2024 Q1 Form 10-K Financial Statement

#000149315224011906 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.910M $6.878M $19.35M
YoY Change 29.69% 159.95% 300.36%
Cost Of Revenue $3.428M $4.995M $13.11M
YoY Change 44.91% 198.16% 281.26%
Gross Profit $481.5K $1.883M $6.235M
YoY Change -25.8% 94.01% 347.5%
Gross Profit Margin 12.32% 27.38% 32.23%
Selling, General & Admin $943.9K $1.603M $4.022M
YoY Change 30.0% 83.03% 98.8%
% of Gross Profit 196.01% 85.11% 64.5%
Research & Development $131.6K $104.4K $458.9K
YoY Change 23.98% -19.98% -2.53%
% of Gross Profit 27.34% 5.55% 7.36%
Depreciation & Amortization $638.4K $711.7K $1.782M
YoY Change 80.26% 242.8% 350.41%
% of Gross Profit 132.58% 37.8% 28.57%
Operating Expenses $1.076M $1.707M $4.480M
YoY Change 29.24% 69.67% 79.67%
Operating Profit -$594.0K $124.0K $1.754M
YoY Change 224.19% -585.17% -259.42%
Interest Expense $175.3K -$259.0K $505.9K
YoY Change 301.63% 902.24% 523.22%
% of Operating Profit -208.82% 28.84%
Other Income/Expense, Net -$157.2K $1.377M
YoY Change 260.14% 4772.04%
Pretax Income -$751.2K -$83.02K $3.131M
YoY Change 231.11% 35.21% -392.03%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$751.1K -$83.02K $3.131M
YoY Change 231.11% 61.52% -392.03%
Net Earnings / Revenue -19.21% -1.21% 16.18%
Basic Earnings Per Share -$0.01 $0.04
Diluted Earnings Per Share -$0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 101.0M shares 89.69M shares 83.13M shares
Diluted Shares Outstanding 101.0M shares 83.13M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $667.7K $2.177M $2.177M
YoY Change 191.55% 392.08% 392.08%
Cash & Equivalents $667.7K $2.177M
Short-Term Investments
Other Short-Term Assets $90.76K $115.3K $115.3K
YoY Change 10213.64% 13004.55% 13004.55%
Inventory
Prepaid Expenses $90.76K $115.3K
Receivables $6.004M $7.185M $7.433M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.389M $9.725M $9.725M
YoY Change 404.88% 582.62% 582.62%
LONG-TERM ASSETS
Property, Plant & Equipment $12.66M $13.30M $13.30M
YoY Change 96.71% 120.03% 120.03%
Goodwill $751.4K $751.4K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.980K $9.980K $9.980K
YoY Change 12.26% 12.26% 12.26%
Total Long-Term Assets $13.42M $14.06M $14.06M
YoY Change 86.51% 106.64% 106.64%
TOTAL ASSETS
Total Short-Term Assets $7.389M $9.725M $9.725M
Total Long-Term Assets $13.42M $14.06M $14.06M
Total Assets $20.81M $23.79M $23.79M
YoY Change 140.3% 189.03% 189.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.706M $3.714M $3.714M
YoY Change 64.96% 1488.49% 1488.47%
Accrued Expenses $71.67K $101.3K $101.3K
YoY Change
Deferred Revenue $205.3K
YoY Change
Short-Term Debt $2.400M $2.400M $2.400M
YoY Change 2300.0%
Long-Term Debt Due $2.514M $2.756M $2.756M
YoY Change 145.16% 108.9% 108.9%
Total Short-Term Liabilities $6.897M $8.971M $8.971M
YoY Change 219.35% 477.66% 477.66%
LONG-TERM LIABILITIES
Long-Term Debt $5.096M $5.250M $5.250M
YoY Change 34.5% 40.45% 40.45%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.096M $5.250M $5.250M
YoY Change 34.5% 40.45% 40.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.897M $8.971M $8.971M
Total Long-Term Liabilities $5.096M $5.250M $5.250M
Total Liabilities $11.99M $14.22M $14.22M
YoY Change 101.61% 168.78% 168.78%
SHAREHOLDERS EQUITY
Retained Earnings -$47.83M -$47.08M
YoY Change -5.17% -6.24%
Common Stock $56.65M $56.65M
YoY Change 6.59% 6.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.820M $9.567M $9.567M
YoY Change
Total Liabilities & Shareholders Equity $20.81M $23.79M $23.79M
YoY Change 140.3% 189.03% 189.03%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$751.1K -$83.02K $3.131M
YoY Change 231.11% 61.52% -392.03%
Depreciation, Depletion And Amortization $638.4K $711.7K $1.782M
YoY Change 80.26% 242.8% 350.41%
Cash From Operating Activities -$1.113M -$636.1K $438.6K
YoY Change -264.7% 1704.99% -172.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $16.28K $7.163M
YoY Change -100.0% -99.64% 23.22%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$16.28K -$7.163M
YoY Change -99.64% 9.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $396.1K $1.651M
YoY Change -36.74% 495.2%
Cash From Financing Activities -$396.1K 1.803M $8.459M
YoY Change 177.12% -53.66% 11.96%
NET CHANGE
Cash From Operating Activities -$1.113M -636.1K $438.6K
Cash From Investing Activities -16.28K -$7.163M
Cash From Financing Activities -$396.1K 1.803M $8.459M
Net Change In Cash -$1.509M 1.151M $1.734M
YoY Change 607.33% -261.04% 329.29%
FREE CASH FLOW
Cash From Operating Activities -$1.113M -$636.1K $438.6K
Capital Expenditures $0.00 $16.28K $7.163M
Free Cash Flow -$1.113M -$652.4K -$6.724M
YoY Change 1480.36% -85.83% 4.79%

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