2024 Q3 Form 10-Q Financial Statement

#000149315224032358 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $9.315M $10.53M
YoY Change 6.82% 1.91%
Cost Of Revenue $5.508M $6.590M
YoY Change -24.01% -9.64%
Gross Profit $3.807M $3.939M
YoY Change 158.55% 29.62%
Gross Profit Margin 40.87% 37.41%
Selling, General & Admin $1.858M
YoY Change 0.85%
% of Gross Profit 47.17%
Research & Development $27.81K $62.47K
YoY Change -47.37% 294.58%
% of Gross Profit 0.73% 1.59%
Depreciation & Amortization $516.9K
YoY Change 26.44%
% of Gross Profit 13.12%
Operating Expenses $2.026M $2.125M
YoY Change 8.96% 6.93%
Operating Profit $1.781M $1.814M
YoY Change -560.65% 72.54%
Interest Expense -$27.91K
YoY Change -124.16%
% of Operating Profit -1.54%
Other Income/Expense, Net
YoY Change
Pretax Income $1.460M $1.991M
YoY Change -614.0% 47.56%
Income Tax $367.6K $558.3K
% Of Pretax Income 25.18% 28.04%
Net Earnings $611.9K $1.290M
YoY Change -185.2% 59.26%
Net Earnings / Revenue 6.57% 12.25%
Basic Earnings Per Share $0.05 $0.10
Diluted Earnings Per Share $0.05 $0.10
COMMON SHARES
Basic Shares Outstanding 12.45M shares 12.45M shares
Diluted Shares Outstanding 12.70M shares 12.48M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.844M
YoY Change -7.69%
Cash & Equivalents $10.62M $6.844M
Short-Term Investments
Other Short-Term Assets $2.952M
YoY Change 57.1%
Inventory $9.720M $10.33M
Prepaid Expenses $1.524M $586.5K
Receivables $8.071M $8.793M
Other Receivables $0.00
Total Short-Term Assets $32.31M $28.92M
YoY Change 14.36% 3.13%
LONG-TERM ASSETS
Property, Plant & Equipment $14.74M $13.98M
YoY Change 13.92% 9.01%
Goodwill $2.534M $2.534M
YoY Change 0.0% 0.0%
Intangibles $2.160M $2.200M
YoY Change -6.9% -6.78%
Long-Term Investments $3.548M $5.905M
YoY Change -43.24% -5.61%
Other Assets $284.8K
YoY Change 3.83%
Total Long-Term Assets $25.52M $27.42M
YoY Change 2.73% 10.76%
TOTAL ASSETS
Total Short-Term Assets $32.31M $28.92M
Total Long-Term Assets $25.52M $27.42M
Total Assets $57.83M $56.34M
YoY Change 8.92% 6.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $909.9K $1.489M
YoY Change -55.58% -8.86%
Accrued Expenses $1.246M $1.259M
YoY Change 53.63% 71.33%
Deferred Revenue
YoY Change
Short-Term Debt $619.8K
YoY Change
Long-Term Debt Due $2.307M $2.164M
YoY Change 177.66% 192.81%
Total Short-Term Liabilities $10.19M $10.92M
YoY Change 13.08% 34.91%
LONG-TERM LIABILITIES
Long-Term Debt $7.053M $6.103M
YoY Change 0.33% -16.43%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $7.053M $6.103M
YoY Change 0.33% -16.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.19M $10.92M
Total Long-Term Liabilities $7.053M $6.103M
Total Liabilities $17.50M $17.28M
YoY Change 5.37% 8.15%
SHAREHOLDERS EQUITY
Retained Earnings $19.16M $18.55M
YoY Change 17.86% 9.27%
Common Stock $12.45K $12.45K
YoY Change 0.12% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.95M $36.16M
YoY Change
Total Liabilities & Shareholders Equity $57.83M $56.34M
YoY Change 8.92% 6.71%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $611.9K $1.290M
YoY Change -185.2% 59.26%
Depreciation, Depletion And Amortization $516.9K
YoY Change 26.44%
Cash From Operating Activities $7.596M
YoY Change -6.85%
INVESTING ACTIVITIES
Capital Expenditures $1.186M
YoY Change -69.85%
Acquisitions
YoY Change
Other Investing Activities -$1.581M
YoY Change -2273.62%
Cash From Investing Activities -$2.767M
YoY Change -28.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.982M
YoY Change 51.51%
NET CHANGE
Cash From Operating Activities 7.596M
Cash From Investing Activities -2.767M
Cash From Financing Activities -3.982M
Net Change In Cash 847.6K
YoY Change -49.16%
FREE CASH FLOW
Cash From Operating Activities $7.596M
Capital Expenditures $1.186M
Free Cash Flow $6.410M
YoY Change 51.82%

Facts In Submission

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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8423994 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6843825 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7413753 usd
CY2024Q2 us-gaap Short Term Investments
ShortTermInvestments
2365613 usd
CY2023Q2 us-gaap Short Term Investments
ShortTermInvestments
1010241 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8423994 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
38268072 usd
CY2024Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
27223 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
516209 usd
CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26250 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
253357 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
39091111 usd
CY2024Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
35118 usd
CY2024Q2 us-gaap Profit Loss
ProfitLoss
1432433 usd
CY2024Q2 us-gaap Dividends
Dividends
1255053 usd
CY2024Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
365644 usd
CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
125903 usd
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
39063868 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
35238970 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-167239 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
964494 usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
13600 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
185298 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36235123 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36235123 usd
CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
226645 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
994727 usd
CY2023Q2 us-gaap Dividends
Dividends
626777 usd
CY2023Q2 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
200000 usd
CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
387696 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
181228 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36823250 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
36823250 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zqIcEBbGoi44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m) <span id="xdx_866_zUQ1R3rzxmZ">Use of Estimates</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and would impact the results of operations and cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant areas requiring the use of management estimates include assumptions and estimates relating to the valuation of goodwill and intangible assets, valuation of assets acquired at fair value, asset impairment analysis, share-based payments, valuation allowances for deferred income tax assets, determination of useful lives of property, equipment and leaseholds and intangible assets, recoverability of accounts receivable, recoverability of investments, discount rates for right of use assets and the costing and recoverable value of inventory.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zwhqVqtNZOK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q) <span id="xdx_868_zKxZjlcT6Ewd">Risk Management</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s credit risk is primarily attributable to its accounts receivable. The amounts presented in the accompanying consolidated balance sheets are net of allowances for doubtful accounts, estimated by the Company’s management based on prior experience and the current economic environment. The Company is exposed to credit-related losses in the event of non-payment by customers. Credit exposure is minimized by dealing with only credit worthy counterparties. Revenue for the Company’s three primary customers totaled $<span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_zd0LwPXPYXRh">9,843,563 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span id="xdx_901_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_z9xsYfv1tMid" title="Concentration risk threshold percentage">50</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%) for the six months ended June 30, 2024 (2023 - $<span id="xdx_904_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_z4LJCJD7L3mj">9,276,058 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_901_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_zpc0SHtMcXue" title="Concentration risk threshold percentage">46</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%) and $<span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_zKoJmMP6OIqc">5,520,361 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span id="xdx_901_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_zuTFYWIUud9b" title="Concentration risk threshold percentage">52</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%) for the three months ended June 30, 2024 (2023 - $<span id="xdx_90A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_zvwsXSCkrMBi">5,172,025 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_90C_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember_zPQZrNtbqgui" title="Concentration risk threshold percentage">50</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%). Accounts receivable for the Company’s three primary customers for the six months ended June 30, 2024 totaled $<span id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zUsTpCKEwK6f">4,443,400 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_90A_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20240101__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zTzgXmnKWQz1" title="Concentration risk threshold percentage">49</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% (2023 - $<span id="xdx_900_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_z2iNddTOSDu1">4,172,657 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_905_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zlJYEHL3zUY3" title="Concentration risk threshold percentage">56</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%). Accounts receivable for the Company’s three primary customers for the three months ended June 30, 2024 totaled $<span id="xdx_905_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_z8e5gv3yw23g">4,333,665 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_90D_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20240401__20240630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_z7BRCSjG1sXl">49</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% (2023 - $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zoGxXQk7tZak">4,172,657 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_90C_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zda3Sc3ovNvj" title="Concentration risk threshold percentage">56</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%; December 31, 2023 - $<span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pp0p0_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zF18VvLmGCAh">6,561,164 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or <span id="xdx_90D_ecustom--ConcentrationRiskThresholdPercentage_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__custom--ThreePrimaryCustomersMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_znMd0RPcq5a3" title="Concentration risk threshold percentage">67</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The credit risk on cash is limited because the Company limits its exposure to credit loss by placing its cash with major financial institutions. The Company maintains cash balances at financial institutions which at times exceed federally insured amounts. The Company has not experienced any losses in such accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is exposed to foreign risk to the extent that market value rate fluctuations materially differ for financial assets and liabilities denominated in foreign currencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to manage its exposure to foreign exchange risks, the Company closely monitors the fluctuations in the foreign currency exchange rates and the impact on the value of cash, accounts receivable, and accounts payable and accrued liabilities. The Company has not hedged its exposure to currency fluctuations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is exposed to interest rate risk to the extent that the fair value or future cash flows for financial liabilities will fluctuate as a result of changes in market interest rates. The Company is exposed to interest rate risk on its long-term debt subject to fixed long-term interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to manage its exposure to interest rate risk, the Company closely monitors fluctuations in market interest risks and will refinance its long-term debt where possible to obtain more favourable rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.055 pure
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
35910 usd
CY2024Q2 us-gaap Security Deposit
SecurityDeposit
5440 usd
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-41350 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
167222 usd
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
51929 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
115293 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
13694 usd
FSI Operating Lease Right Of Use Asset Early Termination Of Lease
OperatingLeaseRightOfUseAssetEarlyTerminationOfLease
101599 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
167222 usd
CY2023 FSI Lease Interest Expense
LeaseInterestExpense
6151 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
58080 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
115293 usd
FSI Lease Interest Expense
LeaseInterestExpense
1186 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
14880 usd
FSI Operating Lease Liability Early Termination Of Lease
OperatingLeaseLiabilityEarlyTerminationOfLease
101599 usd
CY2024Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
9081600 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
10133249 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
288904 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
290193 usd
CY2024Q2 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
8792696 usd
CY2023Q4 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
9843056 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2754018 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2682158 usd
CY2024Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
7579940 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
8452731 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
10333958 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
11134889 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24965719 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10988986 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13976733 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23365705 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10193918 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13171787 usd
us-gaap Depreciation
Depreciation
859524 usd
us-gaap Depreciation
Depreciation
671574 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
423123 usd
CY2024Q2 us-gaap Goodwill
Goodwill
2534275 usd
CY2023Q4 us-gaap Goodwill
Goodwill
2534275 usd
CY2024Q2 us-gaap Goodwill
Goodwill
2534275 usd
CY2023Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
770000 usd
CY2024Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
770000 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
80000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
80000 usd
CY2024Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
2521905 usd
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
824254 usd
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
506659 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
7330 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
3750000 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
150000 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
174582 usd
CY2024Q2 FSI Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLongTermDebt
-2849500 usd
CY2024Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
883248 usd
CY2024Q2 FSI Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Less Purchase Price
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLessPurchasePrice
376589 usd
FSI Investment Eliminated Upon Consolidation
InvestmentEliminatedUponConsolidation
-41538 usd
FSI Gain On Acquisition Of Subsidiary
GainOnAcquisitionOfSubsidiary
335051 usd
CY2021 FSI Debt Instrument Maturity Month Year
DebtInstrumentMaturityMonthYear
2023-12
CY2023Q4 us-gaap Investments
Investments
200000 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
7159499 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
8231298 usd
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2044578 usd
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2435858 usd
FSI Realized Investment Gains Losses Net
RealizedInvestmentGainsLossesNet
595329 usd
FSI Realized Investment Gains Losses Net
RealizedInvestmentGainsLossesNet
653407 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8114936 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
6154077 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8114936 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
6154077 usd
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
524812 usd
CY2023 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
2686682 usd
us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
373615 usd
CY2023 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
725823 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
8266133 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8114936 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
8266133 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8114936 usd
CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
2163602 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1281632 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6102531 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6833304 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1686000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.26
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
564000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.55
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8000 shares
CY2023 FSI Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Excercised Options Exercise Price
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExcercisedOptionsExercisePrice
1.70
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.70
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1114000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
950000 shares
FSI Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Granted Options Exercise Price
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeGrantedOptionsExercisePrice
2.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
108000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.09
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15000 shares
FSI Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Excercised Options Exercise Price
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExcercisedOptionsExercisePrice
1.75
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.75
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1941000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.65
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
810000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.86
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
696201 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y14D
CY2024Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.10
us-gaap Dividends
Dividends
1255053 usd
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1272 shares
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
4070 usd
CY2023Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.05
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segments
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
19753611 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20178808 usd
CY2024Q2 us-gaap Noncurrent Assets
NoncurrentAssets
18711008 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
18101355 usd
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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