2023 Q2 Form 10-Q Financial Statement

#000149315223017870 Filed on May 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q3
Revenue $579.7K $36.41K $0.00
YoY Change
Cost Of Revenue $444.8K $88.83K
YoY Change
Gross Profit $134.9K -$52.42K
YoY Change
Gross Profit Margin 23.27% -143.98%
Selling, General & Admin $436.1K $268.3K $84.41K
YoY Change 1471.63% 399.46%
% of Gross Profit 323.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.160K $8.120K
YoY Change
% of Gross Profit 0.86%
Operating Expenses $449.1K $276.4K $84.41K
YoY Change 1518.42% 414.58%
Operating Profit -$314.2K -$328.8K
YoY Change 1032.45% 512.19%
Interest Expense $5.400K $10.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $53.04K $14.00 $0.00
YoY Change
Pretax Income -$261.2K -$328.8K -$84.41K
YoY Change 841.29% 512.16%
Income Tax -$25.72K -$24.49K $0.00
% Of Pretax Income
Net Earnings -$235.5K -$304.3K -$84.41K
YoY Change 748.61% 466.56%
Net Earnings / Revenue -40.62% -835.76%
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share -$0.01 -$0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 26.69M shares 17.75M shares
Diluted Shares Outstanding 27.94M shares 18.32M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $713.0K $504.1K
YoY Change
Cash & Equivalents $713.0K $504.1K
Short-Term Investments
Other Short-Term Assets $565.6K $541.7K
YoY Change
Inventory
Prepaid Expenses $388.0K $387.8K
Receivables $841.0K $1.248M
Other Receivables $11.72K $11.22K
Total Short-Term Assets $2.131M $2.305M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.354K $7.480K
YoY Change
Goodwill $1.854M $1.854M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $1.904M $1.917M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.131M $2.305M
Total Long-Term Assets $1.904M $1.917M $0.00
Total Assets $4.036M $4.222M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.0K $128.6K
YoY Change
Accrued Expenses $103.5K $171.8K $22.92K
YoY Change 702.47% 544.77%
Deferred Revenue
YoY Change
Short-Term Debt $771.0K $626.1K $181.2K
YoY Change 621.71%
Long-Term Debt Due $108.3K $108.3K
YoY Change
Total Short-Term Liabilities $1.170M $1.087M $204.1K
YoY Change 876.87% 1082.02%
LONG-TERM LIABILITIES
Long-Term Debt $506.4K $531.9K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $9.000K
YoY Change
Total Long-Term Liabilities $506.4K $540.9K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.170M $1.087M $204.1K
Total Long-Term Liabilities $506.4K $540.9K $0.00
Total Liabilities $1.676M $1.628M $204.1K
YoY Change 1299.9% 1670.04%
SHAREHOLDERS EQUITY
Retained Earnings -$4.321M -$3.071M -$2.740M
YoY Change 8.05%
Common Stock $2.966K $2.676K $1.782K
YoY Change -99.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.360M $2.594M -$204.1K
YoY Change
Total Liabilities & Shareholders Equity $4.036M $4.222M
YoY Change

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q3
OPERATING ACTIVITIES
Net Income -$235.5K -$304.3K -$84.41K
YoY Change 748.61% 466.56%
Depreciation, Depletion And Amortization $1.160K $8.120K
YoY Change
Cash From Operating Activities -$924.1K -$109.1K -$74.38K
YoY Change 2126.8% 272.86%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $240.00 $565.2K $0.00
YoY Change
Cash From Investing Activities $240.00 $565.2K $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 1.133M 48.15K 74.38K
YoY Change 2629.61% 64.56%
NET CHANGE
Cash From Operating Activities -924.1K -109.1K -74.38K
Cash From Investing Activities 240.0 565.2K 0.000
Cash From Financing Activities 1.133M 48.15K 74.38K
Net Change In Cash 208.9K 504.3K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$924.1K -$109.1K -$74.38K
Capital Expenditures
Free Cash Flow
YoY Change

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converted on a one for 1.62 basis into 16,200,000 common shares. Concurrently these Preferred Stock were cancelled.
CY2022Q4 us-gaap Business Combination Control Obtained Description
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The Company holds 70% of Blue Print, and the balance is held by two individuals unrelated to the Company, with each party holding 15%.
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us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zIqOwqHguYz2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86F_zKC5eRV5OOQ7">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><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 0.5in; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of CFS in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the CFS. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, revenue recognition, allowance for credit losses, valuation allowances for deferred tax assets, the measurement of lease liabilities and right-of-use (“ROU”) assets, measurements of assets and obligations related to employee benefits, the nature and timing of the satisfaction of performance obligations, the standalone selling price of performance obligations, variable consideration, other obligations for revenue recognition, income tax uncertainties and other contingencies. Management believes the estimates used in the preparation of the CFS are reasonable, and management has made assumptions about the possible effects of the ongoing COVID-19 pandemic on critical and significant accounting estimates. Although these estimates and assumptions are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s CFS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q1 FWFW Advisory Fees Prepaid For Business Development
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Long Term Loans Payable
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CY2023Q1 us-gaap Loans Payable
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Profit Loss
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us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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us-gaap Other Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Profit Loss
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FWFW Income Tax Reconciliation Nondeductible
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us-gaap Income Tax Reconciliation Tax Exempt Income
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us-gaap Income Tax Expense Benefit
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CY2022Q3 FWFW Deferred Tax Assets Liabilities Taxation From Acquisition
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CY2022Q3 FWFW Deferred Tax Assets Liabilities Taxation Credited
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CY2022Q3 FWFW Deferred Tax Assets Liabilities Translation Difference
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CY2023Q1 FWFW Deferred Tax Net
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CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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FWFW Eligilble Income For Employee Contribution
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us-gaap Employee Benefits And Share Based Compensation
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CY2023Q1 us-gaap Revenues
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us-gaap Revenues
Revenues
36410 usd

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