2023 Q4 Form 10-Q Financial Statement

#000155485523000725 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.282M $5.035M $8.964M
YoY Change -41.08% -26.45% 575.25%
% of Gross Profit
Research & Development $33.59M $28.64M $18.03M
YoY Change 86.33% 100.31% 35.75%
% of Gross Profit
Depreciation & Amortization $44.00K $40.00K $24.88K
YoY Change 76.85% -76.95%
% of Gross Profit
Operating Expenses $40.74M $33.68M $26.99M
YoY Change 50.92% 59.27% 1933.19%
Operating Profit -$33.68M
YoY Change -12.68%
Interest Expense $6.195M $1.950M $7.249M
YoY Change -14.54% -15.72% -449.78%
% of Operating Profit
Other Income/Expense, Net -$4.734M $1.616M
YoY Change 201.18%
Pretax Income -$39.27M -$30.11M -$19.74M
YoY Change 98.94% -16.94% 480.61%
Income Tax -$6.380K $1.098M $312.9K
% Of Pretax Income
Net Earnings -$39.27M -$31.21M -$20.05M
YoY Change 95.8% -15.06% 489.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.14 -$0.11 -$0.07
COMMON SHARES
Basic Shares Outstanding 269.4M shares 269.2M shares 266.4M shares
Diluted Shares Outstanding 275.9M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.1M $174.5M $227.9M
YoY Change -30.64% -29.72% 47850.44%
Cash & Equivalents $46.88M $10.10M $49.15M
Short-Term Investments $111.2M $164.4M $178.8M
Other Short-Term Assets $889.0K $1.586M $1.426M
YoY Change -37.64% -46.67% 6643.17%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $242.2M $259.6M $312.2M
YoY Change -22.42% -22.08% 2035.82%
LONG-TERM ASSETS
Property, Plant & Equipment $547.0K $477.9K $451.6K
YoY Change 21.13% 14.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $348.0K $976.5K $0.00
YoY Change
Total Long-Term Assets $3.118M $1.989M $668.2K
YoY Change 366.61% 375.05% -4.51%
TOTAL ASSETS
Total Short-Term Assets $242.2M $259.6M $312.2M
Total Long-Term Assets $3.118M $1.989M $668.2K
Total Assets $245.3M $261.6M $312.9M
YoY Change -21.59% -21.58% 1942.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.571M $1.832M $2.097M
YoY Change 117.97% -38.16% 138.95%
Accrued Expenses $9.800M $2.492M
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 $51.99M $46.16M $24.93M
YoY Change 108.51% 64.75% 1533.86%
LONG-TERM LIABILITIES
Long-Term Debt $25.76M $11.32M $0.00
YoY Change
Other Long-Term Liabilities $2.535M $2.000M $1.020M
YoY Change 148.51% 138.42% 45.12%
Total Long-Term Liabilities $28.30M $13.35M $1.020M
YoY Change 2674.21% 1491.17% 45.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.99M $46.16M $24.93M
Total Long-Term Liabilities $28.30M $13.35M $1.020M
Total Liabilities $80.29M $59.51M $25.95M
YoY Change 209.36% 106.22% 1064.37%
SHAREHOLDERS EQUITY
Retained Earnings -$344.7M -$305.4M -$217.0M
YoY Change 58.83% 55.06%
Common Stock $509.7M $507.4M $503.9M
YoY Change 1.15% 1.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $165.1M $202.0M $286.9M
YoY Change
Total Liabilities & Shareholders Equity $245.3M $261.6M $312.9M
YoY Change -21.59% -21.58% 1942.61%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$39.27M -$31.21M -$20.05M
YoY Change 95.8% -15.06% 489.81%
Depreciation, Depletion And Amortization $44.00K $40.00K $24.88K
YoY Change 76.85% -76.95%
Cash From Operating Activities -$24.51M -$22.40M -$20.74M
YoY Change 18.2% 32.1% 3361.63%
INVESTING ACTIVITIES
Capital Expenditures -$60.00 $0.00 $57.75K
YoY Change -100.1% -100.0%
Acquisitions
YoY Change
Other Investing Activities $47.00M -$12.00M -$8.000M
YoY Change -687.5% -87.5% 247.83%
Cash From Investing Activities $47.00M -$12.00M -$8.058M
YoY Change -683.29% -87.55% 250.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.21M 11.00M 0.000
YoY Change -26.67% -100.0%
NET CHANGE
Cash From Operating Activities -24.51M -22.40M -20.74M
Cash From Investing Activities 47.00M -12.00M -8.058M
Cash From Financing Activities 14.21M 11.00M 0.000
Net Change In Cash 36.70M -23.40M -28.80M
YoY Change -227.45% -76.21% 4706.67%
FREE CASH FLOW
Cash From Operating Activities -$24.51M -$22.40M -$20.74M
Capital Expenditures -$60.00 $0.00 $57.75K
Free Cash Flow -$24.51M -$22.40M -$20.80M
YoY Change 17.87% 35.45%

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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: 10pt; line-height: inherit; 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; text-align: justify;"><span style="font-size: 10pt; line-height: inherit; 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; line-height: inherit;">Effect of exchange rate changes on cash and cash equivalents</span>” within the condensed consolidated statements of cash flows.</span></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>
CY2023Q3 us-gaap Cash
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CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2023Q3 us-gaap Long Term Debt
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CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q3 us-gaap Common Stock Shares Authorized
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CY2023Q3 us-gaap Common Stock Shares Issued
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CY2023Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 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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CY2023Q3 us-gaap Earnings Per Share Diluted
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CY2023Q3 us-gaap Earnings Per Share Basic
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CY2022Q3 us-gaap Earnings Per Share Diluted
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CY2022Q3 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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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Research And Development Expense
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