2024 Q1 Form 10-K Financial Statement

#000149315224002454 Filed on January 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3 2023
Revenue $1.344M $831.9K $1.448M
YoY Change 3591.68%
Cost Of Revenue $657.7K $427.9K $961.8K
YoY Change 640.41%
Gross Profit $686.4K $404.0K $486.4K
YoY Change -1409.34%
Gross Profit Margin 51.07% 48.57% 33.58%
Selling, General & Admin $842.0K $80.67K $1.826M
YoY Change 213.89% -4.43% 794.46%
% of Gross Profit 122.67% 19.97% 375.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $850.00 $41.55K $10.59K
YoY Change -89.53%
% of Gross Profit 0.12% 10.28% 2.18%
Operating Expenses $872.5K $134.2K $1.900M
YoY Change 215.67% 58.97% 831.02%
Operating Profit -$186.1K $269.8K -$1.414M
YoY Change -43.41% 592.76%
Interest Expense -$4.950K -$5.360K $10.75K
YoY Change -49600.0%
% of Operating Profit -1.99%
Other Income/Expense, Net $50.80K $286.0K $333.7K
YoY Change 362728.57%
Pretax Income -$135.3K $550.5K -$1.080M
YoY Change -58.86% -752.13% 429.29%
Income Tax -$66.93K $52.63K $2.357K
% Of Pretax Income 9.56%
Net Earnings -$68.33K $497.8K -$1.083M
YoY Change -77.54% -689.78% 430.44%
Net Earnings / Revenue -5.08% 59.85% -74.77%
Basic Earnings Per Share $0.00 -$0.05
Diluted Earnings Per Share $0.00 $0.03 -$0.05
COMMON SHARES
Basic Shares Outstanding 29.59M shares 29.59M shares 23.55M shares
Diluted Shares Outstanding 29.66M shares 23.55M shares

Balance Sheet

Concept 2024 Q1 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $621.0K
YoY Change
Cash & Equivalents $439.5K $621.0K
Short-Term Investments
Other Short-Term Assets $527.9K
YoY Change
Inventory
Prepaid Expenses $390.8K $392.7K
Receivables $1.609M $1.431M
Other Receivables $3.800K
Total Short-Term Assets $2.635M $2.584M
YoY Change 14.31%
LONG-TERM ASSETS
Property, Plant & Equipment $11.32K $6.783K
YoY Change 51.39%
Goodwill $1.840M $1.840M
YoY Change -0.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.983M $2.040M
YoY Change 3.46%
TOTAL ASSETS
Total Short-Term Assets $2.635M $2.584M
Total Long-Term Assets $1.983M $2.040M
Total Assets $4.618M $4.624M
YoY Change 9.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.2K $78.06K
YoY Change -0.31%
Accrued Expenses $378.0K $170.1K
YoY Change 119.97% 642.1%
Deferred Revenue
YoY Change
Short-Term Debt $822.0K
YoY Change 353.63%
Long-Term Debt Due $104.6K
YoY Change
Total Short-Term Liabilities $1.473M $1.259M
YoY Change 35.53% 516.9%
LONG-TERM LIABILITIES
Long-Term Debt $484.0K
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $444.3K $510.3K
YoY Change -17.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.473M $1.259M
Total Long-Term Liabilities $444.3K $510.3K
Total Liabilities $1.918M $1.770M
YoY Change 17.79% 766.87%
SHAREHOLDERS EQUITY
Retained Earnings -$3.980M -$3.823M
YoY Change 29.61% 39.51%
Common Stock $2.966K $2.966K
YoY Change 10.84% 66.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.701M $2.854M
YoY Change
Total Liabilities & Shareholders Equity $4.618M $4.624M
YoY Change 9.38%

Cashflow Statement

Concept 2024 Q1 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$68.33K $497.8K -$1.083M
YoY Change -77.54% -689.78% 430.44%
Depreciation, Depletion And Amortization $850.00 $41.55K $10.59K
YoY Change -89.53%
Cash From Operating Activities $257.0K $899.4K -$166.4K
YoY Change -335.59% -1309.16% -8.18%
INVESTING ACTIVITIES
Capital Expenditures $2.250K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $130.00 $0.00 $565.5K
YoY Change -99.98%
Cash From Investing Activities -$2.120K $0.00 $565.4K
YoY Change -100.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -130.0K -990.9K $222.6K
YoY Change -369.91% -1432.24% 22.82%
NET CHANGE
Cash From Operating Activities 257.0K 899.4K -$166.4K
Cash From Investing Activities -2.120K 0.000 $565.4K
Cash From Financing Activities -130.0K -990.9K $222.6K
Net Change In Cash 125.0K -91.55K $621.6K
YoY Change -75.22%
FREE CASH FLOW
Cash From Operating Activities $257.0K $899.4K -$166.4K
Capital Expenditures $2.250K
Free Cash Flow $254.8K
YoY Change

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CY2022Q3 us-gaap Preferred Stock Shares Outstanding
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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
CY2023 us-gaap Use Of Estimates
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<p id="xdx_842_eus-gaap--UseOfEstimates_zdpOrlRYIUP6" 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">(C)</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_864_zu1lrPXK9Sjb">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-left: 0.5in; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Property Plant And Equipment Useful Life
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 FWFW Advisory Fees Prepaid For Business Development
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CY2023Q3 us-gaap Supplies
Supplies
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CY2023Q3 us-gaap Property Plant And Equipment Gross
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CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Operating Lease Cost
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CY2023 FWFW Operating Lease Right Of Use Asset Accumulated Amortization
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CY2023Q3 us-gaap Operating Lease Right Of Use Asset
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CY2023Q3 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P0Y8M1D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023 us-gaap Proceeds From Lease Payments
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CY2022 us-gaap Proceeds From Lease Payments
ProceedsFromLeasePayments
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
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CY2023 us-gaap Operating Lease Impairment Loss
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CY2023Q3 us-gaap Other Accrued Liabilities Current
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CY2023Q3 FWFW Accrued Employee Cost
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CY2023Q3 FWFW Sales Tax Payable
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CY2023Q3 us-gaap Loans Payable
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CY2023Q3 us-gaap Long Term Loans Payable
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CY2023 FWFW Provision For Period
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CY2023 FWFW One Off Tax Deduction Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Profit Loss
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2023 us-gaap Income Tax Reconciliation Tax Exempt Income
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CY2023 FWFW Deferred Tax Assets Liabilities Taxation From Acquisition
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CY2023 FWFW Deferred Tax Assets Liabilities Translation Difference
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CY2023 us-gaap Employee Benefits And Share Based Compensation
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CY2022 us-gaap Employee Benefits And Share Based Compensation
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CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
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8939600 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.0001
CY2023Q1 us-gaap Stock Issued During Period Value Acquisitions
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3128860 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1448176 usd
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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CY2023 FWFW Eligilble Income For Employee Contribution
EligilbleIncomeForEmployeeContribution
916 usd
CY2023 FWFW Eligilble Income For Employee Contribution
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7100 hkd
CY2023 us-gaap Revenues
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CY2023 us-gaap Cost Of Revenue
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CY2023 us-gaap Gross Profit
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CY2023 us-gaap Operating Income Loss
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-1414141 usd
CY2023 us-gaap Depreciation And Amortization
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74638 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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4623791 usd
CY2023 us-gaap Revenues
Revenues
1448176 usd

Files In Submission

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FilingSummary.xml Edgar Link unprocessable
fwfw-20230930_cal.xml Edgar Link unprocessable
fwfw-20230930_lab.xml Edgar Link unprocessable
fwfw-20230930_pre.xml Edgar Link unprocessable
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ex31-1.htm Edgar Link pending
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