2022 Q3 Form 10-Q Financial Statement

#000121465922009996 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $63.00K $47.00K $45.00K
YoY Change 152.0% 80.77% 73.08%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $71.00K $80.00K $80.00K
YoY Change 33.96% -27.93% 8.11%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.000K $3.000K $3.000K
YoY Change -85.71% 0.0% 0.0%
% of Gross Profit
Operating Expenses $89.00K $93.00K $92.00K
YoY Change 2.3% -29.01% 0.0%
Operating Profit -$26.00K -$46.00K -$47.00K
YoY Change -58.06% -56.19%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $53.00K $184.0K
YoY Change 19.48%
Pretax Income $27.00K $138.0K $5.000K
YoY Change -437.5% 181.63% -93.67%
Income Tax
% Of Pretax Income
Net Earnings $27.00K $138.0K $5.000K
YoY Change -437.5% 181.63% -93.67%
Net Earnings / Revenue 42.86% 293.62% 11.11%
Basic Earnings Per Share $0.01 $0.02
Diluted Earnings Per Share $5.261K $26.89K $974.30
COMMON SHARES
Basic Shares Outstanding 5.132M shares 5.132K shares 5.132K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $399.0K $372.0K $254.0K
YoY Change 60.24% 42.53% 490.7%
Cash & Equivalents $399.0K $372.0K $254.0K
Short-Term Investments
Other Short-Term Assets $47.00K $43.00K $38.00K
YoY Change 23.68% 72.0% -82.73%
Inventory
Prepaid Expenses
Receivables $22.00K
Other Receivables $3.542M
Total Short-Term Assets $3.988M $3.957M $3.856M
YoY Change 2.7% -0.45% -1.1%
LONG-TERM ASSETS
Property, Plant & Equipment $634.0K $637.0K $640.0K
YoY Change -2.01% -2.0% -1.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $634.0K $637.0K $640.0K
YoY Change -2.01% -18.65% -19.8%
TOTAL ASSETS
Total Short-Term Assets $3.988M $3.957M $3.856M
Total Long-Term Assets $634.0K $637.0K $640.0K
Total Assets $4.622M $4.594M $4.496M
YoY Change 2.03% -3.45% -4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.00K $19.00K $66.00K
YoY Change -36.36% -5.0% 135.71%
Accrued Expenses $36.00K $37.00K $22.00K
YoY Change 89.47% 42.31% 22.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.00K $56.00K $96.00K
YoY Change -32.94% -72.28% -46.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.00K $56.00K $96.00K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $57.00K $56.00K $96.00K
YoY Change -32.94% -81.64% -67.24%
SHAREHOLDERS EQUITY
Retained Earnings -$59.07M -$59.09M
YoY Change
Common Stock $51.00K $51.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.565M $4.538M $4.400M
YoY Change
Total Liabilities & Shareholders Equity $4.622M $4.594M $4.496M
YoY Change 2.03% -3.45% -4.28%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $27.00K $138.0K $5.000K
YoY Change -437.5% 181.63% -93.67%
Depreciation, Depletion And Amortization $3.000K $3.000K $3.000K
YoY Change -85.71% 0.0% 0.0%
Cash From Operating Activities $27.00K $118.0K $2.000K
YoY Change 237.5% -48.25% -92.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities 27.00K 118.0K 2.000K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash 27.00K 118.0K $0.00
YoY Change -325.0% -45.87% -100.0%
FREE CASH FLOW
Cash From Operating Activities $27.00K $118.0K $2.000K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_805_eus-gaap--NatureOfOperations_z9cghqSgP253" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE B: <span id="xdx_82E_zHF5YSERQvsd">NATURE OF OPERATIONS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company owns approximately <span id="xdx_909_eus-gaap--AreaOfLand_iI_uArea_c20220630__srt--StatementGeographicalAxis__custom--ParkersburgWestVirginiaMember_z6UtYU42wlS6" title="Company owned land">190</span> acres of land located in Parkersburg West Virginia. Located on the land are four structures totaling approximately <span id="xdx_90F_eus-gaap--AreaOfLand_iI_uArea_c20220630__srt--StatementGeographicalAxis__custom--ParkersburgWestVirginiaMember__srt--ProductOrServiceAxis__us-gaap--LandMember_zNDBwjkIjrze">53,000</span> square feet. Of this total area the main industrial/office building contains approximately <span id="xdx_90A_eus-gaap--AreaOfLand_iI_uArea_c20220630__srt--StatementGeographicalAxis__custom--ParkersburgWestVirginiaMember__srt--MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis__srt--OfficeBuildingMember_zSEaK8Jbg5d3">24,800</span> square feet of which approximately <span id="xdx_90F_eus-gaap--AreaOfLand_iI_uArea_c20220630__srt--StatementGeographicalAxis__custom--ParkersburgWestVirginiaMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LeaseAgreementsMember_zt4TMLJ2dsE3">16,000</span> square feet is leased at a rate of $<span id="xdx_907_ecustom--LeaseRevenueperAnnum_c20220101__20220630_zdzs28Rhbalk" title="Lease revenue per annum">101,000 per annum</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2020, the Company sold its oil and gas operations to a third party. On January 1, 2022, the Company entered into a Consulting Management Agreement with respect to such oil and gas operations whereby the Company would provide management, supervisory and administrative services for a fee of <span id="xdx_903_ecustom--ServiceFeePercentageOfOilGasOperationsGrossRevenue_pid_dp_uPure_c20220101__20220630_zMiiVCfXkJM7" title="Service fee percentage of oil gas operations gross revenue">10</span>% of the gross revenue of such oil and gas operations. The agreement is effective January 1, 2022 and may be terminated by either party upon sixty days’ notice.</p>
GBR Lease Revenue Per Annum
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GBR Service Fee Percentage Of Oil Gas Operations Gross Revenue
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Files In Submission

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