2024 Q1 Form 10-Q Financial Statement

#000149315224014320 Filed on April 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $41.17K $70.91K
YoY Change -41.94% -76.59%
Cost Of Revenue $87.08K $88.94K
YoY Change -2.09% -54.29%
Gross Profit -$45.91K -$18.03K
YoY Change 154.66% -116.65%
Gross Profit Margin -111.51% -25.42%
Selling, General & Admin $1.474M $1.427M
YoY Change 3.29% 9.49%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.081M $1.040M
YoY Change 3.95% 46.22%
% of Gross Profit
Operating Expenses $1.474M $1.427M
YoY Change 3.29% 9.49%
Operating Profit -$1.520M -$1.445M
YoY Change 5.18% 20.93%
Interest Expense $40.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $88.87K $7.512K
YoY Change 1083.04% -37.56%
Pretax Income -$1.431M -$1.437M
YoY Change -0.45% -34.32%
Income Tax -$219.00
% Of Pretax Income
Net Earnings -$1.367M -$1.376M
YoY Change -0.67% -37.12%
Net Earnings / Revenue -3320.14% -1940.66%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 102.7M shares 102.0M shares
Diluted Shares Outstanding 102.7M shares 102.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.0K $240.0K
YoY Change -42.9% -52.8%
Cash & Equivalents $137.0K $242.8K
Short-Term Investments
Other Short-Term Assets $47.13K
YoY Change
Inventory $725.3K $572.9K
Prepaid Expenses
Receivables $42.69K $40.55K
Other Receivables $442.3K $650.0K
Total Short-Term Assets $1.394M $1.505M
YoY Change -7.36% -43.54%
LONG-TERM ASSETS
Property, Plant & Equipment $652.4K $539.7K
YoY Change 20.89% -15.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $74.79M $79.16M
YoY Change -5.52% -4.74%
TOTAL ASSETS
Total Short-Term Assets $1.394M $1.505M
Total Long-Term Assets $74.79M $79.16M
Total Assets $76.19M $80.67M
YoY Change -5.55% -5.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $214.3K $61.59K
YoY Change 248.02% 207.94%
Accrued Expenses $127.3K $49.99K
YoY Change 154.75% -25.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.216M $995.1K
YoY Change 22.2% 27.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $159.2K $270.0K
YoY Change -41.05% -45.98%
Total Long-Term Liabilities $159.2K $271.3K
YoY Change -41.34% -45.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.216M $995.1K
Total Long-Term Liabilities $159.2K $271.3K
Total Liabilities $1.078M $1.266M
YoY Change -14.88% -1.03%
SHAREHOLDERS EQUITY
Retained Earnings -$16.33M -$10.21M
YoY Change 59.91%
Common Stock $91.54M $89.60M
YoY Change 2.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.11M $79.59M
YoY Change
Total Liabilities & Shareholders Equity $76.19M $80.67M
YoY Change -5.55% -5.94%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.367M -$1.376M
YoY Change -0.67% -37.12%
Depreciation, Depletion And Amortization $1.081M $1.040M
YoY Change 3.95% 46.22%
Cash From Operating Activities -$354.1K -$70.00K
YoY Change 405.91% -92.06%
INVESTING ACTIVITIES
Capital Expenditures -$11.54K $10.00K
YoY Change -215.4% -101.91%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $11.54K -$10.00K
YoY Change -215.4% -98.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.170K 140.0K
YoY Change -101.55%
NET CHANGE
Cash From Operating Activities -354.1K -70.00K
Cash From Investing Activities 11.54K -10.00K
Cash From Financing Activities -2.170K 140.0K
Net Change In Cash -344.8K 60.00K
YoY Change -674.62% -104.27%
FREE CASH FLOW
Cash From Operating Activities -$354.1K -$70.00K
Capital Expenditures -$11.54K $10.00K
Free Cash Flow -$342.6K -$80.00K
YoY Change 328.25% -77.61%

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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
299055 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
144443 usd
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
100 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4144 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-557939 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
101146 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
152304 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
137029 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
242755 usd
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
101779323 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16334493 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13523266 usd
us-gaap Profit Loss
ProfitLoss
-2955079 usd
us-gaap Profit Loss
ProfitLoss
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-457609 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zlSUopAMSQja" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_863_zlBIKdNId2sh">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">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 the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Key estimates in the accompanying consolidated financial statements include, among others, revenue recognition, allowances for doubtful accounts and product returns, provisions for obsolete inventory, valuation of long-lived assets and Rights of Use (“ROU”) assets (including lease liabilities), and deferred income tax asset valuation allowances. Actual results could differ materially from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Fiscal Period
FiscalPeriod
<p id="xdx_84B_eus-gaap--FiscalPeriod_zo2duaZrieYc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_861_zmWUardkwko9">Fiscal Year End</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The Company operates on a fiscal year basis with the fiscal year ending on August 31.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
42686 usd
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
44130 usd
CY2023Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
440069 usd
us-gaap Revenues
Revenues
101496 usd
CY2024Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
399773 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
277109 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
329420 usd
CY2024Q1 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
148562 usd
CY2023Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
138869 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
299645 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
162189 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
725316 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
630478 usd
CY2024Q1 us-gaap Deposit Assets
DepositAssets
47132 usd
CY2023Q3 us-gaap Deposit Assets
DepositAssets
20777 usd
CY2024Q1 us-gaap Other Receivables
OtherReceivables
4 usd
CY2023Q3 us-gaap Other Receivables
OtherReceivables
596730 usd
CY2024Q1 EVOH Deposit Prepayments And Other Receivables
DepositPrepaymentsAndOtherReceivables
489408 usd
CY2023Q3 EVOH Deposit Prepayments And Other Receivables
DepositPrepaymentsAndOtherReceivables
617507 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
841340 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
745154 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
418873 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
281767 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
422467 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
463387 usd
us-gaap Depreciation
Depreciation
137106 usd
us-gaap Depreciation
Depreciation
74828 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
83147767 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
83147767 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9007675 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6928981 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
74140092 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
76218786 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2078694 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2078694 usd
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
214341 usd
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
40939 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
38400 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
129949 usd
CY2024Q1 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
27439 usd
CY2022Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
27487 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
280180 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
198375 usd
us-gaap Short Term Debt Terms
ShortTermDebtTerms
Amounts due to shareholders are unsecured, with interest of 3% per annum and tenure of 3 to 6 months, or mutually between the parties
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
439630 usd
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
232095 usd
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
EVOH Proceeds From Shares To Be Issued
ProceedsFromSharesToBeIssued
144443 usd
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
57783 shares
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
100 usd
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
373822 shares
CY2024Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.50
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
934534 usd
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
102742362 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
102742362 shares
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
102310933 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
102310933 shares
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.21 pure
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.21 pure
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
16330000 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
13520000 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16330000 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13520000 usd
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
16330000 usd
CY2023Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
13520000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
229972 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
271021 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
88952 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
84879 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
150962 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
198163 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
239914 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
283042 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
88952 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
96363 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
50616 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3983 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
239914 usd

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