2022 Q3 Form 10-Q Financial Statement

#000109690622001904 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $499.7K $469.8K $671.6K
YoY Change 31.53% 92.64% 394.18%
Cost Of Revenue $68.55K $195.6K $198.7K
YoY Change -5.12% 479.18% -85.93%
Gross Profit $431.1K $274.3K $472.9K
YoY Change 40.14% 30.52% -137.06%
Gross Profit Margin 86.28% 58.38% 70.41%
Selling, General & Admin $485.6K $961.1K $710.4K
YoY Change -29.93% 92.44% 84.18%
% of Gross Profit 112.64% 350.43% 150.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $330.00 $1.270K
YoY Change -74.22% -42.53%
% of Gross Profit 0.08% 0.27%
Operating Expenses $485.6K $888.4K $710.4K
YoY Change -29.93% 91.12% 84.18%
Operating Profit -$54.47K -$614.1K -$237.5K
YoY Change -85.86% 141.12% -85.71%
Interest Expense -$115.8K -$245.2K $1.199M
YoY Change -64.6% -19.09% 49436.78%
% of Operating Profit
Other Income/Expense, Net -$115.8K -$245.2K
YoY Change -19.09%
Pretax Income -$170.2K -$859.3K $536.7K
YoY Change -74.69% 54.07% -132.94%
Income Tax
% Of Pretax Income
Net Earnings -$170.2K -$859.3K $536.7K
YoY Change -74.69% 54.07% -132.94%
Net Earnings / Revenue -34.07% -182.91% 79.92%
Basic Earnings Per Share
Diluted Earnings Per Share -$498.30 -$2.528K $1.653K
COMMON SHARES
Basic Shares Outstanding 344.8M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.88K $159.4K $222.1K
YoY Change -35.83% -44.44% 275.17%
Cash & Equivalents $73.88K $159.4K $222.1K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.866M $1.869M $1.958M
Prepaid Expenses
Receivables $100.8K $100.2K $133.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.041M $2.129M $2.313M
YoY Change -25.29% -26.82% -7.1%
LONG-TERM ASSETS
Property, Plant & Equipment $6.050K $6.600K $1.040K
YoY Change 161.9% 83.84% -83.06%
Goodwill $193.3K $193.3K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.89K $16.89K $0.00
YoY Change
Total Long-Term Assets $738.1K $738.6K $716.2K
YoY Change 4.49% 6.11% 14.54%
TOTAL ASSETS
Total Short-Term Assets $2.041M $2.129M $2.313M
Total Long-Term Assets $738.1K $738.6K $716.2K
Total Assets $2.779M $2.867M $3.030M
YoY Change -19.17% -20.46% -2.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $114.1K $114.1K $37.27K
YoY Change 392.53% 675.41% -42.52%
Accrued Expenses $36.61K $7.784K $59.26K
YoY Change -61.25% -92.99% 395.93%
Deferred Revenue
YoY Change
Short-Term Debt $454.8K $508.2K $342.6K
YoY Change -56.09% -44.92% 92.89%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $944.3K $896.2K $558.8K
YoY Change -61.43% -55.98% 113.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $944.3K $896.2K $558.8K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $944.3K $896.2K $558.8K
YoY Change -61.43% -55.98% 113.62%
SHAREHOLDERS EQUITY
Retained Earnings -$15.80M -$14.94M
YoY Change
Common Stock $344.5K $338.4K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.835M $1.971M $2.471M
YoY Change
Total Liabilities & Shareholders Equity $2.779M $2.867M $3.030M
YoY Change -19.17% -20.46% -2.76%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$170.2K -$859.3K $536.7K
YoY Change -74.69% 54.07% -132.94%
Depreciation, Depletion And Amortization $330.00 $1.270K
YoY Change -74.22% -42.53%
Cash From Operating Activities -$86.34K -$46.27K $40.88K
YoY Change -68.41% 37.63% -95.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$11.11K
YoY Change -100.0% -100.0% -89.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 -$11.11K
YoY Change -100.0% -100.0% -104.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 820.0 113.4K 77.20K
YoY Change -99.27% -7.9% -104.93%
NET CHANGE
Cash From Operating Activities -86.34K -46.27K 40.88K
Cash From Investing Activities 0.000 0.000 -11.11K
Cash From Financing Activities 820.0 113.4K 77.20K
Net Change In Cash -85.52K 67.12K 107.0K
YoY Change -50.22% 24.3% -133.4%
FREE CASH FLOW
Cash From Operating Activities -$86.34K -$46.27K $40.88K
Capital Expenditures $0.00 $0.00 -$11.11K
Free Cash Flow -$86.34K -$46.27K $51.99K
YoY Change -67.02% -245.82% -95.26%

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us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-2643 usd
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
33148 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-27040 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-88877 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
164018 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
0 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
0 usd
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-16890 usd
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
0 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
76874 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-50113 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
0 usd
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
0 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-51479 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
80664 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1633 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
11602 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2913 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
6762 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-154676 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-668875 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7987 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
fil Purchase Of Note Receivable
PurchaseOfNoteReceivable
0 usd
fil Purchase Of Note Receivable
PurchaseOfNoteReceivable
0 usd
fil Increase Decrease In Trademarks
IncreaseDecreaseInTrademarks
0 usd
fil Increase Decrease In Trademarks
IncreaseDecreaseInTrademarks
-73388 usd
us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7987 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-73388 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 usd
fil Purchase Of Ubn
PurchaseOfUbn
0 usd
fil Purchase Of Ubn
PurchaseOfUbn
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-65617 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
225000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
539000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
745000 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
203413 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 usd
fil Proceeds From Issuance Of Notes Payable Related Party
ProceedsFromIssuanceOfNotesPayableRelatedParty
0 usd
fil Proceeds From Issuance Of Notes Payable Related Party
ProceedsFromIssuanceOfNotesPayableRelatedParty
0 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
-170000 usd
us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
99970 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
970000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-62693 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
227738 usd
CY2021Q4 us-gaap Cash
Cash
222098 usd
CY2020Q4 us-gaap Cash
Cash
59201 usd
CY2022Q2 us-gaap Cash
Cash
159405 usd
CY2021Q2 us-gaap Cash
Cash
286939 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Use of Estimates</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The preparation of financial statements in conformity with 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. </p>
CY2022Q2 fil Inventory Allowances
InventoryAllowances
1914891 usd
CY2021Q4 fil Inventory Allowances
InventoryAllowances
1543758 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Concentration</i></b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="background-color:#FFFFFF">There is no concentration of revenue for the six months ended June 30, 2021 and for the six months ended June 30, 2022 because the revenue was earned from multiple customers.</span></p>
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
92527 usd
fil Convertible Debt Issued
ConvertibleDebtIssued
142704 usd
fil Convertible Debt Change In Fair Value Recognized In Operations
ConvertibleDebtChangeInFairValueRecognizedInOperations
-866 usd
fil Convertible Debt Converted
ConvertibleDebtConverted
0 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
234365 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-15799935 usd
CY2022Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
1000 usd
CY2021Q4 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
36000 usd
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
17897 usd
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
17031 usd
CY2022Q2 us-gaap Convertible Debt
ConvertibleDebt
507337 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
507337 usd
CY2022Q2 fil Convertible Debt Accrued Interest
ConvertibleDebtAccruedInterest
11485 usd
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2500000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2500000000 shares
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2500000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares

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