$KTEL
KonaTel, Inc.

2024 Q2 Form 10-Q Financial Statement

#000151597124000051 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $4.343M $5.636M $4.032M
YoY Change -5.61% 39.79% -4.64%
Cost Of Revenue $3.443M $4.508M $3.030M
YoY Change -10.03% 48.8% 17.41%
Gross Profit $899.7K $1.128M $1.002M
YoY Change 16.23% 12.54% -39.18%
Gross Profit Margin 20.72% 20.01% 24.85%
Selling, General & Admin $1.764M $1.766M $1.608M
YoY Change 19.85% 9.79% 10.33%
% of Gross Profit 196.04% 156.62% 160.54%
Research & Development $387.8K $206.1K $143.5K
YoY Change 29.43% 43.58% 6.63%
% of Gross Profit 43.1% 18.28% 14.33%
Depreciation & Amortization $2.450K $2.449K $3.088K
YoY Change -20.71% -20.69% -25.05%
% of Gross Profit 0.27% 0.22% 0.31%
Operating Expenses $2.154M $1.974M $1.755M
YoY Change 21.4% 12.5% 9.93%
Operating Profit -$1.254M -$847.0K -$753.2K
YoY Change 25.4% 12.45% -1585.3%
Interest Expense $104.3K $161.5K
YoY Change -35.4% -772.08%
% of Operating Profit
Other Income/Expense, Net -$4.763K $9.079M -$161.5K
YoY Change -97.86% -5721.89% 127.08%
Pretax Income -$1.259M $8.233M -$914.7K
YoY Change 2.98% -1000.02% 1957.82%
Income Tax -$149.4K $149.4K
% Of Pretax Income 1.82%
Net Earnings -$1.110M $8.083M -$914.7K
YoY Change -9.24% -983.69% 1957.81%
Net Earnings / Revenue -25.55% 143.42% -22.69%
Basic Earnings Per Share -$0.03 $0.19 -$0.02
Diluted Earnings Per Share -$0.03 $0.19 -$0.02
COMMON SHARES
Basic Shares Outstanding 43.35M shares 43.33M shares 42.38M shares
Diluted Shares Outstanding 43.41M shares 43.60M shares 42.38M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.681M $3.885M $1.596M
YoY Change 224.4% 143.41% 9.85%
Cash & Equivalents $3.681M $3.885M $1.596M
Short-Term Investments
Other Short-Term Assets $1.011M $1.000M $164.00
YoY Change 609656.1% -99.51%
Inventory $554.9K $765.0K $690.9K
Prepaid Expenses $106.7K $118.2K $35.17K
Receivables $1.840M $1.947M $1.202M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.194M $7.715M $3.525M
YoY Change 113.14% 118.9% 13.59%
LONG-TERM ASSETS
Property, Plant & Equipment $19.29K $21.74K $33.45K
YoY Change -36.48% -35.02% -25.29%
Goodwill
YoY Change
Intangibles $705.9K $634.3K
YoY Change 11.3%
Long-Term Investments
YoY Change
Other Assets $74.54K $74.54K $74.54K
YoY Change 0.0% 0.0% -51.69%
Total Long-Term Assets $799.7K $832.9K $1.262M
YoY Change -34.73% -34.01% 26.94%
TOTAL ASSETS
Total Short-Term Assets $7.194M $7.715M $3.525M
Total Long-Term Assets $799.7K $832.9K $1.262M
Total Assets $7.993M $8.548M $4.787M
YoY Change 73.76% 78.58% 16.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.139M $2.636M $1.400M
YoY Change 72.91% 88.33% 31.02%
Accrued Expenses $131.8K $130.1K $120.7K
YoY Change 7.17% 7.87% 224.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $3.114M
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.271M $2.916M $4.635M
YoY Change -40.76% -37.09% 319.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $274.5K $297.2K $427.3K
YoY Change -30.63% -30.46% 236.54%
Total Long-Term Liabilities $274.5K $297.2K $427.3K
YoY Change -30.63% -30.46% 54.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.271M $2.916M $4.635M
Total Long-Term Liabilities $274.5K $297.2K $427.3K
Total Liabilities $3.545M $3.213M $5.062M
YoY Change -40.08% -36.53% 266.15%
SHAREHOLDERS EQUITY
Retained Earnings -$5.265M -$4.156M -$9.213M
YoY Change -49.54% -54.89%
Common Stock $43.47K $43.33K $42.48K
YoY Change 1.88% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.448M $5.335M -$275.5K
YoY Change
Total Liabilities & Shareholders Equity $7.993M $8.548M $4.787M
YoY Change 73.76% 78.58% 16.83%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.110M $8.083M -$914.7K
YoY Change -9.24% -983.69% 1957.81%
Depreciation, Depletion And Amortization $2.450K $2.449K $3.088K
YoY Change -20.71% -20.69% -25.05%
Cash From Operating Activities -$203.7K -$2.787M -$500.8K
YoY Change -76.95% 456.51% -196.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.559M $0.00
YoY Change
Cash From Investing Activities $0.00 $9.559M
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 0.000 -$3.664M $41.25K
YoY Change -100.0% -8981.21%
NET CHANGE
Cash From Operating Activities -203.7K -$2.787M -$500.8K
Cash From Investing Activities 0.000 $9.559M
Cash From Financing Activities 0.000 -$3.664M $41.25K
Net Change In Cash -203.7K $3.108M -$459.6K
YoY Change -55.83% -776.22%
FREE CASH FLOW
Cash From Operating Activities -$203.7K -$2.787M -$500.8K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zdxzv1pPyyml" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentrations of Credit Risk</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of receivables, cash and cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All cash and cash equivalents are held at high credit financial institutions. These deposits are generally insured under the FDIC’s deposit insurance coverage; however, from time to time, the deposit levels may exceed FDIC coverage levels.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a concentration of risk with respect to trade receivables from customers and cellular providers. As of March 31, 2024, the Company had a significant concentration of receivables (defined as customers whose receivable balances are greater than 10% of total receivables) due from two (2) customers in the amount of $<span id="xdx_90D_eus-gaap--FairValueConcentrationOfRiskAccountsReceivable_iI_c20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerOneMember_zq9ZPxvYVsw5" title="Receivables, concentration">1,054,726</span> or <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerOneMember_zy6i413QYZV4" title="Concentration risk">54.0</span>%, and $<span id="xdx_90B_eus-gaap--FairValueConcentrationOfRiskAccountsReceivable_iI_c20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerTwoMember_zcxSqk1rKJ0b" title="Receivables, concentration">625,741</span> or <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20240101__20240331__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerTwoMember_zheFpkk63Uii" title="Concentration risk">32.1</span>%. It should be noted that the largest customer is the federal government, as administered by the Universal Service Administrative Company (“USAC”), under the authority of the Federal Communication Commission (the “FCC”). As of December 31, 2023, the Company had a significant concentration of receivables from two (2) customers in the amounts of $<span id="xdx_90F_eus-gaap--FairValueConcentrationOfRiskAccountsReceivable_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerOneMember_znXmALmZslt9" title="Receivables, concentration">1,024,308</span> or <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerOneMember_zQElrA9jKgE7" title="Concentration risk">68.5</span>%, and $<span id="xdx_90B_eus-gaap--FairValueConcentrationOfRiskAccountsReceivable_iI_c20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerTwoMember_zv8mYHj6PdJ2" title="Receivables, concentration">285,536</span> or <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--TradeAccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__custom--SpecificCustomerConcentrationAxis__custom--CustomerTwoMember_zsfFjJExAohd" title="Concentration risk">19.0</span>%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
8083084 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-914697 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4155607 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
765032 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
1229770 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
461611 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
461611 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
439876 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
437427 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21735 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24184 usd
CY2024Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
the Company had four (4) properties with lease terms in excess of one (1) year. Of these four (4) leases, two (2) leases expire in 2025, one (1) lease expires in 2026, and one (1) lease expires in 2030
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
427300 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
116759 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
129543 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
65969 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
54000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
144000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
510271 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
82971 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
427300 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
130146 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
297154 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P58M24D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0691 pure
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
39223 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
43275 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
323468 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
323468 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2021Q4 us-gaap Liabilities Subject To Compromise Income Tax Contingencies
LiabilitiesSubjectToCompromiseIncomeTaxContingencies
7000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 number
CY2024Q1 us-gaap Revenues
Revenues
5635836 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
1127504 usd
CY2024Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
2449 usd
CY2024Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
0 usd
CY2023Q1 us-gaap Revenues
Revenues
4031719 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
1001879 usd
CY2023Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
3088 usd
CY2023Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
0 usd
CY2024Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
224070 usd
CY2023Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
142599 usd
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Allocated Share Based Compensation Expense
DeferredCompensationArrangementWithIndividualAllocatedShareBasedCompensationExpense
1715053 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6000000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.74
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y8M8D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
872463 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
100000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.63
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
187500 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.46
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5912500 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.76
CY2024Q1 ktel Weighted Average Remaining Life At End Of Period
WeightedAverageRemainingLifeAtEndOfPeriod
P2Y10M20D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
420581 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.54
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y5M12D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
39510 usd

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