2023 Q1 Form 10-K Financial Statement

#000149315223010178 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.955M $1.951M $8.314M
YoY Change -4.76% 32.68% 36.33%
Cost Of Revenue $1.074M $1.237M $4.260M
YoY Change 24.7% 88.6% 179.57%
Gross Profit $880.7K $713.9K $4.054M
YoY Change -26.06% -12.36% -11.38%
Gross Profit Margin 45.05% 36.58% 48.76%
Selling, General & Admin $1.875M $1.732M $6.380M
YoY Change 2.66% -11.22% -9.89%
% of Gross Profit 212.86% 242.6% 157.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000K $30.04K $9.012K
YoY Change -99.29% -89.88% -97.66%
% of Gross Profit 0.23% 4.21% 0.22%
Operating Expenses $1.875M $1.762M $6.380M
YoY Change -11.04% -21.61% -14.54%
Operating Profit -$1.127M -$1.048M -$3.102M
YoY Change 22.98% -26.87% 7.31%
Interest Expense $6.580K
YoY Change
% of Operating Profit
Other Income/Expense, Net $6.584K $15.87K -$3.652K
YoY Change 630.74% -6448.0% 1360.8%
Pretax Income -$1.120M -$1.032M -$3.106M
YoY Change 22.38% -27.83% 7.74%
Income Tax -$10.87K $22.53K -$13.19K
% Of Pretax Income
Net Earnings -$1.069M -$1.031M -$2.603M
YoY Change 51.99% -18.81% -5.6%
Net Earnings / Revenue -54.67% -52.84% -31.3%
Basic Earnings Per Share -$0.11 -$0.39
Diluted Earnings Per Share -$0.11 -$0.12 -$0.31
COMMON SHARES
Basic Shares Outstanding 10.27M shares 18.41M shares 8.195M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $964.3K $1.237M $1.237M
YoY Change -67.57% -63.65% -63.65%
Cash & Equivalents $964.3K $1.237M $1.237M
Short-Term Investments
Other Short-Term Assets $330.7K $352.4K $352.4K
YoY Change -59.97% -22.61% -22.61%
Inventory
Prepaid Expenses
Receivables $1.133M $1.318M $1.318M
Other Receivables $252.2K $350.0K $350.0K
Total Short-Term Assets $2.680M $3.257M $3.257M
YoY Change -48.89% -41.8% -41.8%
LONG-TERM ASSETS
Property, Plant & Equipment $34.79K $35.34K $400.7K
YoY Change -92.11% 21.7% -12.27%
Goodwill $1.418M $1.275M
YoY Change 0.0%
Intangibles $646.9K $225.2K
YoY Change -76.74%
Long-Term Investments
YoY Change
Other Assets $1.350M $1.350M $1.614M
YoY Change 196.63% 109.37% 150.25%
Total Long-Term Assets $4.146M $3.579M $3.579M
YoY Change 42.8% 5.64% 5.64%
TOTAL ASSETS
Total Short-Term Assets $2.680M $3.257M $3.257M
Total Long-Term Assets $4.146M $3.579M $3.579M
Total Assets $6.826M $6.836M $6.836M
YoY Change -16.21% -23.91% -23.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $451.8K $338.6K $338.6K
YoY Change -1.98% 36.21% 36.2%
Accrued Expenses $1.019M $1.072M $1.175M
YoY Change -42.84% -42.94% -40.04%
Deferred Revenue $2.191M $1.926M
YoY Change -10.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.226M $3.943M $3.943M
YoY Change -13.7% -23.88% -23.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $441.2K
YoY Change 0.0% -17.53%
Total Long-Term Liabilities $0.00 $100.0K $441.2K
YoY Change -100.0% 0.0% -17.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.226M $3.943M $3.943M
Total Long-Term Liabilities $0.00 $100.0K $441.2K
Total Liabilities $4.702M $4.527M $4.290M
YoY Change -17.13% -22.97% -30.74%
SHAREHOLDERS EQUITY
Retained Earnings -$99.45M -$98.38M
YoY Change 2.72%
Common Stock $101.9M $101.8M
YoY Change 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost) $37.12K $892.5K
YoY Change 2304.51%
Treasury Stock Shares 530.9K shares
Shareholders Equity $2.413M $2.546M $2.546M
YoY Change
Total Liabilities & Shareholders Equity $6.826M $6.836M $6.836M
YoY Change -16.21% -23.91% -23.91%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.069M -$1.031M -$2.603M
YoY Change 51.99% -18.81% -5.6%
Depreciation, Depletion And Amortization $2.000K $30.04K $9.012K
YoY Change -99.29% -89.88% -97.66%
Cash From Operating Activities -$423.8K -$851.9K -$2.251M
YoY Change 46.84% 25.13% 20.13%
INVESTING ACTIVITIES
Capital Expenditures $1.920K $30.24K $15.60K
YoY Change -207.26% -437.5% -120.83%
Acquisitions
YoY Change
Other Investing Activities -$116.7K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$548.4K -$30.24K -$60.80K
YoY Change 30536.2% 237.5% -95.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M
YoY Change -77.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $700.0K 660.1K $144.6K
YoY Change -600.07% -96.75%
NET CHANGE
Cash From Operating Activities -$423.8K -851.9K -$2.251M
Cash From Investing Activities -$548.4K -30.24K -$60.80K
Cash From Financing Activities $700.0K 660.1K $144.6K
Net Change In Cash -$272.5K -222.1K -$2.166M
YoY Change -36.69% -67.8% -268.86%
FREE CASH FLOW
Cash From Operating Activities -$423.8K -$851.9K -$2.251M
Capital Expenditures $1.920K $30.24K $15.60K
Free Cash Flow -$425.7K -$882.2K -$2.267M
YoY Change 48.43% 31.3% 26.0%

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CY2022 us-gaap Net Income Loss
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CY2021 IPDN Non Cash Lease Expense
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CY2021 IPDN Reduction Of Merchant Reserve
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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<p id="xdx_84D_eus-gaap--UseOfEstimates_zLsJk26La3I4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zYjhhTde4pzf">Use of Estimates</span></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 one or more future intervening events. Accordingly, the actual results could differ significantly from estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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Depreciation
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Depreciation
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CY2021Q4 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
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CY2021 IPDN Disposal Group Including Discontinued Operation General And Administrative Expenses
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CY2022 us-gaap Stock Issued During Period Value Other
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CY2021 us-gaap Marketing And Advertising Expense
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Prior Period Reclassification Adjustment Description
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CY2020Q4 us-gaap Capitalized Computer Software Gross
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CY2021 us-gaap Capitalized Computer Software Additions
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CY2021 us-gaap Capitalized Computer Software Amortization1
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CY2022 us-gaap Adjustment For Amortization
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CY2021 us-gaap Adjustment For Amortization
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