$SPGC
Sacks Parente Golf, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223032901 Filed on September 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023 Q1
Revenue $95.00K $47.00K $90.00K
YoY Change -99.8% -99.89% -99.86%
Cost Of Revenue $56.00K $32.00K $50.00K
YoY Change -99.79% -99.86% -99.75%
Gross Profit $39.00K $15.00K $40.00K
YoY Change -99.81% -99.93% -99.91%
Gross Profit Margin 41.05% 31.91% 44.44%
Selling, General & Admin $1.195M $647.0K $910.0K
YoY Change -99.77% -99.96% -99.51%
% of Gross Profit 3064.1% 4313.33% 2275.0%
Research & Development $15.00K $18.00K $30.00K
YoY Change -99.95% -99.78% -98.5%
% of Gross Profit 38.46% 120.0% 75.0%
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change -99.67% -100.0%
% of Gross Profit 25.64% 0.0% 25.0%
Operating Expenses $1.210M $665.0K $940.0K
YoY Change -99.78% -99.96% -99.5%
Operating Profit -$1.171M -$650.0K -$900.0K
YoY Change -99.78% -99.96% -99.37%
Interest Expense $26.00K $22.00K -$20.00K
YoY Change -100.16% -100.44% -99.0%
% of Operating Profit
Other Income/Expense, Net -$26.00K -$22.00K
YoY Change 62.5% -96.2%
Pretax Income -$1.200M -$670.0K -$920.0K
YoY Change -99.78% -99.97% -99.36%
Income Tax
% Of Pretax Income
Net Earnings -$1.197M -$672.0K -$920.0K
YoY Change -99.78% -99.97% -99.36%
Net Earnings / Revenue -1260.0% -1429.79% -1022.22%
Basic Earnings Per Share -$0.09 $0.06 -$0.08
Diluted Earnings Per Share -$0.09 $0.06 -$0.06
COMMON SHARES
Basic Shares Outstanding 14.60M shares 10.83M shares 10.80M shares
Diluted Shares Outstanding 12.67M shares 10.83M shares 10.80M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.770M $10.00K $30.00K
YoY Change -88.12% -100.0% -99.99%
Cash & Equivalents $6.768M $9.000K $30.00K
Short-Term Investments
Other Short-Term Assets $770.0K $0.00 $20.00K
YoY Change -99.42% -100.0% -99.98%
Inventory $165.0K $95.00K $100.0K
Prepaid Expenses $766.0K $3.000K
Receivables $18.00K $8.000K $20.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.717M $115.0K $160.0K
YoY Change -97.22% -99.98% -99.96%
LONG-TERM ASSETS
Property, Plant & Equipment $208.0K $115.0K $180.0K
YoY Change -99.86% -99.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $420.0K $370.0K
YoY Change -100.0% -99.82% -99.74%
Total Long-Term Assets $255.0K $588.0K $550.0K
YoY Change -99.93% -99.83% -99.62%
TOTAL ASSETS
Total Short-Term Assets $7.717M $115.0K $160.0K
Total Long-Term Assets $255.0K $588.0K $550.0K
Total Assets $7.972M $703.0K $710.0K
YoY Change -98.8% -99.92% -99.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $380.0K $340.0K $290.0K
YoY Change -99.46% -99.46% -99.06%
Accrued Expenses $30.00K $1.780M $1.490M
YoY Change -100.0% -99.75% -99.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $960.0K $940.0K
YoY Change -100.0% -99.81% -99.7%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $410.0K $3.105M $2.710M
YoY Change -99.97% -99.77% -99.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.00K $20.00K $30.00K
YoY Change -99.9% -99.86%
Total Long-Term Liabilities $10.00K $20.00K $30.00K
YoY Change -99.9% -99.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $410.0K $3.105M $2.710M
Total Long-Term Liabilities $10.00K $20.00K $30.00K
Total Liabilities $419.0K $3.122M $2.740M
YoY Change -99.97% -99.77% -99.68%
SHAREHOLDERS EQUITY
Retained Earnings -$8.478M -$7.281M
YoY Change
Common Stock $146.0K $108.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.553M -$3.019M -$2.511M
YoY Change
Total Liabilities & Shareholders Equity $7.972M $703.0K $710.0K
YoY Change -98.8% -99.92% -99.87%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.197M -$672.0K -$920.0K
YoY Change -99.78% -99.97% -99.36%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change -99.67% -100.0%
Cash From Operating Activities -$3.500M -$120.0K -$190.0K
YoY Change -98.83% -99.92% -99.85%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $0.00
YoY Change -99.75% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K $0.00
YoY Change -99.75% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.35M 100.0K 50.00K
YoY Change -87.82% -99.97% -99.98%
NET CHANGE
Cash From Operating Activities -3.500M -120.0K -190.0K
Cash From Investing Activities -100.0K 0.000
Cash From Financing Activities 10.35M 100.0K 50.00K
Net Change In Cash 6.750M -20.00K -140.0K
YoY Change -102.65% -100.02% -100.16%
FREE CASH FLOW
Cash From Operating Activities -$3.500M -$120.0K -$190.0K
Capital Expenditures $100.0K $0.00
Free Cash Flow -$3.600M -$120.0K -$190.0K
YoY Change -98.94% -99.94%

Facts In Submission

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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-506000 usd
CY2022Q2 SPGC Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
1300000 usd
CY2022Q2 SPGC Stock Issued During Period Value Modification Of Equity Awards
StockIssuedDuringPeriodValueModificationOfEquityAwards
28000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
574000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2290000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-894000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-1437000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-1437000 usd
SPGC Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
1300000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
25000 usd
SPGC Stock Issued During Period Value Modification Of Equity Awards
StockIssuedDuringPeriodValueModificationOfEquityAwards
28000 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1624000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2434000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-894000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-894000 usd
us-gaap Net Income Loss
NetIncomeLoss
-1589000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2434000 usd
us-gaap Depreciation
Depreciation
10000 usd
us-gaap Depreciation
Depreciation
3000 usd
SPGC Gain Loss On Inventory Obsolescence
GainLossOnInventoryObsolescence
-25000 usd
SPGC Gain Loss On Inventory Obsolescence
GainLossOnInventoryObsolescence
18000 usd
SPGC Vesting Of Options
VestingOfOptions
227000 usd
SPGC Vesting Of Options
VestingOfOptions
1300000 usd
SPGC Vesting Of Restricted Stock
VestingOfRestrictedStock
25000 usd
SPGC Modification Of Equity Awards
ModificationOfEquityAwards
28000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-574000 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
225000 usd
SPGC Changes In Right Of Use Asset
ChangesInRightOfUseAsset
15000 usd
SPGC Changes In Right Of Use Asset
ChangesInRightOfUseAsset
4000 usd
SPGC Gain Loss On Accrued Interest
GainLossOnAccruedInterest
-42000 usd
SPGC Gain Loss On Accrued Interest
GainLossOnAccruedInterest
-6000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-22000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-13000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
25000 usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
1000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
67000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
57000 usd
SPGC Increase Decreasein Accrued Payroll
IncreaseDecreaseinAccruedPayroll
653000 usd
SPGC Increase Decreasein Accrued Payroll
IncreaseDecreaseinAccruedPayroll
213000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-17000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-4000 usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7000 usd
SPGC Increase Decrease In Licenseobligation
IncreaseDecreaseInLicenseobligation
2000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-313000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-275000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35000 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
200000 usd
SPGC Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
15000 usd
SPGC Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
14000 usd
SPGC Repayment Of Deferred Offering Costs
RepaymentOfDeferredOfferingCosts
11000 usd
SPGC Repayment Of Deferred Offering Costs
RepaymentOfDeferredOfferingCosts
230000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
180000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
420000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
150000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
154000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
526000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-162000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
216000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
171000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
184000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
400000 usd
us-gaap Stock Issued1
StockIssued1
1050000 usd
SPGC Accrued Deferred Offering Costs
AccruedDeferredOfferingCosts
177000 usd
SPGC New Right Of Use Asset And Lease Liability
NewRightOfUseAssetAndLeaseLiability
43000 usd
SPGC New Right Of Use Asset And Lease Liability
NewRightOfUseAssetAndLeaseLiability
34000 usd
SPGC Property And Equipment Purchased With Debt
PropertyAndEquipmentPurchasedWithDebt
58000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_807_eus-gaap--NatureOfOperations_zRMH3EaYf5I9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 –<span id="xdx_82B_ziZjsV8pMKDk"> OPERATIONS AND LIQUIDITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sacks Parente Golf, Inc. (“we,” the “Company” or “SPG”) was formed in 2018 as Sacks Parente Golf Company, LLC, a Delaware limited liability company. On March 18, 2022 the Company converted into a Delaware corporation named Sacks Parente Golf, Inc. Pursuant to our Plan of Conversion, on March 18, 2022, all of the outstanding ownership interests in Sacks Parente Golf Company, LLC, and rights to receive such interest were converted into and exchanged for shares of capital stock of Sacks Parente Golf, Inc. The Company retroactively reflected the conversion as of the earliest periods presented herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sacks Parente Golf, Inc. is a technology-forward golf company, with a growing portfolio of golf products, including putting instruments, golf shafts, golf grips, and other golf-related products. In consideration of its growth opportunities in shaft technologies, in April of 2022, the Company expanded its manufacturing business to include advanced premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States. The Company anticipates expansion into golf apparel and other golf related product lines to enhance its growth. The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company currently sells its products through resellers, the Company’s websites, and distributors in the United States, Japan, and South Korea.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. We believe that the disclosures contained in these condensed financial statements are adequate to make the information presented herein not misleading. For further information, refer to the financial statements and the notes thereto included elsewhere in this report.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, during the six months ended June 30, 2023, the Company recorded a net loss of $<span id="xdx_905_eus-gaap--NetIncomeLoss_iN_di_c20230101__20230630_zmLtMJ9dlwX9" title="Net Income (Loss)">1,589,000</span>, used cash in operations of $<span id="xdx_901_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20230630_z30dM2Zp25Ai" title="Net Cash Provided by (Used in) Operating Activities">313,000</span>, and has a stockholders’ deficit of $<span id="xdx_90C_eus-gaap--StockholdersEquity_iNI_di_c20230630_zzZFZ39tCO49" title="Stockholders' Deficit">3,019,000</span> as of that date. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date of the financial statements being issued. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to raise additional funds and implement its business plan. As a result, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The Company’s independent registered public accounting firm, in its report on the Company’s consolidated financial statements for the year ended December 31, 2022, has also expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At June 30, 2023, the Company had cash on hand in the amount of $<span id="xdx_902_eus-gaap--Cash_iI_c20230630_zxhGo3f3Qrak" title="Cash">9,000</span>. Subsequent to June 30, 2023, the Company received net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20230101__20230630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zPG3xtE6uxV8" title="Proceeds from Issuance Initial Public Offering">11,594,000</span> from the initial public offering of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20230630__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z7bdM8SuFI6h" title="Common stock, shares, issued">3,200,000</span> shares of its common stock (see Note 12). The continuation of the Company as a going concern is dependent upon its ability to obtain necessary debt or equity financing to continue operations until it begins generating positive cash flow. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case or equity financing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 14, 2023, the Company entered into a underwriting agreement with The Benchmark Company for the purchase of shares of the Company’s common stock, in an offering of securities registered under an effective registration statement filed with the Securities and Exchange Commission. In the offering, the Company sold <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230814__20230814__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zjbM5onq3Sd8">3,200,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock, at a price of $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20230814__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_ziJ8ZRo1yK04">4.00 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share. The offering closed on August 17, 2023, and total proceeds received, net of fees, were $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230817__20230817__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zLnFedcwPOg9">11,594,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">including an underwriting discount of <span id="xdx_90B_ecustom--UnderwritingDiscountPercentage_dp_uPure_c20230817__20230817__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zAjlYLTq8fda" title="Underwriting discount percentage">7</span>% and a non-accountable expenses allowance of <span id="xdx_90C_ecustom--NonAccountableExpensesAllowance_dp_uPure_c20230817__20230817__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember_zoS02tOuwXJf" title="Non accountable expenses allowance percentage">1</span>% based on the aggregate proceeds of the offering.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
us-gaap Net Income Loss
NetIncomeLoss
-1589000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-313000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-3019000 usd
CY2023Q2 us-gaap Cash
Cash
9000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
23000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zEdVOyd4e3s3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86A_zmRZz3jWZ6j6">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Those estimates and assumptions include estimates for reserves of uncollectible accounts receivables, assumptions used in valuing inventories at net realizable value, impairment testing of recorded long-term and tangible and intangible assets, the valuation allowance for deferred tax assets, accruals for potential liabilities, and assumptions made in valuing stock instruments issued for services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
44000 usd
CY2023Q2 SPGC Change In Revenue Percentage
ChangeInRevenuePercentage
0.07 pure
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
137000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109000 usd
SPGC Change In Revenue Percentage
ChangeInRevenuePercentage
0.26 pure
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
44000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
137000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109000 usd
SPGC Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
15000 usd
CY2023Q2 us-gaap Loans Payable Current
LoansPayableCurrent
559000 usd
CY2022Q4 us-gaap Loans Payable Current
LoansPayableCurrent
537000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2852210 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2742210 shares
us-gaap Advertising Expense
AdvertisingExpense
55000 usd
us-gaap Advertising Expense
AdvertisingExpense
139000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
43000 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10000 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
404000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
384000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zqnDs2EpSEB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zFQeY19xl866">Concentrations of Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Balances.</i> The Company’s cash balances on deposit with banks are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_c20230630_zaDa7NGhYAYj" title="Cash deposits">250,000</span>. From time to time, however, the Company may be exposed to risk for the amounts of funds held in bank accounts in excess of the FDIC limit. To minimize the risk, the Company’s policy is to maintain cash balances with high quality financial institutions. All of the non-interest bearing cash balances were fully insured at June 30, 2023 and December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net sales.</i> During the three months ended June 30, 2023, one Company customer classified as a distributor, accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--DistributorsMember_zkL0lGa7JBSi" title="Concentration risk, percentage">19%</span> of net sales, respectively. No other customers exceeded 10% of net sales. During the three months ended June 30, 2022, a Company customer classified as a distributor, accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--DistributorsMember_zJlvV3r6V53g" title="Concentration risk, percentage">35%</span> of net sales, respectively. No other customers exceeded 10% of net sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2023, more than<span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230401__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zqfj9yXE2c2i" title="Concentration risk, percentage"> 90</span>% of the Company’s net sales were in the United States. During the three months ended June 30, 2022, <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--JP_zTfvuMv4SDAj" title="Concentration risk, percentage">35</span>% of the Company’s net sales were in Japan, and<span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220401__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zdLqBMdkhW9h" title="Concentration risk, percentage"> 65</span>% of the Company’s net sales were in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2023, the Company’s two largest customers classified as distributors accounted for <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer1Member_zgOxPoh0f9E1" title="Concentration risk, percentage">31%</span> and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer2Member_zQHJIxDn4f9k" title="Concentration risk, percentage">13%</span> of net sales, respectively. No other customers exceeded 10% of net sales. During the six months ended June 30, 2022, two Company customers classified as distributors, accounted for <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer1Member_zvKDisHEAO13" title="Concentration risk, percentage">32</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer2Member_zt6DomxH2jyd" title="Concentration risk, percentage">14</span>% of net sales. No other customers exceeded 10% of net sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2023, <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--KR_zgQPzmGyFCUi" title="Concentration risk, percentage">31</span>% of the Company’s net sales were in South Korea, and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zr6OeRmTkeea" title="Concentration risk, percentage">69</span>% of the Company’s net sales were in the United States. During the six months ended June 30, 2022, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--JP_zoa7nNMrazrg" title="Concentration risk, percentage">32</span>% of the Company’s net sales were in Japan, <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_z5Hf8TvZ4hze" title="Concentration risk, percentage">66</span>% of the Company’s net sales were in the United States remaining<span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220630__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zVOideCSq9lk" title="Concentration risk, percentage"> 4</span>% in other countries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
16000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
42000 usd
CY2023Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
79000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
100000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
95000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
142000 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
98000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
73000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
22000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
50000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
136000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
133000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
122000 usd
us-gaap Depreciation
Depreciation
10000 usd
us-gaap Depreciation
Depreciation
3000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1748000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1095000 usd
CY2022Q2 SPGC Equipment Purchase Obligation Current
EquipmentPurchaseObligationCurrent
58000 usd
CY2022Q2 SPGC Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
5000 usd
CY2022Q4 SPGC Equipment Purchase Obligation Current
EquipmentPurchaseObligationCurrent
15000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
49000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
32000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
17000 usd
us-gaap Lease Cost
LeaseCost
46000 usd
us-gaap Lease Cost
LeaseCost
29000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1000 pure
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2220835 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
70000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.07
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2290835 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.00
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2059821 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.00
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2290835 shares
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P3Y10M13D
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1.00
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
2059821 shares
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.00
CY2023Q1 us-gaap Share Price
SharePrice
4.50
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
1.11 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0461 pure
SPGC Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
227000 usd
SPGC Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
1300000 usd
CY2023Q2 SPGC Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumberValue
237000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
8000000.0 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
7000000.0 usd
CY2023Q2 us-gaap Share Price
SharePrice
4.50
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9000 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
8000 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
98000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
95000 usd
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3000 usd
CY2023Q2 us-gaap Assets Current
AssetsCurrent
115000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
115000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
50000 usd
CY2023Q2 us-gaap Deferred Costs
DeferredCosts
418000 usd
CY2023Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
5000 usd
CY2023Q2 us-gaap Assets
Assets
703000 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
341000 usd
CY2023Q2 SPGC Accrued Payroll Current
AccruedPayrollCurrent
1748000 usd
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
32000 usd
CY2023Q2 SPGC Loans Payable Related Party Past Due
LoansPayableRelatedPartyPastDue
244000 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
404000 usd
CY2023Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
21000 usd
CY2023Q2 us-gaap Liabilities Current
LiabilitiesCurrent
3105000 usd
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
17000 usd
CY2023Q2 us-gaap Liabilities
Liabilities
3122000 usd
CY2023Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
561375 shares
CY2023Q2 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
1.07
CY2023Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
600000 usd
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10834495 shares
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10834495 shares
CY2023Q2 SPGC Temporary Equity Redemption Of Shares
TemporaryEquityRedemptionOfShares
561375 shares
CY2023Q2 us-gaap Common Stock Value
CommonStockValue
108000 usd
CY2023Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
4154000 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7281000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-3019000 usd
CY2023Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
703000 usd

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