2019 Q1 Form 10-K Financial Statement
#000143774919011984 Filed on June 13, 2019
Income Statement
Concept | 2019 Q1 | 2019 | 2018 Q1 |
---|---|---|---|
Revenue | $689.2K | $1.473M | $220.0K |
YoY Change | 213.27% | 224.78% | |
Cost Of Revenue | $490.5K | $1.130M | $180.0K |
YoY Change | 172.51% | 159.94% | |
Gross Profit | $198.7K | $343.0K | $40.00K |
YoY Change | 396.7% | 1722.03% | |
Gross Profit Margin | 28.83% | 23.29% | 18.18% |
Selling, General & Admin | $2.228M | $2.821M | $870.0K |
YoY Change | 156.06% | 70.56% | |
% of Gross Profit | 1121.27% | 822.29% | 2175.0% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $1.064K | $87.16K | $87.00 |
YoY Change | 1122.99% | -24.03% | |
% of Gross Profit | 0.54% | 25.41% | 0.22% |
Operating Expenses | $2.229M | $2.908M | $920.0K |
YoY Change | 142.31% | 64.43% | 9100.0% |
Operating Profit | -$2.031M | -$2.565M | -$880.0K |
YoY Change | 130.74% | 46.59% | 8700.0% |
Interest Expense | -$9.650K | $32.54K | $0.00 |
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | -$10.00 | $848.00 | |
YoY Change | |||
Pretax Income | -$1.977M | -$2.913M | -$880.0K |
YoY Change | 124.61% | ||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$1.977M | -$2.913M | -$880.0K |
YoY Change | 124.61% | 66.34% | |
Net Earnings / Revenue | -286.79% | -197.75% | -400.0% |
Basic Earnings Per Share | -$0.12 | ||
Diluted Earnings Per Share | -$43.08K | -$0.16 | -$50.84K |
COMMON SHARES | |||
Basic Shares Outstanding | 24.76M | ||
Diluted Shares Outstanding | 18.60M |
Balance Sheet
Concept | 2019 Q1 | 2019 | 2018 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.337M | $1.337M | $10.00K |
YoY Change | 13272.5% | 12575.36% | |
Cash & Equivalents | $1.337M | $10.55K | |
Short-Term Investments | |||
Other Short-Term Assets | $2.571M | $2.571M | $40.00K |
YoY Change | 6326.8% | 6242.76% | |
Inventory | |||
Prepaid Expenses | $1.333M | $40.53K | |
Receivables | $493.8K | $493.8K | $296.2K |
Other Receivables | $25.31K | $25.31K | $5.494K |
Total Short-Term Assets | $4.427M | $4.427M | $439.8K |
YoY Change | 906.53% | 1154.74% | 496.57% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $10.61K | $10.61K | $1.594K |
YoY Change | 565.37% | 567.3% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $10.60K | $10.60K | $0.00 |
YoY Change | -87.82% | -100.0% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $4.427M | $4.427M | $439.8K |
Total Long-Term Assets | $10.60K | $10.60K | $0.00 |
Total Assets | $4.438M | $4.438M | $439.8K |
YoY Change | 908.94% | 908.93% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.239M | $1.239M | $107.1K |
YoY Change | 1057.32% | 1057.34% | 256.94% |
Accrued Expenses | $296.0K | $296.0K | $390.0K |
YoY Change | -24.1% | -23.19% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $370.0K | $370.0K | $50.00K |
YoY Change | 640.0% | 640.0% | 66.67% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $3.852M | $3.786M | $542.5K |
YoY Change | 610.01% | 597.84% | 134.92% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $66.00K | $66.00K | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $66.00K | $66.00K | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.852M | $3.786M | $542.5K |
Total Long-Term Liabilities | $66.00K | $66.00K | $0.00 |
Total Liabilities | $3.852M | $3.852M | $540.0K |
YoY Change | 613.27% | 610.01% | 980.0% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$4.822M | -$1.910M | |
YoY Change | 152.55% | 1105.55% | |
Common Stock | $2.476K | $1.743K | |
YoY Change | 42.05% | 45.25% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $586.0K | $586.0K | -$102.6K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $4.438M | $4.438M | $439.8K |
YoY Change | 908.94% | 908.93% | 496.57% |
Cashflow Statement
Concept | 2019 Q1 | 2019 | 2018 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.977M | -$2.913M | -$880.0K |
YoY Change | 124.61% | 66.34% | |
Depreciation, Depletion And Amortization | $1.064K | $87.16K | $87.00 |
YoY Change | 1122.99% | -24.03% | |
Cash From Operating Activities | $496.4K | -$718.3K | -$630.0K |
YoY Change | -178.8% | -55.37% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$410.00 | $11.71K | $0.00 |
YoY Change | 573.43% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$410.00 | -$11.71K | $0.00 |
YoY Change | -94.19% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $1.679M | ||
YoY Change | 3.37% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 196.2K | 2.065M | 200.0K |
YoY Change | -1.92% | 14.17% | |
NET CHANGE | |||
Cash From Operating Activities | 496.4K | -718.3K | -630.0K |
Cash From Investing Activities | -410.0 | -11.71K | 0.000 |
Cash From Financing Activities | 196.2K | 2.065M | 200.0K |
Net Change In Cash | 692.2K | 1.335M | -430.0K |
YoY Change | -260.97% | -47852.74% | |
FREE CASH FLOW | |||
Cash From Operating Activities | $496.4K | -$718.3K | -$630.0K |
Capital Expenditures | -$410.00 | $11.71K | $0.00 |
Free Cash Flow | $496.8K | -$730.0K | -$630.0K |
YoY Change | -178.86% | -54.69% |
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|
-1609479 | |
CY2019 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2912875 | |
CY2018 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1751121 | |
CY2019Q1 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
66000 | |
CY2018Q1 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
||
CY2019 | us-gaap |
Operating Expenses
OperatingExpenses
|
2907743 | |
CY2018 | us-gaap |
Operating Expenses
OperatingExpenses
|
1768394 | |
CY2019 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2564727 | |
CY2018 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1749568 | |
CY2019 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-8952 | |
CY2018 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
||
CY2019 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-8952 | |
CY2019 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
848 | |
CY2018 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
||
CY2019Q1 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
25309 | |
CY2018Q1 | us-gaap |
Other Receivables Net Current
OtherReceivablesNetCurrent
|
5494 | |
CY2019 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
||
CY2018 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
200000 | |
CY2019 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
11711 | |
CY2018 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1739 | |
CY2019Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2018Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2019Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2018Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1000000 | |
CY2019Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2018Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
CY2019Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2018Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
CY2019Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2018Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2019Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
2570724 | |
CY2018Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
40534 | |
CY2019 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1678674 | |
CY2018 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1624000 | |
CY2019 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
386000 | |
CY2018 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
50000 | |
CY2019Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
13450 | |
CY2018Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
1739 | |
CY2019 | us-gaap |
Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
|
<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;"> </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 – lived intangible assets.</div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </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 7.2pt;text-align:justify;"> </div><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"></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’s business strategy and its forecasts for specific market expansion.</div></div></div> | |
CY2019Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
10606 | |
CY2018Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
1594 | |
CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-4822389 | |
CY2018Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-1909514 | |
CY2019 | us-gaap |
Revenues
Revenues
|
1473037 | |
CY2018 | us-gaap |
Revenues
Revenues
|
453543 | |
CY2019 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1608853 | |
CY2018 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
||
CY2018 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
2856000 | |
CY2019 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
7331000 | |
CY2018 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
47250 | |
CY2019 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
3760500 | |
CY2017Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-157193 | |
CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-102641 | |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
586032 | |
CY2019 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The preparation of the Company’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. 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> | |
CY2019Q1 | us-gaap |
Variable Interest Entity Consolidated Assets Current
VariableInterestEntityConsolidatedAssetsCurrent
|
2674890 | |
CY2019Q1 | us-gaap |
Variable Interest Entity Consolidated Assets Noncurrent
VariableInterestEntityConsolidatedAssetsNoncurrent
|
||
CY2019Q1 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
|
2674890 | |
CY2019Q1 | us-gaap |
Variable Interest Entity Consolidated Carrying Amount Liabilities
VariableInterestEntityConsolidatedCarryingAmountLiabilities
|
3023805 | |
CY2019Q1 | us-gaap |
Variable Interest Entity Consolidated Liabilities Current
VariableInterestEntityConsolidatedLiabilitiesCurrent
|
3023805 | |
CY2019Q1 | us-gaap |
Variable Interest Entity Consolidated Liabilities Noncurrent
VariableInterestEntityConsolidatedLiabilitiesNoncurrent
|
||
CY2019 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
18604860 | |
CY2018 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
11760199 | |
CY2019 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
24763753 | |
CY2018 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11729514 |