2023 Q1 Form 10-K Financial Statement

#000162828023008353 Filed on March 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $233.0K $297.0K $1.019M
YoY Change 19.49% 75.74% 69.83%
Cost Of Revenue $141.0K $181.0K $555.0K
YoY Change 34.29% 123.46% 55.9%
Gross Profit $92.00K $116.0K $464.0K
YoY Change 2.22% 31.82% 90.16%
Gross Profit Margin 39.48% 39.06% 45.53%
Selling, General & Admin $1.750M $1.806M $8.279M
YoY Change -8.23% -11.95% 14.6%
% of Gross Profit 1902.17% 1556.9% 1784.27%
Research & Development $359.0K $435.0K $1.859M
YoY Change -23.62% -17.92% -4.86%
% of Gross Profit 390.22% 375.0% 400.65%
Depreciation & Amortization $36.00K $35.00K $183.0K
YoY Change -45.45% -52.7% -39.6%
% of Gross Profit 39.13% 30.17% 39.44%
Operating Expenses $2.137M $2.266M $10.14M
YoY Change -11.8% -12.2% 10.46%
Operating Profit -$2.045M -$2.150M -$9.674M
YoY Change -12.34% -13.76% 8.28%
Interest Expense $8.000K $2.000K $5.000K
YoY Change 700.0% -200.0% -171.43%
% of Operating Profit
Other Income/Expense, Net $8.000K $0.00 -$21.00K
YoY Change -100.0%
Pretax Income -$2.037M -$2.148M -$9.695M
YoY Change -12.65% -13.87% 17.26%
Income Tax
% Of Pretax Income
Net Earnings -$2.037M -$2.148M -$9.695M
YoY Change -12.65% -13.87% 17.26%
Net Earnings / Revenue -874.25% -723.23% -951.42%
Basic Earnings Per Share -$11.91 -$15.50
Diluted Earnings Per Share -$1.32 -$3.21 -$15.50
COMMON SHARES
Basic Shares Outstanding 2.053M shares 12.21M shares 625.4K shares
Diluted Shares Outstanding 171.0K shares 625.4K shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.748M $4.775M $4.775M
YoY Change -61.91% -48.8% -48.8%
Cash & Equivalents $2.748M $4.800M
Short-Term Investments
Other Short-Term Assets $450.0K $378.0K $378.0K
YoY Change 60.14% 50.0% 50.0%
Inventory $815.0K $853.0K $853.0K
Prepaid Expenses $378.0K
Receivables $46.00K $113.0K $113.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.059M $6.119M $6.119M
YoY Change -52.24% -42.58% -42.58%
LONG-TERM ASSETS
Property, Plant & Equipment $564.0K $294.0K $641.0K
YoY Change -29.94% -11.98% -24.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $22.00K $22.00K $22.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $586.0K $663.0K $663.0K
YoY Change -27.2% -21.54% -21.54%
TOTAL ASSETS
Total Short-Term Assets $4.059M $6.119M $6.119M
Total Long-Term Assets $586.0K $663.0K $663.0K
Total Assets $4.645M $6.782M $6.782M
YoY Change -50.08% -41.03% -41.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $215.0K $540.0K $540.0K
YoY Change -11.89% 62.16% 62.16%
Accrued Expenses $768.0K $560.0K $740.0K
YoY Change 21.14% -3.11% 28.03%
Deferred Revenue $44.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.016M $1.324M $1.324M
YoY Change 13.65% 40.4% 40.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $132.0K $179.0K $179.0K
YoY Change -72.67% -65.77% -65.77%
Total Long-Term Liabilities $132.0K $179.0K $179.0K
YoY Change -72.67% -65.77% -65.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.016M $1.324M $1.324M
Total Long-Term Liabilities $132.0K $179.0K $179.0K
Total Liabilities $1.148M $1.503M $1.503M
YoY Change -16.63% 2.52% 2.52%
SHAREHOLDERS EQUITY
Retained Earnings -$122.2M
YoY Change 8.61%
Common Stock $1.000K
YoY Change -91.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.497M $5.279M $5.279M
YoY Change
Total Liabilities & Shareholders Equity $4.645M $6.782M $6.782M
YoY Change -50.08% -41.03% -41.03%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.037M -$2.148M -$9.695M
YoY Change -12.65% -13.87% 17.26%
Depreciation, Depletion And Amortization $36.00K $35.00K $183.0K
YoY Change -45.45% -52.7% -39.6%
Cash From Operating Activities -$2.015M -$2.210M -$8.577M
YoY Change -0.69% 26.58% 10.26%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $39.00K $174.0K
YoY Change -101.52% -343.75% -274.0%
Acquisitions
YoY Change
Other Investing Activities $4.000K $4.000K
YoY Change 300.0%
Cash From Investing Activities -$1.000K -$35.00K -$170.0K
YoY Change -98.48% 118.75% 71.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.228M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.00K 4.228M $4.196M
YoY Change -31.25% 84460.0% -69.06%
NET CHANGE
Cash From Operating Activities -2.015M -2.210M -$8.577M
Cash From Investing Activities -1.000K -35.00K -$170.0K
Cash From Financing Activities -11.00K 4.228M $4.196M
Net Change In Cash -2.027M 1.983M -$4.551M
YoY Change -3.98% -212.86% -180.08%
FREE CASH FLOW
Cash From Operating Activities -$2.015M -$2.210M -$8.577M
Capital Expenditures $1.000K $39.00K $174.0K
Free Cash Flow -$2.016M -$2.249M -$8.751M
YoY Change 2.7% 30.0% 13.96%

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<div style="margin-top:10pt;text-indent:36pt"><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:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our financial statements and related disclosures in accordance with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different conditions.</span></div>
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