2024 Q3 Form 10-Q Financial Statement

#000121390024067651 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $8.173M $7.478M $5.287M
YoY Change 137.59%
Cost Of Revenue $4.506M $4.164M $2.851M
YoY Change 128.96% 69.27%
Gross Profit $3.667M $3.314M $2.436M
YoY Change 149.12% 85.04%
Gross Profit Margin 44.87% 44.32% 46.08%
Selling, General & Admin $4.553M $5.756M $5.365M
YoY Change -19.24% 290.07% 1687.62%
% of Gross Profit 124.16% 173.69% 220.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000K $2.000K $2.000K
YoY Change -71.43%
% of Gross Profit 0.05% 0.06% 0.08%
Operating Expenses $4.553M $5.756M $5.365M
YoY Change -19.24% 290.07% 1687.62%
Operating Profit -$886.0K -$2.442M -$2.929M
YoY Change -78.73% 65.49%
Interest Expense -$17.00K -$15.00K $31.00K
YoY Change -194.44% -125.6% -98.45%
% of Operating Profit
Other Income/Expense, Net -$581.0K -$353.0K -$669.0K
YoY Change -91.08% -189.55%
Pretax Income -$1.467M -$2.795M -$3.567M
YoY Change -86.27% 173.26% -309.44%
Income Tax $37.00K $69.00K -$21.00K
% Of Pretax Income
Net Earnings -$1.504M -$2.864M -$3.546M
YoY Change -85.85% 177.18% -364.51%
Net Earnings / Revenue -18.4% -38.3% -67.07%
Basic Earnings Per Share -$0.08 -$0.16
Diluted Earnings Per Share -$0.08 -$0.16 -$0.47
COMMON SHARES
Basic Shares Outstanding 17.61M shares 17.48M shares 16.25M shares
Diluted Shares Outstanding 17.86M shares 17.60M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.702M $41.88M $4.790M
YoY Change -49.62% 10138.12% 510.16%
Cash & Equivalents $3.702M $6.877M $4.790M
Short-Term Investments $35.00M
Other Short-Term Assets $1.011M $973.0K $2.536M
YoY Change 70.2% 473.64% 1551.26%
Inventory $443.0K $267.0K $230.0K
Prepaid Expenses $1.506M $1.249M $1.452M
Receivables $2.834M $2.295M $2.346M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.496M $11.66M $9.902M
YoY Change -16.38% 1915.22% 954.96%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $7.000K $790.0K
YoY Change -64.29% 3661.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.106M $2.236M $790.0K
YoY Change 116.0% -52.68% -82.92%
TOTAL ASSETS
Total Short-Term Assets $9.496M $11.66M $9.902M
Total Long-Term Assets $2.106M $2.236M $790.0K
Total Assets $11.60M $13.90M $10.69M
YoY Change -5.91% 162.0% 92.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.797M $2.403M $2.683M
YoY Change -14.6% -2.75%
Accrued Expenses $3.253M $2.733M $3.483M
YoY Change -18.33% -45.29% 3.9%
Deferred Revenue $731.0K $1.315M $2.311M
YoY Change
Short-Term Debt $4.974M $8.001M $436.0K
YoY Change 687.03%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.07M $16.13M $12.40M
YoY Change 22.74% 205.17% 242.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.870M $2.036M $0.00
YoY Change 1158.77% -78.89% -100.0%
Total Long-Term Liabilities $2.870M $2.036M $0.00
YoY Change 1158.77% -78.89% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.07M $16.13M $12.40M
Total Long-Term Liabilities $2.870M $2.036M $0.00
Total Liabilities $15.94M $18.16M $12.40M
YoY Change 46.56% 21.67% -3.67%
SHAREHOLDERS EQUITY
Retained Earnings -$40.40M -$38.90M -$32.79M
YoY Change 38.16% 168.68% 171.05%
Common Stock $2.000K $2.000K $2.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.336M -$4.265M -$1.709M
YoY Change
Total Liabilities & Shareholders Equity $11.60M $13.90M $10.69M
YoY Change -5.91% 162.0% 92.14%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.504M -$2.864M -$3.546M
YoY Change -85.85% 177.18% -364.51%
Depreciation, Depletion And Amortization $2.000K $2.000K $2.000K
YoY Change -71.43%
Cash From Operating Activities -$1.626M -$5.362M -$2.375M
YoY Change -84.49% 3937.35% 463.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.564M 2.082M -195.0K
YoY Change -138.72% -99.92%
NET CHANGE
Cash From Operating Activities -1.626M -5.362M -2.375M
Cash From Investing Activities
Cash From Financing Activities -1.564M 2.082M -195.0K
Net Change In Cash -3.190M -3.280M -2.570M
YoY Change -50.51% 2369.69% -1061.83%
FREE CASH FLOW
Cash From Operating Activities -$1.626M -$5.362M -$2.375M
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, revenue recognition, warrant liabilities, the fair value of short term notes payable, fair value of the B. Riley and Yorkville derivative instruments, stock-based compensation expense, stock issued for transaction costs, the net realizable value of inventory, right-of-use assets, and income tax valuation allowances. Actual results could differ from these estimates.</span></p>
us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>Concentrations of Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>Financial instruments which potentially subject the Company to credit risk consist principally of cash and accounts receivable. Primarily all cash is held in US financial institutions which, at times, exceed federally insured limits. The Company has not recognized any losses from credit risks on such accounts. The Company believes it is not exposed to significant credit risk on cash.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>Additional credit risk is related to the Company’s concentration of receivables. As of June 30, 2024 and December 31, 2023, receivables were concentrated from one customer (which is a US. Government agency) representing 98% and 92% of total net receivables, respectively. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>One customer (which is a U.S. government agency) accounted for 94% and 95% for the three and six months ended June 30, 2024, respectively and 95% and 96% for the three and six months ended June 30, 2023, respectively of the recognized research and development revenue.</span></p>
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.84
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
3.59
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1066000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
69000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.024 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.013 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q1 us-gaap Advances To Affiliate
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CY2024Q2 us-gaap Investment Interest Rate
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 us-gaap Notes Payable Current
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CY2023Q4 us-gaap Other Loans Payable Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q2 mdai Transaction Costs Incurred In Connection With Warrant Liabilities
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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dei Entity File Number
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