2024 Q3 Form 10-Q Financial Statement

#000143774924026430 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $12.15M $13.16M $10.64M
YoY Change 15.58% 23.71% 22.04%
Cost Of Revenue $11.14M $11.71M $8.222M
YoY Change 23.02% 42.41% 24.94%
Gross Profit $1.012M $1.450M $2.415M
YoY Change -30.64% -39.96% 13.11%
Gross Profit Margin 8.33% 11.02% 22.7%
Selling, General & Admin $2.329M $2.245M $2.170M
YoY Change -12.64% 3.46% -14.09%
% of Gross Profit 230.14% 154.83% 89.86%
Research & Development $13.00K $18.00K $27.00K
YoY Change -53.57% -33.33% -58.46%
% of Gross Profit 1.28% 1.24% 1.12%
Depreciation & Amortization $60.00K $443.0K $86.00K
YoY Change -40.0% 415.12% 14.67%
% of Gross Profit 5.93% 30.55% 3.56%
Operating Expenses $2.342M $2.263M $2.197M
YoY Change -13.07% 3.0% -15.21%
Operating Profit -$1.658M -$1.366M $193.0K
YoY Change 16.27% -807.77% -140.12%
Interest Expense $0.00 $1.593M
YoY Change -100.0%
% of Operating Profit 825.39%
Other Income/Expense, Net $0.00 $0.00 -$403.0K
YoY Change -100.0% -100.0%
Pretax Income -$1.658M -$1.366M -$210.0K
YoY Change -84.75% 550.48% -56.34%
Income Tax $11.00K $0.00
% Of Pretax Income
Net Earnings -$1.669M -$1.366M -$210.0K
YoY Change -84.65% 550.48% -56.34%
Net Earnings / Revenue -13.73% -10.38% -1.97%
Basic Earnings Per Share -$0.07 -$0.06 -$0.01
Diluted Earnings Per Share -$0.06 -$0.01
COMMON SHARES
Basic Shares Outstanding 24.02M 23.79M 20.00M shares
Diluted Shares Outstanding 20.00M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $891.0K $470.0K
YoY Change 89.57%
Cash & Equivalents $1.355M $891.0K $468.0K
Short-Term Investments
Other Short-Term Assets $1.183M $1.130M
YoY Change 4.69%
Inventory
Prepaid Expenses
Receivables $6.324M $7.100M $8.790M
Other Receivables $0.00 $900.0K
Total Short-Term Assets $8.340M $9.174M $10.39M
YoY Change -25.21% -11.69%
LONG-TERM ASSETS
Property, Plant & Equipment $311.0K $316.0K $229.0K
YoY Change 31.78% 37.99%
Goodwill $12.04M $12.04M $12.04M
YoY Change 0.0% 0.0%
Intangibles $2.146M $2.474M $707.0K
YoY Change -23.93% 249.93%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $14.78M $14.83M $16.82M
YoY Change -14.39% -11.84%
TOTAL ASSETS
Total Short-Term Assets $8.340M $9.174M $10.39M
Total Long-Term Assets $14.78M $14.83M $16.82M
Total Assets $23.12M $24.01M $27.21M
YoY Change -18.64% -11.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.174M $1.960M
YoY Change -40.1%
Accrued Expenses $6.891M $6.100M
YoY Change 12.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $5.630M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.594M $8.285M $20.22M
YoY Change -30.18% -59.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $46.00K $46.00K
YoY Change -82.03%
Total Long-Term Liabilities $46.00K $46.00K $0.00
YoY Change -82.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.594M $8.285M $20.22M
Total Long-Term Liabilities $46.00K $46.00K $0.00
Total Liabilities $7.640M $8.331M $20.22M
YoY Change -31.37% -58.8%
SHAREHOLDERS EQUITY
Retained Earnings -$32.60M -$31.00M -$12.88M
YoY Change 25.38% 140.76%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.48M $15.67M $6.993M
YoY Change
Total Liabilities & Shareholders Equity $23.12M $24.01M $27.21M
YoY Change -18.64% -11.78%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.669M -$1.366M -$210.0K
YoY Change -84.65% 550.48% -56.34%
Depreciation, Depletion And Amortization $60.00K $443.0K $86.00K
YoY Change -40.0% 415.12% 14.67%
Cash From Operating Activities -$480.0K -$46.00K
YoY Change 943.48% -105.3%
INVESTING ACTIVITIES
Capital Expenditures $74.00K $48.00K
YoY Change 54.17% -11.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$74.00K -$48.00K
YoY Change 54.17% -11.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$3.000M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$480.0K -$46.00K
Cash From Investing Activities -$74.00K -$48.00K
Cash From Financing Activities $0.00 -$3.000M
Net Change In Cash -$554.0K -$3.094M
YoY Change -82.09% -480.1%
FREE CASH FLOW
Cash From Operating Activities -$480.0K -$46.00K
Capital Expenditures $74.00K $48.00K
Free Cash Flow -$554.0K -$94.00K
YoY Change 489.36% -111.55%

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CommonStockAccruedAtPeriodEnd
305000 usd
CY2023Q2 podc Common Stock Accrued At Period End
CommonStockAccruedAtPeriodEnd
0 usd
CY2024Q2 us-gaap Assets Net
AssetsNet
16100000 usd
CY2024Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
900000 usd
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-31000000 usd
CY2024Q2 podc Working Capital
WorkingCapital
900000 usd
CY2024Q2 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i><span style="text-decoration: underline; ">Use of Estimates</span></i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The preparation of the Company’s interim unaudited condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant items subject to such estimates and assumptions include revenue, allowance for doubtful accounts, the assigned value of acquired assets and assumed and contingent liabilities associated with business combinations and the related purchase price allocation, useful lives and impairment of property and equipment, intangible assets, goodwill and other assets, the fair value of the Company’s equity-based compensation awards and convertible debt and debt instruments, fair values of derivatives, and contingencies.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: justify;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities. </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q2 us-gaap Advertising Expense
AdvertisingExpense
100000 usd
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
100000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
891000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
468000 usd
CY2024Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
7132000 usd
CY2024Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
6099000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
32000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
76000 usd
CY2024Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
7100000 usd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
6023000 usd
CY2023Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
200000 usd
CY2024Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i><span style="text-decoration: underline; ">Concentration of Credit Risk</span></i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company maintains cash balances at commercial banks. Cash balances commonly exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation. The Company has <em style="font: inherit;">not</em> experienced any losses in such accounts, and management believes that the Company is <em style="font: inherit;">not</em> exposed to any significant credit risk with respect to such cash and cash equivalents.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1097000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1024000 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
781000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
715000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
316000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
309000 usd
CY2024Q2 us-gaap Depreciation
Depreciation
100000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
100000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
12041000 usd
CY2024Q2 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2024Q2 us-gaap Goodwill
Goodwill
12041000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4797000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2323000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2474000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
5092000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1947000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3145000 usd
CY2024Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
200000 usd
CY2023Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
892000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
915000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
338000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
109000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
101000 usd
CY2024Q2 podc Finitelived Intangible Asset Expected Amortization After Year Four
FinitelivedIntangibleAssetExpectedAmortizationAfterYearFour
119000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2474000 usd
CY2024Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1174000 usd
CY2024Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1529000 usd
CY2024Q2 podc Accrued Revenue Share
AccruedRevenueShare
4196000 usd
CY2024Q1 podc Accrued Revenue Share
AccruedRevenueShare
2945000 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2695000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
2909000 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
8065000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
7383000 usd
CY2023Q4 podc Warrants Embedded Redemption Liability Derivative And Fees
WarrantsEmbeddedRedemptionLiabilityDerivativeAndFees
5800000 usd
CY2023Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1400000 usd
CY2024Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
4300000 usd
CY2024Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
600000 usd
CY2024Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
500000 usd
CY2024Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
500000 usd
CY2022Q4 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
7000000 usd
CY2022Q4 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
9800000 usd
CY2022Q4 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
7000000 usd
CY2023Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
5000000 usd
CY2024Q2 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
1 pure
CY2024Q2 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.05 pure
CY2024Q2 podc Common Stock Shares Cancelled
CommonStockSharesCancelled
127984230
CY2022Q4 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
110000000
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
140000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.87
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2024Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-0
CY2024Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-0
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
140000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.87
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
130000
CY2024Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.64
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M8D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y5M23D
CY2024Q2 podc Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingFairValue
300000 usd
CY2024Q2 podc Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableFairValue
200000 usd
CY2023Q2 podc Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingFairValue
700000 usd
CY2023Q2 podc Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableFairValue
300000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
110000000

Files In Submission

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0001437749-24-026430-index.html Edgar Link pending
0001437749-24-026430.txt Edgar Link pending
0001437749-24-026430-xbrl.zip Edgar Link pending
ex_697369.htm Edgar Link pending
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podc-20240630.xsd Edgar Link pending
podc20240630_10q.htm Edgar Link pending
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report.css Edgar Link pending
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podc-20240630_def.xml Edgar Link unprocessable
podc-20240630_lab.xml Edgar Link unprocessable
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