2023 Q1 Form 10-K Financial Statement

#000152013823000156 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $231.1K $1.148M
YoY Change -14.67% 53.3%
Cost Of Revenue $94.21K $592.1K
YoY Change -37.57% 58.97%
Gross Profit $136.9K $556.1K
YoY Change 14.13% 47.69%
Gross Profit Margin 59.24% 48.43%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.583K $9.982K
YoY Change 15.0% 1288.32%
% of Gross Profit 1.89% 1.79%
Operating Expenses $587.6K $4.850M
YoY Change -59.29% 79.11%
Operating Profit -$450.7K -$4.294M
YoY Change -65.95% 84.18%
Interest Expense $18.10K $50.54K
YoY Change 71.6% 1.08%
% of Operating Profit
Other Income/Expense, Net -$18.10K -$50.54K
YoY Change 71.6% 1.08%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$468.8K -$4.345M
YoY Change -64.86% 82.44%
Net Earnings / Revenue -202.84% -378.36%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 10.62M shares 9.867M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $50.09K $22.82K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $8.182K
Other Receivables
Total Short-Term Assets $158.8K $266.4K
YoY Change -58.68%
LONG-TERM ASSETS
Property, Plant & Equipment $68.14K $70.72K
YoY Change 0.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $122.4K $135.4K
YoY Change 92.2%
TOTAL ASSETS
Total Short-Term Assets $158.8K $266.4K
Total Long-Term Assets $122.4K $135.4K
Total Assets $281.3K $401.7K
YoY Change -43.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.11K $93.87K
YoY Change 282.96%
Accrued Expenses $33.58K $37.83K
YoY Change -46.28%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $653.4K $369.3K
YoY Change 289.05%
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 $653.4K $369.3K
Total Long-Term Liabilities
Total Liabilities $1.663M $1.390M
YoY Change 26.95%
SHAREHOLDERS EQUITY
Retained Earnings -$7.270M -$6.801M
YoY Change 176.83%
Common Stock $10.68K $10.65K
YoY Change 23.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.382M -$988.3K
YoY Change
Total Liabilities & Shareholders Equity $281.3K $401.7K
YoY Change -43.82%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$468.8K -$4.345M
YoY Change -64.86% 82.44%
Depreciation, Depletion And Amortization $2.583K $9.982K
YoY Change 15.0% 1288.32%
Cash From Operating Activities -$326.9K -$2.037M
YoY Change -55.62% 84.11%
INVESTING ACTIVITIES
Capital Expenditures $10.28K
YoY Change -51.37%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.28K
YoY Change -51.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.238M
YoY Change -12.3%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $354.2K $1.432M
YoY Change -21.76% -7.5%
NET CHANGE
Cash From Operating Activities -$326.9K -$2.037M
Cash From Investing Activities -$10.28K
Cash From Financing Activities $354.2K $1.432M
Net Change In Cash $27.27K -$615.0K
YoY Change -109.3% -246.18%
FREE CASH FLOW
Cash From Operating Activities -$326.9K -$2.037M
Capital Expenditures $10.28K
Free Cash Flow -$326.9K -$2.047M
YoY Change -56.17% 81.57%

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CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84B_eus-gaap--ConcentrationRiskCreditRisk_z2iHplHshi97" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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_z7ECCOwy1iD2">Concentration of Credit Risk</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 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_90E_eus-gaap--CashFDICInsuredAmount_c20221231_pp0p0" 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-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-4344532 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2036911 usd
CY2020Q4 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
50000 usd
CY2022 spty Rent Expense
RentExpense
43527 usd
CY2021 spty Rent Expense
RentExpense
22750 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
104665 usd
CY2022 us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.03 pure
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
43908 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
22278 usd
CY2021Q4 spty Imputed Interest
ImputedInterest
1554 usd
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
64632 usd
CY2020Q4 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
50000 usd
CY2020Q4 us-gaap Proceeds From Repayments Of Notes Payable
ProceedsFromRepaymentsOfNotesPayable
10000 usd
CY2022 us-gaap Interest Paid
InterestPaid
50000 usd
CY2021 us-gaap Interest Paid
InterestPaid
50000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
0 usd
CY2022Q4 spty Related Party Advances
RelatedPartyAdvances
193739 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1205000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
643000 usd

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