2022 Q3 Form 10-Q Financial Statement

#000141057822002513 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $4.938M $5.557M $6.219M
YoY Change 2.89% 57.34%
Cost Of Revenue $3.625M $8.698M $4.547M
YoY Change 8.44% 219.74%
Gross Profit $1.313M $3.077M $1.672M
YoY Change -9.85% 279.39%
Gross Profit Margin 26.58% 55.38% 26.89%
Selling, General & Admin $3.772M $4.537M $4.461M
YoY Change -1.23% 42.56% 297.28%
% of Gross Profit 287.33% 147.44% 266.82%
Research & Development $781.8K $1.309M $593.1K
YoY Change 37.43% 358.77% 124.65%
% of Gross Profit 59.55% 42.55% 35.47%
Depreciation & Amortization $82.07K $72.09K $825.4K
YoY Change 40.18% 24.49% 4446.65%
% of Gross Profit 6.25% 2.34% 49.37%
Operating Expenses $4.553M $5.846M $5.054M
YoY Change 3.78% 68.59% 264.42%
Operating Profit -$5.814M -$6.664M -$5.539M
YoY Change 22.78% 67.81% 294.17%
Interest Expense $2.908K $562.00 $3.945K
YoY Change -97.32% -99.39% -97.85%
% of Operating Profit
Other Income/Expense, Net $56.27K -$9.706K $49.00K
YoY Change 3.0% -120.34% 631.52%
Pretax Income -$5.780M -$6.665M -$5.490M
YoY Change 20.6% 65.71% 244.91%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.780M -$6.665M -$5.490M
YoY Change 20.6% 72.13% 244.91%
Net Earnings / Revenue -117.05% -119.95% -88.28%
Basic Earnings Per Share -$0.28 -$0.34 -$0.28
Diluted Earnings Per Share -$0.28 -$0.34 -$0.28
COMMON SHARES
Basic Shares Outstanding 20.68M 19.85M 19.63M
Diluted Shares Outstanding 20.35M 19.85M 19.63M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.748M $9.085M $14.11M
YoY Change 298.66% 288.37%
Cash & Equivalents $4.748M $9.085M $14.11M
Short-Term Investments
Other Short-Term Assets $5.333M $6.610M $8.571M
YoY Change -37.88% 7.56%
Inventory
Prepaid Expenses
Receivables $191.2K $26.48K $110.4K
Other Receivables $56.83K $27.29K $89.97K
Total Short-Term Assets $10.35M $15.75M $22.88M
YoY Change 1.77% 82.66%
LONG-TERM ASSETS
Property, Plant & Equipment $737.4K $761.6K $922.5K
YoY Change 2.34% -68.77%
Goodwill $2.383M $2.383M $2.383M
YoY Change 42.16%
Intangibles $4.930M $5.122M $5.288M
YoY Change -24.2%
Long-Term Investments
YoY Change
Other Assets $80.61K $80.61K $80.61K
YoY Change 54.19% 54.19%
Total Long-Term Assets $15.07M $15.85M $16.75M
YoY Change -11.97% -10.93%
TOTAL ASSETS
Total Short-Term Assets $10.35M $15.75M $22.88M
Total Long-Term Assets $15.07M $15.85M $16.75M
Total Assets $25.41M $31.60M $39.63M
YoY Change -6.85% 19.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $692.9K $490.1K $1.065M
YoY Change -73.86% -5.29%
Accrued Expenses $2.339M $2.321M $2.174M
YoY Change 20.99% -69.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.650M $9.535M $11.97M
YoY Change -41.27% 5.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $45.00K $45.00K $45.00K
YoY Change 0.0% -96.42%
Total Long-Term Liabilities $45.00K $45.00K $45.00K
YoY Change 0.0% -99.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.650M $9.535M $11.97M
Total Long-Term Liabilities $45.00K $45.00K $45.00K
Total Liabilities $11.42M $12.53M $15.17M
YoY Change -49.6% -27.44%
SHAREHOLDERS EQUITY
Retained Earnings -$39.46M -$33.68M -$27.02M
YoY Change 149.79%
Common Stock $2.094K $2.068K $2.030K
YoY Change 87.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.99M $19.07M $24.47M
YoY Change
Total Liabilities & Shareholders Equity $25.41M $31.60M $39.63M
YoY Change -6.85% 19.62%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.780M -$6.665M -$5.490M
YoY Change 20.6% 72.13% 244.91%
Depreciation, Depletion And Amortization $82.07K $72.09K $825.4K
YoY Change 40.18% 24.49% 4446.65%
Cash From Operating Activities -$5.217M -$6.795M -$3.328M
YoY Change 701.74% 39.36% 337.69%
INVESTING ACTIVITIES
Capital Expenditures -$260.0K -$125.6K $101.1K
YoY Change -7.05% -87.42% 980.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$260.0K -$125.6K -$494.4K
YoY Change -7.05% -101.21% -2.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -5.217M -6.795M -3.328M
Cash From Investing Activities -260.0K -125.6K -494.4K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -5.477M -6.921M -3.822M
YoY Change -589.15% -214.14% 327.53%
FREE CASH FLOW
Cash From Operating Activities -$5.217M -$6.795M -$3.328M
Capital Expenditures -$260.0K -$125.6K $101.1K
Free Cash Flow -$4.957M -$6.669M -$3.429M
YoY Change 1236.37% 72.0% 345.5%

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us-gaap Increase Decrease In Accrued Liabilities
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mrai Increase Decrease In Accrued Fiduciary Obligations
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 mrai Number Of Healthcare Subsidiaries
NumberOfHealthcareSubsidiaries
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WorkingCapital
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CY2022Q2 us-gaap Long Term Debt
LongTermDebt
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, valuation of share-based compensation,valuation of the Company’s common stock prior to the IPO, accounting for warrants, allowance for doubtful accounts, useful lives of internally developed software,fair values of net assets acquired, goodwill, intangible assets and property and equipment, whether an arrangement is or contains a lease, the incremental borrowing rate used for operating leases, income tax accruals, the valuation allowance for deferred income taxes, and contingent liabilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.</p>
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
402496
us-gaap Number Of Reportable Segments
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1
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us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0
us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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mrai Accounts Receivable Payments Term
AccountsReceivablePaymentsTerm
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2558649
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
7746953
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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BusinessAcquisitionsProFormaNetIncomeLoss
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mrai Business Acquisitions Incremental Amortization Expense Related To Intangible And Tangible Assets Acquired
BusinessAcquisitionsIncrementalAmortizationExpenseRelatedToIntangibleAndTangibleAssetsAcquired
303556
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Depreciation
Depreciation
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Depreciation
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Depreciation
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Depreciation
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us-gaap Property Plant And Equipment Disposals
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us-gaap Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1
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CY2022Q2 us-gaap Capitalized Computer Software Gross
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CY2022Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
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CY2021Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
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CY2022Q2 mrai Capitalized Computer Software Net Of Accumulated Amortization And In Process
CapitalizedComputerSoftwareNetOfAccumulatedAmortizationAndInProcess
5207669
CY2021Q4 mrai Capitalized Computer Software Net Of Accumulated Amortization And In Process
CapitalizedComputerSoftwareNetOfAccumulatedAmortizationAndInProcess
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CY2022Q2 mrai Capitalized Computer Software In Process
CapitalizedComputerSoftwareInProcess
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CY2021Q4 mrai Capitalized Computer Software In Process
CapitalizedComputerSoftwareInProcess
330010
CY2022Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
5777050
CY2021Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
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us-gaap Capitalized Computer Software Amortization1
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us-gaap Capitalized Computer Software Amortization1
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CY2022Q2 us-gaap Capitalized Computer Software Amortization1
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CY2021Q2 us-gaap Capitalized Computer Software Amortization1
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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218350
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2021Q2 us-gaap Amortization Of Intangible Assets
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CY2022Q2 us-gaap Shares Issued Price Per Share
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CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2022Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
0
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
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CY2022Q2 us-gaap Due To Related Parties Current
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3201
CY2021Q4 us-gaap Due To Related Parties Current
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3637
CY2022Q2 us-gaap Workers Compensation Liability Current
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CY2021Q4 us-gaap Workers Compensation Liability Current
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CY2022Q2 us-gaap Accrued Bonuses Current
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CY2021Q4 us-gaap Accrued Bonuses Current
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743038
CY2022Q2 mrai Performance Guarantee Liabilities Current
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326121
CY2021Q4 mrai Performance Guarantee Liabilities Current
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418988
CY2022Q2 us-gaap Other Accrued Liabilities Current
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CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
465723
CY2022Q2 us-gaap Accrued Liabilities Current
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2320550
CY2021Q4 us-gaap Accrued Liabilities Current
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2525037
CY2021Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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CY2021Q4 us-gaap Proceeds From Issuance Of Common Stock
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CY2021Q4 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
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us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
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CY2022Q2 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0267
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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