2024 Q1 Form 10-K Financial Statement
#000168316824004100 Filed on June 11, 2024
Income Statement
Concept | 2024 Q1 | 2024 | 2023 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $1.840K |
YoY Change | -100.0% | ||
Cost Of Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Gross Profit | $0.00 | $0.00 | $1.840K |
YoY Change | -100.0% | ||
Gross Profit Margin | 100.0% | ||
Selling, General & Admin | $14.90K | $39.45K | $63.16K |
YoY Change | -37.54% | 9768.75% | |
% of Gross Profit | 3432.61% | ||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $20.33K | $7.788K | $18.77K |
YoY Change | -58.51% | 4165.91% | |
% of Gross Profit | 1020.11% | ||
Operating Expenses | $14.90K | $39.45K | $63.16K |
YoY Change | -37.54% | 9768.75% | |
Operating Profit | -$14.90K | -$39.45K | -$61.32K |
YoY Change | -35.67% | 9481.25% | |
Interest Expense | $520.00 | $0.00 | $700.00 |
YoY Change | -100.0% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$15.12K | $694.00 | |
YoY Change | -2279.11% | ||
Pretax Income | -$29.50K | -$54.57K | -$60.63K |
YoY Change | -10.0% | 9373.44% | |
Income Tax | $0.00 | $0.00 | |
% Of Pretax Income | |||
Net Earnings | -$29.50K | -$54.57K | -$60.63K |
YoY Change | -10.0% | 9373.44% | |
Net Earnings / Revenue | -3295.11% | ||
Basic Earnings Per Share | $0.00 | $0.00 | |
Diluted Earnings Per Share | $0.00 | $0.00 | -$0.01 |
COMMON SHARES | |||
Basic Shares Outstanding | 6.667M shares | 6.667M shares | 4.941M shares |
Diluted Shares Outstanding | 6.667M shares | 4.941M shares |
Balance Sheet
Concept | 2024 Q1 | 2024 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $400.00 | $400.00 | $1.860K |
YoY Change | -78.49% | 365.0% | |
Cash & Equivalents | $402.00 | $400.00 | $1.860K |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $402.00 | $400.00 | $1.860K |
YoY Change | -78.41% | -78.49% | 365.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $22.94K | $22.94K | $30.73K |
YoY Change | -25.34% | -25.35% | -20.2% |
Goodwill | |||
YoY Change | |||
Intangibles | $0.00 | ||
YoY Change | -100.0% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $22.94K | $22.94K | $58.91K |
YoY Change | -61.06% | -61.06% | -9.61% |
TOTAL ASSETS | |||
Total Short-Term Assets | $402.00 | $400.00 | $1.860K |
Total Long-Term Assets | $22.94K | $22.94K | $58.91K |
Total Assets | $23.34K | $23.34K | $60.77K |
YoY Change | -61.59% | -61.59% | -7.32% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | $10.17K | $10.17K | $1.000K |
YoY Change | 915.88% | 917.0% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $63.44K | $63.44K | $55.47K |
YoY Change | 14.37% | 37.61% | |
Total Short-Term Liabilities | $73.61K | $73.61K | $56.47K |
YoY Change | 30.36% | 30.35% | 40.09% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $12.50K | $12.50K | $12.50K |
YoY Change | 0.0% | ||
Other Long-Term Liabilities | $25.50K | $25.50K | $25.50K |
YoY Change | 0.0% | 0.0% | |
Total Long-Term Liabilities | $38.00K | $38.00K | $38.00K |
YoY Change | 0.0% | 0.0% | 49.02% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $73.61K | $73.61K | $56.47K |
Total Long-Term Liabilities | $38.00K | $38.00K | $38.00K |
Total Liabilities | $111.6K | $111.6K | $94.47K |
YoY Change | 18.14% | 18.14% | 43.55% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$115.8K | ||
YoY Change | 89.07% | ||
Common Stock | $667.00 | ||
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$88.27K | -$88.27K | -$33.70K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $23.34K | $23.34K | $60.77K |
YoY Change | -61.59% | -61.59% | -7.32% |
Cashflow Statement
Concept | 2024 Q1 | 2024 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$29.50K | -$54.57K | -$60.63K |
YoY Change | -10.0% | 9373.44% | |
Depreciation, Depletion And Amortization | $20.33K | $7.788K | $18.77K |
YoY Change | -58.51% | 4165.91% | |
Cash From Operating Activities | -$3.450K | -$9.432K | -$40.86K |
YoY Change | -76.92% | 20330.0% | |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | $12.50K |
YoY Change | -100.0% | -80.95% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | $0.00 | $0.00 | -$12.50K |
YoY Change | -100.0% | -80.95% | |
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 | 3.450K | $7.973K | 54.82K |
YoY Change | -85.46% | -17.2% | |
NET CHANGE | |||
Cash From Operating Activities | -3.450K | -$9.432K | -40.86K |
Cash From Investing Activities | 0.000 | $0.00 | -12.50K |
Cash From Financing Activities | 3.450K | $7.973K | 54.82K |
Net Change In Cash | 0.0000000000009095 | -$1.459K | 1.460K |
YoY Change | -199.93% | 265.0% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$3.450K | -$9.432K | -$40.86K |
Capital Expenditures | $0.00 | $0.00 | $12.50K |
Free Cash Flow | -$3.450K | -$9.432K | -$53.36K |
YoY Change | -82.32% | -18.92% |
Facts In Submission
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2024-02-29 | |
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--02-29 | |
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Suite 210 | |
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Palo Alto | |
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CA | |
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InterestPaidNet
|
0 | usd |
CY2024 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd |
CY2023 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd |
CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-115834 | usd |
CY2024 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
0 | usd |
CY2024 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84D_eus-gaap--UseOfEstimates_z7IiXB2zI3L3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Estimates and Assumptions</i></b></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">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make 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 and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.</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">Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> | |
CY2024Q1 | us-gaap |
Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
|
P5Y | |
CY2022Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
38930 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
|
P5Y | |
CY2024 | us-gaap |
Depreciation
Depreciation
|
7788 | usd |
CY2024Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
15992 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P3Y | |
CY2024 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
13060 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
24057 | usd |
CY2024 | us-gaap |
Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
|
15123 | usd |
CY2024Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
90000000 | shares |
CY2024Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6666500 | shares |
CY2024Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6666500 | shares |
CY2023Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6666500 | shares |
CY2023Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6666500 | shares |
CY2024 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
24325 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
12865 | usd |
CY2024 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
24325 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
12865 | usd |
CY2024 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2023 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2024Q1 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
24325 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
12865 | usd |
CY2024Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
24325 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
12865 | usd |
CY2024Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2023Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | usd |
CY2024Q1 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
115834 | usd |
CY2024 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |