2022 Q3 Form 10-Q Financial Statement

#000173112222001472 Filed on August 22, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $142.00 $410.00
YoY Change 13.6%
Cost Of Revenue $4.214K $110.00
YoY Change 18221.74%
Gross Profit -$4.072K $300.00
YoY Change -4092.16%
Gross Profit Margin -2867.61% 73.17%
Selling, General & Admin $42.26K $249.6K $189.0K
YoY Change -72.04% 4337.59% 103.83%
% of Gross Profit 62990.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$1.670K $3.600K $1.260K
YoY Change -232.54% 188.0% 0.0%
% of Gross Profit 420.0%
Operating Expenses $85.33K $290.4K $189.0K
YoY Change -43.64% 106.06% 103.59%
Operating Profit -$85.33K -$294.5K -$188.7K
YoY Change -43.64% 109.1% 103.26%
Interest Expense $43.07K $40.87K -$29.16K
YoY Change -319.95% -5.54%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$85.33K -$294.5K -$217.8K
YoY Change -51.22% 105.26% 153.08%
Income Tax
% Of Pretax Income
Net Earnings -$85.33K -$294.5K -$217.8K
YoY Change -51.22% 105.26% 153.09%
Net Earnings / Revenue -207401.41% -53129.51%
Basic Earnings Per Share $0.00 -$0.01 $0.00
Diluted Earnings Per Share -$1.636K -$5.672K -$4.195K
COMMON SHARES
Basic Shares Outstanding 51.92M shares 51.92M shares 51.92M shares
Diluted Shares Outstanding 52.15M shares 51.92M shares 51.92M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.310K $220.00 $10.43K
YoY Change -96.01% -97.55% -15.34%
Cash & Equivalents $1.307K $223.00 $10.43K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $238.0K $244.5K $244.5K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $239.3K $244.7K $254.9K
YoY Change -17.94% -8.61% -5.98%
LONG-TERM ASSETS
Property, Plant & Equipment $28.59K $29.56K $30.53K
YoY Change -13.47% -13.8% -14.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $28.59K $29.56K $30.52K
YoY Change -13.47% -13.8% -14.15%
TOTAL ASSETS
Total Short-Term Assets $239.3K $244.7K $254.9K
Total Long-Term Assets $28.59K $29.56K $30.52K
Total Assets $267.9K $274.2K $285.4K
YoY Change -17.48% -9.2% -6.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $473.6K $390.9K $183.2K
YoY Change 74.61% 82.46% -50.37%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.300M $1.330M
YoY Change 26.78% 50.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.774M $1.721M $1.438M
YoY Change 36.79% 56.56% 49.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.774M $1.721M $1.438M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.774M $1.721M $1.438M
YoY Change 36.79% 56.56% 49.53%
SHAREHOLDERS EQUITY
Retained Earnings -$2.919M -$2.833M
YoY Change
Common Stock $52.42K $51.92K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.506M -$1.447M -$1.152M
YoY Change
Total Liabilities & Shareholders Equity $267.9K $274.2K $285.4K
YoY Change -17.48% -9.2% -6.93%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$85.33K -$294.5K -$217.8K
YoY Change -51.22% 105.26% 153.09%
Depreciation, Depletion And Amortization -$1.670K $3.600K $1.260K
YoY Change -232.54% 188.0% 0.0%
Cash From Operating Activities -$14.06K -$83.26K -$190.5K
YoY Change -87.23% -71.97% 189.82%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.14K 73.05K 104.7K
YoY Change -88.7% -75.13% 947.3%
NET CHANGE
Cash From Operating Activities -14.06K -83.26K -190.5K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 15.14K 73.05K 104.7K
Net Change In Cash 1.080K -10.21K $0.00
YoY Change -95.48% 204.78%
FREE CASH FLOW
Cash From Operating Activities -$14.06K -$83.26K -$190.5K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$14.06K -$83.26K -$190.5K
YoY Change -87.23% 189.82%

Facts In Submission

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<p id="xdx_801_eus-gaap--BasisOfAccounting_znvO0j5W33s2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 – <span id="xdx_82B_zRqBNtreSEe9">BASIS OF PRESENTATION AND GOING CONCERN</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Basis of Presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These interim consolidated financial statements of the Company and its subsidiaries are unaudited. In the opinion of management, all adjustments (consisting of normal recurring accruals) and disclosures necessary for a fair presentation of these interim condensed consolidated financial statements have been included. The results reported in the unaudited condensed consolidated financial statements for any interim periods are not necessarily indicative of the results that may be reported for the entire year. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all information and footnotes necessary for a complete presentation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2021 filed with the Securities and Exchange Commission on April 29, 2022.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Going concern</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently has limited operations. These unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As reflected in the accompanying unaudited consolidated financial statements, the Company had an accumulated deficit of $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pp0p0_di_c20220630_zhLGhx91vAWj" title="Accumulated deficit">2,833,250</span> at June 30, 2022 and had a net loss and net cash flow used in operating activities of $<span id="xdx_905_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20220630_zPzBVv01XR46" title="Net loss">512,342</span> and $<span id="xdx_903_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20220101__20220630_zsdP6BRxFxb9" title="Net cash flow used in operating activities">273,759</span>, respectively for the six months ended June 30, 2021, respectively. The Company has a limited operating history, and its continued growth is dependent upon the continuation of selling its products; hence generating revenues and obtaining additional financing to fund future obligations and pay liabilities arising from normal business operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital, implement its business plan, and generate significant revenues. There are no assurances that the Company will be successful in its efforts to generate significant revenues, maintain sufficient cash balance or report profitable operations or to continue as a going concern. The Company plans on raising capital through the sale of equity or debt instruments to implement its business plan. However, there is no assurance these plans will be realized and that any additional financings will be available to the Company on satisfactory terms and conditions, if any.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2833250 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
512342 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-273759 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_z6qQQWJvXn17" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_869_zJAdwud5d54f">Uses of estimates in the preparation of financial statements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles accepted in the United States of America (“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 net revenue and expenses during each reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q2 us-gaap Inventory Net
InventoryNet
244467 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
7 for 1
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares

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