$FRZT
Freeze Tag, Inc.

2022 Q3 Form 10-Q Financial Statement

#000147793222006132 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $556.4K $492.7K $515.9K
YoY Change 7.6% -11.03% 1.99%
Cost Of Revenue $99.81K $84.18K $90.24K
YoY Change 31.11% 24.07% 54.84%
Gross Profit $456.6K $408.6K $425.7K
YoY Change 3.54% -15.93% -4.89%
Gross Profit Margin 82.06% 82.92% 82.51%
Selling, General & Admin $409.7K $428.8K $436.3K
YoY Change 1.93% 6.79% -10.42%
% of Gross Profit 89.72% 104.95% 102.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.50K $26.41K $25.57K
YoY Change -8.45% 2.92% -0.98%
% of Gross Profit 5.15% 6.46% 6.01%
Operating Expenses $409.7K $428.8K $436.3K
YoY Change 1.93% 6.79% -10.42%
Operating Profit $46.92K -$20.23K -$10.60K
YoY Change 20.1% -123.97% -73.13%
Interest Expense $11.80K $11.71K $12.05K
YoY Change -4.13% -6.42% 3.02%
% of Operating Profit 25.16%
Other Income/Expense, Net -$11.80K $164.7K -$22.65K
YoY Change -4.13% 1.74% -55.72%
Pretax Income $35.12K $144.5K -$22.65K
YoY Change 31.24% -41.34% -55.72%
Income Tax
% Of Pretax Income
Net Earnings $35.12K $144.5K -$22.65K
YoY Change 31.24% -41.34% -55.72%
Net Earnings / Revenue 6.31% 29.33% -4.39%
Basic Earnings Per Share
Diluted Earnings Per Share $467.90 $1.925K -$301.80
COMMON SHARES
Basic Shares Outstanding 75.06M shares 75.06M shares 75.06M shares
Diluted Shares Outstanding 75.06M shares 75.06M shares 75.06M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $743.6K $723.2K $743.9K
YoY Change 4.22% 2.03% 13.5%
Cash & Equivalents $743.6K $723.2K $743.9K
Short-Term Investments
Other Short-Term Assets $13.24K $14.00K $16.43K
YoY Change -8.75% -57.04% 2.69%
Inventory
Prepaid Expenses
Receivables $15.43K $13.89K $14.90K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $772.3K $751.0K $775.2K
YoY Change 4.12% -1.69% 11.78%
LONG-TERM ASSETS
Property, Plant & Equipment $23.41K $25.94K $29.47K
YoY Change -33.05% -31.33% -27.36%
Goodwill
YoY Change
Intangibles $0.00 $20.98K
YoY Change
Long-Term Investments
YoY Change
Other Assets $316.6K $267.4K $241.3K
YoY Change 113.1% 280.52% 778.88%
Total Long-Term Assets $340.1K $314.3K $314.7K
YoY Change 24.49% 42.55% 54.73%
TOTAL ASSETS
Total Short-Term Assets $772.3K $751.0K $775.2K
Total Long-Term Assets $340.1K $314.3K $314.7K
Total Assets $1.112M $1.065M $1.090M
YoY Change 9.61% 8.22% 21.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.5K $158.5K $157.9K
YoY Change 19.83% 11.56% 11.08%
Accrued Expenses $495.4K $492.4K $491.7K
YoY Change -0.93% -0.99% -4.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $390.0K $384.8K $432.7K
YoY Change -5.81% -7.06% -23.86%
Total Short-Term Liabilities $1.055M $1.043M $1.090M
YoY Change -0.98% -3.19% -11.56%
LONG-TERM LIABILITIES
Long-Term Debt $165.9K $173.5K $302.6K
YoY Change -49.14% 246.62% -13.84%
Other Long-Term Liabilities $10.34K $11.76K $14.56K
YoY Change -35.12% -32.09% -22.07%
Total Long-Term Liabilities $10.34K $11.76K $14.56K
YoY Change -35.12% -82.55% -96.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.055M $1.043M $1.090M
Total Long-Term Liabilities $10.34K $11.76K $14.56K
Total Liabilities $1.231M $1.229M $1.407M
YoY Change -12.53% -13.69% -12.18%
SHAREHOLDERS EQUITY
Retained Earnings -$9.417M -$9.452M -$9.597M
YoY Change -2.34% -2.24%
Common Stock $751.00 $751.00 $751.00
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$118.4K -$163.1K -$317.1K
YoY Change
Total Liabilities & Shareholders Equity $1.112M $1.065M $1.090M
YoY Change 9.61% 8.22% 21.51%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $35.12K $144.5K -$22.65K
YoY Change 31.24% -41.34% -55.72%
Depreciation, Depletion And Amortization $23.50K $26.41K $25.57K
YoY Change -8.45% 2.92% -0.98%
Cash From Operating Activities $72.14K $11.28K $26.96K
YoY Change -8.09% -90.67% -426.4%
INVESTING ACTIVITIES
Capital Expenditures -$49.22K -$29.54K -$33.41K
YoY Change -31.04% -54.62%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$49.22K -$29.54K -$33.41K
YoY Change -31.04% -54.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.500K -2.490K -$2.470K
YoY Change 2.88% 3.32% -101.44%
NET CHANGE
Cash From Operating Activities 72.14K 11.28K $26.96K
Cash From Investing Activities -49.22K -29.54K -$33.41K
Cash From Financing Activities -2.500K -2.490K -$2.470K
Net Change In Cash 20.42K -20.75K -$8.917K
YoY Change 335.39% -138.87% -105.45%
FREE CASH FLOW
Cash From Operating Activities $72.14K $11.28K $26.96K
Capital Expenditures -$49.22K -$29.54K -$33.41K
Free Cash Flow $121.4K $40.82K $60.37K
YoY Change -19.02% -78.05% -830.88%

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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;"><strong><em>Nature of Operations</em></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-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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frzt Share Based Compensation Arrangement By Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.024
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7762821 shares
frzt Share Based Compensation Arrangement By Shares Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementBySharesBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.024
CY2022Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
512971 usd
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
13877 usd
us-gaap Depreciation
Depreciation
2798 usd
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
6126 usd
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
3566 usd
CY2022Q2 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
136882 usd

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0001477932-22-006132.txt Edgar Link pending
0001477932-22-006132-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
frzt-20220630.xsd Edgar Link pending
frzt_10q.htm Edgar Link pending
frzt_ex311.htm Edgar Link pending
frzt_ex312.htm Edgar Link pending
frzt_ex321.htm Edgar Link pending
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