2022 Q1 Form 10-Q Financial Statement

#000153496922000068 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $38.00K $13.00K
YoY Change 192.31% 62.5%
Cost Of Revenue $20.00K $5.000K
YoY Change 300.0% 66.67%
Gross Profit $18.00K $8.000K
YoY Change 125.0% 60.0%
Gross Profit Margin 47.37% 61.54%
Selling, General & Admin $8.996M $3.637M
YoY Change 147.35% 61.86%
% of Gross Profit 49977.78% 45462.5%
Research & Development $3.322M $2.396M
YoY Change 38.65% 16.88%
% of Gross Profit 18455.56% 29950.0%
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% -11.89%
% of Gross Profit 1111.11% 2500.0%
Operating Expenses $12.34M $6.038M
YoY Change 104.34% 40.52%
Operating Profit -$12.30M -$6.025M
YoY Change 104.15% 40.38%
Interest Expense $4.000K $307.0K
YoY Change -98.7% -175.06%
% of Operating Profit
Other Income/Expense, Net $96.00K -$27.00K
YoY Change -455.56% -640.0%
Pretax Income -$12.21M -$6.359M
YoY Change 91.98% 35.41%
Income Tax
% Of Pretax Income
Net Earnings -$12.21M -$6.359M
YoY Change 91.98% 35.41%
Net Earnings / Revenue -32126.32% -48915.38%
Basic Earnings Per Share -$0.40 -$3.55
Diluted Earnings Per Share -$0.40 -$3.55
COMMON SHARES
Basic Shares Outstanding 30.80M shares 1.792M shares
Diluted Shares Outstanding 30.80M shares 1.792M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.5M $60.02M
YoY Change 79.2%
Cash & Equivalents $64.10M $60.02M
Short-Term Investments $43.47M
Other Short-Term Assets $1.875M $421.0K
YoY Change 345.37%
Inventory
Prepaid Expenses
Receivables $39.00K $8.000K
Other Receivables $9.000K $0.00
Total Short-Term Assets $109.5M $60.45M
YoY Change 81.11%
LONG-TERM ASSETS
Property, Plant & Equipment $2.913M $826.0K
YoY Change 252.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.34M
YoY Change
Other Assets $487.0K $1.473M
YoY Change -66.94%
Total Long-Term Assets $25.40M $2.299M
YoY Change 1004.61%
TOTAL ASSETS
Total Short-Term Assets $109.5M $60.45M
Total Long-Term Assets $25.40M $2.299M
Total Assets $134.9M $62.74M
YoY Change 114.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $945.0K $829.0K
YoY Change 13.99%
Accrued Expenses $2.007M $1.742M
YoY Change 15.21%
Deferred Revenue $3.112M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $351.0K $772.0K
YoY Change -54.53%
Total Short-Term Liabilities $6.944M $3.736M
YoY Change 85.87%
LONG-TERM LIABILITIES
Long-Term Debt $718.0K $457.0K
YoY Change 57.11%
Other Long-Term Liabilities $594.9K
YoY Change
Total Long-Term Liabilities $718.0K $1.052M
YoY Change -31.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.944M $3.736M
Total Long-Term Liabilities $718.0K $1.052M
Total Liabilities $7.662M $4.788M
YoY Change 60.03%
SHAREHOLDERS EQUITY
Retained Earnings -$178.7M
YoY Change
Common Stock $3.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.2M -$130.4M
YoY Change
Total Liabilities & Shareholders Equity $134.9M $62.74M
YoY Change 114.94%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$12.21M -$6.359M
YoY Change 91.98% 35.41%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% -11.89%
Cash From Operating Activities -$9.557M -$6.950M
YoY Change 37.51% 50.6%
INVESTING ACTIVITIES
Capital Expenditures $7.000K $41.00K
YoY Change -82.93% -612.5%
Acquisitions
YoY Change
Other Investing Activities $14.64M
YoY Change
Cash From Investing Activities $14.63M -$41.00K
YoY Change -35792.68% 412.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $71.00K $53.47M
YoY Change -99.87% 401.3%
NET CHANGE
Cash From Operating Activities -$9.557M -$6.950M
Cash From Investing Activities $14.63M -$41.00K
Cash From Financing Activities $71.00K $53.47M
Net Change In Cash $5.148M $46.48M
YoY Change -88.92% 669.08%
FREE CASH FLOW
Cash From Operating Activities -$9.557M -$6.950M
Capital Expenditures $7.000K $41.00K
Free Cash Flow -$9.564M -$6.991M
YoY Change 36.8% 51.75%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. The Company evaluates these estimates on an ongoing basis. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ materially from those estimates.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID-19 pandemic and the evolving actions of governments, private sector participants and the public in an effort to contain the spread of the COVID-19 virus and address its impacts have intensified and have had significant direct and indirect effects on businesses and commerce. The extent to which the COVID-19 pandemic may impact the </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company’s business, financial condition, cash flows, and results of operations, in particular, will depend on future developments that are highly uncertain, many of which are outside the Company’s control. Such developments include the availability and effectiveness of actions taken to contain or treat COVID-19, the ultimate geographic spread and duration of the pandemic, the extent and duration of a resurgence of the COVID-19 virus and variant strains thereof, new information concerning the severity of the COVID-19 virus, the effectiveness and intensity of measures to contain the COVID-19 virus and the economic impact of the pandemic and the reactions to it. Such developments, among others, depending on their nature, duration, and intensity, could have a significant adverse effect on the Company’s business, financial condition, cash flows, and results of operations.</span></div><div style="margin-top:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There were no significant estimates contained in the preparation of the Company’s condensed financial statements or impacts to the Company’s condensed financial statements for the three months ended March 31, 2022 that were a direct result of the COVID-19 pandemic. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the date of the condensed financial statements.</span></div>
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