$FCUV
FOCUS UNIVERSAL INC.

2020 Q3 Form 10-Q Financial Statement

#000168316820002653 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $544.0K $434.5K $518.5K
YoY Change 23.84% -16.19% 1203.47%
Cost Of Revenue $384.4K $313.2K $376.7K
YoY Change -31.3% -16.88% 3759.65%
Gross Profit $159.6K $121.4K $141.8K
YoY Change -232.82% -14.38% 372.3%
Gross Profit Margin 29.34% 27.94% 27.34%
Selling, General & Admin $295.5K $291.5K $254.2K
YoY Change -11.82% 14.64% 87.09%
% of Gross Profit 185.1% 240.11% 179.32%
Research & Development $62.04K $61.80K $64.72K
YoY Change -6.41% -4.51% 13.99%
% of Gross Profit 38.86% 50.91% 45.65%
Depreciation & Amortization $40.55K $40.53K $38.72K
YoY Change -28.83% 4.67%
% of Gross Profit 25.4% 33.39% 27.31%
Operating Expenses $635.3K $781.3K $563.9K
YoY Change -24.31% 38.54% -23.42%
Operating Profit -$475.7K -$659.9K -$422.2K
YoY Change -50.42% 56.32% -40.24%
Interest Expense -$1.880K -$1.240K $340.00
YoY Change 652.0% -464.71% -100.09%
% of Operating Profit
Other Income/Expense, Net $37.32K $32.24K $2.323K
YoY Change 297.21% 1287.69% -100.6%
Pretax Income -$438.4K -$627.7K -$419.8K
YoY Change -53.86% 49.5% -77.96%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$438.4K -$627.7K -$419.8K
YoY Change -53.86% 49.5% -61.67%
Net Earnings / Revenue -80.58% -144.44% -80.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$10.70K -$15.32K -$10.25K
COMMON SHARES
Basic Shares Outstanding 40.96M shares 40.96M shares 40.96M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $821.9K $1.365M $3.425M
YoY Change -70.22% -60.14% -7.94%
Cash & Equivalents $821.9K $1.365M $3.425M
Short-Term Investments
Other Short-Term Assets $177.7K $28.62K $29.47K
YoY Change 259.64% -2.88%
Inventory $66.00K $68.94K $88.48K
Prepaid Expenses $77.66K $28.62K $29.47K
Receivables $309.5K $256.4K $301.2K
Other Receivables $200.00 $900.00 $2.150K
Total Short-Term Assets $1.398M $1.743M $3.846M
YoY Change -54.64% -54.69% 0.99%
LONG-TERM ASSETS
Property, Plant & Equipment $4.533M $4.572M $4.735M
YoY Change -3.49% -3.43% 90152.36%
Goodwill $307.6K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.630K $6.630K $6.630K
YoY Change 0.0% 0.0% -33.7%
Total Long-Term Assets $4.637M $4.687M $5.221M
YoY Change -10.32% -10.22% 41815.17%
TOTAL ASSETS
Total Short-Term Assets $1.398M $1.743M $3.846M
Total Long-Term Assets $4.637M $4.687M $5.221M
Total Assets $6.035M $6.430M $9.067M
YoY Change -26.87% -29.09% 137.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $156.7K $170.7K $0.00
YoY Change -100.0%
Accrued Expenses $50.97K $48.64K $52.49K
YoY Change 20.78% -7.33%
Deferred Revenue $5.819K $35.25K
YoY Change
Short-Term Debt $0.00 $0.00 $50.00K
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due $150.0K $104.5K
YoY Change
Total Short-Term Liabilities $369.8K $365.3K $468.8K
YoY Change 5.92% -22.08% 23.13%
LONG-TERM LIABILITIES
Long-Term Debt $255.9K $301.4K $0.00
YoY Change
Other Long-Term Liabilities $12.34K $12.34K $130.9K
YoY Change -88.43% -90.58%
Total Long-Term Liabilities $323.8K $383.2K $130.9K
YoY Change 203.77% 192.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.8K $365.3K $468.8K
Total Long-Term Liabilities $323.8K $383.2K $130.9K
Total Liabilities $693.6K $748.5K $599.7K
YoY Change 48.84% 24.81% 57.52%
SHAREHOLDERS EQUITY
Retained Earnings -$9.167M -$8.729M -$4.941M
YoY Change 37.41% 76.67% 50.73%
Common Stock $40.96K $40.96K $40.96K
YoY Change 0.0% 0.0% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.341M $5.681M $8.450M
YoY Change
Total Liabilities & Shareholders Equity $6.035M $6.430M $9.067M
YoY Change -26.87% -29.09% 137.3%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$438.4K -$627.7K -$419.8K
YoY Change -53.86% 49.5% -61.67%
Depreciation, Depletion And Amortization $40.55K $40.53K $38.72K
YoY Change -28.83% 4.67%
Cash From Operating Activities -$542.0K -$533.9K -$81.79K
YoY Change -19.77% 552.77% -79.03%
INVESTING ACTIVITIES
Capital Expenditures -$1.310K $0.00 -$36.17K
YoY Change -62.57% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.310K $0.00 -$36.17K
YoY Change -62.57% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 405.9K -12.24K
YoY Change -100.0% -3415.85% -100.32%
NET CHANGE
Cash From Operating Activities -542.0K -533.9K -81.79K
Cash From Investing Activities -1.310K 0.000 -36.17K
Cash From Financing Activities 0.000 405.9K -12.24K
Net Change In Cash -543.3K -128.0K -130.2K
YoY Change -18.28% -1.66% -103.75%
FREE CASH FLOW
Cash From Operating Activities -$542.0K -$533.9K -$81.79K
Capital Expenditures -$1.310K $0.00 -$36.17K
Free Cash Flow -$540.7K -$533.9K -$45.62K
YoY Change -19.55% 1070.32%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><u>Use of Estimates</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated 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 as of the date of the accompanying consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The actual results experienced by the Company may differ materially and adversely from the Company&#8217;s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Significant estimates in the accompanying financial statements include useful lives of property and equipment, useful lives of intangible assets, allowance for doubtful accounts, inventory reserves, debt discounts, valuation of derivatives, and the valuation allowance on deferred tax assets. The Company regularly evaluates its estimates and assumptions.</p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><u>Reclassification</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain reclassifications have been made to the consolidated financial statements for prior years to the current year&#8217;s presentation. Such reclassifications have no effect on net income as previously reported.</p>
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 usd
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
201482 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
217292 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
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us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
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CY2020Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
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CY2019Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
157213 usd
CY2020Q2 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
157213 usd
CY2020Q2 us-gaap Security Deposit Liability
SecurityDepositLiability
12335 usd
CY2020Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
.15 pure
CY2020Q2 us-gaap Security Deposit
SecurityDeposit
5968 usd
FCUV Expenses Incurred But Not Yet Paid In Shares
ExpensesIncurredButNotYetPaidInShares
74709 usd
FCUV Expenses Incurred But Not Yet Paid In Shares
ExpensesIncurredButNotYetPaidInShares
50709 usd
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7228579 usd
CY2020Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2019Q4 FCUV Shares To Be Issued Common Share
SharesToBeIssuedCommonShare
50709 usd
CY2020Q2 FCUV Shares To Be Issued Common Share
SharesToBeIssuedCommonShare
74709 usd
CY2019Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
13775908 usd
CY2020Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
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CY2019Q4 us-gaap Common Stock Value
CommonStockValue
40959 usd
CY2020Q2 us-gaap Common Stock Value
CommonStockValue
40959 usd
CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2020Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2019Q4 us-gaap Liabilities
Liabilities
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CY2020Q2 us-gaap Liabilities
Liabilities
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CY2019Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
107005 usd
CY2020Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
383169 usd
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12335 usd
CY2020Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
12335 usd
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
301391 usd
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
94670 usd
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
69443 usd
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
432999 usd
CY2020Q2 us-gaap Liabilities Current
LiabilitiesCurrent
365297 usd
CY2019Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
50000 usd
CY2020Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 usd
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
44270 usd
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
48643 usd
CY2019Q4 us-gaap Loans Payable Current
LoansPayableCurrent
0 usd
CY2020Q2 us-gaap Loans Payable Current
LoansPayableCurrent
104469 usd
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
127671 usd
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
35252 usd
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1750 usd
CY2020Q2 us-gaap Interest Payable Current
InterestPayableCurrent
0 usd
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
16820 usd
CY2020Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6236 usd
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
192488 usd
CY2020Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
170697 usd
CY2019Q4 us-gaap Assets
Assets
7228579 usd
CY2020Q2 us-gaap Assets
Assets
6429768 usd
CY2019Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
6630 usd
CY2020Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
6630 usd
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
128399 usd
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
108300 usd
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4653438 usd
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4572313 usd
CY2019Q4 us-gaap Assets Current
AssetsCurrent
2440112 usd
CY2020Q2 us-gaap Assets Current
AssetsCurrent
1742525 usd
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
46971 usd
CY2020Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
28615 usd
CY2019Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
0 usd
CY2020Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
900 usd
CY2019Q4 us-gaap Inventory Net
InventoryNet
62933 usd
CY2020Q2 us-gaap Inventory Net
InventoryNet
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CY2019Q4 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
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CY2020Q2 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
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CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
518700 usd
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
259350 usd
us-gaap Stock Issued1
StockIssued1
0 usd
us-gaap Stock Issued1
StockIssued1
290716 usd
us-gaap Notes Issued1
NotesIssued1
0 usd
us-gaap Notes Issued1
NotesIssued1
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Proceeds From Loans
ProceedsFromLoans
405860 usd
us-gaap Proceeds From Loans
ProceedsFromLoans
0 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
154190 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-1750 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
0 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
0 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-7210 usd
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
518700 usd
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
755 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-14337 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
475 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3954 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
154190 usd
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
-7210 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
14337 usd
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21168 usd
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
139254 usd
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
43655 usd
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
64048 usd
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
31551 usd
CY2020Q2 us-gaap Long Term Loans Payable
LongTermLoansPayable
301391 usd
CY2020Q2 us-gaap Loans Payable
LoansPayable
405860 usd
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
868 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i><u>Concentrations of Credit Risk</u></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash. &#160;The Company limits its exposure to credit loss by investing its cash with high credit quality financial institutions.</p>

Files In Submission

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0001683168-20-002653.txt Edgar Link pending
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fcuv-20200630.xsd Edgar Link pending
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