2024 Q4 Form 10-K Financial Statement

#000147793224006885 Filed on November 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q2 2024
Revenue $1.501M $5.601M
YoY Change 12.85% 10.03%
Cost Of Revenue $816.9K $3.549M
YoY Change 4.73% 24.85%
Gross Profit $684.0K $2.052M
YoY Change 26.67% -8.72%
Gross Profit Margin 45.57% 36.63%
Selling, General & Admin $573.0K $2.639M
YoY Change -64.63% -1.11%
% of Gross Profit 83.77% 128.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.03K $622.4K
YoY Change -56.09% -13.56%
% of Gross Profit 11.55% 30.33%
Operating Expenses $573.0K $2.639M
YoY Change -15.73% -1.11%
Operating Profit $111.0K -$586.5K
YoY Change -179.29% 39.57%
Interest Expense -$30.18K $123.0K
YoY Change -24.55% -172.33%
% of Operating Profit -27.19%
Other Income/Expense, Net $0.00 -$1.229M
YoY Change
Pretax Income $80.83K -$709.4K
YoY Change -147.55% 20.24%
Income Tax $0.00
% Of Pretax Income
Net Earnings $80.83K -$709.4K
YoY Change -147.55% 21.23%
Net Earnings / Revenue 5.39% -12.67%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 100.1M shares 99.72M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.3K $165.3K
YoY Change -63.26% -63.26%
Cash & Equivalents $165.3K $165.3K
Short-Term Investments
Other Short-Term Assets $21.21K $21.21K
YoY Change -29.3% -29.3%
Inventory
Prepaid Expenses
Receivables $83.48K $83.48K
Other Receivables $0.00 $0.00
Total Short-Term Assets $270.0K $270.0K
YoY Change -55.77% -55.73%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K $1.000K
YoY Change
Total Long-Term Assets $603.7K $603.7K
YoY Change -50.72% -50.92%
TOTAL ASSETS
Total Short-Term Assets $270.0K $270.0K
Total Long-Term Assets $603.7K $603.7K
Total Assets $873.7K $873.7K
YoY Change -52.4% -52.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $129.4K $129.4K
YoY Change -58.11% -58.27%
Accrued Expenses $934.3K $934.3K
YoY Change -19.86% -20.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.061M $1.061M
YoY Change -6.91% -6.91%
Total Short-Term Liabilities $2.136M $2.136M
YoY Change -18.75% -18.78%
LONG-TERM LIABILITIES
Long-Term Debt $419.2K $419.2K
YoY Change -13.64% -14.45%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $419.2K $419.2K
YoY Change -13.64% -14.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.136M $2.136M
Total Long-Term Liabilities $419.2K $419.2K
Total Liabilities $2.555M $2.555M
YoY Change -17.95% -17.84%
SHAREHOLDERS EQUITY
Retained Earnings -$25.15M
YoY Change 2.9%
Common Stock $100.1K
YoY Change 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.682M -$1.682M
YoY Change
Total Liabilities & Shareholders Equity $873.7K $873.7K
YoY Change -52.4% -52.52%

Cashflow Statement

Concept 2024 Q4 2024 Q2 2024
OPERATING ACTIVITIES
Net Income $80.83K -$709.4K
YoY Change -147.55% 21.23%
Depreciation, Depletion And Amortization $79.03K $622.4K
YoY Change -56.09% -13.56%
Cash From Operating Activities $51.71K -$131.1K
YoY Change -42.54% -131.03%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 -42.31K -$149.2K
YoY Change -47.11%
NET CHANGE
Cash From Operating Activities 51.71K -$131.1K
Cash From Investing Activities
Cash From Financing Activities -42.31K -$149.2K
Net Change In Cash 9.400K -$280.4K
YoY Change -6.0% -457.28%
FREE CASH FLOW
Cash From Operating Activities $51.71K -$131.1K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Management uses estimates and assumptions in preparing these 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 fixed assets 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>
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024 lbuy Fixed Assets And Intangible Assets Depreciation Desription
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acquisition and implementation and enhancement costs during the first 2 year and are depreciated on a straight-line basis over their estimated useful lives of five to seven years
CY2024 us-gaap Intangible Assets Finite Lived Policy Costs Incurred To Renew Or Extend
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and shall be accounted for under Subtopic 985-20. Our products contain embedded software internally developed by FTI, which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.</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 costs of product development that are capitalized once technological feasibility is determined (noted as Technology in progress in the Intangible Assets table, in Note 2 to Notes to Consolidated Financial Statements) include certifications, licenses, payroll, employee benefits, and other headcount-related expenses associated with product development. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the straight-line amortization. The amortization begins when the products are available for general release to our customers.</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;">As of June 30, 2024, and 2023, capitalized product development costs in progress were $0 and $203,838, respectively, and these amounts are included in intangible assets in our consolidated balance sheets. For the years ended June 30, 2024 and 2023, we incurred $123,359 and $1,631,376, respectively in capitalized product development costs, and all costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income (loss).</p>
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CY2024 us-gaap Amortization Of Intangible Assets
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CY2024Q2 us-gaap Common Stock Shares Authorized
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700000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2021Q3 lbuy Articles Of Amendment
ArticlesOfAmendment
the Company filed Articles of Amendment to Amended and Restated Articles of Incorporation with the State of Nevada increasing the number of common shares from 150,000,000 to 700,000,000
CY2024Q2 us-gaap Preferred Stock Shares Authorized
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0.001
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CY2024 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.14
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.07
CY2024 lbuy Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 Minimum
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum
P2Y
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1Minimum
P2Y
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
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2.27 pure
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0.0044 pure
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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0.11
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2500000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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0.07
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0
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CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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0.11
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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0.00
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CY2023Q2 lbuy Aggregate Intrinsic Value
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0 usd
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CY2024Q2 lbuy Aggregate Intrinsic Value
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0 usd
CY2024 lbuy Related Party Transaction Amounts Of Transaction Interest Expense
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CY2023 lbuy Related Party Transaction Amounts Of Transaction Interest Expense
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50543 usd
CY2024 lbuy Lessee Operating Lease Term Period
LesseeOperatingLeaseTermPeriod
P12M
CY2024 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company will recognize lease expense on a monthly basis through the life of this lease
CY2024 us-gaap Operating Lease Initial Direct Cost Expense Over Term
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41000 usd

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