2023 Q2 Form 10-Q Financial Statement

#000139390523000220 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $97.74K $92.30K $762.1K
YoY Change -3.34% -87.89% 51.84%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.993K $5.993K $5.990K
YoY Change 0.0% 0.05% -66.78%
% of Gross Profit
Operating Expenses $103.7K $98.29K $789.4K
YoY Change -19.2% -87.55% 51.82%
Operating Profit -$103.7K -$98.29K -$789.4K
YoY Change -19.2% -87.55% 51.82%
Interest Expense $60.83K $111.0K -$713.3K
YoY Change -92.05% -115.56% 5068.91%
% of Operating Profit
Other Income/Expense, Net $150.2K $289.6K -$77.05K
YoY Change 64.04% -475.81%
Pretax Income $46.42K $191.3K -$1.580M
YoY Change -226.02% -112.11% 195.97%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $46.42K $191.3K -$1.580M
YoY Change -226.02% -112.11% 195.97%
Net Earnings / Revenue
Basic Earnings Per Share $0.01 $0.02 -$0.20
Diluted Earnings Per Share $0.01 $0.02 -$204.0K
COMMON SHARES
Basic Shares Outstanding 8.082M shares 7.882M shares 7.745M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.160K $17.57K $32.99K
YoY Change -98.07% -46.74% -82.17%
Cash & Equivalents $2.160K $17.57K $32.99K
Short-Term Investments
Other Short-Term Assets $58.15K $58.15K $71.27K
YoY Change -13.08% -18.41%
Inventory $175.0K $175.0K $175.1K
Prepaid Expenses $58.15K $58.15K
Receivables
Other Receivables
Total Short-Term Assets $317.9K $250.8K $279.3K
YoY Change -10.23% -10.22% -24.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.289M $1.295M $2.242M
YoY Change -15.39% -42.26% 265.34%
Goodwill
YoY Change
Intangibles $170.1K $170.1K
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.756M $1.784M $2.412M
YoY Change -15.39% -26.06% 207.76%
TOTAL ASSETS
Total Short-Term Assets $317.9K $250.8K $279.3K
Total Long-Term Assets $1.756M $1.784M $2.412M
Total Assets $2.074M $2.034M $2.692M
YoY Change -14.64% -24.41% 132.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $770.0K $734.8K $1.200M
YoY Change 9.27% -38.74% 2569.91%
Accrued Expenses $274.5K $248.5K $136.9K
YoY Change 73.46% 81.55% 291.95%
Deferred Revenue
YoY Change
Short-Term Debt $2.456M $2.437M $1.942M
YoY Change 10.15% 25.52% 7764.56%
Long-Term Debt Due $841.6K $830.0K $683.7K
YoY Change 19.08% 21.4% 2784.81%
Total Short-Term Liabilities $4.426M $4.463M $5.124M
YoY Change -8.95% -12.91% 3896.2%
LONG-TERM LIABILITIES
Long-Term Debt $150.0K $150.0K $150.0K
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $237.9K $259.2K $358.8K
YoY Change -29.73% -27.76%
Total Long-Term Liabilities $387.9K $409.2K $508.8K
YoY Change -20.6% -19.57% 239.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.426M $4.463M $5.124M
Total Long-Term Liabilities $387.9K $409.2K $508.8K
Total Liabilities $4.813M $4.872M $5.633M
YoY Change -10.01% -13.51% 1924.62%
SHAREHOLDERS EQUITY
Retained Earnings -$10.08M -$10.12M
YoY Change -0.59%
Common Stock $8.832K $8.082K
YoY Change 14.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $337.3K $337.3K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity -$2.739M -$2.838M -$2.942M
YoY Change
Total Liabilities & Shareholders Equity $2.074M $2.034M $2.692M
YoY Change -14.64% -24.41% 132.92%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $46.42K $191.3K -$1.580M
YoY Change -226.02% -112.11% 195.97%
Depreciation, Depletion And Amortization $5.993K $5.993K $5.990K
YoY Change 0.0% 0.05% -66.78%
Cash From Operating Activities -$7.330K -$41.81K -$383.8K
YoY Change -97.07% -89.1% -26.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$350.9K
YoY Change -100.0% -100.0% 1673.76%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$350.9K
YoY Change -100.0% -100.0% 1673.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.090K $59.39K 575.1K
YoY Change -102.43% -89.67% 150.06%
NET CHANGE
Cash From Operating Activities -7.330K -$41.81K -383.8K
Cash From Investing Activities 0.000 $0.00 -350.9K
Cash From Financing Activities -8.090K $59.39K 575.1K
Net Change In Cash -15.42K $17.57K -159.5K
YoY Change -119.47% -111.02% -49.23%
FREE CASH FLOW
Cash From Operating Activities -$7.330K -$41.81K -$383.8K
Capital Expenditures $0.00 $0.00 -$350.9K
Free Cash Flow -$7.330K -$41.81K -$32.93K
YoY Change -97.03% 26.98% -93.47%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;text-indent:36pt;text-align:justify"><i>Use of Estimates</i> - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.</p> <p style="font:10pt Times New Roman;margin:0;text-indent:36pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:36pt;text-align:justify">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates.</p>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10124878 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1354072 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1564503 usd
CY2023Q1 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
59320 usd
CY2022Q4 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
53327 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1294752 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1511176 usd
CY2023Q1 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3417298 usd
CY2022Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
3451935 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
69599 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
102792 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
107075 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
111358 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
99580 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
259188 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
318878 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
358768 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
259188 usd
CY2023Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.05 pure
CY2020Q1 fil Common Stock Authorized Increase
CommonStockAuthorizedIncrease
750000000 shares
CY2022Q1 fil Common Stock Authorized Increase
CommonStockAuthorizedIncrease
800000000 shares
CY2022Q1 fil Preferred Stock Share Increase
PreferredStockShareIncrease
100000000 shares

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