2024 Q3 Form 10-Q Financial Statement

#000165495424011021 Filed on August 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $236.6K
YoY Change
% of Gross Profit
Research & Development $68.80K $30.00K $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $247.2K $488.1K $236.6K
YoY Change -76.93% 106.27% 19.91%
Operating Profit -$247.2K -$488.1K -$236.6K
YoY Change -76.93% 106.27% 19.91%
Interest Expense $118.9K $52.31K $5.470K
YoY Change 1385.78% 856.34% -67.63%
% of Operating Profit
Other Income/Expense, Net $5.939M -$14.13M -$122.5K
YoY Change -26977.01% 11435.21% -60.53%
Pretax Income -$359.1K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $5.692M -$14.62M -$1.016M
YoY Change -620.46% 1338.81% 100.14%
Net Earnings / Revenue
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 1.353B shares 1.474B shares
Diluted Shares Outstanding 4.930B shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.420K $41.09K
YoY Change -96.54%
Cash & Equivalents $1.752K $1.418K $41.09K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $300.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.752K $1.418K $341.1K
YoY Change -99.45% -99.58%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $64.19K $64.19K $64.19K
YoY Change -99.41% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $93.79K $93.79K $64.19K
YoY Change -99.6% 46.11%
TOTAL ASSETS
Total Short-Term Assets $1.752K $1.418K $341.1K
Total Long-Term Assets $93.79K $93.79K $64.19K
Total Assets $95.55K $95.21K $405.3K
YoY Change -99.6% -76.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $78.22K $94.88K
YoY Change -17.56%
Accrued Expenses $1.769K $1.207M
YoY Change -99.85%
Deferred Revenue
YoY Change
Short-Term Debt $10.05M $1.227M
YoY Change 719.54%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.54M $17.23M $3.181M
YoY Change 250.02% 441.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.54M $17.23M $3.181M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $11.54M $17.23M $3.181M
YoY Change 250.02% 441.57%
SHAREHOLDERS EQUITY
Retained Earnings -$26.33M -$32.02M -$16.79M
YoY Change 42.03% 90.73%
Common Stock $1.353M $1.353M $1.162M
YoY Change 2.81% 16.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.44M -$17.13M $21.53M
YoY Change
Total Liabilities & Shareholders Equity $95.55K $95.21K $405.3K
YoY Change -99.6% -76.51%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $5.692M -$14.62M -$1.016M
YoY Change -620.46% 1338.81% 100.14%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$68.58K -$71.18K
YoY Change -3.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 65.78K 109.9K
YoY Change -40.16%
NET CHANGE
Cash From Operating Activities -68.58K -71.18K
Cash From Investing Activities 0.000
Cash From Financing Activities 65.78K 109.9K
Net Change In Cash -2.800K 38.75K
YoY Change -107.23%
FREE CASH FLOW
Cash From Operating Activities -$68.58K -$71.18K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates include the fair value for derivatives, calculations used for stock based compensation, fair value of net assets acquired in a business combination and the estimate of the valuation allowance on deferred taxes. Actual results could differ from those estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. At times, such deposits may be in excess of the Federal Deposit Insurance Corporation insurable amount (“FDIC”).</p>
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company evaluates its convertible notes to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a weighted-average Black-Scholes-Merton option pricing model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. </p>
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
846269 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
8077502 usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 usd
CY2024Q2 us-gaap Convertible Debt
ConvertibleDebt
8923771 usd
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
536399 usd
CY2023 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-231367 usd
CY2023 smc Gain Loss On Derivative Gain Due To Mark To Market Adjustment
GainLossOnDerivativeGainDueToMarkToMarketAdjustment
487543 usd
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
792575 usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-478815 usd
smc Gain Loss On Derivative Gain Due To Mark To Market Adjustment
GainLossOnDerivativeGainDueToMarkToMarketAdjustment
6210985 usd
CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
6524745 usd

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