2024 Q1 Form 10-Q Financial Statement

#000121390024047342 Filed on May 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $500.4K $3.405M
YoY Change 3718.6%
Cost Of Revenue $443.2K $2.979M $325.6K
YoY Change 36.12% -90.22%
Gross Profit $57.22K $426.2K $151.4K
YoY Change -62.2% -98.77%
Gross Profit Margin 11.43% 12.52%
Selling, General & Admin $207.9K $482.4K $113.5K
YoY Change 83.2% 278.43% -96.96%
% of Gross Profit 363.28% 113.19% 74.95%
Research & Development $10.25K $189.3K $30.30K
YoY Change -66.15%
% of Gross Profit 17.92% 44.41% 20.01%
Depreciation & Amortization $3.010K $43.82K $2.138K
YoY Change 40.79% 1957.28% -99.76%
% of Gross Profit 5.26% 10.28% 1.41%
Operating Expenses $218.1K $271.5K $119.2K
YoY Change 83.05% 104.13% -98.57%
Operating Profit -$160.9K $154.7K -$119.2K
YoY Change 35.03% -102.99%
Interest Expense $11.91K -$53.38K
YoY Change
% of Operating Profit -34.51%
Other Income/Expense, Net -$9.042K $156.4K $81.82K
YoY Change -111.05% -9086.78% -1312.16%
Pretax Income -$169.9K $257.7K -$119.2K
YoY Change 42.62% -665.61% -103.34%
Income Tax $8.980K
% Of Pretax Income 3.48%
Net Earnings -$145.4K $262.4K -$119.2K
YoY Change 21.98% -675.92% -106.45%
Net Earnings / Revenue -29.05% 7.71%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 84.33M shares 5.837M shares 58.37M shares
Diluted Shares Outstanding 84.33M shares 58.37M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $323.6K $118.1K $18.78K
YoY Change 1623.16% 101.48% -99.04%
Cash & Equivalents $323.6K $118.1K $18.78K
Short-Term Investments
Other Short-Term Assets $316.8K $420.1K $654.6K
YoY Change -51.6% -42.96% -85.81%
Inventory $445.5K $455.2K
Prepaid Expenses
Receivables $603.0K $714.7K
Other Receivables $26.47K $4.730K $2.999K
Total Short-Term Assets $1.816M $1.834M $676.3K
YoY Change 168.47% 129.57% -96.06%
LONG-TERM ASSETS
Property, Plant & Equipment $46.19K $50.02K $37.03K
YoY Change 24.75% 28.3% -99.94%
Goodwill
YoY Change
Intangibles $243.9K $257.3K
YoY Change -15.13%
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $292.3K $310.6K $52.52K
YoY Change 456.51% 443.76% -99.92%
TOTAL ASSETS
Total Short-Term Assets $1.816M $1.834M $676.3K
Total Long-Term Assets $292.3K $310.6K $52.52K
Total Assets $2.108M $2.145M $728.9K
YoY Change 189.23% 150.54% -99.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $563.7K $801.3K $20.00K
YoY Change 2718.6% 3142.64% -99.86%
Accrued Expenses $73.25K $114.8K $16.97K
YoY Change 331.64% 519.65% -99.08%
Deferred Revenue $218.3K
YoY Change
Short-Term Debt $1.368M $983.0K $0.00
YoY Change -100.0%
Long-Term Debt Due $24.53K $18.71K
YoY Change -62.35%
Total Short-Term Liabilities $2.397M $2.280M $36.97K
YoY Change 6383.84% 5174.52% -99.82%
LONG-TERM LIABILITIES
Long-Term Debt $18.40K $24.95K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $18.40K $24.95K $0.00
YoY Change 1644.76% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.397M $2.280M $36.97K
Total Long-Term Liabilities $18.40K $24.95K $0.00
Total Liabilities $2.415M $2.305M $36.97K
YoY Change 6433.62% 5061.5% -99.94%
SHAREHOLDERS EQUITY
Retained Earnings -$3.588M -$3.443M -$23.82M
YoY Change -84.94% -85.48%
Common Stock $8.460K $8.259K $58.37K
YoY Change -85.51% -85.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$259.9K -$137.4K $691.9K
YoY Change
Total Liabilities & Shareholders Equity $2.108M $2.145M $728.9K
YoY Change 189.23% 150.54% -99.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$145.4K $262.4K -$119.2K
YoY Change 21.98% -675.92% -106.45%
Depreciation, Depletion And Amortization $3.010K $43.82K $2.138K
YoY Change 40.79% 1957.28% -99.76%
Cash From Operating Activities -$204.9K $536.7K -$36.51K
YoY Change 461.32% 697.15% -100.79%
INVESTING ACTIVITIES
Capital Expenditures $1.480K
YoY Change -185.55%
Acquisitions
YoY Change
Other Investing Activities $20.37K $0.00
YoY Change -100.0%
Cash From Investing Activities $18.89K
YoY Change 998.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $413.3K -568.4K
YoY Change
NET CHANGE
Cash From Operating Activities -$204.9K 536.7K -$36.51K
Cash From Investing Activities 18.89K
Cash From Financing Activities $413.3K -568.4K
Net Change In Cash $205.5K -12.76K -$39.84K
YoY Change -615.82% -118.48% -104.12%
FREE CASH FLOW
Cash From Operating Activities -$204.9K $536.7K -$36.51K
Capital Expenditures $1.480K
Free Cash Flow -$204.9K $535.2K -$36.51K
YoY Change 461.32% 675.04% -100.63%

Facts In Submission

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>●</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Reclassification</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Certain prior period balances were reclassified to conform to the current period presentation, mainly 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>
CY2024Q1 us-gaap Use Of Estimates
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>●</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Use of Estimates</b></span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The preparation of the unaudited 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 unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; text-align: justify"><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, revenue recognition, product warranty liabilities, 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>
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Payments To Acquire Intangible Assets
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 jrss Finance Lease Cost
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CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2023Q1 us-gaap Sublease Income
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CY2024Q1 us-gaap Sale And Leaseback Transaction Gain Loss Net
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CY2023Q1 us-gaap Sale And Leaseback Transaction Gain Loss Net
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CY2024Q1 jrss Operating Cash Flows From Finance Leases
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CY2023Q1 jrss Financing Cash Flow From Finance Leases
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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pure
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2024Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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CY2024Q1 us-gaap Income Tax Reconciliation Tax Exempt Income
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CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Accrued Income Taxes Current
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CY2024Q1 jrss Withholding Personal Tax
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2024Q1 dei Amendment Flag
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false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001597892

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