2024 Q3 Form 10-Q Financial Statement

#000121390024076570 Filed on September 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $4.386M $1.575M
YoY Change 178.42%
Cost Of Revenue $2.106M $3.346M $1.351M
YoY Change 65.84% 147.61% 1930.88%
Gross Profit $1.303M $1.040M $224.2K
YoY Change 714.97% 364.17% -436.94%
Gross Profit Margin 23.72% 14.23%
Selling, General & Admin $1.735M $3.777M $1.983M
YoY Change 36.08% 90.49% 1815.99%
% of Gross Profit 133.19% 363.05% 884.64%
Research & Development $1.300M $30.07K
YoY Change 343.64%
% of Gross Profit 99.81% 2.89%
Depreciation & Amortization $333.9K $308.6K
YoY Change 8.18% 13435.96%
% of Gross Profit 32.09% 137.68%
Operating Expenses $7.239M $3.808M $1.983M
YoY Change 239.48% 92.0% 1066.3%
Operating Profit -$5.936M -$2.767M -$1.759M
YoY Change 200.95% 57.32% 643.53%
Interest Expense $2.00 -$91.53K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$183.3K -$164.8K -$91.53K
YoY Change 1497.07% 80.02% -315731.03%
Pretax Income -$2.932M -$1.850M
YoY Change 58.44% 988.48%
Income Tax
% Of Pretax Income
Net Earnings -$6.119M -$2.930M -$1.850M
YoY Change 208.45% 58.34% 988.48%
Net Earnings / Revenue -66.8% -117.46%
Basic Earnings Per Share -$0.04 -$0.02 $0.00
Diluted Earnings Per Share -$0.04 -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 170.7M shares 170.7M shares 146.2M shares
Diluted Shares Outstanding 170.8M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.455M $423.1K
YoY Change 243.85% 62.04%
Cash & Equivalents $220.4K $1.455M $423.1K
Short-Term Investments
Other Short-Term Assets $1.311M $10.12M $1.383M
YoY Change -81.41% 631.61% 60309.17%
Inventory $9.190M $6.443M $2.608M
Prepaid Expenses
Receivables $5.103M $4.604M $1.070M
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.66M $22.62M $5.485M
YoY Change 37.95% 312.42% 1982.66%
LONG-TERM ASSETS
Property, Plant & Equipment $2.078M $2.024M $436.5K
YoY Change 214.07% 363.6% 2635.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.778K $4.659M
YoY Change
Total Long-Term Assets $11.15M $15.69M $4.208M
YoY Change 135.64% 272.97% 26271.21%
TOTAL ASSETS
Total Short-Term Assets $26.66M $22.62M $5.485M
Total Long-Term Assets $11.15M $15.69M $4.208M
Total Assets $37.81M $38.32M $9.693M
YoY Change 57.16% 295.3% 3370.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.854M $1.295M $31.76K
YoY Change 954.64% 3977.47% -43.17%
Accrued Expenses $4.273M $2.131M
YoY Change 100.52% 10193.86%
Deferred Revenue $982.1K
YoY Change
Short-Term Debt $12.16M $6.188M
YoY Change 96.46%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.94M $17.73M $8.372M
YoY Change 128.31% 111.73% 3678.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.609M $500.0K
YoY Change 621.84%
Total Long-Term Liabilities $4.979M $3.609M $500.0K
YoY Change 621.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.94M $17.73M $8.372M
Total Long-Term Liabilities $4.979M $3.609M $500.0K
Total Liabilities $23.92M $21.33M $8.872M
YoY Change 188.32% 140.48% 3903.85%
SHAREHOLDERS EQUITY
Retained Earnings -$41.90M -$32.01M -$19.10M
YoY Change 98.72% 67.57% 118.85%
Common Stock $17.09K $17.07K $14.62K
YoY Change -99.95% 16.82% 283.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.89M $16.98M $821.6K
YoY Change
Total Liabilities & Shareholders Equity $37.81M $38.32M $9.693M
YoY Change 57.16% 295.3% 3370.13%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$6.119M -$2.930M -$1.850M
YoY Change 208.45% 58.34% 988.48%
Depreciation, Depletion And Amortization $333.9K $308.6K
YoY Change 8.18% 13435.96%
Cash From Operating Activities -$3.433M -$10.34M
YoY Change -66.81% 6451.67%
INVESTING ACTIVITIES
Capital Expenditures $171.0K $736.0K
YoY Change -76.76%
Acquisitions
YoY Change
Other Investing Activities $259.7K $1.228M
YoY Change -78.86%
Cash From Investing Activities $88.65K $492.5K
YoY Change -82.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M 9.825M
YoY Change -64.37% 13530.04%
NET CHANGE
Cash From Operating Activities -3.433M -10.34M
Cash From Investing Activities 88.65K 492.5K
Cash From Financing Activities 3.500M 9.825M
Net Change In Cash 156.2K -25.49K
YoY Change -712.79% -70.28%
FREE CASH FLOW
Cash From Operating Activities -$3.433M -$10.34M
Capital Expenditures $171.0K $736.0K
Free Cash Flow -$3.604M -$11.08M
YoY Change -67.47%

Facts In Submission

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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Entity Central Index Key
EntityCentralIndexKey
0001676163
CY2024Q2 ssii Convertible Promissory Notes Issued Value
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2000000 usd
CY2024Q2 ssii Convertible Promissory Notes Issued Percentage
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0.07 pure
us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>
ssii Closing Rate Of Forigen Currency Transaction
ClosingRateOfForigenCurrencyTransaction
INR 83.36 to one US$
ssii Average Rate Of Foriegn Currency Transaction
AverageRateOfForiegnCurrencyTransaction
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CY2024Q2 us-gaap Inventory Net
InventoryNet
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us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Concentration of Credit Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 $250,000. The Company also maintains cash balances maintained with banks in India, where balances are insured by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) to the extent of approximately US$ 6,100 per account and in the Bahamas, where deposits are insured by the Deposit Insurance Corporation of Bahamas insures deposits up to US$50,000 per account. As at June 30, 2024, deposits of $ 214,879 were in excess of overall insurance coverage limits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000 usd
CY2024Q2 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
6100 usd
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TimeDepositLiabilityAboveUsInsuranceLimit
50000 usd
us-gaap Payments For Deposits
PaymentsForDeposits
214879 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2602218 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1114006 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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578573 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
407601 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2023645 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
310897 usd
CY2024Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4603800 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2024Q2 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
5265908 usd
CY2023Q4 us-gaap Long Term Investments And Receivables Net
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2365013 usd
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AccountsReceivableNet
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AccountsReceivableNet
4266257 usd
CY2024Q2 us-gaap Long Term Investments And Receivables Net
LongTermInvestmentsAndReceivablesNet
5265908 usd
CY2024Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
5619490 usd
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RestrictedCashCurrent
5029650 usd
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RestrictedCash
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RestrictedCash
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4501398 usd
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CY2024Q2 us-gaap Prepaid Expense And Other Assets Noncurrent
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PrepaidExpenseAndOtherAssetsNoncurrent
4322444 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2024Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
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CY2023Q4 us-gaap Accounts Payable Current
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CY2024Q2 us-gaap Other Accrued Liabilities Current
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OtherAccruedLiabilitiesCurrent
577040 usd
CY2024Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
939150 usd
CY2023Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
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CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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AccountsPayableAndAccruedLiabilitiesCurrent
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CY2024Q2 ssii Convertible Promissory Notes Issued Value
ConvertiblePromissoryNotesIssuedValue
2000000 usd
CY2024Q2 ssii Convertible Promissory Notes Issued Percentage
ConvertiblePromissoryNotesIssuedPercentage
0.07 pure
CY2024Q1 ssii Convertible Promissory Notes Issued Value
ConvertiblePromissoryNotesIssuedValue
2450000 usd
CY2024Q1 ssii Convertible Promissory Notes Issued Percentage
ConvertiblePromissoryNotesIssuedPercentage
0.07 pure
CY2024Q2 us-gaap Shares Issued Price Per Share
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CY2024Q2 us-gaap Bank Overdrafts
BankOverdrafts
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CY2023Q4 us-gaap Bank Overdrafts
BankOverdrafts
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CY2024Q2 us-gaap Deposits
Deposits
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CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.05 pure
CY2024Q2 us-gaap Other Assets
OtherAssets
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CY2024Q2 us-gaap Shares Outstanding
SharesOutstanding
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CY2024Q2 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
5000000 usd
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2024Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
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us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
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CY2024Q2 us-gaap Investment Owned Balance Principal Amount
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3350221 shares
CY2024Q2 ssii Options To The Extent Vested Expire Term
OptionsToTheExtentVestedExpireTerm
P5Y
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
1829.25 usd
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
2454.75 usd
CY2019Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2223 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
1474.17 usd
CY2022Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
404.68 usd
ssii Monthly Space Rent
MonthlySpaceRent
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CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
16528 usd
ssii Lease Expiration Date
LeaseExpirationDate
March 2030
CY2023Q2 us-gaap Area Of Land
AreaOfLand
21600 sqft
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
12033 usd
CY2024Q2 us-gaap Rental Properties
RentalProperties
7000 usd
CY2024Q2 us-gaap Loans Payable
LoansPayable
1297410 usd
CY2023Q4 us-gaap Loans Payable
LoansPayable
1567559 usd
CY2024Q1 ssii Convertible Promissory Notes Issued Value
ConvertiblePromissoryNotesIssuedValue
2450000 usd
CY2024Q1 ssii Convertible Promissory Notes Issued Percentage
ConvertiblePromissoryNotesIssuedPercentage
0.07 pure
CY2024Q1 ssii Accrued Interest Percentage
AccruedInterestPercentage
0.07 pure
CY2024Q2 ssii Convertible Promissory Notes Issued Value
ConvertiblePromissoryNotesIssuedValue
2000000 usd
CY2024Q2 ssii Convertible Promissory Notes Issued Percentage
ConvertiblePromissoryNotesIssuedPercentage
0.07 pure
CY2024Q2 ssii Accrued Interest Percentage
AccruedInterestPercentage
0.07 pure

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