$IBO
Impact Biomedical Inc

2023 Q3 Form 10-Q Financial Statement

#000149315223036365 Filed on October 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $101.0K $41.00K
YoY Change 12.22% -29.31%
% of Gross Profit
Research & Development $239.0K $266.0K
YoY Change -27.58% 29.13%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $340.0K $307.0K
YoY Change -19.05% 16.29%
Operating Profit -$1.078M -$1.008M
YoY Change 21.26% 34.4%
Interest Expense $102.0K $116.0K
YoY Change 10.87% -16.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.177M -$1.121M
YoY Change 20.35% 40.3%
Income Tax
% Of Pretax Income
Net Earnings -$1.177M -$1.121M
YoY Change -47.36% 40.3%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 3.877B shares 3.877B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $201.0K $3.000K $2.000K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $104.0K
Receivables
Other Receivables $94.00K
Total Short-Term Assets $501.0K $348.0K $122.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $289.0K $290.0K $276.0K
YoY Change
Goodwill $25.09M $25.09M $25.09M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $44.58M $45.64M $46.38M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $501.0K $348.0K $122.0K
Total Long-Term Assets $44.58M $45.64M $46.38M
Total Assets $45.08M $45.99M $46.50M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $476.0K $301.0K $539.0K
YoY Change
Accrued Expenses $6.000K $63.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.27M $12.06M $10.59M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.27M $12.06M $10.59M
Total Long-Term Liabilities
Total Liabilities $15.50M $15.29M $13.83M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$11.67M -$10.56M -$8.625M
YoY Change
Common Stock $38.18M $38.18M $38.18M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.52M $27.62M $29.56M
YoY Change
Total Liabilities & Shareholders Equity $45.08M $45.99M $46.50M
YoY Change

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.177M -$1.121M
YoY Change -47.36% 40.3%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Nature Of Operations
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<p id="xdx_800_eus-gaap--NatureOfOperations_zO35Qc6GTuG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_82F_zYjHK9BT3cxa">Nature of Operations and Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nature of Operations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact BioMedical, Inc., incorporated in the State of Nevada on October 16, 2018 (the “Company”, “Impact BioMedical”, “We”), through the utilization of its intellectual property rights, or through investment in, or through acquisition of companies in the biohealth and biomedical fields, focuses on the advancement of drug discovery and prevention, inhibition, and treatment of neurological, oncological, and immune related diseases. The Company is also developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and influenza.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global BioLife, Inc. (“Global BioLife”), one of the Company’s subsidiaries and the main operating company of the group, focuses on research in four main areas: (i) the “Linebacker” project, which aims to develop a universal therapeutic drug platform; (ii) a new sugar substitute called “Laetose,”; (iii) a multi-use fragrance called “3F” (Functional Fragrance Formulation); and (iv) Equivir/Nemovir, a blend of natural polyphenols designed as an antimicrobial medication.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Linebacker</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike the traditional approach to treat individual diseases with specific drugs, the Linebacker platform seeks to offer a breakthrough therapeutic option for multiple diseases. Linebacker is designed to work by inhibiting a cascade of inflammatory responses responsible for many diseases. Its design is in direct contrast to the traditional approach of targeting individual diseases with specific drugs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Laetose</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have also developed a low-calorie, low glycemic level, natural modified sugar through Global BioLife. The product, “Laetose,” is designed to possess low glycemic properties and mitigate inflammation. The Company is presently seeking to license Laetose. Global BioLife established a joint venture, Sweet Sense, Inc. (“Sweet Sense”), with Quality Ingredients, LLC for the development, manufacture, and global distribution of the new sugar substitute. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Functional Fragrance Formulation (“3F”)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global BioLife has established a collaboration with U.S.-based Chemia Corporation (“Chemia”) to develop specialized fragrances to counter mosquito-borne diseases such as Zika and Dengue, among other medical applications. The 3F mosquito fragrance product is made from specialized oils sourced from botanicals that mosquitos avoid. Global BioLife is seeking to commercialize this product. Together with Chemia, we are attempting to license 3F. Any potential profits from the 3F project will be split between Global BioLife and Chemia pursuant to the terms of the 20- year Royalty Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Equivir</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equivir, is a polyphenol compound that is believed to be successful in antiviral infection treatments. Equivir is a patented medication, that has broad antiviral efficacy against multiple types of infectious diseases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date of this report, we have not generated significant revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including possible delays in our research, testing and marketing efforts or wider economic downturns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation and Principles of Consolidation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include all accounts of the Company and its majority owned and controlled subsidiaries. The Company consolidates entities in which it owns more than <span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--SweetSenseMember_zGPMgqfxkBqb" title="Minority interest ownership percentage">50%</span> of the voting common stock and controls operations. All intercompany transactions and balances among consolidated subsidiaries have been eliminated. Non–controlling interest represents the minority equity investment in the Company’s subsidiaries, plus the minority investors’ share of the net operating results and other components of equity relating to the non–controlling interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt"><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"><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; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IMPACT Biomedical, Inc. and Subsidiaries</b></span></p> <p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_esrt--ScheduleOfCondensedFinancialStatementsTableTextBlock_zk21AN3UsK6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements include all accounts of the entities as of the reporting period ending dates and for the reporting periods as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B3_z8t94zw23CZj" style="display: none">Schedule of Condensed Financial Statements</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: center">Name of consolidated subsidiary</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center">State or other jurisdiction of incorporation or organization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center">Date of incorporation or formation</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Attributable interest as of <br/> June 30, 2023</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Attributable <br/> interest as of <br/> December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td> </td><td> </td> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; text-align: left">Global BioMedical, Inc.</td><td style="width: 2%"> </td> <td style="width: 18%"><span id="xdx_909_ecustom--StateOrOtherJurisdictionOfIncorporationOrOrganization_c20230101__20230630__srt--OwnershipAxis__custom--GlobalBioMedicalIncMember_zNsDUp7jlI3h" title="State or other jurisdiction of incorporation or organization">Nevada</span></td><td style="width: 2%"> </td> <td style="width: 18%"><span id="xdx_904_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230630__srt--OwnershipAxis__custom--GlobalBioMedicalIncMember_z7L3na53b48f" title="Date of incorporation or formation">April 18, 2017</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--GlobalBioMedicalIncMember_z3xQcwvogkve" title="Attributable interest percentage">90.9</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--GlobalBioMedicalIncMember_zwRJhhcRS8ka" title="Attributable interest percentage">90.9</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Global BioLife, Inc.</td><td> </td> <td><span id="xdx_90F_ecustom--StateOrOtherJurisdictionOfIncorporationOrOrganization_c20230101__20230630__srt--OwnershipAxis__custom--GlobalBioLifeIncMember_zCekNE9yFbQ6" title="State or other jurisdiction of incorporation or organization">Nevada</span></td><td> </td> <td><span id="xdx_901_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230630__srt--OwnershipAxis__custom--GlobalBioLifeIncMember_zMPb0M0cHJP5" title="Date of incorporation or formation">April 14, 2017</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--GlobalBioLifeIncMember_zEjAQhxOzWLl" title="Attributable interest percentage">81.8</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--GlobalBioLifeIncMember_zrbx3NMRfqme" title="Attributable interest percentage">81.8</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">BioLife Sugar, Inc</td><td> </td> <td><span id="xdx_900_ecustom--StateOrOtherJurisdictionOfIncorporationOrOrganization_c20230101__20230630__srt--OwnershipAxis__custom--BioLifeSugarIncMember_zQ2NyBUkgDWl" title="State or other jurisdiction of incorporation or organization">Nevada</span></td><td> </td> <td><span id="xdx_908_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230630__srt--OwnershipAxis__custom--BioLifeSugarIncMember_ztinvMMbFWLc" title="Date of incorporation or formation">April 23, 2018</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--BioLifeSugarIncMember_z7AbiX42D3Ph" title="Attributable interest percentage">90.9</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--BioLifeSugarIncMember_zdlVWBlaGKJc" title="Attributable interest percentage">90.9</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Happy Sugar Inc</td><td> </td> <td><span id="xdx_901_ecustom--StateOrOtherJurisdictionOfIncorporationOrOrganization_c20230101__20230630__srt--OwnershipAxis__custom--HappySugarIncMember_znMEn4A3J1aj" title="State or other jurisdiction of incorporation or organization">Nevada</span></td><td> </td> <td><span id="xdx_902_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230630__srt--OwnershipAxis__custom--HappySugarIncMember_zohXecvbgCUd" title="Date of incorporation or formation">August 17, 2018</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--HappySugarIncMember_zRsCzylR1no6" title="Attributable interest percentage">81.8</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--HappySugarIncMember_z7ZU3RCHJxw4" title="Attributable interest percentage">81.8</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sweet Sense Inc.</td><td> </td> <td><span id="xdx_902_ecustom--StateOrOtherJurisdictionOfIncorporationOrOrganization_c20230101__20230630__srt--OwnershipAxis__custom--SweetSenseIncMember_zAJsaZuyCmkk" title="State or other jurisdiction of incorporation or organization">Nevada</span></td><td> </td> <td><span id="xdx_902_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230630__srt--OwnershipAxis__custom--SweetSenseIncMember_zpAjYlbp78Bg" title="Date of incorporation or formation">April 30, 2018</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--SweetSenseIncMember_zdNVSkdthJGe" title="Attributable interest percentage">95.5</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--SweetSenseIncMember_zj992CAOGe21" title="Attributable interest percentage">95.5</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Global Sugar Solutions Inc.</td><td> </td> <td><span id="xdx_907_ecustom--StateOrOtherJurisdictionOfIncorporationOrOrganization_c20230101__20230630__srt--OwnershipAxis__custom--GlobalSugarSolutionsIncMember_ziEF7wIEnIH5" title="State or other jurisdiction of incorporation or organization">Nevada</span></td><td> </td> <td><span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20230101__20230630__srt--OwnershipAxis__custom--GlobalSugarSolutionsIncMember_zMrbNPNf5epd" title="Date of incorporation or formation">November 7, 2019</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20230630__srt--OwnershipAxis__custom--GlobalSugarSolutionsIncMember_zGjioSKkW1Ab" title="Attributable interest percentage">100</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20221231__srt--OwnershipAxis__custom--GlobalSugarSolutionsIncMember_z34K7CAbR23b" title="Attributable interest percentage">100</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_8A9_zXDe8Jo53FTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2023, and December 31, 2022, the aggregate noncontrolling interest was equity of $<span id="xdx_901_eus-gaap--MinorityInterest_iI_c20230630__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zYVlkNbSKEXf" title="Noncontrolling interest">3,081,000</span> and $<span id="xdx_901_eus-gaap--MinorityInterest_iI_c20221231__srt--ConsolidatedEntitiesAxis__srt--SubsidiariesMember_zGvxN4GHs1e8" title="Noncontrolling interest">3,111,000</span>, respectively, which are separately disclosed on the Consolidated Balance Sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zV95f5iXv0b2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zLN2WphtSjK5">Use of estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the balance sheets and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
445000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
374000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-2783000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19477000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
22260000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-2226000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
20034000 usd
CY2023Q2 IMPB Prepaid Expense And Other Asset Current
PrepaidExpenseAndOtherAssetCurrent
4000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
104000 usd
CY2021Q1 us-gaap Notes Receivable Net
NotesReceivableNet
206000 usd
CY2021Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.065 pure
CY2021Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-08-19
CY2023Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
204000 usd
CY2022Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
190000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
293000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
276000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
290000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
276000 usd
us-gaap Depreciation
Depreciation
3000 usd
us-gaap Depreciation
Depreciation
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
25093000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
25093000 usd
CY2022Q4 us-gaap Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount
ReportingUnitPercentageOfFairValueInExcessOfCarryingAmount
0.50 pure
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
22260000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
557000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1113000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1113000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1113000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1113000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
14468000 usd
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3877282251 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3877282251 shares
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
125073621 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
125073621 shares
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3877282251 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3877282251 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3877282251 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3877282251 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2022 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2023Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
43000 usd
CY2022Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
43000 usd
us-gaap Labor And Related Expense
LaborAndRelatedExpense
12000 usd

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0001493152-23-036365.txt Edgar Link pending
0001493152-23-036365-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
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