$MARK
REMARK HOLDINGS, INC.

2023 Q1 Form 10-Q Financial Statement

#000136836523000046 Filed on May 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $826.0K $4.667M
YoY Change -82.3% 5.92%
Cost Of Revenue $455.0K $4.270M
YoY Change -89.34% 55.16%
Gross Profit $371.0K $397.0K
YoY Change -6.55% -76.0%
Gross Profit Margin 44.92% 8.51%
Selling, General & Admin $3.199M $4.087M
YoY Change -21.73% 10.52%
% of Gross Profit 862.26% 1029.47%
Research & Development $169.0K $455.0K
YoY Change -62.86% -70.65%
% of Gross Profit 45.55% 114.61%
Depreciation & Amortization $46.00K $41.00K
YoY Change 12.2% -37.88%
% of Gross Profit 12.4% 10.33%
Operating Expenses $3.368M $4.542M
YoY Change -25.85% -13.45%
Operating Profit -$3.043M -$4.186M
YoY Change -27.31% 14.37%
Interest Expense $1.544M $2.186M
YoY Change -29.37% 830.21%
% of Operating Profit
Other Income/Expense, Net -$5.119M -$21.24M
YoY Change -75.9% 1079.51%
Pretax Income -$8.162M -$25.43M
YoY Change -67.9% 365.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.162M -$25.43M
YoY Change -67.9% 365.65%
Net Earnings / Revenue -988.14% -544.87%
Basic Earnings Per Share -$0.63 -$0.24
Diluted Earnings Per Share -$0.63 -$0.24
COMMON SHARES
Basic Shares Outstanding 13.00M shares 105.2M shares
Diluted Shares Outstanding 13.00M shares 105.2M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $364.0K $24.14M
YoY Change -98.49% 2581.67%
Cash & Equivalents $364.0K $2.691M
Short-Term Investments $21.44M
Other Short-Term Assets $5.000K $6.000K
YoY Change -16.67% -95.38%
Inventory $309.0K $1.492M
Prepaid Expenses $1.057M $1.396M
Receivables $2.719M $11.29M
Other Receivables $10.00K $1.850M
Total Short-Term Assets $12.15M $45.19M
YoY Change -73.11% 275.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.660M $1.274M
YoY Change 30.3% 364.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $226.0K $403.0K
YoY Change -43.92% -37.03%
Total Long-Term Assets $2.021M $1.923M
YoY Change 5.1% -18.03%
TOTAL ASSETS
Total Short-Term Assets $12.15M $45.19M
Total Long-Term Assets $2.021M $1.923M
Total Assets $14.17M $47.12M
YoY Change -69.92% 227.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.751M $10.10M
YoY Change -3.45% 12.01%
Accrued Expenses $7.139M $5.201M
YoY Change 37.26% -32.69%
Deferred Revenue $481.0K $432.0K
YoY Change 11.34% 21.69%
Short-Term Debt $16.49M $25.21M
YoY Change -34.59% 320.13%
Long-Term Debt Due $4.984M
YoY Change
Total Short-Term Liabilities $39.92M $40.94M
YoY Change -2.49% 76.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $30.00K $55.00K
YoY Change -45.45% -98.43%
Total Long-Term Liabilities $30.00K $55.00K
YoY Change -45.45% -96.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.92M $40.94M
Total Long-Term Liabilities $30.00K $55.00K
Total Liabilities $39.95M $41.00M
YoY Change -2.55% 46.14%
SHAREHOLDERS EQUITY
Retained Earnings -$396.7M -$358.5M
YoY Change 10.66% -2.06%
Common Stock $14.00K $105.0K
YoY Change -86.67% 5.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$25.80M $6.121M
YoY Change
Total Liabilities & Shareholders Equity $14.17M $47.12M
YoY Change -69.92% 227.63%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$8.162M -$25.43M
YoY Change -67.9% 365.65%
Depreciation, Depletion And Amortization $46.00K $41.00K
YoY Change 12.2% -37.88%
Cash From Operating Activities -$2.080M -$8.688M
YoY Change -76.06% 57.16%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $10.00K
YoY Change -60.0% -9.09%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.849M
YoY Change -100.0%
Cash From Investing Activities -$4.000K $890.0K
YoY Change -100.45% -8190.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.396M -$3.698M
YoY Change -164.79% -166.14%
NET CHANGE
Cash From Operating Activities -$2.080M -$8.688M
Cash From Investing Activities -$4.000K $890.0K
Cash From Financing Activities $2.396M -$3.698M
Net Change In Cash $312.0K -$11.50M
YoY Change -102.71% -22207.69%
FREE CASH FLOW
Cash From Operating Activities -$2.080M -$8.688M
Capital Expenditures $4.000K $10.00K
Free Cash Flow -$2.084M -$8.698M
YoY Change -76.04% 57.03%

Facts In Submission

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IncreaseDecreaseInOperatingLeaseLiability
30000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2080000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8688000 usd
CY2023Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0 usd
CY2022Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
1849000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10000 usd
CY2023Q1 us-gaap Payments For Software
PaymentsForSoftware
0 usd
CY2022Q1 us-gaap Payments For Software
PaymentsForSoftware
949000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
890000 usd
CY2023Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
1000000 usd
CY2022Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
0 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1500000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 usd
CY2023Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
259000 usd
CY2022Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 usd
CY2023Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
355000 usd
CY2022Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 usd
CY2023Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
8000 usd
CY2022Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
3698000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2396000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3698000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
312000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11496000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
52000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14187000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
364000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2691000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
250000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1092000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-25800000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2100000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
400000 usd
CY2022Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We prepare our consolidated financial statements in conformity with GAAP. While preparing our financial statements, we make estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. On an ongoing basis, we evaluate our estimates, including those related to accounts receivable, deferred cost of revenue, share-based compensation, deferred income taxes, and inventory reserve, among other items.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact of the COVID-19 pandemic continues to unfold. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change materially in future periods.</span></div>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
364000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
52000 usd
CY2023Q1 us-gaap Deposits Assets Current
DepositsAssetsCurrent
203000 usd
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
201000 usd
CY2023Q1 mark Contract With Customer Term Of Contract
ContractWithCustomerTermOfContract
P1Y
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2200000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2200000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
500000 usd
CY2023Q1 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
10000 usd
CY2022Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
23000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1057000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1144000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
826000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4667000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
826000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4667000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
6885000 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
7213000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4166000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4122000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2719000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3091000 usd
CY2023Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
7500000 usd
CY2022Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
7500000 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
5000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
6000 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1275000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1374000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7936000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7928000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6276000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6229000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1660000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1699000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2007000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1448000 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
167000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
769000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2430000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2393000 usd
CY2023Q1 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
2224000 usd
CY2022Q4 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
2234000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
120000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
138000 usd
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
44000 usd
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
32000 usd
CY2023Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
147000 usd
CY2022Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
208000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7139000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7222000 usd
CY2023Q1 us-gaap Other Notes Payable
OtherNotesPayable
181000 usd
CY2022Q4 us-gaap Other Notes Payable
OtherNotesPayable
189000 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
16488000 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
14607000 usd
CY2022Q4 mark Convertible Debenture Current
ConvertibleDebentureCurrent
1892000 usd
CY2023Q1 mark Convertible Debenture Current Establishment Of Liability To Issue Shares
ConvertibleDebentureCurrentEstablishmentOfLiabilityToIssueShares
4075000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
2985000 usd
CY2023Q1 mark Convertible Debenture Current Change In Measurement Of Liability
ConvertibleDebentureCurrentChangeInMeasurementOfLiability
2002000 usd
CY2023Q1 mark Convertible Debenture Current
ConvertibleDebentureCurrent
4984000 usd
CY2022Q4 mark Estimated Number Of Shares Issuable Shares Liability Component
EstimatedNumberOfSharesIssuableSharesLiabilityComponent
1720349 shares
CY2023Q1 mark Estimated Number Of Shares Issuable Change In Estimated Number Of Shares Issuable
EstimatedNumberOfSharesIssuableChangeInEstimatedNumberOfSharesIssuable
510465 shares
CY2023Q1 mark Estimated Number Of Shares Issuable Establishment Of Liability To Issue Shares
EstimatedNumberOfSharesIssuableEstablishmentOfLiabilityToIssueShares
3501681 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
2094428 shares
CY2023Q1 mark Estimated Number Of Shares Issuable Shares Liability Component
EstimatedNumberOfSharesIssuableSharesLiabilityComponent
3638067 shares
CY2023Q1 mark Convertible Debenture Current Initial Obligation In Excess Of Purchase Price
ConvertibleDebentureCurrentInitialObligationInExcessOfPurchasePrice
1574000 usd
CY2023Q1 mark Convertible Debenture Current Change In Measurement Of Liability
ConvertibleDebentureCurrentChangeInMeasurementOfLiability
2002000 usd
CY2023Q1 mark Finance Cost Related To Obligations To Issue Common Stock
FinanceCostRelatedToObligationsToIssueCommonStock
3576000 usd
CY2023Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
1000000 usd
CY2022 mark Registration Rights Agreement Payment Of Penalty Liability
RegistrationRightsAgreementPaymentOfPenaltyLiability
200000 usd
CY2023Q1 mark Registration Rights Agreement Accrued Penalty Liability Current
RegistrationRightsAgreementAccruedPenaltyLiabilityCurrent
800000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
155000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
429000 usd

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