$STEK
Stemtech Corp

2024 Q2 Form 10-Q Financial Statement

#000168316824006035 Filed on August 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q2
Revenue $1.326M
YoY Change 17.52%
Cost Of Revenue $332.2K
YoY Change 34.93%
Gross Profit $993.6K
YoY Change 12.66%
Gross Profit Margin 74.95%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.686M
YoY Change -8.85%
Operating Profit -$692.3K
YoY Change -28.45%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$91.78K
YoY Change -113.53%
Pretax Income -$784.1K
YoY Change 171.28%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$784.2K
YoY Change 173.3%
Net Earnings / Revenue -59.15%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 116.8M shares
Diluted Shares Outstanding 116.8M shares

Balance Sheet

Concept 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $259.6K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $57.37K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $617.9K
YoY Change -19.12%
LONG-TERM ASSETS
Property, Plant & Equipment $1.202K
YoY Change -94.8%
Goodwill $467.4K
YoY Change 0.0%
Intangibles $2.560M
YoY Change -15.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.072M
YoY Change -15.55%
TOTAL ASSETS
Total Short-Term Assets $617.9K
Total Long-Term Assets $3.072M
Total Assets $3.690M
YoY Change -16.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.619M
YoY Change 50.94%
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 $8.619M
Total Long-Term Liabilities
Total Liabilities $8.619M
YoY Change 50.88%
SHAREHOLDERS EQUITY
Retained Earnings -$29.26M
YoY Change 21.15%
Common Stock $116.8K
YoY Change 21.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.187M
YoY Change
Total Liabilities & Shareholders Equity $3.690M
YoY Change -16.17%

Cashflow Statement

Concept 2024 Q2
OPERATING ACTIVITIES
Net Income -$784.2K
YoY Change 173.3%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Current Fiscal Year End Date
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
STEMTECH CORPORATION
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
EntityAddressAddressLine1
4851 Tamiami Trail North
dei Entity Address Address Line2
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dei City Area Code
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<p id="xdx_806_eus-gaap--NatureOfOperations_zG3ppZgrwro1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 – <span id="xdx_827_zB9Vp4JBwYFd">Organization and Basis of Presentation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stemtech Corporation and its Subsidiaries (collectively, the “<b>Company</b>”) was incorporated in the State of Nevada, USA on September 4, 2009 under the previous name Globe Net Wireless Corp. On November 19, 2021, the Company adopted an Amendment to its Articles changing the name of the Corporation to Stemtech Corporation in the state of Nevada, and on April 14, 2022, FINRA gave final approval for said name change, as evidenced by the 8-K filed that date. Stemtech is a global network marketing company that develops science-based products that it believes supports wellness by helping the body maintain healthy stem cell physiology, also known as stem cell enhancers. Known as the Stem Cell Nutrition Company®, the Company is a pioneer in stem cell science, and believes it can demonstrate that adult stem cells function as the natural renewal system of the body. The Company believes its products enhance and support the work of the body’s stem cells by releasing more stem cells, helping to circulate them in the blood and migrate them into tissues, where they can perform their daily function of renewal for optimal health. Our mission is to enhance wellness and prosperity around the world. These products are marketed internationally by the Company’s subsidiaries and through independent distributors. The Company markets its products under the following brands: RCM System, stemrelease3™, Stemflo® MigraStem® and OraStem® (Oral Health Care), and Cellect One® Rapid Renew Stem Cell Peptide Night Cream.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 19, 2021, Stemtech Corporation (“<b>Stemtech</b>”), a Delaware corporation, entered into a Merger Agreement (the “<b>Merger Agreement</b>”) with Globe Net Wireless Corp. (“<b>Globe Net</b>” or “<b>GNTW</b>”). The merger was accounted for as a reverse acquisition and recapitalization in accordance with the Financial Accounting Standards Board (“<b>FASB</b>”) Accounting Standards Codification (“<b>ASC</b>”) 805, <i>Business Combinations</i>. Management evaluated the guidance contained in ASC 805 with respect to the identification of the acquirer in the merger and concluded, based on a consideration of the pertinent facts and circumstances, that Stemtech acquired Globe Net for financial accounting purposes. On November 9, 2021, the Company changed its fiscal year end from a fiscal year end of August 31 to a calendar year-end of December 31.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include the accounts of Stemtech (Parent) and its twelve (12) subsidiaries:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="width: 96%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech HealthSciences Corp (U.S.A.) (“Stemtech HealthSciences”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Canada, Inc. (“Canada”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Health Sciences S. de R.L. de C.V. (“Mexico”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Services SARL de C.V. (Mexico) (“Stemtech Mexico”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Malaysia Holdings Sdn. Bhd. (“Malaysia Holdings”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Malaysia Sdn. Bhd. (“Malaysia”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Taiwan Holding, Inc. (“Taiwan”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech Taiwan Branch</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tecrecel S.A. (“Ecuador”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food &amp; Health Tech Foodhealth SA (“FHT Ecuador”)</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Life Factor Research (“LFR”) – 100%</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stemtech IP Holdings, LLC (U.S.A.) - 100%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt; text-align: justify; text-indent: -16.2pt"> </p> <p id="xdx_84C_eus-gaap--UseOfEstimates_zK5vAmdeJQr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_869_zz4QS6B6WrP2">Use of Estimates</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the year. On an ongoing basis, management evaluates its estimates and judgments, including those related to accrued expenses. Accordingly, actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001683168-24-006035-index-headers.html Edgar Link pending
0001683168-24-006035-index.html Edgar Link pending
0001683168-24-006035.txt Edgar Link pending
0001683168-24-006035-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
gntw-20240630.xsd Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
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R43.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
gntw-20240630_def.xml Edgar Link unprocessable
gntw-20240630_lab.xml Edgar Link unprocessable
gntw-20240630_pre.xml Edgar Link unprocessable
R5.htm Edgar Link pending
R6.htm Edgar Link pending
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R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
stemtech_ex3101.htm Edgar Link pending
stemtech_ex3102.htm Edgar Link pending
stemtech_ex3201.htm Edgar Link pending
stemtech_ex3202.htm Edgar Link pending
stemtech_i10q-063024.htm Edgar Link pending
stemtech_i10q-063024_htm.xml Edgar Link completed
gntw-20240630_cal.xml Edgar Link unprocessable