2024 Q3 Form 10-Q Financial Statement

#000184029224000041 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.050M $2.261M
YoY Change -53.81% 62.2%
Cost Of Revenue $1.110M $3.929M
YoY Change -40.29% 158.15%
Gross Profit -$60.00K -$1.668M
YoY Change -114.49% 1203.13%
Gross Profit Margin -5.71% -73.77%
Selling, General & Admin $7.854M $9.505M
YoY Change -47.63% -46.15%
% of Gross Profit
Research & Development $4.509M $4.751M
YoY Change -12.65% -3.94%
% of Gross Profit
Depreciation & Amortization $100.0K $300.0K
YoY Change -80.0% -50.0%
% of Gross Profit
Operating Expenses $12.57M $18.38M
YoY Change -37.67% -18.65%
Operating Profit -$12.63M -$20.05M
YoY Change -36.06% -11.77%
Interest Expense $535.0K $675.0K
YoY Change 59.7% 150.0%
% of Operating Profit
Other Income/Expense, Net $223.0K $52.00K
YoY Change -70.93% -93.71%
Pretax Income -$11.81M -$19.28M
YoY Change -36.38% -11.07%
Income Tax $1.000K $2.000K
% Of Pretax Income
Net Earnings -$11.82M -$19.28M
YoY Change -36.38% -11.07%
Net Earnings / Revenue -1125.24% -852.81%
Basic Earnings Per Share -$1.94 -$3.19
Diluted Earnings Per Share -$1.94 -$3.19
COMMON SHARES
Basic Shares Outstanding 6.006M shares 5.970M shares
Diluted Shares Outstanding 6.086M shares 6.045M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.84M
YoY Change -51.91%
Cash & Equivalents $44.63M $51.84M
Short-Term Investments $0.00
Other Short-Term Assets $2.981M
YoY Change -34.02%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $4.028M
Other Receivables $0.00
Total Short-Term Assets $48.76M $58.85M
YoY Change -54.12% -51.94%
LONG-TERM ASSETS
Property, Plant & Equipment $627.0K $1.243M
YoY Change -89.99% -80.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.439M $1.508M
YoY Change -69.79% -69.88%
Total Long-Term Assets $9.232M $10.44M
YoY Change -68.82% -66.83%
TOTAL ASSETS
Total Short-Term Assets $48.76M $58.85M
Total Long-Term Assets $9.232M $10.44M
Total Assets $57.99M $69.29M
YoY Change -57.33% -54.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.073M $1.403M
YoY Change -40.22% 66.04%
Accrued Expenses $9.795M $9.015M
YoY Change 3.76% -7.86%
Deferred Revenue $19.82M $19.26M
YoY Change 50.48% 57.25%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.0M $104.4M
YoY Change 105.58% 107.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $96.00K $149.0K
YoY Change -94.39% -91.09%
Total Long-Term Liabilities $96.00K $149.0K
YoY Change -94.39% -91.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.0M $104.4M
Total Long-Term Liabilities $96.00K $149.0K
Total Liabilities $109.6M $109.8M
YoY Change 66.54% 67.33%
SHAREHOLDERS EQUITY
Retained Earnings -$484.5M -$472.7M
YoY Change 34.82% 38.7%
Common Stock $1.000K $1.000K
YoY Change 0.0% -95.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$51.59M -$40.48M
YoY Change
Total Liabilities & Shareholders Equity $57.99M $69.29M
YoY Change -57.33% -54.98%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$11.82M -$19.28M
YoY Change -36.38% -11.07%
Depreciation, Depletion And Amortization $100.0K $300.0K
YoY Change -80.0% -50.0%
Cash From Operating Activities -$9.285M
YoY Change -34.73%
INVESTING ACTIVITIES
Capital Expenditures $74.00K
YoY Change -77.37%
Acquisitions
YoY Change
Other Investing Activities $2.961M
YoY Change -82.82%
Cash From Investing Activities $2.887M
YoY Change -82.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000K
YoY Change -99.81%
NET CHANGE
Cash From Operating Activities -9.285M
Cash From Investing Activities 2.887M
Cash From Financing Activities 2.000K
Net Change In Cash -6.396M
YoY Change -270.33%
FREE CASH FLOW
Cash From Operating Activities -$9.285M
Capital Expenditures $74.00K
Free Cash Flow -$9.359M
YoY Change -35.69%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and the accompanying notes. Despite our intention to establish accurate estimates and reasonable assumptions, actual results could differ materially from such estimates and assumptions.</span></div>
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us-gaap Sublease Income
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us-gaap Sublease Income
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2024Q2 us-gaap Operating Lease Liability
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1 shares
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0.125
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SharePurchaseRightPlanExpirationDateExtensionPeriod
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q2 hlg Weighted Average Number Of Shares Assumed Exercise Of Warrants
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CY2023Q2 hlg Weighted Average Number Of Shares Assumed Exercise Of Warrants
WeightedAverageNumberOfSharesAssumedExerciseOfWarrants
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hlg Weighted Average Number Of Shares Assumed Exercise Of Warrants
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62891 shares
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6045324 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5728261 shares
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CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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2816000 usd
us-gaap Allocated Share Based Compensation Expense
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1967000 usd
us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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681000 usd
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CY2024Q2 us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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CY2024Q2 us-gaap Severance Costs1
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CY2023Q2 us-gaap Business Exit Costs1
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161000 usd
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CY2024Q2 us-gaap Restructuring Settlement And Impairment Provisions
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CY2023Q1 us-gaap Goodwill Impairment Loss
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CY2024Q2 us-gaap Severance Costs1
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200000 usd
CY2024Q2 us-gaap Business Exit Costs1
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500000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000 usd
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IncomeTaxExpenseBenefit
4000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000 usd

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