2024 Q3 Form 10-Q Financial Statement
#000149315224033340 Filed on August 21, 2024
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 |
Facts In Submission
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InterestExpenseDebtExcludingAmortization
|
152109 | usd | |
CY2023Q2 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-211786 | usd |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-140043 | usd | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-351737 | usd | |
CY2023Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
36263 | usd |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
10246 | usd | |
us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
133975 | usd | |
CY2023Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-353755 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-173068 | usd | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-637821 | usd | |
CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-708632 | usd |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-402310 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-1250272 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-783262 | usd | |
CY2024Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | |
CY2024Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | |
CY2023Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | |
CY2023Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.01 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.01 | ||
CY2024Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
96179058 | shares |
CY2023Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
76480707 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
96179058 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
75962037 | shares | |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1146730 | usd |
CY2023 | us-gaap |
Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
|
-247142 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
30000 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
2303 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
382077 | usd |
CY2023 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
7671 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
10000 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
242228 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1415979 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2135572 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2135572 | usd |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
306985 | usd | |
us-gaap |
Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
|
421312 | usd | |
us-gaap |
Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
|
306904 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-1250272 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-1250272 | usd | |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2350643 | usd |
CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-2350643 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-1250272 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-783262 | usd | |
us-gaap |
Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
|
107022 | usd | |
us-gaap |
Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
|
133975 | usd | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-140043 | usd | |
us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-351737 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
47988 | usd | |
us-gaap |
Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
|
-15000 | usd | |
us-gaap |
Gain Or Loss On Sale Of Stock In Subsidiary
GainOrLossOnSaleOfStockInSubsidiary
|
-69243 | usd | |
us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
17136 | usd | |
us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
4938 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-59473 | usd | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
6000 | usd | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-30000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
472182 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
271639 | usd | |
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. |