2023 Q3 Form 10-Q Financial Statement

#000168316823005742 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $26.57K $61.38K
YoY Change -73.83% -45.26%
Cost Of Revenue $8.268K $29.12K
YoY Change -85.28% -52.08%
Gross Profit $18.30K $32.26K
YoY Change -59.64% -37.2%
Gross Profit Margin 68.88% 52.56%
Selling, General & Admin $1.398M $1.227M
YoY Change 553.86% 789.77%
% of Gross Profit 7638.4% 3802.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.634K $526.00
YoY Change 399.81% 0.0%
% of Gross Profit 14.39% 1.63%
Operating Expenses $1.400M $1.227M
YoY Change 553.48% 786.76%
Operating Profit -$1.382M -$1.195M
YoY Change 718.02% 1273.19%
Interest Expense -$830.3K -$164.9K
YoY Change 600.45% -45.07%
% of Operating Profit
Other Income/Expense, Net -$830.3K -$164.9K
YoY Change 600.47% -45.07%
Pretax Income -$2.212M -$1.360M
YoY Change 669.55% 251.15%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.248M -$1.359M
YoY Change 697.58% 234.12%
Net Earnings / Revenue -8462.87% -2213.54%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 295.9M shares 225.2M shares
Diluted Shares Outstanding 291.4M shares 222.8M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.8K $55.04K
YoY Change -75.21% -80.15%
Cash & Equivalents $107.8K $55.04K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $12.55K $12.32K
Prepaid Expenses
Receivables $14.47K $14.76K
Other Receivables $49.19K $49.19K
Total Short-Term Assets $184.0K $131.3K
YoY Change -65.67% -65.71%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $2.633K
YoY Change -100.0% -44.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.745K $2.745K
YoY Change 0.0% 0.0%
Total Long-Term Assets $446.0K $472.3K
YoY Change -11.44% -10.29%
TOTAL ASSETS
Total Short-Term Assets $184.0K $131.3K
Total Long-Term Assets $446.0K $472.3K
Total Assets $630.0K $603.6K
YoY Change -39.41% -33.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.1K $97.51K
YoY Change 21.64% 15.59%
Accrued Expenses $123.8K $108.1K
YoY Change -24.35% -30.54%
Deferred Revenue
YoY Change
Short-Term Debt $460.0K $230.0K
YoY Change 3679.79% -54.2%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $728.6K $479.3K
YoY Change 85.75% -39.15%
LONG-TERM LIABILITIES
Long-Term Debt $308.5K $308.5K
YoY Change -61.91%
Other Long-Term Liabilities $359.7K $382.4K
YoY Change -24.05% -19.24%
Total Long-Term Liabilities $668.2K $691.0K
YoY Change -47.94% 45.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $728.6K $479.3K
Total Long-Term Liabilities $668.2K $691.0K
Total Liabilities $1.397M $1.170M
YoY Change -16.65% -7.21%
SHAREHOLDERS EQUITY
Retained Earnings -$19.23M -$17.02M
YoY Change 30.82% 18.03%
Common Stock $302.7K $250.0K
YoY Change 63.19% 34.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$766.8K -$530.7K
YoY Change
Total Liabilities & Shareholders Equity $630.0K $603.6K
YoY Change -39.41% -33.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.248M -$1.359M
YoY Change 697.58% 234.12%
Depreciation, Depletion And Amortization $2.634K $526.00
YoY Change 399.81% 0.0%
Cash From Operating Activities -$192.3K -$225.5K
YoY Change 18.6% -1.03%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 245.1K 246.3K
YoY Change -23.42% -48.68%
NET CHANGE
Cash From Operating Activities -192.3K -225.5K
Cash From Investing Activities 0.000
Cash From Financing Activities 245.1K 246.3K
Net Change In Cash 52.79K 20.79K
YoY Change -66.56% -91.75%
FREE CASH FLOW
Cash From Operating Activities -$192.3K -$225.5K
Capital Expenditures $0.00
Free Cash Flow -$225.5K
YoY Change -1.03%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Use Of Estimates
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<p id="xdx_844_eus-gaap--UseOfEstimates_zDubslBMqga4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration: underline"><span id="xdx_869_zRPxMZhwmcD">Use of Estimates</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to revenue recognition, valuation of accounts receivable and the allowance for doubtful accounts, inventories, valuation of financial instruments, income taxes, and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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22000 usd
CY2022Q4 kitl Franchisee Receivable
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CY2023Q2 us-gaap Stock Issued During Period Value Issued For Services
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CY2023Q2 kitl Issuance Of Common Stock As Financing Commitment Share Value
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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0 usd
CY2022Q4 us-gaap Derivative Liabilities Current
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73398 usd
CY2023Q2 kitl Right Of Use Operating Assets
RightOfUseOperatingAssets
562000 usd
CY2023Q2 kitl Right Of Use Operating Lease Liabilities
RightOfUseOperatingLeaseLiabilities
562000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2633 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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3687 usd
CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
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50000 usd
CY2023Q2 us-gaap Inventory Net
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12318 usd
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14359 usd
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CashAndCashEquivalentsAtCarryingValue
55035 usd
CY2023Q2 kitl Working Capital
WorkingCapital
348000 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
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CommonStockParOrStatedValuePerShare
0.001
CY2023Q2 kitl Stock Based Compensation For Services Related Party Value
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980300 usd
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CY2023Q2 us-gaap Accrued Payroll Taxes Current And Noncurrent
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us-gaap Income Tax Examination Penalties And Interest Expense
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CY2023Q2 us-gaap Notes Payable
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308057 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
262171 usd
CY2023Q2 us-gaap Convertible Notes Payable
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230000 usd
CY2022Q4 us-gaap Convertible Notes Payable
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488400 usd
CY2022Q2 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.12 pure
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.025
CY2022 us-gaap Derivative Cost Of Hedge
DerivativeCostOfHedge
100167 usd
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
249975926 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
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CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
206700 usd
CY2023Q1 kitl Issuance Of Common Stock As Financing Commitment Share Value
IssuanceOfCommonStockAsFinancingCommitmentShareValue
198000 usd
CY2023Q1 us-gaap Conversion Of Stock Amount Issued1
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CY2023Q1 kitl Common Stock Issued For Accounts Payable Value
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CY2022 kitl Issuance Of Common Stock As Financing Commitment Share Value
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CY2022 us-gaap Conversion Of Stock Shares Issued1
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CY2022 us-gaap Conversion Of Stock Amount Issued1
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CY2021 kitl Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedInPeriod
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CY2021 kitl Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
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CY2021 kitl Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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CY2021 kitl Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Forfeited In Period Weighted Average Exercise Price
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CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2022 kitl Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsIssuedInPeriod
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CY2022 kitl Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsIssued
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
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CY2022 kitl Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Exercises In Period Weighted Average Exercise Price
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CY2022 kitl Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Forfeited In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsForfeitedInPeriodWeightedAverageExercisePrice
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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5018000 shares
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0.10055
kitl Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Issued In Period
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kitl Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Issued
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
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kitl Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Exercises In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
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kitl Share Based Compensation Arrangements By Share Based Payment Award Other Than Options Forfeited In Period Weighted Average Exercise Price
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CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P4Y6M
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M
CY2021Q2 us-gaap Increase Decrease In Prepaid Rent
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5857 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
562030 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
88469 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
473561 usd
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
32357 usd
us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
32888 usd

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