2023 Q3 Form 10-Q Financial Statement

#000149315223027260 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.659M $1.750M $198.00
YoY Change -65.35% 883738.38%
Cost Of Revenue $803.0K $876.0K
YoY Change -67.46%
Gross Profit $856.0K $874.0K $198.00
YoY Change -63.11% 441314.14%
Gross Profit Margin 51.6% 49.94% 100.0%
Selling, General & Admin $985.0K $1.174M $1.190M
YoY Change -288.46% -1.33% 502.37%
% of Gross Profit 115.07% 134.32% 600938.38%
Research & Development $186.0K $180.0K $191.3K
YoY Change -165.53% -5.89% 13.1%
% of Gross Profit 21.73% 20.59% 96594.95%
Depreciation & Amortization $2.000K $45.00K $45.00K
YoY Change -95.65% 0.0%
% of Gross Profit 0.23% 5.15% 22727.27%
Operating Expenses $1.171M $1.568M $1.381M
YoY Change -245.2% 13.53% 276.7%
Operating Profit -$315.0K -$694.0K -$1.381M
YoY Change -110.07% -49.74% 276.65%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.000K $15.00K $2.000K
YoY Change -46.15% 650.0%
Pretax Income -$5.248M -$679.0K -$1.381M
YoY Change -40.01% -50.83% 686.49%
Income Tax -$379.0K $195.0K
% Of Pretax Income
Net Earnings -$4.869M -$679.0K -$1.381M
YoY Change -45.56% -50.83% 686.49%
Net Earnings / Revenue -293.49% -38.8% -697433.33%
Basic Earnings Per Share $0.00 -$0.02
Diluted Earnings Per Share -$0.02 $0.00 -$15.72K
COMMON SHARES
Basic Shares Outstanding 213.6M shares 149.6M shares 87.82M shares
Diluted Shares Outstanding 189.4M shares 62.02M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.053M $1.446M $3.589M
YoY Change -65.25% -59.71% -47.6%
Cash & Equivalents $1.100M $1.446M $3.589M
Short-Term Investments
Other Short-Term Assets $561.0K $342.0K $208.2K
YoY Change 12.2% 64.27% 2448.23%
Inventory
Prepaid Expenses $381.0K $162.0K $28.19K
Receivables $834.0K $874.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.448M $2.662M $3.797M
YoY Change -40.9% -29.89% -44.62%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $24.00K
YoY Change
Goodwill $1.356M $1.356M
YoY Change -3.14%
Intangibles $0.00 $4.940M
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $150.0K $195.0K $375.0K
YoY Change -54.55% -48.0%
Total Long-Term Assets $1.536M $6.515M $375.0K
YoY Change -76.82% 1637.33%
TOTAL ASSETS
Total Short-Term Assets $2.448M $2.662M $3.797M
Total Long-Term Assets $1.536M $6.515M $375.0K
Total Assets $3.984M $9.177M $4.172M
YoY Change -63.0% 119.96% -39.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $613.0K $518.0K $611.7K
YoY Change -22.01% -15.32% 15.87%
Accrued Expenses $175.0K
YoY Change 550.32%
Deferred Revenue
YoY Change
Short-Term Debt $50.00K $50.00K $0.00
YoY Change 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $954.0K $1.121M $786.7K
YoY Change -17.83% 42.49% 41.79%
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 $954.0K $1.121M $786.7K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $954.0K $1.332M $786.7K
YoY Change -30.47% 69.31% 41.79%
SHAREHOLDERS EQUITY
Retained Earnings -$18.94M -$14.07M -$74.36M
YoY Change 58.71% -81.08%
Common Stock $214.0K $213.0K $101.9K
YoY Change 43.62% 109.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $590.0K
YoY Change
Treasury Stock Shares 13.41M shares
Shareholders Equity $3.030M $7.845M $3.385M
YoY Change
Total Liabilities & Shareholders Equity $3.984M $9.177M $4.172M
YoY Change -63.0% 119.96% -39.15%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$4.869M -$679.0K -$1.381M
YoY Change -45.56% -50.83% 686.49%
Depreciation, Depletion And Amortization $2.000K $45.00K $45.00K
YoY Change -95.65% 0.0%
Cash From Operating Activities -$385.0K -$432.0K -$801.1K
YoY Change -121.4% -46.08% -68.78%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $24.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$8.000K -$24.00K $0.00
YoY Change -100.22%
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 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -385.0K -432.0K -801.1K
Cash From Investing Activities -8.000K -24.00K 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -393.0K -456.0K -801.1K
YoY Change -108.06% -43.08% -113.89%
FREE CASH FLOW
Cash From Operating Activities -$385.0K -$432.0K -$801.1K
Capital Expenditures $8.000K $24.00K $0.00
Free Cash Flow -$393.0K -$456.0K -$801.1K
YoY Change -43.08% -68.78%

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CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
214000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
7845000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
427000 usd
CY2021Q4 SDCH Equity Redemptions
EquityRedemptions
-100000 usd
CY2021Q4 SDCH Equity Distributions
EquityDistributions
-461000 usd
CY2021Q4 us-gaap Net Income Loss
NetIncomeLoss
328000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
194000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
361000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
555000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
555000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-88000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-88000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
467000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
467000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2137000 usd
us-gaap Net Income Loss
NetIncomeLoss
601000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
351000 usd
SDCH Business Combination Related Costs
BusinessCombinationRelatedCosts
214000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
262000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
358000 usd
SDCH Increase Decrease In Unbilled Revenue
IncreaseDecreaseInUnbilledRevenue
-294000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-158000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-247000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
78000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
228000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-51000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1560000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
564000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24000 usd
SDCH Equity Redemptions Related To Financing Activies
EquityRedemptionsRelatedToFinancingActivies
50000 usd
SDCH Equity Distributions Related To Financing Activies
EquityDistributionsRelatedToFinancingActivies
433000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-483000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1584000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
81000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3030000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
348000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1446000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
429000 usd
SDCH Equity Redemption With Note Payable
EquityRedemptionWithNotePayable
50000 usd
SDCH Stock Based Compensation Included In Accounts Payable And Accrued Liabilities
StockBasedCompensationIncludedInAccountsPayableAndAccruedLiabilities
21000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1276000 usd
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
3559000 usd
CY2022Q2 SDCH Business Acquisitions Pro Forma Cost Of Revenue
BusinessAcquisitionsProFormaCostOfRevenue
714000 usd
SDCH Business Acquisitions Pro Forma Cost Of Revenue
BusinessAcquisitionsProFormaCostOfRevenue
1797000 usd
CY2022Q2 SDCH Business Acquisitions Pro Forma Gross Profit
BusinessAcquisitionsProFormaGrossProfit
562000 usd
SDCH Business Acquisitions Pro Forma Gross Profit
BusinessAcquisitionsProFormaGrossProfit
1762000 usd
CY2022Q2 SDCH Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
1838000 usd
SDCH Business Acquisitions Pro Forma Operating Expenses
BusinessAcquisitionsProFormaOperatingExpenses
3808000 usd
CY2022Q2 SDCH Business Acquisitions Pro Forma Operating Loss
BusinessAcquisitionsProFormaOperatingLoss
-1276000 usd
SDCH Business Acquisitions Pro Forma Operating Loss
BusinessAcquisitionsProFormaOperatingLoss
-2046000 usd
CY2022Q2 SDCH Business Acquisitions Pro Forma Other Income
BusinessAcquisitionsProFormaOtherIncome
2000 usd
SDCH Business Acquisitions Pro Forma Other Income
BusinessAcquisitionsProFormaOtherIncome
9000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
-1274000 usd
us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
-2037000 usd
CY2022Q2 SDCH Business Acquisitions Pro Forma Income Loss Tax
BusinessAcquisitionsProFormaIncomeLossTax
195000 usd
SDCH Business Acquisitions Pro Forma Income Loss Tax
BusinessAcquisitionsProFormaIncomeLossTax
195000 usd
CY2022Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1469000 usd
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2232000 usd
CY2022Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.00
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.01
CY2023Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
358000 usd
CY2022Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
130000 usd
SDCH Contract With Customer Liability Deferral Of Revenue
ContractWithCustomerLiabilityDeferralOfRevenue
509000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
281000 usd
CY2023Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
358000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2023Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
127000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
372000 usd
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q4 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
461000 usd
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
212765780 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
62016618 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
148724056 shares
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
62016618 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
87793920 shares
CY2022Q3 SDCH Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice
0.56
CY2022 SDCH Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y7D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
11410400 shares
SDCH Share Based Compensation Arrangements By Share Based Payment Award Non Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.21
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
76383520 shares
CY2023Q2 SDCH Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice
0.46
SDCH Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M

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