2017 Q4 Form 10-Q Financial Statement

#000143774918000926 Filed on January 22, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $162.9K $15.52K
YoY Change 949.55% 364.72%
Cost Of Revenue $125.9K $12.72K
YoY Change 889.88% 672.37%
Gross Profit $36.94K $2.796K
YoY Change 1221.03% 65.25%
Gross Profit Margin 22.68% 18.02%
Selling, General & Admin $450.0K $0.00
YoY Change -100.0%
% of Gross Profit 1218.32% 0.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.00 $0.00
YoY Change
% of Gross Profit 0.16% 0.0%
Operating Expenses $502.7K $37.29K
YoY Change 1248.09% 505.75%
Operating Profit -$465.8K -$34.49K
YoY Change 1250.28% 672.72%
Interest Expense $103.00
YoY Change 17.05%
% of Operating Profit
Other Income/Expense, Net -$93.00
YoY Change
Pretax Income -$470.0K $0.00
YoY Change -100.0%
Income Tax
% Of Pretax Income
Net Earnings -$465.9K -$34.49K
YoY Change 1250.55% 657.78%
Net Earnings / Revenue -286.05% -222.3%
Basic Earnings Per Share -$0.03 -$0.01
Diluted Earnings Per Share -$0.03 -$0.01
COMMON SHARES
Basic Shares Outstanding 16.93M 2.577M
Diluted Shares Outstanding 17.40M 2.577M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $440.0K $0.00
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $10.00K
YoY Change
Inventory
Prepaid Expenses
Receivables $126.9K
Other Receivables $73.45K
Total Short-Term Assets $787.8K $2.549K
YoY Change 30805.57% -4.46%
LONG-TERM ASSETS
Property, Plant & Equipment $1.681K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.217K -$2.549K
YoY Change -186.98%
TOTAL ASSETS
Total Short-Term Assets $787.8K $2.549K
Total Long-Term Assets $2.217K -$2.549K
Total Assets $790.0K $0.00
YoY Change -100.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.0K $20.00K
YoY Change 450.0% 100.0%
Accrued Expenses $50.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $30.00K
YoY Change -100.0% 50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $160.5K $51.25K
YoY Change 213.14% 32.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $160.5K $51.25K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $160.0K $50.00K
YoY Change 220.0% 25.0%
SHAREHOLDERS EQUITY
Retained Earnings -$1.030M -$115.0K
YoY Change 795.65% 12.37%
Common Stock $1.727K $1.031K
YoY Change 67.51% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $627.3K -$48.70K
YoY Change
Total Liabilities & Shareholders Equity $787.8K $2.549K
YoY Change 30805.57% -4.46%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$465.9K -$34.49K
YoY Change 1250.55% 657.78%
Depreciation, Depletion And Amortization $58.00 $0.00
YoY Change
Cash From Operating Activities -$580.0K $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
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 160.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -580.0K 0.000
Cash From Investing Activities 0.000
Cash From Financing Activities 160.0K 0.000
Net Change In Cash -420.0K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$580.0K $0.00
Capital Expenditures $0.00
Free Cash Flow -$580.0K
YoY Change

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Impairment Of Long-Lived Assets</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The Company classifies its long-lived assets into: (i) computer and office equipment; (ii) furniture and fixtures, (iii) leasehold improvements, and (iv) finite <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2013; lived intangible assets.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be fully recoverable. It is possible that these assets could become impaired as a result of technology, economy or other industry changes. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, relief from royalty income approach, quoted market values and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party independent appraisals, as considered necessary.</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The Company makes various assumptions and estimates regarding estimated future cash flows and other factors in determining the fair values of the respective assets. The assumptions and estimates used to determine future values and remaining useful lives of long-lived assets are complex and subjective. They can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s business strategy and its forecasts for specific market expansion.</div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Use Of Estimates</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The preparation of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s financial statements in conformity with generally accepted accounting principles of 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.&nbsp; Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Actual results could differ from those estimates.</div></div></div></div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9870708
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2576750

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