2023 Q1 Form 10-K Financial Statement
#000106299323007846 Filed on March 28, 2023
Income Statement
| Concept | 2023 Q1 | 2022 Q4 | 2022 |
|---|---|---|---|
| Revenue | $13.08M | $10.91M | $76.34M |
| YoY Change | -46.02% | -52.93% | 5.33% |
| Cost Of Revenue | $7.307M | $7.185M | $45.20M |
| YoY Change | -49.96% | -46.8% | 10.17% |
| Gross Profit | $5.773M | $3.725M | $31.13M |
| YoY Change | -40.04% | -61.48% | -1.0% |
| Gross Profit Margin | 44.14% | 34.14% | 40.78% |
| Selling, General & Admin | $3.534M | $4.643M | $15.08M |
| YoY Change | 8.05% | 17.12% | 23.99% |
| % of Gross Profit | 61.22% | 124.64% | 48.43% |
| Research & Development | $585.0K | $663.9K | $2.180M |
| YoY Change | 9.61% | 30.77% | 19.33% |
| % of Gross Profit | 10.13% | 17.82% | 7.0% |
| Depreciation & Amortization | $279.8K | $268.6K | $1.098M |
| YoY Change | 1.04% | -4.34% | 7.11% |
| % of Gross Profit | 4.85% | 7.21% | 3.53% |
| Operating Expenses | $4.399M | $5.536M | $18.36M |
| YoY Change | 9.9% | 17.49% | 23.77% |
| Operating Profit | $1.387M | -$1.810M | $13.02M |
| YoY Change | -75.34% | -136.5% | -21.66% |
| Interest Expense | -$20.92K | -$19.14K | -$13.55K |
| YoY Change | -439.61% | 1159.21% | 8368.75% |
| % of Operating Profit | -1.51% | -0.1% | |
| Other Income/Expense, Net | -$20.92K | -$13.55K | |
| YoY Change | -439.84% | 8212.88% | |
| Pretax Income | $1.366M | -$1.830M | $13.00M |
| YoY Change | -75.74% | -136.9% | -21.74% |
| Income Tax | $343.0K | -$752.2K | $3.043M |
| % Of Pretax Income | 25.11% | 23.4% | |
| Net Earnings | $1.023M | -$1.077M | $9.960M |
| YoY Change | -75.77% | -128.22% | -20.79% |
| Net Earnings / Revenue | 7.82% | -9.87% | 13.05% |
| Basic Earnings Per Share | $0.17 | $1.71 | |
| Diluted Earnings Per Share | $0.16 | -$0.18 | $1.62 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 5.971M shares | 5.827M shares | 5.821M shares |
| Diluted Shares Outstanding | 6.280M shares | 6.137M shares |
Balance Sheet
| Concept | 2023 Q1 | 2022 Q4 | 2022 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $11.37M | $7.103M | $7.103M |
| YoY Change | 164.24% | 39.8% | 39.8% |
| Cash & Equivalents | $11.37M | $7.103M | $7.103M |
| Short-Term Investments | $0.00 | $0.00 | |
| Other Short-Term Assets | $4.551M | $4.942M | $4.942M |
| YoY Change | -16.39% | -14.63% | -14.63% |
| Inventory | $19.83M | $22.81M | $22.81M |
| Prepaid Expenses | |||
| Receivables | $9.529M | $12.84M | $12.84M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $45.28M | $47.69M | $47.69M |
| YoY Change | -4.49% | 6.9% | 6.9% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $3.151M | $3.104M | $4.197M |
| YoY Change | -28.97% | -0.76% | -7.18% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $40.30K | $40.80K | $40.80K |
| YoY Change | -18.99% | 22.38% | 22.38% |
| Total Long-Term Assets | $4.210M | $4.237M | $4.237M |
| YoY Change | -6.15% | -6.97% | -6.97% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $45.28M | $47.69M | $47.69M |
| Total Long-Term Assets | $4.210M | $4.237M | $4.237M |
| Total Assets | $49.49M | $51.93M | $51.93M |
| YoY Change | -4.63% | 5.61% | 5.61% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.602M | $6.011M | $6.011M |
| YoY Change | -68.43% | -58.88% | -58.88% |
| Accrued Expenses | $273.0K | $680.7K | $680.7K |
| YoY Change | -2.21% | 113.65% | 113.65% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $645.8K | $1.030M | $1.030M |
| YoY Change | -2.32% | 5.66% | 5.66% |
| Long-Term Debt Due | $109.4K | $108.4K | $108.4K |
| YoY Change | 24.12% | 30.18% | 30.18% |
| Total Short-Term Liabilities | $8.118M | $11.21M | $11.21M |
| YoY Change | -51.05% | -40.14% | -40.14% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $115.7K | $142.0K | $142.0K |
| YoY Change | -31.92% | -24.98% | -24.98% |
| Other Long-Term Liabilities | $745.6K | $811.4K | $811.4K |
| YoY Change | -44.72% | -41.82% | -41.82% |
| Total Long-Term Liabilities | $861.4K | $953.4K | $953.4K |
| YoY Change | -43.29% | -39.8% | -39.8% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $8.118M | $11.21M | $11.21M |
| Total Long-Term Liabilities | $861.4K | $953.4K | $953.4K |
| Total Liabilities | $9.045M | $12.23M | $12.23M |
| YoY Change | -50.66% | -40.46% | -40.46% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $31.02M | $30.00M | |
| YoY Change | 49.71% | ||
| Common Stock | $130.3K | $130.3K | |
| YoY Change | 0.02% | 0.11% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $40.44M | $39.69M | $39.69M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $49.49M | $51.93M | $51.93M |
| YoY Change | -4.63% | 5.61% | 5.61% |
Cashflow Statement
| Concept | 2023 Q1 | 2022 Q4 | 2022 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $1.023M | -$1.077M | $9.960M |
| YoY Change | -75.77% | -128.22% | -20.79% |
| Depreciation, Depletion And Amortization | $279.8K | $268.6K | $1.098M |
| YoY Change | 1.04% | -4.34% | 7.11% |
| Cash From Operating Activities | $5.280M | $1.338M | $3.087M |
| YoY Change | -868.84% | -18.25% | 10.95% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $368.5K | $279.0K | $1.144M |
| YoY Change | -241.24% | -213.11% | -200.43% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $58.27K | $101.7K |
| YoY Change | -100.0% | 2872.96% | 5090.31% |
| Cash From Investing Activities | -$368.5K | -$220.7K | -$1.042M |
| YoY Change | 63.73% | -9.8% | -8.34% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $255.8K | ||
| YoY Change | 883.85% | ||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -$409.7K | 923.2K | $288.8K |
| YoY Change | 464.65% | -18.37% | -51.54% |
| NET CHANGE | |||
| Cash From Operating Activities | $5.280M | 1.338M | $3.087M |
| Cash From Investing Activities | -$368.5K | -220.7K | -$1.042M |
| Cash From Financing Activities | -$409.7K | 923.2K | $288.8K |
| Net Change In Cash | $4.270M | 2.041M | $2.081M |
| YoY Change | -533.78% | -19.12% | -7.16% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $5.280M | $1.338M | $3.087M |
| Capital Expenditures | $368.5K | $279.0K | $1.144M |
| Free Cash Flow | $4.911M | $1.059M | $1.943M |
| YoY Change | -1253.39% | -43.76% | -50.46% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q4 | us-gaap |
Certificates Of Deposit At Carrying Value
CertificatesOfDepositAtCarryingValue
|
0 | usd |
| CY2021Q4 | us-gaap |
Certificates Of Deposit At Carrying Value
CertificatesOfDepositAtCarryingValue
|
58262 | usd |
| CY2022Q4 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
0 | usd |
| CY2021Q4 | us-gaap |
Deferred Compensation Liability Classified Noncurrent
DeferredCompensationLiabilityClassifiedNoncurrent
|
320000 | usd |
| CY2022 | us-gaap |
Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
|
58075 | usd |
| CY2021Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
291584 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt Maturing In Years Two And Three
LongTermDebtMaturingInYearsTwoAndThree
|
3596 | usd |
| CY2022 | us-gaap |
Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
|
80000 | usd |
| CY2022Q4 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
0 | usd |
| CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
0.01 | pure |
| CY2022 | dei |
Auditor Name
AuditorName
|
Fitzgerald & Co, CPAs, P.C. | |
| CY2022 | dei |
Auditor Location
AuditorLocation
|
Vienna, Virginia | |
| CY2022 | dei |
Auditor Firm
AuditorFirmId
|
58 | |
| CY2022Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2021Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2022 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
|
82530 | usd |
| CY2022 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
255800 | usd |
| CY2021 | us-gaap |
Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
|
272519 | usd |
| CY2022 | us-gaap |
Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
|
55171 | usd |
| CY2021 | us-gaap |
Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
|
297424 | usd |
| CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
2080509 | usd |
| CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-left:72pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Use of Estimates - </strong>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 amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></span></p> </div> | |
| CY2022 | leat |
Deferred Asset Allowance
DeferredAssetAllowance
|
105071 | usd |
| CY2022 | us-gaap |
Debt Instrument Convertible Conversion Ratio1
DebtInstrumentConvertibleConversionRatio1
|
1 | pure |
| CY2022Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
743621 | usd |
| CY2021 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
628000 | shares |
| CY2021 | us-gaap |
Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
|
120000 | shares |
| CY2021 | us-gaap |
Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
|
508000 | shares |
| CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-left:72pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><strong>Concentration of Credit Risk - </strong>The Company maintains cash and cash equivalent balances at several financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. As of December 31, 2022, and 2021, the Company's uninsured bank balances totaled $6,813,511 and $4,751,602, respectively. The Company has not experienced any significant losses on its cash and cash equivalents. </span></span><span><span>The Company's trade receivables are derived from sales to distributors and dealers. The Company has adopted credit policies and standards intended to accommodate industry growth and inherent risk. Management believes that credit risks are moderated by the diversity of the Company's end customers and geographic sales areas. The Company performs ongoing credit evaluations of its customers' financial condition and requires collateral as deemed necessary. The Company maintains allowances for potential credit losses as needed. The Company has derived, and believes that it will continue</span></span></span></span></p> <div/> <p style="margin-left:72pt;text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Concentration of Credit Risk (continued) - </strong>to derive, a significant portion of its revenue from a limited number of customers. For the years ended December 31, 2022 and 2021, the Company's U.S. revenue was concentrated in one customer that accounted for approximately 9% and 10%, respectively, of annual U.S. revenue. As of December 31, 2022, and 2021, $45,030, or 0.3% and $254,477, or 2% of the Company's accounts receivable, respectively, were due from this customer. For the years ended December 31, 2022 and 2021, the Company's international revenue was concentrated in one customer that accounted for approximately 12% and 10%, respectively, of annual international revenue. As of December 31, 2022, and 2021, $1,812,924, or 11%, and $1,273,532, or 10% of the Company's accounts receivable, respectively, were due from this international customer. The Company generates revenue both in the United States and internationally. For the years ended December 31, 2022 and 2021, annual revenues associated with international customers were $59,020,266 and $52,337,504, or 77% and 72% of total revenue, respectively.</span></span></p> </div> | |
| CY2022Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
25455 | usd |
