2023 Q2 Form 20-F Financial Statement
#000149315223038742 Filed on October 30, 2023
Income Statement
Concept | 2023 Q2 | 2023 | 2022 Q2 |
---|---|---|---|
Revenue | $4.799M | $4.799M | $8.156M |
YoY Change | -41.16% | -41.16% | |
Cost Of Revenue | $2.626M | $2.626M | $4.520M |
YoY Change | -41.91% | -41.91% | |
Gross Profit | $2.173M | $2.173M | $3.636M |
YoY Change | -40.22% | -40.22% | |
Gross Profit Margin | 45.29% | 45.29% | 44.58% |
Selling, General & Admin | $2.507M | $1.343M | $2.089M |
YoY Change | 20.02% | 21.28% | |
% of Gross Profit | 115.37% | 61.8% | 57.46% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $0.00 | $12.27K | $730.00 |
YoY Change | -100.0% | 1580.55% | |
% of Gross Profit | 0.0% | 0.56% | 0.02% |
Operating Expenses | $2.520M | $2.520M | $2.303M |
YoY Change | 9.39% | 9.39% | |
Operating Profit | -$346.3K | -$346.3K | $1.332M |
YoY Change | -125.99% | -125.99% | |
Interest Expense | -$620.3K | $92.80K | -$493.8K |
YoY Change | 25.62% | 238.45% | |
% of Operating Profit | -37.07% | ||
Other Income/Expense, Net | $9.890K | -$1.273M | -$50.00 |
YoY Change | -19880.0% | 15.73% | |
Pretax Income | -$1.619M | -$1.619M | $232.5K |
YoY Change | -796.56% | -796.55% | |
Income Tax | -$25.76K | -$25.76K | $219.9K |
% Of Pretax Income | 94.58% | ||
Net Earnings | -$1.593M | -$1.593M | $12.60K |
YoY Change | -12745.95% | -12743.98% | |
Net Earnings / Revenue | -33.2% | -33.2% | 0.15% |
Basic Earnings Per Share | -$0.21 | ||
Diluted Earnings Per Share | -$0.21 | -$0.21 | $0.00 |
COMMON SHARES | |||
Basic Shares Outstanding | 8.120M shares | 7.715M shares | |
Diluted Shares Outstanding | 7.715M shares |
Balance Sheet
Concept | 2023 Q2 | 2023 | 2022 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $730.0K | $730.0K | |
YoY Change | -58.05% | ||
Cash & Equivalents | $236.8K | $240.0K | $716.1K |
Short-Term Investments | $490.0K | $490.0K | |
Other Short-Term Assets | $5.330M | $5.330M | |
YoY Change | 2217.39% | ||
Inventory | $525.8K | $530.0K | $919.4K |
Prepaid Expenses | $5.318M | $223.2K | |
Receivables | $174.3K | $170.0K | $41.10K |
Other Receivables | $0.00 | $0.00 | |
Total Short-Term Assets | $6.763M | $6.760M | $2.930M |
YoY Change | 130.77% | 130.72% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $38.74K | $640.0K | $51.01K |
YoY Change | -24.05% | -28.09% | |
Goodwill | $1.161M | $1.161M | |
YoY Change | 0.0% | ||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $130.0K | $130.0K | |
YoY Change | 18.18% | ||
Total Long-Term Assets | $2.275M | $2.280M | $2.501M |
YoY Change | -9.03% | -8.8% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $6.763M | $6.760M | $2.930M |
Total Long-Term Assets | $2.275M | $2.280M | $2.501M |
Total Assets | $9.038M | $9.040M | $5.432M |
YoY Change | 66.39% | 66.48% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.170M | $1.170M | |
YoY Change | 44.44% | ||
Accrued Expenses | $210.0K | $210.0K | |
YoY Change | 0.0% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.130M | $2.130M | $2.273M |
YoY Change | -6.3% | -6.17% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $490.0K | $490.0K | |
YoY Change | -31.94% | ||
Total Long-Term Liabilities | $490.0K | $490.0K | |
YoY Change | -31.94% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.130M | $2.130M | $2.273M |
Total Long-Term Liabilities | $490.0K | $490.0K | |
Total Liabilities | $2.621M | $2.620M | $2.994M |
YoY Change | -12.47% | -12.37% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$681.6K | $911.7K | |
YoY Change | -174.76% | ||
Common Stock | $812.00 | $700.00 | |
YoY Change | 16.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $6.417M | $6.420M | $2.437M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $9.038M | $9.040M | $5.432M |
YoY Change | 66.39% | 66.48% |
Cashflow Statement
Concept | 2023 Q2 | 2023 | 2022 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.593M | -$1.593M | $12.60K |
YoY Change | -12745.95% | -12743.98% | |
Depreciation, Depletion And Amortization | $0.00 | $12.27K | $730.00 |
YoY Change | -100.0% | 1580.55% | |
Cash From Operating Activities | -$140.0K | -$373.1K | |
YoY Change | 183.12% | ||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | |
YoY Change | -100.0% | ||
Cash From Investing Activities | $0.00 | ||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -30.00K | -$79.06K | |
YoY Change | -184.19% | ||
NET CHANGE | |||
Cash From Operating Activities | -140.0K | -$373.1K | |
Cash From Investing Activities | 0.000 | ||
Cash From Financing Activities | -30.00K | -$79.06K | |
Net Change In Cash | -170.0K | -$479.2K | |
YoY Change | -15.94% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$140.0K | -$373.1K | |
Capital Expenditures | |||
Free Cash Flow | -$373.1K | ||
YoY Change | 103.3% |
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CY2022 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
-466478 | usd |
CY2023 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
9885 | usd |
CY2022 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-54 | usd |
CY2023 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
1978 | usd |
CY2022 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
99 | usd |
CY2023 | us-gaap |
Interest Expense
InterestExpense
|
92800 | usd |
CY2022 | us-gaap |
Interest Expense
InterestExpense
|
27419 | usd |
CY2023 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-1272843 | usd |
CY2022 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-1099802 | usd |
CY2023 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-1619155 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
232454 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-25761 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
219852 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1593394 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
12602 | usd |
CY2023 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-27063 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-66949 | usd |
CY2023 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1620457 | usd |
CY2022 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-54347 | usd |
CY2023 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.21 | |
CY2023 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.21 | |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.00 | |
CY2022 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.00 | |
CY2023 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
7714959 | shares |
CY2023 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
7714959 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
7000000 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
7000000 | shares |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2491727 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-66949 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
12602 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2437380 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
5600000 | usd |
CY2023 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-27063 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1593394 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1593394 | usd |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6416923 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1593394 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
12602 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
12268 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
730 | usd |
CY2023 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
426971 | usd |
CY2023 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
-529488 | usd |
CY2022 | us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
-466478 | usd |
CY2023 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
560000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
560215 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
27996 | usd |
CY2023 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-393636 | usd |
CY2022 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
4352 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
61177 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-74394 | usd |
CY2023 | FTEL |
Increase Decrease In Right Of Use Activity
IncreaseDecreaseInRightOfUseActivity
|
3523 | usd |
CY2022 | FTEL |
Increase Decrease In Right Of Use Activity
IncreaseDecreaseInRightOfUseActivity
|
4454 | usd |
CY2023 | FTEL |
Increase Decrease In Deferred Tax Asset
IncreaseDecreaseInDeferredTaxAsset
|
20759 | usd |
CY2022 | FTEL |
Increase Decrease In Deferred Tax Asset
IncreaseDecreaseInDeferredTaxAsset
|
61533 | usd |
CY2022 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-42010 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
363694 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-198755 | usd |
CY2023 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-263625 | usd |
CY2022 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-662743 | usd |
CY2023 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-169615 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
235920 | usd |
CY2023 | FTEL |
Increase Decrease In Accrued Employee Benefits Noncurrent
IncreaseDecreaseInAccruedEmployeeBenefitsNoncurrent
|
13147 | usd |
CY2022 | FTEL |
Increase Decrease In Accrued Employee Benefits Noncurrent
IncreaseDecreaseInAccruedEmployeeBenefitsNoncurrent
|
-4082 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-373104 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-131781 | usd |
CY2022 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
1490241 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
51741 | usd |
CY2022 | FTEL |
Net Activity On Amount Due From Related Party
NetActivityOnAmountDueFromRelatedParty
|
1076687 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-465295 | usd |
CY2023 | FTEL |
Payments Of Due To Related Parties
PaymentsOfDueToRelatedParties
|
-79064 | usd |
CY2022 | FTEL |
Payments Of Due To Related Parties
PaymentsOfDueToRelatedParties
|
93915 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-79064 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
93915 | usd |
CY2023 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
|
27063 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
|
66949 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-479231 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-570110 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
716052 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1286162 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
236821 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
716052 | usd |
CY2023 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
80375 | usd |
CY2022 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
547118 | usd |
CY2023 | FTEL |
Stock Issued For Prepaid Ipo Services
StockIssuedForPrepaidIpoServices
|
5040000 | usd |
CY2023 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
426971 | usd |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zPqkhz63C4w4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86D_ze7oiAKPIlAj">Concentration of Credit Risk</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_845_eus-gaap--UseOfEstimates_zm2Ro78XNVC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_zIlnnHEL6ZBb">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023 | us-gaap |
Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
|
<p id="xdx_84E_eus-gaap--RevenueRecognitionDeferredRevenue_zcBkGOK0j3dk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_867_zuKFOw5VEr0l">Deferred Revenue</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.05pt; 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 0pt 0pt 0.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognized the deposits received from its customers as deferred revenue if the goods or service is not delivered. It would be recognized as revenue after the goods or service is delivered. During the fiscal year ended June 30, 2023, a total of US$<span id="xdx_900_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_c20220701__20230630_z7GocvFRA9A5" title="Deferred revenue, revenue recognized">501,976</span> of deferred revenue was recognized into merchandise revenue ($<span id="xdx_901_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_c20220701__20230630__srt--ProductOrServiceAxis__custom--MerchandiseRevenueMember_zLxOs172yQW" title="Deferred revenue, revenue recognized">190,892</span>), and revenue from licensing customers ($<span id="xdx_906_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_c20220701__20230630__srt--ProductOrServiceAxis__custom--RevenueFromLicensingCustomersMember_za9G0sUIcezi" title="Deferred revenue, revenue recognized">311,084</span>). At June 30, 2023, a total of $<span id="xdx_909_eus-gaap--DeferredRevenueCurrent_iI_c20230630_zH2XsnZSyTLa" title="Deferred revenue">238,351</span> of revenue has been deferred to be recognized in future periods as merchandise revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
501976 | usd |
CY2023Q2 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
238351 | usd |
CY2023 | us-gaap |
Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
|
1120000 | shares |
CY2023Q2 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
5.00 | |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
0 | usd |
CY2023 | us-gaap |
Revenue Recognition Loyalty Programs
RevenueRecognitionLoyaltyPrograms
|
<p id="xdx_848_eus-gaap--RevenueRecognitionLoyaltyPrograms_zBDn8CyMncxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86E_zwQvh4VEFHKe">Customers Loyalty Program</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For certain sales transactions, the Company offers loyalty points to its customer based on the dollar value of the transaction which giver the customer the option to acquire additional goods or services at a price that is lower than its stand-alone selling price. In accordance with Topic 606, the Company evaluates whether these loyalty points constitute separate performance obligations and the need to allocate the transaction price between revenue and performance obligation. As of December 31, 2022, the Company does not believe that any separate performance obligation under the loyalty program is material<span style="background-color: white">.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.05pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023 | us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
529488 | usd |
CY2022 | us-gaap |
Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
|
466478 | usd |
CY2023 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
454995 | usd |
CY2022 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
604200 | usd |
CY2023 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-27063 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-66949 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
12268 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
730 | usd |
CY2023Q2 | FTEL |
Brand Names
BrandNames
|
337504 | usd |
CY2022Q2 | FTEL |
Brand Names
BrandNames
|
337504 | usd |
CY2023Q2 | us-gaap |
Goodwill
Goodwill
|
1161052 | usd |
CY2022Q2 | us-gaap |
Goodwill
Goodwill
|
1161052 | usd |
CY2023 | us-gaap |
Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
|
0 | usd |
CY2022 | us-gaap |
Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
|
0 | usd |
CY2023 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | shares |
CY2023 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
0 | usd |
CY2022 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
0 | usd |
CY2023Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
51741 | usd |
CY2022Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
51741 | usd |
CY2023Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
12998 | usd |
CY2022Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
730 | usd |
CY2023Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
38743 | usd |
CY2022Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
51011 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
12268 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
730 | usd |
CY2023 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
25000 | aud |
CY2023 | FTEL |
Annual Escalation Rate
AnnualEscalationRate
|
0.03 | pure |
CY2023 | FTEL |
Incremental Borrowing Rate
IncrementalBorrowingRate
|
0.0370 | pure |
CY2023 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
198914 | usd |
CY2022 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
213490 | usd |
CY2023Q2 | FTEL |
Right Of Use Assets For Office Lease
RightOfUseAssetsForOfficeLease
|
1541390 | usd |
CY2022Q2 | FTEL |
Right Of Use Assets For Office Lease
RightOfUseAssetsForOfficeLease
|
1541390 | usd |
CY2023Q2 | FTEL |
Adjustment For Amortizations
AdjustmentForAmortizations
|
-935596 | usd |
CY2022Q2 | FTEL |
Adjustment For Amortizations
AdjustmentForAmortizations
|
-701267 | usd |
CY2023Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
605794 | usd |
CY2022Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
840123 | usd |
CY2023Q2 | FTEL |
Operating Lease Liability For Office Lease
OperatingLeaseLiabilityForOfficeLease
|
685077 | usd |
CY2022Q2 | FTEL |
Operating Lease Liability For Office Lease
OperatingLeaseLiabilityForOfficeLease
|
922929 | usd |
CY2023Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
212062 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
206690 | usd |
CY2023Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
473015 | usd |
CY2022Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
716239 | usd |
CY2023Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
233735 | usd |
CY2023Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
240747 | usd |
CY2023Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
247970 | usd |
CY2023Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
722452 | usd |
CY2023Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
37375 | usd |
CY2023Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
685077 | usd |
CY2023 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-1619155 | usd |
CY2022 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
232454 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.25 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.25 | pure |
CY2023 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
|
-404789 | usd |
CY2022 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
|
58114 | usd |
CY2023 | FTEL |
Income Tax Reconciliation Nondeductible Expense Stock Issued For Services
IncomeTaxReconciliationNondeductibleExpenseStockIssuedForServices
|
140000 | usd |
CY2023 | FTEL |
Income Tax Reconciliation Nondeductible Expense Ipo Related Expenses
IncomeTaxReconciliationNondeductibleExpenseIpoRelatedExpenses
|
27601 | usd |
CY2022 | FTEL |
Income Tax Reconciliation Nondeductible Expense Ipo Related Expenses
IncomeTaxReconciliationNondeductibleExpenseIpoRelatedExpenses
|
151488 | usd |
CY2023 | FTEL |
Income Tax Reconciliation Nondeductible Expense Provision For Bad Debt
IncomeTaxReconciliationNondeductibleExpenseProvisionForBadDebt
|
106742 | usd |
CY2023 | FTEL |
Income Tax Reconciliation Nondeductible Expense Unrealized Loss On Investments
IncomeTaxReconciliationNondeductibleExpenseUnrealizedLossOnInvestments
|
131613 | usd |
CY2023 | FTEL |
Income Tax Reconciliation Nondeductible Expense Government Subsidy Tech Boost
IncomeTaxReconciliationNondeductibleExpenseGovernmentSubsidyTechBoost
|
-6721 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
-20207 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
|
10250 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-25761 | usd |
CY2022 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
219852 | usd |
CY2023Q2 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
|
1877 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
|
21718 | usd |
CY2023Q2 | us-gaap |
Deferred Tax Assets Unrealized Losses On Trading Securities
DeferredTaxAssetsUnrealizedLossesOnTradingSecurities
|
22082 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Unrealized Losses On Trading Securities
DeferredTaxAssetsUnrealizedLossesOnTradingSecurities
|
114515 | usd |
CY2023Q2 | FTEL |
Deferred Tax Assets Unrealized Currency Gain
DeferredTaxAssetsUnrealizedCurrencyGain
|
1394 | usd |
CY2022Q2 | FTEL |
Deferred Tax Assets Unrealized Currency Gain
DeferredTaxAssetsUnrealizedCurrencyGain
|
13202 | usd |
CY2023Q2 | FTEL |
Deferred Tax Assets Depreciation
DeferredTaxAssetsDepreciation
|
3049 | usd |
CY2022Q2 | FTEL |
Deferred Tax Assets Depreciation
DeferredTaxAssetsDepreciation
|
-12753 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
|
1317 | usd |
CY2023Q2 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
106740 | usd |
CY2023Q2 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
132354 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
111595 | usd |