2022 Q3 Form 10-Q Financial Statement

#000149315222031374 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $338.0K $278.0K
YoY Change 21.58%
Cost Of Revenue $973.0K $148.0K
YoY Change 557.43%
Gross Profit -$635.0K $130.0K
YoY Change -588.46%
Gross Profit Margin -187.87% 46.76%
Selling, General & Admin $794.0K $176.0K
YoY Change 351.14%
% of Gross Profit 135.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $349.0K $163.0K
YoY Change 114.11%
% of Gross Profit 125.38%
Operating Expenses $2.116M $339.0K
YoY Change 524.19%
Operating Profit -$2.751M -$209.0K
YoY Change 1216.27%
Interest Expense $450.0K $251.0K
YoY Change 79.28%
% of Operating Profit
Other Income/Expense, Net $449.0K $91.00K
YoY Change 393.41%
Pretax Income -$1.329M $133.0K
YoY Change -1099.25%
Income Tax $1.000K
% Of Pretax Income
Net Earnings -$1.045M $51.00K
YoY Change -2149.02%
Net Earnings / Revenue -309.17% 18.35%
Basic Earnings Per Share -$0.30 $0.37
Diluted Earnings Per Share -$304.7K $56.98K
COMMON SHARES
Basic Shares Outstanding 3.430M shares 138.4K shares
Diluted Shares Outstanding 3.430M shares

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.5M $23.88M
YoY Change 484.17%
Cash & Equivalents $139.5M $23.88M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $174.4M $52.11M
YoY Change 234.72%
LONG-TERM ASSETS
Property, Plant & Equipment $160.5M $64.02M
YoY Change 150.69%
Goodwill
YoY Change
Intangibles $9.341M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.830M $3.797M
YoY Change 79.88%
Total Long-Term Assets $167.3M $67.81M
YoY Change 146.73%
TOTAL ASSETS
Total Short-Term Assets $174.4M $52.11M
Total Long-Term Assets $167.3M $67.81M
Total Assets $341.8M $119.9M
YoY Change 184.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.240M $3.384M
YoY Change -63.36%
Accrued Expenses $6.555M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.795M $3.384M
YoY Change 130.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.611M $536.0K
YoY Change 946.83%
Total Long-Term Liabilities $5.611M $536.0K
YoY Change 946.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.795M $3.384M
Total Long-Term Liabilities $5.611M $536.0K
Total Liabilities $13.41M $46.16M
YoY Change -70.96%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $325.4M $73.77M
YoY Change
Total Liabilities & Shareholders Equity $341.8M $119.9M
YoY Change 184.97%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.045M $51.00K
YoY Change -2149.02%
Depreciation, Depletion And Amortization $349.0K $163.0K
YoY Change 114.11%
Cash From Operating Activities -$1.529M -$235.0K
YoY Change 550.64%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$10.08M $8.415M
YoY Change -219.82%
Cash From Investing Activities -$10.08M $8.415M
YoY Change -219.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.980M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.529M -235.0K
Cash From Investing Activities -10.08M 8.415M
Cash From Financing Activities 3.980M 0.000
Net Change In Cash -7.632M 8.180M
YoY Change -193.3%
FREE CASH FLOW
Cash From Operating Activities -$1.529M -$235.0K
Capital Expenditures
Free Cash Flow
YoY Change

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88000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
11000 usd
OZ Other Payment To Acquire Businesses
OtherPaymentToAcquireBusinesses
14251000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-62950000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21712000 usd
OZ Proceeds From Subscriptions Receivable
ProceedsFromSubscriptionsReceivable
20295000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
10800000 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7230000 usd
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
549000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-189000 usd
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
39000000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15987000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
39000000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-51446000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17301000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
192346000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6578000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
140900000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23879000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zf6CcDAgxim8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zS9qGfaHBrH">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 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-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and the accompanying notes. Actual results could materially differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
139495000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
192131000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1405000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
215000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140900000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
192346000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_847_eus-gaap--ConcentrationRiskCreditRisk_z563I0iSzAE7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_ztjaVhwu2d11">Risks and Uncertainties</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demand for multifamily and mixed-use rental properties is subject to uncertainty as a result of a number of factors, including, among others, increasing interest rates, higher rates of inflation, ongoing supply chain disruptions and labor shortages, and the continuing impact of COVID-19. The potential effect of these and other factors presents material uncertainty and risk with respect to our future performance and financial results, including the potential to negatively impact our costs of operations, our financing arrangements, the value of our investments, and the laws, regulations, and government and regulatory policies applicable to us. We are closely monitoring the potential impact of these and other factors on all aspects of our business.</span></p>
CY2022Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
1232000 usd
CY2021Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
156000 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
3752000 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
355000 usd
CY2022Q3 OZ Other Capitalized Costs
OtherCapitalizedCosts
1348000 usd
CY2021Q3 OZ Other Capitalized Costs
OtherCapitalizedCosts
137000 usd
OZ Other Capitalized Costs
OtherCapitalizedCosts
4736000 usd
OZ Other Capitalized Costs
OtherCapitalizedCosts
1719000 usd
CY2022Q3 us-gaap Real Estate Insurance
RealEstateInsurance
0 usd
us-gaap Real Estate Insurance
RealEstateInsurance
4600000 usd
CY2022Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
3780000 usd
CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1544000 usd
CY2021Q3 us-gaap Asset Acquisition Consideration Transferred Transaction Cost
AssetAcquisitionConsiderationTransferredTransactionCost
100000 usd
us-gaap Asset Acquisition Consideration Transferred Transaction Cost
AssetAcquisitionConsiderationTransferredTransactionCost
200000 usd
CY2022Q3 OZ Asset Management Fee
AssetManagementFee
600000 usd
OZ Asset Management Fee
AssetManagementFee
1900000 usd
CY2021Q3 OZ Assets Management Fees
AssetsManagementFees
100000 usd
OZ Assets Management Fees
AssetsManagementFees
100000 usd
CY2022Q3 us-gaap Development Costs
DevelopmentCosts
500000 usd
us-gaap Development Costs
DevelopmentCosts
2800000 usd
OZ Acquisition Fee Percentage
AcquisitionFeePercentage
0.015 pure
CY2022Q3 us-gaap Real Estate Insurance
RealEstateInsurance
0 usd
us-gaap Real Estate Insurance
RealEstateInsurance
4600000 usd
CY2022Q3 us-gaap Insurance Commissions
InsuranceCommissions
0 usd
us-gaap Insurance Commissions
InsuranceCommissions
400000 usd
OZ Administration Fees
AdministrationFees
100000 usd
CY2022Q3 OZ Amortization Of Insurance To Property Expenses
AmortizationOfInsuranceToPropertyExpenses
100000 usd
OZ Amortization Of Insurance To Property Expenses
AmortizationOfInsuranceToPropertyExpenses
300000 usd
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
1.1 acre
CY2022Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
0.265 acre
CY2022Q2 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.702 pure
CY2022Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
60 acre
CY2022Q2 OZ Initial Capital Contribution To Acquire Real Estate
InitialCapitalContributionToAcquireRealEstate
3800000 usd
CY2022Q2 OZ Real Estate Intangible Assets
RealEstateIntangibleAssets
424000 usd
CY2022Q2 OZ Real Estate Under Construction
RealEstateUnderConstruction
4633000 usd
CY2022Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
5057000 usd
CY2022Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5057000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
87000 usd
CY2022Q2 us-gaap Other Assets
OtherAssets
2105000 usd
CY2022Q2 OZ Assetacquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
AssetacquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
7249000 usd
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
363000 usd
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
16000 usd
CY2022Q2 OZ Assetacquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
AssetacquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
379000 usd
CY2022Q2 OZ Amounts Attributable To Noncontrolling Interests
AmountsAttributableToNoncontrollingInterests
3100000 usd
CY2022Q2 OZ Total Net Assets
TotalNetAssets
3770000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
1400000 usd
CY2022Q3 OZ Real Estate Under Construction Beginning Balance
RealEstateUnderConstructionBeginningBalance
76882000 usd
CY2021Q4 OZ Real Estate Under Construction Beginning Balance
RealEstateUnderConstructionBeginningBalance
15101000 usd
CY2022Q3 OZ Capitalized Costs
CapitalizedCosts
29123000 usd
CY2021Q4 OZ Capitalized Costs
CapitalizedCosts
8991000 usd
CY2022Q3 us-gaap Land Available For Development
LandAvailableForDevelopment
5241000 usd
CY2021Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
48085000 usd
CY2021Q4 OZ Acquisition Of Construction In Progress
AcquisitionOfConstructionInProgress
4662000 usd
CY2022Q3 OZ Capitalized Interest
CapitalizedInterest
151000 usd
CY2021Q4 OZ Capitalized Interest
CapitalizedInterest
43000 usd
CY2022Q3 OZ Real Estate Under Construction Ending Balance
RealEstateUnderConstructionEndingBalance
111397000 usd
CY2021Q4 OZ Real Estate Under Construction Ending Balance
RealEstateUnderConstructionEndingBalance
76882000 usd
OZ Development Fees And Employee Reimbursement Expenditures
DevelopmentFeesAndEmployeeReimbursementExpenditures
3600000 usd
CY2021 OZ Development Fees And Employee Reimbursement Expenditures
DevelopmentFeesAndEmployeeReimbursementExpenditures
2700000 usd
OZ Direct And Indirect Project Costs
DirectAndIndirectProjectCosts
1600000 usd
CY2021 OZ Direct And Indirect Project Costs
DirectAndIndirectProjectCosts
500000 usd
OZ Ground Lease Payments
GroundLeasePayments
600000 usd
CY2021 OZ Ground Lease Payments
GroundLeasePayments
100000 usd
CY2022Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
9925000 usd
CY2022Q3 OZ Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
-584000 usd
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
9341000 usd
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
9672000 usd
CY2021Q4 OZ Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
-383000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
9289000 usd
CY2022Q3 OZ Finite Lived Intangible Liabilities Gross
FiniteLivedIntangibleLiabilitiesGross
-2159000 usd
CY2022Q3 OZ Finite Lived Intangible Liabilities Accumulated Amortization
FiniteLivedIntangibleLiabilitiesAccumulatedAmortization
328000 usd
CY2022Q3 OZ Finite Lived Intangible Liabilities Net
FiniteLivedIntangibleLiabilitiesNet
-1831000 usd
CY2021Q4 OZ Finite Lived Intangible Liabilities Gross
FiniteLivedIntangibleLiabilitiesGross
-2159000 usd
CY2021Q4 OZ Finite Lived Intangible Liabilities Accumulated Amortization
FiniteLivedIntangibleLiabilitiesAccumulatedAmortization
159000 usd
CY2021Q4 OZ Finite Lived Intangible Liabilities Net
FiniteLivedIntangibleLiabilitiesNet
-2000000 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y10M24D
CY2022Q3 OZ Interest Income On Loans Receivables
InterestIncomeOnLoansReceivables
400000 usd
CY2021Q3 OZ Interest Income On Loans Receivables
InterestIncomeOnLoansReceivables
100000 usd
OZ Interest Income On Loans Receivables
InterestIncomeOnLoansReceivables
1500000 usd
OZ Interest Income On Loans Receivables
InterestIncomeOnLoansReceivables
100000 usd
us-gaap Interest Expense
InterestExpense
100000 usd
CY2022Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
34900000 usd
CY2021Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
3500000 usd
CY2022Q3 us-gaap Receivables Fair Value Disclosure
ReceivablesFairValueDisclosure
34700000 usd
CY2021Q4 us-gaap Receivables Fair Value Disclosure
ReceivablesFairValueDisclosure
3500000 usd
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
41000 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
72300 shares
CY2021Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
795008 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
100000 shares

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