2024 Q1 Form 10-Q Financial Statement

#000147793224005360 Filed on August 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $4.136M $5.719M
YoY Change -27.68% 268.62%
Cost Of Revenue $2.284M $4.066M
YoY Change -43.82% 196.91%
Gross Profit $1.852M $1.653M
YoY Change 12.04% 808.15%
Gross Profit Margin 44.78% 28.9%
Selling, General & Admin $4.204M $3.480M
YoY Change 20.81% 114.87%
% of Gross Profit 226.97% 210.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $123.3K $81.90K
YoY Change 50.49% 439.01%
% of Gross Profit 6.65% 4.95%
Operating Expenses $4.204M $3.480M
YoY Change 20.81% 114.87%
Operating Profit -$2.352M -$1.827M
YoY Change 28.74% 27.08%
Interest Expense $124.1K $452.8K
YoY Change -72.59% 735.8%
% of Operating Profit
Other Income/Expense, Net -$506.2K -$593.9K
YoY Change -14.77% 884.3%
Pretax Income -$2.858M -$2.421M
YoY Change 18.07% 61.61%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.857M -$2.187M
YoY Change 30.66% 46.0%
Net Earnings / Revenue -69.07% -38.23%
Basic Earnings Per Share -$0.37 -$719.10
Diluted Earnings Per Share -$0.37 -$0.02
COMMON SHARES
Basic Shares Outstanding 7.687M shares 132.1M shares
Diluted Shares Outstanding 7.687M shares 12.06K shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $497.0K
YoY Change 313.87%
Cash & Equivalents $533.7K $497.0K
Short-Term Investments
Other Short-Term Assets $234.7K
YoY Change 159.52%
Inventory $656.7K $3.225M
Prepaid Expenses $1.080M
Receivables $1.728M $2.354M
Other Receivables $272.5K
Total Short-Term Assets $5.015M $6.583M
YoY Change -23.81% 1619.76%
LONG-TERM ASSETS
Property, Plant & Equipment $246.1K $1.431M
YoY Change -82.8% 3576.9%
Goodwill $7.200M
YoY Change
Intangibles $2.786M
YoY Change
Long-Term Investments $134.4K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.66M $11.95M
YoY Change -2.49% 557.88%
TOTAL ASSETS
Total Short-Term Assets $5.015M $6.583M
Total Long-Term Assets $11.66M $11.95M
Total Assets $16.67M $18.54M
YoY Change -10.06% 742.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.412M $3.820M
YoY Change 41.68% 1240.82%
Accrued Expenses $2.261M $2.864M
YoY Change -21.06% 187.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $9.642M
YoY Change 645.82%
Total Short-Term Liabilities $14.75M $23.20M
YoY Change -36.42% 640.97%
LONG-TERM LIABILITIES
Long-Term Debt $776.3K
YoY Change 51.8%
Other Long-Term Liabilities $1.319M
YoY Change 138.05%
Total Long-Term Liabilities $2.096M
YoY Change 96.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.75M $23.20M
Total Long-Term Liabilities $2.096M
Total Liabilities $16.04M $25.28M
YoY Change -36.54% 502.25%
SHAREHOLDERS EQUITY
Retained Earnings -$105.4M
YoY Change
Common Stock $1.097K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$102.5K -$6.740M
YoY Change
Total Liabilities & Shareholders Equity $16.67M $18.54M
YoY Change -10.06% 742.64%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.857M -$2.187M
YoY Change 30.66% 46.0%
Depreciation, Depletion And Amortization $123.3K $81.90K
YoY Change 50.49% 439.01%
Cash From Operating Activities -$690.3K -$539.0K
YoY Change 28.07% -15.1%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$52.00K
YoY Change
Cash From Investing Activities -$23.14K -$52.00K
YoY Change -55.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $324.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $488.5K $523.8K
YoY Change -6.73% -7.04%
NET CHANGE
Cash From Operating Activities -$690.3K -$539.0K
Cash From Investing Activities -$23.14K -$52.00K
Cash From Financing Activities $488.5K $523.8K
Net Change In Cash -$224.9K -$67.22K
YoY Change 234.57% -5.85%
FREE CASH FLOW
Cash From Operating Activities -$690.3K -$539.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
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324037 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
38077 usd
CY2024Q1 sing Proceeds From Advances From Related Party
ProceedsFromAdvancesFromRelatedParty
33114 usd
CY2023Q1 sing Proceeds From Advances From Related Party
ProceedsFromAdvancesFromRelatedParty
76685 usd
CY2024Q1 sing Proceeds From Advance
ProceedsFromAdvance
250000 usd
CY2023Q1 sing Proceeds From Advance
ProceedsFromAdvance
0 usd
CY2024Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
250000 usd
CY2023Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
250000 usd
CY2024Q1 sing Payments On Advances From Related Party
PaymentsOnAdvancesFromRelatedParty
2558 usd
CY2023Q1 sing Payments On Advances From Related Party
PaymentsOnAdvancesFromRelatedParty
101229 usd
CY2024Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
214521 usd
CY2024Q1 sing Payments Of Debt And Capital Lease Obligations
PaymentsOfDebtAndCapitalLeaseObligations
100159 usd
CY2023Q1 sing Payments Of Debt And Capital Lease Obligations
PaymentsOfDebtAndCapitalLeaseObligations
28476 usd
CY2024Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
51409 usd
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
67443 usd
CY2024Q1 sing Proceeds From Sale Of Preferred Stock A
ProceedsFromSaleOfPreferredStockA
0 usd
CY2023Q1 sing Proceeds From Sale Of Preferred Stock A
ProceedsFromSaleOfPreferredStockA
-1339 usd
CY2024Q1 sing Proceeds From Sale Of Preferred Stock Class C
ProceedsFromSaleOfPreferredStockClassC
0 usd
CY2023Q1 sing Proceeds From Sale Of Preferred Stock Class C
ProceedsFromSaleOfPreferredStockClassC
100000 usd
CY2024Q1 sing Proceeds From Sale Of Preferred Stock Class E
ProceedsFromSaleOfPreferredStockClassE
0 usd
CY2023Q1 sing Proceeds From Sale Of Preferred Stock Class E
ProceedsFromSaleOfPreferredStockClassE
257500 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
488504 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-224899 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
758622 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
20503 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2024Q1 sing Exercise Of Pre Funded Warrants Into Common Stock
ExerciseOfPreFundedWarrantsIntoCommonStock
77 usd
CY2023Q1 sing Exercise Of Pre Funded Warrants Into Common Stock
ExerciseOfPreFundedWarrantsIntoCommonStock
0 usd
CY2024Q1 sing Common Stock Issued For Conversion Of Debt And Accrued Interest
CommonStockIssuedForConversionOfDebtAndAccruedInterest
1710672 usd
CY2023Q1 sing Common Stock Issued For Conversion Of Debt And Accrued Interest
CommonStockIssuedForConversionOfDebtAndAccruedInterest
176402 usd
CY2024Q1 sing Recognition Of Debt Discount From Derivative Liability
RecognitionOfDebtDiscountFromDerivativeLiability
1405504 usd
CY2023Q1 sing Recognition Of Debt Discount From Derivative Liability
RecognitionOfDebtDiscountFromDerivativeLiability
0 usd
CY2024Q1 sing Settlement Of Derivative Liability
SettlementOfDerivativeLiability
566123 usd
CY2023Q1 sing Settlement Of Derivative Liability
SettlementOfDerivativeLiability
0 usd
CY2024Q1 sing Accrued Preferred Stock Dividends
AccruedPreferredStockDividends
0 usd
CY2023Q1 sing Accrued Preferred Stock Dividends
AccruedPreferredStockDividends
71240 usd
CY2024Q1 sing Issuance Of Convertible Debt For Remaining Interests In Subsidiary
IssuanceOfConvertibleDebtForRemainingInterestsInSubsidiary
1749964 usd
CY2023Q1 sing Issuance Of Convertible Debt For Remaining Interests In Subsidiary
IssuanceOfConvertibleDebtForRemainingInterestsInSubsidiary
0 usd
CY2024Q1 sing Settlement Of Notes Payable Through Issuance Of Convertible Notes Payable
SettlementOfNotesPayableThroughIssuanceOfConvertibleNotesPayable
817000 usd
CY2023Q1 sing Settlement Of Notes Payable Through Issuance Of Convertible Notes Payable
SettlementOfNotesPayableThroughIssuanceOfConvertibleNotesPayable
0 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
533723 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-2857905 usd
CY2024Q1 sing Working Capital Deficit
WorkingCapitalDeficit
-9738357 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.</p>
CY2024Q1 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
124183 usd
CY2023Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
279542 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
376964 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
375414 usd
CY2024Q1 sing Allowance For Credit Loss Wrote Off
AllowanceForCreditLossWroteOff
1550 usd
CY2023Q1 sing Allowance For Credit Loss Wrote Off
AllowanceForCreditLossWroteOff
22326 usd
CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
235572 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
761662 usd
CY2024Q1 us-gaap Purchase Obligation
PurchaseObligation
1000 usd
CY2024Q1 sing Net Loss Available To Common Stockholders Basic
NetLossAvailableToCommonStockholdersBasic
-2857184 usd
CY2023Q1 sing Net Loss Available To Common Stockholders Basic
NetLossAvailableToCommonStockholdersBasic
-8674018 usd
CY2024Q1 sing Weighted Average Number Of Common Shares Outstanding Basic
WeightedAverageNumberOfCommonSharesOutstandingBasic
7686775 shares
CY2023Q1 sing Weighted Average Number Of Common Shares Outstanding Basic
WeightedAverageNumberOfCommonSharesOutstandingBasic
12062 shares
CY2024Q1 sing Weighted Average Number Of Common Shares Outstanding Diluted
WeightedAverageNumberOfCommonSharesOutstandingDiluted
7686775 shares
CY2023Q1 sing Weighted Average Number Of Common Shares Outstanding Diluted
WeightedAverageNumberOfCommonSharesOutstandingDiluted
12062 shares
CY2024Q1 sing Net Income Loss Per Share Basic
NetIncomeLossPerShareBasic
-0.37
CY2023Q1 sing Net Income Loss Per Share Basic
NetIncomeLossPerShareBasic
-719.12
CY2024Q1 sing Net Income Loss Per Share Diluted
NetIncomeLossPerShareDiluted
-0.37
CY2023Q1 sing Net Income Loss Per Share Diluted
NetIncomeLossPerShareDiluted
-719.12
CY2024Q1 sing Schedule Of Fair Value Measurements Summary Activity
ScheduleOfFairValueMeasurementsSummaryActivity
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Balance - December 31, 2023</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">388,983</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Additions</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,686,990</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Settlement</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(566,123 </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Change in fair value</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">(306,457</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px">) </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">Balance – March 31, 2024</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">1,203,393</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
388983 usd
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
1686990 usd
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-566123 usd
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Sales
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSales
-306457 usd
CY2024Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1203393 usd
CY2023Q4 us-gaap Goodwill
Goodwill
7199567 usd
CY2024Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2024Q1 sing Goodwill Impairment Losses
GoodwillImpairmentLosses
0 usd
CY2024Q1 us-gaap Goodwill
Goodwill
7199567 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2886794 usd
CY2024Q1 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
0 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
101112 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2785682 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
303336 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
376224 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
363384 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
363384 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
363384 usd
CY2023Q1 sing Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
1015970 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2785682 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
326122 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
437132 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
408562 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
277852 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
25896 usd
CY2023Q4 sing Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1475564 usd
CY2023Q4 sing Interest
Interest
-184022 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1291542 usd
CY2023Q4 sing Lease Liability Current
LeaseLiabilityCurrent
346137 usd
CY2023Q4 sing Lease Liability Noncurrent
LeaseLiabilityNoncurrent
945405 usd
CY2024Q1 sing Concentration Risk Percentage
ConcentrationRiskPercentage
0.10 pure
CY2024Q3 us-gaap Liabilities Average Amount Outstanding
LiabilitiesAverageAmountOutstanding
2500000 usd

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