2024 Q4 Form 10-Q Financial Statement

#000168316824008058 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $150.0K
YoY Change -11.76%
% of Gross Profit
Research & Development -$48.00K
YoY Change -126.82%
% of Gross Profit
Depreciation & Amortization $21.00K
YoY Change 950.0%
% of Gross Profit
Operating Expenses $102.0K
YoY Change -70.77%
Operating Profit -$155.0K
YoY Change -42.16%
Interest Expense -$152.0K
YoY Change -58.13%
% of Operating Profit
Other Income/Expense, Net $2.174M
YoY Change 73.64%
Pretax Income -$254.0K
YoY Change -64.33%
Income Tax
% Of Pretax Income
Net Earnings $2.070M -$224.0K
YoY Change 91.31% -64.5%
Net Earnings / Revenue
Basic Earnings Per Share $0.49
Diluted Earnings Per Share $0.49 -$0.05
COMMON SHARES
Basic Shares Outstanding 4.216M shares 4.216M shares 4.216M shares
Diluted Shares Outstanding 4.216M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $813.0K
YoY Change 0.37%
Cash & Equivalents $128.0K $176.0K
Short-Term Investments $637.0K
Other Short-Term Assets $11.00K $313.0K
YoY Change -67.65% 268.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables $173.0K $313.0K
Total Short-Term Assets $323.0K $1.137M
YoY Change -72.88% 26.19%
LONG-TERM ASSETS
Property, Plant & Equipment $465.0K $256.0K
YoY Change 93.75% 16.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $468.0K $271.0K
YoY Change 80.69% 8.84%
TOTAL ASSETS
Total Short-Term Assets $323.0K $1.137M
Total Long-Term Assets $468.0K $271.0K
Total Assets $791.0K $1.408M
YoY Change -45.45% 22.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.00K $46.00K
YoY Change 280.0% -16.36%
Accrued Expenses $13.00K
YoY Change -59.38%
Deferred Revenue
YoY Change
Short-Term Debt $2.074M
YoY Change -3.31%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.130M
YoY Change -15.84%
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 $3.130M
Total Long-Term Liabilities $0.00
Total Liabilities $3.275M $3.130M
YoY Change 11.58% -15.84%
SHAREHOLDERS EQUITY
Retained Earnings -$23.48M -$22.93M
YoY Change 3.43% 1.43%
Common Stock $20.66M $20.64M
YoY Change 0.06% 516000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.827M -$2.284M
YoY Change
Total Liabilities & Shareholders Equity $791.0K $1.408M
YoY Change -45.45% 22.43%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income $2.070M -$224.0K
YoY Change 91.31% -64.5%
Depreciation, Depletion And Amortization $21.00K
YoY Change 950.0%
Cash From Operating Activities -$302.0K
YoY Change 19.37%
INVESTING ACTIVITIES
Capital Expenditures $31.00K
YoY Change 342.86%
Acquisitions
YoY Change
Other Investing Activities $84.00K
YoY Change 1580.0%
Cash From Investing Activities $53.00K
YoY Change -2750.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -302.0K
Cash From Investing Activities 53.00K
Cash From Financing Activities 0.000
Net Change In Cash -249.0K
YoY Change -140.23%
FREE CASH FLOW
Cash From Operating Activities -$302.0K
Capital Expenditures $31.00K
Free Cash Flow -$333.0K
YoY Change 28.08%

Facts In Submission

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<p id="xdx_801_eus-gaap--BasisOfAccounting_zvaMFk0Rioyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1:-</b></span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zkSIcaZTIX3g">GENERAL</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SATIVUS TECH CORP. (formerly SEEDO CORP.) (the “Company”, “Our” or “We”) was formed on January 16, 2015, under the laws of the State of Delaware. Prior to July 2020, we were involved in producing a plant growing device managed and controlled by an artificial intelligent algorithm, allowing consumers to grow their own herbs and vegetables effortlessly from seed to plant, while providing optimal conditions to assure premium quality produce year-round. However, due to financial and operational difficulties and during 2020, we ceased these operations and on July 19, 2020, the Company formed a new wholly-owned subsidiary in Israel, Hachevra Legiduley Pkaot Beisrael Ltd. (the “New Subsidiary”), to develop a fully automated and remotely managed system for growing saffron and other vegetables. On November 5, 2020, the New Subsidiary changed its name to Saffron-Tech Ltd. (or “Saffron Tech”). As of the date of this report, and following various financings in Saffron Tech, the Company owns 59% of Saffron Tech.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Company, through Saffron Tech, is focusing on its in-house research and development of agriculture technology products, among others, in the fields of exotic plants . Saffron Tech plans to roll out its proof of concept in the coming months. This technology will provide turnkey automated growing containers for high-quality, high-yield saffron all year round. The Company is in advanced stages of developing and testing a fully automated and remotely managed system for growing high-quality, high-yield saffron anywhere and anytime.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">It is also environmentally friendly, using economic levels of water, space, fertilizer, and energy. Accounting to the Company’s calculations, we believe that the controlled indoor growing area will produce ten times more yield compared to the same land area using traditional methods. The sealed environment eliminates the need for herbicides, producing a clean and safe product that is easy to control from anywhere. The Company’s solution is easily scalable and pre-designed to quickly grow operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Saffron is used in many industries, such as the food industry, particularly by famous chefs and Michelin starred restaurants, the natural cosmetics industry and the food supplements industry and as a dye in the food industry. Medicinal claims as an anti-depressant, antioxidant, and antiseptic are constantly increasing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has an accumulated deficit in the total amount of $<span id="xdx_909_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn3n3_di_c20240930_zwwUlXdCFNN8" title="Accumulated deficit">23,482</span> as of September 30, 2024, the Company has negative operating cash flow in the total amount of $<span id="xdx_907_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn3n3_di_c20240101__20240930_zppKTKzgzm7c" title="Negative operating cash flow amount">380</span> for the nine months ended September 30, 2023, further losses are anticipated in the development of its business. Those factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Company intends to finance operating costs over the next twelve months with existing cash on hand, reducing operating spend, and future issuances of equity and debt securities, or through a combination of the foregoing. However, the Company will need to seek additional sources of financing if the Company requires more funds than anticipated during the next 12 months or in later periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liabilities and commitments in the normal course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The consolidated financial statements for the nine months ended September 30, 2024, do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern.</p>
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Noninterest Expense Directors Fees
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186000 usd
us-gaap Employee Benefits And Share Based Compensation
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satt Related Party Expense
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194000 usd
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