$FUST
FUSE GROUP HOLDING INC.

2022 Q3 Form 10-Q Financial Statement

#000118518522000914 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Gross Profit $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Gross Profit Margin
Selling, General & Admin $110.6K $127.5K $205.8K
YoY Change -35.5% -24.27% 16.67%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.00 $456.00 $450.00
YoY Change -18.18% -16.79% -18.18%
% of Gross Profit
Operating Expenses $110.6K $127.4K $205.8K
YoY Change -90.56% -24.27% 16.67%
Operating Profit -$110.6K -$127.4K -$205.8K
YoY Change -89.04% 350.3% -510.6%
Interest Expense -$3.450K $2.588K -$1.450K
YoY Change 238.24% 153.48% 43.56%
% of Operating Profit
Other Income/Expense, Net $650.00 -$2.186K -$210.00
YoY Change -280.56% -104.52% -38.24%
Pretax Income -$113.4K -$129.6K -$207.4K
YoY Change -88.78% -746.29% -525.26%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$113.4K -$129.6K -$207.4K
YoY Change -88.78% -746.29% -547.3%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.750K -$2.001K -$3.202K
COMMON SHARES
Basic Shares Outstanding 64.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.00K $48.00K $136.8K
YoY Change -75.65% -62.17% -5.21%
Cash & Equivalents $33.00K $48.00K $136.8K
Short-Term Investments
Other Short-Term Assets $12.02K $15.56K $4.670K
YoY Change -47.47% -20.73% -83.35%
Inventory
Prepaid Expenses $12.02K $15.56K
Receivables
Other Receivables
Total Short-Term Assets $45.01K $63.56K $141.4K
YoY Change -71.58% -56.61% -17.93%
LONG-TERM ASSETS
Property, Plant & Equipment $2.276K $2.731K $74.73K
YoY Change -45.68% -80.44% 252.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $61.11K $67.96K $74.73K
YoY Change 819.52% -93.3% -92.68%
TOTAL ASSETS
Total Short-Term Assets $45.01K $63.56K $141.4K
Total Long-Term Assets $61.11K $67.96K $74.73K
Total Assets $106.1K $131.5K $216.2K
YoY Change -35.69% -88.67% -81.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $30.67K $27.39K $24.99K
YoY Change 586.13% 146.53% 41.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.230K $2.210K $3.220K
YoY Change -16.17% -16.29% -93.73%
Total Short-Term Liabilities $37.57K $42.27K $40.04K
YoY Change 10.76% 129.86% -44.13%
LONG-TERM LIABILITIES
Long-Term Debt $454.1K $354.7K $305.2K
YoY Change 327.04% 231.84% 185.96%
Other Long-Term Liabilities $34.17K $40.93K $47.61K
YoY Change
Total Long-Term Liabilities $488.3K $395.6K $352.8K
YoY Change 359.18% 270.13% 230.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.57K $42.27K $40.04K
Total Long-Term Liabilities $488.3K $395.6K $352.8K
Total Liabilities $525.8K $437.9K $392.9K
YoY Change 274.91% 249.51% 120.21%
SHAREHOLDERS EQUITY
Retained Earnings -$7.434M -$7.321M
YoY Change 6.36%
Common Stock $64.78K $64.78K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$419.7K -$306.4K -$176.7K
YoY Change
Total Liabilities & Shareholders Equity $106.1K $131.5K $216.2K
YoY Change -35.69% -88.67% -81.89%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$113.4K -$129.6K -$207.4K
YoY Change -88.78% -746.29% -547.3%
Depreciation, Depletion And Amortization $450.00 $456.00 $450.00
YoY Change -18.18% -16.79% -18.18%
Cash From Operating Activities -$114.5K -$137.5K -$143.9K
YoY Change -1349.56% 689.95% -1014.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 99.46K 48.77K 199.6K
YoY Change -18866.04%
NET CHANGE
Cash From Operating Activities -114.5K -137.5K -143.9K
Cash From Investing Activities
Cash From Financing Activities 99.46K 48.77K 199.6K
Net Change In Cash -15.00K -88.76K 55.77K
YoY Change -273.81% 409.82% 254.55%
FREE CASH FLOW
Cash From Operating Activities -$114.5K -$137.5K -$143.9K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Type
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10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
333-202948
dei Entity Registrant Name
EntityRegistrantName
FUSE GROUP HOLDING INC
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
47-1017473
dei Entity Address Address Line1
EntityAddressAddressLine1
805 W. Duarte Rd., Suite 102
dei Entity Address City Or Town
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Arcadia
dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Security12b Title
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None
dei Trading Symbol
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dei Entity Filer Category
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dei Entity Small Business
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dei Entity Emerging Growth Company
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration:underline">Reclassification</span></i></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Certain prior period’s accounts have been reclassified in conformity with current period’s presentation. These reclassifications had no effect on the reported results of operations.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
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us-gaap Use Of Estimates
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration:underline">Use of Estimates</span></i></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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 financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The significant areas requiring the use of management estimates include, but are not limited to, the estimated useful life and residual value of property, plant and equipment, recognition and measurement of deferred income taxes and the valuation allowance for deferred tax assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ from those estimates and such differences may be material to the consolidated financial statements.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7320852 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-335380 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2731 usd
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4190 usd
us-gaap Depreciation
Depreciation
1459 usd
us-gaap Depreciation
Depreciation
1644 usd
CY2022Q2 us-gaap Depreciation
Depreciation
456 usd
CY2021Q2 us-gaap Depreciation
Depreciation
548 usd
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
15555 usd
CY2021Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
22882 usd
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
12670 usd
CY2021Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
26796 usd
CY2022Q2 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
4670 usd
CY2022Q2 us-gaap Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
8000 usd
CY2021Q3 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
1720 usd
CY2021Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
9000 usd
CY2021Q3 us-gaap Accrued Employee Benefits Current And Noncurrent
AccruedEmployeeBenefitsCurrentAndNoncurrent
16076 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2210 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2294 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2381 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2472 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2566 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
94958 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
106881 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4760000 usd
CY2022Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
1330000 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1328638 usd
CY2021Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1224009 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
279836 usd
CY2021Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
279836 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
301 usd
CY2021Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
562 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1608775 usd
CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1504407 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2021Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
fsnt Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate1
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate1
-0.21 pure
fsnt Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate1
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate1
-0.21 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0002 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0045 pure
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0555 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0625 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0695 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.2843 pure
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.4398 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0073 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216 pure
CY2022Q2 fsnt Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate1
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate1
-0.21 pure
CY2021Q2 fsnt Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate1
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate1
-0.21 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0 pure
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0229 pure
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0154 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0698 pure
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0698 pure
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.3027 pure
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.2952 pure
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
200000 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
500000 usd
CY2022Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
0 usd
CY2021Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
150000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
19262 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
20557 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M2D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
7193 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6787 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04 pure
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
28124 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
29820 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
12675 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
70619 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4318 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
66301 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
25373 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
40928 usd
CY2018Q3 fsnt Employment Agreement Annual Compensation
EmploymentAgreementAnnualCompensation
50000 usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Entity Central Index Key
EntityCentralIndexKey
0001636051

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