2024 Q3 Form 10-Q Financial Statement

#000149315224033340 Filed on August 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $656.2K $6.361K
YoY Change 10216.43% 124.29%
Cost Of Revenue $266.7K $4.685K
YoY Change 5593.02% 93.52%
Gross Profit $389.5K $1.676K
YoY Change 23140.45% 303.86%
Gross Profit Margin 59.36% 26.35%
Selling, General & Admin $607.3K $50.23K
YoY Change 1108.98% -82.59%
% of Gross Profit 155.91% 2997.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.25K $1.940K
YoY Change 686.08% 13.45%
% of Gross Profit 3.92% 115.75%
Operating Expenses $1.098M $50.23K
YoY Change 2086.18% -82.69%
Operating Profit -$708.6K -$48.56K
YoY Change 1359.44% -83.25%
Interest Expense -$317.5K
YoY Change -161.07%
% of Operating Profit
Other Income/Expense, Net -$353.8K
YoY Change -170.54%
Pretax Income -$708.6K -$402.3K
YoY Change 76.14% -290.01%
Income Tax
% Of Pretax Income
Net Earnings -$708.6K -$402.3K
YoY Change 76.14% -290.01%
Net Earnings / Revenue -107.99% -6324.63%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 98.40M shares 96.18M shares 76.66M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.13K $2.260K
YoY Change 657.96% -93.51%
Cash & Equivalents $17.03K $2.260K
Short-Term Investments $100.00
Other Short-Term Assets $970.0K $435.0K
YoY Change 122.99% 2889.69%
Inventory $101.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $993.1K $658.3K
YoY Change 50.87% 108.62%
LONG-TERM ASSETS
Property, Plant & Equipment $15.30K $19.17K
YoY Change -20.18% -28.0%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $691.6K $100.00
YoY Change 691482.0% 0.0%
Other Assets $691.6K
YoY Change
Total Long-Term Assets $706.9K $19.27K
YoY Change 3567.94% -27.89%
TOTAL ASSETS
Total Short-Term Assets $993.1K $658.3K
Total Long-Term Assets $706.9K $19.27K
Total Assets $1.700M $677.6K
YoY Change 150.91% 97.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $917.4K $298.4K
YoY Change 207.44% 20.74%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.133M $1.984M
YoY Change 57.93% -20.76%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.051M $2.777M
YoY Change 45.88% -18.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.051M $2.777M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $4.051M $2.777M
YoY Change 45.88% -18.44%
SHAREHOLDERS EQUITY
Retained Earnings -$27.99M -$26.10M
YoY Change 7.21% 3.29%
Common Stock $9.618K $7.833K
YoY Change 22.79% 63.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.351M -$2.099M
YoY Change
Total Liabilities & Shareholders Equity $1.700M $677.6K
YoY Change 150.91% 97.96%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$708.6K -$402.3K
YoY Change 76.14% -290.01%
Depreciation, Depletion And Amortization $15.25K $1.940K
YoY Change 686.08% 13.45%
Cash From Operating Activities -$236.4K -$28.78K
YoY Change 721.44% -94.58%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$486.9K -$435.0K
YoY Change 11.94%
Cash From Investing Activities -$486.9K -$435.0K
YoY Change 11.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 675.2K 465.0K
YoY Change 45.21% 21.9%
NET CHANGE
Cash From Operating Activities -236.4K -28.78K
Cash From Investing Activities -486.9K -435.0K
Cash From Financing Activities 675.2K 465.0K
Net Change In Cash -48.10K 1.220K
YoY Change -4042.62% -100.81%
FREE CASH FLOW
Cash From Operating Activities -$236.4K -$28.78K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-435646 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
116488 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
486915 usd
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
435000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-486915 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-435000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
24300 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
94847 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
138800 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
30000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
39000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
900025 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
460000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
914725 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
256353 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7836 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-62159 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24866 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
64419 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17030 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2260 usd
CY2013Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company also voted to approve a 1 for 5 reverse split of its outstanding common stock.
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27986675 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zR9y6tbxwOVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q4 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
DerivativeInstrumentsInHedgesLiabilitiesAtFairValue
166861 usd
KOAN Property And Equipment Excess Capitalized Cost
PropertyAndEquipmentExcessCapitalizedCost
1000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1000 usd
CY2024Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1537500 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1852800 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2463 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
6766 usd
CY2024Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1535037 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1845734 usd
CY2022Q3 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
(i) during the previous twenty (20) Trading Day period ending on the date of issuance of this Note, or (ii) during the previous twenty (20) Trading Day period ending on the Conversion Date.
CY2024Q1 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
(a) the EMGE Preferred Shareholders exchanged all of their respective EMGE Equity Interests for an equal number of shares of the Company’s to-be-designated Series F Convertible Preferred Stock (the Exchange Shares) that shall convert into 93% of the common stock of the Company on a fully-diluted basis (the “Series F Preferred Stock”), which shares of Series F Preferred Stock are currently issuable to the EMGE Preferred Shareholders and are to be issued upon the Company’s filing of a Certificate of Designation with the State of Nevada; (b) the Company consummated the Conveyance Agreement; and (c) all persons serving as directors and officers of the Company prior to the consummation of the Exchange Agreement resigned and appointed four new members of the Company’s Board of Directors.

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