$NCNCF
noco-noco Inc.

2023 Q2 Form 20-F Financial Statement

#000095017023063695 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.84M $16.84M $950.0K
YoY Change 1672.63% 1670.41% 31.94%
% of Gross Profit
Research & Development $0.00 $0.00 $140.0K
YoY Change -100.0% -100.0%
% of Gross Profit
Depreciation & Amortization -$2.220K $4.855K $0.00
YoY Change 40.85%
% of Gross Profit
Operating Expenses $16.84M $16.84M $1.090M
YoY Change 1444.95% 1446.95% 51.39%
Operating Profit -$16.84M
YoY Change 1446.95%
Interest Expense $10.00K $10.00K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $40.00K $49.08K $10.00K
YoY Change 300.0% 314.98% -80.0%
Pretax Income -$16.79M -$16.79M -$1.080M
YoY Change 1454.63% 1459.38% 61.19%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$16.79M -$16.79M -$1.080M
YoY Change 1454.63% 1459.38% 61.19%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$0.14 -$0.14 -$0.01
COMMON SHARES
Basic Shares Outstanding 135.4M 124.0M
Diluted Shares Outstanding 124.0M

Balance Sheet

Concept 2023 Q2 2023 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00K $20.00K $80.00K
YoY Change -75.0% -75.0% 166.67%
Cash & Equivalents $17.79K $20.00K $81.63K
Short-Term Investments
Other Short-Term Assets $430.0K $430.0K $90.00K
YoY Change 377.78% 377.78% 28.57%
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $455.9K $460.0K $183.9K
YoY Change 147.94% 155.56% -34.33%
LONG-TERM ASSETS
Property, Plant & Equipment $14.99K $240.0K $10.61K
YoY Change 41.33% 300.0% 3.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $235.3K $230.0K $55.53K
YoY Change 323.63% 283.33% -75.86%
TOTAL ASSETS
Total Short-Term Assets $455.9K $460.0K $183.9K
Total Long-Term Assets $235.3K $230.0K $55.53K
Total Assets $691.2K $690.0K $239.4K
YoY Change 188.69% 187.5% -53.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $970.0K
YoY Change -36.6%
Accrued Expenses $760.0K $760.0K $50.00K
YoY Change 1420.0% 1420.0% -72.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $760.4K $760.0K $49.61K
YoY Change 1432.68% -25.49% -97.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.610M $3.610M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $3.610M $3.610M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $760.4K $760.0K $49.61K
Total Long-Term Liabilities $3.610M $3.610M $0.00
Total Liabilities $4.369M $4.370M $1.024M
YoY Change 326.6% 328.43% -41.47%
SHAREHOLDERS EQUITY
Retained Earnings -$19.14M -$2.352M
YoY Change 714.01%
Common Stock $15.92M $1.558M
YoY Change 921.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.678M -$3.680M -$784.8K
YoY Change
Total Liabilities & Shareholders Equity $691.2K $690.0K $239.4K
YoY Change 188.69% 187.5% -53.05%

Cashflow Statement

Concept 2023 Q2 2023 2022 Q2
OPERATING ACTIVITIES
Net Income -$16.79M -$16.79M -$1.080M
YoY Change 1454.63% 1459.38% 61.19%
Depreciation, Depletion And Amortization -$2.220K $4.855K $0.00
YoY Change 40.85%
Cash From Operating Activities -$1.638M -$2.983M -$810.0K
YoY Change 102.28% 270.45% 12.5%
INVESTING ACTIVITIES
Capital Expenditures $4.260K $5.735K $0.00
YoY Change 47.51%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.260K -$5.735K $0.00
YoY Change 47.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.893M 3.389M 870.0K
YoY Change 117.63% 288.12% 26.09%
NET CHANGE
Cash From Operating Activities -1.638M -2.983M -810.0K
Cash From Investing Activities -4.260K -5.735K 0.000
Cash From Financing Activities 1.893M 3.389M 870.0K
Net Change In Cash 250.6K 400.1K 60.00K
YoY Change 317.68% 525.11% -300.0%
FREE CASH FLOW
Cash From Operating Activities -$1.638M -$2.983M -$810.0K
Capital Expenditures $4.260K $5.735K $0.00
Free Cash Flow -$1.643M -$2.989M -$810.0K
YoY Change 102.81% 269.38% 12.5%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the financial statements in conformity with US GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations.</span></p>
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CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2023 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Comparative Information</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Certain items in prior years consolidated financial statements have been reclassified to conform to the current period’s presentation to facilitate comparison..</span></p>
CY2023Q2 us-gaap Deposits
Deposits
45369
CY2022Q2 us-gaap Deposits
Deposits
44971
CY2023Q2 ncnc Upfront Payments
UpfrontPayments
47161
CY2022Q2 ncnc Upfront Payments
UpfrontPayments
51840
CY2023Q2 us-gaap Other Receivables
OtherReceivables
12030
CY2022Q2 us-gaap Other Receivables
OtherReceivables
5452
CY2023Q2 ncnc Deposit Upfront Payments And Other Receivables
DepositUpfrontPaymentsAndOtherReceivables
104560
CY2022Q2 ncnc Deposit Upfront Payments And Other Receivables
DepositUpfrontPaymentsAndOtherReceivables
102263
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15453
CY2022 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3888
CY2022 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
-210
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19131
CY2023 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8888
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
703
CY2023 us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
948
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28264
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5209
CY2022 us-gaap Depreciation
Depreciation
3447
CY2022 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Period Increase Decrease
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease
-132
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8524
CY2023 us-gaap Depreciation
Depreciation
4855
CY2023 us-gaap Accumulated Depreciation Depletion And Amortization Sale Of Property Plant And Equipment1
AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1
442
CY2023 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Period Increase Decrease
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease
336
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13273
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10244
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10607
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14991
CY2023 us-gaap Depreciation
Depreciation
4855
CY2022 us-gaap Depreciation
Depreciation
3447
CY2023 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8888
CY2023 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
12399
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
703
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
952
CY2022 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
3888
CY2022 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
5345
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Leases with an initial term of 12 months or less are not recorded on the balance sheet.
CY2023 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The lease has varying terms, escalation clauses and run for a period of three years with an option to renew the lease after that term.
CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2023 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2023Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0525
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
220261
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
44925
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
173045
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
36385
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
36700
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
209745
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
36385
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
173045
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
36700
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
209745
CY2023 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
140820
CY2022 us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
213901
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5071886
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
126799854
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
121432144
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-16791770
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1076823
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.17
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.17
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2854601
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
183060
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-2236523
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
11680
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-618078
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-194740
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1015370
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
391242
CY2023Q2 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
4805
CY2022Q2 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
3253
CY2023Q2 us-gaap Deferred Tax Assets Deferred Gain On Sale Leaseback Transaction
DeferredTaxAssetsDeferredGainOnSaleLeasebackTransaction
35657
CY2022Q2 us-gaap Deferred Tax Assets Deferred Gain On Sale Leaseback Transaction
DeferredTaxAssetsDeferredGainOnSaleLeasebackTransaction
6185
CY2023Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
22470
CY2022Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
22471
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1040858
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
415300
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
37444
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
7851
CY2023Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
37444
CY2022Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
7851
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
5972000
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2351000
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
415300
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
220560
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
625558
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
194740
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1040858
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
415300

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