2024 Q2 Form 10-Q Financial Statement

#000149315224019225 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.249M $2.490M
YoY Change -32.6%
% of Gross Profit
Research & Development $975.0K $960.0K $478.0K
YoY Change -4.51% 100.84%
% of Gross Profit
Depreciation & Amortization $37.00K $35.00K $1.000K
YoY Change 1133.33% 3400.0%
% of Gross Profit
Operating Expenses $3.224M $3.450M $2.265M
YoY Change -26.02% 52.32%
Operating Profit -$3.224M -$3.450M -$2.265M
YoY Change 54.04% 52.32%
Interest Expense $5.000K $4.000K $135.0K
YoY Change -103.42% -97.04%
% of Operating Profit
Other Income/Expense, Net $30.00K -$15.00K
YoY Change -141.67%
Pretax Income $898.0K -$8.460M
YoY Change -119.62%
Income Tax
% Of Pretax Income
Net Earnings $898.0K -$8.460M -$2.415M
YoY Change -112.56% 250.31%
Net Earnings / Revenue
Basic Earnings Per Share $0.03 -$0.27 -$0.18
Diluted Earnings Per Share $0.03 -$0.27 -$0.18
COMMON SHARES
Basic Shares Outstanding 32.72M shares 32.63M shares 28.23M shares
Diluted Shares Outstanding 32.72M shares 31.13M shares 28.23M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.973M $8.158M
YoY Change -47.5%
Cash & Equivalents $5.973M $8.158M $14.74M
Short-Term Investments
Other Short-Term Assets $18.00K $18.00K
YoY Change -95.29%
Inventory
Prepaid Expenses $518.0K $746.0K
Receivables
Other Receivables
Total Short-Term Assets $6.509M $8.922M
YoY Change -44.65%
LONG-TERM ASSETS
Property, Plant & Equipment $799.0K $770.0K
YoY Change -61.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.403M $2.477M
YoY Change 15.31%
TOTAL ASSETS
Total Short-Term Assets $6.509M $8.922M
Total Long-Term Assets $2.403M $2.477M
Total Assets $8.912M $11.40M
YoY Change -35.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.208M $814.0K
YoY Change 102.01%
Accrued Expenses $382.0K $372.0K
YoY Change 11.05%
Deferred Revenue $1.500M
YoY Change
Short-Term Debt $287.0K $459.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.13M $13.99M
YoY Change 975.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.167M $1.277M
YoY Change -24.66%
Total Long-Term Liabilities $1.167M $1.277M
YoY Change -24.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.13M $13.99M
Total Long-Term Liabilities $1.167M $1.277M
Total Liabilities $11.30M $15.26M
YoY Change 353.59%
SHAREHOLDERS EQUITY
Retained Earnings -$31.92M -$32.82M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.387M -$3.863M $639.0K
YoY Change
Total Liabilities & Shareholders Equity $8.912M $11.40M
YoY Change -35.63%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $898.0K -$8.460M -$2.415M
YoY Change -112.56% 250.31%
Depreciation, Depletion And Amortization $37.00K $35.00K $1.000K
YoY Change 1133.33% 3400.0%
Cash From Operating Activities -$1.947M -$4.275M -$2.036M
YoY Change -46.82% 109.97%
INVESTING ACTIVITIES
Capital Expenditures $66.00K $8.000K $56.00K
YoY Change -17.5% -85.71%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$66.00K -$8.000K -$56.00K
YoY Change -17.5% -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 -172.0K $3.278M $14.57M
YoY Change -101.34% -77.5%
NET CHANGE
Cash From Operating Activities -1.947M -$4.275M -$2.036M
Cash From Investing Activities -66.00K -$8.000K -$56.00K
Cash From Financing Activities -172.0K $3.278M $14.57M
Net Change In Cash -2.185M -$1.005M $12.47M
YoY Change -123.98% -108.06%
FREE CASH FLOW
Cash From Operating Activities -$1.947M -$4.275M -$2.036M
Capital Expenditures $66.00K $8.000K $56.00K
Free Cash Flow -$2.013M -$4.283M -$2.092M
YoY Change -46.19% 104.73%

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CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zwzxhtGg8LSd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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_908_eus-gaap--CashFDICInsuredAmount_iI_pn3d_c20240331_zpb2tP0ySn2g" 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-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
6039000 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-8460000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-2415000 usd
CY2023Q1 FBLG Deemed Dividend
DeemedDividend
-2573000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8460000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4988000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31133762 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31133762 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28230842 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28230842 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
5600000 usd
CY2022Q4 FBLG Capital Stock In Excess
CapitalStockInExcess
10000000 usd
CY2023Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1900000 usd
CY2023Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
268192 shares
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
852000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
844000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
82000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
770000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
797000 usd
CY2024Q1 us-gaap Depreciation
Depreciation
35000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
1000 usd
CY2023Q4 FBLG Liability Instrument
LiabilityInstrument
7236000 usd
CY2024Q1 FBLG Warrant Liability
WarrantLiability
20963000 usd
CY2024Q1 FBLG Warrant Liability
WarrantLiability
10340000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
6039000 usd
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
6039000 usd
CY2024Q1 FBLG Warrant Liability
WarrantLiability
10340000 usd
CY2024Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
10340000 usd
CY2023Q4 FBLG Liability Instrument Fair Value
LiabilityInstrumentFairValue
7236000 usd
CY2023Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
7236000 usd
CY2023Q4 us-gaap Share Price
SharePrice
15.00
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2022 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
51250 shares
CY2022 us-gaap Employee Benefits And Share Based Compensation Noncash
EmployeeBenefitsAndShareBasedCompensationNoncash
168000 usd
CY2023Q1 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
35000000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2024Q1 FBLG Description Of Share Subscription Agreement
DescriptionOfShareSubscriptionAgreement
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 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 was due to the investors if the Company were sold in a private sale transaction rather than completing a public listing of its shares.
CY2024Q1 FBLG Commitment Fee Payable
CommitmentFeePayable
2000000 usd
CY2024Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
1941000 usd
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12M
CY2023Q2 us-gaap Payments For Rent
PaymentsForRent
6000 usd
CY2023Q3 us-gaap Payments For Rent
PaymentsForRent
7000 usd
CY2024Q1 us-gaap Payments For Rent
PaymentsForRent
8000 usd
CY2024Q1 us-gaap Payments For Rent
PaymentsForRent
155000 usd
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
173000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
347000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
488000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
544000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
509000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1888000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
239000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1649000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
372000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1277000 usd
CY2022 FBLG Payments For Equity Investments
PaymentsForEquityInvestments
323000 usd
CY2023Q1 FBLG Payments For Equity Investments
PaymentsForEquityInvestments
2265000 usd
CY2023Q1 FBLG Percentage Of Gross Proceeds From Equity Investments
PercentageOfGrossProceedsFromEquityInvestments
0.15 pure
CY2023Q1 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
15000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
101250 shares
CY2022Q3 us-gaap Share Price
SharePrice
3.28
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3689750 shares
CY2023Q1 us-gaap Share Price
SharePrice
2.28
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2500 shares
CY2023Q3 us-gaap Share Price
SharePrice
3.28
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
216875 shares
CY2024Q1 us-gaap Share Price
SharePrice
13.00
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8494625 shares
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8711500 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
480000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
448000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
480000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
6899000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.042 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0389 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.97 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.90 pure
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.79

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