2024 Q1 Form 10-K Financial Statement

#000171658324000025 Filed on March 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $9.983M $295.0K $295.0K
YoY Change -62.52% -92.08%
Cost Of Revenue $7.816M $9.122M $15.46M
YoY Change 832.7% -30.33% -30.75%
Gross Profit $2.167M -$8.827M -$15.16M
YoY Change -358.59% -28.28% -18.46%
Gross Profit Margin 21.71% -2992.2% -5139.32%
Selling, General & Admin $21.53M $20.17M $121.2M
YoY Change -30.23% -47.15% 6.22%
% of Gross Profit 993.45%
Research & Development $10.83M $10.94M $43.73M
YoY Change 15.94% -12.32% 11.75%
% of Gross Profit 499.72%
Depreciation & Amortization $900.0K $817.0K $4.000M
YoY Change -18.18% -35.11% 17.65%
% of Gross Profit 41.53%
Operating Expenses $40.67M $31.10M $188.3M
YoY Change -0.88% -38.57% 6.68%
Operating Profit -$30.69M -$39.93M -$188.0M
YoY Change -25.21% -36.56% 8.81%
Interest Expense $1.224M $3.550M $7.604M
YoY Change -52.3% -55.15% 324.8%
% of Operating Profit
Other Income/Expense, Net -$3.611M -$10.69M $3.501M
YoY Change -133.51% -272.91% -97.05%
Pretax Income -$34.30M -$49.95M -$184.5M
YoY Change 13.37% 2.29% 241.78%
Income Tax $0.00 -$492.0K -$500.0K
% Of Pretax Income
Net Earnings -$34.23M -$49.49M -$184.0M
YoY Change 13.15% 15.45% 471.81%
Net Earnings / Revenue -342.83% -16776.95% -62387.12%
Basic Earnings Per Share -$0.14 -$0.75
Diluted Earnings Per Share -$0.14 -$0.20 -$0.75
COMMON SHARES
Basic Shares Outstanding 245.2M shares 245.0M shares 244.8M shares
Diluted Shares Outstanding 245.1M shares 244.8M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.64M $112.3M $112.3M
YoY Change -60.46% -56.03% -56.03%
Cash & Equivalents $52.40M $112.3M
Short-Term Investments $30.23M $0.00 $0.00
Other Short-Term Assets $2.095M $8.972M $8.972M
YoY Change -18.64% 378.0% -41.61%
Inventory $22.68M $28.81M $28.81M
Prepaid Expenses
Receivables $3.960M $498.0K $2.097M
Other Receivables $126.0K $0.00 $363.0K
Total Short-Term Assets $118.1M $152.5M $152.5M
YoY Change -56.57% -51.25% -51.25%
LONG-TERM ASSETS
Property, Plant & Equipment $15.81M $18.57M $23.31M
YoY Change -29.99% -17.18% -26.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.353M $8.382M $9.145M
YoY Change -44.42% -44.23% -39.16%
Other Assets $6.360M $6.157M $6.157M
YoY Change -52.3% -60.05% -60.05%
Total Long-Term Assets $35.63M $38.61M $38.61M
YoY Change -40.51% -37.76% -37.76%
TOTAL ASSETS
Total Short-Term Assets $118.1M $152.5M $152.5M
Total Long-Term Assets $35.63M $38.61M $38.61M
Total Assets $153.7M $191.1M $191.1M
YoY Change -53.67% -49.02% -49.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.399M $1.479M $1.479M
YoY Change -85.05% -89.28% -89.28%
Accrued Expenses $25.89M $30.12M $31.94M
YoY Change 58.94% 17.7% 16.21%
Deferred Revenue $4.300M $8.900M
YoY Change -17.31% 128.21%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.46M $42.55M $42.55M
YoY Change -14.73% -7.23% -7.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.106M $2.964M $18.58M
YoY Change -33.61% 55.92% -13.34%
Total Long-Term Liabilities $1.106M $2.964M $18.58M
YoY Change -33.61% 55.92% -13.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.46M $42.55M $42.55M
Total Long-Term Liabilities $1.106M $2.964M $18.58M
Total Liabilities $55.12M $61.14M $60.45M
YoY Change 0.64% -9.88% -9.95%
SHAREHOLDERS EQUITY
Retained Earnings -$276.9M -$242.6M
YoY Change 211.82% 313.99%
Common Stock $25.00K $25.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.34M $130.7M $130.7M
YoY Change
Total Liabilities & Shareholders Equity $153.7M $191.1M $191.1M
YoY Change -53.67% -49.02% -49.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$34.23M -$49.49M -$184.0M
YoY Change 13.15% 15.45% 471.81%
Depreciation, Depletion And Amortization $900.0K $817.0K $4.000M
YoY Change -18.18% -35.11% 17.65%
Cash From Operating Activities -$31.20M -$23.54M -$135.6M
YoY Change -32.17% -28.42% -9.05%
INVESTING ACTIVITIES
Capital Expenditures $1.088M $1.899M $7.849M
YoY Change -12.4% -32.49% -44.46%
Acquisitions
YoY Change
Other Investing Activities -$27.12M $27.61M $195.9M
YoY Change -130.89% -25.88% -196.97%
Cash From Investing Activities -$28.21M $25.72M $188.1M
YoY Change -132.67% -25.34% -187.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$94.00K -29.00K -$399.0K
YoY Change -53.0% -99.72% -97.21%
NET CHANGE
Cash From Operating Activities -$31.20M -23.54M -$135.6M
Cash From Investing Activities -$28.21M 25.72M $188.1M
Cash From Financing Activities -$94.00K -29.00K -$399.0K
Net Change In Cash -$59.65M 2.150M $51.31M
YoY Change -251.78% -124.47% -113.41%
FREE CASH FLOW
Cash From Operating Activities -$31.20M -$23.54M -$135.6M
Capital Expenditures $1.088M $1.899M $7.849M
Free Cash Flow -$32.29M -$25.44M -$143.4M
YoY Change -31.65% -28.74% -12.12%

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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Other Operating Assets
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16594000 usd
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements of the Company have been prepared in conformity with U.S. GAAP, which require 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation in the consolidated financial statements and the accompanying notes.</span></div>
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CY2022 us-gaap Inventory Write Down
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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Files In Submission

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