2023 Q1 Form 10-K Financial Statement

#000114036123015331 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $3.775M $5.500M $3.195M
YoY Change 18.15% 29.11% 50.99%
Cost Of Revenue $1.262M $1.741M $889.0K
YoY Change 41.96% 31.1% -15.73%
Gross Profit $2.513M $3.759M $2.306M
YoY Change 8.98% 28.21% 117.34%
Gross Profit Margin 66.57% 68.35% 72.18%
Selling, General & Admin $4.171M $6.511M $3.856M
YoY Change 8.17% 50.13% -21.45%
% of Gross Profit 165.98% 173.21% 167.22%
Research & Development $131.0K $73.00K $166.0K
YoY Change -21.08% -58.99% -53.11%
% of Gross Profit 5.21% 1.94% 7.2%
Depreciation & Amortization $259.0K $191.0K $191.0K
YoY Change 35.6% -28.2% 103.19%
% of Gross Profit 10.31% 5.08% 8.28%
Operating Expenses $4.491M $6.775M $3.644M
YoY Change 23.24% 27.85% -33.2%
Operating Profit -$1.978M -$3.016M -$1.338M
YoY Change 47.83% 27.42% -69.55%
Interest Expense -$11.08M -$4.329M $349.0K
YoY Change -3273.35% -36.64% -166.22%
% of Operating Profit
Other Income/Expense, Net -$11.10M -$3.085M
YoY Change 259.87% 485.39%
Pretax Income -$13.08M -$8.156M -$4.423M
YoY Change 195.73% -13.74% -10.12%
Income Tax $0.00 $2.000K $0.00
% Of Pretax Income
Net Earnings -$13.08M -$8.158M -$4.423M
YoY Change 195.73% -13.72% -10.41%
Net Earnings / Revenue -346.49% -148.33% -138.44%
Basic Earnings Per Share -$0.02 -$0.01
Diluted Earnings Per Share -$0.02 -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 558.6M 548.7M 525.4M
Diluted Shares Outstanding 575.0M 525.4M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.0K $1.153M $313.0K
YoY Change -66.13% 86.27% 226.04%
Cash & Equivalents $106.0K $1.153M $313.0K
Short-Term Investments
Other Short-Term Assets $371.0K $570.0K $365.0K
YoY Change 1.64% 74.85% -9.88%
Inventory $1.071M $868.0K $1.001M
Prepaid Expenses
Receivables $2.969M $4.029M $1.730M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.517M $6.620M $3.409M
YoY Change 32.5% 50.45% -33.97%
LONG-TERM ASSETS
Property, Plant & Equipment $758.0K $750.0K $574.0K
YoY Change 32.06% -32.92% 8.1%
Goodwill $7.260M $7.260M $7.260M
YoY Change 0.0% 0.0% 0.0%
Intangibles $4.962M $5.137M
YoY Change
Long-Term Investments
YoY Change
Other Assets $106.0K $106.0K
YoY Change 0.0% -60.89%
Total Long-Term Assets $12.98M $13.25M $13.61M
YoY Change -4.59% -6.79% -10.0%
TOTAL ASSETS
Total Short-Term Assets $4.517M $6.620M $3.409M
Total Long-Term Assets $12.98M $13.25M $13.61M
Total Assets $17.50M $19.87M $17.01M
YoY Change 2.84% 6.74% -16.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.264M $4.400M $6.696M
YoY Change -21.39% -42.44% 16.9%
Accrued Expenses $8.550M $8.512M $4.916M
YoY Change 73.92% 93.72% 97.27%
Deferred Revenue $62.00K $60.00K $58.00K
YoY Change 6.9% 25.0% 81.25%
Short-Term Debt $15.00M $14.42M $11.89M
YoY Change 26.08% 9.09%
Long-Term Debt Due $24.57M $24.12M $24.66M
YoY Change -0.39% -4.98% 293.99%
Total Short-Term Liabilities $70.65M $60.19M $53.23M
YoY Change 32.73% 6.97% 50.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $807.0K
YoY Change -100.0% -100.0% -33.53%
Other Long-Term Liabilities $609.0K $668.0K $337.0K
YoY Change 80.71% 98.22% 14.63%
Total Long-Term Liabilities $637.0K $696.0K $807.0K
YoY Change -21.07% -47.03% -47.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.65M $60.19M $53.23M
Total Long-Term Liabilities $637.0K $696.0K $807.0K
Total Liabilities $71.29M $60.88M $54.40M
YoY Change 31.04% 5.74% 47.39%
SHAREHOLDERS EQUITY
Retained Earnings -$207.3M -$194.2M -$189.1M
YoY Change 9.67% 5.6% 16.97%
Common Stock $556.0K $549.0K $517.0K
YoY Change 7.54% 13.9% 7.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$53.79M -$41.01M -$37.40M
YoY Change
Total Liabilities & Shareholders Equity $17.50M $19.87M $17.01M
YoY Change 2.84% 6.74% -16.1%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income -$13.08M -$8.158M -$4.423M
YoY Change 195.73% -13.72% -10.41%
Depreciation, Depletion And Amortization $259.0K $191.0K $191.0K
YoY Change 35.6% -28.2% 103.19%
Cash From Operating Activities -$371.0K -$3.993M -$3.132M
YoY Change -88.15% -4216.49% -6.34%
INVESTING ACTIVITIES
Capital Expenditures $18.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$690.0K $360.0K
YoY Change -100.0%
Cash From Investing Activities -$18.00K -$690.0K $360.0K
YoY Change -105.0% 684.09% -456.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -654.0K 4.720M 2.470M
YoY Change -126.48% 1943.29% 122.12%
NET CHANGE
Cash From Operating Activities -371.0K -3.993M -3.132M
Cash From Investing Activities -18.00K -690.0K 360.0K
Cash From Financing Activities -654.0K 4.720M 2.470M
Net Change In Cash -1.047M 37.00K -302.0K
YoY Change 246.69% -84.58% -87.1%
FREE CASH FLOW
Cash From Operating Activities -$371.0K -$3.993M -$3.132M
Capital Expenditures $18.00K $0.00
Free Cash Flow -$389.0K -$3.132M
YoY Change -87.58% -9.09%

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CY2022 snwv Class Of Warrant Or Right Weighted Average Exercise Price Of Forfeited Or Expired
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2021 snwv Effective Income Tax Rate Reconciliation Nondeductible Expense Warrants Amount
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 snwv Income Tax Reconciliation Registration Penalties
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CY2021 us-gaap Income Tax Expense Benefit
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1487000
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CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Five
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CY2022Q1 us-gaap Assets
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CY2022Q1 us-gaap Liabilities
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CY2022Q1 snwv Loss On Issuance Of Debt
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CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2022Q1 snwv Payments For Factoring
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CY2022Q1 us-gaap Proceeds From Warrant Exercises
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 snwv Reclassification Of Warrant Liability Due To Cashless Warrant Exercise
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CY2022Q1 snwv Warrants Issued In Conjunction With Senior Secured Promissory Note Payable
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CY2022Q1 snwv Common Shares Issued In Conjunction With Senior Secured Promissory Note Payable
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Interest Paid Net
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CY2022Q2 us-gaap Inventory Net
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CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q2 us-gaap Assets Current
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CY2022Q2 us-gaap Property Plant And Equipment Net
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CY2022Q2 us-gaap Goodwill
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CY2022Q2 us-gaap Assets
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CY2022Q2 us-gaap Senior Notes Current
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CY2022Q2 snwv Advances On Future Cash Receipts
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CY2022Q2 snwv Due Under Factoring Agreement Current
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CY2022Q2 us-gaap Notes Payable To Bank Current
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