2024 Q2 Form 10-K Financial Statement

#000121390024036467 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $597.4K $3.405M $3.462M
YoY Change 1279.13% 3718.6% 3782.57%
Cost Of Revenue $411.3K $2.979M $2.979M
YoY Change 38.11% 75.96%
Gross Profit $186.1K $426.2K $483.1K
YoY Change 369.85% 1742.93%
Gross Profit Margin 31.15% 12.52% 13.95%
Selling, General & Admin $295.2K $482.4K $482.4K
YoY Change 110.88% 278.43% 29.78%
% of Gross Profit 158.63% 113.19% 99.86%
Research & Development $9.599K $189.3K $189.3K
YoY Change -74.97% -33.13%
% of Gross Profit 5.16% 44.41% 39.18%
Depreciation & Amortization $2.639K $43.82K $16.51K
YoY Change 1957.28% 184.85%
% of Gross Profit 1.42% 10.28% 3.42%
Operating Expenses $304.8K $271.5K $671.6K
YoY Change 103.22% 104.13% 61.82%
Operating Profit -$118.7K $154.7K -$188.6K
YoY Change 13.06% -42.13%
Interest Expense -$15.89K -$53.38K $56.44K
YoY Change
% of Operating Profit -34.51%
Other Income/Expense, Net $1.871K $156.4K $103.0K
YoY Change -9086.78% -89.51%
Pretax Income -$116.8K $257.7K -$85.61K
YoY Change 11.28% -665.61% -73.87%
Income Tax $2.908K $8.980K $8.975K
% Of Pretax Income 3.48%
Net Earnings -$102.4K $262.4K -$80.91K
YoY Change -2.45% -675.92% -103.47%
Net Earnings / Revenue -17.15% 7.71% -2.34%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 82.59M shares 5.837M shares 77.25M shares
Diluted Shares Outstanding 84.60M shares 77.25M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $445.9K $118.1K $118.1K
YoY Change 1386.33% 101.48% 101.48%
Cash & Equivalents $445.9K $118.1K
Short-Term Investments
Other Short-Term Assets $200.5K $420.1K $399.1K
YoY Change -64.83% -42.96% -45.81%
Inventory $397.8K $455.2K $455.2K
Prepaid Expenses
Receivables $555.8K $714.7K $835.7K
Other Receivables $26.57K $4.730K $25.71K
Total Short-Term Assets $1.828M $1.834M $1.834M
YoY Change 195.92% 129.57% 129.57%
LONG-TERM ASSETS
Property, Plant & Equipment $43.27K $50.02K $53.30K
YoY Change 30.9% 28.3% -6.7%
Goodwill
YoY Change
Intangibles $242.2K $257.3K
YoY Change -15.13%
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $286.3K $310.6K $310.6K
YoY Change 553.98% 443.76% 443.74%
TOTAL ASSETS
Total Short-Term Assets $1.828M $1.834M $1.834M
Total Long-Term Assets $286.3K $310.6K $310.6K
Total Assets $2.114M $2.145M $2.145M
YoY Change 219.62% 150.54% 150.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $565.5K $801.3K $801.3K
YoY Change 6968.5% 3142.64% 3142.78%
Accrued Expenses $18.06K $114.8K $215.4K
YoY Change 80.63% 519.65% 1063.23%
Deferred Revenue $218.3K
YoY Change
Short-Term Debt $1.359M $983.0K $983.0K
YoY Change
Long-Term Debt Due $24.38K $18.71K $18.71K
YoY Change -62.35%
Total Short-Term Liabilities $2.114M $2.280M $2.280M
YoY Change 2946.0% 5174.52% 5174.65%
LONG-TERM LIABILITIES
Long-Term Debt $12.19K $24.95K $24.95K
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $12.19K $24.95K $24.95K
YoY Change 1644.76% 1644.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.114M $2.280M $2.280M
Total Long-Term Liabilities $12.19K $24.95K $24.95K
Total Liabilities $2.126M $2.305M $2.282M
YoY Change 2963.56% 5061.5% 5009.56%
SHAREHOLDERS EQUITY
Retained Earnings -$3.691M -$3.443M
YoY Change -84.58% -85.48%
Common Stock $8.460K $8.259K
YoY Change 1351.11% -85.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.401K -$137.4K -$137.4K
YoY Change
Total Liabilities & Shareholders Equity $2.114M $2.145M $2.145M
YoY Change 219.62% 150.54% 150.54%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$102.4K $262.4K -$80.91K
YoY Change -2.45% -675.92% -103.47%
Depreciation, Depletion And Amortization $2.639K $43.82K $16.51K
YoY Change 1957.28% 184.85%
Cash From Operating Activities -$268.9K $536.7K $516.7K
YoY Change -2788.6% 697.15% -83.15%
INVESTING ACTIVITIES
Capital Expenditures $9.160K $1.480K $1.484K
YoY Change -185.55% -96.68%
Acquisitions
YoY Change
Other Investing Activities $20.37K $20.37K
YoY Change -100.73%
Cash From Investing Activities -$9.160K $18.89K $18.89K
YoY Change 998.26% -100.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 402.6K -568.4K -$568.4K
YoY Change -23.01%
NET CHANGE
Cash From Operating Activities -268.9K 536.7K $516.7K
Cash From Investing Activities -9.160K 18.89K $18.89K
Cash From Financing Activities 402.6K -568.4K -$568.4K
Net Change In Cash 124.6K -12.76K -$40.70K
YoY Change 1145.5% -118.48% -94.9%
FREE CASH FLOW
Cash From Operating Activities -$268.9K $536.7K $516.7K
Capital Expenditures $9.160K $1.480K $1.484K
Free Cash Flow -$278.0K $535.2K $515.2K
YoY Change -2880.2% 675.04% -82.95%

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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Income Taxes Paid Net
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CY2023 us-gaap Use Of Estimates
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Use of Estimates</b></span></td></tr></table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Significant estimates and assumptions made by management include, among others, useful lives and impairment of long-lived assets, collectability of accounts receivable, discount rate of leases and its impairment assessment, allowance for inventory, revenues recognition, deferred tax and uncertain tax positions. While the Company believes that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.</span></p>
CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Reclassification</b></span></td></tr></table><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Certain prior year balances were reclassified to conform to the current year’s presentation with consideration of reflecting the acquisition transaction by entering into and executing four agreements with Yongzhou Jumi Intelligent Technology Co., Ltd. (“Yongzhou JIT”) and Guangzhou Jumi Intelligent Equipment Co., Ltd. (“Guangzhou JIE”). None of these reclassifications had an impact on reported financial position or cash flows for any of the periods presented.</span></p>
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2022 us-gaap Operating Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023 us-gaap Revenues
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CY2022 us-gaap Revenues
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CY2023 us-gaap Cost Of Goods And Services Sold
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CY2022 us-gaap Gross Profit
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CY2022 us-gaap Deferred Revenue Revenue Recognized1
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CY2022 jrss Revenues Percentage
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CY2022 jrss Purchase Percentage
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022 jrss Inventories Imparementreturn
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CY2022 us-gaap Repayments Of Short Term Debt
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CY2023 jrss Finance Lease Cost
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CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2023 us-gaap Finance Lease Interest Expense
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CY2023 us-gaap Finance Lease Interest Payment On Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q4 jrss Social Security Payable
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Earnings Per Share Diluted
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2023 dei Amendment Flag
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CY2023 dei Document Fiscal Period Focus
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CY2023 dei Entity Central Index Key
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CY2023 dei No Trading Symbol Flag
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true

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