2024 Q1 Form 10-K Financial Statement

#000149315224008361 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 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 $2.490M $1.707M $3.337M
YoY Change 78.0%
% of Gross Profit
Research & Development $960.0K $773.0K $1.021M
YoY Change 100.84% 124.06%
% of Gross Profit
Depreciation & Amortization $35.00K $31.00K $3.000K
YoY Change 3400.0%
% of Gross Profit
Operating Expenses $3.450M $2.480M $4.358M
YoY Change 52.32% 90.18%
Operating Profit -$3.450M -$2.093M
YoY Change 52.32%
Interest Expense $4.000K -$1.000K -$146.0K
YoY Change -97.04% -99.55%
% of Operating Profit
Other Income/Expense, Net -$7.236M -$72.00K
YoY Change
Pretax Income -$8.460M -$9.717M -$4.576M
YoY Change 537.6%
Income Tax
% Of Pretax Income
Net Earnings -$8.460M -$9.717M -$7.149M
YoY Change 250.31% 537.6%
Net Earnings / Revenue
Basic Earnings Per Share -$0.27 -$0.08
Diluted Earnings Per Share -$0.27 -$0.63 -$0.22
COMMON SHARES
Basic Shares Outstanding 32.63M shares 28.23M shares
Diluted Shares Outstanding 31.13M shares 28.23M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.158M $9.163M $11.38M
YoY Change
Cash & Equivalents $8.158M $9.163M $11.38M
Short-Term Investments
Other Short-Term Assets $18.00K $16.00K $382.0K
YoY Change -46.67%
Inventory
Prepaid Expenses $746.0K $36.00K
Receivables $300.0K
Other Receivables
Total Short-Term Assets $8.922M $9.215M $11.76M
YoY Change 251.05%
LONG-TERM ASSETS
Property, Plant & Equipment $770.0K $797.0K $2.084M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.477M $2.606M $2.084M
YoY Change 18.51%
TOTAL ASSETS
Total Short-Term Assets $8.922M $9.215M $11.76M
Total Long-Term Assets $2.477M $2.606M $2.084M
Total Assets $11.40M $11.82M $13.84M
YoY Change 145.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $814.0K $1.444M $598.0K
YoY Change
Accrued Expenses $372.0K $362.0K $344.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $459.0K $141.0K $0.00
YoY Change 135.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.99M $9.183M $942.0K
YoY Change 29.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.277M $1.385M $1.549M
YoY Change
Total Long-Term Liabilities $1.277M $1.385M $1.549M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.99M $9.183M $942.0K
Total Long-Term Liabilities $1.277M $1.385M $1.549M
Total Liabilities $15.26M $10.57M $2.491M
YoY Change 19.82%
SHAREHOLDERS EQUITY
Retained Earnings -$32.82M -$24.36M
YoY Change 209.41%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.863M $1.253M $11.35M
YoY Change
Total Liabilities & Shareholders Equity $11.40M $11.82M $13.84M
YoY Change 145.05%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q2
OPERATING ACTIVITIES
Net Income -$8.460M -$9.717M -$7.149M
YoY Change 250.31% 537.6%
Depreciation, Depletion And Amortization $35.00K $31.00K $3.000K
YoY Change 3400.0%
Cash From Operating Activities -$4.275M -$1.601M -$3.661M
YoY Change 109.97% 36.49% 139.91%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $2.000K $80.00K
YoY Change -85.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$8.000K -$2.000K -$80.00K
YoY Change -85.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.278M 0.000 12.85M
YoY Change -77.5% -100.0% 215.41%
NET CHANGE
Cash From Operating Activities -$4.275M -1.601M -3.661M
Cash From Investing Activities -$8.000K -2.000K -80.00K
Cash From Financing Activities $3.278M 0.000 12.85M
Net Change In Cash -$1.005M -1.603M 9.112M
YoY Change -108.06% -264.07% 257.47%
FREE CASH FLOW
Cash From Operating Activities -$4.275M -$1.601M -$3.661M
Capital Expenditures $8.000K $2.000K $80.00K
Free Cash Flow -$4.283M -$1.603M -$3.741M
YoY Change 104.73% 145.15%

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CY2023 us-gaap Use Of Estimates
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<p id="xdx_847_eus-gaap--UseOfEstimates_zwt2zNhO5J4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zw1DrwJNNSH8">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Financial Statements in conformity with 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 expenses during the reporting periods. These estimates are based on information available as of the date of the Financial Statements; therefore, actual results could differ from those estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zbzlq04VIvr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zIVIo5Wbo1Te">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company has significant cash balances at financial institutions, which, throughout the year, regularly exceed the federally insured limit of $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_c20231231_z1s2CkMyVJma" title="Federally insured limit">250,000</span>. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations and cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
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a) a 15% discount to the offering price of the Company’s common stock in the event of an initial public offering of the Company or b) the quotient of $200,000 thousand divided by total equity interests prior to the dilution from the offering. The conversion option feature in the 2022 Notes was evaluated in accordance with ASC 815, and a derivative liability for the $538 thousand estimated fair value of the conversion option was recorded at the time the notes were issued and as of December 31, 2022.
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51250 shares
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168000 usd
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0.00001
CY2023Q4 us-gaap Debt Instrument Convertible Type Of Equity Security
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The Series C Preferred Stock is not entitled to dividends, has a liquidation preference of $18.00 per share, subject to adjustment, may be converted 1:1 at any time at the option of the holder into common stock, and upon closing of an IPO will if transferred automatically convert 1:1 into common stock.
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
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1-for-4 reverse stock split
CY2023 FBLG Description Of Share Subscription Agreement
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The Company may request a drawdown, or sale of common stock shares to the investors, over the five-year term of this agreement following the public listing unless terminated earlier. The amount of the drawdowns requested is limited by the trading volumes of the Company’s common stock shares over the 30-day period preceding the drawdown, and the price per share is equal to 90% of the average price per share over that same period. A 1% fee must be paid to the investors if the Company is sold in a private sale transaction rather than completing a public listing of its shares.
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380000 usd
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462000 usd
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11000 usd
CY2022Q4 FBLG Deferred Tax Liabilities Unamortized Debt Discount
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31000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
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391000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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2935000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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1266000 usd
CY2023 us-gaap Income Tax Expense Benefit
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0 usd
CY2022 us-gaap Income Tax Expense Benefit
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0 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
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9547000 usd
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680000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
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0 usd
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0 usd
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
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P126M
CY2023Q4 FBLG License Fee
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15000 usd
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
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P62M
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P12M
CY2023Q2 us-gaap Payments For Rent
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6000 usd
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7000 usd
CY2023 us-gaap Payments For Rent
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685000 usd
CY2022 us-gaap Payments For Rent
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392000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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477000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
487000 usd
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544000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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509000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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2017000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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270000 usd
CY2023Q4 us-gaap Operating Lease Liability
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1747000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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362000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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300000 usd
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300000 usd
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323000 usd
CY2023 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2023 FBLG Payments For Equity Investments
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3689750 shares
CY2023Q1 us-gaap Share Price
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2.28
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2500 shares
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.64

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