$QURT
Quarta-Rad, Inc.

2024 Q4 Form 10-Q Financial Statement

#000149315224045696 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $18.70K $61.68K
YoY Change -69.69% -61.63%
Cost Of Revenue $60.00K
YoY Change
Gross Profit $13.50K $2.930K
YoY Change 360.85% -71.55%
Gross Profit Margin 72.22% 4.75%
Selling, General & Admin $50.00K
YoY Change -10.51%
% of Gross Profit 1706.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.00 $200.00
YoY Change 0.0% 0.0%
% of Gross Profit 1.48% 6.83%
Operating Expenses $58.32K $53.58K
YoY Change 8.86% -4.1%
Operating Profit -$48.82K -$50.65K
YoY Change -3.61% 11.15%
Interest Expense -$20.00K
YoY Change -208.28%
% of Operating Profit
Other Income/Expense, Net $10.00K
YoY Change -133.93%
Pretax Income -$2.609K -$56.89K
YoY Change -95.41% 0.56%
Income Tax -$11.95K
% Of Pretax Income
Net Earnings -$2.609K -$44.94K
YoY Change -94.19% 0.56%
Net Earnings / Revenue -13.95% -72.85%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 15.67M shares 15.67M shares 15.67M shares
Diluted Shares Outstanding 15.67M shares 15.67M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.28K $193.6K
YoY Change -74.02% -54.94%
Cash & Equivalents $50.28K $147.6K
Short-Term Investments $1.00 $45.99K
Other Short-Term Assets
YoY Change
Inventory $4.732K $53.47K
Prepaid Expenses
Receivables $20.00K
Other Receivables $50.00K
Total Short-Term Assets $145.9K $313.7K
YoY Change -53.5% -54.37%
LONG-TERM ASSETS
Property, Plant & Equipment $970.00 $1.770K
YoY Change -45.2% -31.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.00K
YoY Change -35.72%
Total Long-Term Assets $475.6K $422.3K
YoY Change 12.63% 551.65%
TOTAL ASSETS
Total Short-Term Assets $145.9K $313.7K
Total Long-Term Assets $475.6K $422.3K
Total Assets $621.5K $736.0K
YoY Change -15.56% -2.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.0K
YoY Change 31.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $384.5K $411.6K
YoY Change -6.57% -18.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $384.5K $411.6K
Total Long-Term Liabilities $0.00
Total Liabilities $410.0K
YoY Change -18.37%
SHAREHOLDERS EQUITY
Retained Earnings -$111.3K -$23.81K
YoY Change 367.45% -75.77%
Common Stock $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 $237.0K $324.5K
YoY Change
Total Liabilities & Shareholders Equity $621.5K $736.0K
YoY Change -15.56% -2.16%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.609K -$44.94K
YoY Change -94.19% 0.56%
Depreciation, Depletion And Amortization $200.00 $200.00
YoY Change 0.0% 0.0%
Cash From Operating Activities $10.00K
YoY Change -89.82%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
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 10.00K
Cash From Investing Activities 0.000
Cash From Financing Activities
Net Change In Cash 10.00K
YoY Change -79.98%
FREE CASH FLOW
Cash From Operating Activities $10.00K
Capital Expenditures
Free Cash Flow
YoY Change

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PaymentsToAcquireNotesReceivableRelatedParty
25522 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-271027 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-146310 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
293878 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
147568 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
10907 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_800_eus-gaap--NatureOfOperations_zoQUEZAIWmtf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 - <span id="xdx_829_zccvStsY94Se">NATURE OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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 has secured a new supplier.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sellavir has started a video analytics company whose platform empowers organizations to decode videos to develop creative marketing strategies and analysis and call center management solutions through advanced and proprietary technologies using artificial intelligence (“AI”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Sellavir is now focused on developing CenterEye, a call center software platform that leverages AI and advanced analytics to improve call center operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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_841_eus-gaap--UseOfEstimates_zHNQ7JgYhQo2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of Estimates and Assumptions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUARTA-RAD, INC. AND SUBSIDIARIES </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to the (unaudited) Condensed and Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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 related party revenue,and notes receivable. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Advertising Expense
AdvertisingExpense
15744 usd
us-gaap Advertising Expense
AdvertisingExpense
49321 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zJtf9338pSD1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration of Credit Risk</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two selling platforms/distributors accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoSellingPlatformDistributorMember_z4yh9eQsWzGl" title="Concentration risk, percentage">96</span>% of accounts receivable at September 30, 2024 and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CreditConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoSellingPlatformDistributorMember_zFa2E0zsGbJ2" title="Concentration risk, percentage">88</span>% of accounts receivable at December 31. 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; 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-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarta Rad purchased <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsTotalMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThirdPartyMember_zjGOFYqUzgPd" title="Concentration risk, percentage">100</span>% of its inventory through a third party in 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q3 us-gaap Marketable Securities
MarketableSecurities
1 usd
CY2024Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
52148 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
52148 usd
QURT Reserve For Sales Returns And Allowances
ReserveForSalesReturnsAndAllowances
0 usd
CY2023 QURT Reserve For Sales Returns And Allowances
ReserveForSalesReturnsAndAllowances
0 usd
CY2024Q3 QURT Financing Receivables Principal Payments To Be Received Two Years
FinancingReceivablesPrincipalPaymentsToBeReceivedTwoYears
70629 usd
CY2024Q3 QURT Financing Receivables Principal Payments To Be Received Three Years
FinancingReceivablesPrincipalPaymentsToBeReceivedThreeYears
108339 usd
CY2024Q3 QURT Financing Receivables Principal Payments To Be Received Four Years
FinancingReceivablesPrincipalPaymentsToBeReceivedFourYears
108339 usd
CY2024Q3 QURT Financing Receivables Principal Payments To Be Received Five Years
FinancingReceivablesPrincipalPaymentsToBeReceivedFiveYears
108339 usd
CY2024Q3 QURT Financing Receivables Principal Payments To Be Received Six Years
FinancingReceivablesPrincipalPaymentsToBeReceivedSixYears
32022 usd
CY2024Q3 QURT Financing Receivables Minimum Payments
FinancingReceivablesMinimumPayments
427668 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4005 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4005 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3035 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2435 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
970 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1570 usd
CY2024Q3 us-gaap Depreciation
Depreciation
200 usd
us-gaap Depreciation
Depreciation
600 usd
CY2023Q3 us-gaap Depreciation
Depreciation
200 usd
us-gaap Depreciation
Depreciation
600 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
69783 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-185321 usd
us-gaap Net Income Loss
NetIncomeLoss
-156604 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18697 usd
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-48821 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-2609 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
362744 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-57257 usd
us-gaap Net Income Loss
NetIncomeLoss
-24618 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
61683 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-50649 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-50649 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-44939 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-44939 usd
CY2024Q3 us-gaap Assets
Assets
621519 usd
CY2023Q4 us-gaap Assets
Assets
683314 usd

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