2024 Q2 Form 20-F Financial Statement

#000149315224046303 Filed on November 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 2023 Q3
Revenue $4.467M
YoY Change -6.93%
Cost Of Revenue $2.881M
YoY Change 9.72%
Gross Profit $1.586M
YoY Change -27.04%
Gross Profit Margin 35.5%
Selling, General & Admin $2.804M
YoY Change 108.78%
% of Gross Profit 176.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.39K
YoY Change -15.35%
% of Gross Profit 0.65%
Operating Expenses $9.584M
YoY Change 280.37%
Operating Profit -$7.999M
YoY Change 2209.62%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.523M
YoY Change 19.65%
Pretax Income -$9.521M
YoY Change 488.05%
Income Tax -$209.3K
% Of Pretax Income
Net Earnings -$9.312M
YoY Change 484.42%
Net Earnings / Revenue -208.48%
Basic Earnings Per Share -$0.66
Diluted Earnings Per Share -$0.66
COMMON SHARES
Basic Shares Outstanding 20.12M shares 14.02M shares
Diluted Shares Outstanding 14.02M shares

Balance Sheet

Concept 2024 Q2 2024 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $939.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.440M
Prepaid Expenses $1.200M
Receivables $60.04K
Other Receivables $2.500M
Total Short-Term Assets $9.053M
YoY Change 33.87%
LONG-TERM ASSETS
Property, Plant & Equipment $27.13K
YoY Change -29.97%
Goodwill $1.161M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.426M
YoY Change 6.6%
TOTAL ASSETS
Total Short-Term Assets $9.053M
Total Long-Term Assets $2.426M
Total Assets $11.48M
YoY Change 27.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.146M
YoY Change 0.77%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.146M
Total Long-Term Liabilities
Total Liabilities $2.469M
YoY Change -5.78%
SHAREHOLDERS EQUITY
Retained Earnings -$9.994M
YoY Change 1366.12%
Common Stock $2.012K
YoY Change 147.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.009M
YoY Change
Total Liabilities & Shareholders Equity $11.48M
YoY Change 27.0%

Cashflow Statement

Concept 2024 Q2 2024 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.312M
YoY Change 484.42%
Depreciation, Depletion And Amortization $10.39K
YoY Change -15.35%
Cash From Operating Activities -$12.25M
YoY Change 3184.22%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.500M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $13.61M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $15.47M
YoY Change -19665.67%
NET CHANGE
Cash From Operating Activities -$12.25M
Cash From Investing Activities -$2.500M
Cash From Financing Activities $15.47M
Net Change In Cash $702.2K
YoY Change -246.52%
FREE CASH FLOW
Cash From Operating Activities -$12.25M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024 FTEL Increase Decrease In Prepaid Offering Costs
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CY2024 FTEL Increase Decrease In Deferred Tax Asset
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CY2024 FTEL Conversion Of Warrants Of Convertible Notes To Equity
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CY2024 FTEL Conversion Of Underwriters Warrant To Equity
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CY2024 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zxohUoZmgnie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Concentration of Credit Risk</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>
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_z4fZuz8a4Sr9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024 us-gaap Revenue Recognition Deferred Revenue
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023 us-gaap Stock Issued During Period Shares Issued For Services
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CY2023Q2 us-gaap Shares Issued Price Per Share
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CY2024Q2 us-gaap Prepaid Expense Current
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CY2023Q2 us-gaap Prepaid Expense Current
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CY2024 us-gaap Revenue Recognition Loyalty Programs
RevenueRecognitionLoyaltyPrograms
<p id="xdx_84A_eus-gaap--RevenueRecognitionLoyaltyPrograms_zqLYer8wBuo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Customers Loyalty Program</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 gives 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 June 30, 2024 and 2023, 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>
CY2024 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
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CY2023 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
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CY2024 us-gaap Selling And Marketing Expense
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CY2024 us-gaap Depreciation
Depreciation
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CY2023 us-gaap Depreciation
Depreciation
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CY2024Q2 FTEL Brand Names
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337504 usd
CY2023Q2 FTEL Brand Names
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337504 usd
CY2024Q2 us-gaap Goodwill
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1161052 usd
CY2023Q2 us-gaap Goodwill
Goodwill
1161052 usd
CY2024 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2023 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2024 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2024 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2023 us-gaap Short Term Lease Cost
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CY2024 us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
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CY2023Q3 us-gaap Other Receivables Net Current
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2500000 usd
CY2023Q3 us-gaap Debt Instrument Term
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P36M
CY2023Q3 FTEL Debt Instrument Increase Accrued Interest Percentage
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0.068 pure
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CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2024Q2 us-gaap Property Plant And Equipment Net
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CY2023Q2 us-gaap Property Plant And Equipment Net
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38743 usd
CY2024 us-gaap Depreciation
Depreciation
10385 usd
CY2023 us-gaap Depreciation
Depreciation
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CY2024 us-gaap Operating Lease Payments
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25000 aud
CY2024 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
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CY2024 FTEL Annual Escalation Rate
AnnualEscalationRate
0.03 pure
CY2024 FTEL Incremental Borrowing Rate
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CY2024 us-gaap Operating Lease Expense
OperatingLeaseExpense
284169 usd
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
198914 usd
CY2024Q2 FTEL Right Of Use Assets For Office Lease
RightOfUseAssetsForOfficeLease
836697 usd
CY2023Q2 FTEL Right Of Use Assets For Office Lease
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CY2024Q2 FTEL Adjustment For Amortizations
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CY2023Q2 FTEL Adjustment For Amortizations
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
557798 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2024Q2 FTEL Operating Lease Liability For Office Lease
OperatingLeaseLiabilityForOfficeLease
580353 usd
CY2023Q2 FTEL Operating Lease Liability For Office Lease
OperatingLeaseLiabilityForOfficeLease
685077 usd
CY2024Q2 us-gaap Operating Lease Liability Current
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278432 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
212062 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
301921 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
473015 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
301127 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
310160 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
611287 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
30934 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2024 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1619155 usd
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.25 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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0.25 pure
CY2024 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
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CY2023 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
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CY2023 FTEL Income Tax Reconciliation Nondeductible Expense Stock Issued For Services
IncomeTaxReconciliationNondeductibleExpenseStockIssuedForServices
140000 usd
CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Ipo Related Expenses
IncomeTaxReconciliationNondeductibleExpenseIpoRelatedExpenses
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CY2023 FTEL Income Tax Reconciliation Nondeductible Expense Ipo Related Expenses
IncomeTaxReconciliationNondeductibleExpenseIpoRelatedExpenses
27601 usd
CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Provision For Bad Debt
IncomeTaxReconciliationNondeductibleExpenseProvisionForBadDebt
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CY2023 FTEL Income Tax Reconciliation Nondeductible Expense Provision For Bad Debt
IncomeTaxReconciliationNondeductibleExpenseProvisionForBadDebt
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CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Unrealized Loss On Investments
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CY2023 FTEL Income Tax Reconciliation Nondeductible Expense Unrealized Loss On Investments
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131613 usd
CY2023 FTEL Income Tax Reconciliation Nondeductible Expense Government Subsidy Tech Boost
IncomeTaxReconciliationNondeductibleExpenseGovernmentSubsidyTechBoost
-6721 usd
CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Debt Discount
IncomeTaxReconciliationNondeductibleExpenseDebtDiscount
277022 usd
CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Nontaxable Other Income
IncomeTaxReconciliationNondeductibleExpenseNontaxableOtherIncome
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CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Nontax Deductible Personnel Expenses
IncomeTaxReconciliationNondeductibleExpenseNontaxDeductiblePersonnelExpenses
29544 usd
CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Nontax Deductible Consulting Fees
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1367032 usd
CY2024 FTEL Income Tax Reconciliation Nondeductible Expense Nontax Deductible General And Administrative Expenses
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CY2024 us-gaap Income Tax Reconciliation Tax Contingencies Other
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-26742 usd
CY2023 us-gaap Income Tax Reconciliation Tax Contingencies Other
IncomeTaxReconciliationTaxContingenciesOther
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CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
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CY2023Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
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1877 usd
CY2023Q2 us-gaap Deferred Tax Assets Unrealized Losses On Trading Securities
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CY2024Q2 FTEL Deferred Tax Assets Unrealized Currency Gain
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CY2023Q2 FTEL Deferred Tax Assets Unrealized Currency Gain
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1394 usd
CY2024Q2 FTEL Deferred Tax Assets Depreciation
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-6783 usd
CY2023Q2 FTEL Deferred Tax Assets Depreciation
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3049 usd
CY2024Q2 FTEL Deferred Tax Assets Operating Right Of Use Assets And Lease Liabilities
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5639 usd
CY2024Q2 FTEL Deferred Tax Assets Accumulated Tax Loss
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238989 usd
CY2024Q2 us-gaap Deferred Tax Assets Other
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56784 usd
CY2023Q2 us-gaap Deferred Tax Assets Other
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106740 usd
CY2024Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
342122 usd
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
132354 usd

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