2024 Q3 Form 10-K Financial Statement

#000168316824006754 Filed on September 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $13.32M $6.117M $30.80M
YoY Change 37.98% -64.02% -32.98%
Cost Of Revenue $11.25M $5.476M $27.29M
YoY Change 38.18% -62.41% -29.9%
Gross Profit $2.072M $640.7K $3.508M
YoY Change 36.9% -73.74% -50.03%
Gross Profit Margin 15.55% 10.47% 11.39%
Selling, General & Admin $1.420M $2.009M $6.041M
YoY Change 15.38% 42.5% 10.82%
% of Gross Profit 68.55% 313.63% 172.2%
Research & Development $1.024M $875.5K $3.407M
YoY Change 18.15% -4.84% -13.06%
% of Gross Profit 49.45% 136.65% 97.1%
Depreciation & Amortization $7.859K $276.6K $33.96K
YoY Change -31.0% 10.65% -34.66%
% of Gross Profit 0.38% 43.18% 0.97%
Operating Expenses $2.444M $2.885M $9.448M
YoY Change 16.52% 23.81% 0.83%
Operating Profit -$372.8K -$2.244M -$5.940M
YoY Change -36.22% -2140.12% 152.8%
Interest Expense $633.8K -$25.94K $317.7K
YoY Change 1051.44% -110.38% -36.47%
% of Operating Profit
Other Income/Expense, Net $1.069M $39.70K $823.8K
YoY Change 442.1% 32.33% -155.6%
Pretax Income $696.5K -$2.241M -$5.116M
YoY Change -279.86% 13.75% 33.53%
Income Tax $47.88K -$371.3K -$949.3K
% Of Pretax Income 6.87%
Net Earnings $515.2K -$1.766M -$3.964M
YoY Change -299.92% 9.69% 38.46%
Net Earnings / Revenue 3.87% -28.87% -12.87%
Basic Earnings Per Share $0.04 -$0.34
Diluted Earnings Per Share $0.04 -$0.15 -$0.34
COMMON SHARES
Basic Shares Outstanding 11.78M shares 11.78M shares 11.78M shares
Diluted Shares Outstanding 11.81M shares 11.78M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.68M $37.46M $37.46M
YoY Change 20.9% -3.95% -3.88%
Cash & Equivalents $14.62M $12.27M $12.27M
Short-Term Investments $26.06M $25.19M $25.19M
Other Short-Term Assets $85.72K $108.0K $181.9K
YoY Change -41.99% 7.98% 102.1%
Inventory $2.561M $1.426M $1.426M
Prepaid Expenses
Receivables $1.800M $1.155M $1.155M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $45.27M $40.22M $40.22M
YoY Change -1.78% -22.44% -22.44%
LONG-TERM ASSETS
Property, Plant & Equipment $106.5K $114.9K $1.601M
YoY Change 15.56% 13.7% 540.39%
Goodwill $273.3K $273.3K
YoY Change 0.0% 0.0%
Intangibles $1.079M $1.310M
YoY Change -44.93% -39.95%
Long-Term Investments
YoY Change
Other Assets $136.3K $131.2K $3.315M
YoY Change 9.75% 3.71% 40.49%
Total Long-Term Assets $6.364M $6.499M $6.499M
YoY Change 32.27% 28.19% 28.19%
TOTAL ASSETS
Total Short-Term Assets $45.27M $40.22M $40.22M
Total Long-Term Assets $6.364M $6.499M $6.499M
Total Assets $51.63M $46.72M $46.72M
YoY Change 1.43% -17.93% -17.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.82M $7.262M $7.262M
YoY Change 51.32% -43.92% -43.92%
Accrued Expenses $1.765M $1.425M $1.665M
YoY Change 78.37% 67.74% -51.18%
Deferred Revenue $170.4K $158.8K
YoY Change -25.11% 8.38%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.10M $9.086M $9.086M
YoY Change 20.81% -44.98% -44.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.288M $1.258M $1.258M
YoY Change
Total Long-Term Liabilities $1.288M $1.258M $1.258M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.10M $9.086M $9.086M
Total Long-Term Liabilities $1.288M $1.258M $1.258M
Total Liabilities $14.39M $10.34M $11.57M
YoY Change 32.69% -37.36% -35.71%
SHAREHOLDERS EQUITY
Retained Earnings $25.65M $25.14M
YoY Change -11.06% -13.62%
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 $35.83M $35.15M $35.15M
YoY Change
Total Liabilities & Shareholders Equity $51.63M $46.72M $46.72M
YoY Change 1.43% -17.93% -17.93%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income $515.2K -$1.766M -$3.964M
YoY Change -299.92% 9.69% 38.46%
Depreciation, Depletion And Amortization $7.859K $276.6K $33.96K
YoY Change -31.0% 10.65% -34.66%
Cash From Operating Activities $2.671M $6.199M -$773.4K
YoY Change -151.13% 20.14% -58.91%
INVESTING ACTIVITIES
Capital Expenditures $21.54K $6.370K $55.03K
YoY Change 787.68% -89.38% 16.81%
Acquisitions
YoY Change
Other Investing Activities -$291.9K -$1.086M $910.0K
YoY Change 295.33% -89.48% -108.76%
Cash From Investing Activities -$334.8K -$1.092M $723.9K
YoY Change 238.99% -89.48% -105.98%
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 90.01K $91.06K
YoY Change -100.0% -200.01% 112.04%
NET CHANGE
Cash From Operating Activities $2.671M 6.199M -$773.4K
Cash From Investing Activities -$334.8K -1.092M $723.9K
Cash From Financing Activities $0.00 90.01K $91.06K
Net Change In Cash $2.352M 5.197M $25.27K
YoY Change -143.57% -197.88% -100.18%
FREE CASH FLOW
Cash From Operating Activities $2.671M $6.199M -$773.4K
Capital Expenditures $21.54K $6.370K $55.03K
Free Cash Flow $2.649M $6.193M -$828.4K
YoY Change -150.7% 21.43% -57.06%

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CY2023 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2024 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2023 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2024 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2023 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2024 FKWL Foreign Exchange Translation Attributable To Noncontrolling Interest
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CY2024 us-gaap Comprehensive Income Net Of Tax
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CY2023 us-gaap Comprehensive Income Net Of Tax
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023 us-gaap Net Income Loss
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CY2023 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2023 FKWL Issuance Of Stock Related To Stock Option Exercised
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CY2023 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024 us-gaap Net Income Loss
NetIncomeLoss
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CY2024 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2024 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Noncontrolling Interest
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CY2024 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2024 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024 us-gaap Profit Loss
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CY2023 us-gaap Profit Loss
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CY2024 us-gaap Depreciation
Depreciation
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CY2023 us-gaap Depreciation
Depreciation
51970 usd
CY2024 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
993214 usd
CY2023 us-gaap Amortization Of Intangible Assets
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839595 usd
CY2024 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
572426 usd
CY2023 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
0 usd
CY2024 us-gaap Share Based Compensation
ShareBasedCompensation
295104 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
710870 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-800 usd
CY2024 us-gaap Inventory Write Down
InventoryWriteDown
16934 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2024 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-10417 usd
CY2023 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-0 usd
CY2024 FKWL Forgiveness Of Debt
ForgivenessOfDebt
0 usd
CY2023 FKWL Forgiveness Of Debt
ForgivenessOfDebt
-238307 usd
CY2024 FKWL Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
1333369 usd
CY2023 FKWL Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
-295956 usd
CY2024 us-gaap Deferred Income Tax Expense Benefit
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-958759 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-888079 usd
CY2024 us-gaap Increase Decrease In Accounts Receivable
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-7722229 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7627183 usd
CY2024 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2290211 usd
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-456226 usd
CY2024 FKWL Increase Decrease In Other Current Asset
IncreaseDecreaseInOtherCurrentAsset
64311 usd
CY2023 FKWL Increase Decrease In Other Current Asset
IncreaseDecreaseInOtherCurrentAsset
-29946 usd
CY2024 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
23792 usd
CY2023 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-120921 usd
CY2024 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4699 usd
CY2023 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
451 usd
CY2024 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-5685087 usd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4905499 usd
CY2024 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
8248 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-85136 usd
CY2024 FKWL Increase Decrease In Accrued Legal Contingency Expense
IncreaseDecreaseInAccruedLegalContingencyExpense
-2400000 usd
CY2023 FKWL Increase Decrease In Accrued Legal Contingency Expense
IncreaseDecreaseInAccruedLegalContingencyExpense
2400000 usd
CY2024 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
581972 usd
CY2023 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
399552 usd
CY2024 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
1338615 usd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-308834 usd
CY2024 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-773360 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1882114 usd
CY2024 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
-910034 usd
CY2023 us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
10391654 usd
CY2024 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
55025 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47106 usd
CY2024 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
123359 usd
CY2023 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1631376 usd
CY2024 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
7792 usd
CY2023 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
39047 usd
CY2024 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
723858 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12109183 usd
CY2024 FKWL Loan Paid To Employee
LoanPaidToEmployee
-0 usd
CY2023 FKWL Loan Paid To Employee
LoanPaidToEmployee
2057 usd
CY2024 us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
91057 usd
CY2023 us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
0 usd
CY2024 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
45000 usd
CY2024 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
91057 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
42943 usd
CY2024 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-16285 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-87778 usd
CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
25270 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14036132 usd
CY2024Q2 FKWL Equity Ownership Percentage
EquityOwnershipPercentage
0.663 pure
CY2023Q2 FKWL Equity Ownership Percentage
EquityOwnershipPercentage
0.663 pure
CY2024 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zU34Hf246kI6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_867_zNX90dX6EAZa">Reclassifications</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Certain amounts on the prior period’s consolidated financial statements were regrouped and reclassified to conform to current-year presentation, with no effect on total stockholders’ equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
CY2024Q2 us-gaap Minority Interest
MinorityInterest
1228944 usd
CY2023 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
259023 usd
CY2023Q2 us-gaap Minority Interest
MinorityInterest
1487967 usd
CY2024 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
259023 usd
CY2024 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-202655 usd
CY2024 us-gaap Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
-602110 usd
CY2024 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToNoncontrollingInterest
-56368 usd
CY2024 us-gaap Revenues
Revenues
30796690 usd
CY2023 us-gaap Revenues
Revenues
45948516 usd
CY2024Q2 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
1424565 usd
CY2023Q2 FKWL Property And Equipment And Intangible Assets
PropertyAndEquipmentAndIntangibleAssets
2281972 usd
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zzgoG0Z8AsPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="xdx_861_z5p3sRzlmKKb">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.5pt"> </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 0 0 27.5pt; text-align: justify; text-indent: 0.5in"><b> </b></p>
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1155060 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
8949802 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
158771 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
146488 usd
CY2024 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
123359 usd
CY2023 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
1631376 usd
CY2024 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3406750 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3918664 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
91482 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
585274 usd
CY2024 FKWL Schedule Of Property And Equipment Estimated Useful Life
ScheduleOfPropertyAndEquipmentEstimatedUsefulLife
<table cellpadding="0" cellspacing="0" id="xdx_887_ecustom--ScheduleOfPropertyAndEquipmentEstimatedUsefulLife_zEUBfgmbXup6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Useful lives)"> <tr style="vertical-align: bottom"> <td><span id="xdx_8BE_zsZNWVxAJP1j" style="display: none">Schedule of estimated useful lives</span></td> <td> </td> <td style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 51%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery</span></td> <td style="width: 1%"> </td> <td style="width: 48%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--PropertyPlantAndEquipmentUsefulLife1_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MachineryMember_zAWzBB5Cd7L8">6 years</span></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_90F_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zcwb6Y6nOsC4" 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-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_90C_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ToolsDiesAndMoldsMember_zXV6FeXrv4g8" title="Estimated useful lives">3~6 years</span></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_90A_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--VehiclesMember_zkBWl2C1Ne4c" 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-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_904_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zrK12gWAbTK" 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-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_90A_ecustom--PropertyPlantAndEquipmentUsefulLife1_dtY_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zeNOGjeEN8he" 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-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_906_ecustom--PropertyPlantAndEquipmentUsefulLife2_c20230701__20240630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OtherCapitalizedPropertyPlantAndEquipmentMember_zEI3tDyIkDIe" title="Estimated useful lives">5 years or life of the lease, whichever is shorter</span></span></td></tr> </table>
CY2024 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2023 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4499769 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3190143 usd
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1309626 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4465212 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2284328 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2180884 usd
CY2024 us-gaap Adjustment For Amortization
AdjustmentForAmortization
992699 usd
CY2024 FKWL Disposal Of Fully Amortized Intangible Assets
DisposalOfFullyAmortizedIntangibleAssets
86884 usd
CY2024 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
9404 usd
CY2023 FKWL Disposal Of Fully Amortized Intangible Assets
DisposalOfFullyAmortizedIntangibleAssets
0 usd
CY2024 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_z1klf52m4Ask" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><span id="xdx_86C_zlhoOlpMxtt4">Concentrations of Credit Risk</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 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; 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">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; 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">A significant portion of our revenue is derived from a small number of customers. For the year ended June 30, 2024, net sales to our two largest customers represented approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zLE2vUvqI8Yh" title="Concentration of credit risk">68</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zIrXF0XKWWse" title="Concentration of credit risk">22</span>% of our consolidated net sales, respectively, and <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zjGBjOz8nEC9" title="Concentration of credit risk">0</span>% and <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zURIuWELBxsa" title="Concentration of credit risk">85</span>% of our accounts receivable balance as of June 30, 2024. For the year ended June 30, 2023, net sales to our two largest customers represented approximately <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z8ws5hHzMlL9" title="Concentration of credit risk">61</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zOIMsILMnJEl" title="Concentration of credit risk">31</span>% of our consolidated net sales, respectively, and <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__srt--MajorCustomersAxis__custom--Customer1Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zwJhGYxPsAyb" title="Concentration of credit risk">27</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__srt--MajorCustomersAxis__custom--Customer2Member__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zCZSPkY2dRd6" title="Concentration of credit risk">69</span>% of our accounts receivable balance as of June 30, 2023.</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 year ended June 30, 2024, 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, 2024, we purchased wireless data products from two suppliers in the amount of $<span id="xdx_90B_eus-gaap--CostOfRevenue_c20230701__20240630__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_z4MlxuVLUNaf" title="Cost of revenue">23,581,572</span>, or <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zXHZzaJI7f8b" title="Concentration of credit risk">98.9</span>% of total purchases, and had related accounts payable of $<span id="xdx_909_eus-gaap--AccountsPayableCurrent_iI_c20240630__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zxErrf30rwc1" title="Accounts payable, current">6,263,385 </span>as of June 30, 2024. For the year ended June 30, 2023, we purchased wireless data products from these suppliers in the amount of $<span id="xdx_90C_eus-gaap--CostOfRevenue_c20220701__20230630__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_ztHmzJ7HG2ef" title="Cost of revenue">37,505,858</span>, or <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_dp_c20220701__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_z5xoYsPridzc" title="Concentration of credit risk">99.6</span>% of total purchases, and had related accounts payable of $<span id="xdx_909_eus-gaap--AccountsPayableCurrent_iI_c20230630__us-gaap--NatureOfExpenseAxis__custom--WirelessDataProductsMember_zwXdh9Q16t83" title="Accounts payable, current">12,598,741</span> as of June 30, 2023.</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"> </p>
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R47.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable