2024 Q2 Form 10-Q Financial Statement

#000143774924016668 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $65.24K $33.34K $0.00
YoY Change -78.82%
Cost Of Revenue $36.01K $13.44K $0.00
YoY Change -85.52%
Gross Profit $29.23K $19.90K $0.00
YoY Change -50.74%
Gross Profit Margin 44.8% 59.68%
Selling, General & Admin $44.37M $38.53M $43.60M
YoY Change 52.03% -11.61% 50.5%
% of Gross Profit 151807.23% 193689.62%
Research & Development $14.29M $24.02M $20.48M
YoY Change -35.29% 17.31% 1630.47%
% of Gross Profit 48902.54% 120751.58%
Depreciation & Amortization $2.584M $8.656M $2.948M
YoY Change 53.76% 193.67% 3531.78%
% of Gross Profit 8841.68% 43509.48%
Operating Expenses $14.29M $24.02M $67.89M
YoY Change -73.47% -64.61% 122.94%
Operating Profit -$61.77M -$177.4M -$67.89M
YoY Change 14.8% 161.25% 122.94%
Interest Expense -$29.89M $259.7K -$50.33M
YoY Change -88.42% -100.52% 2273.36%
% of Operating Profit
Other Income/Expense, Net -$29.86M $893.7K $482.4K
YoY Change -3712.93% 85.26% -100.16%
Pretax Income -$91.63M -$173.5M -$117.4M
YoY Change -70.53% 47.82% 260.39%
Income Tax $1.200K -$2.165M -$482.9K
% Of Pretax Income
Net Earnings -$87.36M -$132.4M -$114.9M
YoY Change -71.71% 15.25% 252.78%
Net Earnings / Revenue -133917.1% -397276.02%
Basic Earnings Per Share -$7.91 -$19.39 -$1.30
Diluted Earnings Per Share -$7.91 -$19.39 -$1.30
COMMON SHARES
Basic Shares Outstanding 11.41M 5.885M 1.697B
Diluted Shares Outstanding 12.13M 82.41M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.549M $22.38M $60.34M
YoY Change -98.34% -62.91% -7.39%
Cash & Equivalents $3.549M $22.38M $60.34M
Short-Term Investments
Other Short-Term Assets $26.17M $33.54M $31.64M
YoY Change -8.4% 6.02% 61274.26%
Inventory $37.83M $32.96M $6.958M
Prepaid Expenses $3.333M $6.384M
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $67.56M $88.88M $98.94M
YoY Change -73.51% -10.16% 18.05%
LONG-TERM ASSETS
Property, Plant & Equipment $83.25M $82.80M $89.64M
YoY Change -9.26% -7.63% 586.7%
Goodwill $0.00 $0.00 $92.83M
YoY Change -100.0% -100.0%
Intangibles $27.94M $28.81M $112.7M
YoY Change -75.04% -74.44% 4810.44%
Long-Term Investments
YoY Change
Other Assets $1.789M $2.003M $1.167M
YoY Change 77.05% 71.61% -70.67%
Total Long-Term Assets $124.8M $125.2M $303.8M
YoY Change -59.08% -58.78% 1319.96%
TOTAL ASSETS
Total Short-Term Assets $67.56M $88.88M $98.94M
Total Long-Term Assets $124.8M $125.2M $303.8M
Total Assets $192.3M $214.1M $402.7M
YoY Change -65.65% -46.83% 282.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.25M $22.70M $14.83M
YoY Change 135.64% 53.08% 255.28%
Accrued Expenses $43.38M $43.19M $6.212M
YoY Change 417.31% 595.33% -71.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.732M $2.718M $7.589M
YoY Change -62.6% -64.19% -54.99%
Total Short-Term Liabilities $126.6M $83.54M $121.5M
YoY Change -33.39% -31.21% 180.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $12.78M $13.16M $4.164M
YoY Change 244.38% 216.18% -25.88%
Total Long-Term Liabilities $0.00 $0.00 $4.164M
YoY Change -100.0% -100.0% -61.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $126.6M $83.54M $121.5M
Total Long-Term Liabilities $0.00 $0.00 $4.164M
Total Liabilities $139.3M $96.71M $139.6M
YoY Change -33.06% -30.72% 150.85%
SHAREHOLDERS EQUITY
Retained Earnings -$2.143B -$2.056B -$1.381B
YoY Change 26.83% 48.87% 529.49%
Common Stock $16.06K $7.974K
YoY Change -81.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.94M $95.09M $169.1M
YoY Change
Total Liabilities & Shareholders Equity $192.3M $214.1M $402.7M
YoY Change -65.65% -46.83% 282.81%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$87.36M -$132.4M -$114.9M
YoY Change -71.71% 15.25% 252.78%
Depreciation, Depletion And Amortization $2.584M $8.656M $2.948M
YoY Change 53.76% 193.67% 3531.78%
Cash From Operating Activities -$36.71M -$48.58M -$34.34M
YoY Change -20.3% 41.47% 238.02%
INVESTING ACTIVITIES
Capital Expenditures $1.584M $5.604M $3.702M
YoY Change -84.21% 51.39% -1443.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.584M -$5.604M -$3.702M
YoY Change -84.21% 51.39% 1243.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.45M -4.946M 17.36M
YoY Change -93.67% -128.49% -77.05%
NET CHANGE
Cash From Operating Activities -36.71M -48.58M -34.34M
Cash From Investing Activities -1.584M -5.604M -3.702M
Cash From Financing Activities 12.45M -4.946M 17.36M
Net Change In Cash -25.84M -59.13M -20.68M
YoY Change -118.37% 185.91% -131.71%
FREE CASH FLOW
Cash From Operating Activities -$36.71M -$48.58M -$34.34M
Capital Expenditures $1.584M $5.604M $3.702M
Free Cash Flow -$38.29M -$54.19M -$38.04M
YoY Change -31.73% 42.44% 284.9%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i><span style="text-decoration: underline; ">Use of Estimates</span></i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The preparation of our financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of total expenses in the reporting periods. Estimates are used for, but <em style="font: inherit;">not</em> limited to, cash flow projections and discount rate for calculation of goodwill impairment, fair value and impairment of long-lived assets, including intangible assets, inventory reserves, accrued expenses, fair value of financial instruments, depreciable lives of property and equipment, income taxes, contingencies, valuation of preferred stock and warrants. Additionally, the rates of interest on several debt agreements have been imputed where there was <em style="font: inherit;">no</em> stated interest rate within the original agreement. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for carrying values of assets and liabilities and the recording of costs and expenses that are <em style="font: inherit;">not</em> readily apparent from other sources. The actual results <em style="font: inherit;"> may </em>differ materially from these estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i><span style="text-decoration: underline; ">Concentrations of Credit Risk</span></i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company maintains cash balances in several financial institutions that are insured by either the Federal Deposit Insurance Corporation or the National Credit Union Association up to certain federal limitations, generally <em style="font: inherit;">$250,000.</em> At times, our cash balance <em style="font: inherit;"> may </em>exceed these federal limitations. However, we have <em style="font: inherit;">not</em> experienced any losses in such accounts and management believes we are <em style="font: inherit;">not</em> exposed to any significant credit risk on these accounts due to high credit rating of relevant financial institutions. The amounts in excess of insured limits as of <em style="font: inherit;"> March 31, 2024</em> and <em style="font: inherit;"> September 30, 2023</em> are $29.0 million and $154.9 million, respectively.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"></p>
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
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muln Listing And Regulatory Fees
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muln Repairs And Maintenance Expense
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us-gaap Sublease Income
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us-gaap Sublease Income
SubleaseIncome
65629 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
1669759 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
767044 usd
us-gaap Lease Cost
LeaseCost
2875337 usd
us-gaap Lease Cost
LeaseCost
1356941 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1609937 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6255302 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4823283 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4765083 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4555178 usd
CY2024Q1 muln Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
7212541 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
29221324 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15440913 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13780411 usd

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