2023 Q2 Form 10-Q Financial Statement

#000121390023039728 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $10.55M $7.671M $16.85M
YoY Change -46.66% -60.51% -14.26%
Cost Of Revenue $7.028M $4.678M $6.760M
YoY Change -51.05% -44.39% 83.39%
Gross Profit $3.523M $2.993M $10.09M
YoY Change -35.01% -72.82% -36.8%
Gross Profit Margin 33.39% 39.01% 59.89%
Selling, General & Admin $6.265M $4.977M $5.856M
YoY Change -33.57% -27.52% 7.69%
% of Gross Profit 177.83% 166.32% 58.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.790M $7.963M $17.14M
YoY Change -45.14% -42.32% 179.31%
% of Gross Profit 249.49% 266.07% 169.82%
Operating Expenses $21.19M $14.69M $22.99M
YoY Change -19.72% -28.94% 98.68%
Operating Profit -$17.66M -$11.70M -$12.90M
YoY Change 442.59% 21.1% -393.54%
Interest Expense $647.1K $835.1K -$15.05M
YoY Change -58.66% -143.14% 849.54%
% of Operating Profit
Other Income/Expense, Net $1.770M $864.0K $469.6K
YoY Change -5.07% 3433.64% 17.41%
Pretax Income -$15.89M -$10.83M -$18.81M
YoY Change 560.66% -6.37% -786.5%
Income Tax $1.756M $548.1K $0.00
% Of Pretax Income
Net Earnings -$17.34M -$11.10M -$18.45M
YoY Change 620.97% -2.06% -902.14%
Net Earnings / Revenue -164.37% -144.73% -109.46%
Basic Earnings Per Share -$1.12 -$0.80
Diluted Earnings Per Share -$1.12 -$0.80 -$1.36
COMMON SHARES
Basic Shares Outstanding 16.21M shares 14.13M shares 81.57M shares
Diluted Shares Outstanding 13.95M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.607M $1.387M $4.190M
YoY Change 124.84% -76.1% -23.36%
Cash & Equivalents $5.607M $1.387M $946.3K
Short-Term Investments $3.244M
Other Short-Term Assets $3.585M $7.406M $8.935M
YoY Change -32.82% 275.93% 2295.74%
Inventory
Prepaid Expenses $3.585M $1.931M $3.489M
Receivables $6.404M $7.950M $10.46M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.60M $16.74M $20.34M
YoY Change 29.51% 30.61% 77.68%
LONG-TERM ASSETS
Property, Plant & Equipment $78.53M $84.56M $91.02M
YoY Change -47.27% -43.24% 18.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.168M $12.63M $16.63M
YoY Change -62.96% 3650.18% 4988.53%
Other Assets $424.1K $224.1K $2.524M
YoY Change -89.79% -94.16%
Total Long-Term Assets $89.17M $99.99M $113.0M
YoY Change -50.4% -34.71% -15.58%
TOTAL ASSETS
Total Short-Term Assets $15.60M $16.74M $20.34M
Total Long-Term Assets $89.17M $99.99M $113.0M
Total Assets $104.8M $116.7M $133.3M
YoY Change -45.39% -29.67% -8.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.34M $24.18M $10.57M
YoY Change -46.14% 72.76% 36.47%
Accrued Expenses $1.650M $1.398M $166.7K
YoY Change 13.63% -0.88% -86.37%
Deferred Revenue
YoY Change
Short-Term Debt $20.87M $22.94M $23.61M
YoY Change 7.19% 43.07% 112.8%
Long-Term Debt Due $31.86K $31.28K $30.70K
YoY Change 7.49% 8.01% 278.55%
Total Short-Term Liabilities $47.89M $48.55M $35.51M
YoY Change -29.57% 54.27% 76.92%
LONG-TERM LIABILITIES
Long-Term Debt $67.00K $75.19K $4510B
YoY Change -99.66% -99.72% 58736550.45%
Other Long-Term Liabilities $1.479M $1.371M $17.06M
YoY Change -54.06% -61.06% 475.69%
Total Long-Term Liabilities $1.546M $1.446M $4510B
YoY Change -93.2% -95.27% 42382417.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.89M $48.55M $35.51M
Total Long-Term Liabilities $1.546M $1.446M $4510B
Total Liabilities $49.44M $50.00M $57.16M
YoY Change -45.51% -18.89% 86.11%
SHAREHOLDERS EQUITY
Retained Earnings -$150.7M -$133.4M -$122.3M
YoY Change 81.67% 71.9%
Common Stock $16.46K $14.13K $13.63K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.77M $67.88M $77.07M
YoY Change
Total Liabilities & Shareholders Equity $104.8M $116.7M $133.3M
YoY Change -45.39% -29.67% -8.24%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$17.34M -$11.10M -$18.45M
YoY Change 620.97% -2.06% -902.14%
Depreciation, Depletion And Amortization $8.790M $7.963M $17.14M
YoY Change -45.14% -42.32% 179.31%
Cash From Operating Activities -$5.509M $1.317M -$10.88M
YoY Change -120.19% -77.55% -174.47%
INVESTING ACTIVITIES
Capital Expenditures $1.703M $3.149M $12.86M
YoY Change -107.25% -110.62% -120.07%
Acquisitions
YoY Change
Other Investing Activities $8.401M $7.218M $35.79M
YoY Change -1987.35%
Cash From Investing Activities $6.698M $4.069M $22.93M
YoY Change -128.51% -113.72% -134.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.398M
YoY Change
Cash From Financing Activities 3.043M -$4.936M -12.25M
YoY Change -176.62% -121.02% -151.43%
NET CHANGE
Cash From Operating Activities -5.509M $1.317M -10.88M
Cash From Investing Activities 6.698M $4.069M 22.93M
Cash From Financing Activities 3.043M -$4.936M -12.25M
Net Change In Cash 4.231M $441.1K -212.6K
YoY Change -2399.95% -242.04% -99.23%
FREE CASH FLOW
Cash From Operating Activities -$5.509M $1.317M -$10.88M
Capital Expenditures $1.703M $3.149M $12.86M
Free Cash Flow -$7.212M -$1.832M -$23.75M
YoY Change -114.2% -105.16% -130.17%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Use of Estimates and Assumptions</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates. The Company has considered the following to be significant estimates made by management, including but not limited to, going concern assumptions, estimating the useful lives of fixed assets, realization of long-lived assets, unrealized tax positions and the realization of digital currencies, valuing the derivative asset classified under Level 3 fair value hierarchy, business combinations and the contingent obligation with respect to future revenues.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
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CY2022Q1 migi Digital Currencies Balance
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CY2023Q1 migi Warrants To Purchase Common Stock
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CY2022Q1 migi Warrants To Purchase Common Stock
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CY2023Q1 migi Options To Purchase Common Stock
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CY2022Q1 migi Options To Purchase Common Stock
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CY2022Q1 migi Restricted Stock Units Rs Us Issued Under A Management Equity Plan
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CY2023Q1 migi Total Of Diluted Loss Per Share
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CY2022Q1 migi Total Of Diluted Loss Per Share
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1076 sqft
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6 acre
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AreaOfLand
3.12 acre
CY2022Q1 us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
The term of the lease is for 5 years, with 2 options to extend for 5 years each.
CY2022Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
11 acre
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CY2023Q1 us-gaap Line Of Credit Facility Interest Rate At Period End
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CY2023Q1 migi Total Stockbased Compensation
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473848 shares
CY2022Q1 migi Total Stockbased Compensation
TotalStockbasedCompensation
166276 shares
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
9.09 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
9.26 shares
CY2023Q1 migi Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisable
5.5 shares
CY2023Q1 us-gaap Restricted Stock Expense
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29995 usd
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29995 usd
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150000 usd
CY2023Q1 migi Restricted Term
RestrictedTerm
P1Y3M14D
CY2022Q3 us-gaap Excess Stock Shares Issued
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104178 shares
CY2023Q1 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Provisions
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60000.00 usd
CY2023Q1 us-gaap Shares Issued
SharesIssued
18807 shares
CY2023Q1 migi Stock Split Description
StockSplitDescription
Pursuant to that certain Certificate of Amendment to the Certificate of Incorporation of the Company dated February 6, 2023 Mawson executed at a ratio of 1-6 reverse stock split of its outstanding common stock and reduced its authorized common stock to 90,000,000 shares, as set forth in the Company’s Current Report on Form 8-K filed February 9, 2023.
CY2023Q1 us-gaap Conversion Of Stock Shares Converted1
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100000 shares
CY2023Q1 us-gaap Fair Value Of Assets Acquired
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250000 usd
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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0.04 pure
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240000 usd
CY2023Q1 us-gaap Cost Maintenance
CostMaintenance
154559 usd
CY2022Q1 us-gaap Cost Maintenance
CostMaintenance
43873 usd
CY2022Q3 us-gaap Proceeds From Issuance Of Common Stock
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CY2022Q3 us-gaap Payments For Repurchase Of Common Stock
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1666667 usd
CY2022Q3 migi Excercise Price
ExcercisePrice
6.06
CY2023Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
9000000 usd
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100000000 usd
CY2022Q4 migi Cryptocurrencies
Cryptocurrencies
usd
CY2022Q1 migi Loss On Reclassification To Assets Held For Sale
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CY2022Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
CY2022Q1 migi Gain Loss Foreign Exchange
GainLossForeignExchange
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CY2022Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
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CY2022Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
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CY2022Q1 migi Loss On Write Off Of Property And Equipment
LossOnWriteOffOfPropertyAndEquipment
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2022Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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CY2023Q1 migi Payment Of Property And Equipment Deposits
PaymentOfPropertyAndEquipmentDeposits
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CY2023Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
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CY2022Q1 migi Recognition Of Right Of Use Operating Asset And Lease Liability
RecognitionOfRightOfUseOperatingAssetAndLeaseLiability
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CY2022Q1 us-gaap Stock Issued1
StockIssued1
usd
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11854946 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13953308 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.96
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2023Q1 migi Share Based Compensation Arrangements By Share Based Payment Award Options Exercisable In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisableInPeriodWeightedAverageExercisePrice
CY2022Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
usd
CY2022Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
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CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001218683

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