2024 Q3 Form 10-Q Financial Statement

#000149315224031610 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.188M $902.0K $552.0K
YoY Change 123.73% 63.41% -15.6%
% of Gross Profit
Research & Development $2.063M $3.589M $627.0K
YoY Change 21.85% 472.41% 33.69%
% of Gross Profit
Depreciation & Amortization $8.000K $3.000K
YoY Change 166.67% -40.0%
% of Gross Profit
Operating Expenses $3.251M $4.491M $1.179M
YoY Change 46.18% 280.92% 4.99%
Operating Profit -$3.251M -$4.491M -$1.179M
YoY Change 46.18% 280.92% 4.99%
Interest Expense $5.000K $2.000K $3.000K
YoY Change 400.0% -33.33% -175.0%
% of Operating Profit
Other Income/Expense, Net $18.00K
YoY Change
Pretax Income -$4.489M -$1.176M
YoY Change 281.72% 4.35%
Income Tax
% Of Pretax Income
Net Earnings -$5.087M -$4.489M -$1.176M
YoY Change 128.83% 281.72% 4.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.91 $0.82 -$0.09
Diluted Earnings Per Share -$0.91 $0.82 -$0.09
COMMON SHARES
Basic Shares Outstanding 5.478M shares 27.39M shares 20.89M shares
Diluted Shares Outstanding 5.595M shares 5.476M shares 21.56M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.0K $8.774M
YoY Change -98.19% 127.66%
Cash & Equivalents $346.0K $159.0K $8.774M
Short-Term Investments
Other Short-Term Assets $296.0K $283.0K $171.0K
YoY Change 5.34% 65.5% -53.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $642.0K $442.0K $8.945M
YoY Change -91.04% -95.06% 111.77%
LONG-TERM ASSETS
Property, Plant & Equipment $109.0K $86.00K $27.00K
YoY Change 541.18% 218.52% -44.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.000K $10.00K
YoY Change -10.0% -77.27%
Total Long-Term Assets $184.0K $166.0K $37.00K
YoY Change 607.69% 348.65% -60.22%
TOTAL ASSETS
Total Short-Term Assets $642.0K $442.0K $8.945M
Total Long-Term Assets $184.0K $166.0K $37.00K
Total Assets $826.0K $608.0K $8.982M
YoY Change -88.52% -93.23% 108.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.857M $2.736M $832.0K
YoY Change 48.68% 228.85% 34.85%
Accrued Expenses $25.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $12.00K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.611M $3.660M $1.050M
YoY Change 217.13% 248.57% 12.3%
LONG-TERM LIABILITIES
Long-Term Debt $191.0K $189.0K
YoY Change 1.06% -1.56%
Other Long-Term Liabilities $197.0K $191.0K $189.0K
YoY Change 7.07% 1.06%
Total Long-Term Liabilities $197.0K $191.0K $189.0K
YoY Change 7.07% 1.06% -1.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.611M $3.660M $1.050M
Total Long-Term Liabilities $197.0K $191.0K $189.0K
Total Liabilities $4.848M $3.897M $1.239M
YoY Change 195.97% 214.53% 9.94%
SHAREHOLDERS EQUITY
Retained Earnings -$122.4M -$117.3M -$105.2M
YoY Change 13.88% 11.45% 5.55%
Common Stock $118.2M $113.9M $112.9M
YoY Change 4.66% 0.86% 9.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.022M -$3.289M $7.743M
YoY Change
Total Liabilities & Shareholders Equity $826.0K $608.0K $8.982M
YoY Change -88.52% -93.23% 108.06%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.087M -$4.489M -$1.176M
YoY Change 128.83% 281.72% 4.35%
Depreciation, Depletion And Amortization $8.000K $3.000K
YoY Change 166.67% -40.0%
Cash From Operating Activities -$1.907M -$954.0K
YoY Change 99.9% 4.15%
INVESTING ACTIVITIES
Capital Expenditures $12.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$12.00K $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 580.0K 8.730M
YoY Change -93.36%
NET CHANGE
Cash From Operating Activities -1.907M -954.0K
Cash From Investing Activities -12.00K 0.000
Cash From Financing Activities 580.0K 8.730M
Net Change In Cash -1.339M 7.776M
YoY Change -117.22% -945.22%
FREE CASH FLOW
Cash From Operating Activities -$1.907M -$954.0K
Capital Expenditures $12.00K $0.00
Free Cash Flow -$1.919M -$954.0K
YoY Change 101.15% 4.61%

Facts In Submission

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IssuanceOfRestrictedSharesAsCompensationToBoardOfDirectors
5000 usd
GCTK Linkage Difference On Principal Of Loans From Stockholders
LinkageDifferenceOnPrincipalOfLoansFromStockholders
-5000 usd
GCTK Linkage Difference On Principal Of Loans From Stockholders
LinkageDifferenceOnPrincipalOfLoansFromStockholders
6000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-93000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1897000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
214000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4849000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
71000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-71000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
80000 usd
GCTK Proceeds Received From Underwritten Public Offering
ProceedsReceivedFromUnderwrittenPublicOffering
8730000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
500000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
580000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8730000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-10000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4334000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6453000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4502000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2331000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
168000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8784000 usd
us-gaap Interest Paid Net
InterestPaidNet
32000 usd
GCTK Deemed Dividend Upon Trigger Of Down Round Protection
DeemedDividendUponTriggerOfDownRoundProtection
855000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
79000 usd
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-117269000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zwSiI5IDafF3" style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zt6wLJDXI4Ai">Use of Estimates in the Preparation of Financial Statements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the condensed interim 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 the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reported periods. Actual results could differ from those estimates. Management believes that there are no critical accounting estimates in these financial statements.</span></td></tr> </table>
us-gaap Net Income Loss
NetIncomeLoss
-7416000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2462000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-4489000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-1176000 usd
GCTK Deemed Dividend Related To Trigger Of Down Round Protection Feature
DeemedDividendRelatedToTriggerOfDownRoundProtectionFeature
-855000 usd
CY2023Q2 GCTK Deemed Dividend Related To Trigger Of Down Round Protection Feature
DeemedDividendRelatedToTriggerOfDownRoundProtectionFeature
-855000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7416000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3317000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4489000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2031000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5234765 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5234765 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3706510 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3706510 shares
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5475748 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5475748 shares
GCTK Earnings Per Share Basic Including Warrants And Performance Milestones
EarningsPerShareBasicIncludingWarrantsAndPerformanceMilestones
1.42
GCTK Earnings Per Share Diluted Including Warrants And Performance Milestones
EarningsPerShareDilutedIncludingWarrantsAndPerformanceMilestones
1.42
GCTK Earnings Per Share Basic Including Warrants And Performance Milestones
EarningsPerShareBasicIncludingWarrantsAndPerformanceMilestones
0.89
GCTK Earnings Per Share Diluted Including Warrants And Performance Milestones
EarningsPerShareDilutedIncludingWarrantsAndPerformanceMilestones
0.89
CY2024Q2 GCTK Earnings Per Share Basic Including Warrants And Performance Milestones
EarningsPerShareBasicIncludingWarrantsAndPerformanceMilestones
0.82
CY2024Q2 GCTK Earnings Per Share Diluted Including Warrants And Performance Milestones
EarningsPerShareDilutedIncludingWarrantsAndPerformanceMilestones
0.82
CY2023Q2 GCTK Earnings Per Share Basic Including Warrants And Performance Milestones
EarningsPerShareBasicIncludingWarrantsAndPerformanceMilestones
0.47
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
71000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
25000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
46000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
80000 usd
CY2024Q2 GCTK Lessee Operating Lease Liability Imputed Interest
LesseeOperatingLeaseLiabilityImputedInterest
9000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
71000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y11M1D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0903 pure

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