$QURT
Quarta-Rad, Inc.

2023 Q4 Form 10-Q Financial Statement

#000149315223036489 Filed on October 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q2 2022 Q2
Revenue $145.6K $102.1K $244.2K
YoY Change -53.51% -58.19% -32.39%
Cost Of Revenue $93.41K $50.00K
YoY Change -34.73%
Gross Profit $52.16K $52.59K $53.88K
YoY Change -69.32% -2.39% -67.54%
Gross Profit Margin 35.83% 51.52% 22.07%
Selling, General & Admin $7.670K $70.00K $69.64K
YoY Change -90.07% 0.52% -36.53%
% of Gross Profit 14.7% 133.1% 129.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.00 $200.00 $200.00
YoY Change 300.0% 0.0% 0.0%
% of Gross Profit 1.53% 0.38% 0.37%
Operating Expenses $7.670K $71.97K $69.64K
YoY Change -90.07% 3.35% -36.53%
Operating Profit $44.49K -$19.38K -$15.76K
YoY Change -52.06% 22.97% -128.0%
Interest Expense $24.16K -$10.00K -$78.00K
YoY Change -25.94% -87.18% -334.09%
% of Operating Profit 54.3%
Other Income/Expense, Net $18.83K $10.00K $11.19K
YoY Change -10.63% -129.74%
Pretax Income $87.48K -$16.77K -$82.57K
YoY Change -30.25% -79.69% -258.79%
Income Tax $18.37K -$3.522K -$17.34K
% Of Pretax Income 21.0%
Net Earnings $69.11K -$13.25K -$65.23K
YoY Change -30.25% -79.69% -258.8%
Net Earnings / Revenue 47.48% -12.98% -26.72%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00 -$4.165K
COMMON SHARES
Basic Shares Outstanding 15.67M shares 15.66M shares 15.66M shares
Diluted Shares Outstanding 15.67M shares 15.67M shares

Balance Sheet

Concept 2023 Q4 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.8K $185.9K $342.4K
YoY Change -73.33% -45.7% -24.48%
Cash & Equivalents $72.63K $137.8K $196.6K
Short-Term Investments $52.15K $48.16K $145.8K
Other Short-Term Assets
YoY Change
Inventory $30.40K $82.00K $197.1K
Prepaid Expenses
Receivables $7.290K $20.00K $14.25K
Other Receivables $80.81K $20.00K $0.00
Total Short-Term Assets $243.3K $307.0K $553.7K
YoY Change -66.0% -44.55% -13.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.570K $1.970K $2.770K
YoY Change -33.76% -28.88% -22.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.07K $30.00K $50.36K
YoY Change -32.95% -40.43%
Total Long-Term Assets $440.0K $444.6K $53.13K
YoY Change 1049.95% 736.94% 1388.1%
TOTAL ASSETS
Total Short-Term Assets $243.3K $307.0K $553.7K
Total Long-Term Assets $440.0K $444.6K $53.13K
Total Assets $683.3K $751.6K $606.8K
YoY Change -9.35% 23.87% -6.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $105.2K $110.0K $90.22K
YoY Change 26.34% 21.92% 38.1%
Accrued Expenses
YoY Change
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 $289.7K $382.2K $312.1K
YoY Change -28.4% 22.46% 32.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $289.7K $382.2K $312.1K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $289.7K $380.0K $312.1K
YoY Change -28.4% 21.75% 32.94%
SHAREHOLDERS EQUITY
Retained Earnings $45.30K $21.13K -$53.59K
YoY Change 5513.26% -139.43%
Common Stock $348.3K $348.3K $348.3K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $393.6K $369.4K $294.7K
YoY Change
Total Liabilities & Shareholders Equity $683.3K $751.6K $606.8K
YoY Change -9.35% 23.87% -6.14%

Cashflow Statement

Concept 2023 Q4 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $69.11K -$13.25K -$65.23K
YoY Change -30.25% -79.69% -258.8%
Depreciation, Depletion And Amortization $800.00 $200.00 $200.00
YoY Change 300.0% 0.0% 0.0%
Cash From Operating Activities -$70.23K $10.00K -$91.77K
YoY Change -1312.95% -110.9% 19.52%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.030K -$40.00K -$84.00K
YoY Change -102.48% -52.38% -125.01%
Cash From Investing Activities -$1.030K -$40.00K -$84.00K
YoY Change -102.48% -52.38% -125.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -70.23K 10.00K -91.77K
Cash From Investing Activities -1.030K -40.00K -84.00K
Cash From Financing Activities
Net Change In Cash -71.26K -30.00K -175.8K
YoY Change -250.62% -82.93% -167.85%
FREE CASH FLOW
Cash From Operating Activities -$70.23K $10.00K -$91.77K
Capital Expenditures
Free Cash Flow
YoY Change

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-156106 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-63593 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
293878 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
260200 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
137772 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
196607 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_zQldEX9tlf48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 - <span id="xdx_82C_zppSCB6WDE9i">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company distributes detection devices, including but not limited to Geiger counters, to homeowners and interested customers in North America and Europe. The Company targets homebuilders and home renovation contractors. As noted in RISKS AND UNCERTAINTIES, the Company has encountered certain restrictions in securing inventory and is attempting to find a new supplier.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellavir is a video analytics company whose platform empowers organizations to decode videos to develop creative marketing strategies and analysis through advanced and proprietary technologies using artificial intelligence (“AI”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zez7qQ7V14rd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_z3uc1DkMSUW">Use of Estimates and Assumptions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant estimates made by management include, among others, provisions for the valuation of accounts receivable, accrual of European VAT reserve, the recoverability of deferred tax assets, and the recoverability of inventory. The Company bases its estimates on historical experience, knowledge of current conditions and belief of what could occur in the future considering available information. The Company reviews its estimates on an on-going basis. The actual results experienced by the Company may differ materially and adversely from its estimates. To the extent there are material differences between the estimates and actual results, future results of operations will be affected.</span></p>
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
16484 usd
us-gaap Advertising Expense
AdvertisingExpense
33577 usd
CY2022Q2 us-gaap Advertising Expense
AdvertisingExpense
8453 usd
us-gaap Advertising Expense
AdvertisingExpense
19653 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zoAuhAbqDKD6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_z2geJMxem9Eh">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit is extended to online platforms and suppliers based on an evaluation of their financial condition, and collateral is generally not required. The Company performs ongoing credit evaluations of its customers and provides an allowance for doubtful accounts as appropriate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two selling platforms/distributors accounted for <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoSellersMember_zHqXi8Cso9gf" title="Concentration risk, percentage">98</span>% of accounts receivable at June 30, 2023 and two selling platforms/distributors accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoSellersMember_zViVqOHfwzH4" title="Concentration risk, percentage">96</span>% of accounts receivable at December 31. 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarta Rad purchased <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoRelatedPartiesMember_zYSD2fFyonbh" title="Concentration risk, percentage"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoRelatedPartiesMember_zLRGgfmb84Jl" title="Concentration risk, percentage"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoRelatedPartiesMember_z6zooah82KN3" title="Concentration risk, percentage"><span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoRelatedPartiesMember_zlU4mgboq6Hb" title="Concentration risk, percentage">100</span></span></span></span>% of its inventory through two related parties for the three and six months ended June 30, 2023, and 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q2 us-gaap Marketable Securities
MarketableSecurities
48159 usd
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
48159 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
173882 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
173882 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4005 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4005 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2035 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1635 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1970 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2370 usd
CY2023Q2 us-gaap Depreciation
Depreciation
200 usd
us-gaap Depreciation
Depreciation
400 usd
CY2022Q2 us-gaap Depreciation
Depreciation
200 usd
us-gaap Depreciation
Depreciation
400 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
0 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
383762 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
301061 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-6608 usd
us-gaap Net Income Loss
NetIncomeLoss
20321 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
102082 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-19380 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-13252 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
626556 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
90215 usd
us-gaap Net Income Loss
NetIncomeLoss
-39817 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
244177 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-15760 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-65233 usd
CY2023Q2 us-gaap Assets
Assets
751637 usd
CY2022Q4 us-gaap Assets
Assets
753752 usd
CY2019Q4 QURT Estimated Liabilities On Value Added Tax
EstimatedLiabilitiesOnValueAddedTax
100000 usd
CY2020 us-gaap Payments For Other Taxes
PaymentsForOtherTaxes
41822 usd
CY2021 us-gaap Payments For Other Taxes
PaymentsForOtherTaxes
35680 usd
CY2022 us-gaap Payments For Other Taxes
PaymentsForOtherTaxes
3783 usd

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