2024 Q2 Form 10-Q Financial Statement

#000121390024043614 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $1.982M $18.20K
YoY Change 79.86%
Cost Of Revenue $1.883M $18.48K
YoY Change 62443.44% 1491.47%
Gross Profit $98.72K -$273.00
YoY Change -3378.48% -103.05%
Gross Profit Margin 4.98% -1.5%
Selling, General & Admin $122.7K $102.0K
YoY Change -35.2%
% of Gross Profit 124.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.06K
YoY Change -2.82%
% of Gross Profit
Operating Expenses $122.7K $102.0K
YoY Change -16.11% -35.2%
Operating Profit -$24.01K -$102.3K
YoY Change -83.92% -31.11%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $147.00
YoY Change 12.21%
Pretax Income -$22.41K -$102.0K
YoY Change -83.8% -31.26%
Income Tax -$733.00 -$5.426K
% Of Pretax Income
Net Earnings -$64.80K -$96.57K
YoY Change -53.17% -34.92%
Net Earnings / Revenue -3.27% -530.48%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 518.8M shares 518.8M shares 518.8M shares
Diluted Shares Outstanding 518.8M shares 518.8M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $317.4K $895.1K $895.7K
Short-Term Investments
Other Short-Term Assets $969.2K $1.133M $1.142M
YoY Change 35976.91% 36398.69%
Inventory $1.781M $164.00 $13.71K
Prepaid Expenses $3.266K $23.32K
Receivables $1.034M $4.375K $742.9K
Other Receivables $6.977K $1.757K $1.107M
Total Short-Term Assets $5.050M $2.034M $3.961M
YoY Change 15461.01% 3496.89% 12123.0%
LONG-TERM ASSETS
Property, Plant & Equipment $15.75K $2.854K $3.193K
YoY Change -98.52%
Goodwill
YoY Change
Intangibles $2.969K $3.069K $3.213K
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.903M $5.886M $706.9K
YoY Change 21691.89% 43402.94%
Total Long-Term Assets $51.17M $51.42M $46.25M
YoY Change 26663.69% 24846.6%
TOTAL ASSETS
Total Short-Term Assets $5.050M $2.034M $3.961M
Total Long-Term Assets $51.17M $51.42M $46.25M
Total Assets $56.22M $53.45M $50.22M
YoY Change 25038.04% 20249.8% 154867.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $119.4K $317.1K $385.8K
YoY Change -5.34% 72.95% 35.33%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $866.5K $347.3K $1.055M
YoY Change -63.51% -84.74% -47.37%
LONG-TERM LIABILITIES
Long-Term Debt $5.954M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $16.05M $13.53M $8.672M
YoY Change 17226.44% 11954.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $866.5K $347.3K $1.055M
Total Long-Term Liabilities $16.05M $13.53M $8.672M
Total Liabilities $16.92M $13.87M $9.728M
YoY Change 585.66% 480.86% 385.17%
SHAREHOLDERS EQUITY
Retained Earnings -$973.9K -$909.1K -$812.5K
YoY Change -95.19% -95.46% -95.91%
Common Stock $40.42M $518.8K $518.8K
YoY Change 39052.77% -49.75% -49.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.26M $39.58M $40.49M
YoY Change
Total Liabilities & Shareholders Equity $56.22M $53.45M $50.22M
YoY Change 25038.04% 20249.8% 154867.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$64.80K -$96.57K
YoY Change -53.17% -34.92%
Depreciation, Depletion And Amortization $22.06K
YoY Change -2.82%
Cash From Operating Activities $9.718K
YoY Change -103.32%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.045M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.053M
YoY Change 1528.44%
NET CHANGE
Cash From Operating Activities $9.718K
Cash From Investing Activities -$5.045M
Cash From Financing Activities $5.053M
Net Change In Cash -$656.00
YoY Change -103.69%
FREE CASH FLOW
Cash From Operating Activities $9.718K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the unaudited condensed 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, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenue and expenses during the reported period in the unaudited condensed consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group’s unaudited condensed consolidated financial statements mainly include, but are not limited to, assessment for impairment of long-lived assets, valuation of deferred tax assets and current expected credit loss of receivables.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the unaudited condensed consolidated financial statements that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. On an ongoing basis, management evaluates its estimates based on information that is currently available. Changes in circumstances, facts and experience may cause the Group to revise its estimates. Changes in estimates are recorded in the period in which they become known. Actual results could materially differ from these estimates.</p>
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