2023 Q2 Form 10-Q Financial Statement

#000182912623002753 Filed on April 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $30.00K $500.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $30.00K $500.00
YoY Change
Gross Profit Margin 100.0% 100.0%
Selling, General & Admin $86.21K $127.3K $135.9K
YoY Change 51.9% -6.28% 171.72%
% of Gross Profit 287.37% 25466.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.030K $6.777K $0.00
YoY Change
% of Gross Profit 13.43% 1355.4%
Operating Expenses $86.21K $127.3K $135.9K
YoY Change 51.9% -6.28% 171.72%
Operating Profit -$56.21K -$126.8K -$135.9K
YoY Change -0.95% -6.65% 239.65%
Interest Expense -$38.37K -$1.461M
YoY Change -118.09%
% of Operating Profit
Other Income/Expense, Net $0.00 -$27.08K -$1.461M
YoY Change -100.0% -98.15%
Pretax Income -$119.8K -$153.9K -$1.597M
YoY Change 46.43% -90.36% -119.89%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$119.8K -$153.9K -$1.597M
YoY Change 46.43% -90.36% -119.89%
Net Earnings / Revenue -399.37% -30782.6%
Basic Earnings Per Share $0.00 -$0.01 -$0.06
Diluted Earnings Per Share $0.00 -$0.01 -$57.20K
COMMON SHARES
Basic Shares Outstanding 27.94M shares 27.94M shares
Diluted Shares Outstanding 27.94M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $304.4K $391.8K $753.2K
YoY Change -53.37% -47.98% -96.26%
Cash & Equivalents $151.3K $188.8K $473.9K
Short-Term Investments $153.1K $203.0K $279.3K
Other Short-Term Assets $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $304.4K $391.8K $788.2K
YoY Change -55.74% -50.29% -96.08%
LONG-TERM ASSETS
Property, Plant & Equipment $101.7K $159.8K $12.55K
YoY Change 853.66% 1173.35% -37.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $153.1K $203.0K
YoY Change -24.99%
Other Assets
YoY Change
Total Long-Term Assets $101.7K $159.8K $62.54K
YoY Change 74.78% 155.52% 108.47%
TOTAL ASSETS
Total Short-Term Assets $304.4K $391.8K $788.2K
Total Long-Term Assets $101.7K $159.8K $62.54K
Total Assets $406.0K $551.6K $850.7K
YoY Change -45.57% -35.16% -95.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.48K $21.97K $23.69K
YoY Change 263.29% -7.26% 136.9%
Accrued Expenses $3.140K $5.020K $7.530K
YoY Change -58.3% -33.33% -24.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.62K $26.98K $50.54K
YoY Change -50.3% -46.61% 405.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.020K
YoY Change -49.8%
Total Long-Term Liabilities $0.00 $0.00 $5.020K
YoY Change -100.0% -100.0% -49.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.62K $26.98K $50.54K
Total Long-Term Liabilities $0.00 $0.00 $5.020K
Total Liabilities $14.62K $26.98K $55.56K
YoY Change -55.09% -51.43% 85.2%
SHAREHOLDERS EQUITY
Retained Earnings -$543.2K -$410.0K
YoY Change 145.48%
Common Stock $27.94K $27.94K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $391.4K $524.6K $795.2K
YoY Change
Total Liabilities & Shareholders Equity $406.0K $551.6K $850.7K
YoY Change -45.57% -35.16% -95.78%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$119.8K -$153.9K -$1.597M
YoY Change 46.43% -90.36% -119.89%
Depreciation, Depletion And Amortization $4.030K $6.777K $0.00
YoY Change
Cash From Operating Activities -$90.76K -$91.43K -$68.55K
YoY Change -8.66% 33.37% 71.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $53.28K -$155.7K $59.79K
YoY Change -28.04% -360.39%
Cash From Investing Activities $53.28K $27.23K $59.79K
YoY Change -28.04% -54.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -42.06K
YoY Change
NET CHANGE
Cash From Operating Activities -90.76K -$91.43K -68.55K
Cash From Investing Activities 53.28K $27.23K 59.79K
Cash From Financing Activities 0.000 -42.06K
Net Change In Cash -37.48K -$64.20K -50.82K
YoY Change 48.03% 26.33%
FREE CASH FLOW
Cash From Operating Activities -$90.76K -$91.43K -$68.55K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q4 HSTA Unearned Income On Lease Receivable
UnearnedIncomeOnLeaseReceivable
21745 usd
CY2023Q1 us-gaap Interest Income Other
InterestIncomeOther
0 usd
CY2022Q1 us-gaap Interest Income Other
InterestIncomeOther
2416 usd
CY2023Q1 HSTA Financing Lease Decription
FinancingLeaseDecription
the net investment in the lease was recorded as a $54,983 fixed asset of computer equipment calculated as the net of a $72,500 asset as a lease contract receivable less a $17,517 liability as unearned income on the lease receivable.
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zYXCJFupTlN5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_znVQG2050Gvg">Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial statements are prepared on the basis of accounting principles generally accepted in the United States of America, also referred to as U.S. GAAP. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheets and the income and expenses for the periods ended as stated in the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
45177 usd
CY2023Q1 us-gaap Increase Decrease In Equity Securities Fv Ni
IncreaseDecreaseInEquitySecuritiesFvNi
-20725 usd
CY2023Q1 HSTA Investment In Equities Cumulative Impairments
InvestmentInEquitiesCumulativeImpairments
0 usd
CY2023Q1 HSTA Investment In Equities Cumulative Adjustment
InvestmentInEquitiesCumulativeAdjustment
178591 usd
CY2023Q1 us-gaap Equity Method Investments
EquityMethodInvestments
203043 usd
CY2023Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
-153913 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
-1597270 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 HSTA Computed Expected Tax Provision Benefit
ComputedExpectedTaxProvisionBenefit
-32321 usd
CY2022Q1 HSTA Computed Expected Tax Provision Benefit
ComputedExpectedTaxProvisionBenefit
-335426 usd
CY2023Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
32321 usd
CY2022Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
335426 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0 usd
CY2022Q4 HSTA Outstanding Balance
OutstandingBalance
5185 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06 pure
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1200 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
50 usd
CY2023Q1 HSTA Vested And Additional Description
VestedAndAdditionalDescription
as of February 28, 2023, 2,083 options have vested and additional amounts of 2,500 shares vesting on each of the following dates: May 31, 2023; August 31, 2023; November 30, 2023, with the final 417 shares vesting on February 29, 2024. For the three-month period ending February 28, 2023, and the twelve-month period ending November 30, 2022, no options have been exercised and based on the Black-Scholes option-pricing model described below, no expense has been recorded for the Company. The estimated amount of expense for vested options is $975 and the amount for unvested options is $2,925.
CY2023Q1 us-gaap Heldtomaturity Securities In Unrealized Loss Positions Qualitative Disclosure Other Fair Value Volatility Rate
HeldtomaturitySecuritiesInUnrealizedLossPositionsQualitativeDisclosureOtherFairValueVolatilityRate
0.77 pure
CY2023Q1 HSTA Stock Price
StockPrice
0.79

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