2023 Q3 Form 10-Q Financial Statement

#000149315223028644 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $831.9K $579.7K $0.00
YoY Change
Cost Of Revenue $427.9K $444.8K
YoY Change
Gross Profit $404.0K $134.9K
YoY Change
Gross Profit Margin 48.57% 23.27%
Selling, General & Admin $80.67K $436.1K $27.75K
YoY Change -4.43% 1471.63% 54.77%
% of Gross Profit 19.97% 323.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.55K $1.160K
YoY Change
% of Gross Profit 10.28% 0.86%
Operating Expenses $134.2K $449.1K $27.75K
YoY Change 58.97% 1518.42% 54.77%
Operating Profit $269.8K -$314.2K -$27.75K
YoY Change 1032.45%
Interest Expense -$5.360K $5.400K
YoY Change
% of Operating Profit -1.99%
Other Income/Expense, Net $286.0K $53.04K $0.00
YoY Change
Pretax Income $550.5K -$261.2K -$27.75K
YoY Change -752.13% 841.29% 54.77%
Income Tax $52.63K -$25.72K $0.00
% Of Pretax Income 9.56%
Net Earnings $497.8K -$235.5K -$27.75K
YoY Change -689.78% 748.61% 54.77%
Net Earnings / Revenue 59.85% -40.62%
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share $0.03 -$0.01 -$17.10K
COMMON SHARES
Basic Shares Outstanding 29.59M shares 26.69M shares 1.623M shares
Diluted Shares Outstanding 27.94M shares 1.623M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $621.0K $713.0K
YoY Change
Cash & Equivalents $621.0K $713.0K
Short-Term Investments
Other Short-Term Assets $527.9K $565.6K
YoY Change
Inventory
Prepaid Expenses $392.7K $388.0K
Receivables $1.431M $841.0K
Other Receivables $3.800K $11.72K
Total Short-Term Assets $2.584M $2.131M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.783K $6.354K
YoY Change
Goodwill $1.840M $1.854M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $2.040M $1.904M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.584M $2.131M
Total Long-Term Assets $2.040M $1.904M
Total Assets $4.624M $4.036M $0.00
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.06K $138.0K
YoY Change
Accrued Expenses $170.1K $103.5K $12.90K
YoY Change 642.1% 702.47%
Deferred Revenue
YoY Change
Short-Term Debt $822.0K $771.0K $106.8K
YoY Change 353.63% 621.71% 132.69%
Long-Term Debt Due $104.6K $108.3K
YoY Change
Total Short-Term Liabilities $1.259M $1.170M $119.7K
YoY Change 516.9% 876.87% 160.77%
LONG-TERM LIABILITIES
Long-Term Debt $484.0K $506.4K $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $510.3K $506.4K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.259M $1.170M $119.7K
Total Long-Term Liabilities $510.3K $506.4K $0.00
Total Liabilities $1.770M $1.676M $119.7K
YoY Change 766.87% 1299.9% 160.77%
SHAREHOLDERS EQUITY
Retained Earnings -$3.823M -$4.321M
YoY Change 39.51%
Common Stock $2.966K $2.966K
YoY Change 66.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.854M $2.360M -$119.7K
YoY Change
Total Liabilities & Shareholders Equity $4.624M $4.036M $0.00
YoY Change

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $497.8K -$235.5K -$27.75K
YoY Change -689.78% 748.61% 54.77%
Depreciation, Depletion And Amortization $41.55K $1.160K
YoY Change
Cash From Operating Activities $899.4K -$924.1K -$41.50K
YoY Change -1309.16% 2126.8% 131.46%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $240.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $240.00 $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 -990.9K 1.133M 41.50K
YoY Change -1432.24% 2629.61% 131.46%
NET CHANGE
Cash From Operating Activities 899.4K -924.1K -41.50K
Cash From Investing Activities 0.000 240.0 0.000
Cash From Financing Activities -990.9K 1.133M 41.50K
Net Change In Cash -91.55K 208.9K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities $899.4K -$924.1K -$41.50K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q3 us-gaap Preferred Stock Shares Outstanding
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10000000 shares
CY2022Q3 us-gaap Preferred Stock Conversion Basis
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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%
CY2022Q3 us-gaap Stockholders Equity Reverse Stock Split
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1:100 reverse stock split
us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zAtZ1mgF0cZc" 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_zUoChKn8eAs9">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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-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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
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us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
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CY2023Q2 us-gaap Goodwill
Goodwill
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CY2023Q2 us-gaap Bank Overdrafts
BankOverdrafts
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CY2023Q2 us-gaap Cash
Cash
1676 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CashAndCashEquivalentsAtCarryingValue
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CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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FWFW Translation Adjustment For Allowance For Doubtful Accounts Receivable
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FWFW Income Tax Reconciliation Nondeductible Other Expenses
IncomeTaxReconciliationNondeductibleOtherExpenses
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CY2023Q2 FWFW Advisory Fees Prepaid For Business Development
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CY2023Q2 us-gaap Security Deposit
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CY2023Q2 FWFW Advance To Suppliers
AdvanceToSuppliers
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CY2023Q2 us-gaap Other Prepaid Expense Current
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CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q2 us-gaap Property Plant And Equipment Net
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us-gaap Income Tax Reconciliation Other Adjustments
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Operating Lease Cost
OperatingLeaseCost
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FWFW Operating Lease Right Of Use Asset Accumulated Amortization
OperatingLeaseRightOfUseAssetAccumulatedAmortization
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CY2023Q2 FWFW Accumulated Amortization Of Right Of Use Asset
AccumulatedAmortizationOfRightOfUseAsset
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CY2022Q3 FWFW Accumulated Amortization Of Right Of Use Asset
AccumulatedAmortizationOfRightOfUseAsset
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CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
48654 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
48654 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y11M1D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-12894 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
49672 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
48654 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
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CY2023Q2 us-gaap Accrued Liabilities Current And Noncurrent
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CY2022Q3 us-gaap Accrued Liabilities Current And Noncurrent
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CY2023Q2 FWFW Accrued Employee Cost
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CY2023Q2 FWFW Sales Tax Payable
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CY2023Q2 us-gaap Other Accrued Liabilities Current
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CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22920 usd
CY2023Q2 us-gaap Loans Payable
LoansPayable
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CY2023Q2 us-gaap Loans Payable Current
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108323 usd
CY2023Q2 us-gaap Long Term Loans Payable
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CY2023Q2 us-gaap Loans Payable
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Profit Loss
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.165 pure
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 Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Profit Loss
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us-gaap Effective Income Tax Rate Continuing Operations
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0.165 pure
us-gaap Profit Loss
ProfitLoss
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FWFW Deferred Tax Assets Liabilities Taxation From Acquisition
DeferredTaxAssetsLiabilitiesTaxationFromAcquisition
8143 usd
FWFW Deferred Tax Assets Liabilities Taxation Credited
DeferredTaxAssetsLiabilitiesTaxationCredited
50271 usd
FWFW Deferred Tax Assets Liabilities Translation Difference
DeferredTaxAssetsLiabilitiesTranslationDifference
-34 usd
CY2023Q2 FWFW Deferred Tax Net
DeferredTaxNet
58380 usd
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8939600 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3128860 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.35
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
579691 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenues
Revenues
616326 usd
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.05 pure
FWFW Eligilble Income For Employee Contribution
EligilbleIncomeForEmployeeContribution
916 usd
FWFW Eligilble Income For Employee Contribution
EligilbleIncomeForEmployeeContribution
7100 hkd
CY2023Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
2566 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3677 usd
CY2023Q2 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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0 usd
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
0 usd
CY2023Q2 us-gaap Revenues
Revenues
579691 usd
CY2023Q2 us-gaap Cost Of Revenue
CostOfRevenue
444823 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
134868 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-314243 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Revenues
Revenues
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us-gaap Cost Of Revenue
CostOfRevenue
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us-gaap Gross Profit
GrossProfit
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us-gaap Operating Income Loss
OperatingIncomeLoss
-1683953 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
21127 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4035505 usd
CY2023Q2 us-gaap Other Receivables
OtherReceivables
120733 usd
CY2023Q2 us-gaap Other Liabilities
OtherLiabilities
771002 usd
CY2022Q3 us-gaap Other Liabilities
OtherLiabilities
181210 usd
CY2023Q2 us-gaap Revenues
Revenues
579691 usd

Files In Submission

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fwfw-20230630_cal.xml Edgar Link unprocessable
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