2024 Q2 Form 10-K Financial Statement

#000121390024031220 Filed on April 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $4.390M $3.784M $16.68M
YoY Change -2.22% 18.99% 69.64%
Cost Of Revenue $3.365M $3.642M $13.12M
YoY Change 4.17% 43.38% 79.99%
Gross Profit $1.026M $142.0K $3.554M
YoY Change -18.6% -77.81% 39.37%
Gross Profit Margin 23.36% 3.75% 21.31%
Selling, General & Admin $2.219M $2.227M $9.476M
YoY Change 17.39% 29.48% 73.24%
% of Gross Profit 216.33% 1567.9% 266.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $340.9K $332.5K $1.253M
YoY Change 13.64% 18.76% 108.76%
% of Gross Profit 33.24% 234.12% 35.24%
Operating Expenses $2.560M $2.564M $10.73M
YoY Change 16.88% 28.83% 77.04%
Operating Profit -$1.534M -$2.422M -$7.175M
YoY Change 64.95% 79.39% 104.41%
Interest Expense -$988.1K -$793.3K -$2.539M
YoY Change 240.71% 36.78% 78.78%
% of Operating Profit
Other Income/Expense, Net -$4.770K -$80.00 -$4.136M
YoY Change -52.3%
Pretax Income -$3.386M -$4.142M -$14.79M
YoY Change 175.32% 114.62% 199.45%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.393M -$4.280M -$15.06M
YoY Change 176.33% 121.74% 206.81%
Net Earnings / Revenue -77.28% -113.1% -90.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.70 -$0.44 -$2.25
COMMON SHARES
Basic Shares Outstanding 85.43M shares 5.013M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.660K $179.0K $179.0K
YoY Change -99.11% -59.33% -59.33%
Cash & Equivalents $7.660K $179.0K $179.0K
Short-Term Investments
Other Short-Term Assets $1.580M $388.8K $388.8K
YoY Change 1028.74% 55.5% 55.5%
Inventory $574.6K $571.5K $571.5K
Prepaid Expenses
Receivables $39.72K $28.57K $28.57K
Other Receivables $0.00 $184.3K $184.3K
Total Short-Term Assets $2.202M $1.352M $1.352M
YoY Change 7.42% -22.39% -22.29%
LONG-TERM ASSETS
Property, Plant & Equipment $9.199M $9.565M $9.565M
YoY Change 17.03% 30.62% 18.53%
Goodwill $8.148M
YoY Change 7.0%
Intangibles $2.513M
YoY Change -7.93%
Long-Term Investments
YoY Change
Other Assets $274.0K $212.9K $212.9K
YoY Change 128.33% 622.77% 609.67%
Total Long-Term Assets $19.73M $20.44M $20.44M
YoY Change 9.77% 10.82% 10.78%
TOTAL ASSETS
Total Short-Term Assets $2.202M $1.352M $1.352M
Total Long-Term Assets $19.73M $20.44M $20.44M
Total Assets $21.93M $21.79M $21.79M
YoY Change 9.53% 7.95% 7.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.718M $3.207M $3.207M
YoY Change 77.05% 214.7% 214.37%
Accrued Expenses $1.066M $1.000M $1.000M
YoY Change 97.34% 44.78% 28.21%
Deferred Revenue
YoY Change
Short-Term Debt $3.314M $1.714M $1.714M
YoY Change -36.64% -56.06% -56.06%
Long-Term Debt Due $4.316M $1.569M $1.569M
YoY Change 150.94% 1.23% 1.23%
Total Short-Term Liabilities $12.41M $7.582M $7.582M
YoY Change 26.54% 4.58% 4.58%
LONG-TERM LIABILITIES
Long-Term Debt $11.18M $13.48M $13.48M
YoY Change -36.24% -22.55% -22.55%
Other Long-Term Liabilities $1.450M $1.514M $1.514M
YoY Change 150.06% 125.98% 125.98%
Total Long-Term Liabilities $12.63M $15.00M $15.00M
YoY Change -30.27% -17.05% -17.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.41M $7.582M $7.582M
Total Long-Term Liabilities $12.63M $15.00M $15.00M
Total Liabilities $25.04M $22.58M $22.58M
YoY Change -10.31% -10.83% -10.82%
SHAREHOLDERS EQUITY
Retained Earnings -$21.22M
YoY Change 239.8%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.114M -$788.3K -$788.3K
YoY Change
Total Liabilities & Shareholders Equity $21.93M $21.79M $21.79M
YoY Change 9.53% 7.95% 7.93%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.393M -$4.280M -$15.06M
YoY Change 176.33% 121.74% 206.81%
Depreciation, Depletion And Amortization $340.9K $332.5K $1.253M
YoY Change 13.64% 18.76% 108.76%
Cash From Operating Activities $149.7K -$750.8K -$3.821M
YoY Change -174.85% 120.81% 43.64%
INVESTING ACTIVITIES
Capital Expenditures $23.64K $23.73K $383.7K
YoY Change -78.51% -100.5% 113.18%
Acquisitions
YoY Change
Other Investing Activities -$1.486M -$1.486M
YoY Change -85.69% -89.75%
Cash From Investing Activities -$23.64K -$1.510M -$1.870M
YoY Change -78.51% -73.42% -87.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.440M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -187.5K 685.0K 5.625M
YoY Change -132.32% -89.09% -64.19%
NET CHANGE
Cash From Operating Activities 149.7K -750.8K -3.821M
Cash From Investing Activities -23.64K -1.510M -1.870M
Cash From Financing Activities -187.5K 685.0K 5.625M
Net Change In Cash -61.40K -1.575M -65.29K
YoY Change -122.74% -705.88% -95.97%
FREE CASH FLOW
Cash From Operating Activities $149.7K -$750.8K -$3.821M
Capital Expenditures $23.64K $23.73K $383.7K
Free Cash Flow $126.1K -$774.5K -$4.205M
YoY Change -140.66% -117.76% 48.05%

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CY2023Q4 ivp Factor To Be Considered For Calculating The Redemption Price Of Warrants At The Option Of The Company
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CY2022Q4 ivp Multiplier To Conversion Price
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CY2022Q4 ivp Multiplier To Conversion Price On Automatic Exension
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023 ivp Percentage Of Purchase Price
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CY2023 us-gaap Other Commitments Description
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the Company may not require the Investor to purchase, and the Investor will have no obligation to purchase, shares of Class A Common Stock in excess of a number equal to the lowest of (i) 100% of the average daily trading volume of the Class A Common Stock on the Nasdaq Capital Market (or any other eligible national stock exchange, as applicable) for the five consecutive trading days immediately prior to the trading date on which a valid purchase notice is delivered to the Investor, (ii) a 30% discount to the daily trading volume in the Class A Common Stock on the Nasdaq Capital Market (or any other eligible national stock exchange, as applicable), and (iii) $2 million divided by the volume-weighted average price for the Class A Common Stock on the trading day immediately prior to the trading date on which a valid purchase notice is delivered to the Investor.
CY2023Q4 ivp Percentage Of Ownership Limitation
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CY2023 ivp Percentage Of Ownership Limitation
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation Percentage
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1.10 pure
CY2023 ivp Non Refundable Fee
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1250000 usd
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151695.6 usd
CY2023Q4 us-gaap Shares Issued
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CY2023Q4 us-gaap Shares Issued Price Per Share
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CY2023Q1 us-gaap Securities Purchased Under Agreements To Resell
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CY2022Q4 us-gaap Accounts Receivable Net Current
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