2024 Q2 Form 10-Q Financial Statement
#000106299324009960 Filed on May 13, 2024
Income Statement
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| Revenue | $10.08M | $10.61M |
| YoY Change | -18.39% | -18.85% |
| Cost Of Revenue | $6.157M | $6.606M |
| YoY Change | -12.13% | -9.59% |
| Gross Profit | $3.921M | $4.008M |
| YoY Change | -26.6% | -30.56% |
| Gross Profit Margin | 38.91% | 37.76% |
| Selling, General & Admin | $4.219M | $3.988M |
| YoY Change | 35.46% | 12.86% |
| % of Gross Profit | 107.58% | 99.5% |
| Research & Development | $628.8K | $555.8K |
| YoY Change | -0.66% | -4.99% |
| % of Gross Profit | 16.03% | 13.87% |
| Depreciation & Amortization | $297.3K | $294.1K |
| YoY Change | 1.67% | 5.12% |
| % of Gross Profit | 7.58% | 7.34% |
| Operating Expenses | $5.145M | $4.838M |
| YoY Change | 27.36% | 9.99% |
| Operating Profit | -$1.130M | -$790.6K |
| YoY Change | -186.06% | -156.99% |
| Interest Expense | $98.02K | -$24.48K |
| YoY Change | -681.03% | 17.02% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $98.02K | -$24.48K |
| YoY Change | -680.87% | 17.01% |
| Pretax Income | -$1.032M | -$815.0K |
| YoY Change | -179.62% | -159.65% |
| Income Tax | $24.99K | $1.639K |
| % Of Pretax Income | ||
| Net Earnings | -$1.057M | -$816.7K |
| YoY Change | -236.23% | -179.81% |
| Net Earnings / Revenue | -10.49% | -7.69% |
| Basic Earnings Per Share | -$0.17 | -$0.13 |
| Diluted Earnings Per Share | -$0.16 | -$0.13 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 6.215M shares | 6.215M shares |
| Diluted Shares Outstanding | 6.491M shares | 6.504M shares |
Balance Sheet
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $13.33M | $13.53M |
| YoY Change | 11.11% | 18.98% |
| Cash & Equivalents | $13.33M | $13.53M |
| Short-Term Investments | ||
| Other Short-Term Assets | $3.771M | $3.247M |
| YoY Change | 12.65% | -28.64% |
| Inventory | $14.74M | $17.07M |
| Prepaid Expenses | ||
| Receivables | $5.734M | $4.768M |
| Other Receivables | $521.1K | $526.4K |
| Total Short-Term Assets | $38.09M | $39.14M |
| YoY Change | -15.07% | -13.55% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $3.679M | $3.744M |
| YoY Change | 13.95% | 18.8% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $121.7K | $121.5K |
| YoY Change | 205.32% | 201.44% |
| Total Long-Term Assets | $4.744M | $4.866M |
| YoY Change | 12.58% | 15.58% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $38.09M | $39.14M |
| Total Long-Term Assets | $4.744M | $4.866M |
| Total Assets | $42.84M | $44.01M |
| YoY Change | -12.7% | -11.07% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $3.218M | $3.124M |
| YoY Change | -37.55% | -13.27% |
| Accrued Expenses | $282.6K | $288.9K |
| YoY Change | 6.21% | 5.84% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $400.4K | $667.8K |
| YoY Change | 37.14% | 3.41% |
| Long-Term Debt Due | $72.03K | $98.19K |
| YoY Change | -34.8% | -10.28% |
| Total Short-Term Liabilities | $3.973M | $4.179M |
| YoY Change | -44.65% | -48.52% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $15.60K | $17.52K |
| YoY Change | -82.22% | -84.86% |
| Other Long-Term Liabilities | $416.7K | $482.5K |
| YoY Change | -38.71% | -35.29% |
| Total Long-Term Liabilities | $432.3K | $500.0K |
| YoY Change | -43.68% | -41.95% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $3.973M | $4.179M |
| Total Long-Term Liabilities | $432.3K | $500.0K |
| Total Liabilities | $4.405M | $4.679M |
| YoY Change | -45.02% | -48.27% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $28.93M | $29.98M |
| YoY Change | -9.03% | -3.34% |
| 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 | $38.43M | $39.33M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $42.84M | $44.01M |
| YoY Change | -12.7% | -11.07% |
Cashflow Statement
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$1.057M | -$816.7K |
| YoY Change | -236.23% | -179.81% |
| Depreciation, Depletion And Amortization | $297.3K | $294.1K |
| YoY Change | 1.67% | 5.12% |
| Cash From Operating Activities | $165.6K | $2.828M |
| YoY Change | -89.24% | -46.43% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $189.9K | $49.22K |
| YoY Change | -284.91% | -86.64% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$189.9K | -$49.22K |
| YoY Change | -284.91% | -86.64% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -295.5K | -$495.8K |
| YoY Change | -22.39% | 21.02% |
| NET CHANGE | ||
| Cash From Operating Activities | 165.6K | $2.828M |
| Cash From Investing Activities | -189.9K | -$49.22K |
| Cash From Financing Activities | -295.5K | -$495.8K |
| Net Change In Cash | -319.8K | $2.184M |
| YoY Change | -125.37% | -48.85% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $165.6K | $2.828M |
| Capital Expenditures | $189.9K | $49.22K |
| Free Cash Flow | -$24.30K | $2.779M |
| YoY Change | -101.48% | -43.41% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q1 | us-gaap |
Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
|
0 | usd |
| CY2024Q1 | dei |
Security12b Title
Security12bTitle
|
Common Stock | |
| CY2024Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2024Q1 | dei |
Security12b Title
Security12bTitle
|
Common Stock | |
| CY2024Q1 | us-gaap |
Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
|
229474 | usd |
| CY2023Q4 | us-gaap |
Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
|
309947 | usd |
| CY2024Q1 | us-gaap |
Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
|
84200 | usd |
| CY2023Q4 | us-gaap |
Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
|
84200 | usd |
| CY2024Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
| CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2024Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2024Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2023Q1 | us-gaap |
Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
|
0 | usd |
| CY2024Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-137552 | usd |
| CY2024Q1 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
3752 | usd |
| CY2024Q1 | us-gaap |
Increase Decrease In Long Term Receivables Current
IncreaseDecreaseInLongTermReceivablesCurrent
|
-80473 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Long Term Receivables Current
IncreaseDecreaseInLongTermReceivablesCurrent
|
0 | usd |
| CY2024Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
27797 | usd |
| CY2024Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-99183 | usd |
| CY2024Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div> <p style="margin-top: 0px;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 1 - Basis of presentation</b></span></span></p> <p style="text-align: justify; margin-bottom: 0px;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The consolidated balance sheet as of December 31, 2023 was audited and appears in the Form 10-K filed by the Company with the Securities and Exchange Commission on March 13, 2024. The consolidated balance sheet as of March 31, 2024 and the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023, changes in stockholders' equity for the three months ended March 31, 2024, cash flows for the three months ended March 31, 2024 and 2023, and the related information contained in these notes have been prepared by management without audit. In the opinion of management, all adjustments (which include only normal recurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles as of March 31, 2024 and for all periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year. Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 as filed with the Securities and Exchange Commission in the Company's Form 10-K.</span></span></p> </div> | |
| CY2024Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div> <p style="margin-top: 0px;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Note 1 - Basis of presentation</b></span></span></p> <p style="text-align: justify; margin-bottom: 0px;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The consolidated balance sheet as of December 31, 2023 was audited and appears in the Form 10-K filed by the Company with the Securities and Exchange Commission on March 13, 2024. The consolidated balance sheet as of March 31, 2024 and the consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024 and 2023, changes in stockholders' equity for the three months ended March 31, 2024, cash flows for the three months ended March 31, 2024 and 2023, and the related information contained in these notes have been prepared by management without audit. In the opinion of management, all adjustments (which include only normal recurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles as of March 31, 2024 and for all periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year. Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023 as filed with the Securities and Exchange Commission in the Company's Form 10-K.</span></span></p> </div> | |
| CY2024Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
2064 | usd |
| CY2024Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
681930 | usd |
| CY2023Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
662612 | usd |
