2022 Q2 Form 10-Q Financial Statement

#000155479522000308 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $45.00K $175.0K $65.00K
YoY Change -30.77% 288.89% 62.5%
Cost Of Revenue $44.65K $96.00K
YoY Change
Gross Profit $347.00 $79.00K
YoY Change
Gross Profit Margin 0.77% 45.14%
Selling, General & Admin $44.65K $75.62K $128.2K
YoY Change -65.17% 1282.45% 105.1%
% of Gross Profit 12867.44% 95.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00 $10.00 $20.00
YoY Change 0.0% 0.0% -33.33%
% of Gross Profit 5.76% 0.01%
Operating Expenses $44.65K $75.62K $57.41K
YoY Change -22.22% 1282.45% -8.15%
Operating Profit $347.00 $3.380K $7.587K
YoY Change -95.43%
Interest Expense -$5.300K -$4.920K -$9.050K
YoY Change -41.44% -1.6% 6.47%
% of Operating Profit -1527.38% -145.56% -119.28%
Other Income/Expense, Net $5.298K $1.140K $4.475K
YoY Change 18.39% -52.94%
Pretax Income $8.171K -$410.00 $3.424K
YoY Change 138.64% -101.19% -115.93%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $8.171K -$410.00 $3.424K
YoY Change 138.64% -101.19% -115.93%
Net Earnings / Revenue 18.16% -0.23% 5.27%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$12.24 $0.00
COMMON SHARES
Basic Shares Outstanding 33.50M shares 33.50M shares
Diluted Shares Outstanding 33.50M shares 33.50M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.14K $59.85K $99.19K
YoY Change -60.54% 8.31% 87.22%
Cash & Equivalents $9.136K $29.85K $69.19K
Short-Term Investments $30.00K $30.00K $30.00K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $357.5K $339.0K $138.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $396.7K $398.9K $237.2K
YoY Change 67.21% 94.33% 41.22%
LONG-TERM ASSETS
Property, Plant & Equipment $180.00 $200.00 $230.00
YoY Change -21.74% -20.0% -17.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $30.00K $30.00K
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $205.3K $193.6K $118.1K
YoY Change 73.86% 77.36% 75.15%
TOTAL ASSETS
Total Short-Term Assets $396.7K $398.9K $237.2K
Total Long-Term Assets $205.3K $193.6K $118.1K
Total Assets $601.9K $592.4K $355.3K
YoY Change 69.42% 88.44% 50.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.500K $2.230K $6.010K
YoY Change -8.49% -49.58%
Accrued Expenses $189.5K $186.6K $103.0K
YoY Change 83.99% 95.26% 76.85%
Deferred Revenue
YoY Change
Short-Term Debt $172.7K $172.7K $297.0K
YoY Change -41.84% 25.32%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $654.7K $648.6K $406.0K
YoY Change 61.26% 69.53% 20.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $654.7K $648.6K $406.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $654.7K $648.6K $406.0K
YoY Change 61.26% 69.53% 20.69%
SHAREHOLDERS EQUITY
Retained Earnings -$1.734M -$1.737M -$1.732M
YoY Change 0.12%
Common Stock $33.50K $33.50K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$52.76K -$56.17K -$50.71K
YoY Change
Total Liabilities & Shareholders Equity $601.9K $592.4K $355.3K
YoY Change 69.42% 88.44% 50.94%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $8.171K -$410.00 $3.424K
YoY Change 138.64% -101.19% -115.93%
Depreciation, Depletion And Amortization $20.00 $10.00 $20.00
YoY Change 0.0% 0.0% -33.33%
Cash From Operating Activities -$31.56K -$107.0K $48.90K
YoY Change -164.54% 366.22% -349.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.000K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $2.000K $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 82.73K 0.000
YoY Change 230.92% -100.0%
NET CHANGE
Cash From Operating Activities -31.56K -107.0K 48.90K
Cash From Investing Activities 2.000K 0.000 0.000
Cash From Financing Activities 0.000 82.73K 0.000
Net Change In Cash -29.56K -24.22K 48.90K
YoY Change -160.45% -1275.73% 701.64%
FREE CASH FLOW
Cash From Operating Activities -$31.56K -$107.0K $48.90K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$31.56K -$107.0K
YoY Change 366.22%

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us-gaap Depreciation
Depreciation
25 usd
us-gaap Depreciation
Depreciation
25 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-18500 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11975 usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-11753 usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-8966 usd
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
3271 usd
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
6013 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2832 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
7402 usd
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-20714 usd
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
33935 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_841_eus-gaap--UseOfEstimates_zKf8OsY2TGji" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86E_zc8L3Uh182bg">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of consolidated 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 disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amount of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made. However, actual results could differ materially from those results. Significant accounting estimates reflected in the Company’s consolidated financial statements included the valuation of accounts receivable, the estimated useful lives of long-term assets, the valuation of short-term investment and the valuation of deferred tax assets.</p>
us-gaap Net Income Loss
NetIncomeLoss
17486 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-717 usd
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-3672 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-717 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3672 usd
CY2022Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1800000 usd
us-gaap Net Income Loss
NetIncomeLoss
3411 usd

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