2024 Q1 Form 10-K Financial Statement
#000149315224010203 Filed on March 18, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 Q3 |
---|---|---|---|
Revenue | $350.0K | $117.0K | $95.00K |
YoY Change | 288.89% | 290.0% | -99.8% |
Cost Of Revenue | $144.0K | $93.00K | $56.00K |
YoY Change | 188.0% | 132.5% | -99.79% |
Gross Profit | $206.0K | $24.00K | $39.00K |
YoY Change | 415.0% | -340.0% | -99.81% |
Gross Profit Margin | 58.86% | 20.51% | 41.05% |
Selling, General & Admin | $1.271M | $1.722M | $1.195M |
YoY Change | 39.67% | 291.36% | -99.77% |
% of Gross Profit | 616.99% | 7175.0% | 3064.1% |
Research & Development | $190.0K | $200.0K | $15.00K |
YoY Change | 533.33% | 566.67% | -99.95% |
% of Gross Profit | 92.23% | 833.33% | 38.46% |
Depreciation & Amortization | $21.00K | $17.00K | $10.00K |
YoY Change | 110.0% | -99.67% | |
% of Gross Profit | 10.19% | 70.83% | 25.64% |
Operating Expenses | $1.461M | $1.939M | $1.210M |
YoY Change | 55.43% | 303.96% | -99.78% |
Operating Profit | -$1.255M | -$1.915M | -$1.171M |
YoY Change | 39.44% | 290.82% | -99.78% |
Interest Expense | $62.00K | $76.00K | $26.00K |
YoY Change | -410.0% | -290.0% | -100.16% |
% of Operating Profit | |||
Other Income/Expense, Net | -$26.00K | ||
YoY Change | 62.5% | ||
Pretax Income | -$1.193M | -$1.839M | -$1.200M |
YoY Change | 29.67% | 253.65% | -99.78% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$1.193M | -$1.839M | -$1.197M |
YoY Change | 29.67% | 253.65% | -99.78% |
Net Earnings / Revenue | -340.86% | -1571.79% | -1260.0% |
Basic Earnings Per Share | -$0.08 | -$0.09 | |
Diluted Earnings Per Share | -$0.08 | -$0.13 | -$0.09 |
COMMON SHARES | |||
Basic Shares Outstanding | 14.60M shares | 14.60M shares | 14.60M shares |
Diluted Shares Outstanding | 14.60M shares | 12.67M shares |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $4.083M | $5.338M | $6.770M |
YoY Change | 13510.0% | 3458.67% | -88.12% |
Cash & Equivalents | $4.083M | $5.338M | $6.768M |
Short-Term Investments | |||
Other Short-Term Assets | $234.0K | $196.0K | $770.0K |
YoY Change | 1070.0% | 390.0% | -99.42% |
Inventory | $336.0K | $248.0K | $165.0K |
Prepaid Expenses | $766.0K | ||
Receivables | $30.00K | $53.00K | $18.00K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $4.683M | $5.835M | $7.717M |
YoY Change | 2826.88% | 1662.84% | -97.22% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $441.0K | $379.0K | $208.0K |
YoY Change | 145.0% | 210.66% | -99.86% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $107.0K | $115.0K | $10.00K |
YoY Change | -71.08% | -52.08% | -100.0% |
Total Long-Term Assets | $606.0K | $559.0K | $255.0K |
YoY Change | 10.18% | 47.49% | -99.93% |
TOTAL ASSETS | |||
Total Short-Term Assets | $4.683M | $5.835M | $7.717M |
Total Long-Term Assets | $606.0K | $559.0K | $255.0K |
Total Assets | $5.289M | $6.394M | $7.972M |
YoY Change | 644.93% | 800.56% | -98.8% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $404.0K | $401.0K | $380.0K |
YoY Change | 39.31% | 301.0% | -99.46% |
Accrued Expenses | $31.00K | $31.00K | $30.00K |
YoY Change | -97.92% | -97.21% | -100.0% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | -100.0% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $489.0K | $475.0K | $410.0K |
YoY Change | -81.96% | -78.07% | -99.97% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $104.0K | $129.0K | $10.00K |
YoY Change | 246.67% | 1190.0% | -99.9% |
Total Long-Term Liabilities | $104.0K | $129.0K | $10.00K |
YoY Change | 246.67% | 1190.0% | -99.9% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $489.0K | $475.0K | $410.0K |
Total Long-Term Liabilities | $104.0K | $129.0K | $10.00K |
Total Liabilities | $593.0K | $604.0K | $419.0K |
YoY Change | -78.36% | -72.19% | -99.97% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$11.51M | -$10.32M | -$8.478M |
YoY Change | 81.25% | ||
Common Stock | $146.0K | $146.0K | $146.0K |
YoY Change | 35.19% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $4.696M | $5.790M | $7.553M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $5.289M | $6.394M | $7.972M |
YoY Change | 644.93% | 800.56% | -98.8% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.193M | -$1.839M | -$1.197M |
YoY Change | 29.67% | 253.65% | -99.78% |
Depreciation, Depletion And Amortization | $21.00K | $17.00K | $10.00K |
YoY Change | 110.0% | -99.67% | |
Cash From Operating Activities | -$1.151M | -$1.242M | -$3.500M |
YoY Change | 505.79% | 491.43% | -98.83% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $83.00K | $188.0K | $100.0K |
YoY Change | -99.75% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$21.00K | ||
YoY Change | |||
Cash From Investing Activities | -$104.0K | -$188.0K | -$100.0K |
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 | |
YoY Change | -98.75% | -87.82% | |
NET CHANGE | |||
Cash From Operating Activities | -$1.151M | -1.242M | -3.500M |
Cash From Investing Activities | -$104.0K | -188.0K | -100.0K |
Cash From Financing Activities | 3.000K | 10.35M | |
Net Change In Cash | -$1.255M | -1.430M | 6.750M |
YoY Change | 796.43% | -4866.67% | -102.65% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.151M | -$1.242M | -$3.500M |
Capital Expenditures | $83.00K | $188.0K | $100.0K |
Free Cash Flow | -$1.234M | -$1.430M | -$3.600M |
YoY Change | 549.47% | 580.95% | -98.94% |
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CommonStockSharesOutstanding
|
14595870 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
10784495 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
10784495 | shares |
CY2022Q4 | SPGC |
Temporary Equity Redemption Of Shares
TemporaryEquityRedemptionOfShares
|
561375 | shares |
CY2023Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
146000 | usd |
CY2022Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
108000 | usd |
CY2023Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
15961000 | usd |
CY2022Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
3702000 | usd |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-10317000 | usd |
CY2022Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-5692000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5790000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1882000 | usd |
CY2023Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
6394000 | usd |
CY2022Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
710000 | usd |
CY2023 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
349000 | usd |
CY2022 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
190000 | usd |
CY2023 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
227000 | usd |
CY2022 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
110000 | usd |
CY2023 | us-gaap |
Gross Profit
GrossProfit
|
122000 | usd |
CY2022 | us-gaap |
Gross Profit
GrossProfit
|
80000 | usd |
CY2023 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
4497000 | usd |
CY2022 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2874000 | usd |
CY2023 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
258000 | usd |
CY2022 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
73000 | usd |
CY2023 | us-gaap |
Operating Expenses
OperatingExpenses
|
4755000 | usd |
CY2022 | us-gaap |
Operating Expenses
OperatingExpenses
|
2947000 | usd |
CY2023 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-4633000 | usd |
CY2022 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2867000 | usd |
CY2022 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-574000 | usd |
CY2023 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
8000 | usd |
CY2022 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-64000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4625000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3505000 | usd |
CY2023 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.38 | |
CY2023 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.38 | |
CY2022 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.34 | |
CY2022 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.34 | |
CY2023 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
12237395 | shares |
CY2023 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
12237395 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
10433820 | shares |
CY2022 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
10433820 | shares |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1437000 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
25000 | usd |
CY2022 | SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
1383000 | usd |
CY2022 | SPGC |
Stock Issued During Period Value Modification Of Equity Awards
StockIssuedDuringPeriodValueModificationOfEquityAwards
|
28000 | usd |
CY2022 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
1624000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3505000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1882000 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1882000 | usd |
CY2023 | SPGC |
Stock Issued During Period Value Vesting Of Options
StockIssuedDuringPeriodValueVestingOfOptions
|
443000 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
225000 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
600000 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
11029000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4625000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5790000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5790000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4625000 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-3505000 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
32000 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
11000 | usd |
CY2023 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
26000 | usd |
CY2023 | SPGC |
Gain Loss On Inventory Obsolescence
GainLossOnInventoryObsolescence
|
-25000 | usd |
CY2022 | SPGC |
Gain Loss On Inventory Obsolescence
GainLossOnInventoryObsolescence
|
36000 | usd |
CY2023 | SPGC |
Vesting Of Options
VestingOfOptions
|
443000 | usd |
CY2022 | SPGC |
Vesting Of Options
VestingOfOptions
|
1383000 | usd |
CY2022 | SPGC |
Vesting Of Restricted Stock
VestingOfRestrictedStock
|
25000 | usd |
CY2022 | SPGC |
Modification Of Equity Awards
ModificationOfEquityAwards
|
28000 | usd |
CY2022 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-574000 | usd |
CY2023 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
225000 | usd |
CY2023 | SPGC |
Changes In Right Of Use Asset
ChangesInRightOfUseAsset
|
30000 | usd |
CY2022 | SPGC |
Changes In Right Of Use Asset
ChangesInRightOfUseAsset
|
12000 | usd |
CY2022 | SPGC |
Gain Loss On Accrued Interest
GainLossOnAccruedInterest
|
-63000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
51000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-9000 | usd |
CY2023 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
131000 | usd |
CY2022 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
62000 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
180000 | usd |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-4000 | usd |
CY2022 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
190000 | usd |
CY2022 | us-gaap |
Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
|
1000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
304000 | usd |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
88000 | usd |
CY2023 | SPGC |
Increase Decreasein Accrued Payroll
IncreaseDecreaseinAccruedPayroll
|
-1095000 | usd |
CY2022 | SPGC |
Increase Decreasein Accrued Payroll
IncreaseDecreaseinAccruedPayroll
|
615000 | usd |
CY2023 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-31000 | usd |
CY2022 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-11000 | usd |
CY2023 | SPGC |
Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
|
-19000 | usd |
CY2022 | SPGC |
Increase Decrease In Customer Deposit
IncreaseDecreaseInCustomerDeposit
|
18000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5047000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-785000 | usd |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
289000 | usd |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
75000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-289000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-75000 | usd |
CY2023 | SPGC |
Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
|
15000 | usd |
CY2022 | SPGC |
Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
|
43000 | usd |
CY2023 | SPGC |
Repayment Of Deferred Offering Costs
RepaymentOfDeferredOfferingCosts
|
-230000 | usd |
CY2022 | SPGC |
Repayment Of Deferred Offering Costs
RepaymentOfDeferredOfferingCosts
|
230000 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
180000 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
420000 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
11029000 | usd |
CY2023 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
61000 | usd |
CY2022 | us-gaap |
Proceeds From Notes Payable
ProceedsFromNotesPayable
|
350000 | usd |
CY2023 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
445000 | usd |
CY2023 | SPGC |
Proceeds From Loans Payable Related Party
ProceedsFromLoansPayableRelatedParty
|
20000 | usd |
CY2022 | SPGC |
Proceeds From Loans Payable Related Party
ProceedsFromLoansPayableRelatedParty
|
200000 | usd |
CY2023 | SPGC |
Repayment Of Loans Payable Related Party
RepaymentOfLoansPayableRelatedParty
|
557000 | usd |
CY2022 | us-gaap |
Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
|
150000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
10503000 | usd |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
847000 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
5167000 | usd |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-13000 | 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 |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
5338000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
171000 | usd |
CY2022 | us-gaap |
Stock Issued1
StockIssued1
|
1624000 | usd |
CY2023 | SPGC |
New Right Of Use Asset And Lease Liability
NewRightOfUseAssetAndLeaseLiability
|
73000 | usd |
CY2022 | SPGC |
New Right Of Use Asset And Lease Liability
NewRightOfUseAssetAndLeaseLiability
|
34000 | usd |
CY2023 | SPGC |
Recording Of Deferred Software Licensing Agreement
RecordingOfDeferredSoftwareLicensingAgreement
|
136000 | usd |
CY2022 | SPGC |
Property And Equipment Purchased With Debt
PropertyAndEquipmentPurchasedWithDebt
|
58000 | usd |
CY2023 | SPGC |
Reclass Of Common Stock Subject To Redemption To Equity
ReclassOfCommonStockSubjectToRedemptionToEquity
|
420000 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_807_eus-gaap--NatureOfOperations_z3SxdP0P9dH4" 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_82E_zuRopwOnoGFh">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"><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"><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.</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 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 year ended December 31, 2023, the Company incurred a net loss of $<span id="xdx_90A_eus-gaap--NetIncomeLoss_iN_di_c20230101__20231231_zxCd4j4dFguk" title="Net loss">4,625,000</span> and used cash in operations of $<span id="xdx_909_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20231231_zTfY9vEsPTEb" title="Net cash used in operating activities">5,047,000</span>. 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.</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 year ended December 31, 2023, the Company closed its initial public offering (“IPO”) and received $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20230101__20231231_zL8V89SyeRg4" title="Issuance of initial public offering">11,029,000</span> of net proceeds after expenses. At December 31, 2023, the Company had cash and cash equivalents on hand in the amount of $<span id="xdx_90C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20231231_zxkGMq7Rk25" title="Cash and cash equivalents">5,338,000</span>. Due to the funds received through our IPO, and the $<span id="xdx_909_eus-gaap--Cash_iI_c20231231_zD03ic0BLKW2" title="Cash">600,000 </span>cash received that was reclassified to additional paid in capital (see Note 11), the Company had shareholders’ equity of $<span id="xdx_908_eus-gaap--StockholdersEquity_iI_c20231231_zTxfCa7jyZXf" title="Stockholders equity">5,790,000</span> at December 31, 2023. The Company expects its cash on hand on December 31, 2023, will last for at least the next 12 months.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 0pt 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 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; 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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nasdaq Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard</b></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 5, 2023, the Company received a written notice (the “Notice”) from the NASDAQ Stock Market LLC (“Nasdaq”) that the Company has not been in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for a period of 30 consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum closing bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum closing bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market.</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a compliance period of 180 calendar days from the date of the Notice, or until June 3, 2024, to regain compliance with the minimum closing bid price requirement. If the Company does not regain compliance during the compliance period ending June 3, 2024, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify for the second compliance period, the Company must (i) meet the continued listing requirement for market value of publicly-held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum closing bid price requirement, and (ii) notify Nasdaq of its intent to cure the deficiency. The Company can achieve compliance with the minimum closing bid price requirement if, during either compliance period, the minimum closing bid price per share of the Company’s common stock is at least $1.00 for a minimum of 10 consecutive business days. The Company anticipates that its shares of common stock will continue to be listed and traded on the Nasdaq Capital Market during the compliance period(s).</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company plans to carefully assess potential actions to regain compliance. However, the Company may be unable to regain compliance with the minimum closing bid price requirement during the compliance period(s), in which case the Company anticipates Nasdaq would provide a notice to the Company that its shares of common stock are subject to delisting, and the Company’s common shares would thereupon be delisted.</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> </b></span></p> | |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4625000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5047000 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
11029000 | usd |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5338000 | usd |
CY2023Q4 | us-gaap |
Cash
Cash
|
600000 | usd |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
5790000 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84D_eus-gaap--UseOfEstimates_zONPJTZi1uR4" 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_867_zuscDQBOsoB7">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> | |
CY2023 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
349000 | usd |
CY2022 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
190000 | usd |
CY2023 | SPGC |
Change In Revenue Percentage
ChangeInRevenuePercentage
|
0.84 | pure |
CY2023 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
349000 | usd |
CY2023Q4 | 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 |
CY2023 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2561603 | shares |
CY2022 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2782210 | shares |
CY2023 | us-gaap |
Advertising Expense
AdvertisingExpense
|
827000 | usd |
CY2022 | us-gaap |
Advertising Expense
AdvertisingExpense
|
283000 | usd |
CY2023 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
258000 | usd |
CY2022 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
73000 | usd |
CY2022Q4 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
73000 | usd |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_zRUfHtTnE2Mi" 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_865_zvuAyzKXKXKb">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 deposits with banks are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_c20231231_ztlrKUyc9Eo" title="Cash balances on deposits FDIC">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 December 31, 2023 and 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>Accounts Receivable.</i> At December 31, 2023, one customer accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__srt--MajorCustomersAxis__custom--Customer1Member_z9oV0GJE4c09" title="Concentration risk, percentage">100</span>% of accounts receivable.</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> </i></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 year ended December 31, 2023, one customer classified as a distributor accounted for <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--DistributorsMember_zG1HkjCJNdLa" title="Concentration risk, percentage">26</span>% of net sales. No other customers exceeded 10% of net sales. During the year ended December 31, 2023, approximately <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zX4a0mxRwbFd" title="Concentration risk, percentage">74</span>% of the Company’s net sales were in the United States, and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--KR_zXQAXcyOJYJf" title="Concentration risk, percentage">26</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 year ended December 31, 2022, the Company’s two largest customers classified as distributors, accounted for <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer1Member_zVfq6J84oFf9" title="Concentration risk, percentage">18</span>% and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--MajorCustomersAxis__custom--Customer2Member_zkxbXwf50QI7" title="Concentration risk, percentage">13</span>% of net sales, respectively. No other customers exceeded 10% of net sales. During the twelve months ended December 31, 2022, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--US_zj0nJnZpOT59" title="Concentration risk, percentage">79</span>% of the Company’s net sales were in the United States, with the remaining 21% net sales split between Japan <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__country--JP_zqz14AgOuN1b" title="Concentration risk, percentage">18</span>% and other countries making up the last <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--NetSalesMember__srt--StatementGeographicalAxis__custom--OtherCountriesMember_zlf55LFBCjU7" title="Concentration risk, percentage">3</span>% 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> | |
CY2023Q4 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2023Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
74000 | usd |
CY2022Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
42000 | usd |
CY2023Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
174000 | usd |
CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
100000 | usd |
CY2023Q4 | us-gaap |
Inventory Net
InventoryNet
|
248000 | usd |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
142000 | usd |
CY2023Q4 | us-gaap |
Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
|
98000 | usd |
CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
43000 | usd |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
11000 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
379000 | usd |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
122000 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
32000 | usd |
CY2022 | us-gaap |
Depreciation
Depreciation
|
11000 | usd |
CY2022Q2 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
58000 | usd |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1095000 | usd |
CY2023Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1095000 | usd |
CY2022Q2 | us-gaap |
Purchase Obligation
PurchaseObligation
|
58000 | usd |
CY2022Q2 | SPGC |
Purchase Obligation Monthly Payment
PurchaseObligationMonthlyPayment
|
5000 | usd |
CY2022Q4 | us-gaap |
Purchase Obligation
PurchaseObligation
|
15000 | usd |
CY2023 | SPGC |
Payments Of Equipment Purchase Obligation
PaymentsOfEquipmentPurchaseObligation
|
15000 | usd |
CY2023Q4 | us-gaap |
Professional Fees
ProfessionalFees
|
34000 | usd |
CY2023Q4 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
136000 | usd |
CY2023Q4 | us-gaap |
Payments For Software
PaymentsForSoftware
|
4513 | usd |
CY2023 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
26000 | 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 |
CY2023Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
65000 | usd |
CY2022Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
23000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
65000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
31000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
34000 | usd |
CY2023 | us-gaap |
Lease Cost
LeaseCost
|
84000 | usd |
CY2022 | us-gaap |
Lease Cost
LeaseCost
|
67000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P2Y | |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.1000 | pure |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
36000 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
36000 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
72000 | usd |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
7000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
65000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
31000 | usd |
CY2023Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
34000 | usd |
CY2023Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
561375 | shares |
CY2023Q4 | 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 |
CY2022 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
2220835 | shares |
CY2022 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
1.00 | |
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 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1168000 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.83 | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
827232 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.00 | |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2561603 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.01 | |
CY2023Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
1388589 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.00 | |
CY2023Q4 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
|
2561603 | shares |
CY2023 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
|
P4Y3M3D | |
CY2023Q4 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
|
1.01 | |
CY2023Q4 | us-gaap |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
|
1388589 | shares |
CY2023Q4 | us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
|
1.00 | |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
443000 | usd |
CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
1383000 | usd |
CY2023Q4 | SPGC |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Non Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonVestedInPeriodFairValue1
|
873000 | usd |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
0 | usd |
CY2023Q4 | us-gaap |
Share Price
SharePrice
|
0.67 | |
CY2023Q3 | us-gaap |
Marketing Expense
MarketingExpense
|
2500000 | usd |
CY2023Q3 | us-gaap |
Escrow Deposit
EscrowDeposit
|
500000 | usd |
CY2023Q3 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
500000 | usd |
CY2021Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | usd |
CY2023 | us-gaap |
Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
|
5437000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.060 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.060 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
0.2700 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
0.2700 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
1468000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
400000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1468000 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
400000 | usd |
CY2023Q4 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2023Q4 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2023Q4 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2023Q4 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false |