2024 Q1 Form 10-K Financial Statement

#000149315224010203 Filed on March 18, 2024

View on sec.gov

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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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

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