2022 Q2 Form 10-Q Financial Statement

#000152013822000331 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $378.7K $270.9K
YoY Change 141.4%
Cost Of Revenue $110.4K $150.9K
YoY Change 33.19%
Gross Profit $268.3K $120.0K
YoY Change 262.54%
Gross Profit Margin 70.86% 44.29%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.246K
YoY Change
% of Gross Profit 1.87%
Operating Expenses $628.4K $1.444M
YoY Change 102.9%
Operating Profit -$360.1K -$1.324M
YoY Change 52.78%
Interest Expense $12.47K $10.55K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$12.47K -$10.55K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$372.6K -$1.334M
YoY Change 58.06%
Net Earnings / Revenue -98.4% -492.57%
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 9.369M shares
Diluted Shares Outstanding 9.369M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $26.14K $344.7K $637.8K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $36.55K $644.7K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $74.86K $70.42K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $160.0K $70.42K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $36.55K $644.7K
Total Long-Term Assets $160.0K $70.42K
Total Assets $196.5K $715.1K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.265K $24.51K
YoY Change
Accrued Expenses $60.09K $70.42K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $192.1K $94.93K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $192.1K $94.93K
Total Long-Term Liabilities
Total Liabilities $1.234M $1.095M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$4.164M -$2.457M
YoY Change
Common Stock $9.369K $8.655K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.037M -$661.2K -$379.8K
YoY Change
Total Liabilities & Shareholders Equity $196.5K $715.1K
YoY Change

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$372.6K -$1.334M
YoY Change 58.06%
Depreciation, Depletion And Amortization $2.246K
YoY Change
Cash From Operating Activities -$736.7K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $9.207K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.207K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $452.7K
YoY Change
NET CHANGE
Cash From Operating Activities -$736.7K
Cash From Investing Activities -$9.207K
Cash From Financing Activities $452.7K
Net Change In Cash -$293.1K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$736.7K
Capital Expenditures $9.207K
Free Cash Flow -$745.9K
YoY Change

Facts In Submission

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<p id="xdx_800_eus-gaap--NatureOfOperations_zsHj2q1NdThi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 –<span id="xdx_827_zsqxpxGOVJB6"> ORGANIZATION AND DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specificity, Inc. (the “Company”) is a Nevada Corporation incorporated on November 25, 2020 (“Inception”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is a full-service digital marketing firm that delivers cutting-edge marketing solutions to business-to-business clients as well as business to consumer clients. The Company has developed tools that allow us to identify and market to people who are actively in the buying cycle. We take advantage of the real-time messaging opportunities digital marketing offers to give small and medium-sized businesses a fair chance at online traffic.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zogD521hFjSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_863_zCtgqKWvXFI1">Use of Estimates</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the 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 and disclosure 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_848_eus-gaap--ConcentrationRiskCreditRisk_z0p5PLCyCu79" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline"><span id="xdx_865_z4J3kkdqOvGf">Concentration of Credit Risk</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits of $<span id="xdx_908_eus-gaap--CashFDICInsuredAmount_iI_c20220630_zZOYhO2rpj8g" title="FDIC limit">250,000</span> per institution that pays Federal Deposit Insurance Corporation (“FDIC”) insurance premiums. The Company has never experienced any losses related to these balances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Net Income Loss
NetIncomeLoss
-1706729 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1124630 usd
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
104665 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
50000 usd
CY2020Q4 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
50000 usd
CY2020Q4 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
10000 usd
us-gaap Interest Paid
InterestPaid
10548 usd
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
12466 usd
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
73000 usd
CY2022Q2 spty Rent Expense
RentExpense
42383 usd
spty Rent Expense
RentExpense
77440 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
104665 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
500000 shares
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
750000 usd

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0001520138-22-000331.txt Edgar Link pending
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