2024 Q1 Form 10-K Financial Statement

#000149315224011976 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.271M $1.149M $5.658M
YoY Change -48.73% -56.25% -35.44%
% of Gross Profit
Research & Development $1.539M $1.321M $5.800M
YoY Change -5.43% -55.64% -49.54%
% of Gross Profit
Depreciation & Amortization $139.00 $220.00 $220.00
YoY Change -99.89%
% of Gross Profit
Operating Expenses $1.539M $2.469M $11.46M
YoY Change -5.43% -57.42% -0.32%
Operating Profit -$2.810M -$11.46M
YoY Change -31.57% -58.38%
Interest Expense $83.22K $64.52K $335.5K
YoY Change 16.19% 231.56%
% of Operating Profit
Other Income/Expense, Net $83.22K
YoY Change -0.29%
Pretax Income -$2.726M -$2.405M -$11.12M
YoY Change -32.21% -81.52% -59.45%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.700M -$2.405M -$11.12M
YoY Change -32.87% -81.52% -59.45%
Net Earnings / Revenue
Basic Earnings Per Share -$1.11 -$8.48
Diluted Earnings Per Share -$1.11 -$1.71 -$8.48
COMMON SHARES
Basic Shares Outstanding 2.856M shares 24.63M shares 1.312M shares
Diluted Shares Outstanding 2.467M shares 1.312M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.920M $4.706M $4.706M
YoY Change -16.96% -27.64% -27.64%
Cash & Equivalents $8.900M $4.706M $4.706M
Short-Term Investments
Other Short-Term Assets $857.6K $926.3K $926.3K
YoY Change -41.95% -50.81% -50.81%
Inventory
Prepaid Expenses
Receivables
Other Receivables $22.30K
Total Short-Term Assets $9.800M $5.633M $5.633M
YoY Change -19.8% -32.84% -32.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.415K $148.6K $148.6K
YoY Change -34.7% -34.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.540K $5.540K $5.540K
YoY Change -97.4% 0.09% 0.0%
Total Long-Term Assets $144.4K $154.1K $154.1K
YoY Change -32.29% -33.88% -33.88%
TOTAL ASSETS
Total Short-Term Assets $9.800M $5.633M $5.633M
Total Long-Term Assets $144.4K $154.1K $154.1K
Total Assets $9.945M $5.787M $5.787M
YoY Change -20.01% -32.87% -32.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $455.4K $311.6K $311.6K
YoY Change 43.78% -4.86% -4.86%
Accrued Expenses $465.6K $229.9K $229.9K
YoY Change -70.42% -42.96% -52.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800K
YoY Change
Total Short-Term Liabilities $1.011M $730.6K $730.6K
YoY Change -53.23% -26.84% -26.84%
LONG-TERM LIABILITIES
Long-Term Debt $6.110K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $44.59K $66.91K $66.91K
YoY Change -65.53% -55.56% -55.56%
Total Long-Term Liabilities $50.70K $66.91K $66.91K
YoY Change -60.81% -55.56% -55.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.011M $730.6K $730.6K
Total Long-Term Liabilities $50.70K $66.91K $66.91K
Total Liabilities $1.061M $797.5K $797.5K
YoY Change -53.66% -30.6% -30.6%
SHAREHOLDERS EQUITY
Retained Earnings -$78.10M -$75.40M
YoY Change 14.35% 17.45%
Common Stock $87.28M $80.66M
YoY Change 10.88% 12.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $300.0K $300.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $8.883M $4.989M $4.989M
YoY Change
Total Liabilities & Shareholders Equity $9.945M $5.787M $5.787M
YoY Change -20.01% -32.87% -32.87%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.700M -$2.405M -$11.12M
YoY Change -32.87% -81.52% -59.45%
Depreciation, Depletion And Amortization $139.00 $220.00 $220.00
YoY Change -99.89%
Cash From Operating Activities -$2.000M -$2.123M -$8.063M
YoY Change -5.4% -14.98% -16.01%
INVESTING ACTIVITIES
Capital Expenditures $2.780K $2.780K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.780K -$2.780K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.321M
YoY Change -1.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $6.263M -31.28K 6.269M
YoY Change -1.4% -41.63% -1712.15%
NET CHANGE
Cash From Operating Activities -$2.000M -2.123M -8.063M
Cash From Investing Activities -2.780K -2.780K
Cash From Financing Activities $6.263M -31.28K 6.269M
Net Change In Cash $4.214M -2.157M -1.797M
YoY Change -0.56% -15.43% -82.02%
FREE CASH FLOW
Cash From Operating Activities -$2.000M -$2.123M -$8.063M
Capital Expenditures $2.780K $2.780K
Free Cash Flow -$2.126M -$8.066M
YoY Change -15.98%

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Pursuant to Code Sec. 382 of the Internal Revenue Code (“the Code”), the utilization of our net operating loss carryforwards could be limited as a result of a cumulative change in stock ownership of more than 50% over a three-year period. We have not completed a Sec. 382 study and as such our net operating loss carryforwards may be subject to such limitation.
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