2022 Q4 Form 10-Q Financial Statement

#000158897822000005 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $23.78M $20.35M
YoY Change 134.53% 134.76%
Cost Of Revenue $13.10M $10.12M
YoY Change 133.03% 128.5%
Gross Profit $10.68M $10.23M
YoY Change 136.4% 141.3%
Gross Profit Margin 44.9% 50.28%
Selling, General & Admin $26.03M $24.75M
YoY Change 60.0% 104.27%
% of Gross Profit 243.86% 241.95%
Research & Development $9.682M $7.582M
YoY Change 90.74% 54.14%
% of Gross Profit 90.69% 74.11%
Depreciation & Amortization $663.0K $703.0K
YoY Change -13.11% -11.68%
% of Gross Profit 6.21% 6.87%
Operating Expenses $35.72M $32.34M
YoY Change 67.31% 89.8%
Operating Profit -$25.04M -$22.11M
YoY Change 48.77% 72.74%
Interest Expense $126.0K $1.455M
YoY Change -108.38% -0.95%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$28.17M -$22.61M
YoY Change 53.54% 60.34%
Income Tax
% Of Pretax Income
Net Earnings -$28.17M -$22.61M
YoY Change 53.54% 60.34%
Net Earnings / Revenue -118.48% -111.13%
Basic Earnings Per Share -$0.51
Diluted Earnings Per Share -$0.63 -$0.51
COMMON SHARES
Basic Shares Outstanding 44.72M shares 44.59M shares
Diluted Shares Outstanding 44.64M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.9M $249.2M
YoY Change -27.1% -22.24%
Cash & Equivalents $221.9M $249.2M
Short-Term Investments
Other Short-Term Assets $6.952M $4.519M
YoY Change 103.75% 135.12%
Inventory $28.54M $22.36M
Prepaid Expenses
Receivables $15.27M $12.84M
Other Receivables $0.00 $0.00
Total Short-Term Assets $272.6M $288.9M
YoY Change -16.42% -14.89%
LONG-TERM ASSETS
Property, Plant & Equipment $8.656M $5.120M
YoY Change 71.58% -10.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.00K $202.0K
YoY Change -74.0%
Total Long-Term Assets $36.70M $35.11M
YoY Change 238.25% 192.71%
TOTAL ASSETS
Total Short-Term Assets $272.6M $288.9M
Total Long-Term Assets $36.70M $35.11M
Total Assets $309.3M $324.0M
YoY Change -8.22% -7.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.391M $6.331M
YoY Change 362.84% 76.35%
Accrued Expenses $20.68M $12.76M
YoY Change 84.58% 50.22%
Deferred Revenue $2.855M $2.342M
YoY Change 178.54% 176.18%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $35.29M $27.36M
YoY Change 117.28% 92.95%
LONG-TERM LIABILITIES
Long-Term Debt $51.21M $50.69M
YoY Change 2.42% 1.87%
Other Long-Term Liabilities $0.00 $200.0K
YoY Change -100.0% 0.0%
Total Long-Term Liabilities $51.21M $50.89M
YoY Change 2.01% 1.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.29M $27.36M
Total Long-Term Liabilities $51.21M $50.89M
Total Liabilities $112.3M $103.3M
YoY Change 60.52% 51.54%
SHAREHOLDERS EQUITY
Retained Earnings -$348.7M -$320.5M
YoY Change 33.34% 31.78%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $197.1M $220.8M
YoY Change
Total Liabilities & Shareholders Equity $309.3M $324.0M
YoY Change -8.22% -7.8%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$28.17M -$22.61M
YoY Change 53.54% 60.34%
Depreciation, Depletion And Amortization $663.0K $703.0K
YoY Change -13.11% -11.68%
Cash From Operating Activities -$25.17M -$19.85M
YoY Change 52.79% 55.68%
INVESTING ACTIVITIES
Capital Expenditures $866.0K -$1.514M
YoY Change -360.84% 1263.96%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$866.0K -$1.514M
YoY Change 160.84% 1263.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.318M 777.0K
YoY Change -304.66% -99.55%
NET CHANGE
Cash From Operating Activities -25.17M -19.85M
Cash From Investing Activities -866.0K -1.514M
Cash From Financing Activities -1.318M 777.0K
Net Change In Cash -27.36M -20.59M
YoY Change 69.25% -112.77%
FREE CASH FLOW
Cash From Operating Activities -$25.17M -$19.85M
Capital Expenditures $866.0K -$1.514M
Free Cash Flow -$26.04M -$18.34M
YoY Change 61.3% 45.07%

Facts In Submission

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us-gaap Use Of Estimates
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Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, and loan facility derivative liability, as well as certain accrued liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.
CY2021Q3 us-gaap Sale Of Stock Price Per Share
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CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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ConvertiblePreferredStockSharesIssuedUponConversion
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11580000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11580000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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24335000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Maturity Year One
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Maturity Year Three
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Maturity Year Four
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
24146000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Maturity Thereafter
OperatingLeaseLiabilityAndLongTermDebtMaturityThereafter
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Maturity Gross
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CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Maturity Unamortized Debt Discount
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CY2022Q3 us-gaap Operating Lease Liability
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CY2022Q3 us-gaap Long Term Debt
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CY2022Q3 prct Operating Lease Liability And Long Term Debt
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CY2022Q3 us-gaap Operating Lease Liability Current
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2473000 usd
CY2022Q3 us-gaap Long Term Debt Current
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CY2022Q3 prct Operating Lease Liability And Long Term Debt Current
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CY2022Q3 us-gaap Operating Lease Liability Noncurrent
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23415000 usd
CY2022Q3 us-gaap Long Term Debt Noncurrent
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50692000 usd
CY2022Q3 prct Operating Lease Liability And Long Term Debt Excluding Current Maturities
OperatingLeaseLiabilityAndLongTermDebtExcludingCurrentMaturities
74107000 usd

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