gross Profit | |||
| Depreciation & Amortization | |||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $130.3K | $251.4K | $214.7K |
| YoY Change | -47.36% | 40.93% | -55.97% |
| Operating Profit | -$130.3K | -$251.4K | |
| YoY Change | -47.36% | 40.93% | |
| Interest Expense | -$17.08K | -$158.4K | -$326.3K |
| YoY Change | -103.15% | -41.01% | 2.35% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $10.71K | $438.00 | |
| YoY Change | -44.32% | -97.93% | |
| Pretax Income | -$147.4K | -$409.8K | -$541.0K |
| YoY Change | -149.95% | -8.3% | -32.92% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$147.4K | -$409.7K | -$540.7K |
| YoY Change | -149.94% | -8.3% | -32.95% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | $0.00 | $0.00 | |
| Diluted Earnings Per Share | $0.00 | $0.00 | $0.00 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 155.2M shares | 155.2M shares | 155.2M shares |
| Diluted Shares Outstanding | 155.2M shares | 155.2M shares |
Balance Sheet
| Concept | 2024 Q1 | 2023 Q4 | 2023 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $698.0K | $862.0K | $1.249M |
| YoY Change | -74.49% | -67.17% | -59.17% |
| Cash & Equivalents | $267.7K | $248.2K | $259.6K |
| Short-Term Investments | $430.3K | $613.8K | $989.3K |
| Other Short-Term Assets | $42.08K | $46.66K | $89.34K |
| YoY Change | -85.66% | -58.21% | -35.87% |
| Inventory | |||
| Prepaid Expenses | $42.08K | $46.66K | $89.34K |
| Receivables | $1.299K | $14.57K | $9.482K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $741.4K | $923.2K | $1.348M |
| YoY Change | -75.55% | -66.35% | -57.93% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $10.50K | $10.50K | $10.50K |
| YoY Change | 0.0% | 0.0% | 0.0% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $10.50K | $10.50K | $10.50K |
| YoY Change | 0.0% | 0.0% | 0.0% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $741.4K | $923.2K | $1.348M |
| Total Long-Term Assets | $10.50K | $10.50K | $10.50K |
| Total Assets | $751.9K | $933.7K | $1.358M |
| YoY Change | -75.29% | -66.1% | -57.74% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $278.8K | $300.7K | $315.4K |
| YoY Change | -7.92% | 1.31% | 7.48% |
| Accrued Expenses | |||
| YoY Change | |||
| 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 | $283.4K | $317.8K | $332.6K |
| YoY Change | -15.86% | -7.99% | -7.06% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $283.4K | $317.8K | $332.6K |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $282.3K | $316.9K | $332.6K |
| YoY Change | -16.16% | -8.27% | -7.06% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$15.08M | -$14.94M | -$14.53M |
| YoY Change | 17.41% | 13.65% | 14.43% |
| Common Stock | $155.2K | $155.2K | $155.2K |
| YoY Change | 0.0% | 0.03% | 0.03% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $469.6K | $616.8K | $1.026M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $751.9K | $933.7K | $1.358M |
| YoY Change | -75.29% | -66.1% | -57.74% |
Cashflow Statement
| Concept | 2024 Q1 | 2023 Q4 | 2023 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$147.4K | -$409.7K | -$540.7K |
| YoY Change | -149.94% | -8.3% | -32.95% |
| Depreciation, Depletion And Amortization | |||
| YoY Change | |||
| Cash From Operating Activities | -$143.3K | -$230.0K | -$205.8K |
| YoY Change | -67.02% | 38.11% | -50.87% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $0.00 | ||
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $162.8K | $218.6K | $225.1K |
| YoY Change | -43.66% | ||
| Cash From Investing Activities | $162.8K | $218.6K | $225.1K |
| YoY Change | -43.66% | ||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 0.000 | 0.000 | |
| YoY Change | -100.0% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -143.3K | -$230.0K | -205.8K |
| Cash From Investing Activities | 162.8K | $218.6K | 225.1K |
| Cash From Financing Activities | 0.000 | 0.000 | |
| Net Change In Cash | 19.50K | -$11.40K | 19.28K |
| YoY Change | -113.59% | -93.16% | -104.6% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$143.3K | -$230.0K | -$205.8K |
| Capital Expenditures | $0.00 | ||
| Free Cash Flow | -$205.8K | ||
| YoY Change | -50.87% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2022Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-178360 | usd |
| CY2023Q4 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
155166088 | shares |
| CY2022Q4 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
155116088 | shares |
| CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
616833 | usd |
| CY2023Q4 | us-gaap |
Operating Expenses
OperatingExpenses
|
251371 | usd |
| CY2022Q4 | us-gaap |
Operating Expenses
OperatingExpenses
|
178360 | usd |
| CY2023Q4 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-251371 | usd |
| CY2023Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-409748 | usd |
| CY2022Q4 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-446834 | usd |
| CY2023Q4 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0 | |
| CY2022Q4 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0 | |
| CY2023Q4 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0 | |
| CY2022Q4 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0 | |
| CY2023Q4 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
155166088 | shares |
| CY2022Q4 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
155116088 | shares |
| CY2023Q4 | us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
7763 | usd |
| CY2023Q4 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
150897 | usd |
| CY2023Q3 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
41500 | usd |
| CY2023Q4 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <div> <div> <div> <div> <div> <div> <p style="margin-left:13.5pt;text-align:justify;margin-top:0pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>d.</strong><span style="display:inline-block;width:10pt"> </span><strong>Accounting Estimates</strong></span></span></p> <p style="margin-left:13.5pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of financial statements in conformity with U.S GAAP requires us to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Some of the Company's accounting policies require us to make subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. These accounting policies involve critical accounting estimates because they are particularly dependent on estimates and assumptions made by management about matters that are highly uncertain at the time the accounting estimates are made. Although we have used our best estimates based on facts and circumstances available to us at the time, different estimates reasonably could have been used. Changes in the accounting estimates used by the Company are reasonably likely to occur from time to time, which may have a material effect on the presentation of financial condition and results of operations.</span></span></p> <p style="margin-left:13.5pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company reviews these estimates, judgments and assumptions periodically and reflect the effects of revisions in the period in which they are deemed to be necessary. We believe that these estimates are reasonable; however, actual results could differ from these estimates.</span></span></p> <p style="margin-left:13.5pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Significant accounting estimates and assumptions are used for, but not limited to:</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a) The Valuation of Deferred Tax Assets</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Judgement is required in determining whether deferred tax assets are recognized on the balance sheet. The recognition of deferred tax assets requires management to assess the likelihood that the Company will generate taxable income in future periods to utilize the deferred tax assets. Due to the Company's history of losses, deferred tax assets have not been recognized by the Company.</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b) Value of Stock Options</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company provides compensation benefits to its employees, directors, officers, and consultants, through a stock option plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility assumption used in the model is based on the historical volatility of the Company's share price. The Company uses historical data to estimate the period of option exercises for use in the valuation model. The risk-free interest rate for the expected term of the option is based on the yields of government bonds. Changes in these assumptions, especially the share price volatility and the expected life determination could have a material impact on the Company's profit and loss for the periods presented. All estimates used in the model are based on historical data which may not be representative of future results.</span></span></p> <p style="margin-left:36pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c) Fair value of shares issued in non-cash transactions</span></span></p> <p style="margin-left:36pt;text-align:justify;margin-bottom:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company at times grants common shares in lieu of cash to certain vendors for their services to the Company. The Company recognizes the associated cost in the same period and manner as if the Company paid cash for the services provided by calculating the fair value of the share offering at the cost of the service provided.</span></span></p> </div> </div> </div> </div> </div> </div> </div> | |
| CY2023Q4 | us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<div> <div> <div> <p style="margin-left:13.5pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>h. </strong><strong>Comparative Information</strong></span></span></p> <p style="margin-left:13.5pt;text-align:justify;margin-bottom:0px"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company reclassified certain balances related to operations in the comparative period to conform with the current presentation. There has been no impact on net loss, comprehensive loss, or net assets as a result of the changes.</span></span></p> </div> </div> </div> | |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
|
800000 | shares |
