2023 Q1 Form 10-K Financial Statement

#000121390023025481 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $75.37K $150.0K $153.3K
YoY Change -99.01% -99.03% -99.39%
Cost Of Revenue $56.15K $100.0K $97.77K
YoY Change -98.98% -99.4% -99.42%
Gross Profit $19.23K $60.00K $55.53K
YoY Change -99.08% -105.49% -99.33%
Gross Profit Margin 25.51% 40.0% 36.22%
Selling, General & Admin $41.22K $270.0K $475.9K
YoY Change -95.19% -97.92%
% of Gross Profit 214.42% 450.0% 856.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 -$30.00K $718.00
YoY Change -100.0% -148.59% -99.94%
% of Gross Profit 0.0% -50.0% 1.29%
Operating Expenses $41.22K -$12.68M $479.0K
YoY Change -95.19% 28.7% -97.91%
Operating Profit -$22.00K $12.74M -$423.4K
YoY Change -101.79% 45.44% -97.11%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Pretax Income -$21.31K $12.74M -$423.5K
YoY Change -101.6% 96.94% -97.09%
Income Tax $0.00 $1.146K
% Of Pretax Income 0.0%
Net Earnings -$21.31K -$7.350M -$30.82M
YoY Change -102.16% -240.75% 14.28%
Net Earnings / Revenue -28.27% -4900.0% -20105.12%
Basic Earnings Per Share -$2.87 -$20.13
Diluted Earnings Per Share -$2.87 -$3.99 -$20.13
COMMON SHARES
Basic Shares Outstanding 1.712M shares 1.837M shares 1.531M shares
Diluted Shares Outstanding 1.810M shares 1.531M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00K $390.0K $390.0K
YoY Change -99.92% -97.33% -97.33%
Cash & Equivalents $10.17K $389.1K $390.0K
Short-Term Investments
Other Short-Term Assets $94.29K $78.29K
YoY Change -94.92%
Inventory $0.00
Prepaid Expenses $187.9K
Receivables $133.6K $194.5K $190.0K
Other Receivables $94.29K $1.026M $1.030M
Total Short-Term Assets $426.0K $1.610M $1.610M
YoY Change -97.23% -89.89% -89.89%
LONG-TERM ASSETS
Property, Plant & Equipment $504.00 $502.00 $0.00
YoY Change -99.83% -99.82% -100.0%
Goodwill $2.200M $2.190M
YoY Change -66.76%
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.200M $2.190M $0.00
YoY Change -91.51% -93.61% -100.0%
Total Long-Term Assets $2.200M $2.191M $2.190M
YoY Change -93.29% -93.67% -93.67%
TOTAL ASSETS
Total Short-Term Assets $426.0K $1.610M $1.610M
Total Long-Term Assets $2.200M $2.191M $2.190M
Total Assets $2.626M $3.801M $3.800M
YoY Change -94.55% -92.48% -92.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.94K $127.5K $130.0K
YoY Change -97.61% -96.4% -96.33%
Accrued Expenses $0.00 $0.00
YoY Change -100.0% -100.0%
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 $118.4K $333.8K $330.0K
YoY Change -99.21% -98.19% -98.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.4K $333.8K $330.0K
Total Long-Term Liabilities $0.00
Total Liabilities $118.4K $333.8K $330.0K
YoY Change -99.21% -98.19% -98.21%
SHAREHOLDERS EQUITY
Retained Earnings -$56.86M -$56.84M
YoY Change 118.46%
Common Stock $171.00 $184.00
YoY Change -96.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.508M $3.467M $3.470M
YoY Change
Total Liabilities & Shareholders Equity $2.626M $3.801M $3.800M
YoY Change -94.55% -92.48% -92.48%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$21.31K -$7.350M -$30.82M
YoY Change -102.16% -240.75% 14.28%
Depreciation, Depletion And Amortization $0.00 -$30.00K $718.00
YoY Change -100.0% -148.59% -99.94%
Cash From Operating Activities -$380.6K $80.00K -$886.2K
YoY Change -84.54% -99.12% -83.92%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -103.24%
Acquisitions $12.70M
YoY Change 1220.85%
Other Investing Activities -$220.0K -$12.49M
YoY Change -80.94% 1198.73%
Cash From Investing Activities -$210.0K -$12.49M
YoY Change -82.13% 883.36%
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
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$380.6K 80.00K -$886.2K
Cash From Investing Activities -210.0K -$12.49M
Cash From Financing Activities 0.000
Net Change In Cash -$378.9K -130.0K -$14.20M
YoY Change -84.65% -101.64% -188.67%
FREE CASH FLOW
Cash From Operating Activities -$380.6K $80.00K -$886.2K
Capital Expenditures $0.00 $0.00 $10.00K
Free Cash Flow -$380.6K $80.00K -$896.2K
YoY Change -84.5% -99.12% -82.77%

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CY2021 gdc Cancellation Of Common Stocks
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Use of estimates and assumptions</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; text-align: justify">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant accounting estimates reflected in the Company’s consolidated financial statements include the useful lives of intangible assets, revenues, deferred revenues and plant and equipment, impairment of long-lived assets, collectability of receivables, inventory valuation allowance, and realization of deferred tax assets. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2022 us-gaap Depreciation Depletion And Amortization
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CY2021 us-gaap Depreciation Depletion And Amortization
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CY2021Q4 gdc Finite Lived Intangible Assets Nets
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 gdc Value Added Tax Taxes Payable
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CY2021Q4 gdc Value Added Tax Taxes Payable
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CY2021Q4 gdc Income Taxes Payable
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CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2022 gdc Tax Profits Percentage
TaxProfitsPercentage
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CY2022 gdc Registered Capital Percentage
RegisteredCapitalPercentage
0.50 pure
CY2021Q1 us-gaap Significant Purchase Commitment Description
SignificantPurchaseCommitmentDescription
On February 23, 2021, the Company entered into an asset purchase agreement with Sichuan RiZhanYun Jisuan Co., Ltd. (the “Seller”), which was amended and restated on April 16, 2021, and further amended on May 28, 2021. Pursuant to the asset purchase agreement, the Company purchased a total of 10,000 Bitcoin mining machines (the “Assets”) for a total purchase price of RMB 40,000,000 or US$6,160,000 based on the exchange rate as of April 8, 2021 (the “Purchase Price”), payable in the form of 1,587,800 shares of common stock of the Company, valued at US$3.88 per share, which is the closing bid price of the common stock of the Company on the Nasdaq Stock Market on April 8, 2021.
CY2021Q1 gdc Original Agreement Description
OriginalAgreementDescription
The Seller shall cause revenue and any other source of income from the operation of the Assets to be paid to the Company, payable in cryptocurrency to be deposited into a cryptocurrency wallet held by the Company on a daily basis. The Company shall issue to the Seller or its designees RMB 5,000,000 or US$770,000 worth of common stock of the Company (the “Bonus Shares”) if the Assets generate an average net profit per day/10,000 machines (the “Daily Profit”) on behalf of the Company during the one-year period from March 19, 2021 to March 19, 2022 (the “Valuation Period”) equals to RMB 200,000 or US$30,800 and if the Assets generate an average net profit per month/10,000 machines (the “Monthly Profit”) on behalf of the Company during the Valuation Period equals to RMB 6,000,000 or US$924,000. If the Daily Profit is more than RMB 200,000 or US$30,800 and the Monthly Profit is more than RMB 6,000,000 or US$924,000, the Company shall issue to the Seller or its designees additional shares of common stock in proportion to the amount that is in excess. If the Daily Profit is less than RMB 200,000 or US$30,800 or the Monthly Profit is less than RMB 6,000,000 or US$924,000, the Company shall not issue to the Seller or its designees any Bonus Shares and such month is deemed a “Re-evaluated Month”. At the end of the Valuation Period, the Monthly Profit of such Re-evaluated Month(s) shall be aggregated (the “Aggregate Profit”), and the Company shall issue RMB5,000,000 or US$770,000 worth of common stock of the Company for every RMB6,000,000 or US$924,000 in Aggregate Profit on a pro rata basis. Such Daily Profit and Monthly Profit shall be determined on a monthly basis on the first day of the next month. Such Bonus Shares and additional shares, when applicable, shall be issued on the fifteenth day of the next month.  For any month that has 28 days or 31 days, the Monthly Profit is calculated based on the actual number of days in the month. Notwithstanding the foregoing, no share pursuant to this Agreement shall be issued earlier than May 24, 2021 in any event. The total number of shares of common stock, including the Bonus Shares, issuable to the Seller or its designees pursuant to the Agreement shall in no event be more than 19.99% of the total shares issued and outstanding of Company as of the February 23, 2021, the date of the asset purchase agreement.
CY2021Q2 gdc Bonus Shares
BonusShares
925494 shares
CY2021Q2 gdc Bonus Shares Value Per Share
BonusSharesValuePerShare
2.51
CY2021Q3 us-gaap Significant Purchase Commitment Description
SignificantPurchaseCommitmentDescription
the Company entered into an asset purchase agreement with certain seller(the “Seller”) pursuant to which the Company agreed to purchase from the Seller digital currency mining machines for a total purchase price of RMB 106,388,672.43, or US$ 16,442,109.95 (based on the exchange rate between RMB and USD of 1: 6.4705 as of July 8, 2021), payable in the form of 7,647,493 shares of common stock of the Company(“CCNC Shares”). The CCNC Shares are valued at $2.15 per share. The Company plans to use the assets to further develop its digital currency mining operation.
CY2022 gdc Aggregate Of Shares Of Common Stock
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9000000 shares
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0.25
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1 pure
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CY2022Q4 us-gaap Common Stock Shares Authorized
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200000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Preferred Stock Shares Authorized
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20000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2021Q4 gdc Share Based Compensation Arrangement By Share Based Payment Award Warrant Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantOutstandingNumber
4539674 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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151323 shares
CY2021Q4 gdc Share Based Compensation Arrangement By Share Based Payment Award Warrants Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsWeightedAverageExercisePrice
172.5
CY2022 gdc Share Based Compensation Arrangement By Share Based Payment Award Warrants Outstanding Weighted Average Remaining Contractual Term Grants
ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsOutstandingWeightedAverageRemainingContractualTermGrants
P2Y1M17D
CY2022Q4 gdc Share Based Compensation Arrangement By Share Based Payment Award Warrant Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantOutstandingNumber
4539674 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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151323 shares
CY2022Q4 gdc Share Based Compensation Arrangement By Share Based Payment Award Warrants Weighted Average Exercise Price
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172.5
CY2022 gdc Share Based Compensation Arrangement By Share Based Payment Award Warrants Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardWarrantsOutstandingWeightedAverageRemainingContractualTerm
P0Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
824000 shares
CY2021Q4 gdc Share Based Compensation Exercisable Into Number Of Shares Beginning Balance
ShareBasedCompensationExercisableIntoNumberOfSharesBeginningBalance
27467 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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150
CY2022 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y1M17D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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824000 shares
CY2022Q4 gdc Share Based Compensation Exercisable Into Number Of Shares Beginning Balance
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27467 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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150
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P0Y1M6D
CY2022 gdc Revenue From Wuge Doorplates
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CY2021 gdc Revenue From Wuge Doorplates
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25029949 usd
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4890734 usd
CY2022 us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2021 us-gaap Disposal Group Including Discontinued Operation Revenue
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29920683 usd
CY2022 gdc Wuge Digital Door Signs
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5527950 usd
CY2021 gdc Wuge Digital Door Signs
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16779949 usd
CY2021 gdc Disposal Group Not Discontinued Operation Cost Of Revenues Abstract Fuel Materials
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4690388 usd
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5527950 usd
CY2021 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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CY2021 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
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8450346 usd
CY2022 gdc Disposal Group Including Discontinued Operation Selling Generaland Administrative Expenses
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Files In Submission

Name View Source Status
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