2024 Q2 Form 10-Q Financial Statement

#000164587324000079 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $11.41M $11.97M
YoY Change -3.61% 16.05%
Cost Of Revenue $694.0K $984.0K
YoY Change -54.57% -42.35%
Gross Profit $10.72M $10.98M
YoY Change 3.95% 27.64%
Gross Profit Margin 93.92% 91.78%
Selling, General & Admin $1.486M $3.378M
YoY Change -34.17% 31.53%
% of Gross Profit 13.87% 30.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.137M $4.133M
YoY Change 4.55% 26.33%
% of Gross Profit 38.6% 37.64%
Operating Expenses $5.623M $7.511M
YoY Change -9.52% 22.56%
Operating Profit $5.093M $6.659M
YoY Change 24.38% -240.07%
Interest Expense -$3.724M $2.307M
YoY Change 1969.42% -42.59%
% of Operating Profit -73.12% 34.65%
Other Income/Expense, Net -$3.831M -$2.022M
YoY Change -815.32% -1253.55%
Pretax Income $1.262M $4.637M
YoY Change -72.75% -201.28%
Income Tax
% Of Pretax Income
Net Earnings $1.325M $3.724M
YoY Change -66.71% -198.98%
Net Earnings / Revenue 11.61% 31.12%
Basic Earnings Per Share $0.04 $0.33
Diluted Earnings Per Share $0.03 $0.33
COMMON SHARES
Basic Shares Outstanding 9.453M shares 9.173M shares
Diluted Shares Outstanding 11.42M shares 11.36M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.87M $18.40M
YoY Change 90.37% 38.59%
Cash & Equivalents $18.87M $18.40M
Short-Term Investments
Other Short-Term Assets $5.229M $5.121M
YoY Change -3.71% -13.27%
Inventory
Prepaid Expenses $5.229M $5.121M
Receivables $16.06M $14.56M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.16M $38.08M
YoY Change 61.87% 36.8%
LONG-TERM ASSETS
Property, Plant & Equipment $465.7M $469.7M
YoY Change 1.66% 12.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.657M $9.823M
YoY Change -3.54% -1.74%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $479.4M $484.4M
YoY Change -8.62% 10.84%
TOTAL ASSETS
Total Short-Term Assets $40.16M $38.08M
Total Long-Term Assets $479.4M $484.4M
Total Assets $519.5M $522.5M
YoY Change -5.44% 12.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $237.1K $1.048M
YoY Change -49.58% 86.46%
Accrued Expenses $3.329M $2.641M
YoY Change -20.69% -40.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.747M $5.867M
YoY Change -18.08% -20.06%
LONG-TERM LIABILITIES
Long-Term Debt $279.7M $279.6M
YoY Change -4.38% 31.6%
Other Long-Term Liabilities $8.408M $8.639M
YoY Change -14.15% -22.2%
Total Long-Term Liabilities $288.1M $288.3M
YoY Change -4.7% 28.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.747M $5.867M
Total Long-Term Liabilities $288.1M $288.3M
Total Liabilities $293.8M $294.1M
YoY Change -5.0% 27.37%
SHAREHOLDERS EQUITY
Retained Earnings -$147.7M -$145.3M
YoY Change 19.18% 16.47%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.0M $188.0M
YoY Change
Total Liabilities & Shareholders Equity $519.5M $522.5M
YoY Change -5.44% 12.4%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $1.325M $3.724M
YoY Change -66.71% -198.98%
Depreciation, Depletion And Amortization $4.137M $4.133M
YoY Change 4.55% 26.33%
Cash From Operating Activities $4.710M $2.987M
YoY Change 4.57% 7.26%
INVESTING ACTIVITIES
Capital Expenditures $113.0K $101.1K
YoY Change -99.86% -99.17%
Acquisitions
YoY Change
Other Investing Activities -$347.9K $14.78M
YoY Change -80.67% 14479.97%
Cash From Investing Activities -$460.9K $14.68M
YoY Change -99.45% -221.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.785M -$2.393M
YoY Change -104.99% -117.08%
NET CHANGE
Cash From Operating Activities 4.710M $2.987M
Cash From Investing Activities -460.9K $14.68M
Cash From Financing Activities -3.785M -$2.393M
Net Change In Cash 464.7K $15.28M
YoY Change -113.8% 227.0%
FREE CASH FLOW
Cash From Operating Activities $4.710M $2.987M
Capital Expenditures $113.0K $101.1K
Free Cash Flow $4.597M $2.886M
YoY Change -105.94% -130.58%

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year statement of operations accounts have been reclassified to conform with the current year presentation. The reclassifications did not affect net income (loss) in the prior year consolidated statement of operations. Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements, was presented in the prior year as a component of operating expenses and was reclassified as other income (expense). Management fee income was reclassified from other income (expense) to total income in the accompanying unaudited condensed consolidated statement of operations.</span></div>
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cik0001645873-20240331.htm Edgar Link pending
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