2023 Q4 Form 10-Q Financial Statement
#000149315223040376 Filed on November 13, 2023
Income Statement
Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
---|---|---|---|
Revenue | $117.0K | $95.00K | $48.00M |
YoY Change | 290.0% | -99.8% | 119900.0% |
Cost Of Revenue | $93.00K | $56.00K | $27.00M |
YoY Change | 132.5% | -99.79% | 53900.0% |
Gross Profit | $24.00K | $39.00K | $21.00M |
YoY Change | -340.0% | -99.81% | -210100.0% |
Gross Profit Margin | 20.51% | 41.05% | 43.75% |
Selling, General & Admin | $1.722M | $1.195M | $517.0M |
YoY Change | 291.36% | -99.77% | 1292400.0% |
% of Gross Profit | 7175.0% | 3064.1% | 2461.9% |
Research & Development | $200.0K | $15.00K | $33.00M |
YoY Change | 566.67% | -99.95% | 109900.0% |
% of Gross Profit | 833.33% | 38.46% | 157.14% |
Depreciation & Amortization | $17.00K | $10.00K | $3.000M |
YoY Change | -99.67% | ||
% of Gross Profit | 70.83% | 25.64% | 14.29% |
Operating Expenses | $1.939M | $1.210M | $553.0M |
YoY Change | 303.96% | -99.78% | 789900.0% |
Operating Profit | -$1.915M | -$1.171M | -$532.0M |
YoY Change | 290.82% | -99.78% | 664900.0% |
Interest Expense | $76.00K | $26.00K | -$16.00M |
YoY Change | -290.0% | -100.16% | |
% of Operating Profit | |||
Other Income/Expense, Net | -$26.00K | -$16.00K | |
YoY Change | 62.5% | ||
Pretax Income | -$1.839M | -$1.200M | -$548.0M |
YoY Change | 253.65% | -99.78% | 684900.0% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$1.839M | -$1.197M | -$548.0M |
YoY Change | 253.65% | -99.78% | 684900.0% |
Net Earnings / Revenue | -1571.79% | -1260.0% | -1141.67% |
Basic Earnings Per Share | -$0.09 | -$0.05 | |
Diluted Earnings Per Share | -$0.13 | -$0.09 | -$28.00 |
COMMON SHARES | |||
Basic Shares Outstanding | 14.60M shares | 14.60M shares | 10.78M shares |
Diluted Shares Outstanding | 12.67M shares | 10.78M shares |
Balance Sheet
Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $5.338M | $6.770M | $57.00M |
YoY Change | 3458.67% | -88.12% | |
Cash & Equivalents | $5.338M | $6.768M | $145.0K |
Short-Term Investments | |||
Other Short-Term Assets | $196.0K | $770.0K | $133.0M |
YoY Change | 390.0% | -99.42% | |
Inventory | $248.0K | $165.0K | $80.00M |
Prepaid Expenses | $766.0K | ||
Receivables | $53.00K | $18.00K | $8.000M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $5.835M | $7.717M | $278.0M |
YoY Change | 1662.84% | -97.22% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $379.0K | $208.0K | $153.0M |
YoY Change | 210.66% | -99.86% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $115.0K | $10.00K | $235.0M |
YoY Change | -52.08% | -100.0% | |
Total Long-Term Assets | $559.0K | $255.0K | $388.0M |
YoY Change | 47.49% | -99.93% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $5.835M | $7.717M | $278.0M |
Total Long-Term Assets | $559.0K | $255.0K | $388.0M |
Total Assets | $6.394M | $7.972M | $666.0M |
YoY Change | 800.56% | -98.8% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $401.0K | $380.0K | $70.00M |
YoY Change | 301.0% | -99.46% | |
Accrued Expenses | $31.00K | $30.00K | $904.0M |
YoY Change | -97.21% | -100.0% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $629.0M |
YoY Change | -100.0% | -100.0% | |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $475.0K | $410.0K | $1.634B |
YoY Change | -78.07% | -99.97% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $129.0K | $10.00K | $10.00M |
YoY Change | 1190.0% | -99.9% | |
Total Long-Term Liabilities | $129.0K | $10.00K | $10.00M |
YoY Change | 1190.0% | -99.9% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $475.0K | $410.0K | $1.634B |
Total Long-Term Liabilities | $129.0K | $10.00K | $10.00M |
Total Liabilities | $604.0K | $419.0K | $1.644B |
YoY Change | -72.19% | -99.97% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$10.32M | -$8.478M | |
YoY Change | 81.25% | ||
Common Stock | $146.0K | $146.0K | |
YoY Change | 35.19% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $5.790M | $7.553M | -$978.0M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $6.394M | $7.972M | $666.0M |
YoY Change | 800.56% | -98.8% |
Cashflow Statement
Concept | 2023 Q4 | 2023 Q3 | 2022 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.839M | -$1.197M | -$548.0M |
YoY Change | 253.65% | -99.78% | 684900.0% |
Depreciation, Depletion And Amortization | $17.00K | $10.00K | $3.000M |
YoY Change | -99.67% | ||
Cash From Operating Activities | -$1.242M | -$3.500M | -$300.0M |
YoY Change | 491.43% | -98.83% | 1499900.0% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $188.0K | $100.0K | $40.00M |
YoY Change | -99.75% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$188.0K | -$100.0K | -$40.00M |
YoY Change | -99.75% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 3.000K | 10.35M | 85.00M |
YoY Change | -98.75% | -87.82% | 56566.67% |
NET CHANGE | |||
Cash From Operating Activities | -1.242M | -3.500M | -300.0M |
Cash From Investing Activities | -188.0K | -100.0K | -40.00M |
Cash From Financing Activities | 3.000K | 10.35M | 85.00M |
Net Change In Cash | -1.430M | 6.750M | -255.0M |
YoY Change | -4866.67% | -102.65% | -196253.85% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.242M | -$3.500M | -$300.0M |
Capital Expenditures | $188.0K | $100.0K | $40.00M |
Free Cash Flow | -$1.430M | -$3.600M | -$340.0M |
YoY Change | 580.95% | -98.94% |
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us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
70000 | usd | |
CY2023Q3 | us-gaap |
Gross Profit
GrossProfit
|
39000 | usd |
CY2022Q3 | us-gaap |
Gross Profit
GrossProfit
|
21000 | usd |
us-gaap |
Gross Profit
GrossProfit
|
98000 | usd | |
us-gaap |
Gross Profit
GrossProfit
|
87000 | usd | |
CY2023Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
1195000 | usd |
CY2022Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
520000 | usd |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2758000 | usd | |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2429000 | usd | |
CY2023Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
15000 | usd |
CY2022Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
33000 | usd |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
58000 | usd | |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
43000 | usd | |
CY2023Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
1210000 | usd |
CY2022Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
553000 | usd |
us-gaap |
Operating Expenses
OperatingExpenses
|
2816000 | usd | |
us-gaap |
Operating Expenses
OperatingExpenses
|
2472000 | usd | |
CY2023Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1171000 | usd |
CY2022Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-532000 | usd |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2718000 | usd | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2385000 | usd | |
CY2023Q3 | us-gaap |
Interest Expense
InterestExpense
|
26000 | usd |
CY2022Q3 | us-gaap |
Interest Expense
InterestExpense
|
16000 | usd |
us-gaap |
Interest Expense
InterestExpense
|
68000 | usd | |
us-gaap |
Interest Expense
InterestExpense
|
23000 | usd | |
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-574000 | usd | |
CY2023Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-26000 | usd |
CY2022Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-16000 | usd |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-68000 | usd | |
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-597000 | usd | |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1197000 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-548000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2786000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2982000 | usd | |
CY2023Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.09 | |
CY2023Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.09 | |
CY2022Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | |
CY2022Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.24 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.24 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.29 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.29 | ||
CY2023Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
12674298 | shares |
CY2023Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
12674298 | shares |
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
10784495 | shares |
CY2022Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
10784495 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
11442597 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
11442597 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
10311465 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
10311465 | shares | |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-3019000 | usd |
CY2023Q3 | SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
140000 | usd |
CY2023Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
600000 | usd |
CY2023Q3 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
11029000 | usd |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1197000 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7553000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1882000 | usd |
SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
367000 | usd | |
us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
225000 | usd | |
us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
600000 | usd | |
us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
11029000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2786000 | usd | |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7553000 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-894000 | usd |
CY2022Q3 | SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
44000 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-548000 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1398000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1437000 | usd |
SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
1344000 | 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
|
-2982000 | usd | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1398000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2786000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2982000 | usd | |
us-gaap |
Depreciation
Depreciation
|
15000 | usd | |
us-gaap |
Depreciation
Depreciation
|
6000 | usd | |
SPGC |
Gain Loss On Inventory Obsolescence
GainLossOnInventoryObsolescence
|
-46000 | usd | |
SPGC |
Gain Loss On Inventory Obsolescence
GainLossOnInventoryObsolescence
|
25000 | usd | |
SPGC |
Vesting Of Options
VestingOfOptions
|
367000 | usd | |
SPGC |
Vesting Of Options
VestingOfOptions
|
1344000 | 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
|
23000 | usd | |
SPGC |
Changes In Right Of Use Asset
ChangesInRightOfUseAsset
|
8000 | usd | |
SPGC |
Gain Loss On Accrued Interest
GainLossOnAccruedInterest
|
-21000 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
16000 | usd | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-3000 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
69000 | usd | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
11000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
750000 | 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
|
278000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
64000 | usd | |
SPGC |
Increase Decreasein Accrued Payroll
IncreaseDecreaseinAccruedPayroll
|
-1095000 | usd | |
SPGC |
Increase Decreasein Accrued Payroll
IncreaseDecreaseinAccruedPayroll
|
408000 | usd | |
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-24000 | usd | |
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-8000 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-19000 | usd | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-3000 | usd | |
SPGC |
Increase Decrease In Licenseobligation
IncreaseDecreaseInLicenseobligation
|
1000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3805000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-575000 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
101000 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
75000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-101000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-75000 | usd | |
SPGC |
Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
|
15000 | usd | |
SPGC |
Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
|
29000 | usd | |
SPGC |
Repayment Of Deferred Offering Costs
RepaymentOfDeferredOfferingCosts
|
-230000 | 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 Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
420000 | usd | |
us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
11029000 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
61000 | usd | |
us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
100000 | usd | |
us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
445000 | usd | |
SPGC |
Proceeds From Loans Payable Related Party
ProceedsFromLoansPayableRelatedParty
|
20000 | usd | |
SPGC |
Proceeds From Loans Payable Related Party
ProceedsFromLoansPayableRelatedParty
|
200000 | usd | |
SPGC |
Repayment Of Loans Payable Related Party
RepaymentOfLoansPayableRelatedParty
|
557000 | usd | |
us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
150000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
10503000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
611000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
6597000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-39000 | 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 |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
6768000 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
145000 | usd |
us-gaap |
Stock Issued1
StockIssued1
|
1050000 | 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 | |
SPGC |
Reclass Of Common Stock Subject To Redemption To Equity
ReclassOfCommonStockSubjectToRedemptionToEquity
|
420000 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_807_eus-gaap--NatureOfOperations_zjSqNDkUdFd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_822_zNqHw4PllQu">OPERATIONS AND LIQUIDITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 0pt 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 0pt 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 0pt 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 0pt 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 0pt 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 0pt 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The results of operations for the three and nine months ended September 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern and Liquidity</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2022, the Company incurred a net loss of $<span id="xdx_904_eus-gaap--NetIncomeLoss_iN_di_c20220101__20221231_zdkDVjdH4irj" title="Net Income (Loss)">3,505,000</span> and used cash in operations of $<span id="xdx_901_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20220101__20221231_z4V52P9k36Q1" title="Net Cash Provided by (Used in) Operating Activities">785,000</span> and had a shareholders’ deficit of $<span id="xdx_90B_eus-gaap--StockholdersEquity_iNI_di_c20221231_zNKkYk1JkMma" title="Shareholders deficit">1,882,000</span> as of December 31, 2022. As reflected in the accompanying condensed financial statements, during the nine months ended September 30, 2023, the Company incurred a net loss of $<span id="xdx_90E_eus-gaap--NetIncomeLoss_iN_di_c20230101__20230930_zLSr3bXGNhb7" title="Net Income (Loss)">2,786,000</span> and used cash in operations of $<span id="xdx_904_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20230930_zmAAWpYjwN4j" title="Net Cash Provided by (Used in) Operating Activities">3,805,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended September 30, 2023, the Company closed its initial public offering (“IPO”) and received $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20230101__20230930_zltuPVyqVl7a">11,029,000 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of net proceeds after expenses. At September 30, 2023, the Company had cash and cash equivalents on hand in the amount of $<span id="xdx_907_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20230930_zLMjYtCWFPH1">6,768,000</span></span>. Due to the funds received through our IPO, and the $<span id="xdx_90C_eus-gaap--Cash_iI_c20230930_zNRjypJlrCId">600,000</span> cash received that was reclassified to additional paid in capital (see Note 10), the Company had shareholders’ equity of $<span id="xdx_90A_eus-gaap--StockholdersEquity_iI_c20230930_zX0A81BK3Kqc">7,553,000 </span>at September 30, 2023. The Company now expects its cash on hand at September 30, 2023, will last for at least the next 12 months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. Since inception, the Company has funded its operations primarily through equity and debt financing, and it expects to continue to rely on these sources of capital in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of equity financing, or grant unfavorable terms in licensing future licensing agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3505000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-785000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1882000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2786000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3805000 | usd | |
us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
11029000 | usd | |
CY2023Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6768000 | usd |
CY2023Q3 | us-gaap |
Cash
Cash
|
600000 | usd |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
7553000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84D_eus-gaap--UseOfEstimates_zkfJDQgAORpj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_znL9oqatBjv9">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
CY2023Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
95000 | usd |
CY2022Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
48000 | usd |
CY2023Q3 | SPGC |
Change In Revenue Percentage
ChangeInRevenuePercentage
|
0.98 | pure |
us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
232000 | usd | |
us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
157000 | usd | |
SPGC |
Change In Revenue Percentage
ChangeInRevenuePercentage
|
0.48 | pure | |
CY2023Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
95000 | usd |
CY2022Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
48000 | usd |
us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
232000 | usd | |
us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
157000 | usd | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2630835 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2782210 | shares | |
us-gaap |
Advertising Expense
AdvertisingExpense
|
155000 | usd | |
us-gaap |
Advertising Expense
AdvertisingExpense
|
219000 | usd | |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
58000 | usd | |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
43000 | usd | |
us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_z97fneYeBPLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zIavEIyS2MXk">Concentrations of Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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_906_eus-gaap--CashFDICInsuredAmount_iI_c20230930_zDHOuvHnbgB6" 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 September 30, 2023 and December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 September 30, 2023, one Company customer classified as a distributor, accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--DistributorsMember_z4Ynreb83zt7" title="Concentration risk, percentage">50</span>% of net sales. No other customers exceeded 10% of net sales. During the three months ended September 30, 2022, a Company customer classified as a distributor, accounted for <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--DistributorsMember_zm3gKfoc0Ex6" title="Concentration risk, percentage">15</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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended September 30, 2023, <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--KR_zyukHsBp2cs9" title="Concentration risk, percentage">50</span>% of the Company’s net sales were in South Korea, and approximately <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_z4hjoeFRrVNd" title="Concentration risk, percentage">50</span>% of the Company’s net sales were in the United States. During the three months ended September 30, 2022, <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--JP_zb0cVvHoXHz6" title="Concentration risk, percentage">35</span>% of the Company’s net sales were in Japan, and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zRSfA2K3w3L2" 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended September 30, 2023, two customers classified as a distributor accounted for <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer1Member_z4tYyrxQF356" title="Concentration risk, percentage">39</span>% and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer2Member_zbayTDL2Q8Ub" title="Concentration risk, percentage">10</span>% of net sales, respectively. No other customers exceeded 10% of net sales. During the nine months ended September 30, 2022, approximately <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zXmE9yNGFjI4" title="Concentration risk, percentage">61</span>% of the Company’s net sales were in the United States, and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--KR_zJIc2WXRvY2g" title="Concentration risk, percentage">39</span>% of the Company’s net sales were in South Korea.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the nine months ended September 30, 2022, one customer classified as a distributor accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--DistributorsMember_zMwRei4DI6sf" title="Concentration risk, percentage">14%</span> of net sales. No other customers exceeded 10% of net sales. During the nine months ended September 30, 2022, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__srt--AmericasMember_zMECj6xyOuR1" title="Concentration risk, percentage">73</span>% of the Company’s net sales were in the United States, <span id="xdx_90C_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--JP_zfz3OAfXyMrj" title="Concentration risk, percentage">22</span>% of the Company’s net sales were in Japan, and the remaining <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__custom--OtherCountriesMember_z7dxGcT7z464" title="Concentration risk, percentage">5</span>% in other countries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> | ||
CY2023Q3 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q3 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
39000 | usd |
CY2022Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
42000 | usd |
CY2023Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
126000 | usd |
CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
100000 | usd |
CY2023Q3 | us-gaap |
Inventory Net
InventoryNet
|
165000 | usd |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
142000 | usd |
CY2023Q3 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
119000 | usd |
CY2022Q4 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
73000 | usd |
CY2023Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
234000 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
133000 | usd |
CY2023Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
26000 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
11000 | usd |
CY2023Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
208000 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
122000 | usd |
us-gaap |
Depreciation
Depreciation
|
15000 | usd | |
us-gaap |
Depreciation
Depreciation
|
6000 | usd | |
CY2023Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
2119446 | shares |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1095000 | usd |
CY2023Q3 | 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 |
SPGC |
Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
|
15000 | usd | |
CY2022Q4 | us-gaap |
Loans Payable Current
LoansPayableCurrent
|
537000 | usd |
CY2022Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
384000 | usd |
CY2022Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
22000 | usd |
CY2023Q3 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
42000 | usd |
CY2022Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
23000 | usd |
us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
42000 | usd | |
CY2023Q3 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
33000 | usd |
CY2023Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
9000 | usd |
us-gaap |
Lease Cost
LeaseCost
|
69000 | usd | |
us-gaap |
Lease Cost
LeaseCost
|
45000 | usd | |
CY2023Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y3M | |
CY2023Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.1000 | pure |
CY2023Q3 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
561375 | shares |
CY2023Q3 | us-gaap |
Cash
Cash
|
600000 | usd |
CY2022Q1 | us-gaap |
Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
|
1050000 | usd |
CY2022Q1 | us-gaap |
Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
|
1517865 | shares |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
1624000 | usd |
CY2022Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
574000 | usd |
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
|
430000 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
1.07 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
20000 | shares | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.00 | ||
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2630835 | shares |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.01 | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.00 | ||
CY2023Q3 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
2630835 | shares |
us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
|
P3Y9M18D | ||
CY2023Q3 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
|
1.01 | |
CY2023Q3 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
2119446 | shares |
CY2023Q3 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
|
1.00 | |
SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
367000 | usd | |
SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
1300000 | usd | |
CY2023Q3 | SPGC |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumberValue
|
576000 | usd |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
391000 | usd |
CY2023Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
|
334000 | usd |
CY2023Q3 | us-gaap |
Share Price
SharePrice
|
1.16 | |
CY2023Q3 | us-gaap |
Marketing Expense
MarketingExpense
|
2500000 | usd |
CY2023Q3 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
500000 | usd |
CY2023Q3 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2023Q3 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2023Q3 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2023Q3 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |