2023 Q4 Form 10-K Financial Statement

#000168316824002370 Filed on April 15, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $138.0K $317.4K
YoY Change 283.41% 108.86%
Cost Of Revenue $186.1K $643.3K
YoY Change -45.33% -30.62%
Gross Profit -$48.12K -$325.9K
YoY Change -84.19% -57.96%
Gross Profit Margin -34.87% -102.67%
Selling, General & Admin $346.0K $1.193M
YoY Change -10.1% -29.47%
% of Gross Profit
Research & Development -$53.26K -$26.37K
YoY Change -682.08% -172.67%
% of Gross Profit
Depreciation & Amortization $28.24K $36.76K
YoY Change -121.79% 15.89%
% of Gross Profit
Operating Expenses $292.7K $1.167M
YoY Change -25.7% -32.48%
Operating Profit -$340.8K -$1.493M
YoY Change -51.2% -40.37%
Interest Expense $47.83K $5.546K
YoY Change -83.91% 112.57%
% of Operating Profit
Other Income/Expense, Net $38.58K $109.3K
YoY Change 56.7% -172.97%
Pretax Income -$254.4K -$1.383M
YoY Change -34.21% -47.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$253.7K -$1.379M
YoY Change -33.74% -47.96%
Net Earnings / Revenue -183.87% -434.31%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.00 -$0.01
COMMON SHARES
Basic Shares Outstanding 151.1M shares 150.9M shares
Diluted Shares Outstanding 150.9M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.58K $16.58K
YoY Change -54.96% -54.96%
Cash & Equivalents $16.58K
Short-Term Investments
Other Short-Term Assets $15.04K $15.04K
YoY Change 28.44% 28.44%
Inventory
Prepaid Expenses
Receivables $16.78K $16.78K
Other Receivables $0.00 $0.00
Total Short-Term Assets $48.40K $48.40K
YoY Change -76.4% -76.4%
LONG-TERM ASSETS
Property, Plant & Equipment $83.93K $83.93K
YoY Change -32.02% -36.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $83.93K $83.93K
YoY Change -36.66% -36.66%
TOTAL ASSETS
Total Short-Term Assets $48.40K $48.40K
Total Long-Term Assets $83.93K $83.93K
Total Assets $132.3K $132.3K
YoY Change -60.8% -60.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.38K $796.6K
YoY Change -88.61% -12.47%
Accrued Expenses $736.2K $316.5K
YoY Change 93.81% -25.09%
Deferred Revenue $313.6K
YoY Change 15.81%
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.056M $4.056M
YoY Change 41.81% 41.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.056M $4.056M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $4.056M $4.048M
YoY Change 41.81% 41.7%
SHAREHOLDERS EQUITY
Retained Earnings -$12.33M
YoY Change 16.6%
Common Stock $15.11K
YoY Change -1.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.578M -$3.916M
YoY Change
Total Liabilities & Shareholders Equity $132.3K $132.3K
YoY Change -60.8% -60.8%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$253.7K -$1.379M
YoY Change -33.74% -47.96%
Depreciation, Depletion And Amortization $28.24K $36.76K
YoY Change -121.79% 15.89%
Cash From Operating Activities -$286.0K -$1.316M
YoY Change -55.22% -29.74%
INVESTING ACTIVITIES
Capital Expenditures -$20.00 $1.953K
YoY Change -84.62% -79.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $20.00 -$1.953K
YoY Change -99.99% -83.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 343.7K $1.401M
YoY Change -39.42% -25.99%
NET CHANGE
Cash From Operating Activities -286.0K -$1.316M
Cash From Investing Activities 20.00 -$1.953K
Cash From Financing Activities 343.7K $1.401M
Net Change In Cash 57.70K -$20.23K
YoY Change -64.67% -248.56%
FREE CASH FLOW
Cash From Operating Activities -$286.0K -$1.316M
Capital Expenditures -$20.00 $1.953K
Free Cash Flow -$286.0K -$1.318M
YoY Change -55.21% -29.98%

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CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2023 LTES Accrued Compensation Payable To Officers And Directors
AccruedCompensationPayableToOfficersAndDirectors
-10613 usd
CY2022 LTES Accrued Compensation Payable To Officers And Directors
AccruedCompensationPayableToOfficersAndDirectors
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CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2023 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023 us-gaap Cash Acquired From Acquisition
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0 usd
CY2022 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2023 LTES Disposal Of Cash From Subsidiaries
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CY2022 LTES Disposal Of Cash From Subsidiaries
DisposalOfCashFromSubsidiaries
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1953 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023 LTES Proceeds From Repayments Of Director
ProceedsFromRepaymentsOfDirector
95611 usd
CY2022 LTES Proceeds From Repayments Of Director
ProceedsFromRepaymentsOfDirector
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CY2023 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
100000 usd
CY2023 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
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CY2022 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
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CY2023 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1418603 usd
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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5840 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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13616 usd
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16580 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36808 usd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2023 LTES Issuance Of Series B Convertible Preferred Stock In Exchange Of Balances Due To Related Parties
IssuanceOfSeriesBConvertiblePreferredStockInExchangeOfBalancesDueToRelatedParties
0 usd
CY2022 LTES Issuance Of Series B Convertible Preferred Stock In Exchange Of Balances Due To Related Parties
IssuanceOfSeriesBConvertiblePreferredStockInExchangeOfBalancesDueToRelatedParties
4718605 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
12408 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
7000000 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
151096262 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
151096262 shares
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16580 usd
CY2023Q4 LTES Working Capital
WorkingCapital
-4007715 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-12334229 usd
CY2023 us-gaap Profit Loss
ProfitLoss
-1383447 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_ztHZ86Yv3dck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_865_zBTXvCfaqfrl">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>
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 usd
CY2023 us-gaap Revenues
Revenues
317413 usd
CY2022 us-gaap Revenues
Revenues
151977 usd
CY2022 us-gaap Income Tax Examination Penalties Expense
IncomeTaxExaminationPenaltiesExpense
20000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
164311 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
169210 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80379 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
45752 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83932 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
123458 usd
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
36755 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
31721 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9046 usd
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
152899640 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
152899640 shares
CY2023 us-gaap Profit Loss
ProfitLoss
-1383447 usd
CY2022 us-gaap Profit Loss
ProfitLoss
-2652929 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150877491 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150877491 shares
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
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1383447 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2652929 usd
CY2023Q4 LTES Due To Related Party Current And Noncurrent
DueToRelatedPartyCurrentAndNoncurrent
2629435 usd
CY2022Q4 LTES Due To Related Party Current And Noncurrent
DueToRelatedPartyCurrentAndNoncurrent
1157166 usd
CY2023 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
53619 usd
CY2022 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
148631 usd
CY2023Q4 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
3152 usd
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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