$FRZT
Freeze Tag, Inc.

2022 Q1 Form 10-Q Financial Statement

#000147793222003531 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $515.9K $505.9K
YoY Change 1.99% 25.37%
Cost Of Revenue $90.24K $58.28K
YoY Change 54.84% -8.81%
Gross Profit $425.7K $447.6K
YoY Change -4.89% 31.8%
Gross Profit Margin 82.51% 88.48%
Selling, General & Admin $436.3K $487.0K
YoY Change -10.42% 9.81%
% of Gross Profit 102.49% 108.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.57K $25.83K
YoY Change -0.98% 8.79%
% of Gross Profit 6.01% 5.77%
Operating Expenses $436.3K $487.0K
YoY Change -10.42% 9.81%
Operating Profit -$10.60K -$39.45K
YoY Change -73.13% -62.05%
Interest Expense $12.05K $11.70K
YoY Change 3.02% -215.91%
% of Operating Profit
Other Income/Expense, Net -$22.65K -$51.15K
YoY Change -55.72%
Pretax Income -$22.65K -$51.15K
YoY Change -55.72% -55.15%
Income Tax
% Of Pretax Income
Net Earnings -$22.65K -$51.15K
YoY Change -55.72% -55.15%
Net Earnings / Revenue -4.39% -10.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$301.80 -$681.50
COMMON SHARES
Basic Shares Outstanding 75.06M shares 75.06M shares
Diluted Shares Outstanding 75.06M shares 75.06M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $743.9K $655.4K
YoY Change 13.5% 271.37%
Cash & Equivalents $743.9K $655.4K
Short-Term Investments
Other Short-Term Assets $16.43K $16.00K
YoY Change 2.69% 50.94%
Inventory
Prepaid Expenses
Receivables $14.90K $22.18K
Other Receivables $0.00 $0.00
Total Short-Term Assets $775.2K $693.6K
YoY Change 11.78% 251.32%
LONG-TERM ASSETS
Property, Plant & Equipment $29.47K $40.57K
YoY Change -27.36% -25.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $241.3K $27.46K
YoY Change 778.88% -52.28%
Total Long-Term Assets $314.7K $203.4K
YoY Change 54.73% -39.99%
TOTAL ASSETS
Total Short-Term Assets $775.2K $693.6K
Total Long-Term Assets $314.7K $203.4K
Total Assets $1.090M $896.9K
YoY Change 21.51% 67.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $157.9K $142.2K
YoY Change 11.08% 2.45%
Accrued Expenses $491.7K $514.2K
YoY Change -4.39% 0.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $432.7K $568.3K
YoY Change -23.86% 7983.5%
Total Short-Term Liabilities $1.090M $1.232M
YoY Change -11.56% 84.8%
LONG-TERM LIABILITIES
Long-Term Debt $302.6K $351.2K
YoY Change -13.84% -16.98%
Other Long-Term Liabilities $14.56K $18.68K
YoY Change -22.07% -24.1%
Total Long-Term Liabilities $14.56K $369.9K
YoY Change -96.06% -17.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.090M $1.232M
Total Long-Term Liabilities $14.56K $369.9K
Total Liabilities $1.407M $1.602M
YoY Change -12.18% 43.76%
SHAREHOLDERS EQUITY
Retained Earnings -$9.597M
YoY Change
Common Stock $751.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$317.1K -$705.2K
YoY Change
Total Liabilities & Shareholders Equity $1.090M $896.9K
YoY Change 21.51% 67.25%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$22.65K -$51.15K
YoY Change -55.72% -55.15%
Depreciation, Depletion And Amortization $25.57K $25.83K
YoY Change -0.98% 8.79%
Cash From Operating Activities $26.96K -$8.260K
YoY Change -426.4% -89.92%
INVESTING ACTIVITIES
Capital Expenditures -$33.41K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$33.41K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.470K $172.0K
YoY Change -101.44% 242.47%
NET CHANGE
Cash From Operating Activities $26.96K -$8.260K
Cash From Investing Activities -$33.41K $0.00
Cash From Financing Activities -$2.470K $172.0K
Net Change In Cash -$8.917K $163.8K
YoY Change -105.45% -309.17%
FREE CASH FLOW
Cash From Operating Activities $26.96K -$8.260K
Capital Expenditures -$33.41K $0.00
Free Cash Flow $60.37K -$8.260K
YoY Change -830.88% -76.6%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NotesPayable
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Share Based Compensation
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CY2021Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Increase Decrease In Accounts And Other Receivables
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CY2021Q1 us-gaap Increase Decrease In Accounts And Other Receivables
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CY2022Q1 us-gaap Increase Decrease In Prepaid Expenses Other
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CY2021Q1 us-gaap Increase Decrease In Prepaid Expenses Other
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CY2022Q1 us-gaap Increase Decrease In Other Current Liabilities
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CY2021Q1 us-gaap Increase Decrease In Other Current Liabilities
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Nature Of Operations
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 1 – THE COMPANY AND NATURE OF BUSINESS</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Nature of Operations</strong></em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Freeze Tag, Inc. (“Freeze Tag” or the “Company”) is a leading creator of mobile location-based games for consumers and businesses. The Company also offers gaming technology and services to businesses that want to leverage mobile gaming in their marketing and branding programs.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Beginning in the quarter ended March 31, 2020, our wholly-owned subsidiary, Space Coast Geo Store, LLC, a Florida limited liability company, sells merchandise to the geocaching industry. The LLC was filed with the State of Florida on September 3, 2019 and there was no activity in the entity from the time of filing until it began operations in the quarter ended March 31, 2020.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates and these differences may be material.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The following accounting policies involve significant judgments, assumptions and estimates by management:</p>
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