2022 Q3 Form 10-Q Financial Statement

#000149315222022194 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.317M $1.847M $1.799M
YoY Change 163.53% 695.19%
Cost Of Revenue $1.403M $1.501M $821.0K
YoY Change 191.66% 420.2%
Gross Profit -$85.62K $346.8K $978.3K
YoY Change -554.23% -717.61%
Gross Profit Margin -6.5% 18.77% 54.37%
Selling, General & Admin $1.373M $1.089M $3.222M
YoY Change 50.99% 797.27%
% of Gross Profit 314.03% 329.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.02K $47.51K $105.2K
YoY Change -90.49% 492.78%
% of Gross Profit 13.7% 10.75%
Operating Expenses $3.790M $2.746M $3.243M
YoY Change 312.74% 556.79%
Operating Profit -$3.875M -$2.399M -$2.264M
YoY Change 330.91% 405.92%
Interest Expense $50.88K $58.42K -$65.91K
YoY Change -255.26% 153.47%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.926M -$2.458M -$2.330M
YoY Change 530.49% 394.15%
Income Tax
% Of Pretax Income
Net Earnings -$3.926M -$2.458M -$2.330M
YoY Change 530.49% 394.15% 1069.1%
Net Earnings / Revenue -298.07% -133.05% -129.51%
Basic Earnings Per Share -$0.23 -$0.15 -$0.14
Diluted Earnings Per Share -$228.6K -$145.7K -$140.4K
COMMON SHARES
Basic Shares Outstanding 16.87M shares 16.87M shares 16.60M shares
Diluted Shares Outstanding 17.18M shares 10.84M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.359M $6.768M $10.42M
YoY Change 95.1%
Cash & Equivalents $4.359M $6.768M $10.42M
Short-Term Investments
Other Short-Term Assets $3.157M $2.293M $2.016M
YoY Change 7522.77%
Inventory $397.1K $284.4K $158.8K
Prepaid Expenses
Receivables $918.2K $1.148M $1.694M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.898M $10.92M $14.29M
YoY Change 257.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.962M $1.462M $1.653M
YoY Change 56.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.48K $19.76K $12.49K
YoY Change 184.09%
Total Long-Term Assets $2.312M $1.861M $1.666M
YoY Change 82.49%
TOTAL ASSETS
Total Short-Term Assets $8.898M $10.92M $14.29M
Total Long-Term Assets $2.312M $1.861M $1.666M
Total Assets $11.21M $12.78M $15.95M
YoY Change 198.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $527.5K $549.2K $2.419M
YoY Change -35.13%
Accrued Expenses $229.7K $259.8K $266.5K
YoY Change -10.61%
Deferred Revenue $60.93K $60.93K
YoY Change
Short-Term Debt $0.00 $0.00 $1.000M
YoY Change -100.0%
Long-Term Debt Due $0.00 $51.07K
YoY Change -100.0%
Total Short-Term Liabilities $2.227M $2.862M $3.905M
YoY Change 15.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.043M $1.079M $2.317M
YoY Change -66.45%
Other Long-Term Liabilities $99.74K $135.7K $193.8K
YoY Change -69.72%
Total Long-Term Liabilities $1.143M $1.215M $2.510M
YoY Change -66.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.227M $2.862M $3.905M
Total Long-Term Liabilities $1.143M $1.215M $2.510M
Total Liabilities $3.370M $4.077M $6.415M
YoY Change -37.27%
SHAREHOLDERS EQUITY
Retained Earnings -$24.13M -$20.20M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.840M $8.706M $9.539M
YoY Change
Total Liabilities & Shareholders Equity $11.21M $12.78M $15.95M
YoY Change 198.62%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.926M -$2.458M -$2.330M
YoY Change 530.49% 394.15% 1069.1%
Depreciation, Depletion And Amortization $28.02K $47.51K $105.2K
YoY Change -90.49% 492.78%
Cash From Operating Activities -$4.823M -$2.552M -$2.453M
YoY Change 829.41%
INVESTING ACTIVITIES
Capital Expenditures -$567.1K -$317.3K -$541.3K
YoY Change 1773.47%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$567.1K -$317.3K -$541.3K
YoY Change 1773.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.981M -782.4K -297.1K
YoY Change 7.88%
NET CHANGE
Cash From Operating Activities -4.823M -2.552M -2.453M
Cash From Investing Activities -567.1K -317.3K -541.3K
Cash From Financing Activities 2.981M -782.4K -297.1K
Net Change In Cash -2.409M -3.651M -3.291M
YoY Change -208.81%
FREE CASH FLOW
Cash From Operating Activities -$4.823M -$2.552M -$2.453M
Capital Expenditures -$567.1K -$317.3K -$541.3K
Free Cash Flow -$4.256M -$2.234M -$1.912M
YoY Change 770.93%

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CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2457835 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
8705637 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
10660071 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-199329 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
10460742 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
10460742 usd
CY2021Q2 SIDU Adjustments To Additional Paid In Capital Debt Forgiveness Related Party
AdjustmentsToAdditionalPaidInCapitalDebtForgivenessRelatedParty
3392294 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-497390 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
13355646 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
13355646 usd
us-gaap Net Income Loss
NetIncomeLoss
-4788189 usd
us-gaap Net Income Loss
NetIncomeLoss
-696719 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1209000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
171117 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
195700 usd
SIDU Lease Liability Amortization
LeaseLiabilityAmortization
-2710 usd
SIDU Lease Liability Amortization
LeaseLiabilityAmortization
10718 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
324460 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1017206 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
31762 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-77044 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-175769 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
156883 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-124101 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
60933 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
705423 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-8261 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
239545 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-17279 usd
SIDU Increase Decrease In Accounts Payable And Accrued Liabilities Related Party
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesRelatedParty
32634 usd
SIDU Increase Decrease In Accounts Payable And Accrued Liabilities Related Party
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesRelatedParty
224905 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2479 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5004483 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-330766 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
858520 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30266 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-858520 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30266 usd
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
56071 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
89872 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
307610 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
134000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
16266 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
148019 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
49952 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
797505 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1079524 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
387335 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6942527 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26303 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13710845 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20162 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6768318 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
46465 usd
us-gaap Interest Paid Net
InterestPaidNet
1949 usd
us-gaap Interest Paid Net
InterestPaidNet
4754 usd
SIDU Debt Forgiveness
DebtForgiveness
1624755 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1520016 usd
CY2022Q2 SIDU Prepaid Components
PrepaidComponents
1266225 usd
CY2022Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
277876 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_z8nb7QOv56l5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zsWaWOSTXfMi">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP 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 expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4641811 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3783290 usd
us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
Depreciation expense is recognized over the assets’ estimated useful lives of three - ten years using the straight-line method
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
68178 usd
us-gaap Variable Interest Entity Terms Of Arrangements
VariableInterestEntityTermsOfArrangements
The consolidated financial statements include Aurea Alas Limited, which is a variable interest entity of which we are the primary beneficiary, and on August 26, 2020, the Company entered into a licensing agreement with Aurea. Aurea is a limited company organized in the Isle of Man, which entered into a license agreement with a third-party vendor, whereby they licensed the rights to use certain available radio frequency spectrum for satellite communications. The Company is responsible for 100% of the operations of Aurea and derives 100% of the net profits or losses derived from the business operations. The assets, liabilities and the operations of Aurea from the date of inception (July 20, 2020), are included in the Company’s consolidated financial statements
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3179338 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3008220 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1462473 usd
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
742597 usd
CY2022Q2 SIDU Vat Receivable
VatReceivable
6550 usd
CY2021Q4 SIDU Vat Receivable
VatReceivable
6905 usd
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2293248 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1595099 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
12001 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
0 usd
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
284385 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
127502 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
775070 usd
us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
858520 usd
us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
30266 usd
CY2022Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
822668 usd
CY2021Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
225271 usd
CY2022Q2 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
513815 usd
CY2021Q4 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
220914 usd
CY2022Q2 SIDU Accrued Credit Cards
AccruedCreditCards
48666 usd
CY2021Q4 SIDU Accrued Credit Cards
AccruedCreditCards
44510 usd
CY2022Q2 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
39658 usd
CY2021Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
23016 usd
CY2022Q2 SIDU Insurance Payable
InsurancePayable
567228 usd
CY2021Q4 SIDU Insurance Payable
InsurancePayable
1331749 usd
CY2022Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1992035 usd
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1845460 usd
CY2022Q2 SIDU Contract Assets Retainage Current
ContractAssetsRetainageCurrent
60932 usd
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
60932 usd
CY2022Q2 SIDU Contract Liabilities Retainage Current
ContractLiabilitiesRetainageCurrent
60932 usd
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
60932 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
171351 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
84008 usd
CY2022Q2 us-gaap Security Deposit
SecurityDeposit
10000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
140734 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
205987 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
63835 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
410556 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15018 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
395538 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
259813 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
135725 usd
CY2021Q4 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The Class B Common Stock is entitled to 10 votes for every 1 vote of the Class A Common Stock
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
85000 shares
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0464 pure
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M9D
CY2022Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
549171 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
534652 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
54145 usd
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
549171 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
588797 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
18115 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
797505 usd
SIDU Debt Forgiveness Related Party
DebtForgivenessRelatedParty
1624755 usd
us-gaap Sublease Income
SubleaseIncome
28105 usd
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
36000000 shares
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1000000 shares
CY2021Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The Class B Common Stock is entitled to 10 votes for every 1 vote of the Class A Common Stock
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
115000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares

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