2024 Q2 Form 10-Q Financial Statement

#000168316824003645 Filed on May 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $347.7K $196.7K $138.0K
YoY Change 262.62% 299.21% 283.41%
Cost Of Revenue $158.5K $157.0K $186.1K
YoY Change 1.11% 8.2% -45.33%
Gross Profit $189.1K $39.67K -$48.12K
YoY Change -410.36% -141.4% -84.19%
Gross Profit Margin 54.4% 20.17% -34.87%
Selling, General & Admin $78.21K $168.5K $346.0K
YoY Change -71.83% -55.11% -10.1%
% of Gross Profit 41.36% 424.71%
Research & Development $8.972K $8.960K -$53.26K
YoY Change 0.17% -0.23% -682.08%
% of Gross Profit 4.74% 22.59%
Depreciation & Amortization $2.610K $2.610K $28.24K
YoY Change -3.69% -13.23% -121.79%
% of Gross Profit 1.38% 6.58%
Operating Expenses $87.18K $177.4K $292.7K
YoY Change -69.58% -53.83% -25.7%
Operating Profit $101.9K -$137.8K -$340.8K
YoY Change -129.33% -71.31% -51.2%
Interest Expense $3.760K $0.00 $47.83K
YoY Change 171.28% -100.0% -83.91%
% of Operating Profit 3.69%
Other Income/Expense, Net $111.5K $14.69K $38.58K
YoY Change 204.04% -147.88% 56.7%
Pretax Income $213.4K -$123.1K -$254.4K
YoY Change -168.65% -75.91% -34.21%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $214.2K -$120.3K -$253.7K
YoY Change -168.96% -76.26% -33.74%
Net Earnings / Revenue 61.61% -61.19% -183.87%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 151.1M shares 151.1M shares 151.1M shares
Diluted Shares Outstanding 151.1M shares 151.1M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.45K $18.85K $16.58K
YoY Change -75.33% -72.24% -54.96%
Cash & Equivalents $15.45K $18.85K $16.58K
Short-Term Investments
Other Short-Term Assets $34.43K $29.42K $15.04K
YoY Change 165.87% 34.83% 28.44%
Inventory
Prepaid Expenses
Receivables $31.24K $67.84K $16.78K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $229.9K $116.1K $48.40K
YoY Change 121.6% -2.35% -76.4%
LONG-TERM ASSETS
Property, Plant & Equipment $76.52K $79.02K $83.93K
YoY Change -32.28% -35.43% -32.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $76.52K $79.02K $83.93K
YoY Change -33.88% -38.44% -36.66%
TOTAL ASSETS
Total Short-Term Assets $229.9K $116.1K $48.40K
Total Long-Term Assets $76.52K $79.02K $83.93K
Total Assets $306.4K $195.1K $132.3K
YoY Change 39.61% -21.08% -60.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.22K $57.39K $60.38K
YoY Change -88.07% -88.83% -88.61%
Accrued Expenses $623.1K $675.3K $736.2K
YoY Change 112.0% 63.38% 93.81%
Deferred Revenue $13.95K $210.1K $313.6K
YoY Change -95.11% -12.58% 15.81%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.046M $4.166M $4.056M
YoY Change 14.4% 26.76% 41.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.046M $4.166M $4.056M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.046M $4.166M $4.056M
YoY Change 14.4% 26.76% 41.81%
SHAREHOLDERS EQUITY
Retained Earnings -$12.43M -$12.55M -$12.33M
YoY Change 7.29% 12.25% 16.6%
Common Stock $15.11K $15.11K $15.11K
YoY Change 0.0% -0.53% -1.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.580M -$9.717M -$9.578M
YoY Change
Total Liabilities & Shareholders Equity $306.4K $195.1K $132.3K
YoY Change 39.61% -21.08% -60.8%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $214.2K -$120.3K -$253.7K
YoY Change -168.96% -76.26% -33.74%
Depreciation, Depletion And Amortization $2.610K $2.610K $28.24K
YoY Change -3.69% -13.23% -121.79%
Cash From Operating Activities -$151.5K -$330.2K -$286.0K
YoY Change -54.2% -16.26% -55.22%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$20.00
YoY Change -100.0% -100.0% -84.62%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $20.00
YoY Change -100.0% -100.0% -99.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 122.6K $347.5K 343.7K
YoY Change -66.88% -20.4% -39.42%
NET CHANGE
Cash From Operating Activities -151.5K -$330.2K -286.0K
Cash From Investing Activities 0.000 $0.00 20.00
Cash From Financing Activities 122.6K $347.5K 343.7K
Net Change In Cash -28.97K $2.267K 57.70K
YoY Change -173.79% -92.71% -64.67%
FREE CASH FLOW
Cash From Operating Activities -$151.5K -$330.2K -$286.0K
Capital Expenditures $0.00 $0.00 -$20.00
Free Cash Flow -$151.5K -$330.2K -$286.0K
YoY Change -54.19% -16.69% -55.21%

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0 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18847 usd
CY2024Q1 LTES Working Capital Deficit
WorkingCapitalDeficit
-4050064 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-12548928 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-123070 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zOInBuc0FP84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_86A_zIAet3v3JU3j">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 unaudited condensed 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 financial statements during the period 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>
CY2022Q2 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
7000000 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
151096262 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
151096262 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
151096262 shares
CY2024Q1 us-gaap Revenues
Revenues
196653 usd
CY2023Q1 us-gaap Revenues
Revenues
49260 usd
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
151096262 shares
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
159804 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
164311 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80785 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
80379 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79019 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
83932 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2612 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3008 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-120327 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-506793 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
151096262 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
151096262 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152386802 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152386802 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q1 LTES Due To Related Party Current And Noncurrent
DueToRelatedPartyCurrentAndNoncurrent
2915653 usd
CY2023Q4 LTES Due To Related Party Current And Noncurrent
DueToRelatedPartyCurrentAndNoncurrent
2629435 usd
CY2024Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
3179 usd
CY2023Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
29722 usd
CY2023Q4 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
3152 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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