2023 Q2 Form 10-Q Financial Statement

#000147793223003563 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.330M $1.286M $984.0K
YoY Change 26.97% 30.7% 46.4%
Cost Of Revenue $780.0K $769.7K $691.3K
YoY Change 6.88% 11.34% 38.04%
Gross Profit $540.0K $516.4K $292.7K
YoY Change 69.94% 76.45% 70.83%
Gross Profit Margin 40.6% 40.15% 29.74%
Selling, General & Admin $1.620M $332.3K $318.8K
YoY Change -1.15% 4.22% 5.36%
% of Gross Profit 300.0% 64.35% 108.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $180.0K $181.1K $181.1K
YoY Change -0.62% 0.0% -66.67%
% of Gross Profit 33.33% 35.07% 61.88%
Operating Expenses $680.0K $651.5K $513.5K
YoY Change 8.82% 26.89% -14.53%
Operating Profit -$140.0K -$135.1K -$220.8K
YoY Change -54.42% -38.81% -48.58%
Interest Expense -$40.00K $35.41K $50.47K
YoY Change -21.61% -29.84% -29.52%
% of Operating Profit
Other Income/Expense, Net $0.00 $40.00
YoY Change
Pretax Income -$170.0K -$170.5K -$271.3K
YoY Change -52.54% -37.16% -79.04%
Income Tax
% Of Pretax Income
Net Earnings -$170.0K -$170.5K -$271.3K
YoY Change -52.54% -37.16% -79.04%
Net Earnings / Revenue -12.78% -13.25% -27.57%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 95.43M shares 95.43M shares 91.84M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $450.0K $434.9K $429.4K
YoY Change 22.53% 1.28% -49.17%
Cash & Equivalents $445.7K $434.9K $429.4K
Short-Term Investments
Other Short-Term Assets $30.00K $27.38K $23.26K
YoY Change 29.81% 17.71% -42.4%
Inventory
Prepaid Expenses
Receivables $135.5K $65.01K $24.70K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $610.5K $527.3K $477.4K
YoY Change 45.54% 10.46% -48.08%
LONG-TERM ASSETS
Property, Plant & Equipment $1.225M $1.406M $2.131M
YoY Change -37.16% -34.0% 141939.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.225M $1.406M $2.131M
YoY Change -37.16% -34.0% -25.37%
TOTAL ASSETS
Total Short-Term Assets $610.5K $527.3K $477.4K
Total Long-Term Assets $1.225M $1.406M $2.131M
Total Assets $1.835M $1.933M $2.608M
YoY Change -22.52% -25.86% -30.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $308.8K $284.1K $435.9K
YoY Change -14.43% -34.83% 129.95%
Accrued Expenses $1.166M $1.127M $994.1K
YoY Change -1.04% 13.38% 14.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.140M $1.483M $1.730M
YoY Change -34.1% -14.29% 9.82%
Total Short-Term Liabilities $2.629M $2.901M $3.199M
YoY Change -19.88% -9.34% 18.73%
LONG-TERM LIABILITIES
Long-Term Debt $485.4K $485.4K $500.0K
YoY Change -2.92% -2.92% -52.74%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $485.4K $485.4K $500.0K
YoY Change -2.92% -2.92% -52.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.629M $2.901M $3.199M
Total Long-Term Liabilities $485.4K $485.4K $500.0K
Total Liabilities $3.114M $3.386M $3.699M
YoY Change -17.64% -8.48% -1.42%
SHAREHOLDERS EQUITY
Retained Earnings -$24.44M -$24.27M -$23.49M
YoY Change 2.45% 3.3%
Common Stock $99.43K $95.43K $91.95K
YoY Change 6.55% 3.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.279M -$1.452M -$1.092M
YoY Change
Total Liabilities & Shareholders Equity $1.835M $1.933M $2.608M
YoY Change -22.52% -25.86% -30.91%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$170.0K -$170.5K -$271.3K
YoY Change -52.54% -37.16% -79.04%
Depreciation, Depletion And Amortization $180.0K $181.1K $181.1K
YoY Change -0.62% 0.0% -66.67%
Cash From Operating Activities $90.00K $252.9K -$22.81K
YoY Change -244.72% -1208.51% -60.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $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 -80.00K -116.2K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 90.00K 252.9K -22.81K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -80.00K -116.2K 0.000
Net Change In Cash 10.00K 136.7K -22.81K
YoY Change -116.08% -699.21% -112.98%
FREE CASH FLOW
Cash From Operating Activities $90.00K $252.9K -$22.81K
Capital Expenditures $0.00
Free Cash Flow $90.00K
YoY Change -244.72%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management uses estimates and assumptions in preparing these condensed consolidated financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Examples of estimates include loss contingencies; useful lives of our tangible and intangible assets; allowances for doubtful accounts; and stock-based compensation forfeiture rates. Examples of assumptions include: the elements comprising a software arrangement, including the distinction between upgrades or enhancements and new products; when technological feasibility is achieved for our products; the potential outcome of future tax consequences of events that have been recognized in our financial statements or tax returns. Actual results could differ from those estimates.</p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Certain prior period amounts have been reclassified to conform with the current period presentation.</p>
CY2022Q1 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
29119898 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3645494 shares
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
10472193 shares
CY2022Q1 lbuy Series A Convertible Preferred Stock
SeriesAConvertiblePreferredStock
210286161 shares
CY2023Q1 lbuy Software Platform
SoftwarePlatform
4482225 usd
CY2022Q2 lbuy Software Platform
SoftwarePlatform
4482225 usd
CY2023Q1 lbuy Furniture And Fixtures
FurnitureAndFixtures
1500 usd
CY2022Q2 lbuy Furniture And Fixtures
FurnitureAndFixtures
1500 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-2534246 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
543334 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
543334 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
724445 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
681700 usd
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1406145 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
700000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 lbuy Increase In Common Shares
IncreaseInCommonShares
150000000 usd
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
700000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 lbuy Derivative Liability
DerivativeLiability
4392870 usd
CY2020 lbuy Increase In Common Shares
IncreaseInCommonShares
838303 usd
CY2022Q1 lbuy Total Unpaid Principal Balance
TotalUnpaidPrincipalBalance
242416 usd
CY2019 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
533000 usd
CY2019 us-gaap Repayments Of Debt
RepaymentsOfDebt
402000 usd
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
131000 usd
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4000000 usd
CY2022Q4 lbuy Remaining Principal Amount F0
RemainingPrincipalAmountF0
30000 usd
CY2019 lbuy Remaining Principal Amount
RemainingPrincipalAmount
214802 usd
CY2019Q2 lbuy Total Unpaid Principal Balance
TotalUnpaidPrincipalBalance
347262 usd
CY2020 lbuy Promissory Note Default Amount
PromissoryNoteDefaultAmount
100000 usd
lbuy Promissory Note Default Amount
PromissoryNoteDefaultAmount
7817 usd
CY2020Q2 lbuy Total Unpaid Principal Balance
TotalUnpaidPrincipalBalance
12823 usd
CY2020Q2 lbuy Edil Loan Amount
EDILLoanAmount
500000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
130705 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
154787 usd
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
680183 usd
us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
501423 usd
lbuy Weighted Average Interest Rate
WeightedAverageInterestRate
0.064 pure
lbuy Weighted Average Interest Rate
WeightedAverageInterestRate
0.0513 pure
CY2023Q1 lbuy Less Current Portion Of Notes Payables
LessCurrentPortionOfNotesPayables
1482619 usd
CY2022Q2 lbuy Less Current Portion Of Notes Payables
LessCurrentPortionOfNotesPayables
1729802 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
485378 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
500000 usd
lbuy Options Nonvested Beginning Balance
OptionsNonvestedBeginningBalance
13450170 shares
lbuy Weighted Average Grant Date Fair Falue Nonvested Beginning
WeightedAverageGrantDateFairFalueNonvestedBeginning
0.08
lbuy Options Granted
OptionsGranted
2500000 shares
lbuy Weighted Average Grant Date Fair Falue Granted
WeightedAverageGrantDateFairFalueGranted
0.04
lbuy Options Vested
OptionsVested
-1055670 usd
lbuy Weighted Average Grant Date Fair Falue Vested
WeightedAverageGrantDateFairFalueVested
0.08
lbuy Options Nonvested Ending Balance
OptionsNonvestedEndingBalance
14894500 shares
lbuy Weighted Average Grant Date Fair Falue Nonvested Ending
WeightedAverageGrantDateFairFalueNonvestedEnding
0.05
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
29119898 shares
CY2023Q1 lbuy Aggregate Intrinsic Value
AggregateIntrinsicValue
0 usd
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
54403 usd

Files In Submission

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lbuy-20230331_cal.xml Edgar Link unprocessable
lbuy-20230331_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
lbuy-20230331_def.xml Edgar Link unprocessable
0001477932-23-003563-index-headers.html Edgar Link pending
0001477932-23-003563-index.html Edgar Link pending
0001477932-23-003563.txt Edgar Link pending
0001477932-23-003563-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
lbuy-20230331.xsd Edgar Link pending
lbuy_10q.htm Edgar Link pending
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lbuy-20230331_pre.xml Edgar Link unprocessable
lbuy_10q_htm.xml Edgar Link completed
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