2024 Q1 Form 10-Q Financial Statement

#000147793224000679 Filed on February 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $28.05M $30.63M $41.15M
YoY Change -27.82% -25.56% -3.97%
Cost Of Revenue $19.28M $20.90M $26.76M
YoY Change -24.8% -21.91% -1.86%
Gross Profit $8.767M $9.736M $14.39M
YoY Change -33.66% -32.35% -7.64%
Gross Profit Margin 31.25% 31.78% 34.97%
Selling, General & Admin $10.01M $10.61M $12.81M
YoY Change -14.52% -17.19% 3.63%
% of Gross Profit 114.13% 108.94% 89.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.00K $84.00K $101.0K
YoY Change -21.43% -16.83% 17.44%
% of Gross Profit 0.88% 0.86% 0.7%
Operating Expenses $10.01M $10.61M $12.81M
YoY Change -14.52% -17.19% 3.63%
Operating Profit -$2.035M -$1.674M $762.0K
YoY Change -393.23% -319.69% -2922.22%
Interest Expense $67.00K $71.00K -$35.00K
YoY Change 204.55% -302.86% -67.29%
% of Operating Profit -4.59%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.923M -$1.555M $727.0K
YoY Change -368.58% -313.89% -95.63%
Income Tax -$915.0K $0.00 $73.00K
% Of Pretax Income 10.04%
Net Earnings -$1.008M -$1.555M $654.0K
YoY Change -253.19% -337.77% -96.08%
Net Earnings / Revenue -3.59% -5.08% 1.59%
Basic Earnings Per Share -$0.01 $0.01
Diluted Earnings Per Share -$0.01 -$0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 108.8M shares 109.1M shares 114.5M shares
Diluted Shares Outstanding 109.9M shares 114.9M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.20M $19.91M $18.47M
YoY Change 5.48% 7.78% 52.32%
Cash & Equivalents $21.20M $19.91M $18.47M
Short-Term Investments
Other Short-Term Assets $1.395M $1.286M $718.0K
YoY Change 84.28% 79.11% -16.51%
Inventory
Prepaid Expenses
Receivables $14.22M $15.85M $20.34M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.81M $37.05M $39.53M
YoY Change -10.84% -6.27% 15.52%
LONG-TERM ASSETS
Property, Plant & Equipment $715.0K $780.0K $1.089M
YoY Change -30.24% -28.37% 0.55%
Goodwill $61.29M $61.29M $61.29M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $409.0K $480.0K $683.0K
YoY Change -39.76% -29.72% -31.77%
Total Long-Term Assets $80.20M $80.58M $76.63M
YoY Change 4.4% 5.15% -5.06%
TOTAL ASSETS
Total Short-Term Assets $36.81M $37.05M $39.53M
Total Long-Term Assets $80.20M $80.58M $76.63M
Total Assets $117.0M $117.6M $116.2M
YoY Change -0.93% 1.27% 1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.534M $2.486M $2.869M
YoY Change -24.87% -13.35% 20.8%
Accrued Expenses $5.667M $4.735M $6.138M
YoY Change -19.51% -22.86% -6.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $115.0K $130.0K
YoY Change -38.5%
Total Short-Term Liabilities $9.373M $8.926M $10.99M
YoY Change -17.48% -18.8% -19.42%
LONG-TERM LIABILITIES
Long-Term Debt $170.0K $258.0K $0.00
YoY Change -37.96%
Other Long-Term Liabilities $165.0K $190.0K $506.0K
YoY Change -63.41% -62.45% -13.65%
Total Long-Term Liabilities $165.0K $190.0K $506.0K
YoY Change -63.41% -62.45% -86.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.373M $8.926M $10.99M
Total Long-Term Liabilities $165.0K $190.0K $506.0K
Total Liabilities $11.54M $11.30M $14.13M
YoY Change -24.55% -19.99% -18.58%
SHAREHOLDERS EQUITY
Retained Earnings -$4.193M -$3.185M -$10.39M
YoY Change -56.93% -69.36% -25.65%
Common Stock $113.2M $113.1M $112.4M
YoY Change 0.6% 0.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.559M $3.559M
YoY Change
Treasury Stock Shares
Shareholders Equity $105.5M $106.3M $102.0M
YoY Change
Total Liabilities & Shareholders Equity $117.0M $117.6M $116.2M
YoY Change -0.93% 1.27% 1.06%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.008M -$1.555M $654.0K
YoY Change -253.19% -337.77% -96.08%
Depreciation, Depletion And Amortization $77.00K $84.00K $101.0K
YoY Change -21.43% -16.83% 17.44%
Cash From Operating Activities $1.342M -$919.0K -$326.0K
YoY Change -23.97% 181.9% -114.4%
INVESTING ACTIVITIES
Capital Expenditures $12.00K $26.00K $50.00K
YoY Change -64.71% -48.0% -40.48%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$12.00K -$26.00K -$50.00K
YoY Change -64.71% -48.0% -40.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K -$1.616M $0.00
YoY Change -61.54%
NET CHANGE
Cash From Operating Activities 1.342M -$919.0K -$326.0K
Cash From Investing Activities -12.00K -$26.00K -$50.00K
Cash From Financing Activities -40.00K -$1.616M $0.00
Net Change In Cash 1.290M -$2.561M -$376.0K
YoY Change -20.71% 581.12% -117.25%
FREE CASH FLOW
Cash From Operating Activities $1.342M -$919.0K -$326.0K
Capital Expenditures $12.00K $26.00K $50.00K
Free Cash Flow $1.330M -$945.0K -$376.0K
YoY Change -23.17% 151.33% -117.25%

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RestrictedCommonStockSharesGrantedUnderAmendmentPlan
4021000 shares
CY2023Q4 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
3894000 shares
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
73000 usd
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.02 pure
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.10 pure

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0001477932-24-000679.txt Edgar Link pending
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