2024 Q1 Form 10-Q Financial Statement

#000182387824000017 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $77.83M $77.11M
YoY Change -2.86% -2.85%
Cost Of Revenue $18.95M $19.52M
YoY Change -2.95% -10.21%
Gross Profit $58.88M $57.59M
YoY Change -2.84% -0.08%
Gross Profit Margin 75.65% 74.68%
Selling, General & Admin $30.36M $30.46M
YoY Change 1.29% -7.68%
% of Gross Profit 51.56% 52.89%
Research & Development $18.02M $16.80M
YoY Change 1.5% 0.24%
% of Gross Profit 30.61% 29.16%
Depreciation & Amortization $1.100M $11.57M
YoY Change -26.67% 12.39%
% of Gross Profit 1.87% 20.1%
Operating Expenses $48.38M $58.83M
YoY Change 1.37% -2.03%
Operating Profit -$1.703M -$1.241M
YoY Change -22.84% -48.51%
Interest Expense $1.420M $1.337M
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.250M $822.0K
YoY Change -1313.59% -73.57%
Pretax Income -$453.0K -$554.0K
YoY Change -80.39% -59.02%
Income Tax $100.0K $19.31M
% Of Pretax Income
Net Earnings -$567.0K -$19.86M
YoY Change -77.94% 1066.41%
Net Earnings / Revenue -0.73% -25.76%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 -$0.15
COMMON SHARES
Basic Shares Outstanding 135.6M shares
Diluted Shares Outstanding 135.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.0M $132.9M
YoY Change -0.4% -0.83%
Cash & Equivalents $127.0M $132.9M
Short-Term Investments
Other Short-Term Assets $1.281M $8.103M
YoY Change -80.68% -4.03%
Inventory
Prepaid Expenses
Receivables $31.55M $29.95M
Other Receivables $563.0K $690.0K
Total Short-Term Assets $169.7M $174.9M
YoY Change -1.98% -0.62%
LONG-TERM ASSETS
Property, Plant & Equipment $17.91M $26.92M
YoY Change 3.23% 53.54%
Goodwill $47.13M $47.13M
YoY Change 0.0% 0.0%
Intangibles $108.4M $110.9M
YoY Change 37.51% 169.82%
Long-Term Investments
YoY Change
Other Assets $3.224M $6.454M
YoY Change -30.79% 40.21%
Total Long-Term Assets $187.8M $191.4M
YoY Change 5.19% 8.75%
TOTAL ASSETS
Total Short-Term Assets $169.7M $174.9M
Total Long-Term Assets $187.8M $191.4M
Total Assets $357.5M $366.3M
YoY Change 1.66% 4.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.817M $1.907M
YoY Change 11.87% -56.9%
Accrued Expenses $29.03M $41.74M
YoY Change 26.54% 94.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.46M $46.03M
YoY Change 5.22% 34.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.061M $30.75M
YoY Change -52.63% 1189.18%
Total Long-Term Liabilities $31.59M $30.75M
YoY Change 120.72% 97.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.46M $46.03M
Total Long-Term Liabilities $31.59M $30.75M
Total Liabilities $69.05M $77.97M
YoY Change 38.34% 56.89%
SHAREHOLDERS EQUITY
Retained Earnings -$3.204M -$2.637M
YoY Change -122.59% -115.74%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $288.4M $288.4M
YoY Change
Total Liabilities & Shareholders Equity $357.5M $366.3M
YoY Change 1.66% 4.07%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$567.0K -$19.86M
YoY Change -77.94% 1066.41%
Depreciation, Depletion And Amortization $1.100M $11.57M
YoY Change -26.67% 12.39%
Cash From Operating Activities $4.998M $15.33M
YoY Change 10.99% 611.94%
INVESTING ACTIVITIES
Capital Expenditures $1.443M $10.84M
YoY Change -21.96% 56.4%
Acquisitions
YoY Change
Other Investing Activities -$26.00K $389.0K
YoY Change -84.52% -100.56%
Cash From Investing Activities -$6.522M -$10.45M
YoY Change -14.39% -86.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.836M $203.0K
YoY Change -47.54%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$4.263M -2.417M
YoY Change 22.15% -38.39%
NET CHANGE
Cash From Operating Activities $4.998M 15.33M
Cash From Investing Activities -$6.522M -10.45M
Cash From Financing Activities -$4.263M -2.417M
Net Change In Cash -$5.909M 2.460M
YoY Change -9.32% -103.15%
FREE CASH FLOW
Cash From Operating Activities $4.998M $15.33M
Capital Expenditures $1.443M $10.84M
Free Cash Flow $3.555M $4.488M
YoY Change 33.95% -193.93%

Facts In Submission

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<div style="margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:8pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and notes thereto. Significant estimates and assumptions reflected in the Company’s condensed consolidated financial statements include the estimated consumption rate of virtual goods that is used in the determination of revenue recognition, useful lives of property and equipment and definite-lived intangible assets, the expensing and capitalization of research and development costs for internal-use software, assumptions used in accounting for income taxes, stock-based compensation and the evaluation of goodwill and long-lived assets for impairment. The Company believes the accounting estimates are appropriate and reasonably determined. Due to the inherent uncertainties in making these estimates, actual amounts could differ materially.</span></div>
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