2024 Q3 Form 10-Q Financial Statement

#000172820524000078 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $27.66M $13.23M -$7.310M
YoY Change -41.3%
Cost Of Revenue $25.01M $12.60M $10.78M
YoY Change 7.05%
Gross Profit $2.653M $626.0K -$18.09M
YoY Change -88.84%
Gross Profit Margin 9.59% 4.73%
Selling, General & Admin $9.466M $9.330M $11.53M
YoY Change -15.37% -22.1% 28.42%
% of Gross Profit 356.8% 1490.42%
Research & Development $35.00K $6.000K $261.0K
YoY Change -91.46% -98.46% -61.99%
% of Gross Profit 1.32% 0.96%
Depreciation & Amortization $65.00K $75.00K $98.00K
YoY Change 8.33% 23.4% 137.75%
% of Gross Profit 2.45% 11.98%
Operating Expenses $9.501M $9.339M $11.79M
YoY Change -18.49% -24.85% 21.47%
Operating Profit -$14.93M -$13.62M -$29.87M
YoY Change -193.52% -9.79%
Interest Expense -$2.877M -$4.333M $4.418M
YoY Change -36062.5% -38926.16% 1274.01%
% of Operating Profit
Other Income/Expense, Net -$1.762M $289.0K
YoY Change -119.67% -94.35%
Pretax Income -$16.70M -$13.30M -$25.45M
YoY Change -167.07% 33.0% 171.31%
Income Tax $0.00 -$2.000K -$64.00K
% Of Pretax Income
Net Earnings -$16.69M -$13.33M -$25.39M
YoY Change -172.9% 25.31% 132.86%
Net Earnings / Revenue -60.32% -100.79%
Basic Earnings Per Share -$0.86 -$0.69
Diluted Earnings Per Share -$0.86 -$0.69 -$1.32
COMMON SHARES
Basic Shares Outstanding 19.37M shares 19.37M shares 19.21M shares
Diluted Shares Outstanding 19.40M shares 19.37M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.23M $67.24M $71.73M
YoY Change -26.07% -24.64% -27.73%
Cash & Equivalents $64.40M $59.00M $71.73M
Short-Term Investments $5.873M $8.262M $484.0K
Other Short-Term Assets $8.217M $11.40M $3.829M
YoY Change 87.86% 132.32% 46.6%
Inventory
Prepaid Expenses
Receivables $1.100M $13.32M $595.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $73.65M $83.69M $76.15M
YoY Change -39.7% -10.64% -25.24%
LONG-TERM ASSETS
Property, Plant & Equipment $134.5M $134.3M $127.1M
YoY Change 15.54% 32.04% 77.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $80.15M $82.72M $147.7M
YoY Change -39.76% -33.31% 54.38%
Other Assets $1.707M $1.865M $30.35M
YoY Change -93.37% -92.08% 60.82%
Total Long-Term Assets $255.6M $255.9M $305.1M
YoY Change -7.13% 2.67% 63.98%
TOTAL ASSETS
Total Short-Term Assets $73.65M $83.69M $76.15M
Total Long-Term Assets $255.6M $255.9M $305.1M
Total Assets $329.2M $339.6M $381.3M
YoY Change -17.14% -0.96% 32.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.819M $5.975M $11.75M
YoY Change -80.29% -50.82% -8.61%
Accrued Expenses $224.0K $303.0K
YoY Change
Deferred Revenue $6.866M $24.35M $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $19.97M $642.0K $149.0K
YoY Change 9833.33% 131.5% -64.96%
Total Short-Term Liabilities $37.03M $36.02M $41.37M
YoY Change -13.61% 183.2% 208.44%
LONG-TERM LIABILITIES
Long-Term Debt $4.089M $2.067M $14.00K
YoY Change 9193.18% 2766.89% -91.43%
Other Long-Term Liabilities $998.0K $980.0K $431.0K
YoY Change -16.83% -21.82% -63.37%
Total Long-Term Liabilities $5.087M $3.047M $445.0K
YoY Change 11461.36% 4126.13% 172.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.03M $36.02M $41.37M
Total Long-Term Liabilities $5.087M $3.047M $445.0K
Total Liabilities $43.02M $40.02M $48.93M
YoY Change -12.73% 128.65% 177.47%
SHAREHOLDERS EQUITY
Retained Earnings -$180.5M -$163.8M -$126.8M
YoY Change 76.96% 31.14% 19.96%
Common Stock $2.000K $2.000K $2.000K
YoY Change 0.0% 4.22% 10.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $286.2M $299.6M $332.3M
YoY Change
Total Liabilities & Shareholders Equity $329.2M $339.6M $381.3M
YoY Change -17.14% -0.96% 32.42%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$16.69M -$13.33M -$25.39M
YoY Change -172.9% 25.31% 132.86%
Depreciation, Depletion And Amortization $65.00K $75.00K $98.00K
YoY Change 8.33% 23.4% 137.75%
Cash From Operating Activities -$7.696M -$459.0K -$3.833M
YoY Change -130.67% -95.49% -13.03%
INVESTING ACTIVITIES
Capital Expenditures $1.956M $3.194M $11.74M
YoY Change -87.99% -266.89% -214.62%
Acquisitions
YoY Change
Other Investing Activities -$2.100M -$8.167M -$7.105M
YoY Change -17.32% -74.55% -70.7%
Cash From Investing Activities -$4.056M -$11.36M -$18.85M
YoY Change -78.44% -62.35% 34.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.13M -646.0K -82.00K
YoY Change -3332.45% 432.65% -215.43%
NET CHANGE
Cash From Operating Activities -7.696M -459.0K -3.833M
Cash From Investing Activities -4.056M -11.36M -18.85M
Cash From Financing Activities 17.13M -646.0K -82.00K
Net Change In Cash 5.380M -12.47M -22.76M
YoY Change -6.43% -69.2% 24.11%
FREE CASH FLOW
Cash From Operating Activities -$7.696M -$459.0K -$3.833M
Capital Expenditures $1.956M $3.194M $11.74M
Free Cash Flow -$9.652M -$3.653M -$15.58M
YoY Change -209.56% -55.79% -366.75%

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<div style="margin-top:12pt"><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="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and allocations that affect amounts reported in the consolidated financial statements and related notes. Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets, fair value of stock-based compensation awards and marketable securities, income tax uncertainties, valuation of deferred tax assets, contingent assets and liabilities, legal claims, asset impairments, provisional revenue adjustments, collectability of receivables, and environmental remediation. Actual results could differ due to the uncertainty inherent in the nature of these estimates.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We base our estimates and assumptions on current facts, historical experience, and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from our estimates. To the extent there are material differences between estimates and actual results, future results of operations will be affected.</span></div>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Other Nonoperating Gains Losses
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Income Loss From Equity Method Investments
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CY2024Q2 us-gaap Equity Securities Fv Ni Unrealized Loss
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CY2024Q2 pll Financing Payments
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CY2024Q2 us-gaap Common Stock Shares Authorized
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CY2024Q2 us-gaap Trading Securities
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200000 usd
CY2024Q2 pll Number Of Petitioners
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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false

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