2023 Q1 Form 10-K Financial Statement

#000114036123014888 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $4.870M $7.904M $28.01M
YoY Change -23.8% 37.48% 65.91%
Cost Of Revenue $1.252M $1.720M $6.874M
YoY Change -20.12% 1.86% 45.73%
Gross Profit $3.618M $6.184M $21.13M
YoY Change -24.99% 52.28% 73.74%
Gross Profit Margin 74.29% 78.24% 75.45%
Selling, General & Admin $4.836M $6.326M $26.40M
YoY Change -35.52% -27.34% -4.37%
% of Gross Profit 133.66% 102.3% 124.93%
Research & Development $531.7K $2.478M $12.35M
YoY Change -83.5% -15.01% 37.57%
% of Gross Profit 14.69% 40.07% 58.43%
Depreciation & Amortization $38.43K $839.8K $2.893M
YoY Change -93.65% 38.77% 45.59%
% of Gross Profit 1.06% 13.58% 13.69%
Operating Expenses $5.368M $9.644M $38.75M
YoY Change -49.94% -21.12% 5.92%
Operating Profit -$2.388M -$3.460M -$26.09M
YoY Change -79.96% -57.63% -5.54%
Interest Expense $208.5K $55.28K $873.3K
YoY Change -12.09% 570.87% 170.9%
% of Operating Profit
Other Income/Expense, Net $168.9K $21.53K $139.7K
YoY Change 159.09% -83.67% -87.16%
Pretax Income -$2.219M -$3.553M -$25.95M
YoY Change -81.27% -55.74% -2.19%
Income Tax $29.91K $3.980K $23.98K
% Of Pretax Income
Net Earnings $6.498M -$3.557M -$25.97M
YoY Change -154.82% -55.81% -2.18%
Net Earnings / Revenue 133.43% -45.0% -92.74%
Basic Earnings Per Share $0.19 -$0.81
Diluted Earnings Per Share $0.19 -$0.11 -$0.81
COMMON SHARES
Basic Shares Outstanding 32.56M 32.56M 32.03M
Diluted Shares Outstanding 32.30M 32.03M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00M $20.72M $20.72M
YoY Change 47.36% -33.31% -33.31%
Cash & Equivalents $839.7K $3.320M
Short-Term Investments $39.16M $17.40M $17.40M
Other Short-Term Assets $435.7K $432.3K $1.399M
YoY Change -66.6% -51.98% -27.06%
Inventory
Prepaid Expenses $426.0K $966.8K
Receivables $3.795M $2.548M $4.801M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $55.31M $26.92M $26.92M
YoY Change 65.94% -25.2% -25.2%
LONG-TERM ASSETS
Property, Plant & Equipment $112.1K $2.575M $3.212M
YoY Change -95.3% 68.11% 34.29%
Goodwill $9.099M
YoY Change 0.0%
Intangibles $6.776M
YoY Change -25.14%
Long-Term Investments
YoY Change
Other Assets $181.4K $255.3K $255.3K
YoY Change -43.68% -18.8% -18.8%
Total Long-Term Assets $320.9K $19.34M $19.34M
YoY Change -98.48% -7.26% -7.26%
TOTAL ASSETS
Total Short-Term Assets $55.31M $26.92M $26.92M
Total Long-Term Assets $320.9K $19.34M $19.34M
Total Assets $55.63M $46.26M $46.26M
YoY Change 2.23% -18.62% -18.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $350.8K $575.1K $575.1K
YoY Change -72.08% -48.89% -48.89%
Accrued Expenses $6.424M $4.429M $4.694M
YoY Change 80.47% 8.87% 8.78%
Deferred Revenue $3.101M $3.079M
YoY Change 215.35%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $9.907M $8.353M $8.353M
YoY Change 21.17% 22.85% 22.85%
LONG-TERM LIABILITIES
Long-Term Debt $25.32M $25.11M $25.11M
YoY Change 3.45% 3.49% 3.49%
Other Long-Term Liabilities $5.390K $376.6K $376.6K
YoY Change -99.02% -38.42% -38.42%
Total Long-Term Liabilities $25.32M $25.48M $25.48M
YoY Change 1.19% 2.46% 2.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.907M $8.353M $8.353M
Total Long-Term Liabilities $25.32M $25.48M $25.48M
Total Liabilities $35.23M $33.84M $33.84M
YoY Change 6.11% 6.83% 6.83%
SHAREHOLDERS EQUITY
Retained Earnings -$52.29M -$58.79M
YoY Change 79.13%
Common Stock $32.42K $32.25K
YoY Change 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.41M $12.42M $12.42M
YoY Change
Total Liabilities & Shareholders Equity $55.63M $46.26M $46.26M
YoY Change 2.23% -18.62% -18.62%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $6.498M -$3.557M -$25.97M
YoY Change -154.82% -55.81% -2.18%
Depreciation, Depletion And Amortization $38.43K $839.8K $2.893M
YoY Change -93.65% 38.77% 45.59%
Cash From Operating Activities -$1.228M $217.7K -$8.776M
YoY Change -61.97% -105.35% -49.15%
INVESTING ACTIVITIES
Capital Expenditures $75.49K $15.52K $1.711M
YoY Change -108.37% -101.93% 18.6%
Acquisitions
YoY Change
Other Investing Activities -$557.5K $1.562M -$4.750M
YoY Change -337.33% 152990.2% -1236.56%
Cash From Investing Activities -$633.0K $1.546M -$6.461M
YoY Change -5.17% -292.78% 530.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -94.60K -29.32K -100.5K
YoY Change 621.03% 1276.53% -100.28%
NET CHANGE
Cash From Operating Activities -1.228M 217.7K -8.776M
Cash From Investing Activities -633.0K 1.546M -6.461M
Cash From Financing Activities -94.60K -29.32K -100.5K
Net Change In Cash -1.956M 1.734M -15.34M
YoY Change -49.98% -135.6% -185.25%
FREE CASH FLOW
Cash From Operating Activities -$1.228M $217.7K -$8.776M
Capital Expenditures $75.49K $15.52K $1.711M
Free Cash Flow -$1.304M $202.2K -$10.49M
YoY Change -43.97% -106.19% -43.92%

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