2022 Q4 Form 10-Q Financial Statement

#000149315222031568 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $3.207M $3.287M $4.135M
YoY Change -16.02% -20.51% 63.2%
Cost Of Revenue $3.102M $3.257M $4.069M
YoY Change -15.47% -19.96% 63.7%
Gross Profit $104.5K $30.41K $66.35K
YoY Change -29.41% -54.17% 37.29%
Gross Profit Margin 3.26% 0.93% 1.6%
Selling, General & Admin $14.60K $12.98K $77.25K
YoY Change -63.12% -83.2% 189.11%
% of Gross Profit 13.97% 42.68% 116.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00 $211.00 $740.00
YoY Change -76.19% -71.49% -8.64%
% of Gross Profit 0.05% 0.69% 1.12%
Operating Expenses $24.17K $20.95K $86.50K
YoY Change -54.21% -75.78% 86.18%
Operating Profit $80.36K $9.457K -$20.15K
YoY Change -15.66% -146.93% -1177.54%
Interest Expense $130.9K $1.443K -$50.51K
YoY Change 349.33% -102.86% -154.31%
% of Operating Profit 162.88% 15.26%
Other Income/Expense, Net -$68.86K $0.00
YoY Change
Pretax Income -$3.600M -$59.40K -$331.0K
YoY Change -1829.67% -82.05% -448.82%
Income Tax $800.00
% Of Pretax Income
Net Earnings -$3.601M -$59.40K -$331.0K
YoY Change -1843.46% -82.05% -448.82%
Net Earnings / Revenue -112.29% -1.81% -8.0%
Basic Earnings Per Share -$0.01 -$0.08
Diluted Earnings Per Share -$0.81 -$14.40K -$80.21K
COMMON SHARES
Basic Shares Outstanding 4.126M shares 4.126M shares 4.126M shares
Diluted Shares Outstanding 4.126M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.69K $33.15K $37.47K
YoY Change -44.68% -11.53% 81.19%
Cash & Equivalents $16.69K $33.15K $37.47K
Short-Term Investments
Other Short-Term Assets $5.160K $5.240K $4.490K
YoY Change -8.83% 16.7% 2.05%
Inventory $1.752M $1.439M $1.133M
Prepaid Expenses $5.155K $5.236K
Receivables
Other Receivables $0.00
Total Short-Term Assets $1.774M $1.477M $1.175M
YoY Change 24.15% 25.69% 40.48%
LONG-TERM ASSETS
Property, Plant & Equipment $424.00 $479.00 $30.75K
YoY Change -67.0% -98.44% -33.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.54K $15.54K $30.74K
YoY Change -57.5% -49.44% -33.62%
TOTAL ASSETS
Total Short-Term Assets $1.774M $1.477M $1.175M
Total Long-Term Assets $11.54K $15.54K $30.74K
Total Assets $1.785M $1.493M $1.206M
YoY Change 22.63% 23.78% 36.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.631K $617.3K
YoY Change -99.2% 101.97%
Accrued Expenses $454.9K $482.0K $14.19K
YoY Change 2984.27% 3296.9% 17.08%
Deferred Revenue
YoY Change
Short-Term Debt $6.000K $360.8K $71.00K
YoY Change -96.08% 408.15% 67.06%
Long-Term Debt Due $5.050K $3.170K
YoY Change 172.97%
Total Short-Term Liabilities $502.3K $882.3K $702.5K
YoY Change -33.13% 25.6% 4.03%
LONG-TERM LIABILITIES
Long-Term Debt $145.0K $146.8K $180.3K
YoY Change -18.75% -18.54% 20.17%
Other Long-Term Liabilities $0.00 $0.00 $15.06K
YoY Change -100.0% -100.0% -49.17%
Total Long-Term Liabilities $145.0K $146.8K $195.3K
YoY Change -23.52% -24.82% 8.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $502.3K $882.3K $702.5K
Total Long-Term Liabilities $145.0K $146.8K $195.3K
Total Liabilities $647.3K $1.029M $897.8K
YoY Change -31.2% 14.63% 5.02%
SHAREHOLDERS EQUITY
Retained Earnings -$65.92M -$62.32M
YoY Change 5.87%
Common Stock $481.00 $412.00
YoY Change 16.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.138M $463.8K $308.4K
YoY Change
Total Liabilities & Shareholders Equity $1.785M $1.493M $1.206M
YoY Change 22.63% 23.78% 36.59%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$3.601M -$59.40K -$331.0K
YoY Change -1843.46% -82.05% -448.82%
Depreciation, Depletion And Amortization $50.00 $211.00 $740.00
YoY Change -76.19% -71.49% -8.64%
Cash From Operating Activities -$68.45K -$82.97K -$68.67K
YoY Change -23.43% 20.82% 62.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
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 52.00K 87.39K 71.40K
YoY Change -36.66% 22.39%
NET CHANGE
Cash From Operating Activities -68.45K -82.97K -68.67K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 52.00K 87.39K 71.40K
Net Change In Cash -16.45K 4.420K 2.730K
YoY Change 125.34% 61.9% -106.46%
FREE CASH FLOW
Cash From Operating Activities -$68.45K -$82.97K -$68.67K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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AdjustmentsToAdditionalPaidInCapitalOther
37600 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-467222 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
631843 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
7500 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-330959 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
308384 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
514911 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
102893 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
617804 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-94555 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
523249 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-59402 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-59402 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
463847 usd
us-gaap Net Income Loss
NetIncomeLoss
-51064 usd
us-gaap Net Income Loss
NetIncomeLoss
-2263181 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-113775 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-75370 usd
us-gaap Depreciation
Depreciation
2226 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
30250 usd
us-gaap Depreciation
Depreciation
806 usd
SSOK Loss From Settlement Of Debt With Related Party
LossFromSettlementOfDebtWithRelatedParty
1775668 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-219 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
160162 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
193223 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-419 usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-8963 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-78233 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
306022 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-204709 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-287936 usd
SSOK Proceeds From Ppp Loans
ProceedsFromPppLoans
30250 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
207687 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
203000 usd
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
45100 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
207687 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
278350 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2978 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9586 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30168 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
47055 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33146 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
37469 usd
us-gaap Stock Issued1
StockIssued1
2011038 usd
SSOK Common Stock Issued For Conversion Of Preferred Stock
CommonStockIssuedForConversionOfPreferredStock
200000 usd
CY2022Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-62779 usd
CY2021Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-48586 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-113775 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zjKz7a1frlZ6" 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"><b><span id="xdx_868_z8wDh43cc0Wj">USE OF ESTIMATES</span></b></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"> </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 the unaudited condensed and consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Significant estimates made by the Company’s management include realizability and valuation of inventories and value of stock-based transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zJQHTwExpb91" 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"><b><span id="xdx_860_zkAIgMoLdG9e">CONCENTRATION OF RISK</span></b></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"> </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 places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2022 and December 31, 2021.</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"> </span></p>
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-75370 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2021Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2021Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1,000 for 1
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-62315209 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
52006 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
58460 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
58460 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
57981 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
57175 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
479 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1285 usd
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
211 usd
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
733 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
805 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2226 usd
CY2022Q3 SSOK Accrued Court Decision Current
AccruedCourtDecisionCurrent
260308 usd
CY2021Q4 SSOK Accrued Court Decision Current
AccruedCourtDecisionCurrent
260308 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
133000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
135336 usd
CY2022Q3 SSOK Accrued Audit Fees Current
AccruedAuditFeesCurrent
10580 usd
CY2021Q4 SSOK Accrued Audit Fees Current
AccruedAuditFeesCurrent
44548 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
30000 usd
CY2022Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
36326 usd
CY2021Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
36326 usd
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
22669 usd
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
12993 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8664 usd
CY2022Q3 SSOK Accrued Interest Payable Related Party
AccruedInterestPayableRelatedParty
13292 usd
CY2021Q4 SSOK Accrued Interest Payable Related Party
AccruedInterestPayableRelatedParty
2071 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6781 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
19584 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
503280 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
581512 usd
CY2022Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
36326 usd
CY2021Q4 us-gaap Loans Payable Current
LoansPayableCurrent
153100 usd
SSOK Loans Payable Related Parties Advances
LoansPayableRelatedPartiesAdvances
207687 usd
CY2022Q3 us-gaap Loans Payable Current
LoansPayableCurrent
360787 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4406 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13221 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17627 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2564 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15063 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15063 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12M
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12 pure
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
5000000000 shares
CY2022Q3 SSOK Preferred Stock Including Convertibe Stock Shares Authorized
PreferredStockIncludingConvertibeStockSharesAuthorized
1500000000 shares
CY2021Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1,000 for 1

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