2023 Q1 Form 10-K Financial Statement
#000149315223010284 Filed on March 31, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
Revenue | $0.00 | ||
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $413.2K | $436.6K | $1.565M |
YoY Change | 25.82% | 39.35% | 50.67% |
% of Gross Profit | |||
Research & Development | $1.828M | $2.458M | $6.476M |
YoY Change | 10.06% | 19.1% | 81.93% |
% of Gross Profit | |||
Depreciation & Amortization | $900.00 | $900.00 | $3.610K |
YoY Change | 0.0% | 0.0% | 0.0% |
% of Gross Profit | |||
Operating Expenses | $2.241M | $2.895M | $8.040M |
YoY Change | 12.66% | 21.77% | 74.87% |
Operating Profit | -$2.241M | -$8.040M | |
YoY Change | 12.66% | 74.87% | |
Interest Expense | $116.2K | $104.2K | $215.0K |
YoY Change | 493.36% | 531.33% | 685.6% |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$2.125M | -$2.791M | -$7.825M |
YoY Change | 7.88% | 18.21% | 71.21% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$2.125M | -$2.791M | -$7.825M |
YoY Change | 7.88% | 18.21% | 71.21% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.17 | -$0.61 | |
Diluted Earnings Per Share | -$0.17 | -$0.22 | -$0.61 |
COMMON SHARES | |||
Basic Shares Outstanding | 12.85M shares | 12.85M shares | |
Diluted Shares Outstanding | 12.85M shares | 12.91M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $11.91M | $13.47M | $13.47M |
YoY Change | -39.67% | -50.49% | -50.49% |
Cash & Equivalents | $11.91M | $13.47M | |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $11.91M | $13.47M | $13.47M |
YoY Change | -39.67% | -50.49% | -50.49% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $8.099K | $8.999K | $9.000K |
YoY Change | -30.84% | -28.66% | -28.63% |
TOTAL ASSETS | |||
Total Short-Term Assets | $11.91M | $13.47M | $13.47M |
Total Long-Term Assets | $8.099K | $8.999K | $9.000K |
Total Assets | $11.92M | $13.48M | $13.48M |
YoY Change | -39.66% | -50.48% | -50.48% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $220.9K | $220.9K | $220.9K |
YoY Change | 0.0% | 0.0% | 0.0% |
Accrued Expenses | $14.73K | $42.06K | $42.06K |
YoY Change | -27.51% | -74.41% | -74.41% |
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 | $235.6K | $262.9K | $262.9K |
YoY Change | -2.32% | -31.74% | -31.74% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $235.6K | $262.9K | $262.9K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $235.6K | $262.9K | $262.9K |
YoY Change | -2.32% | -31.74% | -31.74% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$43.60M | -$41.47M | |
YoY Change | 23.26% | ||
Common Stock | $55.28M | $54.69M | |
YoY Change | -9.58% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $11.68M | $13.21M | $13.21M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $11.92M | $13.48M | $13.48M |
YoY Change | -39.66% | -50.48% | -50.48% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q4 | 2022 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.125M | -$2.791M | -$7.825M |
YoY Change | 7.88% | 18.21% | 71.21% |
Depreciation, Depletion And Amortization | $900.00 | $900.00 | $3.610K |
YoY Change | 0.0% | 0.0% | 0.0% |
Cash From Operating Activities | -$1.557M | -$2.170M | -$6.200M |
YoY Change | -20.06% | -4.16% | 44.47% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $7.536M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | -$7.536M | |
YoY Change | -100.0% | -365.79% | |
NET CHANGE | |||
Cash From Operating Activities | -$1.557M | -2.170M | -$6.200M |
Cash From Investing Activities | |||
Cash From Financing Activities | 0.000 | -$7.536M | |
Net Change In Cash | -$1.557M | -2.170M | -$13.74M |
YoY Change | -79.13% | 27.52% | 843.35% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.557M | -$2.170M | -$6.200M |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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<p id="xdx_848_eus-gaap--UseOfEstimates_zOE55hSXGQhi" 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"><b><i><span id="xdx_867_zvNkHdFX02na">Use of Estimates</span></i></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> <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">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in its financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.</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> | |
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|
the underlying lease expires in May of 2024 . | |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
42060 | usd |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
164327 | usd |
CY2020 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
360000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
3137364 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
1860276 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
3137364 | usd |
CY2021Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1860276 | usd |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
14900000 | usd |
CY2022 | GLSI |
Operating Loss Carryforward Expiration Date
OperatingLossCarryforwardExpirationDate
|
2037 | |
CY2022Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
220845 | usd |
CY2021Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
220845 | usd |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
893181 | shares |
CY2021 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
673017 | shares |
CY2022Q4 | us-gaap |
Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
|
519828 | shares |
CY2022Q4 | us-gaap |
Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
|
7536216 | usd |
CY2021Q4 | GLSI |
Issuance Of Common Stock Through Partial Exercise Of Underwriter Warrants
IssuanceOfCommonStockThroughPartialExerciseOfUnderwriterWarrants
|
562596 | usd |
CY2022Q4 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
161644 | usd |
CY2022Q4 | GLSI |
Closing Share Price
ClosingSharePrice
|
15.20 | shares |
CY2022Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
20174 | shares |
CY2022 | GLSI |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInValue
|
9512356 | usd |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1248496 | usd |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1248496 | usd |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
8263860 | usd |