2023 Q1 Form 10-K Financial Statement

#000155837023003964 Filed on March 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.364M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.963M $3.574M $13.79M
YoY Change -17.14% 3.32% 24.32%
% of Gross Profit
Research & Development $3.913M $4.213M $23.27M
YoY Change -51.56% -3.92% 64.93%
% of Gross Profit
Depreciation & Amortization $94.00K $95.00K $400.0K
YoY Change -15.32% -19.49% -50.0%
% of Gross Profit
Operating Expenses $6.835M $7.787M $36.90M
YoY Change -41.35% -0.73% 46.41%
Operating Profit -$4.471M -$36.90M
YoY Change -61.64% 46.41%
Interest Expense $201.0K $1.000K $5.000K
YoY Change 20000.0% -120.0% -150.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $5.000K
YoY Change -100.0% -98.99%
Pretax Income -$4.270M -$7.786M -$36.90M
YoY Change -63.36% -0.84% 49.31%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.300M -$7.786M -$36.90M
YoY Change -63.25% -0.84% 49.39%
Net Earnings / Revenue -181.9%
Basic Earnings Per Share -$0.35 -$3.09
Diluted Earnings Per Share -$0.35 -$0.64 -$3.09
COMMON SHARES
Basic Shares Outstanding 12.22M 12.13M 12.13M
Diluted Shares Outstanding 12.18M 12.13M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.42M $20.32M $20.32M
YoY Change 3.6% -58.72% -58.72%
Cash & Equivalents $44.42M $20.32M
Short-Term Investments
Other Short-Term Assets $1.291M $2.326M $1.479M
YoY Change -50.89% -68.61% -80.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.54M $22.65M $22.65M
YoY Change 0.5% -60.01% -60.01%
LONG-TERM ASSETS
Property, Plant & Equipment $916.0K $681.0K $965.0K
YoY Change 21.65% -20.35% 12.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $432.0K $432.0K $432.0K
YoY Change -10.37% 0.0% 0.0%
Total Long-Term Assets $1.578M $1.397M $1.397M
YoY Change 10.74% 8.55% 8.55%
TOTAL ASSETS
Total Short-Term Assets $46.54M $22.65M $22.65M
Total Long-Term Assets $1.578M $1.397M $1.397M
Total Assets $48.11M $24.05M $24.05M
YoY Change 0.81% -58.49% -58.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.310M $2.400M $2.400M
YoY Change -14.91% -22.0% -22.0%
Accrued Expenses $3.306M $4.931M $4.931M
YoY Change -43.17% -25.86% -25.86%
Deferred Revenue $18.22M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $24.83M $7.331M $7.331M
YoY Change 155.81% -24.64% -24.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.421M $62.00K $62.00K
YoY Change 6308.84% 416.67% 416.67%
Total Long-Term Liabilities $9.421M $62.00K $62.00K
YoY Change 6308.84% 416.67% 416.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.83M $7.331M $7.331M
Total Long-Term Liabilities $9.421M $62.00K $62.00K
Total Liabilities $34.25M $7.393M $7.393M
YoY Change 247.59% -24.1% -24.1%
SHAREHOLDERS EQUITY
Retained Earnings -$120.3M -$116.0M
YoY Change 32.49% 46.64%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.86M $16.65M $16.65M
YoY Change
Total Liabilities & Shareholders Equity $48.11M $24.05M $24.05M
YoY Change 0.81% -58.49% -58.49%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$4.300M -$7.786M -$36.90M
YoY Change -63.25% -0.84% 49.39%
Depreciation, Depletion And Amortization $94.00K $95.00K $400.0K
YoY Change -15.32% -19.49% -50.0%
Cash From Operating Activities $24.17M -$6.683M -$28.69M
YoY Change -479.12% -1.79% 57.41%
INVESTING ACTIVITIES
Capital Expenditures $106.0K $72.00K $248.0K
YoY Change 1666.67% -614.29% 213.92%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$106.0K -$72.00K -$248.0K
YoY Change 1666.67% 414.29% 213.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.00K 0.000 32.00K
YoY Change 6.25% -100.0% -99.88%
NET CHANGE
Cash From Operating Activities 24.17M -6.683M -28.69M
Cash From Investing Activities -106.0K -72.00K -248.0K
Cash From Financing Activities 34.00K 0.000 32.00K
Net Change In Cash 24.10M -6.755M -28.91M
YoY Change -479.54% -3.69% -405.46%
FREE CASH FLOW
Cash From Operating Activities $24.17M -$6.683M -$28.69M
Capital Expenditures $106.0K $72.00K $248.0K
Free Cash Flow $24.07M -$6.755M -$28.94M
YoY Change -477.11% -0.53% 58.09%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the expected volatility used to estimate fair value of stock options and accrued research and development expenses. Estimates and assumptions are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from these estimates.</p>
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