2023 Q3 Form 10-Q Financial Statement

#000155485523000544 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.035M $6.633M $6.475M
YoY Change -26.45% 2.43% 1407.78%
% of Gross Profit
Research & Development $28.64M $21.82M $9.836M
YoY Change 100.31% 121.86% 407.31%
% of Gross Profit
Depreciation & Amortization $40.00K $81.08K $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $33.68M $28.45M $16.31M
YoY Change 59.27% 74.45% 588.73%
Operating Profit -$33.68M -$28.45M -$16.35M
YoY Change -12.68% 74.05% 590.3%
Interest Expense $1.950M -$2.653M $4.710M
YoY Change -15.72% -156.32% 529.51%
% of Operating Profit
Other Income/Expense, Net $1.616M $148.0K -$13.77K
YoY Change 201.18% -1174.8%
Pretax Income -$30.11M -$31.11M -$11.65M
YoY Change -16.94% 166.97% 382.56%
Income Tax $1.098M $303.0K $129.7K
% Of Pretax Income
Net Earnings -$31.21M -$31.41M -$11.78M
YoY Change -15.06% 166.6% 387.93%
Net Earnings / Revenue
Basic Earnings Per Share -$0.11 -$0.11 -$0.43
Diluted Earnings Per Share -$0.11 -$0.11 -$47.32K
COMMON SHARES
Basic Shares Outstanding 269.2M shares 269.1M shares 249.0M shares
Diluted Shares Outstanding 275.9M shares 275.6M shares 249.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.5M $184.4M $330.8M
YoY Change -29.72% -44.26% 24688.57%
Cash & Equivalents $10.10M $33.59M $176.3M
Short-Term Investments $164.4M $150.8M $154.5M
Other Short-Term Assets $1.586M $1.462M $166.1K
YoY Change -46.67% 780.24% -23.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $259.6M $270.8M $331.2M
YoY Change -22.08% -18.24% 21234.55%
LONG-TERM ASSETS
Property, Plant & Equipment $477.9K $513.8K
YoY Change 14.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $976.5K
YoY Change
Total Long-Term Assets $1.989M $1.064M $0.00
YoY Change 375.05% -100.0%
TOTAL ASSETS
Total Short-Term Assets $259.6M $270.8M $331.2M
Total Long-Term Assets $1.989M $1.064M $0.00
Total Assets $261.6M $271.9M $331.2M
YoY Change -21.58% -17.92% 40.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.832M $2.351M $889.6K
YoY Change -38.16% 164.23%
Accrued Expenses $9.800M $2.304M
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 $46.16M $38.59M $19.88M
YoY Change 64.75% 94.12% 666.9%
LONG-TERM LIABILITIES
Long-Term Debt $11.32M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.000M $1.531M $542.8K
YoY Change 138.42% 181.96% -98.55%
Total Long-Term Liabilities $13.35M $1.531M $542.8K
YoY Change 1491.17% 181.96% -98.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.16M $38.59M $19.88M
Total Long-Term Liabilities $13.35M $1.531M $542.8K
Total Liabilities $59.51M $40.12M $20.42M
YoY Change 106.22% 96.46% -48.86%
SHAREHOLDERS EQUITY
Retained Earnings -$305.4M -$274.2M -$9.776M
YoY Change 55.06% 2704.61%
Common Stock $507.4M $505.9M $320.6M
YoY Change 1.16% 57.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $202.0M $231.7M $310.8M
YoY Change
Total Liabilities & Shareholders Equity $261.6M $271.9M $331.2M
YoY Change -21.58% -17.92% 40.24%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$31.21M -$31.41M -$11.78M
YoY Change -15.06% 166.6% 387.93%
Depreciation, Depletion And Amortization $40.00K $81.08K $0.00
YoY Change -100.0%
Cash From Operating Activities -$22.40M -$27.71M -$12.58M
YoY Change 32.1% 120.24% 7347.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $121.7K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$12.00M $49.50M -$154.0M
YoY Change -87.5% -132.14% 6595.65%
Cash From Investing Activities -$12.00M $49.38M -$154.0M
YoY Change -87.55% -132.06% 6595.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.00M -287.2K 329.0M
YoY Change -26.67% -100.09% 14203.21%
NET CHANGE
Cash From Operating Activities -22.40M -27.71M -12.58M
Cash From Investing Activities -12.00M 49.38M -154.0M
Cash From Financing Activities 11.00M -287.2K 329.0M
Net Change In Cash -23.40M 21.38M 162.4M
YoY Change -76.21% -86.84% -96217.6%
FREE CASH FLOW
Cash From Operating Activities -$22.40M -$27.71M -$12.58M
Capital Expenditures $0.00 $121.7K
Free Cash Flow -$22.40M -$27.83M
YoY Change 35.45%

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us-gaap Payments Of Distributions To Affiliates
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us-gaap Payments Of Distributions To Affiliates
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><b><span style="font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif;">Prior Period Reclassification</span></b></p> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p> <p style="margin: 0px; line-height: 107%; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><span style="font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif;">We have reclassified certain prior period amounts to conform to the current period presentation. Exchange rate effects due to translation were reclassified from line items within “Changes in operating assets and liabilities” to “Unrealized gain on exchange rate translation” and “<span style="color: #000000;">Effect of exchange rate changes on cash and cash equivalents</span>” within the condensed consolidated statements of cash flows.</span></p> <p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
us-gaap Use Of Estimates
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Use of Estimates </span></p> <p style="margin: 0px; text-align: justify; line-height: 1.2; font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Times New Roman', serif; line-height: inherit;"><span style="line-height: inherit;">The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires the Company’s management to make estimates and judgments that affected the reported amounts of assets and liabilities and allocations of expenses. These judgments were based on the historical experience, management’s evaluation of trends in the industry and other factors that were deemed relevant at that time. The estimates and assumptions were reviewed on a regular basis and the changes to accounting estimates were recognized in the period in which the estimates were revised. The Company’s management recognize that the actual results could be materially different from the estimates. </span><span style="line-height: inherit;"><span style="line-height: inherit;">Under the legal entity approach, the significant estimates include, </span></span><span style="line-height: inherit;">but are not limited to the measurement of warrants, fair value measurement and income taxes.</span></span></p>
CY2023Q2 us-gaap Cash
Cash
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CY2022Q4 us-gaap Cash
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CY2023Q2 evex Private Securities At Carrying Value
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CY2023Q2 us-gaap Certificates Of Deposit At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
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us-gaap Maturity Of Time Deposits
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
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CY2023Q2 us-gaap Accrued Salaries Current
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CY2023Q2 us-gaap Accrued Liabilities Current
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CY2023Q2 evex Advances From Customers Current
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CY2023Q2 evex Advanced Payments Related To Service Arrangements
AdvancedPaymentsRelatedToServiceArrangements
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CY2022Q4 evex Advanced Payments Related To Service Arrangements
AdvancedPaymentsRelatedToServiceArrangements
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CY2023Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
113382 usd
CY2022Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
0 usd
CY2023Q2 us-gaap Other Liabilities
OtherLiabilities
7491859 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
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CY2023Q2 us-gaap Other Liabilities Current
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CY2023Q2 us-gaap Other Liabilities Noncurrent
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CY2022Q4 us-gaap Other Liabilities Noncurrent
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CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q2 us-gaap Common Stock Shares Authorized
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CY2023Q2 us-gaap Preferred Stock Shares Authorized
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CY2023Q2 us-gaap Common Stock Shares Outstanding
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CY2023Q2 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q4 us-gaap Common Stock Shares Issued
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us-gaap Common Stock Voting Rights
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 us-gaap Preferred Stock Shares Issued
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CY2023Q2 us-gaap Preferred Stock Shares Outstanding
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CY2023Q2 us-gaap Preferred Stock Shares Issued
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CY2023Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Earnings Per Share Basic
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CY2022Q2 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q3 us-gaap Number Of Properties Subject To Ground Leases
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us-gaap Operating Lease Cost
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CY2023Q2 us-gaap Number Of Properties Subject To Ground Leases
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CY2023Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q2 us-gaap Operating Lease Liability Current
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CY2023Q2 us-gaap Operating Lease Liability Noncurrent
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CY2023Q2 us-gaap Research And Development Expense
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CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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