2023 Q1 Form 10-Q Financial Statement

#000149315223016640 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $2.264M $1.799M
YoY Change 25.8%
Cost Of Revenue $1.368M $821.0K
YoY Change 66.61%
Gross Profit $895.8K $978.3K
YoY Change -8.44%
Gross Profit Margin 39.57% 54.37%
Selling, General & Admin $1.252M $3.222M
YoY Change -61.14%
% of Gross Profit 139.74% 329.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.09K $105.2K
YoY Change -79.95%
% of Gross Profit 2.35% 10.75%
Operating Expenses $3.542M $3.243M
YoY Change 9.23%
Operating Profit -$2.646M -$2.264M
YoY Change 16.87%
Interest Expense $187.5K -$65.91K
YoY Change -384.52%
% of Operating Profit
Other Income/Expense, Net -$794.7K
YoY Change
Pretax Income -$3.441M -$2.330M
YoY Change 47.66%
Income Tax
% Of Pretax Income
Net Earnings -$3.400M -$2.330M
YoY Change 45.9% 1069.1%
Net Earnings / Revenue -150.2% -129.51%
Basic Earnings Per Share -$0.12 -$0.14
Diluted Earnings Per Share -$0.12 -$140.4K
COMMON SHARES
Basic Shares Outstanding 29.71M shares 16.60M shares
Diluted Shares Outstanding 297.1K shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.819M $10.42M
YoY Change -72.95%
Cash & Equivalents $2.819M $10.42M
Short-Term Investments
Other Short-Term Assets $16.38K $2.016M
YoY Change -99.19%
Inventory $806.3K $158.8K
Prepaid Expenses
Receivables $1.861M $1.694M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.08M $14.29M
YoY Change -29.43%
LONG-TERM ASSETS
Property, Plant & Equipment $3.699M $1.653M
YoY Change 123.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.28K $12.49K
YoY Change 254.48%
Total Long-Term Assets $3.928M $1.666M
YoY Change 135.77%
TOTAL ASSETS
Total Short-Term Assets $10.08M $14.29M
Total Long-Term Assets $3.928M $1.666M
Total Assets $14.01M $15.95M
YoY Change -12.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.543M $2.419M
YoY Change 46.49%
Accrued Expenses $168.4K $266.5K
YoY Change -36.84%
Deferred Revenue $60.93K
YoY Change
Short-Term Debt $1.138M $1.000M
YoY Change 13.83%
Long-Term Debt Due $1.688M $51.07K
YoY Change 3205.01%
Total Short-Term Liabilities $8.370M $3.905M
YoY Change 114.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.317M
YoY Change -100.0%
Other Long-Term Liabilities $25.48K $193.8K
YoY Change -86.85%
Total Long-Term Liabilities $25.48K $2.510M
YoY Change -98.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.370M $3.905M
Total Long-Term Liabilities $25.48K $2.510M
Total Liabilities $8.395M $6.415M
YoY Change 30.86%
SHAREHOLDERS EQUITY
Retained Earnings -$31.70M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.616M $9.539M
YoY Change
Total Liabilities & Shareholders Equity $14.01M $15.95M
YoY Change -12.18%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.400M -$2.330M
YoY Change 45.9% 1069.1%
Depreciation, Depletion And Amortization $21.09K $105.2K
YoY Change -79.95%
Cash From Operating Activities -$3.500M -$2.453M
YoY Change 42.69%
INVESTING ACTIVITIES
Capital Expenditures $1.147M -$541.3K
YoY Change -311.99%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.147M -$541.3K
YoY Change 111.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.615M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.159M -297.1K
YoY Change -1836.18%
NET CHANGE
Cash From Operating Activities -$3.500M -2.453M
Cash From Investing Activities -$1.147M -541.3K
Cash From Financing Activities $5.159M -297.1K
Net Change In Cash $523.5K -3.291M
YoY Change -115.91%
FREE CASH FLOW
Cash From Operating Activities -$3.500M -$2.453M
Capital Expenditures $1.147M -$541.3K
Free Cash Flow -$4.647M -$1.912M
YoY Change 143.13%

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CY2023Q1 us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
1857524 usd
CY2023Q1 us-gaap Repayments Of Other Short Term Debt
RepaymentsOfOtherShortTermDebt
1221613 usd
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
92483 usd
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
34627 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
12513 usd
CY2022Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
250000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5158893 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-297140 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
523478 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3291197 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2295259 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13710845 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2818737 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10419648 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
48402 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1949 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4597651 usd
CY2023Q1 us-gaap Depreciation
Depreciation
21091 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3400000 usd
CY2022 us-gaap Noninterest Expense
NoninterestExpense
706000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3500000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zbfaPgdrigL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zvJQBomSpqqf">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, the fair value of and/or potential impairment of property and equipment; product life cycles; useful lives of our property and equipment; allowances for doubtful accounts; the market value of, and demand for, our inventory; fair value calculation of warrant; and the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3476748 usd
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Time Deposit Liability Above Us Insurance Limit
TimeDepositLiabilityAboveUsInsuranceLimit
2500000 usd
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
716789 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
994450 usd
CY2023Q1 SIDU Prepaid Components
PrepaidComponents
1032038 usd
CY2022Q4 SIDU Prepaid Components
PrepaidComponents
950679 usd
CY2023Q1 SIDU Prepaid Satellite Services Licenses
PrepaidSatelliteServicesLicenses
2723946 usd
CY2022Q4 SIDU Prepaid Satellite Services Licenses
PrepaidSatelliteServicesLicenses
1367125 usd
CY2023Q1 SIDU Prepaid Software
PrepaidSoftware
108500 usd
CY2022Q4 SIDU Prepaid Software
PrepaidSoftware
107000 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
16378 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
57494 usd
CY2023Q1 us-gaap Financing Interest Expense
FinancingInterestExpense
6325 usd
CY2022Q1 us-gaap Financing Interest Expense
FinancingInterestExpense
5875 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
806289 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
583437 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7030556 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5883148 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3331516 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3328156 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3699040 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2554992 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3361 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
105211 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1147409 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
541264 usd
CY2023Q1 SIDU Assetbased Loan Expense
AssetbasedLoanExpense
40933 usd
CY2023Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
3001268 usd
CY2022Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1483467 usd
CY2023Q1 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
926011 usd
CY2022Q4 us-gaap Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
820451 usd
CY2023Q1 SIDU Accrued Credit Cards
AccruedCreditCards
74220 usd
CY2022Q4 SIDU Accrued Credit Cards
AccruedCreditCards
44650 usd
CY2023Q1 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
175396 usd
CY2022Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
239110 usd
CY2023Q1 SIDU Insurance Payable
InsurancePayable
573673 usd
CY2022Q4 SIDU Insurance Payable
InsurancePayable
828167 usd
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4750568 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
3415845 usd
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
2000000 usd
CY2023Q1 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.152 pure
CY2023Q1 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Additionally, in the event of default the Lender at its option can increase the loan interest rate by 5% per annum for each month or partial month default on outstanding balances.
CY2023Q1 SIDU Assetbased Loan Liability
AssetbasedLoanLiability
1138260 usd
CY2022Q4 SIDU Assetbased Loan Liability
AssetbasedLoanLiability
502349 usd
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
92483 usd
CY2023Q1 SIDU Contract Assets Retainage Current
ContractAssetsRetainageCurrent
60932 usd
CY2022Q4 SIDU Contract Assets Retainage Current
ContractAssetsRetainageCurrent
60932 usd
CY2023Q1 SIDU Related Party Contract Assets Retainage Current
RelatedPartyContractAssetsRetainageCurrent
21859 usd
CY2022Q4 SIDU Related Party Contract Assets Retainage Current
RelatedPartyContractAssetsRetainageCurrent
14982 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
82791 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
75914 usd
CY2023Q1 SIDU Contract Liabilities Retainage Current
ContractLiabilitiesRetainageCurrent
60932 usd
CY2022Q4 SIDU Contract Liabilities Retainage Current
ContractLiabilitiesRetainageCurrent
60932 usd
CY2023Q1 SIDU Related Party Contract Liabilities Retainage Current
RelatedPartyContractLiabilitiesRetainageCurrent
21859 usd
CY2022Q4 SIDU Related Party Contract Liabilities Retainage Current
RelatedPartyContractLiabilitiesRetainageCurrent
14982 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
82791 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
75914 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
86387 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
84999 usd
CY2023Q1 us-gaap Security Deposit
SecurityDeposit
10000 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
10000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
134708 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
63835 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
198543 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4713 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
193830 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
168349 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
25481 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0491 pure
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y18D
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
34627 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
690000 shares
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
1687870 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1599150 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
4570 usd
CY2023 us-gaap Payments For Rent
PaymentsForRent
4707 usd
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
14401 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
13984 usd
CY2023Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000 usd
CY2022Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
30000 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
110000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 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.
CY2023Q1 us-gaap Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
Warrants equal to 4% of the number of securities issued by the Company in the offering were issued to the underwriter at an exercise price of 125% of the offering price per share
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
690000 shares
CY2023Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.375
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
566229 usd
CY2023Q1 SIDU Share Based Compensation Arrangements By Share Based Payment Award Non Options Grants In Period Contractual Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsGrantsInPeriodContractualTerm
P5Y
CY2023Q1 SIDU Share Based Compensation Arrangements By Share Based Payment Award Non Options Grants In Period Contractual Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsGrantsInPeriodContractualTerm
P5Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
14610000 shares
CY2023Q1 SIDU Share Based Compensation Arrangements By Share Based Payment Award Non Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisesInPeriodWeightedAverageExercisePrice
0.30
CY2023Q1 SIDU Share Based Compensation Arrangements By Share Based Payment Award Non Options Exercised In Period Contractual Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisedInPeriodContractualTerm
P5Y
CY2023Q1 SIDU Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAverageExercisePrice
0.375
CY2023Q1 SIDU Share Based Compensation Arrangements By Share Based Payment Award Non Options Outstanding In Period Contractual Term
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsOutstandingInPeriodContractualTerm
P4Y10M2D

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