2017 Q3 Form 10-Q Financial Statement

#000114420417059983 Filed on November 17, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $15.11K $0.00
YoY Change
Cost Of Revenue $52.38K $0.00
YoY Change
Gross Profit -$37.28K $0.00
YoY Change
Gross Profit Margin -246.78%
Selling, General & Admin $605.5K
YoY Change
% of Gross Profit
Research & Development $157.9K $14.09K
YoY Change 1020.48%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $802.1K $198.1K
YoY Change 304.92%
Operating Profit -$839.4K -$198.1K
YoY Change 323.74%
Interest Expense $142.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $142.00 $756.00
YoY Change -81.22%
Pretax Income -$839.1K -$197.3K
YoY Change 325.19%
Income Tax $200.00 $200.00
% Of Pretax Income
Net Earnings -$839.3K -$197.5K
YoY Change 324.86%
Net Earnings / Revenue -5555.75%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 596.2K shares 1.721M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.650M
YoY Change
Cash & Equivalents $1.653M $50.30K
Short-Term Investments
Other Short-Term Assets $8.727K
YoY Change
Inventory $28.08K
Prepaid Expenses
Receivables $30.00K
Other Receivables $0.00
Total Short-Term Assets $1.858M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $33.36K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $33.36K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.858M
Total Long-Term Assets $33.36K
Total Assets $1.891M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $760.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $810.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $810.0K
Total Long-Term Liabilities $0.00
Total Liabilities $810.0K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.080M
YoY Change
Total Liabilities & Shareholders Equity $1.890M
YoY Change

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$839.3K -$197.5K
YoY Change 324.86%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$540.0K -$660.0K
YoY Change -18.18%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$10.00K $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 0.000 550.0K
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -540.0K -660.0K
Cash From Investing Activities -10.00K 0.000
Cash From Financing Activities 0.000 550.0K
Net Change In Cash -550.0K -110.0K
YoY Change 400.0%
FREE CASH FLOW
Cash From Operating Activities -$540.0K -$660.0K
Capital Expenditures -$20.00K $0.00
Free Cash Flow -$520.0K -$660.0K
YoY Change -21.21%

Facts In Submission

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us-gaap Use Of Estimates
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Use of Estimates</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company&#8217;s significant estimates used in these financial statements include, but are not limited to, stock-based compensation, the collectability of receivables, inventory valuations, the recoverability and useful lives of long-lived assets and the valuation allowance related to the Company&#8217;s deferred tax assets. Certain of the Company&#8217;s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company&#8217;s estimates and could cause actual results to differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Concentrations of Credit Risk</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company maintains cash with major financial institutions. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font> at each institution. There were aggregate uninsured cash balances of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,225,642</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0</font> at September 30, 2017 and December 31, 2016, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">During the nine months ended September 30, 2016, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100</font>% of the Company&#8217;s revenues were generated from Customer A. During the three months ended September 30, 2017, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 76</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 24</font>% of the Company&#8217;s revenues were generated from Customer C and Customer A, respectively. During the&#160;nine months ended September 30, 2017, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 44</font>%, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 42</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 14</font>% of the Company&#8217;s revenues were generated from Customer C, Customer B and Customer A, respectively. As of September 30, 2017, receivables from Customer C, Customer B and Customer A comprised <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 44</font>%, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 42</font>%, and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 14</font>%, respectively, of&#160; the Company&#8217;s total accounts receivable. As of December 31, 2016, a receivable from Customer A comprised <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100</font>% of the Company&#8217;s total account receivable.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
550000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
550000 USD
CY2017Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2017Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1225642 USD
CY2016Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
0 USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q3 cik0001662684 Accruedpayrollandvacation
Accruedpayrollandvacation
88615 USD
CY2016Q4 cik0001662684 Accruedpayrollandvacation
Accruedpayrollandvacation
0 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 USD

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