2022 Q3 Form 10-Q Financial Statement

#000149315222023625 Filed on August 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $4.702M $7.346M $3.720M
YoY Change 134.75% 266.07% 111.63%
Cost Of Revenue $4.282M $6.547M $3.174M
YoY Change 198.91% 366.21% 147.39%
Gross Profit $420.0K $799.1K $545.3K
YoY Change -26.38% 32.65% 14.92%
Gross Profit Margin 8.93% 10.88% 14.66%
Selling, General & Admin $4.189M $4.292M $1.922M
YoY Change 1941.41% 564.01% 288.98%
% of Gross Profit 997.5% 537.15% 352.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.38K $59.19K $59.19K
YoY Change 97.93% 47.97% 80.4%
% of Gross Profit 14.14% 7.41% 10.86%
Operating Expenses $4.189M $4.292M $1.922M
YoY Change 1941.41% 564.01% 288.99%
Operating Profit -$3.769M -$3.493M -$1.377M
YoY Change -1131.96% 7836.62% 6937.47%
Interest Expense -$31.12M $450.00 -$130.00
YoY Change 311116.0% -95.5% -99.72%
% of Operating Profit
Other Income/Expense, Net -$31.08M $53.47K $49.52K
YoY Change -6601.97% 26.17% 92.68%
Pretax Income -$34.85M -$3.440M -$1.327M
YoY Change -4232.76% 210025.66% 3189.07%
Income Tax $17.00K -$190.0K
% Of Pretax Income
Net Earnings -$34.88M -$3.364M -$1.137M
YoY Change -5845.84% 285749.53% 3820.24%
Net Earnings / Revenue -741.89% -45.8% -30.57%
Basic Earnings Per Share -$1.17 -$0.15 -$101.00
Diluted Earnings Per Share -$1.17 -$154.2K -$95.95K
COMMON SHARES
Basic Shares Outstanding 31.26M shares
Diluted Shares Outstanding 29.95M shares 436.3K shares 10.00K shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.766M $9.966M $1.013M
YoY Change
Cash & Equivalents $6.626M $9.966M $1.013M
Short-Term Investments $140.5K
Other Short-Term Assets $9.663M $5.222M $7.868M
YoY Change
Inventory $66.91K $150.1K $82.64K
Prepaid Expenses
Receivables $849.4K $1.092M $969.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.21M $46.43M $9.933M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $2.688M $942.0K $955.2K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.224M $4.000M $4.000M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.992M $5.032M $4.955M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $18.21M $46.43M $9.933M
Total Long-Term Assets $4.992M $5.032M $4.955M
Total Assets $23.20M $51.46M $14.89M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.509M $462.3K $172.6K
YoY Change
Accrued Expenses $580.6K $1.898M $89.15K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $9.316M $12.66M $7.885M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $7.748M $25.53M $0.00
YoY Change
Other Long-Term Liabilities $37.74K $48.79K $5.886M
YoY Change
Total Long-Term Liabilities $7.786M $25.58M $5.886M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.316M $12.66M $7.885M
Total Long-Term Liabilities $7.786M $25.58M $5.886M
Total Liabilities $17.18M $38.33M $13.60M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$36.96M -$2.075M
YoY Change
Common Stock $31.68K $21.82K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.330M $13.48M $1.290M
YoY Change
Total Liabilities & Shareholders Equity $23.20M $51.46M $14.89M
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$34.88M -$3.364M -$1.137M
YoY Change -5845.84% 285749.53% 3820.24%
Depreciation, Depletion And Amortization $59.38K $59.19K $59.19K
YoY Change 97.93% 47.97% 80.4%
Cash From Operating Activities -$9.278M -$4.342M -$1.552M
YoY Change -1646.35% 1450.81% -4984.83%
INVESTING ACTIVITIES
Capital Expenditures -$30.04K -$46.00K -$6.600K
YoY Change -560.0% -63.8%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$30.04K -$46.00K -$6.600K
YoY Change -103.71% 360.0% -63.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.03M 43.34M 1.660M
YoY Change 2403.32% 15379.02% 3676.73%
NET CHANGE
Cash From Operating Activities -9.278M -4.342M -1.552M
Cash From Investing Activities -30.04K -46.00K -6.600K
Cash From Financing Activities -24.03M 43.34M 1.660M
Net Change In Cash -33.34M 38.95M 101.7K
YoY Change -7508.88% -389629.9% 76.94%
FREE CASH FLOW
Cash From Operating Activities -$9.278M -$4.342M -$1.552M
Capital Expenditures -$30.04K -$46.00K -$6.600K
Free Cash Flow -$9.248M -$4.296M -$1.545M
YoY Change -1641.34% 1381.47% -3190.62%

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CY2021Q2 us-gaap Profit Loss
ProfitLoss
-1177 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2241247 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-4593901 usd
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-30184 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
118384 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
65624 usd
us-gaap Share Based Compensation
ShareBasedCompensation
609000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
46705 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
271226 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
280731 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
39425 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-13091 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1859439 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-5822 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
291175 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9883 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-3914330 usd
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-10386 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5894179 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-246647 usd
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
52599 usd
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
33133 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-52599 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33133 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12001000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
30000000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3028154 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
699001 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
367976 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
27644 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7341 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45001510 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
323684 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
39054732 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
43904 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
911194 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
176759 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
39965926 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
220663 usd
us-gaap Interest Paid Net
InterestPaidNet
203 usd
us-gaap Interest Paid Net
InterestPaidNet
32818 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
147000 usd
TYDE Right Of Use Assets
RightOfUseAssets
98736 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
98736 usd
TYDE Warrants Issued
WarrantsIssued
3905458 usd
TYDE Original Issue Discount
OriginalIssueDiscount
3333333 usd
TYDE Accrued Placement Agent Fees For Equity Placement
AccruedPlacementAgentFeesForEquityPlacement
960000 usd
TYDE Accrued Placement Agent Fees For Debt Placement
AccruedPlacementAgentFeesForDebtPlacement
560000 usd
us-gaap Stock Issued1
StockIssued1
18805 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zRx4fsBmXn26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zlkttdImPvCh">Use of Estimates</span>. </i>The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and 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. Actual results could differ from these estimates. The Company’s significant estimates used in these condensed consolidated financial statements include, but are not limited to, revenue recognition and the determination of the economic useful life of depreciable property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17960189 shares
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
46705 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
161262 usd
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7081693 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zsw8v5uCADD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zuKtwCtKdlJ9">Concentration of Credit Risks</span>. </i>Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents, accounts receivable and revenues. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leases. </i>In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, <i>Leases</i> (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021. Early adoption is permitted. The Company has adopted ASU 2016-02 as of January 1, 2022. The adoption of the standard did not have a material impact on the balance sheet. As of April 26, 2022, the date the Company assumed the lease (Note 14), the operating lease right of use asset and operating lease liability amounted to $<span id="xdx_906_eus-gaap--OperatingLeaseLiability_iI_pp0p0_c20220426_zxlSOf5tCCje">98,736 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">with no cumulative-effect adjustment.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
98736 usd
CY2022Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1138253 usd
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
867027 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
46705 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1091548 usd
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
867027 usd
CY2022Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
24636 usd
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
13366 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
125453 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
97298 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
150089 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
110664 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
152000 usd
CY2022Q2 TYDE Accrued Placement Agent Fees Current
AccruedPlacementAgentFeesCurrent
1520000 usd
CY2022Q2 us-gaap Other Liabilities
OtherLiabilities
21674 usd
CY2021Q4 us-gaap Other Liabilities
OtherLiabilities
7551 usd
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
4931700 usd
CY2021Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
7007531 usd
CY2022Q2 TYDE Vendor Deposits
VendorDeposits
4937 usd
CY2021Q4 TYDE Vendor Deposits
VendorDeposits
6999955 usd
CY2022Q2 TYDE Prepaid Software Deposit
PrepaidSoftwareDeposit
242200 usd
CY2022Q2 TYDE Other Current Assets
OtherCurrentAssets
42399 usd
CY2021Q4 TYDE Other Current Assets
OtherCurrentAssets
81738 usd
CY2022Q2 us-gaap Other Assets Current
OtherAssetsCurrent
5222254 usd
CY2022Q2 TYDE Loans Held For Investment Non Current
LoansHeldForInvestmentNonCurrent
4000000 usd
CY2021Q4 TYDE Loans Held For Investment Non Current
LoansHeldForInvestmentNonCurrent
4000000 usd
CY2022Q2 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
7226700 usd
CY2021Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
4198546 usd
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6250745 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6198156 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5308769 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5190386 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
941985 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1007770 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
118384 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
65624 usd
CY2022Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
3076764 usd
CY2021Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
6999980 usd
CY2021Q4 us-gaap Notes Payable
NotesPayable
27644 usd
CY2021Q4 us-gaap Notes Payable Current
NotesPayableCurrent
15530 usd
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
12114 usd
CY2022Q2 TYDE Convertible Notes Payable Gross
ConvertibleNotesPayableGross
33333333 usd
CY2022Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
7798881 usd
CY2022Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
25534452 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-172997 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11802 usd
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21815166 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
21815166 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10000 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10000 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
10220193 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.001
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.045 pure
us-gaap Payments For Rent
PaymentsForRent
63700 usd
us-gaap Payments For Rent
PaymentsForRent
53400 usd

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