2022 Q4 Form 20-F Financial Statement

#000121390023080459 Filed on September 28, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $245.4M 505.7M cnies $473.2M
YoY Change -48.15% 6.86% 16.87%
Cost Of Revenue $290.9M 511.3M cnies $369.1M
YoY Change -21.18% 38.53% 33.82%
Gross Profit -$45.52M -5.541M cnies $104.2M
YoY Change -143.69% -105.32% -19.32%
Gross Profit Margin -18.55% -1.1% 22.02%
Selling, General & Admin $153.2M $27.02M $27.05M
YoY Change 466.32% -0.14% -12.97%
% of Gross Profit 25.96%
Research & Development $7.450M $2.257M $26.36M
YoY Change -71.73% -91.44% 69.1%
% of Gross Profit 25.29%
Depreciation & Amortization $8.821K $27.20M
YoY Change -88.69% 64.85%
% of Gross Profit 26.1%
Operating Expenses $160.7M $29.27M $53.41M
YoY Change 200.8% -45.19% 14.44%
Operating Profit -$206.2M -$30.08M $50.79M
YoY Change -505.97% -159.22% -38.42%
Interest Expense -$1.551M -$1.500M -$323.0K
YoY Change 380.33% 400.0% -170.07%
% of Operating Profit -0.64%
Other Income/Expense, Net -$53.00K $41.54K $6.741M
YoY Change -100.79% 230.65% 51.04%
Pretax Income -$207.3M -$207.6M $57.20M
YoY Change -462.41% -462.94% -34.55%
Income Tax -$13.62M -$1.592M $4.274M
% Of Pretax Income 7.47%
Net Earnings -$194.3M -$28.88M $48.26M
YoY Change -502.68% -159.84% -41.38%
Net Earnings / Revenue -79.2% -5.71% 10.2%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$1.61 -$0.24 $1.20
COMMON SHARES
Basic Shares Outstanding 121.1M shares 118.5M shares
Diluted Shares Outstanding 118.5M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.14M $69.10M $72.70M
YoY Change -4.9% -4.95%
Cash & Equivalents $9.432M $65.10M 61.27M cnies
Short-Term Investments $4.080M $4.100M $11.40M
Other Short-Term Assets $264.0M $260.9M $301.7M
YoY Change -12.49% -13.52%
Inventory $57.91K $400.0K 1.960M cnies
Prepaid Expenses $36.90M 288.1M cnies
Receivables $2.490M $18.20M 104.8M cnies
Other Receivables $0.00 $3.100M $0.00
Total Short-Term Assets $51.00M $351.8M 483.6M cnies
YoY Change -89.45% -27.25%
LONG-TERM ASSETS
Property, Plant & Equipment $22.31K $200.0K 214.7K cnies
YoY Change -89.61% -60.0%
Goodwill 7.712M cnies
YoY Change
Intangibles $0.00 17.19M cnies
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $161.0M $161.0M $143.9M
YoY Change 11.85% 11.88%
Total Long-Term Assets $54.45M $375.5M 376.0M cnies
YoY Change -85.52% -0.13%
TOTAL ASSETS
Total Short-Term Assets $51.00M $351.8M 483.6M cnies
Total Long-Term Assets $54.45M $375.5M 376.0M cnies
Total Assets $105.5M $727.3M 859.6M cnies
YoY Change -87.73% -15.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.165M $60.70M 24.29M cnies
YoY Change -95.2% -36.77%
Accrued Expenses $0.00 $0.00 $300.0K
YoY Change -100.0% -100.0%
Deferred Revenue 290.0M cnies 327.3M cnies
YoY Change -11.39% 4326.16%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.34M $361.0M 438.7M cnies
YoY Change -88.07% -17.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 2.192M cnies
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $52.34M $361.0M 438.7M cnies
Total Long-Term Liabilities $0.00 2.192M cnies
Total Liabilities $52.34M $377.2M 440.9M cnies
YoY Change -88.13% -17.01%
SHAREHOLDERS EQUITY
Retained Earnings $11.86M 281.0M cnies
YoY Change -95.78%
Common Stock $35.11M 54.11M cnies
YoY Change -35.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.76M $350.1M 359.1M cnies
YoY Change
Total Liabilities & Shareholders Equity $105.5M $727.3M 859.6M cnies
YoY Change -87.73% -15.39%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$194.3M -$28.88M $48.26M
YoY Change -502.68% -159.84% -41.38%
Depreciation, Depletion And Amortization $8.821K $27.20M
YoY Change -88.69% 64.85%
Cash From Operating Activities $13.66M $79.80M
YoY Change -90.76% -6.56%
INVESTING ACTIVITIES
Capital Expenditures $107.6M
YoY Change 88.11%
Acquisitions
YoY Change
Other Investing Activities $4.300M $9.600M
YoY Change -92.75% -122.97%
Cash From Investing Activities -$31.68M -$97.90M
YoY Change -78.1% -1.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$622.9K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $18.35M 37.80M
YoY Change -51.29%
NET CHANGE
Cash From Operating Activities $13.66M 79.80M
Cash From Investing Activities -$31.68M -97.90M
Cash From Financing Activities $18.35M 37.80M
Net Change In Cash $549.3K 19.70M
YoY Change -98.64% -243.8%
FREE CASH FLOW
Cash From Operating Activities $13.66M $79.80M
Capital Expenditures $107.6M
Free Cash Flow $13.66M -$27.80M
YoY Change -90.75% -198.58%

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For the year ended December 31, 2021, four suppliers accounted for 39%, 12%, 12% and 12% of the Company’s total purchases, respectively. For the year ended December 31, 2022, four suppliers accounted for 60%, 15%, 13% and 12% of the Company’s total purchases, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2021, one supplier accounted for 82% of the Company’s total accounts payable balance. As of December 31, 2022, one supplier accounted for 82% of the Company’s total accounts payable balance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2021, three suppliers accounted for 23%, 20% and 12% of the Company’s short-term prepayments, respectively. 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