2022 Q3 Form 10-Q Financial Statement

#000101738622000361 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $8.525K $7.803K $4.500K
YoY Change 27.62% -17.71%
Cost Of Revenue $2.275K $2.068K $1.310K
YoY Change 8.33% -18.39%
Gross Profit $6.250K $5.735K $3.190K
YoY Change 36.46% -17.46%
Gross Profit Margin 73.31% 73.5% 70.89%
Selling, General & Admin $128.4K $103.7K $36.18K
YoY Change 228.63% 228.73%
% of Gross Profit 2054.88% 1807.32% 1134.17%
Research & Development $5.302K $7.170K
YoY Change 6785.71%
% of Gross Profit 92.45% 224.76%
Depreciation & Amortization $210.00 $110.00
YoY Change
% of Gross Profit 3.36% 1.92%
Operating Expenses $128.4K $108.9K $43.35K
YoY Change 244.67%
Operating Profit -$122.2K -$103.2K -$40.16K
YoY Change -2767.58% 318.51%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $430.00 $1.220K
YoY Change
Pretax Income -$121.8K -$102.0K -$40.15K
YoY Change 252.9% 313.63%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$121.8K -$102.0K -$40.15K
YoY Change 252.9% 313.59%
Net Earnings / Revenue -1428.15% -1307.18% -892.22%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share -$1.089K -$913.50 -$355.70
COMMON SHARES
Basic Shares Outstanding 111.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.3K $197.2K $214.0K
YoY Change -57.7% -15.64%
Cash & Equivalents $106.3K $197.2K $214.0K
Short-Term Investments
Other Short-Term Assets $30.67K
YoY Change
Inventory $33.26K $35.08K $39.98K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $170.3K $232.3K $254.0K
YoY Change -41.83% -16.19%
LONG-TERM ASSETS
Property, Plant & Equipment $4.213K $3.309K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.213K $3.309K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $170.3K $232.3K $254.0K
Total Long-Term Assets $4.213K $3.309K $0.00
Total Assets $174.5K $235.6K $254.0K
YoY Change -40.39% -15.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.484K $1.268K $1.160K
YoY Change 42.69% -12.55%
Accrued Expenses $15.42K $10.77K
YoY Change 670.75% 612.91%
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 $20.94K $14.58K $3.497K
YoY Change 588.88% 392.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $20.94K $14.58K $3.497K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $20.94K $14.58K $3.497K
YoY Change 588.88% 392.57%
SHAREHOLDERS EQUITY
Retained Earnings -$739.0K -$617.2K -$455.7K
YoY Change
Common Stock $111.8K $111.8K $113.3K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $153.5K $221.0K $250.5K
YoY Change
Total Liabilities & Shareholders Equity $174.5K $235.6K $254.0K
YoY Change -40.39% -15.0%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$121.8K -$102.0K -$40.15K
YoY Change 252.9% 313.59%
Depreciation, Depletion And Amortization $210.00 $110.00
YoY Change
Cash From Operating Activities -$106.2K -$77.63K -$38.36K
YoY Change 228.48% 267.74%
INVESTING ACTIVITIES
Capital Expenditures -$1.120K -$3.420K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.120K -$3.420K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.50K 113.5K 1.000K
YoY Change -67.0% -34.11%
NET CHANGE
Cash From Operating Activities -106.2K -77.63K -38.36K
Cash From Investing Activities -1.120K -3.420K
Cash From Financing Activities 16.50K 113.5K 1.000K
Net Change In Cash -90.85K 32.45K -37.36K
YoY Change -614.44% -78.53%
FREE CASH FLOW
Cash From Operating Activities -$106.2K -$77.63K -$38.36K
Capital Expenditures -$1.120K -$3.420K
Free Cash Flow -$105.1K -$74.21K
YoY Change

Facts In Submission

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<p id="xdx_84A_eus-gaap--UseOfEstimates_zi0LpyMy8wJc" style="font: 10pt Times New Roman; margin: 0; text-align: justify"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify">The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates which have been made using careful judgment. Actual results may vary from these estimates.</p> <p style="font: 10pt Times New Roman; margin: 0"> </p>
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<p id="xdx_802_ecustom--WarrantsDisclosure_zJDmeS9anSG7" style="font: 10pt Times New Roman; margin: 0; text-align: justify"><b>NOTE 5 – WARRANTS</b></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify">The following table summarizes information with respect to outstanding warrants to purchase shares of the Company’s common stock as of June 30, 2022.</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <table style="margin-left: auto; border-collapse: collapse; margin-right: auto"> <tr><td colspan="2" style="border-bottom: #000000 0.5pt solid; vertical-align: top; width: 100.55pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"><b>Exercise</b></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: center"><b>Price</b></p> </td><td style="vertical-align: top; width: 16.45pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"> </p> </td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; width: 135pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: center"><b>Outstanding</b></p> </td><td style="vertical-align: top; width: 18pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"> </p> </td><td style="border-bottom: #000000 0.5pt solid; vertical-align: top; width: 166.25pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"><b>Expiration</b></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: center"><b>Date</b></p> </td></tr> <tr><td style="border-top: #000000 0.5pt solid; vertical-align: top; width: 16.65pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"> </p> </td><td style="border-top: #000000 0.5pt solid; vertical-align: top; width: 83.9pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="vertical-align: top; width: 16.45pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="border-top: #000000 0.5pt solid; vertical-align: top; width: 135pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="vertical-align: top; width: 18pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="border-top: #000000 0.5pt solid; vertical-align: top; width: 166.25pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td></tr> <tr><td style="vertical-align: top; background-color: #BDD6EE; width: 16.65pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center">$</p> </td><td style="vertical-align: top; background-color: #BDD6EE; width: 83.9pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: right">0.50</p> </td><td style="vertical-align: top; background-color: #BDD6EE; width: 16.45pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="vertical-align: top; background-color: #BDD6EE; width: 135pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: right">439,300</p> </td><td style="vertical-align: top; background-color: #BDD6EE; width: 18pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="vertical-align: top; background-color: #BDD6EE; width: 166.25pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center">December 31, 2022</p> </td></tr> <tr><td style="vertical-align: top; width: 16.65pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: center"> </p> </td><td style="vertical-align: top; width: 83.9pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="vertical-align: top; width: 16.45pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="border-top: #000000 0.5pt solid; border-bottom: #000000 3px double; vertical-align: top; width: 135pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: right">439,300</p> </td><td style="vertical-align: top; width: 18pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td><td style="vertical-align: top; width: 166.25pt; padding-left: 5.4pt; padding-right: 5.4pt"><p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> </td></tr> </table> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000"><i>Warrant Issuances, Exercises, and Expirations</i></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000">Private Placement Warrant Issuances</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000">During the fiscal year ended December 31, 2020, the Company undertook a private placement of its securities through a private placement Unit offering. Each Unit included one share of the Company's common stock and four stock purchase warrants with incremental exercise prices and expiration dates. An aggregate of <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20201231_znCgMm136vD4">1,757,200</span> stock purchase warrants were issued under this offering, which was closed on June 30, 2020.</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000">The warrants were valued using the Black-Scholes model with a <span id="xdx_905_eus-gaap--AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureOtherFairValueVolatilityRate_dp_c20210101__20211231_z9hbeSDCjadf">53.0</span>% volatility rate and discount rates ranging from <span id="xdx_90C_ecustom--DiscountRateMinimum_dp_c20210101__20211231_zsppzPkAKnYd">0.16%</span> - <span id="xdx_900_ecustom--DiscountRateMaximum_dp_c20210101__20211231_zzFmElUVVg4l">0.21</span>% for a total fair value of $<span id="xdx_906_eus-gaap--WarrantsNotSettleableInCashFairValueDisclosure_iI_c20211231_zZMdlVCuKSd7">19,257</span>.</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000">  </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000">Warrant Expirations</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000">During the fiscal period ended June 30, 2022, an aggregate of 878,600 warrants expired with an average exercise price of $0.35 a share.</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify; color: #000000"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify">A summary of the warrant activity for the fiscal period ended June 30, 2022, is as follows:</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"/> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify">The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on warrants with an exercise price less than the Company’s stock price of $1.75 (based on the bid price quoted on the OTC Pink Tier of the OTC Market Group, Inc.) as of June 30, 2022, which the warrant holders would have received had those warrant holders exercised their warrants as of that date.</p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p>
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1757200 shares
CY2021 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Other Fair Value Volatility Rate
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureOtherFairValueVolatilityRate
0.530 pure
CY2021Q4 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
19257 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1500000 shares
us-gaap Fiscal Period
FiscalPeriod
<p id="xdx_846_eus-gaap--FiscalPeriod_zVxUpyA1uwva" style="font: 10pt Times New Roman; margin: 0; text-align: justify"><b>Fiscal Year</b></p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman; margin: 0; text-align: justify">The Company elected December 31st for its fiscal year-end.</p> <p style="font: 10pt Times New Roman; margin: 0"> </p>
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-617243 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
3.160 pure
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
113500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate
0.028 pure
CY2022Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1754 usd
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
1955 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
33329 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
38020 usd
CY2022Q2 us-gaap Inventory Gross
InventoryGross
35083 usd
CY2021Q4 us-gaap Inventory Gross
InventoryGross
39975 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
35083 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
39975 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.00
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1700000 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
111749800 shares
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
18488 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1500000 shares

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