$FALC
FALCONSTOR SOFTWARE INC

2023 Q2 Form 10-Q Financial Statement

#000095017023020603 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.268M
YoY Change 10.7%
Cost Of Revenue $375.3K
YoY Change -9.62%
Gross Profit $1.893M
YoY Change 15.87%
Gross Profit Margin 83.45%
Selling, General & Admin $1.695M
YoY Change -16.89%
% of Gross Profit 89.55%
Research & Development $618.5K
YoY Change -12.39%
% of Gross Profit 32.67%
Depreciation & Amortization $25.10K
YoY Change -29.33%
% of Gross Profit 1.33%
Operating Expenses $2.314M
YoY Change -15.76%
Operating Profit -$420.7K
YoY Change -62.19%
Interest Expense -$79.86K
YoY Change -32.32%
% of Operating Profit
Other Income/Expense, Net -$79.86K
YoY Change -32.32%
Pretax Income -$500.5K
YoY Change -59.33%
Income Tax -$52.76K
% Of Pretax Income
Net Earnings -$400.0K
YoY Change -63.94%
Net Earnings / Revenue -17.63%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.11
COMMON SHARES
Basic Shares Outstanding 7.122M 7.121M
Diluted Shares Outstanding 7.120M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.839M
YoY Change -45.61%
Cash & Equivalents $1.800M
Short-Term Investments
Other Short-Term Assets $1.034M
YoY Change -18.23%
Inventory
Prepaid Expenses
Receivables $1.800M
Other Receivables $0.00
Total Short-Term Assets $4.911M
YoY Change -16.74%
LONG-TERM ASSETS
Property, Plant & Equipment $78.13K
YoY Change -39.06%
Goodwill $4.150M
YoY Change 0.0%
Intangibles $13.29K
YoY Change -67.46%
Long-Term Investments
YoY Change
Other Assets $37.74K
YoY Change -62.2%
Total Long-Term Assets $4.607M
YoY Change -8.66%
TOTAL ASSETS
Total Short-Term Assets $4.911M
Total Long-Term Assets $4.607M
Total Assets $9.517M
YoY Change -13.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $436.7K
YoY Change -31.62%
Accrued Expenses $1.220M
YoY Change 52.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $101.2K
YoY Change
Total Short-Term Liabilities $5.365M
YoY Change -3.58%
LONG-TERM LIABILITIES
Long-Term Debt $2.166M
YoY Change 0.45%
Other Long-Term Liabilities $956.3K
YoY Change -0.17%
Total Long-Term Liabilities $956.3K
YoY Change -0.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.365M
Total Long-Term Liabilities $956.3K
Total Liabilities $10.43M
YoY Change -1.54%
SHAREHOLDERS EQUITY
Retained Earnings -$126.0M
YoY Change 1.11%
Common Stock $7.122K
YoY Change 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.20M
YoY Change
Total Liabilities & Shareholders Equity $9.517M
YoY Change -13.02%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$400.0K
YoY Change -63.94%
Depreciation, Depletion And Amortization $25.10K
YoY Change -29.33%
Cash From Operating Activities -$100.0K
YoY Change -150.0%
INVESTING ACTIVITIES
Capital Expenditures $2.898K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.898K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -76.60K
YoY Change
NET CHANGE
Cash From Operating Activities -100.0K
Cash From Investing Activities -2.898K
Cash From Financing Activities -76.60K
Net Change In Cash -171.8K
YoY Change -185.73%
FREE CASH FLOW
Cash From Operating Activities -$100.0K
Capital Expenditures $2.898K
Free Cash Flow -$102.9K
YoY Change -151.45%

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FALCONSTOR SOFTWARE, INC.
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">(a) The Company and Nature of Operations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">FalconStor Software, Inc., a Delaware corporation ("we", the "Company" or "FalconStor"), is a trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">95</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%. More than </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> organizations and managed service providers worldwide standardize on FalconStor as the foundation for their cloud first data protection future.</span></p>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">(e) Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("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 period. The Company’s significant estimates include those related to revenue recognition, accounts receivable allowances, valuation of derivatives, valuation of goodwill and income taxes. Actual results could differ from those estimates.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The financial market volatility in many countries where the Company operates has impacted and may continue to impact the Company’s business. Such conditions could have a material impact on the Company’s significant accounting estimates discussed above.</span></p>
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0000950170-23-020603.txt Edgar Link pending
0000950170-23-020603-xbrl.zip Edgar Link pending
falc-20230331.htm Edgar Link pending
falc-20230331.xsd Edgar Link pending
falc-ex31_1.htm Edgar Link pending
falc-ex31_2.htm Edgar Link pending
falc-ex32_1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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