2024 Q4 Form 10-Q Financial Statement

#000095017024125387 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $4.282M $4.438M
YoY Change -3.52% -10.83%
Cost Of Revenue $1.703M $3.087M
YoY Change -44.83% -2.96%
Gross Profit $2.579M $1.351M
YoY Change 90.9% -24.78%
Gross Profit Margin 60.23% 30.44%
Selling, General & Admin $2.951M $3.601M
YoY Change -18.05% -21.43%
% of Gross Profit 114.42% 266.54%
Research & Development $1.760M $2.860M
YoY Change -38.46% -5.74%
% of Gross Profit 68.24% 211.7%
Depreciation & Amortization $1.000K $440.0K
YoY Change -99.77% -7.56%
% of Gross Profit 0.04% 32.57%
Operating Expenses $4.711M $6.461M
YoY Change -27.09% -15.18%
Operating Profit -$2.132M -$5.110M
YoY Change -58.28% -12.21%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$176.0K $158.0K
YoY Change -211.39% -16.84%
Pretax Income -$2.308M -$4.952M
YoY Change -53.39% -12.06%
Income Tax $18.00K $2.000K
% Of Pretax Income
Net Earnings -$2.326M -$4.954M
YoY Change -53.05% -13.63%
Net Earnings / Revenue -54.32% -111.63%
Basic Earnings Per Share -$0.74 -$0.28
Diluted Earnings Per Share -$0.74 -$0.28
COMMON SHARES
Basic Shares Outstanding 3.143M 3.129M 17.79M
Diluted Shares Outstanding 3.135M 17.91M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.588M $13.60M
YoY Change -58.91% -56.79%
Cash & Equivalents $5.588M $13.60M
Short-Term Investments
Other Short-Term Assets $1.479M $1.400M
YoY Change 5.64% -38.24%
Inventory
Prepaid Expenses
Receivables $3.661M $4.026M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.73M $19.06M
YoY Change -43.71% -49.82%
LONG-TERM ASSETS
Property, Plant & Equipment $934.0K $3.514M
YoY Change -73.42% 9.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $518.0K $486.0K
YoY Change 6.58% -16.64%
Total Long-Term Assets $1.452M $6.278M
YoY Change -76.87% -21.8%
TOTAL ASSETS
Total Short-Term Assets $10.73M $19.06M
Total Long-Term Assets $1.452M $6.278M
Total Assets $12.18M $25.34M
YoY Change -51.93% -44.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $579.0K $1.035M
YoY Change -44.06% 45.77%
Accrued Expenses $2.908M $414.0K
YoY Change 602.42% -56.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.487M $5.049M
YoY Change -30.94% -26.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.015M $989.0K
YoY Change 2.63% 4.44%
Total Long-Term Liabilities $1.015M $989.0K
YoY Change 2.63% 4.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.487M $5.049M
Total Long-Term Liabilities $1.015M $989.0K
Total Liabilities $4.502M $6.820M
YoY Change -33.99% -34.87%
SHAREHOLDERS EQUITY
Retained Earnings -$351.0M -$339.0M
YoY Change 3.55% 6.86%
Common Stock $359.7M $358.5M
YoY Change 0.35% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.678M $18.52M
YoY Change
Total Liabilities & Shareholders Equity $12.18M $25.34M
YoY Change -51.93% -44.93%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.326M -$4.954M
YoY Change -53.05% -13.63%
Depreciation, Depletion And Amortization $1.000K $440.0K
YoY Change -99.77% -7.56%
Cash From Operating Activities -$2.341M -$4.890M
YoY Change -52.13% -2.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $350.0K
YoY Change -100.0% -177.26%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$350.0K
YoY Change -100.0% -22.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.00K -110.0K
YoY Change -82.73% -60.85%
NET CHANGE
Cash From Operating Activities -2.341M -4.890M
Cash From Investing Activities 0.000 -350.0K
Cash From Financing Activities -19.00K -110.0K
Net Change In Cash -2.360M -5.350M
YoY Change -55.89% -6.63%
FREE CASH FLOW
Cash From Operating Activities -$2.341M -$4.890M
Capital Expenditures $0.00 $350.0K
Free Cash Flow -$2.341M -$5.240M
YoY Change -55.32% 15.34%

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mrin Reverse Stock Split And Reduction In Authorized Shares Policytext Block
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reverse Stock Split and Reduction in Authorized Shares</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On April 12, 2024, the Company effected a reverse stock split of its outstanding common stock and a reduction in the Company's authorized shares of common stock. As a result of the reverse stock split, each six outstanding shares of the Company’s common stock were combined into one outstanding share of common stock, without any change in par value. The common stock began trading on the Nasdaq Capital Market on a split-adjusted basis on April 15, 2024. No fractional shares were issued in connection with the reverse stock split as the Company paid the fair value of such fractional shares in cash. As a result of the reduction in the Company's authorized shares of common stock, the Company's authorized shares went from </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">142,857</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">47,619</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">All share and per share amounts of the Company’s common stock, as well as stock options and restricted stock units (“RSUs”), included in the accompanying condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented, unless indicated otherwise. In addition, as a result of the reverse stock split, the Company reclassified an amount equal to the reduction in the par value of common stock to additional paid-in capital on its condensed consolidated balance sheets.</span></p>
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us-gaap Restructuring And Related Activities Description
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The 2023 Restructuring Plan resulted in the reduction of the Company's global employees by 64 full-time employees during the second half of 2023, reducing its total headcount by approximately 37%. The 2023 Restructuring Plan was substantially complete in 2023
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us-gaap Depreciation Depletion And Amortization
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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