2024 Q1 Form 10-K Financial Statement

#000143774924007276 Filed on March 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $9.066M $31.32M
YoY Change 28.55% 19.24%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.892M $9.907M
YoY Change 178.89% 361.62%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.566M $8.436M
YoY Change -38.63% -20.23%
Income Tax $346.2K $2.017M
% Of Pretax Income 22.11% 23.91%
Net Earnings $1.220M $6.418M
YoY Change -35.82% -20.66%
Net Earnings / Revenue 13.46% 20.49%
Basic Earnings Per Share $0.39 $2.08
Diluted Earnings Per Share $0.39 $2.08
COMMON SHARES
Basic Shares Outstanding 3.117M 3.092M 3.083M
Diluted Shares Outstanding 3.117M 3.086M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $25.63M $44.69M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $7.282M $6.583M
YoY Change 19.45% 6.41%
Goodwill $6.978M $6.978M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $794.6M $799.9M
YoY Change 9.95% 11.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $741.5M $747.8M
YoY Change 10.36% 11.53%
SHAREHOLDERS EQUITY
Retained Earnings $40.65M $39.43M
YoY Change 10.32% 11.71%
Common Stock $31.17K $31.17K
YoY Change 1.49% 1.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.08M $52.18M
YoY Change
Total Liabilities & Shareholders Equity $794.6M $799.9M
YoY Change 9.95% 11.38%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.220M $6.418M
YoY Change -35.82% -20.66%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $484.3K $5.904M
YoY Change -77.48% -17.49%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.93M -$42.36M
YoY Change 1295.49% 19.8%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $1.236M
YoY Change -100.0% 0.84%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $472.2K $1.889M
YoY Change 0.0% 0.0%
Cash From Financing Activities -$5.616M $73.88M
YoY Change -588.29% 720.54%
NET CHANGE
Cash From Operating Activities $484.3K $5.904M
Cash From Investing Activities -$13.93M -$42.36M
Cash From Financing Activities -$5.616M $73.88M
Net Change In Cash -$19.06M $37.43M
YoY Change -927.56% -294.95%
FREE CASH FLOW
Cash From Operating Activities $484.3K $5.904M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"><b><i>Reclassifications</i></b></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 27pt;">Certain reclassifications have been made to the <em style="font: inherit;">2022</em> financial statements to conform to the current year presentation. These reclassifications had <em style="font: inherit;">no</em> effect on net income or stockholders’ equity.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p>
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CY2023 fmfg Deferred Income Tax Expense Benefit Write Down Of Equity Securities
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DeferredIncomeTaxExpenseBenefit
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Provision For Loan Losses
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Provision For Loan Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsProvisionForLoanLosses
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CY2023Q4 fmfg Deferred Tax Asset Tax Deferred Expense Reserve And Accrual Held To Maturity Securities Allowance For Credit Loss
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CY2022Q4 fmfg Deferred Tax Asset Tax Deferred Expense Reserve And Accrual Held To Maturity Securities Allowance For Credit Loss
DeferredTaxAssetTaxDeferredExpenseReserveAndAccrualHeldToMaturitySecuritiesAllowanceForCreditLoss
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CY2023Q4 fmfg Deferred Tax Asset Tax Deferred Expense Reserve And Accrual Unfunded Commitments Allowance For Credit Loss
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CY2022Q4 fmfg Deferred Tax Asset Tax Deferred Expense Reserve And Accrual Unfunded Commitments Allowance For Credit Loss
DeferredTaxAssetTaxDeferredExpenseReserveAndAccrualUnfundedCommitmentsAllowanceForCreditLoss
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CY2023Q4 fmfg Deferred Tax Assets Other Real Estate Owned Allowance For Loss
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CY2023Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
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CY2022Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
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CY2023Q4 fmfg Deferred Tax Assets Nonaccrual Interest
DeferredTaxAssetsNonaccrualInterest
121600 usd
CY2022Q4 fmfg Deferred Tax Assets Nonaccrual Interest
DeferredTaxAssetsNonaccrualInterest
118010 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPostretirementBenefits
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CY2023Q4 fmfg Deferred Tax Assets Purchase Accounting Adjustments
DeferredTaxAssetsPurchaseAccountingAdjustments
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CY2022Q4 fmfg Deferred Tax Assets Purchase Accounting Adjustments
DeferredTaxAssetsPurchaseAccountingAdjustments
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CY2023Q4 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
DeferredTaxAssetsUnrealizedLossesOnAvailableforSaleSecuritiesGross
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CY2022Q4 us-gaap Deferred Tax Assets Unrealized Losses On Availablefor Sale Securities Gross
DeferredTaxAssetsUnrealizedLossesOnAvailableforSaleSecuritiesGross
6433263 usd
CY2023Q4 fmfg Deferred Tax Assets Lease Liability Net Of Right Of Use Asset
DeferredTaxAssetsLeaseLiabilityNetOfRightOfUseAsset
59431 usd
CY2022Q4 fmfg Deferred Tax Assets Lease Liability Net Of Right Of Use Asset
DeferredTaxAssetsLeaseLiabilityNetOfRightOfUseAsset
61238 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
20830 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
21079 usd
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
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CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
8957567 usd
CY2023Q4 fmfg Deferred Tax Liabilities Purchase Accounting Adjustments
DeferredTaxLiabilitiesPurchaseAccountingAdjustments
5514 usd
CY2022Q4 fmfg Deferred Tax Liabilities Purchase Accounting Adjustments
DeferredTaxLiabilitiesPurchaseAccountingAdjustments
0 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
349607 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
364008 usd
CY2023Q4 fmfg Deferred Tax Liabilities Insurance Proceeds From Storm Damage
DeferredTaxLiabilitiesInsuranceProceedsFromStormDamage
186539 usd
CY2022Q4 fmfg Deferred Tax Liabilities Insurance Proceeds From Storm Damage
DeferredTaxLiabilitiesInsuranceProceedsFromStormDamage
185326 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
15575 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
15575 usd
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
564909 usd
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
8312482 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
8392658 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.023 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.036 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.058 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.058 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.006 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.003 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.239 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235 pure
CY2023 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
3400000 usd
CY2023Q4 us-gaap Capital
Capital
79988000 usd
CY2023Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1345 pure
CY2023Q4 fmfg Banking Regulation Total Riskbased Capital Capital Adequacy Minimum Including Capital Conservation Buffer
BankingRegulationTotalRiskbasedCapitalCapitalAdequacyMinimumIncludingCapitalConservationBuffer
62437000 usd
CY2023Q4 fmfg Banking Regulation Total Riskbased Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTotalRiskbasedCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.105 pure
CY2023Q4 us-gaap Capital Required To Be Well Capitalized
CapitalRequiredToBeWellCapitalized
59464000 usd
CY2023Q4 us-gaap Capital Required To Be Well Capitalized To Risk Weighted Assets
CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.10 pure
CY2023Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
75440000 usd
CY2023Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1269 pure
CY2023Q4 fmfg Banking Regulation Tier One Riskbased Capital Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneRiskbasedCapitalCapitalAdequacyMinimumIncludingConversionBuffer
50544000 usd
CY2023Q4 fmfg Banking Regulation Tier One Riskbased Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneRiskbasedCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.085 pure
CY2023Q4 us-gaap Tier One Risk Based Capital Required To Be Well Capitalized
TierOneRiskBasedCapitalRequiredToBeWellCapitalized
47571000 usd
CY2023Q4 us-gaap Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.08 pure
CY2023Q4 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
75440000 usd
CY2023Q4 us-gaap Common Equity Tier One Capital Ratio
CommonEquityTierOneCapitalRatio
0.1269 pure
CY2023Q4 fmfg Banking Regulation Common Equity Tier One Riskbased Capital Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationCommonEquityTierOneRiskbasedCapitalCapitalAdequacyMinimumIncludingConversionBuffer
41625000 usd
CY2023Q4 fmfg Banking Regulation Common Equity Tier One Riskbased Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationCommonEquityTierOneRiskbasedCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.07 pure
CY2023Q4 us-gaap Common Equity Tier One Capital Required To Be Well Capitalized
CommonEquityTierOneCapitalRequiredToBeWellCapitalized
38651000 usd
CY2023Q4 us-gaap Banking Regulation Common Equity Tier One Risk Based Capital Ratio Well Capitalized Minimum
BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioWellCapitalizedMinimum
0.065 pure
CY2023Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
75440000 usd
CY2023Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.0942 pure
CY2023Q4 fmfg Banking Regulation Tier One Leverage Capital Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneLeverageCapitalCapitalAdequacyMinimumIncludingConversionBuffer
32051000 usd
CY2023Q4 fmfg Banking Regulation Tier One Leverage Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneLeverageCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.04 pure
CY2023Q4 us-gaap Tier One Leverage Capital Required To Be Well Capitalized
TierOneLeverageCapitalRequiredToBeWellCapitalized
40063000 usd
CY2023Q4 us-gaap Tier One Leverage Capital Required To Be Well Capitalized To Average Assets
TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets
0.05 pure
CY2022Q4 us-gaap Capital
Capital
75826000 usd
CY2022Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1296 pure
CY2022Q4 fmfg Banking Regulation Total Riskbased Capital Capital Adequacy Minimum Including Capital Conservation Buffer
BankingRegulationTotalRiskbasedCapitalCapitalAdequacyMinimumIncludingCapitalConservationBuffer
61410000 usd
CY2022Q4 fmfg Banking Regulation Total Riskbased Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTotalRiskbasedCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.105 pure
CY2022Q4 us-gaap Capital Required To Be Well Capitalized
CapitalRequiredToBeWellCapitalized
58486000 usd
CY2022Q4 us-gaap Capital Required To Be Well Capitalized To Risk Weighted Assets
CapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.10 pure
CY2022Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
71676000 usd
CY2022Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1226 pure
CY2022Q4 fmfg Banking Regulation Tier One Riskbased Capital Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneRiskbasedCapitalCapitalAdequacyMinimumIncludingConversionBuffer
49713000 usd
CY2022Q4 fmfg Banking Regulation Tier One Riskbased Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneRiskbasedCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.085 pure
CY2022Q4 us-gaap Tier One Risk Based Capital Required To Be Well Capitalized
TierOneRiskBasedCapitalRequiredToBeWellCapitalized
46789000 usd
CY2022Q4 us-gaap Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredToBeWellCapitalizedToRiskWeightedAssets
0.08 pure
CY2022Q4 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
71676000 usd
CY2022Q4 us-gaap Common Equity Tier One Capital Ratio
CommonEquityTierOneCapitalRatio
0.1226 pure
CY2022Q4 fmfg Banking Regulation Common Equity Tier One Riskbased Capital Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationCommonEquityTierOneRiskbasedCapitalCapitalAdequacyMinimumIncludingConversionBuffer
40940000 usd
CY2022Q4 fmfg Banking Regulation Common Equity Tier One Riskbased Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationCommonEquityTierOneRiskbasedCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.07 pure
CY2022Q4 us-gaap Common Equity Tier One Capital Required To Be Well Capitalized
CommonEquityTierOneCapitalRequiredToBeWellCapitalized
38016000 usd
CY2022Q4 us-gaap Banking Regulation Common Equity Tier One Risk Based Capital Ratio Well Capitalized Minimum
BankingRegulationCommonEquityTierOneRiskBasedCapitalRatioWellCapitalizedMinimum
0.065 pure
CY2022Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
71676000 usd
CY2022Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.0983 pure
CY2022Q4 fmfg Banking Regulation Tier One Leverage Capital Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneLeverageCapitalCapitalAdequacyMinimumIncludingConversionBuffer
29167000 usd
CY2022Q4 fmfg Banking Regulation Tier One Leverage Capital Ratio Capital Adequacy Minimum Including Conversion Buffer
BankingRegulationTierOneLeverageCapitalRatioCapitalAdequacyMinimumIncludingConversionBuffer
0.04 pure
CY2022Q4 us-gaap Tier One Leverage Capital Required To Be Well Capitalized
TierOneLeverageCapitalRequiredToBeWellCapitalized
36459000 usd
CY2022Q4 us-gaap Tier One Leverage Capital Required To Be Well Capitalized To Average Assets
TierOneLeverageCapitalRequiredToBeWellCapitalizedToAverageAssets
0.05 pure

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