2022 Q3 Form 10-Q Financial Statement

#000151655122000022 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.141M $1.791M $1.622M
YoY Change -23.52% 88.75% 43.88%
% of Gross Profit
Research & Development $1.782M $1.427M $1.266M
YoY Change 443.65% 62.05% 107.6%
% of Gross Profit
Depreciation & Amortization $28.81K $27.68K $26.98K
YoY Change 286.19% 2640.59% 2776.12%
% of Gross Profit
Operating Expenses $2.922M $3.218M $2.888M
YoY Change 60.64% 75.9% 66.24%
Operating Profit -$2.922M -$3.218M -$2.888M
YoY Change 60.64% 75.9% 66.24%
Interest Expense $211.2K $205.3K $199.0K
YoY Change 8.12% 8.02% 7.64%
% of Operating Profit
Other Income/Expense, Net -$205.0K -$195.8K -$155.4K
YoY Change 3490.84% 1.57% -63.29%
Pretax Income -$3.127M -$3.414M -$3.043M
YoY Change 71.38% 68.81% 40.86%
Income Tax $0.00 $5.141K
% Of Pretax Income
Net Earnings -$3.127M -$3.419M -$3.043M
YoY Change 71.38% 68.93% 40.86%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 495.9M shares 495.9M shares 495.8M shares
Diluted Shares Outstanding 495.9M shares 495.9M shares 495.8M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $415.4K $2.930M $6.007M
YoY Change -96.25% -43.51% 16.58%
Cash & Equivalents $415.4K $2.930M $6.007M
Short-Term Investments
Other Short-Term Assets $143.9K $113.2K $109.8K
YoY Change -58.2% -59.89% -52.11%
Inventory
Prepaid Expenses $708.5K $871.4K $822.5K
Receivables $0.00
Other Receivables
Total Short-Term Assets $2.683M $4.774M $6.993M
YoY Change -76.53% -12.7% 29.94%
LONG-TERM ASSETS
Property, Plant & Equipment $86.16K $74.93K $80.77K
YoY Change 7.31% 381.46% 372.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.309K $8.309K $8.309K
YoY Change 0.0% 107.73%
Total Long-Term Assets $185.5K $193.5K $218.0K
YoY Change -26.75% 889.33% 1175.0%
TOTAL ASSETS
Total Short-Term Assets $2.683M $4.774M $6.993M
Total Long-Term Assets $185.5K $193.5K $218.0K
Total Assets $2.869M $4.967M $7.211M
YoY Change -75.45% -9.49% 33.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.068M $1.443M $878.7K
YoY Change 548.24% 277.62% 75.8%
Accrued Expenses $842.1K $700.8K $540.7K
YoY Change 84.14% 251.75% 208.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.455M $2.290M $2.130M
YoY Change 1957.32%
Total Short-Term Liabilities $6.146M $5.237M $4.182M
YoY Change 309.28% 238.27% 202.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $8.230K $32.42K $55.91K
YoY Change -91.82%
Total Long-Term Liabilities $8.230K $32.42K $55.91K
YoY Change -99.57% -98.06% -96.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.146M $5.237M $4.182M
Total Long-Term Liabilities $8.230K $32.42K $55.91K
Total Liabilities $6.154M $5.269M $4.238M
YoY Change 79.81% 63.8% 45.12%
SHAREHOLDERS EQUITY
Retained Earnings -$56.85M -$53.72M -$50.30M
YoY Change 27.05% 25.16% 23.0%
Common Stock $53.56M $53.42M $53.27M
YoY Change 1.04% 18.21% 22.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.285M -$301.8K $2.973M
YoY Change
Total Liabilities & Shareholders Equity $2.869M $4.967M $7.211M
YoY Change -75.45% -9.49% 33.56%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.127M -$3.419M -$3.043M
YoY Change 71.38% 68.93% 40.86%
Depreciation, Depletion And Amortization $28.81K $27.68K $26.98K
YoY Change 286.19% 2640.59% 2776.12%
Cash From Operating Activities -$2.057M -$2.901M -$2.915M
YoY Change 38.35% 73.57% 116.22%
INVESTING ACTIVITIES
Capital Expenditures -$366.1K -$84.04K $1.999K
YoY Change 1273.11% -15956.6% -81.31%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$366.1K -$84.04K -$1.999K
YoY Change 1273.11% -15956.6% -81.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -91.85K -91.85K -$59.26K
YoY Change -101.24% -105.39% -101.47%
NET CHANGE
Cash From Operating Activities -2.057M -2.901M -$2.915M
Cash From Investing Activities -366.1K -84.04K -$1.999K
Cash From Financing Activities -91.85K -91.85K -$59.26K
Net Change In Cash -2.515M -3.077M -$2.976M
YoY Change -142.59% -9173.93% -210.93%
FREE CASH FLOW
Cash From Operating Activities -$2.057M -$2.901M -$2.915M
Capital Expenditures -$366.1K -$84.04K $1.999K
Free Cash Flow -$1.691M -$2.817M -$2.917M
YoY Change 15.8% 68.49% 114.67%

Facts In Submission

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<div style="margin-top:12pt;text-align:justify"><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-align:justify"><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 Consolidated 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 Condensed Consolidated Financial Statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates and judgements as to the appropriate carrying values of equity instruments, derivative liabilities, debt with embedded features, estimates related to the Company's estimation of the percentage of completion under its research and development contracts and the valuation of stock based compensation awards, which are not readily apparent from other sources.</span></div>
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