2023 Q1 Form 10-Q Financial Statement

#000168316823000907 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $11.85M $8.984M $1.822M
YoY Change 77.23% 393.18% -97.25%
Cost Of Revenue $9.806M $8.038M $1.458M
YoY Change 84.06% 451.42% -97.35%
Gross Profit $2.046M $946.0K $364.0K
YoY Change 50.48% 159.92% -96.78%
Gross Profit Margin 17.26% 10.53% 19.98%
Selling, General & Admin $1.463M $1.336M $1.025M
YoY Change 5.23% 30.36% -27.32%
% of Gross Profit 71.54% 141.22% 281.55%
Research & Development $1.053M $976.4K $1.107M
YoY Change 0.24% -11.81% -3.73%
% of Gross Profit 51.46% 103.21% 304.18%
Depreciation & Amortization $11.32K $14.21K $155.3K
YoY Change -94.13% -90.85% 10.92%
% of Gross Profit 0.55% 1.5% 42.66%
Operating Expenses $2.516M $2.312M $2.132M
YoY Change 3.08% 8.46% -16.72%
Operating Profit -$470.6K -$1.366M -$1.768M
YoY Change -56.49% -22.72% -120.25%
Interest Expense -$40.81K $1.136M $1.890K
YoY Change -2432.0% 59994.18%
% of Operating Profit
Other Income/Expense, Net $103.6K $1.401M $133.0K
YoY Change 90.46% 954.09% -220.86%
Pretax Income -$367.0K $35.08K -$1.633M
YoY Change -64.21% -102.15% -117.93%
Income Tax -$578.7K $118.9K -$476.8K
% Of Pretax Income 338.89%
Net Earnings $247.6K -$378.3K -$1.186M
YoY Change -132.13% -68.09% -117.28%
Net Earnings / Revenue 2.09% -4.21% -65.09%
Basic Earnings Per Share $0.02 -$0.03 -$0.10
Diluted Earnings Per Share $0.02 -$0.03 -$102.3K
COMMON SHARES
Basic Shares Outstanding 11.78M shares 11.68M shares 11.59M shares
Diluted Shares Outstanding 11.78M shares 11.70M shares 11.59M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.98M $34.53M $42.09M
YoY Change -21.13% -17.95% -44.91%
Cash & Equivalents $17.57M $17.90M $36.70M
Short-Term Investments $16.41M $16.63M $5.387M
Other Short-Term Assets $106.3K $296.7K $140.7K
YoY Change -73.04% 110.93% 40.65%
Inventory $5.911M $7.389M $1.923M
Prepaid Expenses
Receivables $7.218M $8.072M $1.223M
Other Receivables $30.48K $64.57K $125.7K
Total Short-Term Assets $47.35M $50.45M $45.50M
YoY Change -11.21% 10.87% -57.11%
LONG-TERM ASSETS
Property, Plant & Equipment $109.8K $121.4K $720.6K
YoY Change -82.94% -83.15% -34.49%
Goodwill $273.3K $273.3K
YoY Change
Intangibles $2.369M $2.044M
YoY Change
Long-Term Investments
YoY Change
Other Assets $125.3K $128.1K $1.455M
YoY Change -92.14% -91.2% 81.9%
Total Long-Term Assets $5.012M $4.202M $3.925M
YoY Change 29.76% 7.04% 9.03%
TOTAL ASSETS
Total Short-Term Assets $47.35M $50.45M $45.50M
Total Long-Term Assets $5.012M $4.202M $3.925M
Total Assets $52.36M $54.65M $49.43M
YoY Change -8.44% 10.56% -54.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.307M $11.89M $3.529M
YoY Change -24.04% 236.89% -94.48%
Accrued Expenses $733.4K $507.8K $960.1K
YoY Change -19.04% -47.11% 37.15%
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 $10.45M $12.99M $5.153M
YoY Change -23.61% 152.04% -92.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $315.1K
YoY Change -100.0% -100.0% -47.49%
Total Long-Term Liabilities $0.00 $0.00 $315.1K
YoY Change -100.0% -100.0% -47.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.45M $12.99M $5.153M
Total Long-Term Liabilities $0.00 $0.00 $315.1K
Total Liabilities $10.45M $12.99M $7.017M
YoY Change -32.37% 85.08% -89.85%
SHAREHOLDERS EQUITY
Retained Earnings $30.71M $30.46M
YoY Change
Common Stock $14.26K $14.26K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.555M
YoY Change
Treasury Stock Shares 2.549M shares
Shareholders Equity $40.38M $40.10M $42.41M
YoY Change
Total Liabilities & Shareholders Equity $52.36M $54.65M $49.43M
YoY Change -8.44% 10.56% -54.94%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $247.6K -$378.3K -$1.186M
YoY Change -132.13% -68.09% -117.28%
Depreciation, Depletion And Amortization $11.32K $14.21K $155.3K
YoY Change -94.13% -90.85% 10.92%
Cash From Operating Activities $142.9K -$6.175M -$2.067M
YoY Change -87.45% 198.71% -107.41%
INVESTING ACTIVITIES
Capital Expenditures $559.6K $573.4K -$435.2K
YoY Change -1002.52% -231.76% -5.39%
Acquisitions
YoY Change
Other Investing Activities $221.6K -$1.374M -$470.00
YoY Change -117.88% 292285.11%
Cash From Investing Activities -$338.0K -$1.948M -$435.7K
YoY Change -74.03% 347.03% -5.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 134.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 142.9K -6.175M -2.067M
Cash From Investing Activities -338.0K -1.948M -435.7K
Cash From Financing Activities 0.000 134.0K 0.000
Net Change In Cash -195.0K -7.989M -2.503M
YoY Change 20.47% 219.17% -109.1%
FREE CASH FLOW
Cash From Operating Activities $142.9K -$6.175M -$2.067M
Capital Expenditures $559.6K $573.4K -$435.2K
Free Cash Flow -$416.6K -$6.748M -$1.632M
YoY Change -134.68% 313.5% -105.75%

Facts In Submission

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CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11695150 shares
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11594280 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11689715 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11593650 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11695150 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11594280 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11689715 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11593650 shares
CY2022Q4 us-gaap Profit Loss
ProfitLoss
-83791 usd
CY2021Q4 us-gaap Profit Loss
ProfitLoss
-1156368 usd
us-gaap Profit Loss
ProfitLoss
-1510361 usd
us-gaap Profit Loss
ProfitLoss
-2219341 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
388257 usd
CY2021Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-73081 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
74039 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-200686 usd
CY2022Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
304466 usd
CY2021Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-1229449 usd
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-1436322 usd
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-2420027 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
294533 usd
CY2021Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
29229 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-5046 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
69861 usd
CY2022Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
9933 usd
CY2021Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1258678 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1431276 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2489888 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
42602395 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-1126991 usd
CY2022Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-314218 usd
CY2022Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-299579 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
180745 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
41042352 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-378324 usd
CY2022Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
388257 usd
CY2022Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
294533 usd
CY2022Q4 FKWL Issuance Of Stock Related To Stock Option Exercised
IssuanceOfStockRelatedToStockOptionExercised
134000 usd
CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
179780 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
41660598 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
46165164 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1103605 usd
CY2021Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-127605 usd
CY2021Q3 FKWL Issuance Of Stock Related To Stock Option Exercised
IssuanceOfStockRelatedToStockOptionExercised
21595 usd
CY2021Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
40632 usd
CY2021Q3 FKWL Compensation Expense Related To Stock Option Granted
CompensationExpenseRelatedToStockOptionGranted
94538 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
45090719 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
-1185597 usd
CY2021Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-73081 usd
CY2021Q4 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
29229 usd
CY2021Q4 FKWL Compensation Expense Related To Stock Option Granted
CompensationExpenseRelatedToStockOptionGranted
97927 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
43959197 usd
us-gaap Profit Loss
ProfitLoss
-1510361 usd
us-gaap Profit Loss
ProfitLoss
-2219341 usd
us-gaap Depreciation
Depreciation
30025 usd
us-gaap Depreciation
Depreciation
45640 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
360893 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
226129 usd
us-gaap Share Based Compensation
ShareBasedCompensation
360525 usd
us-gaap Share Based Compensation
ShareBasedCompensation
192465 usd
FKWL Forgiveness Of Debts
ForgivenessOfDebts
165000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
146436 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
161227 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
14683 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-932493 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6773361 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1345644 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3191635 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-200350 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
947842 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-19329 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6945 usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
102055 usd
FKWL Increase Decrease In Loan To Employee
IncreaseDecreaseInLoanToEmployee
89000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
100270 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
48092 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2024 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-5367 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3771831 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6189648 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4853 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-60593 usd
FKWL Increase Decrease In Unearned Revenue From Customers
IncreaseDecreaseInUnearnedRevenueFromCustomers
27649 usd
FKWL Increase Decrease In Unearned Revenue From Customers
IncreaseDecreaseInUnearnedRevenueFromCustomers
390551 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-152876 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-167665 usd
FKWL Increase Decrease In Advance Payment From Customers
IncreaseDecreaseInAdvancePaymentFromCustomers
12905 usd
FKWL Increase Decrease In Advance Payment From Customers
IncreaseDecreaseInAdvancePaymentFromCustomers
0 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
57914 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-128185 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7187190 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8435836 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
293545 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1056 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
45483 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22624 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1046980 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
453689 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7756 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1800 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1393764 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-479169 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
134000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21595 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
134000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21595 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
74039 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-200686 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8372915 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9094096 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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17904503 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36701910 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-800 usd
CY2022Q2 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
1456008 usd
CY2022Q4 us-gaap Minority Interest
MinorityInterest
1564559 usd
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
5046 usd
CY2022Q2 us-gaap Minority Interest
MinorityInterest
1569605 usd
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
5046 usd
us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
14991 usd
CY2022Q4 us-gaap Revenues
Revenues
8983643 usd
CY2021Q4 us-gaap Revenues
Revenues
1821589 usd
us-gaap Revenues
Revenues
17092583 usd
us-gaap Revenues
Revenues
5165649 usd
CY2022Q4 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
2165309 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zT5mnCOyGUWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="xdx_868_zZK166oOS6E3">Use of Estimates</span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"> </p>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
8071545 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1322619 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
272790 usd
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
371624 usd
CY2022Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
168000 usd
us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
334000 usd
CY2021Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
80825 usd
us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
158825 usd
CY2022Q4 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
128322 usd
CY2022Q2 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
187343 usd
CY2022Q4 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
553730 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1046980 usd
CY2021Q4 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
418146 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
453689 usd
CY2022Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
976415 usd
CY2021Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1107139 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1946535 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2129041 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
557155 usd
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
557155 usd
FKWL Schedule Of Property And Equipment Estimated Useful Life
ScheduleOfPropertyAndEquipmentEstimatedUsefulLife
<table cellpadding="0" cellspacing="0" id="xdx_890_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLife_z7B98ReJrEwg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 75%; 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_8B5_zvCZfaWvzX9e" style="display: none">Useful lives of property and equipment</span></td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 35%; text-align: justify"><span style="font-size: 10pt">Machinery</span></td> <td style="width: 65%; text-align: right"><span style="font-size: 10pt"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zhoUWnrkY4C8" 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-size: 10pt">Office equipment</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zvLtsM3cJL4i" title="Estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify"><span style="font-size: 10pt">Molds</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ToolsDiesAndMoldsMember_zed3fACJaaJ" 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-size: 10pt">Vehicles</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zu9ecMCpQYK7" title="Estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify"><span style="font-size: 10pt">Computers and software</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zRw894yuD0K4" 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-size: 10pt">Furniture and fixtures</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zlIBCMxdUjle" title="Estimated useful lives">7</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify"><span style="font-size: 10pt">Facilities improvements</span></td> <td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentEstimatedUsefulLives_c20220701__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FacilityClosingMember" title="Estimated useful lives">5 years or life of the lease, whichever is shorter</span></span></td></tr> </table>
CY2022Q4 FKWL Income Tax Benefit
IncomeTaxBenefit
118866 usd
FKWL Income Tax Benefit
IncomeTaxBenefit
15483 usd
CY2021Q4 FKWL Income Tax Benefit
IncomeTaxBenefit
476752 usd
FKWL Income Tax Benefit
IncomeTaxBenefit
888008 usd
CY2022Q4 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
118866 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
14683 usd
CY2021Q4 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
492925 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
932493 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zdlnQq9RmpW5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span><span id="xdx_86C_zGvn0B5OKqjj">Concentrations</span></span> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A significant portion of our revenue is derived from a small number of customers. For the six months ended December 31, 2022, sales to our largest customer accounted for <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z1VaSrsw4usf" title="Concentration of credit risk">83</span>% of our consolidated net sales, and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_za5GgGVWSUtk" title="Concentration of credit risk">63</span>% of our accounts receivable balance as of December 31, 2022. In the same period of 2021, sales to our two largest customers accounted for <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20211231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zMXO4WEsKKb3" title="Concentration of credit risk">50</span>% and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20211231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zU2StWxYLjQ9" title="Concentration of credit risk">19</span>% of our consolidated net sales, and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20211231__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zCO1w8GJ5Tcj" title="Concentration of credit risk">0</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20211231__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zMB0D34djBi5" title="Concentration of credit risk">36</span>% of our accounts receivable balance as of December 31, 2021. No other customers accounted for more than ten percent of total net sales for the six months ended December 31, 2022 and 2021. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the six months ended December 31, 2022, we purchased the majority of our wireless data products from three manufacturing companies located in Asia. If these manufacturing companies 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 the Company's revenue. For the six months ended December 31, 2022, we purchased wireless data products from these manufacturers in the amount of $<span id="xdx_904_eus-gaap--CostOfRevenue_c20220701__20221231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_pp0p0" title="Cost of Revenue">17,274,499</span>, or <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zcMuaYDXWnH2" title="Concentration of credit risk">99</span>% of total purchases, and had related accounts payable of $<span id="xdx_90E_eus-gaap--AccountsPayableCurrent_c20221231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_pp0p0" title="Accounts Payable, Current">11,147,080</span> as of December 31, 2022. In the same period of 2021, we purchased wireless data products from two manufacturers in the amount of $<span id="xdx_906_eus-gaap--CostOfRevenue_c20210701__20211231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_pp0p0" title="Cost of Revenue">4,981,572</span>, or <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20210701__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zUvYPICKvJo6" title="Concentration of credit risk">99</span>% of total purchases, and had related accounts payable of $<span id="xdx_90F_eus-gaap--AccountsPayableCurrent_c20211231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_pp0p0" title="Accounts Payable, Current">2,856,783</span> as of December 31, 2021.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"/>
us-gaap Basis Of Accounting
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<p id="xdx_804_eus-gaap--BasisOfAccounting_zHXaRoyJpO18" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 3 – <span id="xdx_82B_zu3hTmOnREy6">BASIS OF PRESENTATION</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited consolidated financial statements of Franklin Wireless Corp. have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q. In the opinion of management, the financial statements included herein contain all adjustments, including normal recurring adjustments, considered necessary to present fairly the financial position, the results of operations and comprehensive income (loss) and cash flows of the Company for the periods presented. These financial statements and notes hereto should be read in conjunction with the financial statements and notes thereto for the fiscal year ended June 30, 2022 included in our Form 10-K filed on September 13, 2022. The operating results or cash flows for the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
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Depreciation
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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650001 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q4 us-gaap Income Loss Attributable To Parent
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CY2022Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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