$LTES
Leet Technology Inc

2023 Q3 Form 10-K Financial Statement

#000168316823005314 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q4 2022
Revenue $34.29K $35.99K $152.0K
YoY Change -32.94% 85.52% 153.3%
Cost Of Revenue $155.3K $340.4K $927.2K
YoY Change -28.37% 74.2% 57.15%
Gross Profit -$121.0K -$304.4K -$775.2K
YoY Change -26.97% 72.96% 46.27%
Gross Profit Margin -352.97% -845.85% -510.09%
Selling, General & Admin $194.3K $384.8K $1.692M
YoY Change -44.82% -67.17% -64.76%
% of Gross Profit
Research & Development $8.952K $9.150K $36.29K
YoY Change -1.38% 1.67% -9.28%
% of Gross Profit
Depreciation & Amortization $2.800K -$129.6K $31.72K
YoY Change -75.5% -339.53% -84.14%
% of Gross Profit
Operating Expenses $203.2K $394.0K $1.728M
YoY Change -43.73% -66.65% -64.22%
Operating Profit -$324.2K -$698.4K -$2.503M
YoY Change -38.46% -48.54% -53.3%
Interest Expense $0.00 $297.3K $2.609K
YoY Change -371737.5%
% of Operating Profit
Other Income/Expense, Net $16.87K $24.62K -$149.7K
YoY Change -103.58% 246100.0%
Pretax Income -$307.4K -$386.7K -$2.653M
YoY Change -69.22% -71.51% -50.51%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$307.5K -$382.9K -$2.649M
YoY Change -69.21% -71.79% -50.58%
Net Earnings / Revenue -896.69% -1063.91% -1743.1%
Basic Earnings Per Share $0.00 -$0.02
Diluted Earnings Per Share $0.00 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 151.1M shares 152.9M shares
Diluted Shares Outstanding 151.1M shares 152.9M shares

Balance Sheet

Concept 2023 Q3 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.85K $36.81K $36.81K
YoY Change 28.35% 58.73% 84.05%
Cash & Equivalents $14.85K $36.81K
Short-Term Investments
Other Short-Term Assets $12.59K $11.71K $11.71K
YoY Change -57.48% -53.84% -60.97%
Inventory
Prepaid Expenses
Receivables $40.94K $156.6K $156.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $68.39K $205.1K $205.1K
YoY Change -48.34% 199.9% 193.01%
LONG-TERM ASSETS
Property, Plant & Equipment $109.6K $123.5K $132.5K
YoY Change -8.63% -19.41% -17.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $109.6K $132.5K $132.5K
YoY Change -48.27% -17.82% -17.19%
TOTAL ASSETS
Total Short-Term Assets $68.39K $205.1K $205.1K
Total Long-Term Assets $109.6K $132.5K $132.5K
Total Assets $178.0K $337.6K $337.6K
YoY Change -48.3% 47.02% 46.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $482.4K $530.2K $910.1K
YoY Change -19.63% -1.27% 68.53%
Accrued Expenses $200.3K $379.9K $422.5K
YoY Change 249.67% 635.93% 14.19%
Deferred Revenue $392.5K $270.8K
YoY Change 35.69%
Short-Term Debt $0.00 $99.62K $99.62K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.709M $2.860M $2.860M
YoY Change 123.78% -42.75% -42.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.709M $2.860M $2.860M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.709M $2.860M $2.857M
YoY Change 123.78% -42.78% -42.87%
SHAREHOLDERS EQUITY
Retained Earnings -$11.99M -$10.58M
YoY Change 18.66% 35.02%
Common Stock $15.11K $15.29K
YoY Change -1.18% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.092M -$7.804M -$2.519M
YoY Change
Total Liabilities & Shareholders Equity $178.0K $337.6K $337.6K
YoY Change -48.3% 47.02% 46.79%

Cashflow Statement

Concept 2023 Q3 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$307.5K -$382.9K -$2.649M
YoY Change -69.21% -71.79% -50.58%
Depreciation, Depletion And Amortization $2.800K -$129.6K $31.72K
YoY Change -75.5% -339.53% -84.14%
Cash From Operating Activities -$305.0K -$638.7K -$1.873M
YoY Change -32.75% -7.45% 10.84%
INVESTING ACTIVITIES
Capital Expenditures -$30.00 -$130.00 $9.376K
YoY Change -118.75% -99.32% -105.52%
Acquisitions
YoY Change
Other Investing Activities $0.00 $234.5K -$2.560K
YoY Change -100.0%
Cash From Investing Activities $30.00 $234.6K -$11.94K
YoY Change -100.04% -1334.3% -92.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.6K 567.3K $1.893M
YoY Change -36.95% -18.51% 4.0%
NET CHANGE
Cash From Operating Activities -305.0K -638.7K -$1.873M
Cash From Investing Activities 30.00 234.6K -$11.94K
Cash From Financing Activities 250.6K 567.3K $1.893M
Net Change In Cash -54.37K 163.3K $13.62K
YoY Change -60.76% -1370.82% -134.04%
FREE CASH FLOW
Cash From Operating Activities -$305.0K -$638.7K -$1.873M
Capital Expenditures -$30.00 -$130.00 $9.376K
Free Cash Flow -$304.9K -$638.5K -$1.883M
YoY Change -32.79% -4.85% 23.85%

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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 LTES Accrued Compensation Payable To Officers And Directors
AccruedCompensationPayableToOfficersAndDirectors
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CY2021 LTES Accrued Compensation Payable To Officers And Directors
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Develop Software
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CY2021 us-gaap Cash Acquired From Acquisition
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CY2022 LTES Disposal Of Cash From Subsidiaries
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CY2021 LTES Disposal Of Cash From Subsidiaries
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-11940 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 LTES Proceeds From Director
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1464 usd
CY2021 LTES Proceeds From Director
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CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
100000 usd
CY2021 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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ProceedsFromRelatedPartyDebt
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CY2021 us-gaap Proceeds From Related Party Debt
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25794 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13616 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23192 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38985 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36808 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
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InterestPaidNet
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CY2022 LTES Rightofuse Assets And Lease Liabilities
RightofuseAssetsAndLeaseLiabilities
0 usd
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RightofuseAssetsAndLeaseLiabilities
10237 usd
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IssuanceOfSeriesBConvertiblePreferredStockInExchangeOfBalancesDueToRelatedParties
4718605 usd
CY2021 LTES Issuance Of Series B Convertible Preferred Stock In Exchange Of Balances Due To Related Parties
IssuanceOfSeriesBConvertiblePreferredStockInExchangeOfBalancesDueToRelatedParties
0 usd
CY2022 LTES Noncash Purchase Of Intangible Assets
NoncashPurchaseOfIntangibleAssets
0 usd
CY2021 LTES Noncash Purchase Of Intangible Assets
NoncashPurchaseOfIntangibleAssets
539899 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
36808 usd
CY2022Q4 LTES Working Capital
WorkingCapital
-2655039 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022 us-gaap Profit Loss
ProfitLoss
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zoqTeDrAMRr6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_863_zytLIW4STQb6">Use of estimates and assumptions</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements during the years reported. Actual results may differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2022 us-gaap Revenues
Revenues
151977 usd
CY2021 us-gaap Revenues
Revenues
62842 usd
CY2022 us-gaap Income Tax Examination Penalties Expense
IncomeTaxExaminationPenaltiesExpense
20000 usd
CY2021 us-gaap Income Tax Examination Penalties Expense
IncomeTaxExaminationPenaltiesExpense
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9046 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
3054012 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
169210 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
192646 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
45752 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
39455 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
123458 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
153191 usd
CY2022 us-gaap Depreciation
Depreciation
31721 usd
CY2021 us-gaap Depreciation
Depreciation
23053 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9046 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8052 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9046 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5042 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2971 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9046 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8013 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
12408 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
2173 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
9046 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9099 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
53 usd
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
152899640 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
152899640 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
152899640 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
152899640 shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-2649117 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-5356587 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152899640 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152899640 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144621183 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144621183 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2652929 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5356587 usd
CY2022Q4 LTES Due To Related Party Current And Noncurrent
DueToRelatedPartyCurrentAndNoncurrent
1157166 usd
CY2021Q4 LTES Due To Related Party Current And Noncurrent
DueToRelatedPartyCurrentAndNoncurrent
4035596 usd
CY2022 us-gaap Payments For Rent
PaymentsForRent
355571 usd
CY2021 us-gaap Payments For Rent
PaymentsForRent
229306 usd
CY2022 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
148631 usd

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