2023 Q2 Form 10-Q Financial Statement

#000109690623001093 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $588.5K $614.9K $463.4K
YoY Change 25.26% 32.71% 171.89%
Cost Of Revenue $303.4K $337.1K $138.7K
YoY Change 55.16% 143.08% 234.65%
Gross Profit $285.1K $277.8K $324.7K
YoY Change 3.94% -14.43% 151.73%
Gross Profit Margin 48.44% 45.18% 70.07%
Selling, General & Admin $1.541M $683.0K $370.4K
YoY Change 60.34% 84.42% -48.28%
% of Gross Profit 540.55% 245.83% 114.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $550.00 $550.00
YoY Change
% of Gross Profit 0.19% 0.2%
Operating Expenses $1.541M $683.0K $370.4K
YoY Change 73.45% 84.42% -48.28%
Operating Profit -$1.256M -$405.2K -$45.65K
YoY Change 104.49% 787.6% -92.22%
Interest Expense -$11.36K -$174.0K $46.02K
YoY Change -95.37% -478.03% -106.51%
% of Operating Profit
Other Income/Expense, Net -$11.36K -$174.0K $48.66K
YoY Change -95.37% -457.49%
Pretax Income -$1.267M -$579.2K $3.010K
YoY Change 47.47% -19341.2% -100.23%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.267M -$579.2K $3.010K
YoY Change 47.47% -19341.1% -100.23%
Net Earnings / Revenue -215.34% -94.18% 0.65%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 $0.00 $9.59
COMMON SHARES
Basic Shares Outstanding 345.2M shares 345.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.50K $213.2K $92.29K
YoY Change -41.97% 131.01% -60.38%
Cash & Equivalents $92.50K $213.2K $92.29K
Short-Term Investments
Other Short-Term Assets $219.3K
YoY Change
Inventory $1.465M $1.654M $2.009M
Prepaid Expenses
Receivables $114.9K $135.4K $109.2K
Other Receivables $34.50K $0.00 $0.00
Total Short-Term Assets $1.925M $2.003M $2.210M
YoY Change -9.56% -9.37% -19.26%
LONG-TERM ASSETS
Property, Plant & Equipment $4.400K $4.950K $7.150K
YoY Change -33.33% -30.77% 47.12%
Goodwill $193.3K $193.3K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.89K $102.5K $16.89K
YoY Change 0.0% 506.99%
Total Long-Term Assets $737.0K $822.6K $739.2K
YoY Change -0.22% 11.29% 11.68%
TOTAL ASSETS
Total Short-Term Assets $1.925M $2.003M $2.210M
Total Long-Term Assets $737.0K $822.6K $739.2K
Total Assets $2.662M $2.825M $2.949M
YoY Change -7.15% -4.2% -13.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.3K $114.5K $105.4K
YoY Change -1.59% 8.6% 113.27%
Accrued Expenses $28.67K $85.87K $27.24K
YoY Change 268.35% 215.24% -59.35%
Deferred Revenue
YoY Change
Short-Term Debt $1.024M $1.084M $357.6K
YoY Change 101.47% 203.1% -30.91%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.481M $1.510M $503.8K
YoY Change 65.3% 199.75% -62.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $47.41K
YoY Change
Total Long-Term Liabilities $47.41K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.481M $1.510M $503.8K
Total Long-Term Liabilities $47.41K $0.00 $0.00
Total Liabilities $1.481M $1.510M $503.8K
YoY Change 65.3% 199.75% -62.18%
SHAREHOLDERS EQUITY
Retained Earnings -$17.77M -$16.51M
YoY Change 12.49%
Common Stock $345.5K $345.5K
YoY Change 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.181M $1.315M $2.445M
YoY Change
Total Liabilities & Shareholders Equity $2.662M $2.825M $2.949M
YoY Change -7.15% -4.2% -13.24%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.267M -$579.2K $3.010K
YoY Change 47.47% -19341.1% -100.23%
Depreciation, Depletion And Amortization $550.00 $550.00
YoY Change
Cash From Operating Activities -$93.23K -$310.3K -$108.4K
YoY Change 101.49% 186.19% -82.93%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$7.990K
YoY Change -100.0% -0.62%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$7.990K
YoY Change -100.0% -78.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$28.42K
YoY Change -105.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.47K $457.8K -13.42K
YoY Change -124.23% -3511.42% -101.58%
NET CHANGE
Cash From Operating Activities -93.23K -$310.3K -108.4K
Cash From Investing Activities 0.000 $0.00 -7.990K
Cash From Financing Activities -27.47K $457.8K -13.42K
Net Change In Cash -120.7K $147.6K -129.8K
YoY Change -279.83% -213.66% -174.73%
FREE CASH FLOW
Cash From Operating Activities -$93.23K -$310.3K -$108.4K
Capital Expenditures $0.00 $0.00 -$7.990K
Free Cash Flow -$93.23K -$310.3K -$100.4K
YoY Change 101.49% 208.96% -83.99%

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0 usd
CY2023Q1 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
0 usd
CY2022Q1 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7987 usd
CY2023Q1 fil Purchase Of Hyperion Op M
PurchaseOfHyperionOpM
-32617 usd
CY2022Q1 fil Purchase Of Hyperion Op M
PurchaseOfHyperionOpM
0 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-28417 usd
CY2023Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
167819 usd
CY2022Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
202000 usd
CY2023Q1 fil Payments For Repayment Of Convertible Debt
PaymentsForRepaymentOfConvertibleDebt
-110535 usd
CY2022Q1 fil Payments For Repayment Of Convertible Debt
PaymentsForRepaymentOfConvertibleDebt
167000 usd
CY2023Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
136705 usd
CY2022Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
CY2023Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
75370 usd
CY2022Q1 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
0 usd
CY2023Q1 fil Proceeds From Issuance Of Notes Payable Related Party
ProceedsFromIssuanceOfNotesPayableRelatedParty
0 usd
CY2022Q1 fil Proceeds From Issuance Of Notes Payable Related Party
ProceedsFromIssuanceOfNotesPayableRelatedParty
-20000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
457812 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-13417 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
147553 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-129812 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
65651 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
222098 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
213204 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92286 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b><i>Use of Estimates</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">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.</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">In regards to inventory write-offs and allowances, our Company policy is to review all expiration dates for all our products, at a minimum quarterly.  If a product is within twelve months of expiration we will discuss if this amount of product will be sold within those months.  If we have a surplus of product over the twelve month demand, we will write-off the additional amount during the current reporting period.  If we have any damaged or unsellable inventory items, we will automatically write-off those items in the current month report period.</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">As for revenue adjustments for discounts, allowances and refunds, we treat each of these items differently. When it comes to revenue discounts, we will create the invoice for the product sold which will include any discounts given. These discounts usually happen for a short period of time for sales that we will offer around holidays.  Due to the revenue being recognized once the order has shipped, less any applicable discount, we book this transaction at the net order transaction amount.  In regards to allowances and refunds for revenue adjustments, due to our refund percentage is less than 1% we decided the need for an estimated adjustment for allowances and refunds was not material.  If we do receive any returned orders, we will directly book those orders as refunds the day we receive the call from the customer requesting the refund.  We will book the credit memo at the full value of the customer original order.</p>
CY2023Q1 fil Inventory Allowances
InventoryAllowances
1914891 usd
CY2022Q1 fil Inventory Allowances
InventoryAllowances
1914891 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
1313407 usd
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
1571458 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
317493 usd
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
330848 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
23306 usd
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
106218 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
1654206 usd
CY2022Q1 us-gaap Inventory Net
InventoryNet
2008524 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font:10pt Times New Roman;margin:0;color:#000000;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">There is no concentration of revenue for the months ended March 31, 2022 and for the months ended March 31, 2023 because the revenue was earned from multiple customers.</p>
CY2023Q1 fil Operating Loss Carryforwards Running Total
OperatingLossCarryforwardsRunningTotal
-16505899 usd
CY2023Q1 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
3005237 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2883614 usd
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2677158 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
102011 usd
CY2023Q1 fil Convertible Debt Issued
ConvertibleDebtIssued
133031 usd
CY2023Q1 fil Convertible Debt Change In Fair Value Recognized In Operations
ConvertibleDebtChangeInFairValueRecognizedInOperations
-48123 usd
CY2023Q1 fil Convertible Debt Converted
ConvertibleDebtConverted
0 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
186919 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16505898 usd
CY2023Q1 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
0 usd
CY2022Q1 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
1000 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
51169 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
70883 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5926 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
144851 usd
CY2023Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
16873 usd
CY2022Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
15370 usd
CY2023Q1 fil Due To Related Parties1
DueToRelatedParties1
330866 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
14214 usd
CY2023Q1 us-gaap Convertible Debt
ConvertibleDebt
595638 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
0 usd
CY2023Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
595638 usd
CY2023Q1 fil Convertible Debt Accrued Interest
ConvertibleDebtAccruedInterest
21200 usd
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2500000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2500000000 shares
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2500000000 shares
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company effectuated a reverse stock split of 1-for-250 as of July 23, 2018
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q1 fil Warrants Issued
WarrantsIssued
7421544 shares
CY2023Q1 fil Warrants Outstanding
WarrantsOutstanding
23421544 shares
CY2023Q1 fil Warrants Fully Vested
WarrantsFullyVested
20600000 shares
CY2022Q1 fil Issuance Of Common Stock Omnibus Stock Grant And Option Plan
IssuanceOfCommonStockOmnibusStockGrantAndOptionPlan
7500000 shares

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