2021 Q1 Form 10-Q Financial Statement

#000164033421000205 Filed on January 25, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q3 2019 Q4
Revenue $336.2K $590.3K $1.661M
YoY Change -54.11% 51.09% 64.83%
Cost Of Revenue $19.76K $60.53K $174.1K
YoY Change -78.71% 7.06% 42.95%
Gross Profit $316.5K $529.8K $1.487M
YoY Change -50.54% 58.54% 67.84%
Gross Profit Margin 94.12% 89.75% 89.52%
Selling, General & Admin $238.5K $189.4K $257.0K
YoY Change -21.06% -31.08% 45.41%
% of Gross Profit 75.34% 35.76% 17.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $540.00 $590.00 $540.00
YoY Change -1.82% 22.92% -78.49%
% of Gross Profit 0.17% 0.11% 0.04%
Operating Expenses $238.5K $189.4K $257.0K
YoY Change -21.06% -31.08% 45.41%
Operating Profit $78.03K $340.3K $1.230M
YoY Change -76.9% 474.03% 73.43%
Interest Expense $0.00 $16.90K -$35.93K
YoY Change -100.0% -2447.22% -733.69%
% of Operating Profit 0.0% 4.97% -2.92%
Other Income/Expense, Net -$5.100K $24.31K $10.00
YoY Change -51100.0% -3523.38% -125.0%
Pretax Income $72.93K $364.6K $1.194M
YoY Change -79.35% 522.48% 67.03%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $72.93K $364.6K $1.194M
YoY Change -79.35% 522.48% 65.3%
Net Earnings / Revenue 21.69% 61.77% 71.88%
Basic Earnings Per Share
Diluted Earnings Per Share $930.1K $4.680M $16.09K
COMMON SHARES
Basic Shares Outstanding 74.12M shares 74.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.98K $174.6K $295.6K
YoY Change -79.99% 1352.66% 718.13%
Cash & Equivalents $41.98K $174.6K $295.6K
Short-Term Investments
Other Short-Term Assets $198.6K $209.4K $336.4K
YoY Change -35.54% 441.84% 523.71%
Inventory $438.4K $77.74K $10.54K
Prepaid Expenses $7.239K $19.15K
Receivables $427.8K $2.521M $2.177M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.107M $2.983M $2.820M
YoY Change -57.53% 71.36% 46.28%
LONG-TERM ASSETS
Property, Plant & Equipment $9.030K $8.455K $7.719K
YoY Change -75.69% 19.27% 0.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $20.75K
YoY Change -100.0%
Other Assets $1.097M $1.080M $127.5K
YoY Change 41.51% 15682.6% 4640.89%
Total Long-Term Assets $1.106M $1.090M $191.0K
YoY Change 33.22% 1256.11% 1746.5%
TOTAL ASSETS
Total Short-Term Assets $1.107M $2.983M $2.820M
Total Long-Term Assets $1.106M $1.090M $191.0K
Total Assets $2.213M $4.073M $3.011M
YoY Change -35.6% 123.65% 55.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.460K $239.1K $2.045K
YoY Change 822.86% 6663.25% -95.59%
Accrued Expenses $374.0K $91.09K $74.28K
YoY Change 180.77% 72.2% 11.76%
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 $654.3K $517.1K $221.7K
YoY Change 154.62% 100.81% -25.88%
LONG-TERM LIABILITIES
Long-Term Debt $153.7K $172.7K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $1.230K $11.56K
YoY Change -100.0% -92.71%
Total Long-Term Liabilities $153.7K $173.9K $11.56K
YoY Change 2690.2% 930.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $654.3K $517.1K $221.7K
Total Long-Term Liabilities $153.7K $173.9K $11.56K
Total Liabilities $836.0K $691.0K $233.3K
YoY Change 218.51% 151.83% -22.01%
SHAREHOLDERS EQUITY
Retained Earnings $2.578M
YoY Change 72.3%
Common Stock $186.5K
YoY Change 21.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.405M $3.321M $2.716M
YoY Change
Total Liabilities & Shareholders Equity $2.213M $4.073M $3.011M
YoY Change -35.6% 123.65% 55.36%

Cashflow Statement

Concept 2021 Q1 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $72.93K $364.6K $1.194M
YoY Change -79.35% 522.48% 65.3%
Depreciation, Depletion And Amortization $540.00 $590.00 $540.00
YoY Change -1.82% 22.92% -78.49%
Cash From Operating Activities -$130.9K -$167.4K $289.2K
YoY Change 68.27% -2821.46% -1191.66%
INVESTING ACTIVITIES
Capital Expenditures -$1.520K -$1.090K -$890.00
YoY Change 39.45% -11000.0% -68.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.520K -$1.090K -$890.00
YoY Change 39.45% -11000.0% -68.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.45K 237.8K
YoY Change
NET CHANGE
Cash From Operating Activities -130.9K -167.4K 289.2K
Cash From Investing Activities -1.520K -1.090K -890.0
Cash From Financing Activities 52.45K 237.8K
Net Change In Cash -79.93K 69.37K 288.3K
YoY Change 1.36% 1026.14% -1081.91%
FREE CASH FLOW
Cash From Operating Activities -$130.9K -$167.4K $289.2K
Capital Expenditures -$1.520K -$1.090K -$890.00
Free Cash Flow -$129.3K -$166.3K $290.1K
YoY Change 68.68% -2808.14% -1328.07%

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CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74122997 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74122997 shares
CY2020Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-19331 USD
CY2020Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
43399 USD
CY2020Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
33685 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7090 USD
CY2019Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1853 USD
CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3514 USD
CY2020Q3 eoss Adjustments To Additional Paid In Capital Cancellation Of Contribution In Capital
AdjustmentsToAdditionalPaidInCapitalCancellationOfContributionInCapital
-125000 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
14582 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
65011 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-909448 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-13477 USD
us-gaap Increase Decrease In Due To Officers And Stockholders
IncreaseDecreaseInDueToOfficersAndStockholders
8328 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-394364 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-24000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
69810 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
167918 USD
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
33398 USD
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
4447 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Stock Issued1
StockIssued1
32425 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><p style="MARGIN:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><strong><i>Concentration of Credit Risk</i></strong></span></span></span></span></span></span></span></span></p><p style="MARGIN:0px;text-align:justify">&#160;</p><p style="MARGIN:0px;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span><span><span><span><span style="text-decoration:underline">Cash and cash equivalents</span>: The Company&#x2019;s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments in high quality credit institutions in Taiwan, but these investments may be in excess of the insurance limits of Taiwan Central Deposit Insurance Corporation (the &#x201c;TCDIC&#x201d;). The Company does not enter into financial instruments for hedging, trading or speculative purposes. Concentration of credit risk with respect to trade and notes receivables is limited due to the wide variety of customers and markets in which the Company transacts business, as well as their dispersion across many geographical areas. </span></span><span><span>As of September 30, 2020, the Company had approximately</span></span><span><span> $291&#160;in excess of TCDIC insured limits. The Company has not experienced any losses in such accounts.</span></span></span></span></span></span></span></span></p></div>
us-gaap Marketing Expense
MarketingExpense
187500 USD

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