2024 Q2 Form 10-Q Financial Statement

#000149315224019910 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.979M $2.984M $720.0K
YoY Change 53.41% 314.44% 80.0%
Cost Of Revenue $995.0K $1.788M $1.147M
YoY Change 29.05% 55.88% 358.8%
Gross Profit $984.0K $1.196M -$427.0K
YoY Change 89.6% -380.09% -1223.68%
Gross Profit Margin 49.72% 40.08% -59.31%
Selling, General & Admin $1.730M $2.135M $1.723M
YoY Change -6.28% 23.91% -6.66%
% of Gross Profit 175.81% 178.51%
Research & Development $131.0K $132.0K $342.0K
YoY Change -42.29% -61.4% -16.99%
% of Gross Profit 13.31% 11.04%
Depreciation & Amortization $8.000K $8.000K $27.00K
YoY Change -88.57% -70.37% -25.0%
% of Gross Profit 0.81% 0.67%
Operating Expenses $1.861M $2.267M $2.065M
YoY Change -10.23% 9.78% -8.55%
Operating Profit -$877.0K -$1.071M -$2.492M
YoY Change -43.56% -57.02% 18.38%
Interest Expense -$87.00K $55.00K -$180.0K
YoY Change -317.5% -130.56% 125.0%
% of Operating Profit
Other Income/Expense, Net -$87.00K $55.00K -$146.0K
YoY Change -289.13% -137.67% 75.9%
Pretax Income -$964.0K -$1.016M -$2.672M
YoY Change -36.29% -61.98% 22.12%
Income Tax -$18.00K
% Of Pretax Income
Net Earnings -$964.0K -$1.016M -$2.654M
YoY Change -25.33% -61.72% 21.3%
Net Earnings / Revenue -48.71% -34.05% -368.61%
Basic Earnings Per Share -$1.28 -$1.88 -$1.68
Diluted Earnings Per Share -$1.28 -$1.88 -$1.68
COMMON SHARES
Basic Shares Outstanding 641.5K shares 5.092M shares 2.447M shares
Diluted Shares Outstanding 755.6K shares 539.0K shares 197.8K shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.201M $1.136M $2.420M
YoY Change 183.27% -53.06% -69.13%
Cash & Equivalents $3.201M $1.136M $2.415M
Short-Term Investments
Other Short-Term Assets $74.00K $75.00K $260.0K
YoY Change -38.33% -71.15% -3.7%
Inventory $1.793M $2.136M $491.0K
Prepaid Expenses
Receivables $329.0K $406.0K $1.008M
Other Receivables $807.0K $1.001M $780.0K
Total Short-Term Assets $6.204M $4.754M $4.953M
YoY Change 55.41% -4.02% -53.01%
LONG-TERM ASSETS
Property, Plant & Equipment $107.0K $113.0K $107.0K
YoY Change -17.69% 5.61% -89.19%
Goodwill $733.0K $741.0K $1.412M
YoY Change -47.75% -47.52%
Intangibles $919.0K $996.0K $1.313M
YoY Change -25.16% -24.14%
Long-Term Investments $10.00K $11.00K $100.0K
YoY Change -87.5% -89.0% 11.11%
Other Assets $7.000K $7.000K $30.00K
YoY Change -76.67% -76.67% 0.0%
Total Long-Term Assets $1.808M $1.916M $3.515M
YoY Change -45.25% -45.49% 102.01%
TOTAL ASSETS
Total Short-Term Assets $6.204M $4.754M $4.953M
Total Long-Term Assets $1.808M $1.916M $3.515M
Total Assets $8.012M $6.670M $8.468M
YoY Change 9.84% -21.23% -31.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $896.0K $1.114M $1.770M
YoY Change -41.44% -37.06% -3.8%
Accrued Expenses $17.00K $53.00K $160.0K
YoY Change -88.67% -66.88% -11.11%
Deferred Revenue
YoY Change
Short-Term Debt $423.0K $582.0K $158.0K
YoY Change 178.29% 268.35% -31.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.109M $2.699M $2.851M
YoY Change -32.12% -5.33% 26.71%
LONG-TERM LIABILITIES
Long-Term Debt $193.0K $218.0K $342.0K
YoY Change -36.93% -36.26% 144.29%
Other Long-Term Liabilities $15.00K $0.00 $300.0K
YoY Change -92.5% -100.0% -41.18%
Total Long-Term Liabilities $208.0K $218.0K $955.0K
YoY Change -72.41% -77.17% 46.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.109M $2.699M $2.851M
Total Long-Term Liabilities $208.0K $218.0K $955.0K
Total Liabilities $2.317M $2.917M $3.806M
YoY Change -39.99% -23.36% 27.72%
SHAREHOLDERS EQUITY
Retained Earnings -$61.86M -$60.90M -$56.16M
YoY Change 7.69% 8.44%
Common Stock $1.000K $1.000K $2.000K
YoY Change -50.0% -50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.695M $3.753M $4.662M
YoY Change
Total Liabilities & Shareholders Equity $8.012M $6.670M $8.468M
YoY Change 9.84% -21.23% -31.04%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$964.0K -$1.016M -$2.654M
YoY Change -25.33% -61.72% 21.3%
Depreciation, Depletion And Amortization $8.000K $8.000K $27.00K
YoY Change -88.57% -70.37% -25.0%
Cash From Operating Activities -$659.0K -$1.417M -$2.313M
YoY Change -50.45% -38.74% -10.31%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $60.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.554M $407.0K $2.634M
YoY Change -8613.33% -84.55% 37528.57%
NET CHANGE
Cash From Operating Activities -659.0K -$1.417M -$2.313M
Cash From Investing Activities 0.000 $60.00K
Cash From Financing Activities 2.554M $407.0K $2.634M
Net Change In Cash 1.895M -$1.053M $313.0K
YoY Change -239.34% -436.42% -111.06%
FREE CASH FLOW
Cash From Operating Activities -$659.0K -$1.417M -$2.313M
Capital Expenditures
Free Cash Flow -$2.313M
YoY Change -11.04%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2363000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1211000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2676000 usd
CY2024Q1 MYSZ Change In Operating Lease Rightofuse Asset And Liability
ChangeInOperatingLeaseRightofuseAssetAndLiability
181000 usd
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1051000 usd
CY2024Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
2000 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-60897000 usd
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
671000 usd
CY2024Q1 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
5000 usd
CY2023Q1 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments
-14000 usd
CY2024Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
141000 usd
CY2023Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
136000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
(i) 5,000 shares of restricted common stock of the Company, (ii) a warrant to purchase 12,500 shares of common stock at an exercise price of $4.00 per share and exercisable for a term of 36 months from the date of issuance, and (iii) a warrant to purchase 12,500 shares of common stock at an exercise price of $6.00 per share and exercisable for a term of 36 months from the date of issuance.
CY2024Q1 us-gaap Goodwill
Goodwill
741000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
1412000 usd
CY2024Q1 us-gaap Noncurrent Assets
NoncurrentAssets
1897000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
3454000 usd
CY2023Q4 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
The Notification Letter provided that the Company had 180 calendar days, or until May 1, 2024, to regain compliance with the Rule. To regain compliance, the bid price of the Company’s common stock must have had a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. On May 7, 2024, the Company received a letter from Nasdaq that, for the 10 consecutive business days from April 23, 2024 to May 6, 2024, the closing bid price of the Company’s common stock had been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001493152-24-019910-index.html Edgar Link pending
0001493152-24-019910.txt Edgar Link pending
0001493152-24-019910-xbrl.zip Edgar Link pending
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