$IBO
Impact Biomedical Inc

2023 Q4 Form 10-K Financial Statement

#000149315224007229 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $0.00 $50.00K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $396.0K $315.0K $325.0K
YoY Change -3.08% -67.25%
% of Gross Profit
Research & Development $463.0K $1.147M $1.226M
YoY Change -6.44% 13.51%
% of Gross Profit
Depreciation & Amortization $1.120M $1.120M $1.113M
YoY Change 0.63% 0.01%
% of Gross Profit
Operating Expenses $1.139M $1.462M $1.551M
YoY Change -5.74% -51.31%
Operating Profit -$4.028M -$3.404M
YoY Change 18.33%
Interest Expense -$122.0K $444.0K $462.0K
YoY Change -3.9% -441.67%
% of Operating Profit
Other Income/Expense, Net $0.00 $52.00K $66.00K
YoY Change -21.21% -14.67%
Pretax Income -$1.261M -$4.407M -$7.876M
YoY Change -44.05% 142.85%
Income Tax -$621.0K
% Of Pretax Income
Net Earnings -$1.235M -$4.407M -$7.255M
YoY Change -39.26% 456.74%
Net Earnings / Revenue -14510.0%
Basic Earnings Per Share -$0.07 -$0.10
Diluted Earnings Per Share -$0.11 -$0.07 -$0.10
COMMON SHARES
Basic Shares Outstanding 10.00M shares 60.25M shares 70.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000K $1.000K $2.000K
YoY Change -50.0% -95.65%
Cash & Equivalents $1.000K $1.000K $2.000K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $104.0K
YoY Change -100.0% 138.53%
Inventory
Prepaid Expenses $0.00
Receivables $128.0K
Other Receivables $128.0K
Total Short-Term Assets $332.0K $332.0K $122.0K
YoY Change 172.13% 172.13% -57.47%
LONG-TERM ASSETS
Property, Plant & Equipment $287.0K $287.0K $276.0K
YoY Change 3.99% 3.99%
Goodwill $25.09M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $782.0K
YoY Change -100.0% -83.76%
Other Assets
YoY Change
Total Long-Term Assets $44.30M $44.30M $46.38M
YoY Change -4.47% -4.47% -17.39%
TOTAL ASSETS
Total Short-Term Assets $332.0K $332.0K $122.0K
Total Long-Term Assets $44.30M $44.30M $46.38M
Total Assets $44.63M $44.63M $46.50M
YoY Change -4.01% -4.01% -17.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $832.0K $832.0K $539.0K
YoY Change 54.36% 54.36% 368.49%
Accrued Expenses $230.0K $230.0K $63.00K
YoY Change 265.08% 265.08% 1077.57%
Deferred Revenue
YoY Change
Short-Term Debt $12.07M $12.07M $9.991M
YoY Change 20.85% -20.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.14M $13.14M $10.59M
YoY Change 24.01% 24.01% -16.22%
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 $13.14M $13.14M $10.59M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $16.37M $19.41M $16.94M
YoY Change 18.39% 14.59% -14.52%
SHAREHOLDERS EQUITY
Retained Earnings -$12.96M
YoY Change 50.27%
Common Stock $38.12M
YoY Change -0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.22M $25.22M $29.56M
YoY Change
Total Liabilities & Shareholders Equity $44.63M $44.63M $46.50M
YoY Change -4.01% -4.01% -17.59%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$1.235M -$4.407M -$7.255M
YoY Change -39.26% 456.74%
Depreciation, Depletion And Amortization $1.120M $1.120M $1.113M
YoY Change 0.63% 0.01%
Cash From Operating Activities -$2.851M -$2.851M -$2.242M
YoY Change 27.16% 10.55%
INVESTING ACTIVITIES
Capital Expenditures $18.00K $18.00K $276.0K
YoY Change -93.48%
Acquisitions
YoY Change
Other Investing Activities $3.000K $3.000K -$73.00K
YoY Change -104.11% -99.23%
Cash From Investing Activities -$15.00K -$15.00K -$349.0K
YoY Change -95.7% -96.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.865M $2.865M $2.547M
YoY Change 12.49% -77.78%
NET CHANGE
Cash From Operating Activities -2.851M -$2.851M -$2.242M
Cash From Investing Activities -15.00K -$15.00K -$349.0K
Cash From Financing Activities 2.865M $2.865M $2.547M
Net Change In Cash -1.000K -$1.000K -$44.00K
YoY Change -97.73% 66.92%
FREE CASH FLOW
Cash From Operating Activities -$2.851M -$2.851M -$2.242M
Capital Expenditures $18.00K $18.00K $276.0K
Free Cash Flow -$2.869M -$2.869M -$2.518M
YoY Change 13.94%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
46000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
39924000 usd
CY2022 us-gaap Net Income Loss
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-7255000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023 us-gaap Net Income Loss
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-4407000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28262000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zbzP3vI8nZ61" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_z64L042Wng0g">Use of Estimates</span> </i></b>– 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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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 0pt 0pt 0; text-align: justify"> </p>
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1147000 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1226000 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 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 Description
DebtInstrumentMaturityDateDescription
August 19, 2022 later amended to February 19, 2024
CY2023Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
203000 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
206000 usd
CY2022Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
16000 usd
CY2022Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
190000 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
0 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
104000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
293000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
276000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
287000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
276000 usd
CY2023 us-gaap Depreciation
Depreciation
6000 usd
CY2022 us-gaap Depreciation
Depreciation
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
25093000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
25093000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
46400000 usd
CY2023Q4 us-gaap Cash
Cash
201000 usd
CY2023Q3 us-gaap Goodwill Not Allocated Amount
GoodwillNotAllocatedAmount
46600000 usd
CY2023Q3 us-gaap Debt Current
DebtCurrent
11900000 usd
CY2023Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
34700000 usd
CY2023Q3 us-gaap Reporting Unit Amount Of Fair Value In Excess Of Carrying Amount
ReportingUnitAmountOfFairValueInExcessOfCarryingAmount
5100000 usd
CY2023Q3 us-gaap Reporting Unit Percentage Of Fair Value In Excess Of Carrying Amount
ReportingUnitPercentageOfFairValueInExcessOfCarryingAmount
0.147 pure
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
22260000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-3339000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
18921000 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
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1113000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1113000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1113000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1113000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
13356000 usd
CY2023 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2030-09-30
CY2023Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.50 pure
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
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 55
CY2023Q4 us-gaap Preferred Stock Convertible Shares Issuable
PreferredStockConvertibleSharesIssuable
60496041 shares
CY2023 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
Series A Convertible Preferred Shares, reducing its ownership of the Company’s Common Stock from approximately 88% to approximately 12%
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10574000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10574000 shares
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-920000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1619000 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-94000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-165000 usd
CY2023 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-1014000 usd
CY2022 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-1784000 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1014000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1163000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-621000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Impairment Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses
929000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Impairment Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses
929000 usd
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
538000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
250000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2087000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1611000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3554000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2790000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
4164000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
4414000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4164000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4414000 usd
CY2023Q4 IMPB Deferred Tax Liabilities Valuation Allowance
DeferredTaxLiabilitiesValuationAllowance
-2625000 usd
CY2022Q4 IMPB Deferred Tax Liabilities Valuation Allowance
DeferredTaxLiabilitiesValuationAllowance
-1611000 usd
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
3235000 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
3235000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.017 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.017 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.227 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.148 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.079 pure
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
9209000 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
7109000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3554000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2790000 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1014000 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1163000 usd
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2023 IMPB Reimbursement Or Royalty Paid
ReimbursementOrRoyaltyPaid
0 usd
CY2022 IMPB Reimbursement Or Royalty Paid
ReimbursementOrRoyaltyPaid
0 usd
CY2023Q4 IMPB Contingent Payments Due
ContingentPaymentsDue
0 usd

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