2022 Q4 Form 10-K Financial Statement

#000159991623000056 Filed on March 17, 2023

View on sec.gov

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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<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>
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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

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