2022 Q1 Form 10-K Financial Statement

#000154812322000042 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $60.92K $54.58K $210.2K
YoY Change 200.25% 111.44%
Cost Of Revenue $12.16K $1.860K $31.40K
YoY Change 294.81% -11.47%
Gross Profit $48.76K $52.72K $178.9K
YoY Change 183.32% 179.58%
Gross Profit Margin 80.04% 96.59% 85.07%
Selling, General & Admin $177.9K $208.7K $629.1K
YoY Change 37.28% 9.17%
% of Gross Profit 364.81% 395.92% 351.77%
Research & Development $60.09K $61.92K $263.0K
YoY Change -20.11% -7.23%
% of Gross Profit 123.24% 117.45% 147.04%
Depreciation & Amortization $0.00 $0.00 $1.451K
YoY Change -100.0% -100.0% -35.19%
% of Gross Profit 0.0% 0.0% 0.81%
Operating Expenses $238.0K $270.7K $923.5K
YoY Change 16.21% 3.16%
Operating Profit -$189.2K -$217.9K -$713.3K
YoY Change 0.88% -10.37%
Interest Expense -$20.37K -$24.39K $96.98K
YoY Change -14.73% -62.0%
% of Operating Profit
Other Income/Expense, Net -$66.57K $100.00 $25.57K
YoY Change -86.45%
Pretax Income -$255.8K -$241.0K -$687.7K
YoY Change 20.95% 13.28%
Income Tax
% Of Pretax Income
Net Earnings -$255.8K -$241.0K -$687.7K
YoY Change 20.95% 13.28%
Net Earnings / Revenue -419.86% -441.59% -327.09%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share -$2.194K -$2.107K -$6.054K
COMMON SHARES
Basic Shares Outstanding 125.6M shares 113.6M shares
Diluted Shares Outstanding 116.6M shares 113.6M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $400.00 $400.00
YoY Change
Cash & Equivalents $0.00 $402.00 $400.00
Short-Term Investments
Other Short-Term Assets $12.43K $510.00 $510.00
YoY Change 76.56% -96.51% -96.51%
Inventory
Prepaid Expenses
Receivables $44.94K $8.918K $8.920K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $57.38K $9.832K $9.830K
YoY Change 520.32% -56.89% -56.9%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill $4.897M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.62K $13.62K $13.62K
YoY Change 27140.0% 27140.0% 27140.0%
Total Long-Term Assets $4.911M $4.911M $4.911M
YoY Change 0.26% 0.25% 0.25%
TOTAL ASSETS
Total Short-Term Assets $57.38K $9.832K $9.830K
Total Long-Term Assets $4.911M $4.911M $4.911M
Total Assets $4.968M $4.920M $4.920M
YoY Change 1.24% -0.02% -0.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $285.5K $226.4K $246.9K
YoY Change 20.59% -2.84% 3.63%
Accrued Expenses $2.182M $2.204M $2.204M
YoY Change 12.66% 19.35% 19.35%
Deferred Revenue
YoY Change
Short-Term Debt $416.1K $728.5K $728.5K
YoY Change -43.19% -2.63% -2.63%
Long-Term Debt Due $450.0K $455.0K $455.0K
YoY Change 275.0% 727.27% 727.27%
Total Short-Term Liabilities $3.333M $3.634M $3.634M
YoY Change 10.17% 25.84% 25.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.333M $3.634M $3.634M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.333M $3.634M $3.634M
YoY Change 6.0% 23.3% 23.3%
SHAREHOLDERS EQUITY
Retained Earnings -$30.08M
YoY Change 2.34%
Common Stock $114.4K
YoY Change 14.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.635M $1.286M $1.286M
YoY Change
Total Liabilities & Shareholders Equity $4.968M $4.920M $4.920M
YoY Change 1.24% -0.02% -0.02%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$255.8K -$241.0K -$687.7K
YoY Change 20.95% 13.28%
Depreciation, Depletion And Amortization $0.00 $0.00 $1.451K
YoY Change -100.0% -100.0% -35.19%
Cash From Operating Activities -$138.0K -$75.82K -$439.4K
YoY Change 26.89% 6.83% 3.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 137.6K 76.22K $439.9K
YoY Change 26.52% 7.38% 73.07%
NET CHANGE
Cash From Operating Activities -138.0K -75.82K -$439.4K
Cash From Investing Activities
Cash From Financing Activities 137.6K 76.22K $439.9K
Net Change In Cash -400.0 400.0 $402.00
YoY Change 3900.0% -100.24%
FREE CASH FLOW
Cash From Operating Activities -$138.0K -$75.82K -$439.4K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; font-style:italic; ">Use of Estimates – </span>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. </p>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
105790 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
105790 USD
CY2021 flxt Percentage Of Value Of Order In Vast Majority Of Sales
PercentageOfValueOfOrderInVastMajorityOfSales
0.50 pure
CY2021 us-gaap Revenues
Revenues
210249 USD
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-687702 USD
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-607066 USD
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30082373 USD
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
479500 USD
CY2020 us-gaap Revenues
Revenues
99438 USD
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16343281 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16705330 shares
CY2021 flxt Options For Common Stock
OptionsForCommonStock
1900000 shares
CY2021 us-gaap Depreciation
Depreciation
1451 USD
CY2020 us-gaap Depreciation
Depreciation
2239 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
597174 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
597174 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
597174 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
595723 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1451 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
974045 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
974045 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
974045 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
974045 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
USD
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
8372737 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
8228320 USD
CY2021Q4 flxt Deferred Tax Assets Tax Deferred Expense Origination And Amortization Of Interest On Convertible Notes
DeferredTaxAssetsTaxDeferredExpenseOriginationAndAmortizationOfInterestOnConvertibleNotes
932622 USD
CY2020Q4 flxt Deferred Tax Assets Tax Deferred Expense Origination And Amortization Of Interest On Convertible Notes
DeferredTaxAssetsTaxDeferredExpenseOriginationAndAmortizationOfInterestOnConvertibleNotes
932622 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
158389 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
158389 USD
CY2021Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
107270 USD
CY2020Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
107270 USD
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
653545 USD
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
653545 USD
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
10224563 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
10080146 USD
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10224563 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10080146 USD
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
USD
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
USD
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
24111906 USD
CY2020Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
23424204 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-144417 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-127484 USD
CY2021 flxt Income Tax Reconciliation Options Issued For Services
IncomeTaxReconciliationOptionsIssuedForServices
USD
CY2020 flxt Income Tax Reconciliation Options Issued For Services
IncomeTaxReconciliationOptionsIssuedForServices
USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
IncomeTaxReconciliationNondeductibleExpenseAmortization
189439 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
34544 USD
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
USD
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
144417 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-96499 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
USD
CY2021Q4 flxt Convertible Notes Payable Principal Amount Outstanding
ConvertibleNotesPayablePrincipalAmountOutstanding
510000 USD
CY2020Q4 flxt Convertible Notes Payable Principal Amount Outstanding
ConvertibleNotesPayablePrincipalAmountOutstanding
510000 USD
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
14682778 shares
CY2020 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6850000 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2451971 USD
CY2020 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
8203 USD
CY2019 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2185000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1900000 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.05
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y7M24D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
USD
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
CY2021 flxt Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
USD
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2021 flxt Share Based Compensation Arrangement By Share Based Payment Award Options Expired Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredIntrinsicValue
USD
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2021 flxt Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedIntrinsicValue
USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1900000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.05
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y7M24D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1900000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.05
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y7M24D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
USD
CY2021Q4 flxt Operating Lease Monthly Payment Due In Current Year
OperatingLeaseMonthlyPaymentDueInCurrentYear
6787 USD

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