2024 Q1 Form 10-K Financial Statement

#000168316824001818 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $7.541M $7.680M $24.09M
YoY Change 54.09% 94.94% 454.42%
Cost Of Revenue $5.187M $5.112M $15.75M
YoY Change 69.17% 108.77% 494.69%
Gross Profit $2.354M $2.568M $8.339M
YoY Change 28.78% 72.22% 391.53%
Gross Profit Margin 31.22% 33.44% 34.61%
Selling, General & Admin $3.903M $2.897M $11.12M
YoY Change 3.12% -54.06% -62.02%
% of Gross Profit 165.78% 112.79% 133.34%
Research & Development $222.0K $816.3K $1.856M
YoY Change -48.71% 1854.81% 128.59%
% of Gross Profit 9.43% 31.79% 22.25%
Depreciation & Amortization $42.60K $39.15K $149.2K
YoY Change 22.73% 106.38% 492.81%
% of Gross Profit 1.81% 1.52% 1.79%
Operating Expenses $4.125M $3.755M $13.12M
YoY Change -2.2% -42.47% -56.38%
Operating Profit -$1.351M -$1.187M -$4.785M
YoY Change -26.16% -76.43% -82.28%
Interest Expense $49.18K $157.5K $674.4K
YoY Change 19.73% 86.12% 1611.2%
% of Operating Profit
Other Income/Expense, Net $89.14K $674.4K
YoY Change -48.42% 37.75%
Pretax Income -$1.261M -$1.030M -$4.111M
YoY Change -23.83% -95.58% -84.49%
Income Tax $22.35K $220.3K $395.2K
% Of Pretax Income
Net Earnings -$1.284M -$1.250M -$4.506M
YoY Change -24.59% -94.68% -83.15%
Net Earnings / Revenue -17.02% -16.28% -18.7%
Basic Earnings Per Share -$2.00 -$0.19
Diluted Earnings Per Share -$2.00 -$5.25 -$18.52
COMMON SHARES
Basic Shares Outstanding 99.45M shares 25.68M shares 24.33M shares
Diluted Shares Outstanding 641.3K shares 24.33M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.43M $16.29M $16.29M
YoY Change -9.64% -25.35% -25.35%
Cash & Equivalents $17.43M $16.29M $16.29M
Short-Term Investments
Other Short-Term Assets $871.0K $310.6K $310.6K
YoY Change 472.05% 9.44% 9.44%
Inventory $7.698M $5.735M $5.735M
Prepaid Expenses $871.4K $310.6K
Receivables $2.828M $2.552M $2.552M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.83M $24.89M $24.89M
YoY Change 15.57% -8.87% -8.87%
LONG-TERM ASSETS
Property, Plant & Equipment $401.6K $1.013M $1.013M
YoY Change 9.13% 156.86% -12.3%
Goodwill $0.00
YoY Change
Intangibles $2.066M $1.444M
YoY Change 117.84% 85.91%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.067M $2.457M $2.457M
YoY Change 50.04% 27.2% 27.2%
TOTAL ASSETS
Total Short-Term Assets $28.83M $24.89M $24.89M
Total Long-Term Assets $3.067M $2.457M $2.457M
Total Assets $31.90M $27.35M $27.35M
YoY Change 18.18% -6.49% -6.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.615M $2.585M $2.585M
YoY Change 32.13% -7.75% -7.75%
Accrued Expenses $115.0K $118.7K $118.7K
YoY Change -5.19% -3.54% -3.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.533M $5.552M $5.552M
YoY Change -5.39% -19.9% -19.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $497.0K $539.0K $539.0K
YoY Change -18.94% -16.07% -16.07%
Total Long-Term Liabilities $545.7K $539.0K $539.0K
YoY Change -16.84% -21.34% -16.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.533M $5.552M $5.552M
Total Long-Term Liabilities $545.7K $539.0K $539.0K
Total Liabilities $7.079M $6.140M $6.140M
YoY Change -6.38% -19.39% -19.39%
SHAREHOLDERS EQUITY
Retained Earnings -$65.19M -$63.91M
YoY Change 6.69% 7.59%
Common Stock $995.00 $28.02K
YoY Change -95.51% 24.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.82M $21.21M $21.21M
YoY Change
Total Liabilities & Shareholders Equity $31.90M $27.35M $27.35M
YoY Change 18.18% -6.49% -6.49%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.284M -$1.250M -$4.506M
YoY Change -24.59% -94.68% -83.15%
Depreciation, Depletion And Amortization $42.60K $39.15K $149.2K
YoY Change 22.73% 106.38% 492.81%
Cash From Operating Activities -$3.185M -$2.685M -$8.775M
YoY Change 72.16% 19.52% 67.2%
INVESTING ACTIVITIES
Capital Expenditures $699.8K $308.1K $788.1K
YoY Change 292.26% 1.02% 306.27%
Acquisitions
YoY Change
Other Investing Activities $31.10K $31.95K $132.0K
YoY Change -3.09% -100.22% -100.92%
Cash From Investing Activities -$668.7K -$266.2K -$656.2K
YoY Change 357.09% -98.18% -95.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$537.6K
YoY Change -101.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.398M -34.41K 3.426M
YoY Change -1102.82% -98.36% -91.32%
NET CHANGE
Cash From Operating Activities -$3.185M -2.685M -8.775M
Cash From Investing Activities -$668.7K -266.2K -656.2K
Cash From Financing Activities $5.398M -34.41K 3.426M
Net Change In Cash $1.544M -2.986M -6.006M
YoY Change -160.92% -84.25% -130.65%
FREE CASH FLOW
Cash From Operating Activities -$3.185M -$2.685M -$8.775M
Capital Expenditures $699.8K $308.1K $788.1K
Free Cash Flow -$3.885M -$2.993M -$9.563M
YoY Change 91.52% 17.31% 75.72%

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<p id="xdx_847_eus-gaap--UseOfEstimates_zAWnXusq7tul" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(0,72,127); text-align: justify"><i><span id="xdx_86B_zNhIdI5J17ph">USE OF ESTIMATES</span></i></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with US Generally Accepted Accounting Principles 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 financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions made by management are valuation of equity instruments, depreciation of property and equipment, and deferred tax asset valuation. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">  </p>
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023 us-gaap Concentration Risk Credit Risk
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CY2023 us-gaap Current Federal Tax Expense Benefit
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