2022 Q2 Form 10-Q Financial Statement

#000149315222022618 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $31.08K $87.63K $189.3K
YoY Change -42.87% -26.98% 11.35%
Cost Of Revenue $13.00K $41.85K $68.01K
YoY Change 14.48% 240.05%
Gross Profit $18.08K $45.78K $121.3K
YoY Change -58.0% -61.85% -19.14%
Gross Profit Margin 58.18% 52.24% 64.07%
Selling, General & Admin $1.182M $1.182M $1.517M
YoY Change -17.85% 294.03% 559.69%
% of Gross Profit 6534.89% 2582.11% 1250.95%
Research & Development $113.4K $191.6K $159.4K
YoY Change -50.0% 219.28% 99.24%
% of Gross Profit 627.01% 418.46% 131.41%
Depreciation & Amortization $11.15K $7.640K $22.20K
YoY Change 51.7% -23.6% 122.0%
% of Gross Profit 61.66% 16.69% 18.3%
Operating Expenses $1.295M $1.391M $1.693M
YoY Change -22.23% 276.07% 464.32%
Operating Profit -$1.277M -$1.346M -$1.572M
YoY Change -21.28% 438.27% 947.78%
Interest Expense $12.93K $5.900K $2.100K
YoY Change -89.31% -102.36% -103.5%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$1.264M -$1.340M -$1.570M
YoY Change -15.8% 173.42% 613.44%
Income Tax
% Of Pretax Income
Net Earnings -$1.257M -$1.340M -$1.560M
YoY Change -15.17% 171.05% 608.94%
Net Earnings / Revenue -4043.34% -1528.89% -823.91%
Basic Earnings Per Share -$0.44 -$0.47
Diluted Earnings Per Share -$439.0K -$471.7K -$555.6K
COMMON SHARES
Basic Shares Outstanding 2.863M shares 2.819M shares
Diluted Shares Outstanding 2.863M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.378M $5.644M $6.751M
YoY Change -52.95% 1425.53% 2712.89%
Cash & Equivalents $4.378M $5.644M $6.751M
Short-Term Investments
Other Short-Term Assets $506.8K $331.4K $226.3K
YoY Change -30.42% 107.15% 151.39%
Inventory $36.31K $26.57K $22.60K
Prepaid Expenses
Receivables $31.08K $201.9K $172.6K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.003M $6.204M $7.229M
YoY Change -50.49% 786.33% 1345.82%
LONG-TERM ASSETS
Property, Plant & Equipment $109.1K $279.4K $100.9K
YoY Change 107.65% 365.68% 44.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $126.3K $136.1K $137.6K
YoY Change 6.88% 13.42% 14.69%
Total Long-Term Assets $386.9K $415.5K $368.2K
YoY Change 126.56% 130.84% 93.78%
TOTAL ASSETS
Total Short-Term Assets $5.003M $6.204M $7.229M
Total Long-Term Assets $386.9K $415.5K $368.2K
Total Assets $5.390M $6.620M $7.597M
YoY Change -47.54% 652.26% 1001.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $482.6K $586.7K $539.4K
YoY Change 46.57% 144.46% 169.68%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.748K $0.00 $8.390K
YoY Change
Long-Term Debt Due $3.750K $6.200K $8.390K
YoY Change -52.71% -93.8% -86.02%
Total Short-Term Liabilities $775.8K $988.7K $931.3K
YoY Change -35.33% 9.85% 17.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $225.3K $266.8K $253.4K
YoY Change 47.26% 77.87% 58.35%
Total Long-Term Liabilities $225.3K $266.8K $0.00
YoY Change 43.51% -68.61% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $775.8K $988.7K $931.3K
Total Long-Term Liabilities $225.3K $266.8K $0.00
Total Liabilities $1.001M $1.176M $1.185M
YoY Change -23.46% -32.05% 5.77%
SHAREHOLDERS EQUITY
Retained Earnings -$19.68M -$17.10M
YoY Change
Common Stock $289.00 $281.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.476M $5.444M $6.483M
YoY Change
Total Liabilities & Shareholders Equity $5.390M $6.620M $7.597M
YoY Change -47.54% 652.26% 1001.05%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.257M -$1.340M -$1.560M
YoY Change -15.17% 171.05% 608.94%
Depreciation, Depletion And Amortization $11.15K $7.640K $22.20K
YoY Change 51.7% -23.6% 122.0%
Cash From Operating Activities -$1.268M -$1.087M -$928.6K
YoY Change -22.29% 1259.33% 415.91%
INVESTING ACTIVITIES
Capital Expenditures -$9.110K -$17.86K -$52.39K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.770K $1.520K -$6.640K
YoY Change 123.06% -166.4%
Cash From Investing Activities $660.00 -$16.34K -$59.03K
YoY Change -84.93% -690.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.019K
YoY Change
Cash From Financing Activities -1.950K -2.020K -20.74K
YoY Change -100.02% -101.01% -120.74%
NET CHANGE
Cash From Operating Activities -1.268M -1.087M -928.6K
Cash From Investing Activities 660.0 -16.34K -59.03K
Cash From Financing Activities -1.950K -2.020K -20.74K
Net Change In Cash -1.269M -1.106M -1.008M
YoY Change -114.2% -1021.52% 1340.59%
FREE CASH FLOW
Cash From Operating Activities -$1.268M -$1.087M -$928.6K
Capital Expenditures -$9.110K -$17.86K -$52.39K
Free Cash Flow -$1.258M -$1.070M -$876.3K
YoY Change -22.85% 1237.0% 386.81%

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3852 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
18792 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9609 usd
SVFD Decrease In Liability For Employee Rights Upon Retirement
DecreaseInLiabilityForEmployeeRightsUponRetirement
15935 usd
SVFD Decrease In Liability For Employee Rights Upon Retirement
DecreaseInLiabilityForEmployeeRightsUponRetirement
4863 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1502138 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10497862 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
491042 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
126601 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3965 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10768010 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-4239 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8144 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2378892 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9062900 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6807612 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
242900 usd
us-gaap Share Based Compensation
ShareBasedCompensation
16999 usd
us-gaap Share Based Compensation
ShareBasedCompensation
146057 usd
SVFD Expenses On Convertible Loans
ExpensesOnConvertibleLoans
115972 usd
SVFD Interest Expenses On Loans
InterestExpensesOnLoans
-677 usd
SVFD Increase Decrease In Exchange Rate Differences On Operating Leases
IncreaseDecreaseInExchangeRateDifferencesOnOperatingLeases
-15474 usd
SVFD Increase Decrease In Exchange Rate Differences On Operating Leases
IncreaseDecreaseInExchangeRateDifferencesOnOperatingLeases
202 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-141550 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-93538 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13702 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1120 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
208693 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
680679 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-52556 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
117786 usd
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
-112579 usd
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
352548 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2355007 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1717629 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26968 usd
SVFD Proceeds From Repayment For Increase In Funds In Respect Of Employee Rights Upon Retirement
ProceedsFromRepaymentForIncreaseInFundsInRespectOfEmployeeRightsUponRetirement
-11287 usd
SVFD Proceeds From Repayment For Increase In Funds In Respect Of Employee Rights Upon Retirement
ProceedsFromRepaymentForIncreaseInFundsInRespectOfEmployeeRightsUponRetirement
-4375 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15681 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4375 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
274000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3965 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4428720 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9305800 usd
us-gaap Stock Issued1
StockIssued1
71810 usd
SVFD Initial Recognition Of Operating Lease Rightofuse Assets
InitialRecognitionOfOperatingLeaseRightofuseAssets
56671 usd
SVFD Initial Recognition Of Operating Lease Liability
InitialRecognitionOfOperatingLeaseLiability
56671 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
648410 usd
SVFD Deferred Issuance Expenses
DeferredIssuanceExpenses
40000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_zgfalhA7cz6e" style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE</span> 1 - <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82D_zxHYlh5OVSXh">GENERAL</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save Foods, Inc. (the “Company”) was incorporated on April 1, 2009, under the laws of the State of Delaware. On April 27, 2009, the Company acquired from its stockholders <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20090427__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--IssuedAndOutstandingSharesMember_z8lPCf6jYmNk" title="Ownership percentage">98.48</span>% of the issued and outstanding shares of Save Foods Ltd., including preferred and Common Stock. Save Foods Ltd. was incorporated in 2004 and commenced its operations in 2005. Save Foods Ltd. develops, produces, and focuses on delivering innovative solutions for the food industry aimed at improving food safety and shelf life of fresh produce. The Company and Save Foods Ltd. (collectively, the “Group”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 13, 2021, the Company completed an underwritten public offering of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210508__20210513_z0j8P0hQueBl" title="Number of shares of common stock">1,090,909</span> shares of its Common Stock for net proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20210508__20210513_zPhYnUPwCUr7" title="Proceeds from issuance of common stock">10,457,862</span>. Commencing on May 14, 2021, The Company’s common stock was listed on the Nasdaq Capital under the symbol “SVFD”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 49.5pt 0pt 48.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_ecustom--UnusualOrInfrequentItemsPolicyTextBlock_z6uOK2OREfH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effects of the spread of the coronavirus </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The COVID-19 pandemic continues to create business and economic uncertainty and volatility in the global markets. Many countries around the world are experiencing further outbreaks of the pandemic, following which governments are once again imposing various restrictions. At the same time, there is a recovery trend in the volume of economic activity around the world that leads on one hand, to significant demand for certain products and services and on the other hand, disruptions to worldwide supply chain routes and some raw materials. The Group continues to take measures to ensure the health and safety of its employees, suppliers, other business partners and the communities in which it operates in order to ensure, among others, the operation level, the proper functioning of its facilities and to minimize the pandemic’s potential impact on its business. Manufacturing continues at the Group’s sites without interruptions. However, there is still a difficulty in assessing the future impacts of the pandemic on the Group’s operations, inter alia, in light of the uncertainty of its duration, the extent of its intensity and effects on global supply chains and global markets, and additional countermeasures that may be taken by governments and central banks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1090909 shares
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10457862 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
40000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
192576 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.38
CY2021Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
7 to 1 reverse stock
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zqR6v9mI4Rm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to share based compensation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Professional Fees
ProfessionalFees
5500 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
60000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
192576 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.38
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
191981 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.38
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27863 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.38
us-gaap Share Based Compensation
ShareBasedCompensation
16999 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
146057 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
118710 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177477 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31080 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54403 usd

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