2022 Q3 Form 10-K Financial Statement

#000168316822005189 Filed on July 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.521M $1.254M $3.701M
YoY Change 72.93% 75.42% 36.74%
% of Gross Profit
Research & Development $159.3K $254.1K $690.9K
YoY Change 10.91% -20.67% -24.59%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.681M $1.508M $4.392M
YoY Change 64.23% 45.68% 21.23%
Operating Profit -$1.681M -$4.392M
YoY Change 64.23% 21.23%
Interest Expense $0.00 $86.57K $509.00
YoY Change -100.0% -8424.04% -83.29%
% of Operating Profit
Other Income/Expense, Net $135.6K -$1.570K $152.9K
YoY Change -8574.75% 113.05%
Pretax Income -$1.545M -$1.423M -$4.239M
YoY Change 50.67% 48.2% 19.37%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.545M -$1.423M -$4.239M
YoY Change 50.67% 48.2% 19.37%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07 -$0.27
Diluted Earnings Per Share -$0.07 -$66.26K -$0.27
COMMON SHARES
Basic Shares Outstanding 20.75M shares 15.52M shares
Diluted Shares Outstanding 20.83M shares 15.52M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.23M $85.40M $85.40M
YoY Change 8471.9% 3778.13% 3778.13%
Cash & Equivalents $82.23M $85.40M
Short-Term Investments
Other Short-Term Assets $28.15K $94.17K $94.17K
YoY Change -94.87% 28.77% 28.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $82.26M $85.49M $85.49M
YoY Change 5353.32% 3657.62% 3657.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $3.549M
YoY Change
Long-Term Investments $1.572M $1.572M $1.572M
YoY Change 0.0% 0.0% 0.0%
Other Assets $7.690K $7.690K $7.690K
YoY Change 4.34% 4.34% 4.34%
Total Long-Term Assets $5.129M $5.129M $5.129M
YoY Change 0.01% 0.01% 0.01%
TOTAL ASSETS
Total Short-Term Assets $82.26M $85.49M $85.49M
Total Long-Term Assets $5.129M $5.129M $5.129M
Total Assets $87.39M $90.62M $90.62M
YoY Change 1216.56% 1123.95% 1123.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $559.0K $205.4K $205.4K
YoY Change 41.6% 19.22% 19.22%
Accrued Expenses $530.3K $499.0K $499.0K
YoY Change 0.02% -9.68% -9.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.089M $704.4K $704.4K
YoY Change 17.77% -2.82% -2.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.089M $704.4K $704.4K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.089M $704.4K $704.4K
YoY Change 17.77% -2.82% -2.82%
SHAREHOLDERS EQUITY
Retained Earnings -$113.2M -$111.6M
YoY Change 3.95%
Common Stock $2.160K $2.072K
YoY Change 1203.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.091M $0.00
YoY Change
Treasury Stock Shares 852.0K shares
Shareholders Equity $86.30M $89.92M $89.92M
YoY Change
Total Liabilities & Shareholders Equity $87.39M $90.62M $90.62M
YoY Change 1216.56% 1123.95% 1123.95%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$1.545M -$1.423M -$4.239M
YoY Change 50.67% 48.2% 19.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.084M -$1.192M -$4.117M
YoY Change -12.64% 26.75% 23.61%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $87.36M
YoY Change 1759.06%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$2.090M -50.81K $87.31M
YoY Change -200.0% 1783.0%
NET CHANGE
Cash From Operating Activities -$1.084M -1.192M -$4.117M
Cash From Investing Activities $0.00 0.000 $0.00
Cash From Financing Activities -$2.090M -50.81K $87.31M
Net Change In Cash -$3.173M -1.243M $83.20M
YoY Change 155.64% 39.7% 6264.42%
FREE CASH FLOW
Cash From Operating Activities -$1.084M -$1.192M -$4.117M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_840_eus-gaap--UseOfEstimates_z1g1BSMRFqCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_865_z4PkLuKb75Ri">Use of Estimates in the Preparation of Financial Statements</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations. The severity, magnitude and duration, as well as the economic consequences of COVID-19, are uncertain, rapidly changing and difficult to predict. Therefore, the Company’s accounting estimates and assumptions may change over time in response to COVID-19 and may change materially in future periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2022Q2 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
3549427 usd
CY2021 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
690937 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
916249 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
499009 usd
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
552517 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zOHJbdD8dT6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span id="xdx_86D_zKcxhNI2E2sb">Concentration of Credit Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has no significant off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains most of its cash balance at a financial institution located in California. Accounts at this institution are insured by the Federal Deposit Insurance Corporation up to $250,000. Uninsured balances aggregated approximately $<span id="xdx_900_eus-gaap--CashUninsuredAmount_c20220430_pp0p0" title="Uninsured cash balances">35,000,000</span> and $<span id="xdx_907_eus-gaap--CashUninsuredAmount_c20210430_pp0p0" title="Uninsured cash balances">1,912,000</span> at April 30, 2022 and 2021, respectively. The Company has not experienced any losses in such accounts. Management believes it is not exposed to any significant credit risk on cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
35000000 usd
CY2021Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1912000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
118062 usd
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
490904 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
377155 usd
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
0 usd
CY2022Q2 pmcb Director And Officer Insurance Financing
DirectorAndOfficerInsuranceFinancing
0 usd
CY2021Q2 pmcb Director And Officer Insurance Financing
DirectorAndOfficerInsuranceFinancing
50805 usd
CY2022Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
3793 usd
CY2021Q2 us-gaap Accounts Payable Other Current
AccountsPayableOtherCurrent
10808 usd
CY2020Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
75200 usd
CY2020Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2022-04-15
CY2020Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.01 pure
CY2021Q2 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
75200 usd
CY2021Q2 us-gaap Interest Payable Current
InterestPayableCurrent
779 usd
CY2022 pmcb Warrants Issued On Cashless Exercise
WarrantsIssuedOnCashlessExercise
29144 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
2500000 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
40900 shares
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2052 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2052 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
52382000 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
48619000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
40900 shares
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y2M15D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
53.05
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
36900 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
58.53
CY2022Q2 us-gaap Share Price
SharePrice
2.33
CY2021Q3 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
10720000 usd
CY2021Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
2522387 shares
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
19341 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
20429 usd
CY2022Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15138850 usd
CY2021Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
13804439 usd
CY2022Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
584321 usd
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2547274 usd
CY2022Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
35230 usd
CY2021Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
146486 usd
CY2022Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
15758401 usd
CY2021Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
16498199 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15758401 usd
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16498199 usd
CY2022Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2021Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-739798 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
969241 usd
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-890224 usd
CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-745760 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-362448 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-303631 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
20508 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
78258 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
-739798 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
969241 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1976324 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
0 usd
CY2022 pmcb Net Valuation Allowance For State Tax Deductions
NetValuationAllowanceForStateTaxDeductions
0 usd
CY2021 pmcb Net Valuation Allowance For State Tax Deductions
NetValuationAllowanceForStateTaxDeductions
0 usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-4362 usd
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1892 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-4239161 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-3551236 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15521654 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1448285 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15521654 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1448285 shares
CY2022 pmcb Basic And Diluted Loss Per Share
BasicAndDilutedLossPerShare
-0.27
CY2021 pmcb Basic And Diluted Loss Per Share
BasicAndDilutedLossPerShare
-2.45
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10813635 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
44314 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16498199 usd
CY2022 pmcb Deferred Tax Assets Valuation Allowance Charges
DeferredTaxAssetsValuationAllowanceCharges
0 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-739798 usd
CY2022 pmcb Deferred Tax Assets Valuation Allowance Deductions
DeferredTaxAssetsValuationAllowanceDeductions
0 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15758401 usd
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15528958 usd
CY2021 pmcb Deferred Tax Assets Valuation Allowance Charges
DeferredTaxAssetsValuationAllowanceCharges
0 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
969241 usd
CY2021 pmcb Deferred Tax Assets Valuation Allowance Deductions
DeferredTaxAssetsValuationAllowanceDeductions
0 usd
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16498199 usd

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