2022 Q4 Form 10-Q Financial Statement

#000149315222031590 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.329M $1.317M $499.9K
YoY Change 345.05% 163.53% 22.39%
Cost Of Revenue $2.131M $1.403M $481.0K
YoY Change 196.7% 191.66% 28.4%
Gross Profit $198.7K -$85.62K $18.85K
YoY Change -202.01% -554.23% -44.26%
Gross Profit Margin 8.53% -6.5% 3.77%
Selling, General & Admin $3.661M $1.373M $909.3K
YoY Change 163.31% 50.99% 126.0%
% of Gross Profit 1843.12% 4823.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.08K $28.02K $294.6K
YoY Change -19.19% -90.49% -19.02%
% of Gross Profit 40.82% 1563.02%
Operating Expenses $3.704M $3.790M $918.2K
YoY Change 159.86% 312.74% 121.82%
Operating Profit -$3.505M -$3.875M -$899.4K
YoY Change 116.36% 330.91% 136.6%
Interest Expense -$606.2K $50.88K -$32.77K
YoY Change -24.84% -255.26% 2542.74%
% of Operating Profit
Other Income/Expense, Net -$14.29K $309.4K
YoY Change -96778.13%
Pretax Income -$4.125M -$3.926M -$622.7K
YoY Change 70.02% 530.49% 63.16%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.125M -$3.926M -$622.7K
YoY Change 70.02% 530.49% 63.16%
Net Earnings / Revenue -177.1% -298.07% -124.59%
Basic Earnings Per Share -$0.23 -$0.06
Diluted Earnings Per Share -$0.23 -$228.6K -$57.47K
COMMON SHARES
Basic Shares Outstanding 17.99M shares 16.87M shares 10.84M shares
Diluted Shares Outstanding 17.18M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.295M $4.359M $2.234M
YoY Change -83.26% 95.1%
Cash & Equivalents $2.295M $4.359M $2.234M
Short-Term Investments
Other Short-Term Assets $46.31K $3.157M $41.42K
YoY Change -97.1% 7522.77%
Inventory $583.4K $397.1K $56.74K
Prepaid Expenses
Receivables $850.3K $918.2K $154.7K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.450M $8.898M $2.487M
YoY Change -53.46% 257.78%
LONG-TERM ASSETS
Property, Plant & Equipment $2.555M $1.962M $1.254M
YoY Change 229.65% 56.39%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.78K $35.48K $12.49K
YoY Change 242.61% 184.09%
Total Long-Term Assets $2.848M $2.312M $1.267M
YoY Change 120.35% 82.49%
TOTAL ASSETS
Total Short-Term Assets $7.450M $8.898M $2.487M
Total Long-Term Assets $2.848M $2.312M $1.267M
Total Assets $10.30M $11.21M $3.754M
YoY Change -40.48% 198.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.050M $527.5K $813.2K
YoY Change 283.45% -35.13%
Accrued Expenses $199.2K $229.7K $256.9K
YoY Change -23.89% -10.61%
Deferred Revenue $60.93K $60.93K
YoY Change
Short-Term Debt $0.00 $0.00 $750.0K
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.599M $0.00 $50.34K
YoY Change 3039.9% -100.0%
Total Short-Term Liabilities $6.359M $2.227M $1.933M
YoY Change 66.89% 15.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.043M $3.110M
YoY Change -100.0% -66.45%
Other Long-Term Liabilities $63.31K $99.74K $329.4K
YoY Change -75.88% -69.72%
Total Long-Term Liabilities $63.31K $1.143M $3.439M
YoY Change -97.76% -66.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.359M $2.227M $1.933M
Total Long-Term Liabilities $63.31K $1.143M $3.439M
Total Liabilities $6.422M $3.370M $5.373M
YoY Change -3.28% -37.27%
SHAREHOLDERS EQUITY
Retained Earnings -$28.26M -$24.13M
YoY Change 83.29%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.875M $7.840M -$1.618M
YoY Change
Total Liabilities & Shareholders Equity $10.30M $11.21M $3.754M
YoY Change -40.48% 198.62%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$4.125M -$3.926M -$622.7K
YoY Change 70.02% 530.49% 63.16%
Depreciation, Depletion And Amortization $81.08K $28.02K $294.6K
YoY Change -19.19% -90.49% -19.02%
Cash From Operating Activities -$2.266M -$4.823M -$519.0K
YoY Change 15.28% 829.41% -66.81%
INVESTING ACTIVITIES
Capital Expenditures $674.2K -$567.1K -$30.27K
YoY Change -459.46% 1773.47% 571.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$674.2K -$567.1K -$30.27K
YoY Change 259.46% 1773.47% 571.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.694M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 876.6K 2.981M 2.763M
YoY Change -93.57% 7.88% 75.8%
NET CHANGE
Cash From Operating Activities -2.266M -4.823M -519.0K
Cash From Investing Activities -674.2K -567.1K -30.27K
Cash From Financing Activities 876.6K 2.981M 2.763M
Net Change In Cash -2.064M -2.409M 2.214M
YoY Change -117.98% -208.81% 60728.02%
FREE CASH FLOW
Cash From Operating Activities -$2.266M -$4.823M -$519.0K
Capital Expenditures $674.2K -$567.1K -$30.27K
Free Cash Flow -$2.940M -$4.256M -$488.7K
YoY Change 65.35% 770.93% -68.66%

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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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StockholdersEquity
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CY2022Q2 SIDU Adjustments To Additional Paid In Capital Debt Forgiveness Related Party
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NetIncomeLoss
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StockholdersEquity
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 SIDU Adjustments To Additional Paid In Capital Debt Forgiveness Related Party
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2021Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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CY2021Q3 us-gaap Net Income Loss
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CY2021Q3 us-gaap Stockholders Equity
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SIDU Lease Liability Amortization
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us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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SIDU Increase Decrease In Accounts Payable And Accrued Liabilities Related Party
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesRelatedParty
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SIDU Increase Decrease In Accounts Payable And Accrued Liabilities Related Party
IncreaseDecreaseInAccountsPayableAndAccruedLiabilitiesRelatedParty
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Related Party Debt
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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RepaymentsOfNotesPayable
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2214150 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Interest Paid Net
InterestPaidNet
19951 usd
us-gaap Interest Paid Net
InterestPaidNet
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SIDU Debt Forgiveness Related Party
DebtForgivenessRelatedParty
1624755 usd
SIDU Debt Forgiveness Related Party
DebtForgivenessRelatedParty
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us-gaap Notes Issued1
NotesIssued1
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
1200000 usd
us-gaap Noninterest Expense Investment Advisory Fees
NoninterestExpenseInvestmentAdvisoryFees
600000 usd
us-gaap Legal Fees
LegalFees
100000 usd
us-gaap Noninterest Expense
NoninterestExpense
6800000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zRZQGgEC1sQa" 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>Use of Estimates</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>
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
us-gaap Variable Interest Entity Terms Of Arrangements
VariableInterestEntityTermsOfArrangements
The condensed 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 condensed consolidated financial statements
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
313822 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1520016 usd
CY2022Q3 SIDU Prepaid Components
PrepaidComponents
1280231 usd
CY2022Q3 SIDU Prepaid Satellite Services Licenses
PrepaidSatelliteServicesLicenses
1343750 usd
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
213546 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
68178 usd
CY2022Q3 us-gaap Prepaid Taxes
PrepaidTaxes
6000 usd
CY2021Q4 us-gaap Prepaid Taxes
PrepaidTaxes
6905 usd
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3157349 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1595099 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
18128 usd
us-gaap Financing Interest Expense
FinancingInterestExpense
0 usd
CY2022Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
397135 usd
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
127502 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5208913 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3783290 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3247079 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3008220 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1961834 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
775070 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
238859 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
294629 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1425623 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30266 usd
CY2022Q3 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
553181 usd
CY2021Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
225271 usd
CY2022Q3 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
565566 usd
CY2021Q4 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
220914 usd
CY2022Q3 SIDU Accrued Credit Cards
AccruedCreditCards
64899 usd
CY2021Q4 SIDU Accrued Credit Cards
AccruedCreditCards
44510 usd
CY2022Q3 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
70754 usd
CY2021Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
23016 usd
CY2022Q3 SIDU Insurance Payable
InsurancePayable
154752 usd
CY2021Q4 SIDU Insurance Payable
InsurancePayable
1331749 usd
CY2022Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1409152 usd
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1845460 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0483 pure
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2022Q3 SIDU Contract Assets Retainage Current
ContractAssetsRetainageCurrent
60932 usd
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
60932 usd
CY2022Q3 SIDU Contract Liabilities Retainage Current
ContractLiabilitiesRetainageCurrent
60932 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
60932 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
251370 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
165934 usd
CY2022Q3 us-gaap Security Deposit
SecurityDeposit
10000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
70367 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
205987 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
63835 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
340189 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10795 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
329394 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
229652 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
99742 usd
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
527476 usd
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
534652 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
54145 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
527476 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
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
4570 usd
us-gaap Sublease Income
SubleaseIncome
42226 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
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
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1362234 usd

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