$FRZT
Freeze Tag, Inc.

2024 Q4 Form 10-Q Financial Statement

#000147793224007224 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $532.6K $533.2K
YoY Change -0.11% -4.17%
Cost Of Revenue $112.4K $100.9K
YoY Change 11.45% 1.06%
Gross Profit $420.2K $432.4K
YoY Change -2.81% -5.32%
Gross Profit Margin 78.89% 81.08%
Selling, General & Admin $447.2K $469.8K
YoY Change -4.82% 14.67%
% of Gross Profit 106.42% 108.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K
YoY Change -57.45%
% of Gross Profit 2.31%
Operating Expenses $447.2K $469.8K
YoY Change -4.82% 14.67%
Operating Profit -$26.96K -$37.46K
YoY Change -28.02% -179.84%
Interest Expense $11.03K $11.11K
YoY Change -0.68% -5.89%
% of Operating Profit
Other Income/Expense, Net -$11.03K -$11.11K
YoY Change -0.68% -5.89%
Pretax Income -$48.57K
YoY Change -238.3%
Income Tax
% Of Pretax Income
Net Earnings -$38.00K -$48.57K
YoY Change -21.77% -238.3%
Net Earnings / Revenue -7.13% -9.11%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 75.06M shares 75.06M shares 75.06M shares
Diluted Shares Outstanding 75.06M shares 75.06M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $504.4K
YoY Change -32.16%
Cash & Equivalents $139.6K $504.4K
Short-Term Investments
Other Short-Term Assets $19.66K
YoY Change 48.49%
Inventory
Prepaid Expenses
Receivables $23.61K
Other Receivables $0.00
Total Short-Term Assets $178.2K $547.7K
YoY Change -67.46% -29.08%
LONG-TERM ASSETS
Property, Plant & Equipment $3.884K $13.21K
YoY Change -70.59% -43.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $850.00
YoY Change -99.73%
Total Long-Term Assets $458.5K $559.2K
YoY Change -18.0% 64.43%
TOTAL ASSETS
Total Short-Term Assets $178.2K $547.7K
Total Long-Term Assets $458.5K $559.2K
Total Assets $636.8K $1.107M
YoY Change -42.47% -0.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.5K $154.6K
YoY Change -2.67% -4.27%
Accrued Expenses $501.8K $501.2K
YoY Change 0.13% 1.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $390.3K
YoY Change 0.08%
Total Short-Term Liabilities $1.045M $1.054M
YoY Change -0.82% -0.08%
LONG-TERM LIABILITIES
Long-Term Debt $155.4K
YoY Change -6.32%
Other Long-Term Liabilities $0.00 $5.770K
YoY Change -100.0% -44.21%
Total Long-Term Liabilities $0.00 $161.1K
YoY Change -100.0% 1457.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.045M $1.054M
Total Long-Term Liabilities $0.00 $161.1K
Total Liabilities $1.195M $1.215M
YoY Change -1.63% -1.3%
SHAREHOLDERS EQUITY
Retained Earnings -$9.933M
YoY Change
Common Stock $751.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$558.3K -$107.9K
YoY Change
Total Liabilities & Shareholders Equity $636.8K $1.107M
YoY Change -42.47% -0.49%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$38.00K -$48.57K
YoY Change -21.77% -238.3%
Depreciation, Depletion And Amortization $10.00K
YoY Change -57.45%
Cash From Operating Activities -$41.92K
YoY Change -158.11%
INVESTING ACTIVITIES
Capital Expenditures $51.53K
YoY Change -204.69%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$51.53K
YoY Change 4.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.570K
YoY Change 2.8%
NET CHANGE
Cash From Operating Activities -41.92K
Cash From Investing Activities -51.53K
Cash From Financing Activities -2.570K
Net Change In Cash -96.02K
YoY Change -570.23%
FREE CASH FLOW
Cash From Operating Activities -$41.92K
Capital Expenditures $51.53K
Free Cash Flow -$93.45K
YoY Change -177.0%

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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-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: 45px; 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. </p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; 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>
frzt Finite Lived Intangible Asset Estimated Useful Life
FiniteLivedIntangibleAssetEstimatedUsefulLife
P5Y
us-gaap Development Costs
DevelopmentCosts
453036 usd
CY2023 us-gaap Development Costs
DevelopmentCosts
522084 usd
frzt Amortization Expense Of Capitalize Software
AmortizationExpenseOfCapitalizeSoftware
69048 usd
frzt Amortization Expense Of Capitalize Software
AmortizationExpenseOfCapitalizeSoftware
7672 usd
us-gaap Net Income Loss
NetIncomeLoss
-354461 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-235893 usd
CY2024Q3 frzt Working Capital Deficit
WorkingCapitalDeficit
-866806 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
-558283 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
62392 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
62392 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
58508 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
51517 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3884 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10875 usd
us-gaap Depreciation
Depreciation
6991 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
457400 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
457400 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2023Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
552772 usd
CY2024Q3 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
552772 usd
CY2024Q3 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
99736 usd
CY2023Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
30688 usd
CY2024Q3 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
453036 usd
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
522084 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
69048 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
7672 usd
CY2024Q3 frzt Capitalized Software Costs Assets Amortization Expense Remainder Of Fiscal Year
CapitalizedSoftwareCostsAssetsAmortizationExpenseRemainderOfFiscalYear
27639 usd
CY2024Q3 frzt Capitalized Software Costs Assets Amortization Expense Next Twelve Months
CapitalizedSoftwareCostsAssetsAmortizationExpenseNextTwelveMonths
110555 usd
CY2024Q3 frzt Capitalized Software Costs Assets Amortization Expense Year Two
CapitalizedSoftwareCostsAssetsAmortizationExpenseYearTwo
110555 usd
CY2024Q3 frzt Capitalized Software Costs Assets Amortization Expense Year Three
CapitalizedSoftwareCostsAssetsAmortizationExpenseYearThree
110555 usd
CY2024Q3 frzt Capitalized Software Costs Assets Amortization Expense Year Four
CapitalizedSoftwareCostsAssetsAmortizationExpenseYearFour
79868 usd
CY2024Q3 frzt Capitalized Software Costs Assets Amortization Expense After Year Four
CapitalizedSoftwareCostsAssetsAmortizationExpenseAfterYearFour
13864 usd
CY2024Q3 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
453036 usd
frzt Imputed Interest Expense
ImputedInterestExpense
28514 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
382495 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2686 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2704 usd
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3305 usd
CY2024Q3 frzt Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
143991 usd
CY2024Q3 us-gaap Notes Payable
NotesPayable
535181 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7762821 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7762821 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.024

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