2023 Q1 Form 10-K Financial Statement

#000162828023007266 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 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 $9.153M $9.625M $29.82M
YoY Change 47.13% 33.92% 114.16%
% of Gross Profit
Research & Development $30.88M $29.06M $86.73M
YoY Change 125.78% -45.05% 22.93%
% of Gross Profit
Depreciation & Amortization $1.052M $870.0K $2.200M
YoY Change 259.04% 279.91% 287.32%
% of Gross Profit
Operating Expenses $40.03M $38.69M $116.5M
YoY Change 101.19% -35.6% 37.96%
Operating Profit -$40.03M -$116.5M
YoY Change 101.19% 37.96%
Interest Expense -$1.701M -$1.709M -$8.128M
YoY Change -62.07% 16.58% 1978.77%
% of Operating Profit
Other Income/Expense, Net $434.0K $926.0K -$6.225M
YoY Change 3845.45% 7616.67% -92.31%
Pretax Income -$39.60M -$39.47M -$122.8M
YoY Change 62.48% -35.85% -25.98%
Income Tax -$202.0K -$186.0K -$948.0K
% Of Pretax Income
Net Earnings -$39.40M -$40.60M -$121.8M
YoY Change 31.04% -41.4% -33.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.44 -$4.19
Diluted Earnings Per Share -$0.44 -$0.38 -$4.19
COMMON SHARES
Basic Shares Outstanding 97.25M shares 97.21M shares 33.89M shares
Diluted Shares Outstanding 89.06M shares 33.89M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.4M $286.1M $293.9M
YoY Change 15.2% 6.11% 9.01%
Cash & Equivalents $133.5M $187.6M $187.6M
Short-Term Investments $109.9M $98.47M $106.3M
Other Short-Term Assets $3.982M $2.697M $2.697M
YoY Change 477.1% 181.23% 181.23%
Inventory
Prepaid Expenses $2.451M
Receivables
Other Receivables
Total Short-Term Assets $253.5M $296.6M $296.6M
YoY Change 19.6% 9.62% 9.62%
LONG-TERM ASSETS
Property, Plant & Equipment $21.59M $19.01M $48.55M
YoY Change 37.81% 21.25% 209.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.646M $1.646M $15.14M
YoY Change -90.28% -89.45% -2.93%
Total Long-Term Assets $63.45M $63.70M $63.70M
YoY Change 94.65% 103.65% 103.65%
TOTAL ASSETS
Total Short-Term Assets $253.5M $296.6M $296.6M
Total Long-Term Assets $63.45M $63.70M $63.70M
Total Assets $316.9M $360.3M $360.3M
YoY Change 29.6% 19.37% 19.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.561M $4.332M $4.332M
YoY Change 42.71% 201.88% 201.88%
Accrued Expenses $7.543M $10.69M $20.39M
YoY Change -12.39% -75.45% -53.17%
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 $23.87M $26.71M $26.71M
YoY Change 85.19% -53.93% -53.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.20M $17.05M $17.05M
YoY Change 578.63% 455.41% 455.41%
Total Long-Term Liabilities $14.20M $17.05M $17.05M
YoY Change 578.63% 455.41% 455.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.87M $26.71M $26.71M
Total Long-Term Liabilities $14.20M $17.05M $17.05M
Total Liabilities $38.15M $44.04M $44.04M
YoY Change 143.07% -29.3% -29.3%
SHAREHOLDERS EQUITY
Retained Earnings -$332.6M -$293.2M
YoY Change 71.09%
Common Stock $2.000K $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $278.8M $316.3M $316.3M
YoY Change
Total Liabilities & Shareholders Equity $316.9M $360.3M $360.3M
YoY Change 29.6% 19.37% 19.37%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$39.40M -$40.60M -$121.8M
YoY Change 31.04% -41.4% -33.84%
Depreciation, Depletion And Amortization $1.052M $870.0K $2.200M
YoY Change 259.04% 279.91% 287.32%
Cash From Operating Activities -$41.56M -$30.71M -$131.8M
YoY Change -18.18% 132.9% 286.79%
INVESTING ACTIVITIES
Capital Expenditures $1.999M $4.814M $16.10M
YoY Change 18.42% 1160.21% 287.83%
Acquisitions
YoY Change
Other Investing Activities -$10.67M -$8.873M -$31.00M
YoY Change -132.74% -170.78% -55.38%
Cash From Investing Activities -$12.67M -$13.69M -$47.10M
YoY Change -141.0% -212.61% -36.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $68.00K 184.1M $181.5M
YoY Change -105.35% -17049.63% -32.6%
NET CHANGE
Cash From Operating Activities -$41.56M -30.71M -$131.8M
Cash From Investing Activities -$12.67M -13.69M -$47.10M
Cash From Financing Activities $68.00K 184.1M $181.5M
Net Change In Cash -$54.16M 139.7M $2.571M
YoY Change 155.8% -6691.46% -98.41%
FREE CASH FLOW
Cash From Operating Activities -$41.56M -$30.71M -$131.8M
Capital Expenditures $1.999M $4.814M $16.10M
Free Cash Flow -$43.56M -$35.53M -$147.9M
YoY Change -17.0% 161.82% 286.91%

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<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected within these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of the Company’s common stock and stock-based awards, the valuation of preferred stock tranche right liability, the valuation of the anti-dilution obligation and the valuation of the related party forward contract liability. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ materially from those estimates or assumptions.</span></div>
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<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company invests in U.S. Treasury securities and maintains its cash and cash equivalents at high-quality and accredited financial institutions in amounts that could exceed federally </span></div>insured limits. Cash equivalents are invested in money market funds. However, the Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
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Files In Submission

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