$FRZT
Freeze Tag, Inc.

2023 Q1 Form 10-K Financial Statement

#000147793223002129 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $511.4K $534.0K $2.099M
YoY Change -0.88% -4.57% -1.75%
Cost Of Revenue $104.8K $92.40K $366.6K
YoY Change 16.12% 25.14% 32.79%
Gross Profit $406.6K $441.6K $1.732M
YoY Change -4.49% -9.09% -6.87%
Gross Profit Margin 79.51% 82.7% 82.53%
Selling, General & Admin $442.9K $384.5K $1.659M
YoY Change 1.51% -4.72% -2.05%
% of Gross Profit 108.92% 87.08% 95.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.330K $3.220K $78.70K
YoY Change -90.89% -87.46% -23.47%
% of Gross Profit 0.57% 0.73% 4.54%
Operating Expenses $442.9K $384.5K $1.659M
YoY Change 1.51% -4.72% -2.05%
Operating Profit -$36.29K $57.07K $73.16K
YoY Change 242.34% -30.53% -55.98%
Interest Expense $11.56K -$11.78K $47.35K
YoY Change -4.08% -4.15% -3.01%
% of Operating Profit -20.64% 64.71%
Other Income/Expense, Net -$11.56K $129.1K
YoY Change -48.97% 2.78%
Pretax Income -$47.84K $45.29K $202.3K
YoY Change 111.21% -35.16% -30.69%
Income Tax $1.560K $1.555K
% Of Pretax Income 3.44% 0.77%
Net Earnings -$47.84K $43.73K $200.7K
YoY Change 111.25% -36.07% -30.87%
Net Earnings / Revenue -9.36% 8.19% 9.56%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 75.06M shares 75.06M shares 67.73K shares
Diluted Shares Outstanding 94.12M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $664.7K $741.2K $741.2K
YoY Change -10.64% -1.55% -1.55%
Cash & Equivalents $664.7K $741.2K
Short-Term Investments
Other Short-Term Assets $7.860K $13.46K $13.46K
YoY Change -52.16% 7.85% 7.85%
Inventory
Prepaid Expenses
Receivables $17.06K $16.88K $16.88K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $689.7K $771.5K $771.5K
YoY Change -11.04% -0.9% -0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $17.87K $20.20K $20.20K
YoY Change -39.37% -37.22% -37.21%
Goodwill
YoY Change
Intangibles $0.00 $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $853.00 $371.5K $371.5K
YoY Change -99.65% 78.66% 78.66%
Total Long-Term Assets $450.3K $391.7K $391.7K
YoY Change 43.12% 27.66% 27.66%
TOTAL ASSETS
Total Short-Term Assets $689.7K $771.5K $771.5K
Total Long-Term Assets $450.3K $391.7K $391.7K
Total Assets $1.140M $1.163M $1.163M
YoY Change 4.6% 7.18% 7.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $175.6K $164.5K $164.5K
YoY Change 11.22% 17.27% 17.27%
Accrued Expenses $502.1K $494.0K $494.0K
YoY Change 2.13% 1.03% 1.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $389.6K $390.1K $390.1K
YoY Change -9.96% -10.36% -10.36%
Total Short-Term Liabilities $1.075M $1.056M $1.056M
YoY Change -1.37% -1.47% -1.47%
LONG-TERM LIABILITIES
Long-Term Debt $161.2K $163.3K $163.3K
YoY Change -46.72% -46.05% -46.05%
Other Long-Term Liabilities $7.480K $8.917K $8.920K
YoY Change -48.62% -38.74% -38.74%
Total Long-Term Liabilities $7.480K $8.917K $172.2K
YoY Change -48.62% -38.74% -45.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.075M $1.056M $1.056M
Total Long-Term Liabilities $7.480K $8.917K $172.2K
Total Liabilities $1.244M $1.228M $1.228M
YoY Change -11.61% -11.57% -11.58%
SHAREHOLDERS EQUITY
Retained Earnings -$9.421M -$9.374M
YoY Change -1.83% -2.1%
Common Stock $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 -$103.6K -$65.12K -$65.12K
YoY Change
Total Liabilities & Shareholders Equity $1.140M $1.163M $1.163M
YoY Change 4.6% 7.18% 7.18%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$47.84K $43.73K $200.7K
YoY Change 111.25% -36.07% -30.87%
Depreciation, Depletion And Amortization $2.330K $3.220K $78.70K
YoY Change -90.89% -87.46% -23.47%
Cash From Operating Activities -$12.89K $54.95K $165.3K
YoY Change -147.82% -49.57% -44.9%
INVESTING ACTIVITIES
Capital Expenditures $60.99K $54.85K $167.0K
YoY Change -282.55% -181.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.99K -$54.85K -$167.0K
YoY Change 82.55% -18.32% -17.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.542K -2.520K -$9.980K
YoY Change 2.91% 2.86% -106.06%
NET CHANGE
Cash From Operating Activities -$12.89K 54.95K $165.3K
Cash From Investing Activities -$60.99K -54.85K -$167.0K
Cash From Financing Activities -$2.542K -2.520K -$9.980K
Net Change In Cash -$76.42K -2.420K -$11.66K
YoY Change 757.0% -106.15% -104.47%
FREE CASH FLOW
Cash From Operating Activities -$12.89K $54.95K $165.3K
Capital Expenditures $60.99K $54.85K $167.0K
Free Cash Flow -$73.88K $100.00 -$1.688K
YoY Change -222.38% -99.94% -100.56%

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FREEZE TAG, Inc.
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CY2022 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;"><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>
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AmortizationOfIntangibleAssets
66720 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
91480 usd
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2022 frzt Operating Lease Term
OperatingLeaseTerm
The Company had one operating lease related to it's office space in Texas which ended in December 2021
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
0 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
32417 usd
CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.02
CY2022 us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
ReceivableWithImputedInterestEffectiveYieldInterestRate
0.10 pure
CY2022 us-gaap Interest Income Related Party
InterestIncomeRelatedParty
37984 usd
CY2021 us-gaap Interest Income Related Party
InterestIncomeRelatedParty
37983 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Repayments Of Principal In Next Twelve Months
LongTermDebtAndCapitalLeaseObligationsRepaymentsOfPrincipalInNextTwelveMonths
390093 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
10569 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
2686 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
0 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
2704 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
147296 usd
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
553348 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75056123 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
41668 usd
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7768421 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.024
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7762821 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.024
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7762821 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.024
CY2022 frzt Description Of Options Expiration Period
DescriptionOfOptionsExpirationPeriod
The outstanding options expire on various dates beginning in 2027 through 2029
CY2022 us-gaap Variable Lease Payment
VariableLeasePayment
600 usd
CY2022 frzt Operating Lease Expire Period
OperatingLeaseExpirePeriod
December 2022
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
23900 usd
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
52707 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1555 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1454 usd
CY2022 frzt Net Operating Loss Carry Forwards Expire Period
NetOperatingLossCarryForwardsExpirePeriod
2037
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4442685 usd
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4623075 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1546841 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1546841 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1528507 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2022 frzt Deferred Tax Asset Allowance Percentage
DeferredTaxAssetAllowancePercentage
1 pure

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