2023 Q2 Form 10-Q Financial Statement
#000084485623000016 Filed on May 05, 2023
Income Statement
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
|---|---|---|---|
| Revenue | $13.57M | $13.56M | $5.049M |
| YoY Change | 121.38% | 168.59% | 45.67% |
| Cost Of Revenue | $8.493M | $8.645M | $3.076M |
| YoY Change | 123.44% | 181.05% | 55.75% |
| Gross Profit | $5.082M | $4.914M | $1.973M |
| YoY Change | 118.02% | 149.14% | 32.32% |
| Gross Profit Margin | 37.43% | 36.24% | 39.07% |
| Selling, General & Admin | $8.261M | $6.897M | $3.327M |
| YoY Change | 123.32% | 107.29% | 64.49% |
| % of Gross Profit | 162.57% | 140.35% | 168.69% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $374.0K | $142.6K | $193.3K |
| YoY Change | 487.58% | -26.26% | 41.52% |
| % of Gross Profit | 7.36% | 2.9% | 9.8% |
| Operating Expenses | $8.261M | $6.897M | $3.327M |
| YoY Change | 123.32% | 107.29% | 64.49% |
| Operating Profit | -$3.180M | -$1.983M | -$1.355M |
| YoY Change | 132.36% | 46.36% | 154.6% |
| Interest Expense | $97.31K | $93.19K | $20.11K |
| YoY Change | 482.35% | 363.4% | -142.98% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $429.6K | $75.75K | $36.99K |
| YoY Change | 1777.21% | 104.77% | -122.54% |
| Pretax Income | -$2.653M | -$1.907M | -$1.318M |
| YoY Change | 97.16% | 44.72% | 89.29% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$2.744M | -$1.907M | -$1.318M |
| YoY Change | 103.96% | 44.72% | 89.29% |
| Net Earnings / Revenue | -20.22% | -14.07% | -26.1% |
| Basic Earnings Per Share | $0.00 | $0.00 | $0.00 |
| Diluted Earnings Per Share | $0.00 | $0.00 | $0.00 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 463.3B | 346.3B | 339.7B |
| Diluted Shares Outstanding | 353.9B | 341.7B | 339.7B |
Balance Sheet
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $8.483M | $19.77M | $20.61M |
| YoY Change | -56.16% | -4.09% | 284.24% |
| Cash & Equivalents | $8.482M | $21.49M | $20.59M |
| Short-Term Investments | $1.370K | $5.310K | $26.66K |
| Other Short-Term Assets | $2.460M | $944.5K | $298.8K |
| YoY Change | 907.35% | 216.13% | 25.62% |
| Inventory | $3.765M | $3.967M | $2.370M |
| Prepaid Expenses | |||
| Receivables | $92.65K | $100.6K | $37.51K |
| Other Receivables | $156.3K | $172.9K | $234.2K |
| Total Short-Term Assets | $14.96M | $27.26M | $23.56M |
| YoY Change | -32.89% | 15.74% | 220.03% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $13.61M | $3.097M | $6.696M |
| YoY Change | 775.43% | -53.76% | 2902.85% |
| Goodwill | $5.747M | $5.747M | |
| YoY Change | 116.3% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $481.4K | $475.4K | $112.9K |
| YoY Change | 303.28% | 321.18% | 27.41% |
| Total Long-Term Assets | $24.38M | $25.10M | $11.88M |
| YoY Change | 111.22% | 111.26% | 79.31% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $14.96M | $27.26M | $23.56M |
| Total Long-Term Assets | $24.38M | $25.10M | $11.88M |
| Total Assets | $39.34M | $52.36M | $35.43M |
| YoY Change | 16.28% | 47.76% | 153.37% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $5.133M | $4.977M | $2.059M |
| YoY Change | 136.44% | 141.75% | 152.97% |
| Accrued Expenses | $1.966M | $2.036M | $607.1K |
| YoY Change | 249.0% | 235.42% | 25.57% |
| Deferred Revenue | $147.5K | $200.4K | |
| YoY Change | 162.84% | ||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $1.005M | $543.9K | $455.9K |
| YoY Change | 120.75% | 19.32% | -45.87% |
| Total Short-Term Liabilities | $8.624M | $9.008M | $3.366M |
| YoY Change | 165.69% | 167.65% | 55.98% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $2.098M | $2.239M | $140.00 |
| YoY Change | 1599217.14% | -99.98% | |
| Other Long-Term Liabilities | $8.395M | $8.657M | $4.153M |
| YoY Change | 109.04% | 108.46% | 38.37% |
| Total Long-Term Liabilities | $10.49M | $2.239M | $4.153M |
| YoY Change | 161.28% | -46.09% | 9.88% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $8.624M | $9.008M | $3.366M |
| Total Long-Term Liabilities | $10.49M | $2.239M | $4.153M |
| Total Liabilities | $19.12M | $19.90M | $7.519M |
| YoY Change | 163.25% | 164.73% | 26.63% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$48.17M | -$45.52M | |
| YoY Change | 23.33% | ||
| Common Stock | $46.33M | $34.64M | |
| YoY Change | 36.36% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $20.22M | $18.96M | $27.92M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $39.34M | $52.36M | $35.43M |
| YoY Change | 16.28% | 47.76% | 153.37% |
Cashflow Statement
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$2.744M | -$1.907M | -$1.318M |
| YoY Change | 103.96% | 44.72% | 89.29% |
| Depreciation, Depletion And Amortization | $374.0K | $142.6K | $193.3K |
| YoY Change | 487.58% | -26.26% | 41.52% |
| Cash From Operating Activities | -$1.314M | -$2.344M | -$679.6K |
| YoY Change | 10.31% | 244.94% | 3.54% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $21.78K | $126.3K | -$127.3K |
| YoY Change | -125.37% | -199.19% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $16.61K | $16.32K | -$5.136M |
| YoY Change | 24.42% | -100.32% | -39069.88% |
| Cash From Investing Activities | -$5.170K | -$109.9K | -$5.264M |
| YoY Change | -92.87% | -97.91% | 29675.98% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -11.06M | -742.2K | 34.56K |
| YoY Change | 1702100.0% | -2247.47% | -98.87% |
| NET CHANGE | |||
| Cash From Operating Activities | -1.314M | -2.344M | -679.6K |
| Cash From Investing Activities | -5.170K | -109.9K | -5.264M |
| Cash From Financing Activities | -11.06M | -742.2K | 34.56K |
| Net Change In Cash | -12.38M | -3.196M | -5.909M |
| YoY Change | 879.4% | -45.9% | -347.15% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.314M | -$2.344M | -$679.6K |
| Capital Expenditures | $21.78K | $126.3K | -$127.3K |
| Free Cash Flow | -$1.336M | -$2.471M | -$552.4K |
| YoY Change | 20.85% | 347.28% | -15.85% |
Facts In Submission
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|---|---|---|---|---|
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Prior Period Reclassification Adjustment Description
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reclassification</span></div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Certain amounts in the condensed consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss). $75,000 inventory shrink was originally presented in the statement of cash flow under change in operating assets inventory in cash used in operating activities for three months ended March 31, 2022, it was reclassified to <span style="-sec-ix-hidden:Fact_e3e3a10e63a2480fa55f6eb5b59c4c40">write-down of obsolete and slow-moving inventory</span> <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">under cash used in operating activities in the statement of cash flow.</span></div> | |
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