2024 Q2 Form 10-K Financial Statement

#000149315224012508 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $163.2K $244.4K $731.5K
YoY Change 15.52% 2633.45% 8082.21%
Cost Of Revenue $29.67K $101.8K $300.0K
YoY Change 15.92% 2388.75% 7234.72%
Gross Profit $69.79K $142.6K $431.5K
YoY Change -19.9% 2839.79% 8796.91%
Gross Profit Margin 42.77% 58.35% 58.99%
Selling, General & Admin $2.238M $2.711M $9.650M
YoY Change -5.92% 300.56% 383.38%
% of Gross Profit 3207.29% 1901.13% 2236.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.210K $6.290K $24.89K
YoY Change -48.48% 62.95% 544.82%
% of Gross Profit 4.6% 4.41% 5.77%
Operating Expenses $2.238M $2.711M $9.650M
YoY Change -5.92% 300.57% 383.38%
Operating Profit -$2.169M -$2.568M -$9.219M
YoY Change -5.39% 282.24% 362.89%
Interest Expense -$222.7K -$6.470K
YoY Change -2805.71% 259.44%
% of Operating Profit
Other Income/Expense, Net -$222.7K $6.470K $6.470K
YoY Change -2804.7% -199.95%
Pretax Income -$2.391M -$2.568M -$9.212M
YoY Change 4.7% 281.21% 361.07%
Income Tax
% Of Pretax Income
Net Earnings -$2.391M -$2.568M -$9.212M
YoY Change 4.68% 281.21% 361.07%
Net Earnings / Revenue -1465.39% -1050.89% -1259.4%
Basic Earnings Per Share -$0.09 -$0.57
Diluted Earnings Per Share -$0.09 -$0.13 -$0.57
COMMON SHARES
Basic Shares Outstanding 23.62M shares 17.04M shares 16.11M shares
Diluted Shares Outstanding 26.10M shares 16.11M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $490.2K $739.0K $739.0K
YoY Change -83.37% 8.22% 8.22%
Cash & Equivalents $490.2K $739.0K $739.0K
Short-Term Investments
Other Short-Term Assets $13.30K $60.95K $60.95K
YoY Change -74.79% 418.72% 418.72%
Inventory $14.02K $18.50K $18.50K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $517.6K $818.5K $818.5K
YoY Change -82.88% 17.83% 17.83%
LONG-TERM ASSETS
Property, Plant & Equipment $3.313K $215.4K $215.4K
YoY Change -96.95% 83.31% -26.17%
Goodwill
YoY Change
Intangibles $14.61M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.94K $16.94K $16.94K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $14.72M $232.3K $232.3K
YoY Change 5295.73% -24.73% -24.73%
TOTAL ASSETS
Total Short-Term Assets $517.6K $818.5K $818.5K
Total Long-Term Assets $14.72M $232.3K $232.3K
Total Assets $15.24M $1.051M $1.051M
YoY Change 362.23% 4.73% 4.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $718.7K $140.8K $140.8K
YoY Change 451.92% 317.96% 317.96%
Accrued Expenses $72.12K $70.31K $70.31K
YoY Change 8.81% 18.29% 18.29%
Deferred Revenue
YoY Change
Short-Term Debt $187.5K $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.378M $211.1K $211.1K
YoY Change 601.47% -19.0% -19.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.12K $64.96K $64.96K
YoY Change -69.07% -49.52% -49.52%
Total Long-Term Liabilities $30.12K $64.96K $64.96K
YoY Change -69.08% -49.52% -49.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.378M $211.1K $211.1K
Total Long-Term Liabilities $30.12K $64.96K $64.96K
Total Liabilities $1.408M $276.0K $276.0K
YoY Change 379.25% -29.09% -29.09%
SHAREHOLDERS EQUITY
Retained Earnings -$15.99M -$11.23M
YoY Change 133.02% 457.02%
Common Stock $2.913K $2.142K
YoY Change 74.33% 60.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.83M $774.8K $774.8K
YoY Change
Total Liabilities & Shareholders Equity $15.24M $1.051M $1.051M
YoY Change 362.23% 4.73% 4.73%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.391M -$2.568M -$9.212M
YoY Change 4.68% 281.21% 361.07%
Depreciation, Depletion And Amortization $3.210K $6.290K $24.89K
YoY Change -48.48% 62.95% 544.82%
Cash From Operating Activities -$1.577M -$1.698M -$6.997M
YoY Change -11.34% 161.37% 419.66%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $3.520K
YoY Change -100.0% -91.83%
Acquisitions
YoY Change
Other Investing Activities $65.00K
YoY Change
Cash From Investing Activities $65.00K $0.00 -$3.520K
YoY Change -100.0% -91.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.225M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.988M 1.200M 7.057M
YoY Change 112.58% 140.24% 244.26%
NET CHANGE
Cash From Operating Activities -1.577M -1.698M -6.997M
Cash From Investing Activities 65.00K 0.000 -3.520K
Cash From Financing Activities 1.988M 1.200M 7.057M
Net Change In Cash 476.0K -497.8K 56.14K
YoY Change -156.42% 161.11% -91.5%
FREE CASH FLOW
Cash From Operating Activities -$1.577M -$1.698M -$6.997M
Capital Expenditures $0.00 $3.520K
Free Cash Flow -$1.698M -$7.001M
YoY Change 146.0% 403.8%

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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
56146 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
660310 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
682860 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22550 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
739006 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
682860 usd
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zTaBj30XFrTh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zamGauzDKjhd">Use of Estimates and Assumptions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in accordance with US GAAP requires the Company’s 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 expenses during the reporting period. Actual results can, and in many cases will, differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_zYXIXKxlUq6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zDtTJX7Zm2Ol">Concentration and Risks</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s operations are subject to risks including financial, operational, regulatory and other risks including the potential risk of business failure. For the years ended December 31, 2023 and 2022, the Company had no significant revenue from continuing operations which were derived from a single or a few major customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2023 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
2097505 usd
CY2022 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
352860 usd
CY2023Q4 MGRX Prepaid Expenses Related Party
PrepaidExpensesRelatedParty
60953 usd
CY2022Q4 MGRX Prepaid Expenses Related Party
PrepaidExpensesRelatedParty
11745 usd
CY2022Q4 us-gaap Deposits
Deposits
16942 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
18501 usd
CY2023 us-gaap Depreciation
Depreciation
24889 usd
CY2022 us-gaap Depreciation
Depreciation
3863 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96129 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
117499 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
28752 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3863 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96129 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
117499 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
78260 usd
CY2023Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
5000 usd
CY2023Q2 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
31630 usd
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
63260 usd
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
21419500 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21419500 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
13365000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13365000 shares
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
624463 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
82267 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1250000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.10
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1250000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.10
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
133333 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.10
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1250000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.10
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1400000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.40
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2650000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.73
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1812500 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.73
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
573202 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
31995 usd
CY2023Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
271216 usd
CY2023 MGRX Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodWeightedAverageGrantDateFairValue
1.43
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-9212417 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11228173 usd
CY2022Q3 us-gaap Area Of Land
AreaOfLand
2201 sqft
CY2022Q3 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Lease Agreement has a term of thirty-eight (38) months and has a monthly base rent of $5,777.63, or $31.50 per square foot, the from months 3-18 and increases at the rate of $1 per square foot per annum until the end of the lease term
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P38M
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
5777.63 usd
CY2022Q3 MGRX Percentage Of Proportionate Rent
PercentageOfProportionateRent
0.0245 pure
CY2022Q3 MGRX Percentage Of Incremental Borrowing Rate
PercentageOfIncrementalBorrowingRate
0.08 pure
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
119262 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
128679 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
65274 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
71716 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
67589 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
139305 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10626 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
128679 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9212417 usd
CY2023Q4 MGRX Decrease In Deferred Tax Assets Valuation Allowance
DecreaseInDeferredTaxAssetsValuationAllowance
9212417 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
11228173 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
11228173 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2015756 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11228173 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2015756 usd
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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