2024 Q3 Form 10-Q Financial Statement

#000143774924026313 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.690M
YoY Change -8.19%
Cost Of Revenue $626.3K
YoY Change -18.15%
Gross Profit $1.064M
YoY Change -1.1%
Gross Profit Margin 62.95%
Selling, General & Admin $1.592M
YoY Change -32.56%
% of Gross Profit 149.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.91K
YoY Change 1730.33%
% of Gross Profit 5.16%
Operating Expenses $1.592M
YoY Change -32.56%
Operating Profit -$582.4K
YoY Change -59.31%
Interest Expense -$112.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$112.00
YoY Change -122.54%
Pretax Income -$582.5K
YoY Change -59.29%
Income Tax $3.781K
% Of Pretax Income
Net Earnings -$553.1K
YoY Change -60.84%
Net Earnings / Revenue -32.72%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05
COMMON SHARES
Basic Shares Outstanding 12.74M 11.68M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $619.3K
YoY Change -71.93%
Cash & Equivalents $619.3K
Short-Term Investments
Other Short-Term Assets $535.3K
YoY Change -33.74%
Inventory
Prepaid Expenses
Receivables $832.2K
Other Receivables $50.98K
Total Short-Term Assets $2.038M
YoY Change -47.94%
LONG-TERM ASSETS
Property, Plant & Equipment $35.71K
YoY Change -7.73%
Goodwill $1.418M
YoY Change 0.0%
Intangibles $170.7K
YoY Change -66.9%
Long-Term Investments
YoY Change
Other Assets $1.350M
YoY Change -27.59%
Total Long-Term Assets $3.761M
YoY Change -17.05%
TOTAL ASSETS
Total Short-Term Assets $2.038M
Total Long-Term Assets $3.761M
Total Assets $5.799M
YoY Change -31.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $585.9K
YoY Change -28.41%
Accrued Expenses $824.6K
YoY Change -26.79%
Deferred Revenue $2.056M
YoY Change -2.55%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.550M
YoY Change -23.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $239.6K
YoY Change
Total Long-Term Liabilities $239.6K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.550M
Total Long-Term Liabilities $239.6K
Total Liabilities $3.790M
YoY Change -25.51%
SHAREHOLDERS EQUITY
Retained Earnings -$101.2M
YoY Change 0.38%
Common Stock $127.4K
YoY Change -99.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.455M
YoY Change
Total Liabilities & Shareholders Equity $5.799M
YoY Change -31.36%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$553.1K
YoY Change -60.84%
Depreciation, Depletion And Amortization $54.91K
YoY Change 1730.33%
Cash From Operating Activities -$224.4K
YoY Change -53.79%
INVESTING ACTIVITIES
Capital Expenditures $70.38K
YoY Change 85.9%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$70.38K
YoY Change -74.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 817.0K
YoY Change -59.15%
NET CHANGE
Cash From Operating Activities -224.4K
Cash From Investing Activities -70.38K
Cash From Financing Activities 817.0K
Net Change In Cash 522.2K
YoY Change -57.94%
FREE CASH FLOW
Cash From Operating Activities -$224.4K
Capital Expenditures $70.38K
Free Cash Flow -$294.8K
YoY Change -43.69%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Payments To Acquire Businesses Gross
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Minority Shareholders
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Stock Issued1
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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> – 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 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 financial statements include: the fair value of acquired assets and liabilities associated with acquisitions, the assessment of goodwill for impairment, intangible assets and long-lived assets for impairment, allowances for doubtful accounts 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> <b><i>-</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 FDIC 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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CY2024Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-586243 usd
CY2024Q2 us-gaap Goodwill
Goodwill
1417753 usd
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
170660 usd
CY2024Q2 ipdn Assets From Continuing Operations
AssetsFromContinuingOperations
5798852 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3417302 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-1385276 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
107314 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6271 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-1393395 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1841225 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1431265 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
147159 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
950 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-1431718 usd
CY2023Q4 us-gaap Goodwill
Goodwill
1417753 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
225848 usd
CY2023Q4 ipdn Assets From Continuing Operations
AssetsFromContinuingOperations
6326532 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3796434 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-2558045 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
279933 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9923 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-2541041 usd

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