2024 Q1 Form 10-K Financial Statement

#000121390024025140 Filed on March 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $6.851M $1.363M $5.880M
YoY Change
Cost Of Revenue $3.873M $1.545M $5.166M
YoY Change 287.26% 389.32% 354.99%
Gross Profit $2.978M -$181.7K $713.4K
YoY Change 482.52% -42.44% -162.83%
Gross Profit Margin 43.46% -13.33% 12.13%
Selling, General & Admin $2.611M $15.27M $5.165M
YoY Change 84.27% 1581.57% 316.78%
% of Gross Profit 87.69% 723.91%
Research & Development $396.1K $576.2K $576.2K
YoY Change 689.71% 689.71%
% of Gross Profit 13.3% 80.76%
Depreciation & Amortization $77.19K -$64.60K $162.6K
YoY Change 3285.48% -2933.33% 1679.25%
% of Gross Profit 2.59% 22.79%
Operating Expenses $5.696M $15.85M $21.38M
YoY Change 176.89% 1515.25% 773.58%
Operating Profit -$2.718M -$16.03M -$20.67M
YoY Change 75.83% 1136.04% 476.83%
Interest Expense $183.2K -$208.3K $523.4K
YoY Change 170.63% 357.97% 1049.5%
% of Operating Profit
Other Income/Expense, Net -$80.27K $120.0K -$273.6K
YoY Change -252.18% -29.4% -216.63%
Pretax Income -$2.798M -$16.12M -$20.94M
YoY Change 39.62% 1274.82% 846.31%
Income Tax
% Of Pretax Income
Net Earnings -$2.798M -$16.12M -$20.94M
YoY Change 39.62% 1274.82% 846.31%
Net Earnings / Revenue -40.85% -1182.44% -356.17%
Basic Earnings Per Share -$0.02 -$0.16
Diluted Earnings Per Share -$0.02 -$0.10 -$0.16
COMMON SHARES
Basic Shares Outstanding 170.7M shares 169.1M shares
Diluted Shares Outstanding 170.7M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $948.2K $2.022M $2.022M
YoY Change 111.39% 49.65% 49.65%
Cash & Equivalents $948.2K $2.022M $2.022M
Short-Term Investments
Other Short-Term Assets $8.450M $8.386M $8.386M
YoY Change 97255.18% 96511.75% 96511.75%
Inventory $6.162M $6.327M $6.327M
Prepaid Expenses
Receivables $4.226M $1.647M $1.647M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.79M $18.38M $18.38M
YoY Change 262.58% 321.62% 321.62%
LONG-TERM ASSETS
Property, Plant & Equipment $2.062M $790.2K $2.990M
YoY Change 22505.22% 6831.87% 26124.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $11.26M $7.096M $7.096M
YoY Change 123345.91% 62154.46% 62149.04%
TOTAL ASSETS
Total Short-Term Assets $19.79M $18.38M $18.38M
Total Long-Term Assets $11.26M $7.096M $7.096M
Total Assets $31.05M $25.48M $25.48M
YoY Change 467.93% 482.85% 482.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.446M $900.9K $900.9K
YoY Change
Accrued Expenses $5.553M $2.330M $2.330M
YoY Change 97325.44% 40783.51% 4448.82%
Deferred Revenue $156.3K
YoY Change
Short-Term Debt $8.657M $6.019M $6.019M
YoY Change 73.14% 50.47% 50.47%
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $15.66M $9.271M $9.271M
YoY Change 205.99% 128.84% 128.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.846M $1.910M $1.910M
YoY Change
Total Long-Term Liabilities $1.846M $1.910M $1.910M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.66M $9.271M $9.271M
Total Long-Term Liabilities $1.846M $1.910M $1.910M
Total Liabilities $17.51M $11.18M $11.18M
YoY Change 242.06% 175.99% 175.99%
SHAREHOLDERS EQUITY
Retained Earnings -$38.13M -$35.33M
YoY Change 200.33% 230.46%
Common Stock $17.07K $17.07K
YoY Change 160.9% 216.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.54M $14.30M $14.30M
YoY Change
Total Liabilities & Shareholders Equity $31.05M $25.48M $25.48M
YoY Change 467.93% 482.85% 482.85%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.798M -$16.12M -$20.94M
YoY Change 39.62% 1274.82% 846.31%
Depreciation, Depletion And Amortization $77.19K -$64.60K $162.6K
YoY Change 3285.48% -2933.33% 1679.25%
Cash From Operating Activities $1.338M $258.3K -$13.57M
YoY Change -497.51% -122.81% 845.28%
INVESTING ACTIVITIES
Capital Expenditures $1.317M $1.886M $2.763M
YoY Change 1154.24%
Acquisitions
YoY Change
Other Investing Activities -$2.890M $4.533M $464.0K
YoY Change 44.52% -338.6% -115.47%
Cash From Investing Activities -$4.208M $2.647M -$2.299M
YoY Change 110.38% -239.34% -23.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.740M -7.288M $16.73M
YoY Change 91.06% -288.35% 210.98%
NET CHANGE
Cash From Operating Activities $1.338M 258.3K -$13.57M
Cash From Investing Activities -$4.208M 2.647M -$2.299M
Cash From Financing Activities $2.740M -7.288M $16.73M
Net Change In Cash -$129.9K -4.382M $862.8K
YoY Change -85.61% -623.4% -191.25%
FREE CASH FLOW
Cash From Operating Activities $1.338M $258.3K -$13.57M
Capital Expenditures $1.317M $1.886M $2.763M
Free Cash Flow $21.06K -$1.628M -$16.34M
YoY Change -106.26% 886.38%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Use of Estimates</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses. The Company regularly evaluates 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 made by management.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Concentration of Credit Risk</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company maintains its principal cash balance in United States financial institutions, where deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company also maintains cash balances maintained with banks in India, where balances are insured by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) to the extent of approximately $6,100 per account and in the Bahamas, where deposits are insured by the Deposit Insurance Corporation Bahamas up to B$50,000 (equivalent to $50,000) per account. As of December 31,2023, the Company had $1,683,141 of deposits in excess of overall insurance coverage limits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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21600 sqm
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2023-12-31
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FY
CY2023 dei Document Transition Report
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false
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001676163

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