$HOUR
Hour Loop, Inc

2023 Form 10-K Financial Statement

#000149315224011298 Filed on March 26, 2024

View on sec.gov

Income Statement

Concept 2023 2022
Revenue $132.1M $95.93M
YoY Change 37.73% 52.77%
Cost Of Revenue $65.61M $46.94M
YoY Change 39.76% 67.75%
Gross Profit $66.52M $48.99M
YoY Change 35.78% 40.73%
Gross Profit Margin 50.34% 51.07%
Selling, General & Admin $69.52M $50.91M
YoY Change 36.56% 73.54%
% of Gross Profit 104.52% 103.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $138.0K $79.08K
YoY Change 74.5% 17474.22%
% of Gross Profit 0.21% 0.16%
Operating Expenses $69.52M $50.91M
YoY Change 36.56% 73.54%
Operating Profit -$3.003M -$1.919M
YoY Change 56.48% -135.06%
Interest Expense -$248.8K $144.5K
YoY Change -272.19% -355.67%
% of Operating Profit
Other Income/Expense, Net $91.75K -$20.43K
YoY Change -549.14% -127.11%
Pretax Income -$3.160M -$1.940M
YoY Change 62.93% -135.31%
Income Tax -$730.8K -$462.2K
% Of Pretax Income
Net Earnings -$2.430M -$1.478M
YoY Change 64.43% -130.89%
Net Earnings / Revenue -1.84% -1.54%
Basic Earnings Per Share -$0.07 -$0.04
Diluted Earnings Per Share -$0.07 -$0.04
COMMON SHARES
Basic Shares Outstanding 35.07M shares 34.99M shares
Diluted Shares Outstanding 35.07M shares 34.99M shares

Balance Sheet

Concept 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.484M $4.563M
YoY Change -45.55% -56.93%
Cash & Equivalents $338.7K $4.561M
Short-Term Investments
Other Short-Term Assets $199.7K $685.5K
YoY Change -70.87% -19.41%
Inventory $14.28M $18.80M
Prepaid Expenses
Receivables $747.7K $352.4K
Other Receivables $305.2K $55.73K
Total Short-Term Assets $18.01M $24.46M
YoY Change -26.35% 30.61%
LONG-TERM ASSETS
Property, Plant & Equipment $232.7K $724.9K
YoY Change -67.9% 1483.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.304M $549.3K
YoY Change 137.42% 1107.56%
Total Long-Term Assets $1.537M $1.274M
YoY Change 20.62% 1296.27%
TOTAL ASSETS
Total Short-Term Assets $18.01M $24.46M
Total Long-Term Assets $1.537M $1.274M
Total Assets $19.55M $25.73M
YoY Change -24.02% 36.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.813M $11.88M
YoY Change -67.91% 24.57%
Accrued Expenses $2.021M $1.620M
YoY Change 24.74% 33.44%
Deferred Revenue
YoY Change
Short-Term Debt $652.4K $652.3K
YoY Change 0.02%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.92M $14.50M
YoY Change -24.68% -10.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.173M $4.394M
YoY Change -5.04%
Total Long-Term Liabilities $4.173M $4.394M
YoY Change -5.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.92M $14.50M
Total Long-Term Liabilities $4.173M $4.394M
Total Liabilities $15.10M $18.90M
YoY Change -20.12% 16.93%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.453M $6.833M
YoY Change
Total Liabilities & Shareholders Equity $19.55M $25.73M
YoY Change -24.02% 36.75%

Cashflow Statement

Concept 2023 2022
OPERATING ACTIVITIES
Net Income -$2.430M -$1.478M
YoY Change 64.43% -130.89%
Depreciation, Depletion And Amortization $138.0K $79.08K
YoY Change 74.5% 17474.22%
Cash From Operating Activities -$2.063M -$11.60M
YoY Change -82.22% -249.45%
INVESTING ACTIVITIES
Capital Expenditures $14.82K $339.5K
YoY Change -95.63% -2206.19%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.82K -$339.5K
YoY Change -95.63% 2006.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.923M
YoY Change -378.59%
NET CHANGE
Cash From Operating Activities -2.063M -$11.60M
Cash From Investing Activities -14.82K -$339.5K
Cash From Financing Activities $5.923M
Net Change In Cash -2.078M -$6.030M
YoY Change -65.54% -207.26%
FREE CASH FLOW
Cash From Operating Activities -$2.063M -$11.60M
Capital Expenditures $14.82K $339.5K
Free Cash Flow -$2.078M -$11.94M
YoY Change -82.6% -253.5%

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2023 HOUR Rightofuse Of Asset And Operating Lease Liabilities Recognized
RightofuseOfAssetAndOperatingLeaseLiabilitiesRecognized
27249 usd
CY2022 HOUR Rightofuse Of Asset And Operating Lease Liabilities Recognized
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CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Net Income Loss
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zIL8WElim4U3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_z6mvgJaH4pE3">Use of Estimates</span></b> - The preparation of financial statements in conformity with US GAAP requires management 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 revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates, include but not limited to, estimates associated with the collectability of accounts receivable, useful life of property and equipment, impairment of long lived assets, valuation allowance for deferred tax assets, inventory valuation and inventory provision.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_840_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zPEokzSb9I5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zGeOIbf8feig">Reclassification</span> </b>- Certain amounts in the consolidated financial statements for the prior financials have been reclassified to conform to the current interim review presentation. These reclassifications had no impact on consolidated net earnings, consolidated financial position, or consolidated cash flows. Proposed changes involve presenting accrued interest as a current liability, foreign currency gain or loss as a General and administrative and segregating account payable into separate categories: accounts payable and credit cards payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
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InventoryValuationReserves
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2023 us-gaap Cost Of Property Repairs And Maintenance
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CY2023Q4 us-gaap Property Plant And Equipment Useful Life
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P3Y
CY2023 HOUR Sales Return Rate
SalesReturnRate
0.0645 pure
CY2022 HOUR Sales Return Rate
SalesReturnRate
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CY2023 HOUR Shipping And Handling Costs
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CY2022 HOUR Shipping And Handling Costs
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CY2023Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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CY2022Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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CY2023 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_ztD2sjw9g5ji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zLr8aDKr515a">Concentration of Credit Risks</span> -</b> Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains cash with various domestic and foreign financial institutions of high credit quality. The Company performs periodic evaluations of the relative credit standing of all of the aforementioned institutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains reserves for potential credit losses on customer accounts when deemed necessary. Significant customers are those which represent more than 10% of the Company’s total net revenue or gross accounts receivable balance at the balance sheet date. <span id="xdx_90C_eus-gaap--ConcentrationRiskCustomer_c20230101__20231231_zCsRLqVIqyH" title="Concentration risk customer">During the years ended December 31, 2023 and 2022, the Company had no customer that accounted for 10% or more of total net revenues. In addition, as of December 31, 2023 and 2022, the Company had no customer that accounted for 10% or more of gross accounts receivable</span>. As of December 31, 2023 and 2022, all of the Company’s accounts receivable were held by the Company’s sales platform agent, Amazon, which collects money on the Company’s behalf from its customers. Therefore, the Company’s accounts receivable are comprised of receivables due from Amazon and the reimbursement from Amazon to the Company usually takes less than 7 days.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s business is reliant on one key vendor which currently provides the Company with its sales platform, logistics and fulfillment operations, including certain warehousing for the Company’s net goods, and invoicing and collection of its revenue from the Company’s end customers. During the years ended December 31, 2023 and 2022, approximately <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zVUUxdxZHDO1" title="Concentration risk percentage">96</span>% and <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zINJIidjn0Dh" title="Concentration risk percentage">100</span>% of the Company’s revenue was through or with the Amazon sales platform.   </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Customer
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During the years ended December 31, 2023 and 2022, the Company had no customer that accounted for 10% or more of total net revenues. In addition, as of December 31, 2023 and 2022, the Company had no customer that accounted for 10% or more of gross accounts receivable
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Operating Loss Carryforwards
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CY2023 HOUR Sales Returns
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CY2023Q4 us-gaap Liability For Uncertain Tax Positions Current
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0 usd
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2023 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2429694 usd
CY2022 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
1477623 usd
CY2023 HOUR Operating Loss Carry Forward Term
OperatingLossCarryForwardTerm
P20Y
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
35082464 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35082464 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
35047828 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35047828 shares

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