2023 Q1 Form 10-K Financial Statement

#000143774923008847 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.960M $3.497M $12.30M
YoY Change 2.7% 59.25% 12.07%
% of Gross Profit
Research & Development $5.310M $3.319M $11.51M
YoY Change 185.36% -4.64% 33.72%
% of Gross Profit
Depreciation & Amortization $4.016K $6.080K $25.58K
YoY Change -40.33% -12.52% 13.5%
% of Gross Profit
Operating Expenses $5.310M $6.822M $11.51M
YoY Change 185.36% 20.04% 33.72%
Operating Profit -$9.271M -$23.83M
YoY Change 61.99% 21.58%
Interest Expense $70.00K $55.60K $90.10K
YoY Change 7854.55% 5516.16% 1656.34%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.200M -$6.766M -$23.74M
YoY Change 60.77% 19.08% 21.15%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.203M -$6.766M -$23.74M
YoY Change 60.82% 19.08% 21.15%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19 -$0.50
Diluted Earnings Per Share -$0.19 -$0.14 -$0.50
COMMON SHARES
Basic Shares Outstanding 51.97M 48.03M 47.95M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.08M $20.95M $20.95M
YoY Change -47.67% -45.76% -45.76%
Cash & Equivalents $18.08M $20.95M
Short-Term Investments
Other Short-Term Assets $1.859M $484.2K $484.2K
YoY Change 66.67% -5.31% -5.31%
Inventory
Prepaid Expenses
Receivables $0.00 $34.85K $34.85K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.94M $21.47M $21.47M
YoY Change -44.14% -45.14% -45.14%
LONG-TERM ASSETS
Property, Plant & Equipment $19.02K $23.03K $23.03K
YoY Change -54.59% -52.62% -52.62%
Goodwill
YoY Change
Intangibles $721.7K $702.1K
YoY Change 12.03% 9.3%
Long-Term Investments
YoY Change
Other Assets $3.359M $3.589M $21.82K
YoY Change -8.34% -2.3% 151.09%
Total Long-Term Assets $3.378M $3.612M $3.612M
YoY Change -8.86% -2.96% -2.96%
TOTAL ASSETS
Total Short-Term Assets $19.94M $21.47M $21.47M
Total Long-Term Assets $3.378M $3.612M $3.612M
Total Assets $23.32M $25.09M $25.09M
YoY Change -40.83% -41.48% -41.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.212M $442.9K $442.9K
YoY Change 76.56% -54.49% -54.49%
Accrued Expenses
YoY Change
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 $4.835M $2.810M $2.810M
YoY Change 102.75% 77.27% 77.27%
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 $4.835M $2.810M $2.810M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.835M $2.810M $2.810M
YoY Change 102.75% 77.27% 77.27%
SHAREHOLDERS EQUITY
Retained Earnings -$112.0M -$102.8M
YoY Change 33.78% 31.8%
Common Stock $51.97K $48.11K
YoY Change 8.55% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.48M $22.27M $22.27M
YoY Change
Total Liabilities & Shareholders Equity $23.32M $25.09M $25.09M
YoY Change -40.83% -41.48% -41.48%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$9.203M -$6.766M -$23.74M
YoY Change 60.82% 19.08% 21.15%
Depreciation, Depletion And Amortization $4.016K $6.080K $25.58K
YoY Change -40.33% -12.52% 13.5%
Cash From Operating Activities -$6.932M -$4.586M -$17.78M
YoY Change 69.75% 42.52% 24.46%
INVESTING ACTIVITIES
Capital Expenditures $19.63K $20.00K $0.00
YoY Change -176.28% -100.0%
Acquisitions
YoY Change
Other Investing Activities $39.68K $157.5K
YoY Change -126.93% -1486.18%
Cash From Investing Activities -$19.63K $19.68K $97.73K
YoY Change -290.2% -111.34% -216.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.426K
YoY Change -99.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.081M 4.680K $6.426K
YoY Change -99.97%
NET CHANGE
Cash From Operating Activities -$6.932M -4.586M -$17.78M
Cash From Investing Activities -$19.63K 19.68K $97.73K
Cash From Financing Activities $4.081M 4.680K $6.426K
Net Change In Cash -$2.871M -4.562M -$17.67M
YoY Change -29.51% 34.51% -256.29%
FREE CASH FLOW
Cash From Operating Activities -$6.932M -$4.586M -$17.78M
Capital Expenditures $19.63K $20.00K $0.00
Free Cash Flow -$6.952M -$4.606M -$17.78M
YoY Change 70.23% 44.32% 24.18%

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><b><span style="text-decoration: underline; "><i>Use of Estimates</i></span></b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The preparation of our financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"> </p>
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