2021 Q3 Form 10-Q Financial Statement

#000121390021038681 Filed on July 26, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q1 2020 Q1
Revenue $0.00 $9.475M $0.00
YoY Change
Cost Of Revenue $1.261M $1.090M
YoY Change
Gross Profit $9.635M $8.385M
YoY Change
Gross Profit Margin 88.5%
Selling, General & Admin $9.948M $6.309M
YoY Change
% of Gross Profit 103.25% 75.24%
Research & Development $3.522M $3.170M
YoY Change
% of Gross Profit 36.55% 37.81%
Depreciation & Amortization $57.00K $80.00K
YoY Change
% of Gross Profit 0.59% 0.95%
Operating Expenses $440.2K $9.479M $210.0K
YoY Change 187.27% 4413.81%
Operating Profit -$3.835M -$1.094M -$210.9K
YoY Change 418.66%
Interest Expense $1.870K $21.50K $690.0K
YoY Change -95.75% -96.88%
% of Operating Profit
Other Income/Expense, Net -$2.449M -$16.00K
YoY Change 1139.97%
Pretax Income -$2.888M -$886.0K $476.6K
YoY Change 2544.76% -285.9%
Income Tax -$100.3K
% Of Pretax Income -21.04%
Net Earnings -$2.888M -$1.109M $376.3K
YoY Change 3245.6% -394.69%
Net Earnings / Revenue -11.7%
Basic Earnings Per Share -$0.18 -$0.04
Diluted Earnings Per Share -$205.0K -$0.04 $0.46
COMMON SHARES
Basic Shares Outstanding 16.37M shares 30.90M shares
Diluted Shares Outstanding 24.92M shares 30.90M shares

Balance Sheet

Concept 2021 Q3 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.5K $130.6M $400.0K
YoY Change -99.92% 32553.72%
Cash & Equivalents $33.25M $292.9K $367.8K
Short-Term Investments $130.3M
Other Short-Term Assets $232.7K $125.4K $200.0K
YoY Change 67.42% -37.32%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $334.3K $418.3K $600.0K
YoY Change -12.47% -30.28%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $130.2M $130.3M $130.7M
YoY Change -0.34% -0.29%
Other Assets
YoY Change
Total Long-Term Assets $130.2M $130.3M $130.7M
YoY Change -0.34% -0.29%
TOTAL ASSETS
Total Short-Term Assets $334.3K $418.3K $600.0K
Total Long-Term Assets $130.2M $130.3M $130.7M
Total Assets $130.5M $130.7M $131.3M
YoY Change -0.38% -0.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $264.8K $110.7K
YoY Change 140.47%
Accrued Expenses $100.0K
YoY Change
Deferred Revenue $2.179M $2.023M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $681.6K $133.4K $200.0K
YoY Change 332.23% -33.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.229M $4.661M
YoY Change
Total Long-Term Liabilities $7.229M $4.661M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $681.6K $133.4K $200.0K
Total Long-Term Liabilities $7.229M $4.661M $0.00
Total Liabilities $7.911M $4.795M $200.0K
YoY Change 4916.23% 2297.59%
SHAREHOLDERS EQUITY
Retained Earnings -$1.454M
YoY Change
Common Stock $430.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $122.6M $1.181M $5.000M
YoY Change
Total Liabilities & Shareholders Equity $130.5M $130.7M $131.3M
YoY Change -0.38% -0.43%

Cashflow Statement

Concept 2021 Q3 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$2.888M -$1.109M $376.3K
YoY Change 3245.6% -394.69%
Depreciation, Depletion And Amortization $57.00K $80.00K
YoY Change
Cash From Operating Activities -$380.6K -$368.0K -$332.0K
YoY Change -29.46% 10.83%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $39.41K $380.6K $340.0K
YoY Change -90.61% 11.94%
Cash From Investing Activities $39.41K $0.00 $337.2K
YoY Change -90.61% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$25.00K
YoY Change
NET CHANGE
Cash From Operating Activities -380.6K -$368.0K -$332.0K
Cash From Investing Activities 39.41K $0.00 $337.2K
Cash From Financing Activities 0.000 -$25.00K
Net Change In Cash -341.2K -$393.0K $5.212K
YoY Change 185.1% -7640.29%
FREE CASH FLOW
Cash From Operating Activities -$380.6K -$368.0K -$332.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight:bold;">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The preparation of the condensed financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p>
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CY2020Q1 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Change Due To Net Income Attributable To Parent And Effects Of Changes Net
ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangeDueToNetIncomeAttributableToParentAndEffectsOfChangesNet
527620 USD
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12133696 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12353237 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2021Q1 mcmj Net Income Allocable To Common Stock Subject To Possible Redemption
NetIncomeAllocableToCommonStockSubjectToPossibleRedemption
232025 USD
CY2020Q1 mcmj Net Income Allocable To Common Stock Subject To Possible Redemption
NetIncomeAllocableToCommonStockSubjectToPossibleRedemption
-527620 USD
CY2021Q1 mcmj Nonredeemable Net Loss
NonredeemableNetLoss
-653981 USD
CY2020Q1 mcmj Nonredeemable Net Loss
NonredeemableNetLoss
-151290 USD
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span style="font-weight:bold;">Concentration of Credit Risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</span></p>
CY2021Q1 mcmj Federal Depository Insurance Coverage
FederalDepositoryInsuranceCoverage
250000 USD
CY2021Q1 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Each Unit consists of one share of common stock and one-half of one warrant (“Public Warrant”).
CY2019Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
2875000 shares
CY2019Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
25000 USD
CY2019Q4 mcmj Stock Dividend Description
StockDividendDescription
0.2
CY2019Q4 mcmj Common Stock Shares Outstandings
CommonStockSharesOutstandings
3250388 shares
CY2019Q4 mcmj Office Space Utilities And Secretarial And Administrative Support
OfficeSpaceUtilitiesAndSecretarialAndAdministrativeSupport
5000 USD
CY2021Q1 mcmj Incurred Fees
IncurredFees
15000 USD
CY2021Q1 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
20000 USD
CY2020Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
5000 USD
CY2021Q1 us-gaap Costs And Expenses
CostsAndExpenses
162500 USD
CY2019Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
162500 USD
CY2021Q1 mcmj Cover Expenses
CoverExpenses
41458 USD
CY2021Q1 mcmj Outstanding Promissory Notes
OutstandingPromissoryNotes
16458 USD
CY2019Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
100569 USD
CY2021Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
The Promissory Note was non-interest bearing and payable on the earlier of (i) September 30, 2020, (ii) the consummation of the IPO or (iii) the date on which the Company determined not to proceed with the IPO. As of March 31, 2021, the Company repaid $100,230 of amounts owed under the Promissory Note and $339 remained outstanding under the Promissory Note at March 31, 2021 and December 31, 2020 which is currently due on demand.
CY2021Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1500000 USD
CY2021Q1 mcmj Gross Proceeds Percentage
GrossProceedsPercentage
0.035 pure
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4305327 shares
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4305327 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4238244 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4238244 shares
CY2021Q1 mcmj Common Stock Subject To Possible Redemption Share
CommonStockSubjectToPossibleRedemptionShare
12066613 shares
CY2020Q4 mcmj Common Stock Subject To Possible Redemption Share
CommonStockSubjectToPossibleRedemptionShare
12133696 shares
CY2021Q1 mcmj Description Of Warrants For Redemption
DescriptionOfWarrantsForRedemption
Once the warrants become exercisable, the Company may redeem the Public Warrants:     ● in whole and not in part;         ● at a price of $0.01 per warrant;         ● upon not less than 30 days’ prior written notice of redemption;         ● if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to the warrant holders; and         ● If, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying the warrants.   If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.
CY2021Q1 mcmj Warrant Description
WarrantDescription
In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the Sponsor, initial stockholders or their affiliates, without taking into account any Founder’s Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the common stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummated an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional shares of common stock or equity-linked securities.
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.50
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
11.50
CY2021Q1 us-gaap Share Price
SharePrice
9.88
CY2020Q4 us-gaap Share Price
SharePrice
10.20
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.213 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.172 pure
CY2021Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y
CY2020 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0063 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0029 pure
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure

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