2024 Q1 Form 10-Q Financial Statement

#000168316824000962 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $6.176M $8.848M
YoY Change -47.89% -1.51%
Cost Of Revenue $5.659M $8.011M
YoY Change -42.29% -0.33%
Gross Profit $517.4K $837.1K
YoY Change -74.7% -11.52%
Gross Profit Margin 8.38% 9.46%
Selling, General & Admin $1.261M $1.540M
YoY Change -13.82% 15.28%
% of Gross Profit 243.72% 183.99%
Research & Development $811.5K $852.9K
YoY Change -22.91% -12.65%
% of Gross Profit 156.82% 101.89%
Depreciation & Amortization $239.8K $254.4K
YoY Change 2019.03% 1691.07%
% of Gross Profit 46.34% 30.4%
Operating Expenses $2.073M $2.393M
YoY Change -17.63% 3.49%
Operating Profit -$1.555M -$1.556M
YoY Change 230.47% 13.88%
Interest Expense -$210.7K $499.2K
YoY Change 416.17% -56.05%
% of Operating Profit
Other Income/Expense, Net -$67.92K $691.1K
YoY Change -165.57% -50.68%
Pretax Income -$1.623M -$864.8K
YoY Change 342.23% -2565.62%
Income Tax -$312.8K -$215.2K
% Of Pretax Income
Net Earnings -$1.176M -$764.6K
YoY Change -574.77% 102.11%
Net Earnings / Revenue -19.03% -8.64%
Basic Earnings Per Share -$0.10 -$0.06
Diluted Earnings Per Share -$0.10 -$0.06
COMMON SHARES
Basic Shares Outstanding 11.78M shares 11.78M shares
Diluted Shares Outstanding 11.78M shares 11.78M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.74M $32.75M
YoY Change -6.6% -5.17%
Cash & Equivalents $7.004M $5.242M
Short-Term Investments $24.73M $27.51M
Other Short-Term Assets $185.6K $247.2K
YoY Change 74.52% -16.68%
Inventory $1.136M $1.160M
Prepaid Expenses
Receivables $10.26M $13.45M
Other Receivables $226.6K $217.7K
Total Short-Term Assets $43.55M $47.82M
YoY Change -8.02% -5.21%
LONG-TERM ASSETS
Property, Plant & Equipment $126.0K $96.54K
YoY Change 14.77% -20.49%
Goodwill $273.3K $273.3K
YoY Change 0.0% 0.0%
Intangibles $1.585M $1.765M
YoY Change -33.1% -13.67%
Long-Term Investments
YoY Change
Other Assets $134.2K $138.6K
YoY Change 7.17% 8.19%
Total Long-Term Assets $6.471M $4.775M
YoY Change 29.12% 13.64%
TOTAL ASSETS
Total Short-Term Assets $43.55M $47.82M
Total Long-Term Assets $6.471M $4.775M
Total Assets $50.02M $52.59M
YoY Change -4.47% -3.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.282M $9.081M
YoY Change -32.51% -23.62%
Accrued Expenses $1.336M $1.222M
YoY Change 82.15% 140.6%
Deferred Revenue $195.6K $246.1K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.45M $12.96M
YoY Change -0.01% -0.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.326M
YoY Change
Total Long-Term Liabilities $1.326M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.45M $12.96M
Total Long-Term Liabilities $1.326M $0.00
Total Liabilities $11.77M $12.96M
YoY Change 12.69% -0.19%
SHAREHOLDERS EQUITY
Retained Earnings $26.90M $28.08M
YoY Change -12.39% -7.81%
Common Stock $14.26K $14.26K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.86M $38.11M
YoY Change
Total Liabilities & Shareholders Equity $50.02M $52.59M
YoY Change -4.47% -3.76%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.176M -$764.6K
YoY Change -574.77% 102.11%
Depreciation, Depletion And Amortization $239.8K $254.4K
YoY Change 2019.03% 1691.07%
Cash From Operating Activities -$779.0K -$970.2K
YoY Change -644.94% -84.29%
INVESTING ACTIVITIES
Capital Expenditures $89.90K $64.98K
YoY Change -83.93% -88.67%
Acquisitions
YoY Change
Other Investing Activities $2.775M -$705.7K
YoY Change 1152.22% -48.64%
Cash From Investing Activities $2.685M -$770.7K
YoY Change -894.58% -60.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.100K -1.030K
YoY Change -100.77%
NET CHANGE
Cash From Operating Activities -779.0K -970.2K
Cash From Investing Activities 2.685M -770.7K
Cash From Financing Activities 3.100K -1.030K
Net Change In Cash 1.909M -1.742M
YoY Change -1079.17% -78.19%
FREE CASH FLOW
Cash From Operating Activities -$779.0K -$970.2K
Capital Expenditures $89.90K $64.98K
Free Cash Flow -$868.9K -$1.035M
YoY Change 108.56% -84.66%

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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11689715 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11689715 shares
CY2023Q4 us-gaap Profit Loss
ProfitLoss
-649659 usd
CY2022Q4 us-gaap Profit Loss
ProfitLoss
-83791 usd
us-gaap Profit Loss
ProfitLoss
-986860 usd
us-gaap Profit Loss
ProfitLoss
-1510361 usd
CY2023Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
139112 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
388257 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
65643 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
74039 usd
CY2023Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-510547 usd
CY2022Q4 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
304466 usd
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-921217 usd
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-1436322 usd
CY2023Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
114956 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
294533 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
35451 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-5046 usd
CY2023Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-625503 usd
CY2022Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
9933 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-956668 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1431276 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
40414828 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-257696 usd
CY2023Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-73469 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-79505 usd
CY2023Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
51589 usd
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
40055747 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
-764615 usd
CY2023Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
139112 usd
CY2023Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
114956 usd
CY2023Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
87191 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
39632391 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 Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-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 Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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
us-gaap Profit Loss
ProfitLoss
-986860 usd
us-gaap Profit Loss
ProfitLoss
-1510361 usd
us-gaap Depreciation
Depreciation
20510 usd
us-gaap Depreciation
Depreciation
30025 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
490244 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
360893 usd
us-gaap Share Based Compensation
ShareBasedCompensation
138780 usd
us-gaap Share Based Compensation
ShareBasedCompensation
360525 usd
FKWL Forgiveness Of Debt
ForgivenessOfDebt
0 usd
FKWL Forgiveness Of Debt
ForgivenessOfDebt
-165000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
152665 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
146436 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-266192 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
14683 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4495638 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6748926 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
56791 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
100270 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
85409 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5106 usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
124583 usd
us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
-0 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2581682 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3191635 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
12060 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2024 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3869191 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3771831 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-6556 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4853 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
128705 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
27649 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-159104 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-152876 usd
FKWL Increase Decrease In Advance From Customers
IncreaseDecreaseInAdvanceFromCustomers
-15924 usd
FKWL Increase Decrease In Advance From Customers
IncreaseDecreaseInAdvanceFromCustomers
12905 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
372188 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
57914 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6193534 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7098190 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
779571 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
293545 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15961 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
45483 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
68733 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1046980 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
5216 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7756 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-869481 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1393764 usd
FKWL Increase Decrease In Loan To Employee
IncreaseDecreaseInLoanToEmployee
2046 usd
FKWL Increase Decrease In Loan To Employee
IncreaseDecreaseInLoanToEmployee
89000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
134000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2046 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
65643 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 Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6999418 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8372915 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12241286 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26277418 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5241868 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17904503 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-975 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-800 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_848_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zr93yR3KFMXi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b><span id="xdx_869_zvNKVMNhW7Rl">Reclassifications</span></b></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">Certain amounts on the prior year’s consolidated balance sheets were reclassified to conform to current-year presentation, with no effect on ending stockholders’ equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
CY2023Q4 us-gaap Minority Interest
MinorityInterest
1523418 usd
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
35451 usd
CY2023Q2 us-gaap Minority Interest
MinorityInterest
1487967 usd
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
35451 usd
us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
105329 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
259269 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
146488 usd
CY2023Q4 us-gaap Revenues
Revenues
8847779 usd
CY2022Q4 us-gaap Revenues
Revenues
8983643 usd
us-gaap Revenues
Revenues
18503325 usd
us-gaap Revenues
Revenues
17092583 usd
CY2023Q4 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
1861128 usd
CY2023Q2 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
2281972 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
13445440 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
8949802 usd
CY2023Q4 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
131588 usd
CY2023Q2 us-gaap Capitalized Software Development Costs For Software Sold To Customers
CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers
203838 usd
CY2023Q4 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
46233 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
68733 usd
CY2022Q4 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
553730 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1046980 usd
CY2023Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
852854 usd
CY2022Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
976415 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1719809 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1946535 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
360893 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
585274 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
585274 usd
FKWL Schedule Of Property And Equipment Estimated Useful Life
ScheduleOfPropertyAndEquipmentEstimatedUsefulLife
<table cellpadding="0" cellspacing="0" id="xdx_897_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLife_zotKhEUIcSwf" style="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse; margin-left: 0.5in" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Useful lives)"> <tr style="vertical-align: bottom"> <td style="text-align: justify"><span id="xdx_8BE_zjuPoXr5ZdJg" style="display: none">Schedule of 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: 40%; text-align: right"><span id="xdx_905_ecustom--PropertyPlantAndEquipmentUsefulLife1_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zZp4ftzjS018" style="font-size: 10pt">6 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_90F_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zM8zN4Gri5fc" title="Estimated useful lives">5 years</span></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_90C_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ToolsDiesAndMoldsMember_zvMtmWCcvLsh" title="Estimated useful lives">3 years</span></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_90D_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zpBn0bz1Zihk" title="Estimated useful lives">5 years</span></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_90F_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zBFA2r8cg846" title="Estimated useful lives">5 years</span></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_909_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zwe7htExKgmj" title="Estimated useful lives">7 years</span></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_90B_ecustom--PropertyPlantAndEquipmentUsefulLife2_c20230701__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherCapitalizedPropertyPlantAndEquipmentMember_zz7qnUOK3WB" title="Estimated useful lives">5 years or life of the lease, whichever is shorter</span></span></td></tr> </table>
CY2022Q4 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
118866 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
14683 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2023 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2023Q4 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-215157 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-265217 usd
CY2022Q4 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-118866 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-15483 usd
CY2023Q4 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
215332 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
266192 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zO7f7bPe4EUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86C_zrwcVNaJ0lhe">Concentrations </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"> </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"> </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 six months ended December 31, 2023, sales to our two largest customers accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__srt--MajorCustomersAxis__custom--TwoLargestCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zMpqCNAmpT26" title="Concentration of credit risk">88</span>% of our consolidated net sales, and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__srt--MajorCustomersAxis__custom--TwoLargestCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zLoXdV9EVj6d" title="Concentration of credit risk">99</span>% of our accounts receivable balance as of December 31, 2023. In the same period of 2022, sales to our largest customer accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--OneLargestCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zazzJkIRJiY4" title="Concentration of credit risk">83</span>% of our consolidated net sales, and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__srt--MajorCustomersAxis__custom--OneLargestCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z69TOD5KPdo5" title="Concentration of credit risk">63</span>% of our accounts receivable balance as of December 31, 2022. No other customers accounted for more than ten percent of total net sales for the six months ended December 31, 2023 and 2022.</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">For the six months ended December 31, 2023, we purchased the majority of our wireless data products from two 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.</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">For the six months ended December 31, 2023, we purchased wireless data products from these manufacturers in the amount of $<span id="xdx_908_eus-gaap--CostOfRevenue_c20230701__20231231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zANhONcSdRif" title="Cost of revenue">12,902,543</span>, or <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_z6uaxeI4RDsi" title="Concentration of credit risk">99</span>% of total purchases, and had related accounts payable of $<span id="xdx_902_eus-gaap--AccountsPayableCurrent_iI_c20231231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zKqO5axcOMX2" title="Accounts payable, current">8,662,206</span> as of December 31, 2023. In the same period of 2022, we purchased wireless data products from these manufacturers in the amount of $<span id="xdx_903_eus-gaap--CostOfRevenue_c20220701__20221231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zJeaZ6dwu3Q1" title="Cost of revenue">17,274,499</span>, or <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zS5oItwKCn1f" title="Concentration of credit risk">99</span>% of total purchases, and had related accounts payable of $<span id="xdx_90C_eus-gaap--AccountsPayableCurrent_iI_c20221231__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zj0TnswEh3Q4" title="Accounts payable, current">11,147,080</span> as of December 31, 2022.</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; text-align: justify; text-indent: 0.5in"> </p>
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_805_eus-gaap--BasisOfAccounting_zmmrVbAupRqe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3 –<span id="xdx_82D_zRRQEn3IhsIl"> BASIS OF PRESENTATION</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: 0.45in">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, 2023 included in our Form 10-K filed on September 28, 2023. 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: 0pt 0"> </p>
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4539161 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2774572 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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1764589 usd
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FiniteLivedIntangibleAssetsGross
4465212 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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2284328 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
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2180884 usd
CY2023Q4 us-gaap Amortization Of Intangible Assets
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245326 usd
CY2022Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
180999 usd
us-gaap Amortization Of Intangible Assets
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490244 usd
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502482 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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767076 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
315307 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
25298 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
14586 usd
CY2023Q4 FKWL Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
8252 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
52514 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
52923 usd
CY2023Q4 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
625000 usd
CY2023Q2 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
375000 usd
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
148365 usd
CY2023Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
141590 usd
CY2023Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
30000 usd
CY2023Q2 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
32500 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
247592 usd
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
247592 usd
CY2023Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
118322 usd
CY2023Q2 us-gaap Accrued Rent Current
AccruedRentCurrent
0 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1221793 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
849605 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
365819 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
222677 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
154526 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
154526 usd
FKWL Additional Charges For Prior Operating Lease In Debate
AdditionalChargesForPriorOperatingLeaseInDebate
142978 usd
FKWL Additional Charges For Prior Operating Lease In Debate
AdditionalChargesForPriorOperatingLeaseInDebate
0 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
68315 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
68151 usd
us-gaap Lease Cost
LeaseCost
365819 usd
us-gaap Lease Cost
LeaseCost
222677 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022Q1 us-gaap Loans Payable
LoansPayable
10000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
138780 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
360525 usd
CY2023Q4 FKWL Fair Value Of Options Outstanding
FairValueOfOptionsOutstanding
631001 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.34
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
345426 usd
CY2022Q4 FKWL Fair Value Of Options Outstanding
FairValueOfOptionsOutstanding
650001 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.35
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
905275 usd

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