2022 Q4 Form 10-Q Financial Statement

#000165495422015230 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.165M $1.224M $1.099M
YoY Change -3.09% 11.46% 80.78%
Cost Of Revenue $583.6K $513.2K $324.5K
YoY Change -16.91% 58.16% 24.28%
Gross Profit $580.9K $711.3K $774.1K
YoY Change 16.36% -8.12% 123.33%
Gross Profit Margin 49.88% 58.09% 70.47%
Selling, General & Admin $2.411M $397.5K $730.4K
YoY Change 6684.77% -45.58%
% of Gross Profit 414.99% 55.89% 94.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $86.40K $84.85K $39.93K
YoY Change -16.89% 112.5% 504.82%
% of Gross Profit 14.87% 11.93% 5.16%
Operating Expenses $2.497M $482.4K $637.2K
YoY Change 1690.11% -24.29% 98.87%
Operating Profit -$1.916M $228.9K $137.0K
YoY Change -632.69% 67.12% 422.0%
Interest Expense $0.00 $10.00K $10.85K
YoY Change -100.0% -7.81% 83.63%
% of Operating Profit 4.37% 7.92%
Other Income/Expense, Net -$150.00 $0.00 $17.91K
YoY Change -99.95% -100.0% 203.17%
Pretax Income -$1.916M $218.9K $154.9K
YoY Change -4808.3% 41.34% 661.73%
Income Tax -$13.83K $13.83K $0.00
% Of Pretax Income 6.32% 0.0%
Net Earnings -$1.902M $205.1K $155.2K
YoY Change -4605.19% 32.17% 842.22%
Net Earnings / Revenue -163.37% 16.75% 14.12%
Basic Earnings Per Share $0.04 $0.03
Diluted Earnings Per Share -$0.24 $0.04 $0.03
COMMON SHARES
Basic Shares Outstanding 7.878M shares 4.878M shares 29.27M shares
Diluted Shares Outstanding 4.895M shares 4.878M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.18M $232.0K
YoY Change 1878.37%
Cash & Equivalents $12.18M $232.0K $595.4K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00
YoY Change
Inventory $1.694M $1.682M $1.942M
Prepaid Expenses
Receivables $1.347M $1.248M $1.290M
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.22M $3.163M $3.828M
YoY Change 511.11% -17.38%
LONG-TERM ASSETS
Property, Plant & Equipment $627.8K $619.1K $738.9K
YoY Change -10.13% -16.22%
Goodwill
YoY Change
Intangibles $3.011M
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.53K $10.57K
YoY Change 2317.67%
Total Long-Term Assets $4.471M $3.997M $3.764M
YoY Change 2.34% 6.18%
TOTAL ASSETS
Total Short-Term Assets $15.22M $3.163M $3.828M
Total Long-Term Assets $4.471M $3.997M $3.764M
Total Assets $19.69M $7.160M $7.592M
YoY Change 187.08% -5.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $190.4K $198.3K
YoY Change 80.47%
Accrued Expenses $1.526M $194.4K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $100.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.716M $497.7K $689.2K
YoY Change 337.25% -27.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $487.6K $196.0K
YoY Change -62.48%
Total Long-Term Liabilities $487.6K $196.0K $1.073M
YoY Change -46.25% -81.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.716M $497.7K $689.2K
Total Long-Term Liabilities $487.6K $196.0K $1.073M
Total Liabilities $2.203M $693.7K $1.762M
YoY Change 69.57% -60.63%
SHAREHOLDERS EQUITY
Retained Earnings -$728.2K $1.174M $538.7K
YoY Change -370.4% 117.98%
Common Stock $78.78K $48.78K $292.7K
YoY Change 61.5% -83.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.49M $6.466M $5.831M
YoY Change
Total Liabilities & Shareholders Equity $19.69M $7.160M $7.592M
YoY Change 187.08% -5.7%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.902M $205.1K $155.2K
YoY Change -4605.19% 32.17% 842.22%
Depreciation, Depletion And Amortization $86.40K $84.85K $39.93K
YoY Change -16.89% 112.5% 504.82%
Cash From Operating Activities -$839.5K -$359.7K $331.2K
YoY Change -180.4% -208.63%
INVESTING ACTIVITIES
Capital Expenditures $38.38K -$3.080K -$9.670K
YoY Change -117.46% -68.15%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$38.38K -$3.080K -$9.670K
YoY Change -82.54% -68.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.83M 54.71K -52.82K
YoY Change -1695.54% -203.58%
NET CHANGE
Cash From Operating Activities -839.5K -359.7K 331.2K
Cash From Investing Activities -38.38K -3.080K -9.670K
Cash From Financing Activities 12.83M 54.71K -52.82K
Net Change In Cash 11.95M -308.1K 268.7K
YoY Change 58621.43% -214.68%
FREE CASH FLOW
Cash From Operating Activities -$839.5K -$359.7K $331.2K
Capital Expenditures $38.38K -$3.080K -$9.670K
Free Cash Flow -$877.9K -$356.7K $340.8K
YoY Change -169.46% -204.64%

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. Our significant estimates and assumptions include depreciation and the fair value of our stock, stock-based compensation, debt discount and the valuation allowance relating to the Company’s deferred tax assets.</p>
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laser Current Liabilitiespolicytextblock
CurrentLiabilitiespolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Our current liabilities consist of accounts payable, accrued liabilities, sales tax payable, current portion of operating lease payable and deferred revenue. Sales tax liability is created when the Company sells equipment and services to another entity located in the State of Florida. Currently the sales tax rate in Orange County, our place of business, is 6.5%. As of September 30, 2022, our sales tax liability was recorded at $18,787.</p>
srt Interest Earning Assets Net Yield
InterestEarningAssetsNetYield
0.065 pure
CY2022Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
18787 usd
laser Deferred Revenuepolicytextblock
DeferredRevenuepolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company requires deposits for most sales orders. These deposits are recorded as deferred revenue until such time as the revenue recognition criteria for that project or order is completed. As of September 30, 2022, our deferred revenue was recorded at $5,000 compared to $91,775 recorded at December 31, 2021.</p>
CY2022Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
5000 usd
CY2021Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
91775 usd
laser Scheduleofliquidity And Capital Resourcestabletextblock
ScheduleofliquidityAndCapitalResourcestabletextblock
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>For the Nine Months</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Ending September 30,</strong></p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong> 2022</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong> 2021</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Net cash provided by Operating Activities</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102,532</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">333,875</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Net cash provided by Investing Activities</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,284 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(12,665 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Net cash provided by Financing Activities</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(479,012 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(52,819 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></tbody></table>
laser Net Cash Provided By Operating Activities
NetCashProvidedByOperatingActivities
102532 usd
laser Net Cash Provided By Operating Activities
NetCashProvidedByOperatingActivities
333875 usd
laser Net Cash Provided By Investing Activities
NetCashProvidedByInvestingActivities
-7284 usd
laser Net Cash Provided By Investing Activities
NetCashProvidedByInvestingActivities
-12665 usd
laser Net Cash Provided By Financing Activities
NetCashProvidedByFinancingActivities
-479012 usd
laser Net Cash Provided By Financing Activities
NetCashProvidedByFinancingActivities
-52819 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
231986 usd
CY2022Q3 laser Current Assets Excluding Cash And Cash Equivalents
CurrentAssetsExcludingCashAndCashEquivalents
2930518 usd
CY2022Q3 laser Total Current Liabilities
TotalCurrentLiabilities
497693 usd
CY2022Q3 laser Working Capital
WorkingCapital
2664811 usd
CY2021Q4 laser Working Capital
WorkingCapital
2098635 usd
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2024-10-20
CY2021Q1 laser Principal Amount
PrincipalAmount
439990 usd
CY2021Q1 laser Annual Interest
AnnualInterest
0.06 pure
CY2021Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2023-01-31
CY2021Q4 laser Principal Amount
PrincipalAmount
745438 usd
CY2021Q4 laser Annual Interest Rate
AnnualInterestRate
0.06 pure
CY2021Q4 laser Unpaid Principal Amount
UnpaidPrincipalAmount
261684 usd
laser Off Balance Sheet Arrangementspolicytextblock
OffBalanceSheetArrangementspolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the quarter ended September 30, 2022, the Company did not engage in any off-balance sheet arrangements as defined in item 303(a)(4) of the SEC’s Regulation S-K.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.</p>
CY2022Q2 us-gaap Area Of Land
AreaOfLand
18000 sqft

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