2023 Q2 Form 10-Q Financial Statement

#000074621023000040 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $956.0K $1.038M $1.532M
YoY Change -28.28% -32.25% -20.13%
Cost Of Revenue $834.0K $762.0K $1.033M
YoY Change -9.94% -26.23% -19.92%
Gross Profit $122.0K $276.0K $499.0K
YoY Change -70.02% -44.69% -20.54%
Gross Profit Margin 12.76% 26.59% 32.57%
Selling, General & Admin $1.519M $1.387M $2.252M
YoY Change 1.13% -38.41% -13.18%
% of Gross Profit 1245.08% 502.54% 451.3%
Research & Development $5.000K $6.000K $1.004M
YoY Change -98.74% -99.4% 45.09%
% of Gross Profit 4.1% 2.17% 201.2%
Depreciation & Amortization $87.00K $86.00K $627.0K
YoY Change -85.48% -86.28% -13.16%
% of Gross Profit 71.31% 31.16% 125.65%
Operating Expenses $5.000K $1.393M $3.256M
YoY Change -99.74% -57.22% -0.91%
Operating Profit -$1.091M -$1.203M -$4.522M
YoY Change -87.92% -73.4% 32.57%
Interest Expense -$6.000K -$5.000K -$6.000K
YoY Change -16.67% -70.0%
% of Operating Profit
Other Income/Expense, Net $42.00K $22.00K -$6.000K
YoY Change -466.67% -72.73%
Pretax Income -$1.049M -$1.181M -$4.528M
YoY Change -88.39% -73.92% 31.9%
Income Tax $0.00 $38.00K $11.00K
% Of Pretax Income
Net Earnings -$1.049M -$1.219M -$4.539M
YoY Change -88.39% -73.14% 32.22%
Net Earnings / Revenue -109.73% -117.44% -296.28%
Basic Earnings Per Share -$0.78 -$0.60 -$0.15
Diluted Earnings Per Share -$0.78 -$0.60 -$0.15
COMMON SHARES
Basic Shares Outstanding 2.580M shares 2.063M shares 30.82M shares
Diluted Shares Outstanding 2.487M shares 2.065M shares 30.82M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.872M $3.714M $6.525M
YoY Change 34.56% -43.08% 63.13%
Cash & Equivalents $6.872M $3.714M $6.586M
Short-Term Investments
Other Short-Term Assets $836.0K $947.0K $1.502M
YoY Change -27.3% -36.95% 25.17%
Inventory $402.0K $634.0K $1.718M
Prepaid Expenses
Receivables $244.0K $392.0K $555.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.354M $5.687M $10.30M
YoY Change 6.75% -44.79% 21.97%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $3.000K $122.0K
YoY Change -100.0% -97.54% -71.63%
Goodwill $6.229M
YoY Change -15.45%
Intangibles $432.0K $518.0K $6.982M
YoY Change -93.25% -92.58% -26.84%
Long-Term Investments
YoY Change
Other Assets $22.00K $31.00K $64.00K
YoY Change 0.0% -51.56% -43.36%
Total Long-Term Assets $519.0K $651.0K $13.93M
YoY Change -92.3% -95.33% -23.58%
TOTAL ASSETS
Total Short-Term Assets $8.354M $5.687M $10.30M
Total Long-Term Assets $519.0K $651.0K $13.93M
Total Assets $8.873M $6.338M $24.23M
YoY Change -39.1% -73.84% -9.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $136.0K $207.0K $553.0K
YoY Change -58.15% -62.57% -48.75%
Accrued Expenses $763.0K $1.665M $1.147M
YoY Change -21.82% 45.16% -25.18%
Deferred Revenue $234.0K $341.0K $736.0K
YoY Change -65.89% -53.67% -20.86%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.201M $2.352M $2.831M
YoY Change -49.22% -16.92% -58.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $57.00K $84.00K $472.0K
YoY Change -79.72% -82.2% -52.8%
Total Long-Term Liabilities $57.00K $84.00K $472.0K
YoY Change -79.72% -82.2% -52.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.201M $2.352M $2.831M
Total Long-Term Liabilities $57.00K $84.00K $472.0K
Total Liabilities $1.258M $2.436M $3.303M
YoY Change -52.46% -26.25% -57.33%
SHAREHOLDERS EQUITY
Retained Earnings -$226.1M -$225.1M -$206.4M
YoY Change 4.94% 9.02% 5.17%
Common Stock $233.9M $229.1M $227.6M
YoY Change 2.78% 0.7% 5.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $181.0K $181.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 113.3K shares
Shareholders Equity $7.615M $3.902M $20.93M
YoY Change
Total Liabilities & Shareholders Equity $8.873M $6.338M $24.23M
YoY Change -39.1% -73.84% -9.16%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.049M -$1.219M -$4.539M
YoY Change -88.39% -73.14% 32.22%
Depreciation, Depletion And Amortization $87.00K $86.00K $627.0K
YoY Change -85.48% -86.28% -13.16%
Cash From Operating Activities -$1.338M -$844.0K -$2.404M
YoY Change -11.21% -64.89% 94.66%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $11.00K
YoY Change -100.0% -35.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.000K
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0% -41.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.496M $1.473M $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -1.338M -$844.0K -$2.404M
Cash From Investing Activities 0.000 $0.00 -$10.00K
Cash From Financing Activities 4.496M $1.473M $0.00
Net Change In Cash 3.158M $629.0K -$2.414M
YoY Change -313.52% -126.06% 92.81%
FREE CASH FLOW
Cash From Operating Activities -$1.338M -$844.0K -$2.404M
Capital Expenditures $0.00 $0.00 $11.00K
Free Cash Flow -$1.338M -$844.0K -$2.415M
YoY Change -11.21% -65.05% 92.89%

Facts In Submission

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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
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294000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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591000 usd
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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188000 usd
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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11000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
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CY2022Q1 us-gaap Proceeds From Sale Of Machinery And Equipment
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2022Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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629000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3714000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash
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CY2022Q1 us-gaap Cash
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CY2022Q1 us-gaap Restricted Cash Current
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Income Taxes Paid
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CY2022Q1 us-gaap Income Taxes Paid
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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of the Condensed Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our consolidated financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include determining the allowance for doubtful accounts, the estimated lives and recoverability </span></div>of intangible assets, the inputs used in the valuation of intangible assets in connection with our impairment test, and the inputs used in the fair value of equity-based awards.
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CY2023Q1 us-gaap Impairment Of Intangible Assets Finitelived
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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258000 usd
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518000 usd
CY2022Q4 us-gaap Goodwill
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CY2022Q1 us-gaap Goodwill Impairment Loss
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1138000 usd
CY2022Q2 us-gaap Goodwill Impairment Loss
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CY2022Q4 glow Deposits Current
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CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
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1665000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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1074000 usd
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46000 usd
CY2022Q1 us-gaap Operating Lease Expense
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139000 usd
CY2023Q1 us-gaap Sublease Income
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CY2022Q1 us-gaap Sublease Income
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66000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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99000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2023Q1 us-gaap Operating Lease Liability Current
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139000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
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219000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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17000 usd
CY2023Q1 us-gaap Operating Lease Liability
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139000 usd
CY2022Q4 us-gaap Operating Lease Liability
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236000 usd
CY2023Q1 us-gaap Operating Lease Payments
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100000 usd
CY2022Q1 us-gaap Operating Lease Payments
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173000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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142000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3000 usd
CY2023Q1 us-gaap Operating Lease Liability
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139000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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659000 usd
CY2021Q4 us-gaap Operating Lease Liability
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728000 usd
CY2022 glow Operating Lease Right Of Use Asset Additions
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11000 usd
CY2022 glow Operating Lease Liability Additions
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CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
349000 usd
CY2022 glow Operating Lease Liability Amortization And Payments
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503000 usd
CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
179000 usd
CY2022 glow Operating Lease Liability Impairment Charges
OperatingLeaseLiabilityImpairmentCharges
0 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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142000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
236000 usd
CY2023Q1 glow Operating Lease Right Of Use Asset Additions
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0 usd
CY2023Q1 glow Operating Lease Liability Additions
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CY2023Q1 glow Operating Lease Right Of Use Asset Terminations And Modifications
OperatingLeaseRightOfUseAssetTerminationsAndModifications
0 usd
CY2023Q1 glow Operating Lease Liability Terminations And Modifications
OperatingLeaseLiabilityTerminationsAndModifications
0 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
43000 usd
CY2023Q1 glow Operating Lease Liability Amortization And Payments
OperatingLeaseLiabilityAmortizationAndPayments
97000 usd
CY2023Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0 usd
CY2023Q1 glow Operating Lease Liability Impairment Charges
OperatingLeaseLiabilityImpairmentCharges
0 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
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99000 usd
CY2023Q1 us-gaap Operating Lease Liability
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139000 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.0001
CY2023Q1 us-gaap Common Stock Shares Authorized
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150000000 shares
CY2023Q1 us-gaap Common Stock Shares Issued
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CY2023Q1 us-gaap Common Stock Shares Outstanding
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CY2020Q4 glow Class Of Warrant Or Right Issued
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34767 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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61.20
CY2020Q4 glow Class Of Warrant Or Right Issued
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41667 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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82.35
CY2023Q1 glow Class Of Warrant Or Right Issued
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CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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343101 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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66.34
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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343101 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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66.34
CY2023Q1 glow Class Of Warrant Or Right Granted
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4136846 shares
CY2023Q1 glow Class Of Warrant Or Right Granted Weighted Average Exercise Price
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1.71
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
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4479947 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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6.66
CY2023Q1 glow Preferred Stock Shares Designated
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CY2023Q1 us-gaap Preferred Stock Shares Issued
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6550 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
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6550 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6501 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
334 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10000 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
48.75
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16668 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27169 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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113.63
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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0
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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410.18
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501 shares
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410.18
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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289.77
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6501 shares
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289.77
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50.17
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154000 usd
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CY2022Q1 us-gaap Warrant Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-4539000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2065000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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2065000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2065000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2065000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.20
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.20
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1038000 usd
CY2023Q1 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
762000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
276000 usd
CY2023Q1 glow Gross Profit Percentage
GrossProfitPercentage
0.27
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
1479000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1203000 usd
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
22000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1181000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1219000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1532000 usd
CY2022Q1 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
1033000 usd
CY2022Q1 us-gaap Gross Profit
GrossProfit
499000 usd
CY2022Q1 glow Gross Profit Percentage
GrossProfitPercentage
0.33
CY2022Q1 us-gaap Costs And Expenses
CostsAndExpenses
5021000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4522000 usd
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4528000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-4539000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1038000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1532000 usd

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