2024 Q2 Form 10-Q Financial Statement

#000121390024067682 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023 Q2
Revenue $22.47M $20.39M $24.97M
YoY Change -10.03% 2.16%
Cost Of Revenue $35.69M $39.54M $40.85M
YoY Change -12.63% 36.02% 877.27%
Gross Profit -$13.22M -$19.15M -$15.88M
YoY Change -16.73% 109.97% -7318.18%
Gross Profit Margin -58.85% -93.91% -63.59%
Selling, General & Admin $16.69M $12.85M $10.02M
YoY Change 66.5% 87.65% 1561.92%
% of Gross Profit
Research & Development $5.319M $3.644M $4.051M
YoY Change 31.32% 40.68% 239.94%
% of Gross Profit
Depreciation & Amortization $1.385M $1.771M $1.040M
YoY Change 33.19% 608.32% 258.62%
% of Gross Profit
Operating Expenses $22.01M $18.06M $59.85M
YoY Change -63.23% 73.96% 9822.85%
Operating Profit -$38.81M -$37.21M -$34.87M
YoY Change 11.29% 90.8% 5682.14%
Interest Expense $2.174M $3.095M $3.560M
YoY Change -38.93% 10.94% -81.62%
% of Operating Profit
Other Income/Expense, Net $3.000M $1.511M $1.870M
YoY Change 60.43% -90.12%
Pretax Income -$26.63M -$32.60M -$29.44M
YoY Change -9.55% 2662.84% -256.84%
Income Tax $151.6K -$3.324M $16.48K
% Of Pretax Income
Net Earnings -$26.78M -$29.28M -$29.45M
YoY Change -9.08% 2021.54% -257.0%
Net Earnings / Revenue -119.19% -143.57% -117.94%
Basic Earnings Per Share -$0.13 -$0.15
Diluted Earnings Per Share -$0.13 -$0.15 -$0.15
COMMON SHARES
Basic Shares Outstanding 204.1M shares 201.3M shares
Diluted Shares Outstanding 204.1M shares 201.3M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.2M $219.5M $296.7M
YoY Change -48.02% -35.12% 138118.58%
Cash & Equivalents $153.1M $218.3M $295.6M
Short-Term Investments $1.135M $1.135M $1.100M
Other Short-Term Assets $18.89M $13.09M $15.70M
YoY Change 20.31% 40.75% 4581.68%
Inventory
Prepaid Expenses $15.65M
Receivables $10.09M $5.440M $6.859M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $183.2M $238.0M $319.2M
YoY Change -42.6% -32.45% 57930.76%
LONG-TERM ASSETS
Property, Plant & Equipment $18.97M $22.16M $15.35M
YoY Change 23.63% 150.6% 129.07%
Goodwill $10.66M $10.66M $12.50M
YoY Change -14.79% 1507.39%
Intangibles $27.20M $23.26M $10.82M
YoY Change 151.36% 624.39%
Long-Term Investments
YoY Change
Other Assets $646.1K $1.627M $1.100M
YoY Change -41.26% 225.36%
Total Long-Term Assets $59.98M $57.71M $40.81M
YoY Change 46.95% 294.66% -86.41%
TOTAL ASSETS
Total Short-Term Assets $183.2M $238.0M $319.2M
Total Long-Term Assets $59.98M $57.71M $40.81M
Total Assets $243.2M $295.7M $360.0M
YoY Change -32.44% -19.42% 19.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.85M $24.71M $26.50M
YoY Change -6.23% 72.82% 201.14%
Accrued Expenses $1.229M $975.8K $400.0K
YoY Change 207.3% 62.64% -78.19%
Deferred Revenue $13.11M $7.004M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.22M $33.56M $38.79M
YoY Change 3.67% 110.39% 817.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.31M $10.53M $19.50M
YoY Change -47.12% 2006.63% 31.55%
Total Long-Term Liabilities $10.31M $10.53M $19.50M
YoY Change -47.12% 2006.63% 31.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.22M $33.56M $38.79M
Total Long-Term Liabilities $10.31M $10.53M $19.50M
Total Liabilities $50.53M $44.09M $58.27M
YoY Change -13.29% 61.22% 205.85%
SHAREHOLDERS EQUITY
Retained Earnings -$215.3M -$145.2M -$86.90M
YoY Change 147.71% 404.48% 374.03%
Common Stock $768.8K $768.5K $768.5K
YoY Change 0.04% 0.02% 1097775.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $192.7M $251.6M $301.7M
YoY Change
Total Liabilities & Shareholders Equity $243.2M $295.7M $360.0M
YoY Change -32.44% -19.42% 19.64%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023 Q2
OPERATING ACTIVITIES
Net Income -$26.78M -$29.28M -$29.45M
YoY Change -9.08% 2021.54% -257.0%
Depreciation, Depletion And Amortization $1.385M $1.771M $1.040M
YoY Change 33.19% 608.32% 258.62%
Cash From Operating Activities -$21.74M -$33.08M -$24.54M
YoY Change -11.43% 115.94% -13038.94%
INVESTING ACTIVITIES
Capital Expenditures $3.508M $5.568M $6.050M
YoY Change -42.02% 73.46% 166.52%
Acquisitions $106.0K
YoY Change
Other Investing Activities -$3.859M -$7.253M $1.000M
YoY Change -485.94% 559.39%
Cash From Investing Activities -$7.367M -$12.82M -$5.050M
YoY Change 45.89% 197.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -493.4K -1.648M -40.00K
YoY Change 1133.38% -1473.32%
NET CHANGE
Cash From Operating Activities -21.74M -33.08M -24.54M
Cash From Investing Activities -7.367M -12.82M -5.050M
Cash From Financing Activities -493.4K -1.648M -40.00K
Net Change In Cash -29.60M -47.55M -29.63M
YoY Change -0.11% 143.72% -15722.69%
FREE CASH FLOW
Cash From Operating Activities -$21.74M -$33.08M -$24.54M
Capital Expenditures $3.508M $5.568M $6.050M
Free Cash Flow -$25.24M -$38.65M -$30.59M
YoY Change -17.48% 108.58% 1370.43%

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us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
usd
us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2024Q2 us-gaap Other Commitment
OtherCommitment
62000000 usd
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
419000000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8050000 shares
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.5
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
rum Noncash Consideration Related To The Acquisition Of Callin
NoncashConsiderationRelatedToTheAcquisitionOfCallin
usd
us-gaap Stock Issued1
StockIssued1
usd
rum Recognition Of Operating Rightofuse Assets In Exchange For Operating Lease Liabilities
RecognitionOfOperatingRightofuseAssetsInExchangeForOperatingLeaseLiabilities
usd
rum Sharebased Compensation Capitalized Related To Intangible Assets
SharebasedCompensationCapitalizedRelatedToIntangibleAssets
usd
CY2024Q2 us-gaap Other Income
OtherIncome
usd
us-gaap Other Income
OtherIncome
usd
CY2023Q2 us-gaap Other Income
OtherIncome
usd
us-gaap Other Income
OtherIncome
usd
CY2023Q2 us-gaap Other Expenses
OtherExpenses
usd
us-gaap Other Expenses
OtherExpenses
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001830081

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