2022 Q4 Form 10-K Financial Statement
#000159991623000056 Filed on March 17, 2023
Income Statement
Concept | 2022 Q4 | 2022 | 2021 |
---|---|---|---|
Revenue | $25.02K | $186.0K | $208.6K |
YoY Change | -45.88% | -10.84% | 2.35% |
Cost Of Revenue | $33.57K | $150.6K | $147.0K |
YoY Change | -30.0% | 2.48% | |
Gross Profit | -$8.550K | $35.35K | $61.61K |
YoY Change | 394.22% | -42.62% | 51.0% |
Gross Profit Margin | -34.17% | 19.01% | 29.53% |
Selling, General & Admin | $43.19K | $199.0K | $264.0K |
YoY Change | -33.21% | -24.61% | 102.26% |
% of Gross Profit | 562.95% | 428.49% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $340.00 | $1.540K | $460.00 |
YoY Change | 30.77% | 234.78% | 64.29% |
% of Gross Profit | 4.36% | 0.75% | |
Operating Expenses | $43.20K | $199.0K | $264.0K |
YoY Change | -33.2% | -24.61% | 102.25% |
Operating Profit | -$51.75K | -$163.7K | -$202.4K |
YoY Change | -22.06% | -19.12% | 125.56% |
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $950.00 | $8.380K | $2.990K |
YoY Change | -134.67% | 180.27% | -83.33% |
Pretax Income | -$50.80K | -$155.3K | -$199.4K |
YoY Change | -26.53% | -22.11% | 177.73% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$50.80K | -$155.3K | -$199.4K |
YoY Change | -26.53% | -22.12% | 177.73% |
Net Earnings / Revenue | -203.04% | -83.49% | -95.58% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$0.01 | -$0.02 | -$24.92K |
COMMON SHARES | |||
Basic Shares Outstanding | |||
Diluted Shares Outstanding | 8.000M shares | 8.000M shares |
Balance Sheet
Concept | 2022 Q4 | 2022 | 2021 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $19.10K | $19.10K | $68.31K |
YoY Change | -72.04% | -72.04% | -72.08% |
Cash & Equivalents | $19.10K | $19.10K | $68.31K |
Short-Term Investments | |||
Other Short-Term Assets | $2.660K | $2.660K | $1.830K |
YoY Change | 45.36% | 45.36% | -31.72% |
Inventory | $58.78K | $58.78K | $99.80K |
Prepaid Expenses | $2.657K | ||
Receivables | $7.981K | $7.980K | $18.73K |
Other Receivables | $10.98K | $10.98K | $25.74K |
Total Short-Term Assets | $99.50K | $99.50K | $214.4K |
YoY Change | -53.59% | -53.59% | -24.89% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $5.400K | $5.400K | $8.350K |
YoY Change | -35.33% | -35.33% | 8.87% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $25.08K | $25.08K | $3.030K |
YoY Change | 727.72% | 727.72% | 57.81% |
Total Long-Term Assets | $30.49K | $30.49K | $11.39K |
YoY Change | 167.84% | 167.69% | 18.77% |
TOTAL ASSETS | |||
Total Short-Term Assets | $99.50K | $99.50K | $214.4K |
Total Long-Term Assets | $30.49K | $30.49K | $11.39K |
Total Assets | $130.0K | $130.0K | $225.8K |
YoY Change | -42.43% | -42.43% | -23.47% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | |||
YoY Change | |||
Accrued Expenses | $823.00 | $820.00 | $3.720K |
YoY Change | -77.88% | -77.96% | -58.76% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $10.20K | $10.20K | $12.45K |
YoY Change | -18.07% | -18.07% | -8.32% |
Total Short-Term Liabilities | $663.0K | $663.0K | $648.9K |
YoY Change | 2.18% | 2.18% | 22.82% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $16.99K | $16.99K | $33.19K |
YoY Change | -48.81% | -48.81% | -33.34% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $16.99K | $16.99K | $33.19K |
YoY Change | -48.81% | -48.81% | -33.34% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $663.0K | $663.0K | $648.9K |
Total Long-Term Liabilities | $16.99K | $16.99K | $33.19K |
Total Liabilities | $680.0K | $680.0K | $682.1K |
YoY Change | -0.3% | -0.3% | 17.98% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$674.9K | ||
YoY Change | 29.88% | ||
Common Stock | $800.00 | ||
YoY Change | 0.0% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$550.0K | -$550.0K | -$456.3K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $130.0K | $130.0K | $225.8K |
YoY Change | -42.43% | -42.43% | -23.47% |
Cashflow Statement
Concept | 2022 Q4 | 2022 | 2021 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$50.80K | -$155.3K | -$199.4K |
YoY Change | -26.53% | -22.12% | 177.73% |
Depreciation, Depletion And Amortization | $340.00 | $1.540K | $460.00 |
YoY Change | 30.77% | 234.78% | 64.29% |
Cash From Operating Activities | -$9.710K | -$3.323K | -$149.3K |
YoY Change | 184.75% | -97.77% | -313.85% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | -$3.850K |
YoY Change | -100.0% | -100.0% | -55.02% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | $0.00 | -$3.850K | |
YoY Change | -100.0% | -55.02% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -1.390K | -$37.90K | -9.640K |
YoY Change | -94.85% | 293.15% | -106.62% |
NET CHANGE | |||
Cash From Operating Activities | -9.710K | -$3.323K | -149.3K |
Cash From Investing Activities | 0.000 | -3.850K | |
Cash From Financing Activities | -1.390K | -$37.90K | -9.640K |
Net Change In Cash | -11.10K | -$41.22K | -162.8K |
YoY Change | -63.59% | -74.68% | -178.73% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$9.710K | -$3.323K | -$149.3K |
Capital Expenditures | $0.00 | $0.00 | -$3.850K |
Free Cash Flow | -$9.710K | -$3.323K | -$145.4K |
YoY Change | 193.35% | -97.72% | -285.58% |
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-1168 | usd |
CY2021 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
860 | usd |
CY2022 | PTZH |
Salestaxrecoverable
Salestaxrecoverable
|
10825 | usd |
CY2021 | PTZH |
Salestaxrecoverable
Salestaxrecoverable
|
-26868 | usd |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
110967 | usd |
CY2021 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
159262 | usd |
CY2022 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-1850 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3323 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-149290 | usd |
CY2021 | PTZH |
Acquisitionofintangibleassets
Acquisitionofintangibleassets
|
-3853 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3853 | usd |
CY2022 | us-gaap |
Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
|
23129 | usd |
CY2021 | us-gaap |
Loans And Leases Receivable Related Parties Proceeds
LoansAndLeasesReceivableRelatedPartiesProceeds
|
3351 | usd |
CY2022 | PTZH |
Repaymentsofduerelatedparty
Repaymentsofduerelatedparty
|
-50112 | usd |
CY2022 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
-10917 | usd |
CY2021 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
-12991 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-37900 | usd |
CY2021 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-9640 | usd |
CY2022 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-7985 | usd |
CY2021 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-13609 | usd |
CY2022 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-49208 | usd |
CY2021 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-176392 | usd |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
68312 | usd |
CY2020Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
244704 | usd |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
19104 | usd |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
68312 | usd |
CY2022 | PTZH |
Expensespaidbyofficer
Expensespaidbyofficer
|
138465 | usd |
CY2021 | PTZH |
Expensespaidbyofficer
Expensespaidbyofficer
|
167174 | usd |
CY2021 | PTZH |
Softwaretransferred
Softwaretransferred
|
1651 | usd |
CY2022 | us-gaap |
Interest Paid
InterestPaid
|
161 | usd |
CY2021 | us-gaap |
Interest Paid
InterestPaid
|
251 | usd |
CY2022 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_845_eus-gaap--UseOfEstimates_zdW7vELRL36d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86A_zLvKZ3ZcUT8l">USE OF ESTIMATES</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The presentation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates and assumptions made by management include going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, inventory obsolescence and sales allowance. Since early 2020, the global outbreak of the coronavirus disease 2019 (“COVID-19”) has significantly affected the economy in Japan, where the Company mainly operates its business. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of November 30, 2022 and for the year then ended. Operating results in the future could vary from the amounts derived from management's estimates and assumptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> | |
CY2022Q4 | PTZH |
Accountreceivableasof
Accountreceivableasof
|
7981 | usd |
CY2021Q4 | PTZH |
Accountreceivableasof
Accountreceivableasof
|
18731 | usd |
CY2022Q4 | PTZH |
Salestaxrecoverableasof
Salestaxrecoverableasof
|
10978 | usd |
CY2021Q4 | PTZH |
Salestaxrecoverableasof
Salestaxrecoverableasof
|
25741 | usd |
CY2022 | PTZH |
Advancedbyceoperiod
Advancedbyceoperiod
|
23129 | usd |
CY2022Q4 | PTZH |
Inventoryobsolescence
Inventoryobsolescence
|
11900 | usd |
CY2021Q4 | PTZH |
Inventoryobsolescence
Inventoryobsolescence
|
0 | usd |
CY2022 | PTZH |
Paidonbehalfofcompanyperiod
Paidonbehalfofcompanyperiod
|
138465 | usd |
CY2022Q4 | PTZH |
Totalduetorelatedparty
Totalduetorelatedparty
|
651999 | usd |
CY2021 | PTZH |
Advancedbyceoperiod
Advancedbyceoperiod
|
3351 | usd |
CY2022 | us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<p id="xdx_84B_eus-gaap--ComparabilityOfPriorYearFinancialData_zy3vRMXdjmKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_865_zK4DaYjKUbE8"><b>RECENT ACCOUNTING PRONOUNCEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime "expected credit loss" and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. ASU 2016-13 is effective for smaller reporting companies for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of the adoption of ASU 2016-13 on the Company's financial statements and disclosures. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p> | |
CY2021 | PTZH |
Paidonbehalfofcompanyperiod
Paidonbehalfofcompanyperiod
|
167174 | usd |
CY2021Q4 | PTZH |
Totalduetorelatedparty
Totalduetorelatedparty
|
630586 | usd |
CY2022 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_80B_eus-gaap--ConcentrationRiskCreditRisk_zv8iryRwFdji" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_824_zmvkqw4otsga">NOTE 7 - CONCENTRATION</span></b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration of Purchases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net purchase from suppliers accounting for 10% or more of total purchases are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2022, 93.8% of the inventories of cameras were purchased from one supplier, specifically eSakura Market. For the year ended November 30, 2022, 100% of the purchase of inventory was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2021, 81.6% of the inventories of cameras were purchased from one supplier, specifically eSakura Market. For the year ended November 30, 2021, 100% of the purchase of inventory was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Concentration of Revenues</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Gross revenues from customers accounting for 10% or more of total revenues are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2022, 100% of the revenue from the sale of cameras was generated through Amazon USA. For the year ended November 30, 2022, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2021, 95.4% of the revenue from the sale of cameras was generated through Amazon USA. For the year ended November 30, 2021, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2022, no customer accounted for 10% or more of service revenue.</p> <p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the year ended November 30, 2021, 21.9% and 13.5% of the service revenue was generated from Geniee, Inc., and KONICA MINOLTA, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> | |
CY2020Q3 | PTZH |
Amountborrowedon
Amountborrowedon
|
65286 | usd |
PTZH |
Amountborrowedfromrelatedparty
Amountborrowedfromrelatedparty
|
4177 | usd |