2024 Q3 Form 10-K Financial Statement

#000121390024082374 Filed on September 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $550.7K $424.5K $3.201M
YoY Change -60.29% 4144.5% 382.69%
% of Gross Profit
Research & Development $2.826M $3.525M $4.109M
YoY Change 484.53% -60.68%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.377M $3.949M $7.310M
YoY Change 80.53% 2223.21% -34.23%
Operating Profit -$3.400M -$7.310M
YoY Change 81.77% -34.23%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.500M
YoY Change 2900.0%
Pretax Income -$3.377M -$3.949M -$7.310M
YoY Change 7090.36% -34.23%
Income Tax $1.630K $1.625K
% Of Pretax Income
Net Earnings -$3.377M -$3.951M -$7.312M
YoY Change 80.53% 5098.5% -34.21%
Net Earnings / Revenue
Basic Earnings Per Share -$0.09 -$0.27
Diluted Earnings Per Share -$0.09 -$0.10 -$0.27
COMMON SHARES
Basic Shares Outstanding 36.19M shares 36.38M shares 27.10M shares
Diluted Shares Outstanding 36.21M shares 27.10M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.798M $4.165M $4.165M
YoY Change -91.88% 13784.77% 68.02%
Cash & Equivalents $1.800M $4.200M $4.165M
Short-Term Investments
Other Short-Term Assets $437.6K $288.8K $288.8K
YoY Change -91.6% 220.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.235M $4.454M $4.454M
YoY Change -91.83% 3343.17% 61.84%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $1.500M $0.00 $0.00
YoY Change -50000100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $2.235M $4.454M $4.454M
Total Long-Term Assets $1.500M $0.00 $0.00
Total Assets $3.735M $4.454M $4.454M
YoY Change -86.34% -55.11% 47.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000K $0.00 $0.00
YoY Change -99.95% -100.0% -100.0%
Accrued Expenses $2.936M $135.5K $135.5K
YoY Change 10503.68% -67.8%
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 $2.989M $180.7K $180.7K
YoY Change -82.7% -87.38% -98.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.989M $180.7K $180.7K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.989M $180.7K $180.7K
YoY Change -82.7% -93.96% -98.15%
SHAREHOLDERS EQUITY
Retained Earnings -$22.90M -$19.50M
YoY Change 62.88% 591.31%
Common Stock $3.661K $24.13M
YoY Change 4.01% 16991592.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $504.9K $354.4K
YoY Change
Treasury Stock Shares
Shareholders Equity $746.3K $4.273M $4.273M
YoY Change
Total Liabilities & Shareholders Equity $3.735M $4.454M $4.454M
YoY Change -86.34% -55.11% 47.08%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$3.377M -$3.951M -$7.312M
YoY Change 80.53% 5098.5% -34.21%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.217M -$291.5K -$16.07M
YoY Change 705.79% 38.82% 1102.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $4.961M
YoY Change -100.0% -100.0% -1916.62%
Cash From Investing Activities $0.00 $4.961M
YoY Change -100.0% -1916.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$150.5K -270.4K $12.79M
YoY Change -100.75% -242.29%
NET CHANGE
Cash From Operating Activities -$2.217M -291.5K -$16.07M
Cash From Investing Activities 0.000 $4.961M
Cash From Financing Activities -$150.5K -270.4K $12.79M
Net Change In Cash -$2.368M -561.9K $1.686M
YoY Change -112.05% -643523539894272900.0% -204.79%
FREE CASH FLOW
Cash From Operating Activities -$2.217M -$291.5K -$16.07M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Significant items subject to such estimates and assumptions include stock-based compensation, and deferred income tax asset valuation and allowances.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of two cash accounts in a financial institution located in the United States. The Company has not experienced losses on these accounts, and management believes the Company is not exposed to significant risks. The Federal Deposit Insurance Corporation (FDIC) provides standard insurance coverage of $250,000 per insured bank for each account ownership category. As of June 30, 2024, and 2023, the Company had not experienced losses on these accounts. As of June 30, 2024, and 2023, the Company had deposited $4,019,813 and $2,479,146, respectively, with financial institutions in the United States. Of these balances, $3,758,670 and $2,229,146, respectively, were not covered by deposit insurance. While management believes that these financial institutions are of high credit quality, it also continually monitors their creditworthiness.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities Investor Protection Corporation (SIPC) provides standard insurance coverage of $500,000 per brokerage account, which includes $250,000 for cash balances. As of June 30, 2024, and 2023, the Company maintained $145,615 and $0, respectively, in its brokerage account, with the entire balance covered by SIPC insurance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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