2024 Q1 Form 10-K Financial Statement

#000155837024004365 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.432M $4.329M $15.20M
YoY Change 21.83% 81.05% 61.46%
Cost Of Revenue $2.512M $2.316M $9.179M
YoY Change 21.47% 29.17% 32.99%
Gross Profit $920.0K $2.013M $6.018M
YoY Change 22.83% 236.62% 139.76%
Gross Profit Margin 26.81% 46.5% 39.6%
Selling, General & Admin $100.0K
YoY Change 0.0%
% of Gross Profit 1.66%
Research & Development $1.700M
YoY Change 0.0%
% of Gross Profit 28.25%
Depreciation & Amortization $304.0K $318.0K $1.308M
YoY Change -1.94% -1.85% 7.3%
% of Gross Profit 33.04% 15.8% 21.73%
Operating Expenses $2.994M $2.867M $13.64M
YoY Change -20.69% -1.95% -10.9%
Operating Profit -$2.074M -$854.0K -$7.620M
YoY Change -31.46% -63.28% -40.45%
Interest Expense -$5.000K -$6.000K -$18.00K
YoY Change 25.0% -127.27% -103.03%
% of Operating Profit
Other Income/Expense, Net $65.00K $65.00K
YoY Change
Pretax Income -$2.079M $925.0K -$5.853M
YoY Change -31.39% -140.52% -51.94%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$2.079M $925.0K -$5.853M
YoY Change -31.39% -140.39% -52.02%
Net Earnings / Revenue -60.58% 21.37% -38.51%
Basic Earnings Per Share -$1.46 -$4.51
Diluted Earnings Per Share -$1.46 $0.65 -$4.51
COMMON SHARES
Basic Shares Outstanding 1.430M 1.420M 1.298M
Diluted Shares Outstanding 1.426M 1.298M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $776.0K $1.502M $1.502M
YoY Change -63.76% -56.4% -56.4%
Cash & Equivalents $776.0K $1.502M $1.502M
Short-Term Investments
Other Short-Term Assets $381.0K $495.0K $495.0K
YoY Change -15.33% -1.0% -4.99%
Inventory $532.0K $384.0K $384.0K
Prepaid Expenses
Receivables $906.0K $1.301M $1.301M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.595M $3.682M $3.682M
YoY Change -35.04% -35.52% -35.52%
LONG-TERM ASSETS
Property, Plant & Equipment $672.0K $1.525M $1.525M
YoY Change -19.42% 73.89% -19.61%
Goodwill
YoY Change
Intangibles $12.58M $12.82M
YoY Change -7.01% -6.9%
Long-Term Investments
YoY Change
Other Assets $64.00K $76.00K $76.00K
YoY Change -44.83% -41.09% -41.09%
Total Long-Term Assets $14.03M $14.42M $14.42M
YoY Change -9.07% -8.71% -8.71%
TOTAL ASSETS
Total Short-Term Assets $2.595M $3.682M $3.682M
Total Long-Term Assets $14.03M $14.42M $14.42M
Total Assets $16.62M $18.10M $18.10M
YoY Change -14.41% -15.82% -15.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $905.0K $622.0K $622.0K
YoY Change -58.68% -69.54% -69.54%
Accrued Expenses $1.819M $2.042M $2.042M
YoY Change 7.95% 28.91% 14.53%
Deferred Revenue $200.0K $100.0K
YoY Change 100.0% 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $133.0K $367.0K $367.0K
YoY Change -6.34% 43.92% -11.99%
Total Short-Term Liabilities $3.327M $3.141M $3.141M
YoY Change -26.08% -27.98% -27.98%
LONG-TERM LIABILITIES
Long-Term Debt $99.00K $124.0K $124.0K
YoY Change -22.05% -7.46% -38.61%
Other Long-Term Liabilities $353.0K $407.0K $407.0K
YoY Change -32.12% -29.09% -29.09%
Total Long-Term Liabilities $99.00K $531.0K $531.0K
YoY Change -22.05% 296.27% -31.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.327M $3.141M $3.141M
Total Long-Term Liabilities $99.00K $531.0K $531.0K
Total Liabilities $3.850M $3.672M $3.672M
YoY Change -25.93% -28.52% -29.41%
SHAREHOLDERS EQUITY
Retained Earnings -$100.2M -$98.20M
YoY Change 5.14% 6.39%
Common Stock $14.00K $14.00K
YoY Change -93.99% -93.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.77M $14.43M $14.43M
YoY Change
Total Liabilities & Shareholders Equity $16.62M $18.10M $18.10M
YoY Change -14.41% -15.82% -15.82%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.079M $925.0K -$5.853M
YoY Change -31.39% -140.39% -52.02%
Depreciation, Depletion And Amortization $304.0K $318.0K $1.308M
YoY Change -1.94% -1.85% 7.3%
Cash From Operating Activities -$700.0K $111.0K -$3.559M
YoY Change -56.25% -107.4% -53.78%
INVESTING ACTIVITIES
Capital Expenditures $46.00K $126.0K
YoY Change -11.54% -54.51%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$46.00K -$126.0K
YoY Change -100.0% -11.54% -54.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.245M
YoY Change 1640.31%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -59.00K -128.0K 1.742M
YoY Change -120.14% -12.93% -874.22%
NET CHANGE
Cash From Operating Activities -700.0K 111.0K -3.559M
Cash From Investing Activities 0.000 -46.00K -126.0K
Cash From Financing Activities -59.00K -128.0K 1.742M
Net Change In Cash -726.0K -63.00K -1.943M
YoY Change -44.33% -96.29% -76.37%
FREE CASH FLOW
Cash From Operating Activities -$700.0K $111.0K -$3.559M
Capital Expenditures $46.00K $126.0K
Free Cash Flow $65.00K -$3.685M
YoY Change -104.19% -53.8%

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On September 21, 2023 we filed a Certificate of Amendment to our Third Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware, pursuant to which we effected a 1-for-20 reverse stock split (the “Reverse Stock Split”) of our issued and outstanding common stock. The Reverse Stock Split became effective as of 5:00 p.m. (Eastern Time) on September 21, 2023, and our common stock began trading on a split-adjusted basis on the Nasdaq Capital Market at the market open on September 22, 2023. Unless otherwise indicated, all share amounts, per share data, share prices, exercise prices and conversion rates set forth in these notes and the accompanying consolidated financial statements have, where applicable, been adjusted retroactively to reflect this reverse stock split
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Concentrations of Risk.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">From time to time, we may maintain a cash position with financial institutions in amounts that exceed Federal Deposit Insurance Corporation insured limits of up to $250,000 per depositor per financial institution. We have not experienced any losses on such accounts as of December 31, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Service companies in the health care industry typically grant credit without collateral to patients. The majority of these patients are insured under third-party insurance agreements. The services provided by the Company are routinely billed utilizing the Current Procedural Terminology (CPT) code set designed to communicate uniform information about medical services and procedures among physicians, coders, patients, accreditation organizations, and payers for administrative, financial, and analytical purposes. CPT codes are currently identified by the Centers for Medicare and Medicaid Services and third-party payers. The Company utilizes CPT codes for Pathology and Laboratory Services contained within codes 80000-89398.</p>
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