$LEAT
Leatt Corp Stock $leat

$leat Overview Financials Valuation SEC Filings Company Website

2024 Q1 Form 10-K Financial Statement

#000106299324006304 Filed on March 13, 2024

Income Statement

Concept	2024 Q1	2023 Q4	2023
Revenue	$10.61M	$9.803M	$47.24M
YoY Change	-18.85%	-10.15%	-38.11%
Cost Of Revenue	$6.606M	$6.230M	$27.44M
YoY Change	-9.59%	-13.29%	-39.31%
Gross Profit	$4.008M	$3.573M	$19.81M
YoY Change	-30.56%	-4.1%	-36.38%
Gross Profit Margin	37.76%	36.44%	41.93%
Selling, General & Admin	$3.988M	$4.543M	$14.78M
YoY Change	12.86%	-2.16%	-1.97%
% of Gross Profit	99.5%	127.16%	74.62%
Research & Development	$555.8K	$698.0K	$2.527M
YoY Change	-4.99%	5.14%	15.9%
% of Gross Profit	13.87%	19.54%	12.76%
Depreciation & Amortization	$294.1K	$302.9K	$1.175M
YoY Change	5.12%	12.76%	6.94%
% of Gross Profit	7.34%	8.48%	5.93%
Operating Expenses	$4.838M	$5.475M	$18.48M
YoY Change	9.99%	-1.09%	0.68%
Operating Profit	-$790.6K	-$1.903M	$1.418M
YoY Change	-156.99%	5.1%	-89.1%
Interest Expense	-$24.48K	-$190.00	-$39.14K
YoY Change	17.02%	-99.01%	188.86%
% of Operating Profit			-2.76%
Other Income/Expense, Net	-$24.48K		-$39.14K
YoY Change	17.01%		188.84%
Pretax Income	-$815.0K	-$1.903M	$1.379M
YoY Change	-159.65%	4.01%	-89.39%
Income Tax	$1.639K	-$446.2K	$576.2K
% Of Pretax Income			41.77%
Net Earnings	-$816.7K	-$1.457M	$803.2K
YoY Change	-179.81%	35.21%	-91.94%
Net Earnings / Revenue	-7.69%	-14.86%	1.7%
Basic Earnings Per Share	-$0.13		$0.13
Diluted Earnings Per Share	-$0.13	-$0.24	$0.13
COMMON SHARES
Basic Shares Outstanding	6.215M shares	5.971M shares	5.992M shares
Diluted Shares Outstanding	6.504M shares		6.288M shares

Balance Sheet

Concept	2024 Q1	2023 Q4	2023
SHORT-TERM ASSETS
Cash & Short-Term Investments	$13.53M	$11.35M	$11.35M
YoY Change	18.98%	59.76%	59.76%
Cash & Equivalents	$13.53M	$11.35M	$11.35M
Short-Term Investments
Other Short-Term Assets	$3.247M	$2.972M	$2.972M
YoY Change	-28.64%	-39.86%	-39.86%
Inventory	$17.07M	$20.39M	$20.39M
Prepaid Expenses
Receivables	$4.768M	$6.970M	$6.970M
Other Receivables	$526.4K	$623.1K	$623.1K
Total Short-Term Assets	$39.14M	$42.30M	$42.30M
YoY Change	-13.55%	-11.29%	-11.29%
LONG-TERM ASSETS
Property, Plant & Equipment	$3.744M	$4.027M	$4.872M
YoY Change	18.8%	29.72%	16.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$121.5K	$120.4K	$120.4K
YoY Change	201.44%	195.12%	195.12%
Total Long-Term Assets	$4.866M	$5.302M	$5.302M
YoY Change	15.58%	25.14%	25.14%
TOTAL ASSETS
Total Short-Term Assets	$39.14M	$42.30M	$42.30M
Total Long-Term Assets	$4.866M	$5.302M	$5.302M
Total Assets	$44.01M	$47.61M	$47.61M
YoY Change	-11.07%	-8.32%	-8.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$3.124M	$5.202M	$5.202M
YoY Change	-13.27%	-13.46%	-13.46%
Accrued Expenses	$288.9K	$299.4K	$299.4K
YoY Change	5.84%	-56.01%	-56.01%
Deferred Revenue
YoY Change
Short-Term Debt	$667.8K	$1.136M	$1.136M
YoY Change	3.41%	10.25%	10.25%
Long-Term Debt Due	$98.19K	$112.9K	$112.9K
YoY Change	-10.28%	4.11%	4.11%
Total Short-Term Liabilities	$4.179M	$6.750M	$6.750M
YoY Change	-48.52%	-39.8%	-39.8%
LONG-TERM LIABILITIES
Long-Term Debt	$17.52K	$30.65K	$30.65K
YoY Change	-84.86%	-78.41%	-78.41%
Other Long-Term Liabilities	$482.5K	$545.8K	$545.8K
YoY Change	-35.29%	-32.74%	-32.74%
Total Long-Term Liabilities	$500.0K	$576.4K	$576.4K
YoY Change	-41.95%	-39.54%	-39.54%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.179M	$6.750M	$6.750M
Total Long-Term Liabilities	$500.0K	$576.4K	$576.4K
Total Liabilities	$4.679M	$7.327M	$7.327M
YoY Change	-48.27%	-40.11%	-40.11%
SHAREHOLDERS EQUITY
Retained Earnings	$29.98M	$30.80M
YoY Change	-3.34%	2.68%
Common Stock	$130.6K	$130.6K
YoY Change	0.19%	0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$39.33M	$40.28M	$40.28M
YoY Change
Total Liabilities & Shareholders Equity	$44.01M	$47.61M	$47.61M
YoY Change	-11.07%	-8.32%	-8.32%

Cashflow Statement

Concept	2024 Q1	2023 Q4	2023
OPERATING ACTIVITIES
Net Income	-$816.7K	-$1.457M	$803.2K
YoY Change	-179.81%	35.21%	-91.94%
Depreciation, Depletion And Amortization	$294.1K	$302.9K	$1.175M
YoY Change	5.12%	12.76%	6.94%
Cash From Operating Activities	$2.828M	$71.22K	$6.657M
YoY Change	-46.43%	-94.68%	115.65%
INVESTING ACTIVITIES
Capital Expenditures	$49.22K	$586.9K	$2.000M
YoY Change	-86.64%	110.4%	74.76%
Acquisitions
YoY Change
Other Investing Activities		$460.00	$3.250K
YoY Change		-99.21%	-96.81%
Cash From Investing Activities	-$49.22K	-$586.5K	-$1.996M
YoY Change	-86.64%	165.74%	91.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$0.00
YoY Change			-100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$495.8K	1.103M	-$1.290K
YoY Change	21.02%	19.48%	-100.45%
NET CHANGE
Cash From Operating Activities	$2.828M	71.22K	$6.657M
Cash From Investing Activities	-$49.22K	-586.5K	-$1.996M
Cash From Financing Activities	-$495.8K	1.103M	-$1.290K
Net Change In Cash	$2.184M	587.8K	$4.244M
YoY Change	-48.85%	-71.2%	104.01%
FREE CASH FLOW
Cash From Operating Activities	$2.828M	$71.22K	$6.657M
Capital Expenditures	$49.22K	$586.9K	$2.000M
Free Cash Flow	$2.779M	-$515.7K	$4.658M
YoY Change	-43.41%	-148.68%	139.74%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023	dei	Document Period End Date DocumentPeriodEndDate	2023-12-31
CY2023	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023	dei	Document Transition Report DocumentTransitionReport	false
CY2023	dei	Entity File Number EntityFileNumber	000-54693
CY2023	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NV
CY2023	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	20-2819367
CY2023	dei	Entity Address Address Line1 EntityAddressAddressLine1	12 Kiepersol Drive, Atlas Gardens
CY2023	dei	Entity Address Address Line2 EntityAddressAddressLine2	Contermanskloof Road
CY2023	dei	Entity Address City Or Town EntityAddressCityOrTown	Durbanville
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	11347420	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	7102945	usd
CY2023Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	6970322	usd
CY2022Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	12839597	usd
CY2023Q4	us-gaap	Inventory Net InventoryNet	20391873	usd
CY2022Q4	us-gaap	Advances On Inventory Purchases AdvancesOnInventoryPurchases	1047137	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	2297934	usd
CY2023Q4	us-gaap	Advances On Inventory Purchases AdvancesOnInventoryPurchases	664754	usd
CY2022Q4	us-gaap	Long Term Loans From Bank LongTermLoansFromBank	141967	usd
CY2023Q4	us-gaap	Assets Current AssetsCurrent	42304985	usd
CY2022Q4	us-gaap	Assets Current AssetsCurrent	47690068	usd
CY2023Q4	us-gaap	Deposits Assets Noncurrent DepositsAssetsNoncurrent	36210	usd
CY2022Q4	us-gaap	Deposits Assets Noncurrent DepositsAssetsNoncurrent	40796	usd
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	6750419	usd
CY2023Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	545777	usd
CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	811427	usd
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1120000	shares
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	120000	shares
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue	3000	usd
CY2022Q4	us-gaap	Preferred Stock Value PreferredStockValue	3000	usd
CY2023Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2023Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	6215440	shares
CY2022	us-gaap	Cost Of Revenue CostOfRevenue	45202712	usd
CY2023	us-gaap	Gross Profit GrossProfit	19806072	usd
CY2022	leat	Product Royalty Income ProductRoyaltyIncome	240044	usd
CY2023	us-gaap	Salaries And Wages SalariesAndWages	5443685	usd
CY2022	us-gaap	Salaries And Wages SalariesAndWages	6148179	usd
CY2023	leat	Commissions And Consulting Expenses CommissionsAndConsultingExpenses	434657	usd
CY2022	leat	Commissions And Consulting Expenses CommissionsAndConsultingExpenses	563689	usd
CY2022	us-gaap	Professional Fees ProfessionalFees	586474	usd
CY2023	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	4127798	usd
CY2022	us-gaap	Marketing And Advertising Expense MarketingAndAdvertisingExpense	3342791	usd
CY2023	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	596862	usd
CY2022	us-gaap	Operating Leases Rent Expense Net OperatingLeasesRentExpenseNet	689068	usd
CY2023	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	2526550	usd
CY2022	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	2179996	usd
CY2023	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-10288	usd
CY2022	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	474019	usd
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CY2022	us-gaap	Operating Expenses OperatingExpenses	18355995	usd
CY2023	us-gaap	Operating Income Loss OperatingIncomeLoss	1418486	usd
CY2022	us-gaap	Operating Income Loss OperatingIncomeLoss	13016876	usd
CY2022	us-gaap	Interest Income Expense Net InterestIncomeExpenseNet	-13550	usd
CY2023	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-39138	usd
CY2023	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	1379348	usd
CY2022	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	13003326	usd
CY2022	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	3042873	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	803159	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	9960453	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	803159	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	9960453	usd
CY2023	us-gaap	Deferred Other Tax Expense Benefit DeferredOtherTaxExpenseBenefit	-18000	usd
CY2023	us-gaap	Net Income Loss NetIncomeLoss	803159	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	9960453	usd
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CY2023	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.13
CY2022	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	1.62
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CY2023	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	486044	usd
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CY2022	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	1712870	usd
CY2023	leat	Increase Decrease In Payments In Advance IncreaseDecreaseInPaymentsInAdvance	-382383	usd
CY2022	leat	Increase Decrease In Payments In Advance IncreaseDecreaseInPaymentsInAdvance	-563503	usd
CY2023	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-580178	usd
CY2022	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-1300315	usd
CY2023	us-gaap	Increase Decrease In Income Taxes Receivable IncreaseDecreaseInIncomeTaxesReceivable	623081	usd
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CY2022	us-gaap	Increase Decrease In Deposit Other Assets IncreaseDecreaseInDepositOtherAssets	7457	usd
CY2023	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	-3382700	usd
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CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	2297934	usd
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CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	7102945	usd
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CY2023	us-gaap	Incremental Common Shares Attributable To Conversion Of Preferred Stock IncrementalCommonSharesAttributableToConversionOfPreferredStock	120000	shares
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CY2023	dei	Auditor Name AuditorName	Fitzgerald & Co, CPAs, P.C.
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CY2022Q4	us-gaap	Allowance For Doubtful Accounts Receivable Noncurrent AllowanceForDoubtfulAccountsReceivableNoncurrent	0	usd
CY2023	us-gaap	Debt Instrument Convertible Conversion Ratio1 DebtInstrumentConvertibleConversionRatio1	1	pure
CY2022	us-gaap	Legal Fees LegalFees	129282	usd
CY2023	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"><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, 2023, and 2022, the Company's uninsured bank balances totaled $10,985,946 and $6,813,511, respectively. The Company has not experienced any significant losses on its cash and cash equivalents. 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 to derive, a significant portion of its revenue from a limited number of customers. For the years ended December 31, 2023 and 2022, the Company's U.S. revenue was concentrated in one customer that accounted for approximately 6% and 9%, respectively, of annual U.S. revenue. As of December 31, 2023, and 2022, $370,027, or 5% and $45,030, or 0.3% of the Company's accounts receivable, respectively, were due from this customer. For the years ended December 31, 2023 and 2022, the Company's international revenue was concentrated in one customer that accounted for approximately 8% and 12%, respectively, of annual international revenue. As of December 31, 2023, and 2022, $-0-, or 0%, and $1,812,924 or 11% 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</span></span></p> <div> <div></div> </div> <p style="margin-left:72pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Concentration of Credit Risk (continued) - </strong>31, 2023 and 2022, annual revenues associated with international customers were $33,271,920 and $59,020,266, or 70% and 77% of total revenue, respectively.</span></span></p> </div>
CY2023Q4	us-gaap	Cash Uninsured Amount CashUninsuredAmount	10985946	usd
CY2023Q4	us-gaap	Notes Payable Current NotesPayableCurrent	112858	usd
CY2023Q4	us-gaap	Long Term Notes Payable LongTermNotesPayable	30652	usd
CY2023	us-gaap	Deferred Compensation Arrangement With Individual Compensation Expense DeferredCompensationArrangementWithIndividualCompensationExpense	80000	usd
CY2023Q4	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions	0	usd
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Other Adjustments EffectiveIncomeTaxRateReconciliationOtherAdjustments	-0.012	pure
CY2023Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	256600	usd
CY2022Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	206600	usd
CY2023Q4	us-gaap	Deferred Tax Liabilities Deferred Expense DeferredTaxLiabilitiesDeferredExpense	172400	usd

Files In Submission

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2024 Q1 Form 10-K Financial Statement

#000106299324006304 Filed on March 13, 2024

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$LEAT Leatt Corp Stock $leat

2024 Q1 Form 10-K Financial Statement

#000106299324006304 Filed on March 13, 2024

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