2023 Q1 Form 10-K Financial Statement

#000182912623002253 Filed on March 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $144.9K $70.00K $659.8K
YoY Change -38.6%
Cost Of Revenue $134.6K $260.0K $716.1K
YoY Change -16.71% 23.81% 32.02%
Gross Profit $10.29K -$200.0K -$56.29K
YoY Change -86.17% -385.71% -137.97%
Gross Profit Margin 7.1% -285.71% -8.53%
Selling, General & Admin $1.253M $1.550M $4.856M
YoY Change 5.14% 11.51% 53.8%
% of Gross Profit 12176.36%
Research & Development $151.2K $130.0K $524.7K
YoY Change 322.18% 160.0% 508.26%
% of Gross Profit 1468.94%
Depreciation & Amortization $10.31K $10.00K $22.10K
YoY Change 158.77% 4337.95%
% of Gross Profit 100.16%
Operating Expenses $1.439M $1.680M $5.520M
YoY Change 13.99% 15.86% 64.62%
Operating Profit -$1.429M -$1.880M -$5.577M
YoY Change 20.26% 36.23% 73.99%
Interest Expense $1.939K $0.00 $105.2K
YoY Change -89.15% -100.0% 166.71%
% of Operating Profit
Other Income/Expense, Net -$1.863K $0.00 -$105.2K
YoY Change -89.86%
Pretax Income -$1.430M -$1.880M -$5.680M
YoY Change 18.18% 35.25% 75.31%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.431M -$1.880M -$5.682M
YoY Change 18.59% 35.25% 75.12%
Net Earnings / Revenue -987.3% -2685.71% -861.16%
Basic Earnings Per Share -$0.19 -$0.87
Diluted Earnings Per Share -$0.19 -$0.26 -$0.87
COMMON SHARES
Basic Shares Outstanding 7.716M shares 7.307M shares
Diluted Shares Outstanding 7.569M shares 6.529M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.450M $3.590M $3.590M
YoY Change 4387.5% 4387.5%
Cash & Equivalents $3.450M $3.591M $3.590M
Short-Term Investments
Other Short-Term Assets $36.24K $36.24K $450.0K
YoY Change 2382.19% 87.5%
Inventory $743.1K $94.70K $90.00K
Prepaid Expenses $185.3K $210.7K
Receivables $127.6K $110.3K $110.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.542M $4.241M $4.240M
YoY Change 558.16% 562.5%
LONG-TERM ASSETS
Property, Plant & Equipment $137.6K $119.7K $120.0K
YoY Change 490.34% 500.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $82.72K $81.78K $80.00K
YoY Change
Total Long-Term Assets $570.8K $449.2K $450.0K
YoY Change 149.54% 150.0%
TOTAL ASSETS
Total Short-Term Assets $4.542M $4.241M $4.240M
Total Long-Term Assets $570.8K $449.2K $450.0K
Total Assets $5.113M $4.690M $4.690M
YoY Change 468.94% 471.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $290.0K $280.0K $280.0K
YoY Change 64.71% 64.71%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $60.00K $60.00K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $504.6K $600.0K $600.0K
YoY Change -2.72% -3.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $60.00K $70.00K $70.00K
YoY Change
Total Long-Term Liabilities $60.00K $70.00K $70.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $504.6K $600.0K $600.0K
Total Long-Term Liabilities $60.00K $70.00K $70.00K
Total Liabilities $562.6K $665.5K $670.0K
YoY Change 7.89% 8.06%
SHAREHOLDERS EQUITY
Retained Earnings -$11.74M -$10.31M
YoY Change 122.87%
Common Stock $77.00 $73.00
YoY Change 21.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.550M $4.024M $4.020M
YoY Change
Total Liabilities & Shareholders Equity $5.113M $4.690M $4.690M
YoY Change 468.94% 471.95%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.431M -$1.880M -$5.682M
YoY Change 18.59% 35.25% 75.12%
Depreciation, Depletion And Amortization $10.31K $10.00K $22.10K
YoY Change 158.77% 4337.95%
Cash From Operating Activities -$1.427M -$1.220M -$3.224M
YoY Change 126.21% -1320.0% -3324.42%
INVESTING ACTIVITIES
Capital Expenditures $28.14K $60.00K $121.6K
YoY Change -12.37% 100.0% 484.93%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$137.0K -$60.00K -$220.0K
YoY Change 65.69% 100.0% 85.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.423M -90.00K $6.956M
YoY Change 110.61% -120.0% 402.11%
NET CHANGE
Cash From Operating Activities -$1.427M -1.220M -$3.224M
Cash From Investing Activities -$137.0K -60.00K -$220.0K
Cash From Financing Activities $1.423M -90.00K $6.956M
Net Change In Cash -$141.3K -1.370M $3.511M
YoY Change 272.03% -1470.0% 3411.38%
FREE CASH FLOW
Cash From Operating Activities -$1.427M -$1.220M -$3.224M
Capital Expenditures $28.14K $60.00K $121.6K
Free Cash Flow -$1.455M -$1.280M -$3.346M
YoY Change 119.5% -1928.57% -4323.76%

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CY2022 LUCY Expenses Paid For By Parent Reported As Increase In Due To Parent And Affiliates And Related Party Convertible Debt
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CY2021 LUCY Expenses Paid For By Parent Reported As Increase In Due To Parent And Affiliates And Related Party Convertible Debt
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CY2022 LUCY Writeoff Of Uncollectible Stock Subscription Receivables
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CY2022 us-gaap Nature Of Operations
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<p id="xdx_80B_eus-gaap--NatureOfOperations_z3GxVlqEeT88" 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"><b>NOTE 1 – <span id="xdx_826_zpPy4FpIYY7i">GENERAL INFORMATION</span></b></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; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Innovative Eyewear, Inc. (the “Company,” “us,” “we,” or “our”) is a corporation organized under the laws of the State of Florida that develops and sells cutting-edge eyeglasses and sunglasses, which are designed to allow our customers to remain connected to their digital lives, while also offering prescription eyewear and sun protection. The Company was founded by Lucyd Ltd. (the “Parent” or “Lucyd”), a portfolio company of Tekcapital Plc through Tekcapital Europe, Ltd. (collectively, the “Parent and Affiliates”), which owned approximately 71% of our issued and outstanding shares of common stock as of December 31, 2022. Innovative Eyewear licensed the exclusive rights to the Lucyd<sup>®</sup> brand from Lucyd Ltd., which includes the exclusive use of all of Lucyd’s intellectual property, including our main product, Lucyd Lyte<sup>®</sup> glasses.</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>
CY2022 us-gaap Use Of Estimates
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CY2022 us-gaap Concentration Risk Credit Risk
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CY2022 LUCY Base Term
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2021Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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