2024 Q1 Form 10-K Financial Statement

#000143774924010111 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.727M $1.894M $7.699M
YoY Change -11.68% -2.92% -7.4%
Cost Of Revenue $652.9K $697.6K $3.461M
YoY Change -39.24% -43.62% -18.76%
Gross Profit $1.074M $1.197M $4.238M
YoY Change 21.94% 67.63% 4.54%
Gross Profit Margin 62.19% 63.17% 55.05%
Selling, General & Admin $1.824M $1.653M $8.153M
YoY Change -2.68% -4.56% 27.79%
% of Gross Profit 169.88% 138.12% 192.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.40K $195.3K $624.0K
YoY Change 2520.05% 550.27% 6824.1%
% of Gross Profit 4.88% 16.32% 14.72%
Operating Expenses $1.824M $1.848M $8.777M
YoY Change -2.68% 4.9% 37.57%
Operating Profit -$802.9K -$651.5K -$4.539M
YoY Change -28.74% -37.83% 46.32%
Interest Expense -$1.740K $4.110K $12.93K
YoY Change -126.44%
% of Operating Profit
Other Income/Expense, Net -$1.736K $12.93K
YoY Change -126.37% -454.16%
Pretax Income -$804.7K -$647.4K -$4.526M
YoY Change -28.17% -37.27% 45.73%
Income Tax $2.490K -$122.2K -$139.4K
% Of Pretax Income
Net Earnings -$791.8K -$513.7K -$4.311M
YoY Change -25.92% -50.18% 65.65%
Net Earnings / Revenue -45.85% -27.12% -56.0%
Basic Earnings Per Share -$0.07 -$0.43
Diluted Earnings Per Share -$0.07 -$0.05 -$0.40
COMMON SHARES
Basic Shares Outstanding 11.45M 11.07M shares 10.62M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.11K $627.6K $627.6K
YoY Change -89.93% -49.25% -49.25%
Cash & Equivalents $97.11K $627.6K $627.6K
Short-Term Investments
Other Short-Term Assets $548.4K $556.7K $556.7K
YoY Change 65.87% 57.97% 57.97%
Inventory
Prepaid Expenses
Receivables $1.120M $1.134M $1.134M
Other Receivables $50.98K $50.00K $50.00K
Total Short-Term Assets $1.817M $2.368M $2.368M
YoY Change -32.22% -27.29% -27.29%
LONG-TERM ASSETS
Property, Plant & Equipment $40.78K $340.5K $340.5K
YoY Change 17.23% 863.56% -15.01%
Goodwill $1.418M $1.418M
YoY Change 0.0% 11.22%
Intangibles $198.3K $225.8K
YoY Change -69.35% 0.28%
Long-Term Investments
YoY Change
Other Assets $1.444M $1.788M $1.788M
YoY Change 6.94% 32.44% 10.8%
Total Long-Term Assets $3.860M $3.958M $3.958M
YoY Change -6.88% 10.6% 10.6%
TOTAL ASSETS
Total Short-Term Assets $1.817M $2.368M $2.368M
Total Long-Term Assets $3.860M $3.958M $3.958M
Total Assets $5.677M $6.327M $6.327M
YoY Change -16.83% -7.45% -7.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $476.6K $524.9K $524.9K
YoY Change 5.5% 55.01% 55.01%
Accrued Expenses $834.8K $950.5K $950.5K
YoY Change -18.12% -11.32% -19.13%
Deferred Revenue $2.175M $2.000M
YoY Change -0.73% 3.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.570M $3.475M $3.475M
YoY Change -15.52% -11.86% -11.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $261.5K $283.1K $283.1K
YoY Change 183.06% -35.84%
Total Long-Term Liabilities $261.5K $283.1K $283.1K
YoY Change 183.06% -35.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.570M $3.475M $3.475M
Total Long-Term Liabilities $261.5K $283.1K $283.1K
Total Liabilities $3.831M $3.278M $3.278M
YoY Change -18.52% -27.58% -23.58%
SHAREHOLDERS EQUITY
Retained Earnings -$100.7M -$99.90M
YoY Change 1.25% 1.55%
Common Stock $114.9K $114.5K
YoY Change -99.89% -99.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.341M $3.048M $3.048M
YoY Change
Total Liabilities & Shareholders Equity $5.677M $6.327M $6.327M
YoY Change -16.83% -7.45% -7.45%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$791.8K -$513.7K -$4.311M
YoY Change -25.92% -50.18% 65.65%
Depreciation, Depletion And Amortization $52.40K $195.3K $624.0K
YoY Change 2520.05% 550.27% 6824.1%
Cash From Operating Activities -$543.1K -$583.8K -$3.027M
YoY Change 28.16% -31.48% 34.45%
INVESTING ACTIVITIES
Capital Expenditures $479.00 -$315.4K $211.5K
YoY Change -75.05% -1143.02% 1255.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$383.3K -$735.0K
YoY Change -100.0%
Cash From Investing Activities -$82.54K -$67.92K -$946.5K
YoY Change -84.95% 124.6% 1456.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.364M
YoY Change 236.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $95.10K 664.3K 3.364M
YoY Change -86.41% 0.64% 2226.06%
NET CHANGE
Cash From Operating Activities -$543.1K -583.8K -3.027M
Cash From Investing Activities -$82.54K -67.92K -946.5K
Cash From Financing Activities $95.10K 664.3K 3.364M
Net Change In Cash -$530.5K 12.63K -609.1K
YoY Change 94.72% -105.69% -71.88%
FREE CASH FLOW
Cash From Operating Activities -$543.1K -$583.8K -$3.027M
Capital Expenditures $479.00 -$315.4K $211.5K
Free Cash Flow -$543.6K -$268.3K -$3.238M
YoY Change 27.69% -69.58% 42.86%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Use of Estimates</i></b><i> </i>– 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 at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to <em style="font: inherit;">one</em> or more future intervening events. Accordingly, the actual results could differ significantly from estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Significant estimates underlying the consolidated financial statements include the fair value of acquired assets and liabilities associated with acquisitions; assessment of goodwill impairment, other intangible assets and long-lived assets for impairment; allowances for credit losses and assumptions related to the valuation allowances on deferred taxes, impact of applying the revised federal tax rates on deferred taxes, the valuation of stock-based compensation and the valuation of stock warrants.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Concentrations of Credit Risk -</i></b> Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents and accounts receivable. The Company places its cash with high credit quality institutions. At times, such amounts <em style="font: inherit;"> may </em>be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company has <em style="font: inherit;">not</em> experienced any losses in such accounts and believes that it is <em style="font: inherit;">not</em> exposed to any significant credit risk on the account.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Reclassifications - </i></b>Certain prior year amounts in the Consolidated Statements of Operations and Comprehensive Loss have been reclassified to conform with the current year presentation.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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