2023 Q4 Form 10-Q Financial Statement

#000121390023086883 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.673M $2.269M
YoY Change -36.67% 10.67%
Cost Of Revenue $1.029M $1.707M
YoY Change -47.71% -2.06%
Gross Profit $644.0K $562.6K
YoY Change -4.44% 82.69%
Gross Profit Margin 38.5% 24.79%
Selling, General & Admin $5.582M $4.692M
YoY Change -28.22% -53.72%
% of Gross Profit 866.73% 834.11%
Research & Development $13.87K $12.65K
YoY Change -15.27% -35.98%
% of Gross Profit 2.15% 2.25%
Depreciation & Amortization $168.3K $48.56K
YoY Change -80.4% 39.85%
% of Gross Profit 26.13% 8.63%
Operating Expenses $5.596M $4.705M
YoY Change -28.19% -54.8%
Operating Profit -$4.952M -$4.143M
YoY Change -30.44% -58.99%
Interest Expense $35.23K $278.00
YoY Change 20.36% -97.53%
% of Operating Profit
Other Income/Expense, Net $111.2K $225.2K
YoY Change 99.89% 498.23%
Pretax Income -$5.459M -$3.917M
YoY Change -44.15% -61.07%
Income Tax $22.90K $746.00
% Of Pretax Income
Net Earnings -$5.662M -$3.862M
YoY Change -42.07% -61.62%
Net Earnings / Revenue -338.48% -170.2%
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$0.18 -$0.14
COMMON SHARES
Basic Shares Outstanding 32.86M shares 28.46M shares
Diluted Shares Outstanding 28.48M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.401M $8.220M
YoY Change -76.75% -64.24%
Cash & Equivalents $3.629M $8.220M
Short-Term Investments $772.4K
Other Short-Term Assets $1.084M $1.667M
YoY Change -61.06% -59.8%
Inventory $431.5K $838.8K
Prepaid Expenses $838.7K
Receivables $1.586M $1.297M
Other Receivables $596.6K $0.00
Total Short-Term Assets $8.099M $12.05M
YoY Change -64.78% -56.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.095M $725.7K
YoY Change 196.67% 12.03%
Goodwill $88.20K $223.2K
YoY Change -96.93%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.265M $8.686M
YoY Change -14.81% -31.84%
TOTAL ASSETS
Total Short-Term Assets $8.099M $12.05M
Total Long-Term Assets $8.265M $8.686M
Total Assets $16.36M $20.74M
YoY Change -49.96% -49.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.531M $1.820M
YoY Change 326.6% 51.0%
Accrued Expenses $700.4K $6.179M
YoY Change -91.54% -35.44%
Deferred Revenue $1.266M $1.209M
YoY Change -9.92% -10.36%
Short-Term Debt $21.31K $22.38K
YoY Change -24.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.49M $9.867M
YoY Change -9.71% -22.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $848.0K $921.6K
YoY Change -20.98% 164.14%
Total Long-Term Liabilities $848.0K $921.6K
YoY Change -93.32% -92.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.49M $9.867M
Total Long-Term Liabilities $848.0K $921.6K
Total Liabilities $11.06M $10.79M
YoY Change -54.5% -58.18%
SHAREHOLDERS EQUITY
Retained Earnings -$99.27M -$93.61M
YoY Change 22.35% 31.17%
Common Stock $3.326K $3.109K
YoY Change 22.82% 20.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $785.5K $640.5K
YoY Change
Treasury Stock Shares
Shareholders Equity $5.306M $10.37M
YoY Change
Total Liabilities & Shareholders Equity $16.36M $20.74M
YoY Change -49.96% -49.07%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.662M -$3.862M
YoY Change -42.07% -61.62%
Depreciation, Depletion And Amortization $168.3K $48.56K
YoY Change -80.4% 39.85%
Cash From Operating Activities -$4.090M -$2.928M
YoY Change 14.48% -46.1%
INVESTING ACTIVITIES
Capital Expenditures $33.96K $89.03K
YoY Change -70.9% -118.92%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $2.740K
YoY Change -99.72%
Cash From Investing Activities -$43.96K -$76.29K
YoY Change -62.34% -114.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -135.0K -10.53K
YoY Change -93.75%
NET CHANGE
Cash From Operating Activities -4.090M -2.928M
Cash From Investing Activities -43.96K -76.29K
Cash From Financing Activities -135.0K -10.53K
Net Change In Cash -4.269M -3.015M
YoY Change 15.71% -40.64%
FREE CASH FLOW
Cash From Operating Activities -$4.090M -$2.928M
Capital Expenditures $33.96K $89.03K
Free Cash Flow -$4.124M -$3.017M
YoY Change 11.78% -39.2%

Facts In Submission

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-size: 10pt">Use of estimates and assumptions</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. If actual results significantly differ from the Company’s estimates, the Company’s financial condition and results of operations could be materially impacted. Significant estimates in the period include the allowance for doubtful accounts on accounts receivable, the incremental borrowing rate used to calculate right of use assets and lease liabilities, valuation and useful lives of intangible assets, impairment of long-lived assets, valuation of common stock and stock warrants, stock option valuations, imputed interest on amounts due to related parties, inventory valuation, revenue recognition, the allocation of purchase consideration in business combinations, and deferred tax assets and the related valuation allowance.</p>
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Depreciations
48559 usd
CY2023Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-111589 usd
CY2023Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
4295398 usd
CY2023Q3 us-gaap Operating Expenses
OperatingExpenses
4705069 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4142505 usd
CY2023Q3 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable
816 usd
CY2023Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
34613 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
278 usd
CY2023Q3 sopa Waiver Of Loan Payable
WaiverOfLoanPayable
188738 usd
CY2023Q3 sopa Writtenoff Of Fixed Assets
WrittenoffOfFixedAssets
5093 usd
CY2023Q3 us-gaap Other Income
OtherIncome
6409 usd
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
225205 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3917300 usd
us-gaap Revenues
Revenues
2994416 usd
us-gaap Cost Of Revenue
CostOfRevenue
2701412 usd
us-gaap Gross Profit
GrossProfit
293004 usd
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
662058 usd
us-gaap Development Costs
DevelopmentCosts
56627 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
779000 usd
sopa Depreciations
Depreciations
49338 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
-2400000 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
20662193 usd
us-gaap Operating Expenses
OperatingExpenses
24609216 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-24316212 usd
us-gaap Interest And Other Income
InterestAndOtherIncome
47889 usd
us-gaap Interest Expense
InterestExpense
15706 usd
us-gaap Other Income
OtherIncome
45398 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
77581 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-24238631 usd
CY2022Q3 us-gaap Revenues
Revenues
2050264 usd
CY2022Q3 us-gaap Cost Of Revenue
CostOfRevenue
1742329 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
307935 usd
CY2022Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
212666 usd
CY2022Q3 us-gaap Development Costs
DevelopmentCosts
19759 usd
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
250417 usd
CY2022Q3 sopa Depreciations
Depreciations
34721 usd
CY2022Q3 us-gaap Adjustment For Amortization
AdjustmentForAmortization
-800000 usd
CY2022Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
9090748 usd
CY2022Q3 us-gaap Operating Expenses
OperatingExpenses
10408311 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-10100376 usd
CY2022Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
41817 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
11277 usd
CY2022Q3 us-gaap Other Income
OtherIncome
7105 usd
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
37645 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10062731 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6287769 usd
CY2023Q3 sopa Identifiable Assets
IdentifiableAssets
14449506 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7458089 usd
CY2022Q4 sopa Identifiable Assets
IdentifiableAssets
25240653 usd
sopa Schedule Of Geographic Segments
ScheduleOfGeographicSegments
The below sales are based on the countries in which the customer is located. Summarized financial information concerning our geographic segments is shown in the following tables:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Indonesia</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,017,377</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">119,653</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Vietnam</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,121,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,491,554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Philippines</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">144,899</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,878</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">619,463</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,091</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,947,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,105,456</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Thailand</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">645,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Malaysia</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,759</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">812</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,498,878</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,994,416</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Indonesia</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">484,400</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">98,957</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Vietnam</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">497,910</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">594,893</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Philippines</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,740</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,724</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Singapore</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168,109</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,450</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United States</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">920,495</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,105,456</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Thailand</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">139,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Malaysia</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">16</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">812</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,269,066</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,050,264</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>
us-gaap Revenues
Revenues
6498878 usd
us-gaap Revenues
Revenues
2994416 usd
CY2023Q3 us-gaap Revenues
Revenues
2269066 usd
CY2022Q3 us-gaap Revenues
Revenues
2050264 usd
sopa Schedule Of Prepayments And Other Receivables
ScheduleOfPrepaymentsAndOtherReceivables
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>September 30, <br/> 2023</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p></td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31, </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>(Unaudited)</b></td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Deposits</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">646,961</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">921,429</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Prepayments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">127,589</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">573,513</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepayments for consultancy fee (a)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-590">—</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">858,665</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td>Value added tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">107,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,053</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,987</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,763</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">544,758</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">204,619</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,445,593</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,711,042</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-size: 10pt">On December 6, 2021, the Company entered into two consulting agreements with China-America Culture Media Inc. and New Continental Technology Inc., acting as consultant to assist the Company in completing certain Business Opportunities with potential partners until February 28, 2023. The considerations of the services are $3,250,000 and $3,190,000. The Company’s due to China-America Culture Media Inc. balance was $0 and $433,332 as of September 30, 2023 and December 31, 2022, respectively. The Company’s due to New Continental Technology Inc., balance was $0 and $425,333 as of September 30, 2023 and December 31, 2022, respectively. For the nine months ended September 30, 2023 and 2022, the Company recognized the amortization of prepaid consulting expense of $858,665 and $3,864,001, respectively, using the straight-line method, over a term of 15 months. For the three months ended September 30, 2023 and 2022, the Company recognized the amortization of prepaid consulting expense of $0 and $1,288,001 respectively</span></td> </tr></table>
CY2023Q3 us-gaap Deposit Assets
DepositAssets
646961 usd
CY2022Q4 us-gaap Deposit Assets
DepositAssets
921429 usd
CY2023Q3 sopa Prepayments
Prepayments
127589 usd
CY2022Q4 sopa Prepayments
Prepayments
573513 usd
CY2022Q4 sopa Prepayments For Consultancy Fee
PrepaymentsForConsultancyFee
858665 usd
CY2023Q3 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
107298 usd
CY2022Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
140053 usd
CY2023Q3 us-gaap Interest Receivable
InterestReceivable
18987 usd
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
12763 usd
CY2023Q3 us-gaap Other Receivables
OtherReceivables
544758 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
204619 usd
CY2023Q3 sopa Deposits Prepayments Other Receivables
DepositsPrepaymentsOtherReceivables
1445593 usd
CY2022Q4 sopa Deposits Prepayments Other Receivables
DepositsPrepaymentsOtherReceivables
2711042 usd
CY2023Q3 sopa Consideration Service Amount
ConsiderationServiceAmount
3250000 usd
CY2022Q4 sopa Consideration Service Amount
ConsiderationServiceAmount
3190000 usd
sopa Consulting Expense
ConsultingExpense
858665 usd
CY2022 sopa Consulting Expense
ConsultingExpense
3864001 usd
CY2023Q3 sopa Consulting Expense
ConsultingExpense
0 usd
CY2022Q3 sopa Consulting Expense
ConsultingExpense
1288001 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
838843 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
310932 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
838843 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
310932 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
436796 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1467358 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
838843 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
310932 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
14901483 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15156894 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-8613714 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-7698805 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6287769 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7458089 usd
CY2023Q3 us-gaap Preferred Stock Share Subscriptions
PreferredStockShareSubscriptions
8000 shares
us-gaap Stock Issued1
StockIssued1
8000000 usd
CY2023Q3 sopa Stated Value
StatedValue
1000
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
111589 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
919110 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1173308 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
988053 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
447564 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
282015 usd
CY2023Q3 sopa Property Plant And Equipments Net
PropertyPlantAndEquipmentsNet
725744 usd
CY2022Q4 sopa Property Plant And Equipments Net
PropertyPlantAndEquipmentsNet
706038 usd
CY2023Q3 us-gaap Depreciation
Depreciation
48559 usd
CY2022Q3 us-gaap Depreciation
Depreciation
34721 usd
us-gaap Depreciation
Depreciation
184090 usd
us-gaap Depreciation
Depreciation
49338 usd
CY2023Q3 sopa Other Accrual
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us-gaap Stockholders Equity Reverse Stock Split
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sopa Ipo Closings Description
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the closing of the IPO, all outstanding shares of preferred stock series A, B, B-1, C and C-1 were automatically converted into 888,889 shares, 764,400 shares, 48,000 shares, 465,600 shares and 4,195,200 shares of the Company’s common stock for the value of $8,000,000, $3,412,503, $466,720, $8,353,373 and $5,536,832, respectively
sopa Warrant Description
WarrantDescription
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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325980 shares
sopa Directors Stock Awards Description
DirectorsStockAwardsDescription
The Company issued 814,950 shares of its common stock on September 1, 2021 (“start date”) of which 651,960 shares shall be subject to vesting. The shares shall vest in accordance with the following vesting schedule: 162,990 vesting shares will vest every six-months for a two-year period from the start date, with the first vesting date being March 1, 2022. For the three months ended September 30, 2023 and 2022, the Company recognized the amortization of stock compensation expense of $149,625 and $634,239, respectively. For the nine months ended September 30, 2023 and 2022, the Company recognized the amortization of stock compensation expense of $645,750 and $2,437,092, respectively. The remaining unamortized vesting expenses in 0.17 years which estimated with a cost of $346,500.
CY2023Q3 us-gaap Preferred Stock Convertible Conversion Price
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4.46
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4000 shares
sopa Aggregate Common Stock Repurchased Shares
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us-gaap Stock Issued During Period Shares Other
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sopa Waiver Of Loan Payable
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us-gaap Operating Lease Impairment Loss
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sopa Financing Charges First Insurance Funding
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sopa Employee Claims
EmployeeClaims
566000 usd
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750000 usd
sopa Claim Interest
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749190 usd
sopa Compensation Claim
CompensationClaim
566000 usd
sopa Compensation Seeks
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sopa Agreement Purchase Percentage
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us-gaap Venture Capital Gains Losses Net
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CY2023Q3 us-gaap Gain Loss On Contract Termination
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CY2022Q3 us-gaap Gain Loss On Contract Termination
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us-gaap Gain Loss On Contract Termination
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CY2022Q3 sopa Waiver Of Loans Payable
WaiverOfLoansPayable
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sopa Waiver Of Loans Payable
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CY2022Q3 sopa Writtenoff Of Fixed Asset
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sopa Writtenoff Of Fixed Asset
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us-gaap Provision For Doubtful Accounts
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us-gaap Gain Loss On Termination Of Lease
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sopa Writtenoff Of Fixed Assets
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Issuance Of Warrants
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Repayments Of Construction Loans Payable
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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sopa Shares Issued To Acquire Business Operation
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sopa Shares Issued For Accrued Services
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sopa Lease Obligation And Rou Asset
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sopa Common Stock Issued For Accrued Salaries
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sopa Common Stock Issued For Accrued Salaries
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 sopa Exchange Difference
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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sopa Aggregate Common Stock Repurchased Shares
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CY2023Q3 sopa Rou Net Liability
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dei Amendment Flag
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dei Current Fiscal Year End Date
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