2024 Q2 Form 10-Q Financial Statement

#000149315224019795 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.473M $1.601M $1.881M
YoY Change -20.85% -14.91% -7.3%
Cost Of Revenue $979.1K $964.4K $1.067M
YoY Change -28.6% -9.58% -9.22%
Gross Profit $494.0K $636.5K $814.9K
YoY Change 0.82% -21.89% -4.65%
Gross Profit Margin 33.53% 39.76% 43.31%
Selling, General & Admin $1.422M $1.408M $2.235M
YoY Change -15.06% -37.02% 23.86%
% of Gross Profit 287.87% 221.18% 274.3%
Research & Development $1.009M $1.026M $734.4K
YoY Change 25.49% 39.77% 4.58%
% of Gross Profit 204.35% 161.26% 90.12%
Depreciation & Amortization $21.26K $63.90K
YoY Change -66.74% -48.6%
% of Gross Profit 3.34% 7.84%
Operating Expenses $2.508M $2.493M $3.034M
YoY Change -0.29% -17.81% 15.29%
Operating Profit -$2.014M -$1.857M -$2.219M
YoY Change -0.56% -16.31% 24.89%
Interest Expense $397.5K $238.4K
YoY Change 66.69% 49.19%
% of Operating Profit
Other Income/Expense, Net -$502.5K -$397.5K -$259.5K
YoY Change 103.38% 53.18% 65.79%
Pretax Income -$2.516M -$2.254M -$2.478M
YoY Change 10.74% -9.04% 28.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.516M -$2.254M -$2.478M
YoY Change 10.74% -9.04% 30.43%
Net Earnings / Revenue -170.81% -140.81% -131.71%
Basic Earnings Per Share -$0.04 -$0.03 -$0.04
Diluted Earnings Per Share -$0.04 -$0.03 -$0.04
COMMON SHARES
Basic Shares Outstanding 67.95M shares 67.95M shares 65.61M
Diluted Shares Outstanding 69.33M shares 67.95M shares 62.08M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.8K $2.582M
YoY Change -92.76% 77.41%
Cash & Equivalents $282.8K $186.8K $2.582M
Short-Term Investments
Other Short-Term Assets $268.2K $209.3K $212.9K
YoY Change -36.64% -1.69% -36.09%
Inventory
Prepaid Expenses
Receivables $832.8K $839.2K $750.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.384M $1.235M $3.545M
YoY Change -7.46% -65.15% 55.51%
LONG-TERM ASSETS
Property, Plant & Equipment $715.1K $930.7K
YoY Change -23.16% -17.81%
Goodwill $0.00
YoY Change -100.0%
Intangibles $61.17K $55.08K $143.9K
YoY Change -38.37% -61.71% -85.84%
Long-Term Investments
YoY Change
Other Assets $54.73K $97.49K $142.5K
YoY Change -57.05% -31.57% -9.47%
Total Long-Term Assets $774.3K $867.7K $1.217M
YoY Change -29.93% -28.7% -55.2%
TOTAL ASSETS
Total Short-Term Assets $1.384M $1.235M $3.545M
Total Long-Term Assets $774.3K $867.7K $1.217M
Total Assets $2.158M $2.103M $4.762M
YoY Change -17.01% -55.83% -4.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.880M $3.120M $3.336M
YoY Change -17.3% -6.47% -4.78%
Accrued Expenses $716.1K $1.195M
YoY Change -40.08% 43.03%
Deferred Revenue $87.14K $110.3K $704.7K
YoY Change -81.45% -84.35%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.073M $2.304M $1.352M
YoY Change 122.75% 70.49% -11.12%
Total Short-Term Liabilities $6.814M $6.297M $6.603M
YoY Change 7.31% -4.63% 9.44%
LONG-TERM LIABILITIES
Long-Term Debt $7.861M $7.007M $3.926M
YoY Change 115.2% 78.46% 104.62%
Other Long-Term Liabilities $587.6K $870.1K
YoY Change -32.46% -22.84%
Total Long-Term Liabilities $8.373M $7.614M $4.796M
YoY Change 77.17% 58.74% 57.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.814M $6.297M $6.603M
Total Long-Term Liabilities $8.373M $7.614M $4.796M
Total Liabilities $15.19M $13.91M $11.40M
YoY Change 37.12% 22.03% 25.55%
SHAREHOLDERS EQUITY
Retained Earnings -$134.7M -$132.2M -$120.4M
YoY Change 9.87% 9.8% 9.69%
Common Stock $120.2M $119.4M $65.61K
YoY Change 5.49% 181821.22% 11.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.03M -$11.81M -$6.638M
YoY Change
Total Liabilities & Shareholders Equity $2.158M $2.103M $4.762M
YoY Change -17.01% -55.83% -4.69%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.516M -$2.254M -$2.478M
YoY Change 10.74% -9.04% 30.43%
Depreciation, Depletion And Amortization $21.26K $63.90K
YoY Change -66.74% -48.6%
Cash From Operating Activities -$2.170M -$1.443M
YoY Change 50.35% -19.81%
INVESTING ACTIVITIES
Capital Expenditures $14.11K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.11K
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 $1.941M $3.578M
YoY Change -45.73% 40.61%
NET CHANGE
Cash From Operating Activities -$2.170M -$1.443M
Cash From Investing Activities -$14.11K
Cash From Financing Activities $1.941M $3.578M
Net Change In Cash -$229.6K $2.155M
YoY Change -110.66% 199.4%
FREE CASH FLOW
Cash From Operating Activities -$2.170M -$1.443M
Capital Expenditures $14.11K
Free Cash Flow -$2.170M -$1.458M
YoY Change 48.9% -19.02%

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