2023 Q1 Form 10-K Financial Statement

#000162828023008931 Filed on March 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.725M $1.847M $8.256M
YoY Change -25.09% 1.5% 0.03%
Cost Of Revenue $526.4K $617.3K $2.506M
YoY Change 3.44% 6.89% 7.46%
Gross Profit $1.198M $1.230M $5.750M
YoY Change -33.18% -1.01% -2.89%
Gross Profit Margin 69.48% 66.59% 69.65%
Selling, General & Admin $2.209M $1.548M $7.252M
YoY Change 8.03% 23.85% 29.28%
% of Gross Profit 184.33% 125.86% 126.12%
Research & Development $699.4K $538.4K $3.240M
YoY Change -1.57% -46.0% 24.78%
% of Gross Profit 58.36% 43.77% 56.34%
Depreciation & Amortization $10.22K $10.22K $49.39K
YoY Change -20.62% -137.56% -35.33%
% of Gross Profit 0.85% 0.83% 0.86%
Operating Expenses $2.908M $2.087M $10.49M
YoY Change 5.55% -7.15% 27.85%
Operating Profit -$1.710M -$856.5K -$4.742M
YoY Change 77.76% -14.73% 107.55%
Interest Expense $325.2K
YoY Change
% of Operating Profit
Other Income/Expense, Net $135.9K $164.6K $325.2K
YoY Change 3862.1% 11021.62% 10222.54%
Pretax Income -$1.574M -$691.9K -$4.417M
YoY Change 64.22% -31.02% 93.59%
Income Tax
% Of Pretax Income
Net Earnings -$1.574M -$691.9K -$4.417M
YoY Change 64.22% -31.02% 93.59%
Net Earnings / Revenue -91.27% -37.45% -53.5%
Basic Earnings Per Share -$0.20 -$0.62
Diluted Earnings Per Share -$0.20 -$0.09 -$0.62
COMMON SHARES
Basic Shares Outstanding 7.792M shares 7.757M shares 7.130M shares
Diluted Shares Outstanding 7.689M shares 7.130M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.25M $21.20M $21.20M
YoY Change -14.79% -6.08% -6.08%
Cash & Equivalents $2.377M $21.20M $21.20M
Short-Term Investments $17.88M $16.95M $16.95M
Other Short-Term Assets $508.4K $2.907M $2.907M
YoY Change 20.29% 385.86% 385.86%
Inventory $1.748M $1.615M $1.615M
Prepaid Expenses
Receivables $576.3K $646.8K $646.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.09M $24.11M $24.11M
YoY Change -9.77% -0.33% -0.33%
LONG-TERM ASSETS
Property, Plant & Equipment $155.4K $165.6K $536.2K
YoY Change -15.7% -16.65% -20.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.40K $562.6K $562.6K
YoY Change 0.0% 2031.17% 2031.17%
Total Long-Term Assets $523.9K $562.6K $562.6K
YoY Change -20.76% -19.66% -19.66%
TOTAL ASSETS
Total Short-Term Assets $23.09M $24.11M $24.11M
Total Long-Term Assets $523.9K $562.6K $562.6K
Total Assets $23.61M $24.67M $24.67M
YoY Change -10.05% -0.88% -0.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.3K $368.1K $368.1K
YoY Change 10.93% 29.59% 29.59%
Accrued Expenses $868.3K $589.9K $738.3K
YoY Change -28.06% -27.54% -31.74%
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 $1.417M $1.106M $1.106M
YoY Change -17.96% -18.99% -18.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $180.4K $207.5K $207.5K
YoY Change -36.32% -32.34% -32.34%
Total Long-Term Liabilities $180.4K $207.5K $207.5K
YoY Change -36.32% -32.34% -32.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.417M $1.106M $1.106M
Total Long-Term Liabilities $180.4K $207.5K $207.5K
Total Liabilities $1.597M $1.314M $1.314M
YoY Change -20.55% -21.43% -21.43%
SHAREHOLDERS EQUITY
Retained Earnings -$205.2M -$203.6M
YoY Change 2.51% 2.22%
Common Stock $778.00 $778.00
YoY Change 10.98% 16.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.01M $23.36M $23.36M
YoY Change
Total Liabilities & Shareholders Equity $23.61M $24.67M $24.67M
YoY Change -10.05% -0.88% -0.88%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.574M -$691.9K -$4.417M
YoY Change 64.22% -31.02% 93.59%
Depreciation, Depletion And Amortization $10.22K $10.22K $49.39K
YoY Change -20.62% -137.56% -35.33%
Cash From Operating Activities -$1.121M -$1.483M -$5.289M
YoY Change 51.46% 189.39% 155.07%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $23.18K
YoY Change -100.0% -100.0% -82.4%
Acquisitions
YoY Change
Other Investing Activities -$837.0K $2.051M -$16.87M
YoY Change
Cash From Investing Activities -$837.0K $2.051M -$16.89M
YoY Change 15414.07% -30851.27% 12726.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 1.913M $3.864M
YoY Change -100.0% -1664.18% -80.24%
NET CHANGE
Cash From Operating Activities -$1.121M -1.483M -$5.289M
Cash From Investing Activities -$837.0K 2.051M -$16.89M
Cash From Financing Activities $0.00 1.913M $3.864M
Net Change In Cash -$1.958M 2.481M -$18.32M
YoY Change -263.57% -486.83% -205.61%
FREE CASH FLOW
Cash From Operating Activities -$1.121M -$1.483M -$5.289M
Capital Expenditures $0.00 $0.00 $23.18K
Free Cash Flow -$1.121M -$1.483M -$5.313M
YoY Change 50.37% 193.21% 140.89%

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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash equivalents, trade receivables, and held-to-maturity securities. The Company invests its cash equivalents in highly rated institutions.</span></div>At December 31, 2022 and 2021, two customers accounted for 31% and 35% of accounts receivable, respectively. One customer accounted for 32% of revenues for the year ended December 31, 2022 and one customer accounted for 27% of revenues, for the year ended December 31, 2021.
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