2023 Q1 Form 10-K Financial Statement

#000149315223007249 Filed on March 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.398M $2.232M $8.571M
YoY Change 13.37% 28.45% 25.9%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $496.1K $424.1K $1.549M
YoY Change 37.24% 16.2% 14.86%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $892.00 $710.00 $2.307K
YoY Change 89.79% 29.09% 1.63%
% of Gross Profit
Operating Expenses $496.4K $424.6K $1.554M
YoY Change 36.8% 16.01% 14.55%
Operating Profit $1.255M $5.194M
YoY Change -11.63% 17.89%
Interest Expense -$646.3K -$617.9K -$1.823M
YoY Change 94.74% 172.75% 74.34%
% of Operating Profit -51.49% -35.09%
Other Income/Expense, Net $4.500K $4.500K $18.00K
YoY Change 0.0% 0.0% 0.0%
Pretax Income $1.260M $1.194M $5.212M
YoY Change -11.6% 3.86% 17.82%
Income Tax $0.00 $650.00
% Of Pretax Income 0.0% 0.01%
Net Earnings $1.260M $1.194M $5.212M
YoY Change -11.6% 3.86% 17.82%
Net Earnings / Revenue 52.53% 53.5% 60.81%
Basic Earnings Per Share $0.11 $0.45
Diluted Earnings Per Share $0.11 $0.10 $0.45
COMMON SHARES
Basic Shares Outstanding 11.49M shares 11.49M shares 11.49M shares
Diluted Shares Outstanding 11.49M shares 11.49M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.19K $103.5K $103.5K
YoY Change -48.28% -27.37% -27.37%
Cash & Equivalents $75.19K $103.5K $103.5K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $73.28M $75.95M $75.95M
YoY Change 5.27% 13.68% 13.68%
LONG-TERM ASSETS
Property, Plant & Equipment $248.5K $262.2K $262.2K
YoY Change -18.08% -17.3% -17.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $136.1K $67.27K $67.27K
YoY Change 2.57% -10.64% -10.64%
Total Long-Term Assets $384.6K $329.5K $329.5K
YoY Change -11.8% -16.02% -16.03%
TOTAL ASSETS
Total Short-Term Assets $73.28M $75.95M $75.95M
Total Long-Term Assets $384.6K $329.5K $329.5K
Total Assets $73.67M $76.28M $76.28M
YoY Change 5.17% 13.5% 13.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.8K $289.9K $289.9K
YoY Change 76.66% 88.02% 88.02%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.206M $2.396M $2.396M
YoY Change -2.97% 10.33% 10.33%
LONG-TERM LIABILITIES
Long-Term Debt $28.35M $30.75M $30.75M
YoY Change 17.71% 44.19% 44.19%
Other Long-Term Liabilities $278.0K $273.5K $273.5K
YoY Change -10.84% -15.65% -15.65%
Total Long-Term Liabilities $28.63M $31.02M $31.02M
YoY Change 17.35% 43.3% 43.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.206M $2.396M $2.396M
Total Long-Term Liabilities $28.63M $31.02M $31.02M
Total Liabilities $30.84M $33.42M $33.42M
YoY Change 15.61% 40.29% 40.29%
SHAREHOLDERS EQUITY
Retained Earnings -$1.919M -$1.885M
YoY Change 39.7%
Common Stock $11.76K $11.76K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $798.9K $798.9K
YoY Change 0.0%
Treasury Stock Shares 262.1K shares
Shareholders Equity $42.83M $42.86M $42.86M
YoY Change
Total Liabilities & Shareholders Equity $73.67M $76.28M $76.28M
YoY Change 5.17% 13.5% 13.5%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.260M $1.194M $5.212M
YoY Change -11.6% 3.86% 17.82%
Depreciation, Depletion And Amortization $892.00 $710.00 $2.307K
YoY Change 89.79% 29.09% 1.63%
Cash From Operating Activities $1.315M $1.148M $5.167M
YoY Change -9.62% -20.8% 12.34%
INVESTING ACTIVITIES
Capital Expenditures $5.085K $980.00 $2.871K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.551M -$1.782M -$8.768M
YoY Change -193.68% -85.32% 15.11%
Cash From Investing Activities $2.546M -$1.783M -$8.771M
YoY Change -193.49% -85.32% 15.14%
FINANCING ACTIVITIES
Cash Dividend Paid $1.437M $5.747M
YoY Change 0.0% 15.18%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.889M 195.8K $3.565M
YoY Change -406.0% -98.17% 31.97%
NET CHANGE
Cash From Operating Activities $1.315M 1.148M $5.167M
Cash From Investing Activities $2.546M -1.783M -$8.771M
Cash From Financing Activities -$3.889M 195.8K $3.565M
Net Change In Cash -$28.35K -439.4K -$39.01K
YoY Change -1105.25% -1437.31% -87.68%
FREE CASH FLOW
Cash From Operating Activities $1.315M $1.148M $5.167M
Capital Expenditures $5.085K $980.00 $2.871K
Free Cash Flow $1.310M $1.147M $5.164M
YoY Change -9.97% -20.87% 12.28%

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IncomeTaxesPaidNet
650 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
647 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
1581935 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
982491 usd
CY2022 LOAN Operating Leases Paid During Period
OperatingLeasesPaidDuringPeriod
63621 usd
CY2021 LOAN Operating Leases Paid During Period
OperatingLeasesPaidDuringPeriod
63481 usd
CY2022 LOAN Dividend Declared And Payable
DividendDeclaredAndPayable
1436868 usd
CY2021 LOAN Dividend Declared And Payable
DividendDeclaredAndPayable
1436868 usd
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
327483 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_ziP4PqRtRcL" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_z68bdimLYbuc">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; 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; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires 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. Management will base the use of estimates on (a) a preset number of assumptions that consider past experience, (b) future projections, and (c) general financial market conditions. Actual amounts could differ from those estimates. <i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zzXiXAayIsF3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zUDYT4y7aMZ2">Concentrations of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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 primarily of cash and short term commercial loans.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash with two major financial institutions. Accounts at the financial institutions are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20221231_zD2f9wflBMY4" title="Cash, FDIC insured amount">250,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit risks associated with short term commercial loans the Company makes to real estate investors and related interest receivable are described in Note 4.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022 LOAN Reit Percentage Of Income Tax
ReitPercentageOfIncomeTax
0.90 pure
CY2022 LOAN Reit Remaining Percentage Of Income Tax
ReitRemainingPercentageOfIncomeTax
0.10 pure
CY2022 us-gaap Debt Instrument Term
DebtInstrumentTerm
P1Y
CY2022Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
60915596 usd
CY2021Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
49267892 usd
CY2022 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
52147497 usd
CY2021 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
41650498 usd
CY2022 LOAN Short Term Loans Receivable Limitation On Face Amount Description
ShortTermLoansReceivableLimitationOnFaceAmountDescription
(i) 9.9% of the aggregate amount of our loan portfolio (not including the loan under consideration) and (ii) $3.5 million.
CY2022 LOAN Short Term Loans Receivable Loantovalue Ratio
ShortTermLoansReceivableLoantovalueRatio
In the case of acquisition financing, the principal amount of the loan usually does not exceed 75% of the value of the property (as determined by an independent appraiser), and in the case of construction financing, up to 80% of construction costs.
CY2020Q4 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
the Lease Amendment provides for gradual rent increases from approximately $4,500 per month during the first three years to $5,100 per month during the last year of the extension term.
CY2022Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
74483463 usd
CY2021Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
65715364 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
24994234 usd
CY2022 LOAN Agency Fee Percentage
AgencyFeePercentage
0.005 pure
CY2022Q4 LOAN Line Of Credit Facility Interest Rate Percentage
LineOfCreditFacilityInterestRatePercentage
0.0839 pure
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
13065 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
13065 usd
CY2022 LOAN Stock Issued During Period Shares Remaining Restricted Stock Award
StockIssuedDuringPeriodSharesRemainingRestrictedStockAward
1000000 shares
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
47904 usd
CY2020Q4 LOAN Operating Lease Term Of Lease
OperatingLeaseTermOfLease
extend the term of the lease through November 30, 2027
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
63326 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
61526 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
60926 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
60926 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
55848 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
302552 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29067 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
273485 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M17D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0416 pure
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
63000 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
63000 usd

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