2023 Q3 Form 10-Q Financial Statement

#000084485623000028 Filed on July 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $12.70M $13.57M
YoY Change 119.93% 121.38%
Cost Of Revenue $8.062M $8.493M
YoY Change 106.21% 123.44%
Gross Profit $4.643M $5.082M
YoY Change 148.65% 118.02%
Gross Profit Margin 36.54% 37.43%
Selling, General & Admin $8.034M $8.261M
YoY Change 101.58% 123.32%
% of Gross Profit 173.04% 162.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $137.3K $374.0K
YoY Change 111.31% 487.58%
% of Gross Profit 2.96% 7.36%
Operating Expenses $8.034M $8.261M
YoY Change 101.58% 123.32%
Operating Profit -$3.391M -$3.180M
YoY Change 60.09% 132.36%
Interest Expense $36.57K $97.31K
YoY Change -5.97% 482.35%
% of Operating Profit
Other Income/Expense, Net $400.2K $429.6K
YoY Change 825.9% 1777.21%
Pretax Income -$2.991M -$2.653M
YoY Change 44.14% 97.16%
Income Tax
% Of Pretax Income
Net Earnings -$2.991M -$2.744M
YoY Change 44.14% 103.96%
Net Earnings / Revenue -23.54% -20.22%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 463.3B 463.3B
Diluted Shares Outstanding 358.2B shares 353.9B

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.140M $8.483M
YoY Change -76.21% -56.16%
Cash & Equivalents $7.766M $8.482M
Short-Term Investments $1.710K $1.370K
Other Short-Term Assets $398.9K $2.460M
YoY Change -90.25% 907.35%
Inventory $3.554M $3.765M
Prepaid Expenses
Receivables $130.9K $92.65K
Other Receivables $0.00 $156.3K
Total Short-Term Assets $13.60M $14.96M
YoY Change -60.13% -32.89%
LONG-TERM ASSETS
Property, Plant & Equipment $2.865M $13.61M
YoY Change 87.49% 775.43%
Goodwill $5.747M $5.747M
YoY Change 116.3% 116.3%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $510.9K $481.4K
YoY Change -95.51% 303.28%
Total Long-Term Assets $23.50M $24.38M
YoY Change 106.72% 111.22%
TOTAL ASSETS
Total Short-Term Assets $13.60M $14.96M
Total Long-Term Assets $23.50M $24.38M
Total Assets $37.10M $39.34M
YoY Change -18.41% 16.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.804M $5.133M
YoY Change 81.19% 136.44%
Accrued Expenses $2.324M $1.966M
YoY Change 334.8% 249.0%
Deferred Revenue $144.9K $147.5K
YoY Change 152.89% 162.84%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $560.3K $1.005M
YoY Change 23.23% 120.75%
Total Short-Term Liabilities $9.286M $8.624M
YoY Change 118.51% 165.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.955M $2.098M
YoY Change
Other Long-Term Liabilities $7.500M $8.395M
YoY Change 93.01% 109.04%
Total Long-Term Liabilities $1.955M $10.49M
YoY Change -49.69% 161.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.286M $8.624M
Total Long-Term Liabilities $1.955M $10.49M
Total Liabilities $18.74M $19.12M
YoY Change 130.36% 163.25%
SHAREHOLDERS EQUITY
Retained Earnings -$51.16M -$48.17M
YoY Change 24.38% 23.33%
Common Stock $47.53M $46.33M
YoY Change 39.89% 36.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.41M $20.22M
YoY Change
Total Liabilities & Shareholders Equity $37.10M $39.34M
YoY Change -18.41% 16.28%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.991M -$2.744M
YoY Change 44.14% 103.96%
Depreciation, Depletion And Amortization $137.3K $374.0K
YoY Change 111.31% 487.58%
Cash From Operating Activities -$1.281M -$1.314M
YoY Change 59.07% 10.31%
INVESTING ACTIVITIES
Capital Expenditures $28.10K $21.78K
YoY Change -172.59% -125.37%
Acquisitions
YoY Change
Other Investing Activities $145.4K $16.61K
YoY Change 835.99% 24.42%
Cash From Investing Activities $117.3K -$5.170K
YoY Change -605.91% -92.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.4K -11.06M
YoY Change -101.41% 1702100.0%
NET CHANGE
Cash From Operating Activities -1.281M -1.314M
Cash From Investing Activities 117.3K -5.170K
Cash From Financing Activities -180.4K -11.06M
Net Change In Cash -1.344M -12.38M
YoY Change -111.19% 879.4%
FREE CASH FLOW
Cash From Operating Activities -$1.281M -$1.314M
Capital Expenditures $28.10K $21.78K
Free Cash Flow -$1.309M -$1.336M
YoY Change 70.77% 20.85%

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us-gaap 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). $150,000 inventory shrink was originally presented in the statement of cash flow under change in operating assets inventory in cash used in operating activities for six months ended June 30, 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> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </span>change in the fair value measurement on contingent consideration <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">was presented under Other (expense) income, net in the statement of operations for three months ended March 31, 2023. For the three months ended June 30, 2023, the Company presented the change in fair value remeasurement as a separate line in the statement of operations.</span></div>
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