2023 Q3 Form 10-K Financial Statement

#000147793223007190 Filed on September 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $1.059M $1.496M $3.863M
YoY Change 90.7% 128.35% -41.03%
Cost Of Revenue $1.573M $2.404M $6.297M
YoY Change 104.63% 179.57% 62.79%
Gross Profit -$514.3K -$907.3K -$2.435M
YoY Change 140.86% 343.73% -190.79%
Gross Profit Margin -48.56% -60.63% -63.03%
Selling, General & Admin $8.477M $14.95M $15.95M
YoY Change 2055.61% 1729.13% 395.91%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $733.6K $1.306M $3.597M
YoY Change 69.72% 175.05% 2555.85%
% of Gross Profit
Operating Expenses $8.477M $14.95M $22.72M
YoY Change 2055.6% 1729.14% 606.52%
Operating Profit -$8.992M -$15.85M -$25.15M
YoY Change 1381.82% 1451.84% 4611.77%
Interest Expense $23.03K -$29.73K $276.9K
YoY Change -78.84% -79.91% 1414.2%
% of Operating Profit
Other Income/Expense, Net $0.00 $11.00K
YoY Change -100.0% -134.71%
Pretax Income -$9.035M -$22.14M -$25.46M
YoY Change 1048.96% 1572.83% 4402.09%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.035M -$22.35M -$25.46M
YoY Change 1048.96% 1588.35% 4402.09%
Net Earnings / Revenue -853.13% -1493.43% -659.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.79 -$7.83 -$11.98
COMMON SHARES
Basic Shares Outstanding 4.000M shares 2.861M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.67K $258.0K $258.0K
YoY Change -59.13% -47.38% -47.38%
Cash & Equivalents $57.67K $258.0K
Short-Term Investments
Other Short-Term Assets $10.93K $7.170K $7.170K
YoY Change 8.0% 186.8% 186.8%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $68.60K $265.2K $265.2K
YoY Change -54.63% -98.32% -46.19%
LONG-TERM ASSETS
Property, Plant & Equipment $4.603M $5.300M $5.300M
YoY Change -69.7% -60.1% -60.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $578.2K $578.2K $578.2K
YoY Change -0.12% -76.25% -76.25%
Other Assets $477.9K $447.4K $447.4K
YoY Change 1504.87% 513.84% 513.84%
Total Long-Term Assets $5.659M $6.325M $6.325M
YoY Change -64.18% 1183.62% -59.94%
TOTAL ASSETS
Total Short-Term Assets $68.60K $265.2K $265.2K
Total Long-Term Assets $5.659M $6.325M $6.325M
Total Assets $5.728M $6.591M $6.591M
YoY Change -64.09% -59.52% -59.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $338.2K $293.7K $293.7K
YoY Change 288.27% 424.85% 424.86%
Accrued Expenses $144.2K $121.2K $121.2K
YoY Change 121.91% 1230.59% 1230.85%
Deferred Revenue
YoY Change
Short-Term Debt $500.0K $500.0K $500.0K
YoY Change 14.05% 29.72% 29.72%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.056M $2.975M $2.975M
YoY Change 55.51% 90.28% 90.28%
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 $3.056M $2.975M $2.975M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.056M $2.975M $2.975M
YoY Change 55.51% 90.28% 90.28%
SHAREHOLDERS EQUITY
Retained Earnings -$82.34M -$73.10M
YoY Change 74.11% 58.26%
Common Stock $4.000K $2.864K
YoY Change -98.38% -98.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.453M -$509.9K $3.615M
YoY Change
Total Liabilities & Shareholders Equity $5.728M $6.591M $6.591M
YoY Change -64.09% -59.52% -59.52%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$9.035M -$22.35M -$25.46M
YoY Change 1048.96% 1588.35% 4402.09%
Depreciation, Depletion And Amortization $733.6K $1.306M $3.597M
YoY Change 69.72% 175.05% 2555.85%
Cash From Operating Activities -$934.3K -$1.194M -$3.428M
YoY Change 4.63% 92.81% -6281.51%
INVESTING ACTIVITIES
Capital Expenditures $36.75K $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $781.0K $1.153M $3.246M
YoY Change 43.63% 132.67% -247.93%
Cash From Investing Activities $781.0K $1.153M $3.246M
YoY Change 43.62% 155.91% -243.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$47.03K 0.000 -$50.00K
YoY Change -100.0% -108.27%
NET CHANGE
Cash From Operating Activities -$934.3K -1.194M -$3.428M
Cash From Investing Activities $781.0K 1.153M $3.246M
Cash From Financing Activities -$47.03K 0.000 -$50.00K
Net Change In Cash -$200.3K -40.82K -$232.3K
YoY Change -42.63% -109.08% -85.55%
FREE CASH FLOW
Cash From Operating Activities -$934.3K -$1.194M -$3.428M
Capital Expenditures $36.75K $0.00 $0.00
Free Cash Flow -$971.0K -$1.194M -$3.428M
YoY Change 8.74% 107.93% 18818.1%

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ProceedsFromRelatedPartyDebt
0 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
118150 usd
CY2023 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
CY2022 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
500000 usd
CY2023 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
50000 usd
CY2022 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
13229 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-50000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
604921 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-232282 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1607257 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
490280 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2097537 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
257998 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
490280 usd
CY2023 us-gaap Interest Paid
InterestPaid
50237 usd
CY2022 us-gaap Interest Paid
InterestPaid
541 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2022 intv Equipment Deposits Transferred To Property And Equipment
EquipmentDepositsTransferredToPropertyAndEquipment
11936497 usd
CY2023 intv Common Stock Issued For Common Stock Payable
CommonStockIssuedForCommonStockPayable
0 usd
CY2022 intv Common Stock Issued For Common Stock Payable
CommonStockIssuedForCommonStockPayable
5480000 usd
CY2023 intv Accrued Preferred Stock Dividends
AccruedPreferredStockDividends
1194362 usd
CY2022 intv Accrued Preferred Stock Dividends
AccruedPreferredStockDividends
550554 usd
CY2023 intv Common Stock Issued In Debt Incentive
CommonStockIssuedInDebtIncentive
0 usd
CY2022 intv Common Stock Issued In Debt Incentive
CommonStockIssuedInDebtIncentive
123200 usd
CY2023 intv Conversion Of Series B Preferred Stock For Common Stock
ConversionOfSeriesBPreferredStockForCommonStock
1003 usd
CY2022 intv Conversion Of Series B Preferred Stock For Common Stock
ConversionOfSeriesBPreferredStockForCommonStock
2474 usd
CY2023 intv Deemed Dividend For Warrant Modification
DeemedDividendForWarrantModification
255374 usd
CY2022 intv Deemed Dividend For Warrant Modification
DeemedDividendForWarrantModification
0 usd
CY2023 intv Common Stock For Exercise Of Warrants
CommonStockForExerciseOfWarrants
234 usd
CY2022 intv Common Stock For Exercise Of Warrants
CommonStockForExerciseOfWarrants
0 usd
CY2023 intv Common Stock Issued For Accrued Dividends
CommonStockIssuedForAccruedDividends
293639 usd
CY2022 intv Common Stock Issued For Accrued Dividends
CommonStockIssuedForAccruedDividends
0 usd
CY2023 intv Accrued Compensation Repaid With Digital Currencies
AccruedCompensationRepaidWithDigitalCurrencies
272037 usd
CY2022 intv Accrued Compensation Repaid With Digital Currencies
AccruedCompensationRepaidWithDigitalCurrencies
0 usd
CY2023 intv Rounding Shares Due To Reverse Split
RoundingSharesDueToReverseSplit
4 usd
CY2022 intv Rounding Shares Due To Reverse Split
RoundingSharesDueToReverseSplit
0 usd
CY2023 intv Realized Gain Loss On Digital Currencies
RealizedGainLossOnDigitalCurrencies
19498 usd
CY2022 intv Realized Gain Loss On Digital Currencies
RealizedGainLossOnDigitalCurrencies
181853 usd
CY2023 intv Cryptocurrency Mining Revenues
CryptocurrencyMiningRevenues
3862849 usd
CY2022 intv Cryptocurrency Mining Revenues
CryptocurrencyMiningRevenues
4871473 usd
CY2022 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-46999 usd
CY2023 us-gaap Premiums Written Net
PremiumsWrittenNet
1197522 usd
CY2022 us-gaap Premiums Written Net
PremiumsWrittenNet
154180 usd
CY2023 intv Assets Impairment Expense
AssetsImpairmentExpense
5574363 usd
CY2022 intv Assets Impairment Expense
AssetsImpairmentExpense
0 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8908036 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14969783 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the year ended June 30, 2023, there were no sales of cryptocurrency mining equipment. During the year ended June 30, 2022, one customer accounted for 72% of sales of cryptocurrency mining equipment and 18% of total revenues. A second customer accounted for 28% of sales of cryptocurrency mining revenues and 7% of total revenues.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the year ended June 30, 2022, substantially all cryptocurrency mining equipment, including those units with costs included in equipment deposits as of June 30, 2022, was purchased form one supplier.</p>
CY2023Q2 intv Current Liabilities Exceeded Current Assets
CurrentLiabilitiesExceededCurrentAssets
2710289 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-73101867 usd
CY2023Q2 intv Less Accumulated Depreciation And Amortization
LessAccumulatedDepreciationAndAmortization
-3608202 usd
CY2022Q2 intv Less Accumulated Depreciation And Amortization
LessAccumulatedDepreciationAndAmortization
-1688399 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5299834 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13281384 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3597346 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1617032 usd
CY2023 intv Gain Loss Wrote Off Non Serviceable Defective Mining Equipment
GainLossWroteOffNonServiceableDefectiveMiningEquipment
1197522 usd
CY2022 intv Gain Loss Wrote Off Non Serviceable Defective Mining Equipment
GainLossWroteOffNonServiceableDefectiveMiningEquipment
154180 usd
CY2023 intv Assets Impairment Expense
AssetsImpairmentExpense
5574363 usd
CY2022 intv Assets Impairment Expense
AssetsImpairmentExpense
0 usd
CY2021Q2 us-gaap Concentration Risk Benchmark Description
ConcentrationRiskBenchmarkDescription
12 equal batches of 400 units, starting in August 2021 and through July 2022
CY2021Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
34047600 usd
CY2021Q2 us-gaap Long Term Purchase Commitment Description
LongTermPurchaseCommitmentDescription
The total purchase price is payable as follows: (i) 25% of the total purchase price is due upon the execution of the Agreement or no later than April 19, 2021; (ii) 35% of the total purchase price, is due by May 30, 2021; and (iii) the remaining 40% of the total purchase price, is payable monthly starting in June 2021
CY2023Q2 intv Equipment Deposits
EquipmentDeposits
0 usd
CY2022Q2 intv Equipment Deposits
EquipmentDeposits
2355167 usd
CY2023 intv Description Of Compensastion
DescriptionOfCompensastion
Effective July 1, 2022, the Board of Directors agreed to update Mr. Rubakh’s compensation setting his annual salary at $250,000 with a quarterly bonus of $50,000 and 50,000 shares of Series B preferred stock
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
15247500 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
2438900 usd
CY2023 intv Agreement Term
AgreementTerm
P36M
CY2023 intv Power Expense Durinng The Year
PowerExpenseDurinngTheYear
429678 usd
CY2022 intv Power Expense Durinng The Year
PowerExpenseDurinngTheYear
96592 usd
CY2023 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
50000 shares
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
6000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023 intv Description Of Increment In Authorized Common Stock Shares
DescriptionOfIncrementInAuthorizedCommonStockShares
On July 27, 2023, the Board of Directors of the Company approved a resolution to increase the number of authorized common shares to 300,000,000
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2864492 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1657973 shares
CY2023 intv Issued Shares Due To Rounding From The Reverse Split
IssuedSharesDueToRoundingFromTheReverseSplit
3894 shares
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
88000 shares
CY2023 intv Number Of Warrants Exercise
NumberOfWarrantsExercise
88000 shares
CY2023 intv Gain Loss On Exercise Of Warrant
GainLossOnExerciseOfWarrant
-11000 usd
CY2021Q2 intv Warrants Issued Upon Purchase Of Common Stock
WarrantsIssuedUponPurchaseOfCommonStock
30000000 shares
CY2022Q3 intv Dividend Due
DividendDue
162037 usd
CY2023 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
234215 shares
CY2023 intv Cash Less Exercise Of Warrants
CashLessExerciseOfWarrants
240000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
328000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
37.50
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y8M19D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
322214 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.13
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
5786 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.13
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
7478174 usd
CY2023 intv Expiration Year
ExpirationYear
through the year 2041
CY2023 srt Federal Funds Purchased Average Rate Paid
FederalFundsPurchasedAverageRatePaid
0.21 pure
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-5346593 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-118758 usd
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
213839 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-248245 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
4902074 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
556524 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
0 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
0 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-230680 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-189521 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
1570417 usd
CY2022Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
688131 usd
CY2023Q2 intv Accumulated Depreciation On Deferred Tax Assets
AccumulatedDepreciationOnDeferredTaxAssets
-1112965 usd
CY2022Q2 intv Accumulated Depreciation On Deferred Tax Assets
AccumulatedDepreciationOnDeferredTaxAssets
0 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
457452 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
688131 usd
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023 intv Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowances
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowances
1 pure

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