2022 Q3 Form 10-K Financial Statement

#000168316822006358 Filed on September 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $8.109M $12.14M $24.00M
YoY Change 142.49% 10.74% -86.97%
Cost Of Revenue $6.515M $10.54M $20.18M
YoY Change 128.51% 16.73% -86.69%
Gross Profit $1.594M $1.600M $3.817M
YoY Change 223.32% -17.26% -88.24%
Gross Profit Margin 19.66% 13.18% 15.9%
Selling, General & Admin $1.240M $1.016M $4.509M
YoY Change 15.01% 0.54% -11.2%
% of Gross Profit 77.78% 63.49% 118.15%
Research & Development $970.1K $1.103M $4.282M
YoY Change -5.07% -10.93% -6.26%
% of Gross Profit 60.87% 68.92% 112.2%
Depreciation & Amortization $15.82K $202.1K $87.74K
YoY Change -86.42% 74.39% -83.32%
% of Gross Profit 0.99% 12.63% 2.3%
Operating Expenses $2.210M $2.119M $8.791M
YoY Change 5.24% -5.78% -8.86%
Operating Profit -$615.9K -$518.6K -$4.975M
YoY Change -61.67% 64.86% -121.8%
Interest Expense -$888.8K $65.82K $71.38K
YoY Change -46393.23% 2919.27% 712.06%
% of Operating Profit
Other Income/Expense, Net -$914.1K -$162.3K $265.4K
YoY Change -799.89% -344.43% 119.21%
Pretax Income -$1.530M -$576.7K -$4.709M
YoY Change 3.78% 134.41% -120.1%
Income Tax -$103.4K $89.79K -$1.037M
% Of Pretax Income
Net Earnings -$1.127M -$702.8K -$3.763M
YoY Change 2.12% 4162.16% -121.26%
Net Earnings / Revenue -13.9% -5.79% -15.68%
Basic Earnings Per Share -$0.10 -$0.32
Diluted Earnings Per Share -$0.10 -$60.21K -$0.32
COMMON SHARES
Basic Shares Outstanding 11.68M shares 11.61M shares
Diluted Shares Outstanding 11.68M shares 11.61M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.76M $42.61M $42.61M
YoY Change -8.74% -16.74% -16.74%
Cash & Equivalents $25.50M $26.28M $26.28M
Short-Term Investments $15.26M $16.34M $16.34M
Other Short-Term Assets $178.3K $215.7K $215.7K
YoY Change 9.24% 152.0% 152.0%
Inventory $5.053M $4.198M $4.198M
Prepaid Expenses
Receivables $946.0K $1.323M $1.323M
Other Receivables $28.18K $40.13K $40.13K
Total Short-Term Assets $46.97M $48.39M $48.39M
YoY Change -0.6% -11.75% -11.75%
LONG-TERM ASSETS
Property, Plant & Equipment $116.8K $106.0K $554.6K
YoY Change -85.35% -88.29% -38.71%
Goodwill $273.3K $273.3K
YoY Change 0.0%
Intangibles $1.670M $1.350M
YoY Change 8.29%
Long-Term Investments
YoY Change
Other Assets $116.2K $126.1K $1.474M
YoY Change -87.93% -76.12% 179.03%
Total Long-Term Assets $4.004M $3.651M $3.651M
YoY Change 24.23% 23.65% 23.65%
TOTAL ASSETS
Total Short-Term Assets $46.97M $48.39M $48.39M
Total Long-Term Assets $4.004M $3.651M $3.651M
Total Assets $50.97M $52.04M $52.04M
YoY Change 0.99% -9.94% -9.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.681M $8.143M $8.143M
YoY Change 143.68% -16.21% -16.21%
Accrued Expenses $552.1K $589.9K $898.7K
YoY Change -46.84% -46.52% -18.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.848M $9.280M $9.280M
YoY Change 97.35% -16.81% -16.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $79.95K $159.1K $159.1K
YoY Change -79.6% -66.0% -66.0%
Total Long-Term Liabilities $79.95K $159.1K $159.1K
YoY Change -79.6% -66.0% -66.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.848M $9.280M $9.280M
Total Long-Term Liabilities $79.95K $159.1K $159.1K
Total Liabilities $9.928M $9.439M $11.01M
YoY Change 43.85% -27.96% -15.98%
SHAREHOLDERS EQUITY
Retained Earnings $30.84M $31.96M
YoY Change -10.53%
Common Stock $14.16K $14.16K
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.555M $3.555M
YoY Change 0.0%
Treasury Stock Shares 2.549M shares 2.549M shares
Shareholders Equity $39.77M $41.03M $41.03M
YoY Change
Total Liabilities & Shareholders Equity $50.97M $52.04M $52.04M
YoY Change 0.99% -9.94% -9.94%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$1.127M -$702.8K -$3.763M
YoY Change 2.12% 4162.16% -121.26%
Depreciation, Depletion And Amortization $15.82K $202.1K $87.74K
YoY Change -86.42% 74.39% -83.32%
Cash From Operating Activities -$1.012M -$111.0K -$7.407M
YoY Change -84.11% -98.67% -161.2%
INVESTING ACTIVITIES
Capital Expenditures $26.67K -$184.3K $42.09K
YoY Change -162.18% 55.65% -105.86%
Acquisitions
YoY Change
Other Investing Activities $1.081M -$9.710M -$10.95M
YoY Change -183262.71% 235585.68% 265691.99%
Cash From Investing Activities $553.9K -$9.895M -$11.68M
YoY Change -1373.58% 8693.59% 1515.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 53.85K $75.45K
YoY Change -100.0% 1031.3% -98.76%
NET CHANGE
Cash From Operating Activities -$1.012M -111.0K -$7.407M
Cash From Investing Activities $553.9K -9.895M -$11.68M
Cash From Financing Activities $0.00 53.85K $75.45K
Net Change In Cash -$772.5K -9.952M -$19.52M
YoY Change -87.91% 17.58% -211.81%
FREE CASH FLOW
Cash From Operating Activities -$1.012M -$111.0K -$7.407M
Capital Expenditures $26.67K -$184.3K $42.09K
Free Cash Flow -$1.039M $73.33K -$7.449M
YoY Change -83.58% -100.89% -158.1%

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CY2022 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-511650 usd
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
75445 usd
CY2022 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
90443 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
545841 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
42602395 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-3672405 usd
CY2021 us-gaap Profit Loss
ProfitLoss
18396182 usd
CY2022 us-gaap Depreciation
Depreciation
87743 usd
CY2021 us-gaap Depreciation
Depreciation
90322 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
579012 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
435571 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
545841 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
380758 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
23780 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
338185 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-0 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
487300 usd
CY2022 FKWL Forgiveness Of Debts
ForgivenessOfDebts
38397 usd
CY2021 FKWL Forgiveness Of Debts
ForgivenessOfDebts
-0 usd
CY2022 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-0 usd
CY2021 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
-140192 usd
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
304642 usd
CY2021 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
386407 usd
CY2022 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
959888 usd
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-399285 usd
CY2021 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-550640 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1205938 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-317518 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-13103973 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3222344 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-10807884 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4045 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
23396 usd
CY2022 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
134166 usd
CY2021 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
12792 usd
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-14444 usd
CY2021 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-142830 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1537287 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-32364266 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-326801 usd
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
298790 usd
CY2022 FKWL Increase Decrease In Unearned Revenue
IncreaseDecreaseInUnearnedRevenue
231624 usd
CY2021 FKWL Increase Decrease In Unearned Revenue
IncreaseDecreaseInUnearnedRevenue
0 usd
CY2022 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-195618 usd
CY2021 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
319504 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7407355 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12104199 usd
CY2022 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
10950625 usd
CY2021 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
4116 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42085 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21043 usd
CY2022 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
658544 usd
CY2021 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
694909 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
23774 usd
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2452 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11675028 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-722520 usd
CY2022 us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
0 usd
CY2021 us-gaap Proceeds From Sale Of Treasury Stock
ProceedsFromSaleOfTreasuryStock
6000008 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
75445 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
74751 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
75445 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6074759 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-511650 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
177924 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-19518588 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17634362 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45796006 usd
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28161644 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26277418 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45796006 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-200350 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-4124485 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-77180 usd
CY2022Q2 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
1456008 usd
CY2021Q2 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
1398360 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4473994 usd
CY2022Q2 FKWL Noncontrolling Interest Percentage
NoncontrollingInterestPercentage
0.663 pure
CY2021Q2 FKWL Noncontrolling Interest Percentage
NoncontrollingInterestPercentage
0.663 pure
CY2022Q2 us-gaap Minority Interest
MinorityInterest
1569605 usd
CY2022 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
90443 usd
CY2021Q2 us-gaap Minority Interest
MinorityInterest
1479162 usd
CY2022 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
90443 usd
CY2022 us-gaap Revenues
Revenues
23997762 usd
CY2021 us-gaap Revenues
Revenues
184115345 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zX8Z7KNcQ8Z3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_867_zxVTn0V0kVwP">Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. Actual results could materially differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.5pt; text-align: justify; text-indent: 0.5in"><b> </b></p>
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1322619 usd
CY2021Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2542429 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-876513 usd
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
371624 usd
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
140000 usd
CY2022 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
500000 usd
CY2021 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
360000 usd
CY2022Q2 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
187343 usd
CY2021Q2 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
602388 usd
CY2022 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
658544 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4282131 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4567863 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
142242 usd
CY2022 us-gaap Product Warranty Expense
ProductWarrantyExpense
0 usd
CY2021 us-gaap Product Warranty Expense
ProductWarrantyExpense
0 usd
CY2022 us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
246290 usd
CY2021 us-gaap Other Selling General And Administrative Expense
OtherSellingGeneralAndAdministrativeExpense
723617 usd
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
557155 usd
CY2021Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2022 FKWL Schedule Of Property And Equipment Estimated Useful Life
ScheduleOfPropertyAndEquipmentEstimatedUsefulLife
<table cellpadding="0" cellspacing="0" id="xdx_897_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLife_zLfzIGL8xGEz" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Useful lives)"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span id="xdx_8B2_zbZaoOo3bV0E" style="display: none">Useful lives of property and equipment</span></td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery</span></td> <td style="width: 2%"> </td> <td style="width: 48%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zgB6ZMqRFtuA" title="Estimated useful lives">6</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipment</span></td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zUehAMI6Geuz" title="Estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Molds</span></td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ToolsDiesAndMoldsMember_zQ2yYlFpi914" title="Estimated useful lives">3</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles</span></td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_z3LNg8OveYs7" title="Estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computers and software</span></td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zF8pyw2iRKRS" title="Estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fixtures</span></td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zzggaFU9iOiH" title="Estimated useful lives">7</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facilities improvements</span></td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20210701__20220630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--FacilityCzeug8saGe9ncMember_zGSi2QABStm4" title="Estimated useful lives">5 years or life of the lease, whichever is shorter</span></span></td></tr> </table>
CY2022 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2021 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2794789 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1444733 usd
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1350056 usd
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2112471 usd
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
865721 usd
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1246750 usd
CY2022 us-gaap Adjustment For Amortization
AdjustmentForAmortization
579012 usd
CY2021 us-gaap Adjustment For Amortization
AdjustmentForAmortization
435571 usd
CY2021 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
3228261 usd
CY2021 FKWL Technology In Progress
TechnologyInProgress
140192 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4217883 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
975 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
557856 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
381973 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
181342 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14042 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
10000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
17500 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-525 usd
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
49843 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_zqukKw8yILge" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86E_z4GJAB3MfTWZ">Concentrations of Credit Risk</span> </b></p> <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; text-align: justify; text-indent: 0.5in">We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary. No reserve was required or recorded for any of the periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantially all of our revenues are derived from sales of wireless data products. Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A significant portion of our revenue is derived from a small number of customers. For the year ended June 30, 2022, net sales to our two largest customers represented <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zrrcGL1tAAsb" title="Concentration of credit risk">70</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zQACcFfH0ioE" title="Concentration of credit risk">13</span>% of our consolidated net sales, respectively, and <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_ztdpol3BJBBk" title="Concentration of credit risk">0</span>% of our accounts receivable balance as of June 30, 2022. For the year ended June 30, 2021, net sales to our two largest customers represented <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zHSUBofJqgZ_znDbFpQ1j0ce" title="Concentration of credit risk">63</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zaJNhenKxmlK" title="Concentration of credit risk">30</span>% of our consolidated net sales, respectively, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zy77gI7EiLQl" title="Concentration of credit risk">0</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zwWUBwh2hEcw" title="Concentration of credit risk">84</span>% of our accounts receivable balance as of June 30, 2021. No other customer accounted for more than ten percent of total net sales.</p> <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; text-indent: 0.5in">For the year ended June 30, 2022, we purchased the majority of our wireless data products from two manufacturing companies located in Asia. If they were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact our revenue. For the year ended June 30, 2022, we purchased wireless data products from these suppliers in the amount of $<span id="xdx_90B_eus-gaap--CostOfRevenue_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--SupplyCommitmentAxis__custom--SuppliersMember_pp0p0_zBzg5QQkXDbt" title="Products purchased">22,319,313</span>, or <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--SupplyCommitmentAxis__custom--SuppliersMember_zGlrJq0JHGs4" title="Concentration of credit risk">98.3</span>% of total purchases, and had related accounts payable of $<span id="xdx_909_eus-gaap--AccountsPayableCurrent_c20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--SupplyCommitmentAxis__custom--SuppliersMember_pp0p0_zfotAVWqc3r1" title="Accounts payable">7,409,273</span> as of June 30, 2022. For the year ended June 30, 2021, we purchased wireless data products from these suppliers in the amount of $<span id="xdx_909_eus-gaap--CostOfRevenue_pp0p0_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--SupplyCommitmentAxis__custom--SuppliersMember_zXRP5YXAkm5k" title="Products purchased">138,516,044</span>, or <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20200701__20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--SupplyCommitmentAxis__custom--SuppliersMember_zQrRl8EvBYy_zcRsR1noZ3gD" title="Concentration of credit risk">99</span>% of total purchases, and had related accounts payable of $<span id="xdx_907_eus-gaap--AccountsPayableCurrent_iI_pp0p0_c20210630__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--TotalPurchasesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--SupplyCommitmentAxis__custom--SuppliersMember_zEK6JAv2lox_zQpe8zIbEcC7" title="Accounts payable">9,096,451</span> as of June 30, 2021</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain our cash accounts with established commercial banks. Such cash deposits exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution. However, we do not anticipate any losses on excess deposits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.3pt; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently Issued Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses, which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables. The new methodology requires the recognition of an allowance that reflects the current estimate of credit losses expected to be incurred over the life of the financial asset. The Company adopted the standard on July 1, 2020. The new standard did not have a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under the amendments in ASU 2018-02, an entity may elect to reclassify the income tax effects of the Tax Cuts and Jobs Act of 2017 on items within accumulated other comprehensive income to retained earnings. The adoption of this update does not have a material impact the Company’s consolidated financial statements.</p> <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; text-indent: 0.5in">In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which among other things, eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted the standard on July 1, 2021. The new standard did not have a material impact on its consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.3pt; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.3pt; text-align: justify; text-indent: 0.5in"/>
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