2024 Q1 Form 10-K Financial Statement

#000121390024029049 Filed on April 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.099M $3.000K $361.0K
YoY Change 343.15% -99.62% -69.17%
Cost Of Revenue $779.0K $5.000K $208.0K
YoY Change 433.56% -99.07% -74.7%
Gross Profit $320.0K -$2.000K $153.0K
YoY Change 213.73% -100.78% -56.16%
Gross Profit Margin 29.12% -66.67% 42.38%
Selling, General & Admin $1.234M $154.0K $652.0K
YoY Change 570.65% -53.89% -26.99%
% of Gross Profit 385.63% 426.14%
Research & Development $0.00 -$43.00K
YoY Change -100.0% -165.15%
% of Gross Profit 0.0%
Depreciation & Amortization $69.00K
YoY Change
% of Gross Profit 21.56%
Operating Expenses $1.234M $111.0K $652.0K
YoY Change 455.86% -72.25% -62.14%
Operating Profit -$914.0K -$113.0K -$499.0K
YoY Change 661.67% -20.42% -63.66%
Interest Expense $4.000K $924.0K $434.0K
YoY Change -96.46% -263.83% 1215.15%
% of Operating Profit
Other Income/Expense, Net -$10.00K -$79.00K -$79.00K
YoY Change -91.53% -92.35%
Pretax Income -$993.0K $732.0K -$144.0K
YoY Change 317.23% -203.68% -94.01%
Income Tax
% Of Pretax Income
Net Earnings -$1.000M $732.0K -$144.0K
YoY Change 320.17% -203.68% -94.01%
Net Earnings / Revenue -90.99% 24400.0% -39.89%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share $0.00 $0.05 -$0.02
COMMON SHARES
Basic Shares Outstanding 213.7M shares 11.62M shares 9.044M shares
Diluted Shares Outstanding 9.044M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $157.0K $12.00K $12.00K
YoY Change 175.44% -92.86% -92.86%
Cash & Equivalents $157.0K $12.00K $12.00K
Short-Term Investments
Other Short-Term Assets $160.0K $0.00
YoY Change 7900.0% -100.0%
Inventory $892.0K $0.00
Prepaid Expenses
Receivables $1.134M
Other Receivables $799.0K
Total Short-Term Assets $3.275M $12.00K $12.00K
YoY Change 1430.37% -96.52% -96.52%
LONG-TERM ASSETS
Property, Plant & Equipment $78.00K $0.00 $0.00
YoY Change
Goodwill $327.0K $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.400M
YoY Change
Other Assets $1.000K
YoY Change
Total Long-Term Assets $9.454M $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $3.275M $12.00K $12.00K
Total Long-Term Assets $9.454M $0.00 $0.00
Total Assets $12.73M $12.00K $12.00K
YoY Change 5848.13% -96.52% -96.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.966M $327.0K $327.0K
YoY Change 4472.09% 595.74% 595.74%
Accrued Expenses $1.548M $146.0K $146.0K
YoY Change 338.53% -48.77% -48.77%
Deferred Revenue
YoY Change
Short-Term Debt $1.304M $1.398M $1.398M
YoY Change 2.68% 13.84% 13.84%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.407M $2.064M $2.064M
YoY Change 122.88% -11.03% -11.03%
LONG-TERM LIABILITIES
Long-Term Debt $710.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $153.0K $0.00
YoY Change 37217.07%
Total Long-Term Liabilities $863.0K $0.00 $0.00
YoY Change 210387.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.407M $2.064M $2.064M
Total Long-Term Liabilities $863.0K $0.00 $0.00
Total Liabilities $6.270M $2.064M $2.064M
YoY Change 158.45% -11.03% -11.03%
SHAREHOLDERS EQUITY
Retained Earnings -$13.74M -$12.74M
YoY Change 7.06% 1.14%
Common Stock $20.00K $1.000K
YoY Change 1900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.283M -$2.052M -$2.052M
YoY Change
Total Liabilities & Shareholders Equity $12.73M $12.00K $12.00K
YoY Change 5848.13% -96.52% -96.52%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.000M $732.0K -$144.0K
YoY Change 320.17% -203.68% -94.01%
Depreciation, Depletion And Amortization $69.00K
YoY Change
Cash From Operating Activities $165.0K -$110.0K -$227.0K
YoY Change -273.68% 547.06% -74.89%
INVESTING ACTIVITIES
Capital Expenditures $795.0K
YoY Change
Acquisitions $8.400M
YoY Change
Other Investing Activities -$8.401M
YoY Change
Cash From Investing Activities -$9.523M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $66.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.503M 87.00K 71.00K
YoY Change -59493.75% 45.0% -71.02%
NET CHANGE
Cash From Operating Activities $165.0K -110.0K -227.0K
Cash From Investing Activities -$9.523M
Cash From Financing Activities $9.503M 87.00K 71.00K
Net Change In Cash $145.0K -23.00K -156.0K
YoY Change -230.63% -153.49% -76.33%
FREE CASH FLOW
Cash From Operating Activities $165.0K -$110.0K -$227.0K
Capital Expenditures $795.0K
Free Cash Flow -$630.0K
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">A critical accounting estimate is an estimate that: (i) is made in accordance with generally accepted accounting principles, (ii) involves a significant level of estimation uncertainty and (iii) has had or is reasonably likely to have a material impact on the Company’s financial condition or results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">The Company’s Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts and related disclosures. On an ongoing basis, management evaluates and updates its estimates. Management employs judgment in making its estimates but they are based on historical experience and currently available information and various other assumptions that the Company believes to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ from those estimates. Management believes that its judgment is applied consistently and produces financial information that fairly depicts the results of operations for all periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">Significant estimates include estimates used to review the Company’s, impairments and estimations of long-lived assets, revenue recognition of Contract based revenue, allowances for uncollectible accounts, and the valuations of non-cash capital stock issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"> </p>
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