2023 Q2 Form 10-Q Financial Statement
#000155479523000201 Filed on July 03, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
---|---|---|---|
Revenue | $30.00K | $60.00K | $45.00K |
YoY Change | -33.33% | -30.23% | -74.29% |
Cost Of Revenue | $12.69K | $13.47K | $82.14K |
YoY Change | -71.57% | -83.6% | -14.44% |
Gross Profit | $17.31K | $46.53K | -$37.14K |
YoY Change | 4887.61% | 1105.44% | -147.01% |
Gross Profit Margin | 57.69% | 77.55% | -82.53% |
Selling, General & Admin | $12.69K | $13.47K | -$77.87K |
YoY Change | -71.58% | -84.62% | -202.98% |
% of Gross Profit | 73.32% | 28.95% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $20.00 | $10.00 | $10.00 |
YoY Change | 0.0% | 0.0% | 0.0% |
% of Gross Profit | 0.12% | 0.02% | |
Operating Expenses | $12.69K | -$1.110K | -$77.87K |
YoY Change | -71.58% | -47.64% | -202.98% |
Operating Profit | $17.31K | $47.64K | $40.73K |
YoY Change | 4887.61% | 696.66% | 1105.03% |
Interest Expense | -$4.900K | -$5.260K | -$6.220K |
YoY Change | -7.55% | 8.45% | 26.42% |
% of Operating Profit | -28.31% | -11.04% | -15.27% |
Other Income/Expense, Net | $13.90K | $5.264K | -$73.98K |
YoY Change | 162.34% | 148.3% | -6589.47% |
Pretax Income | $4.866K | $42.38K | -$39.47K |
YoY Change | -40.45% | 3617.54% | 9526.83% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | 0.0% | 0.0% | |
Net Earnings | $4.866K | $42.38K | -$39.47K |
YoY Change | -40.45% | 3617.54% | 9526.83% |
Net Earnings / Revenue | 16.22% | 70.63% | -87.71% |
Basic Earnings Per Share | $0.00 | $0.00 | |
Diluted Earnings Per Share | $0.00 | $0.00 | $0.00 |
COMMON SHARES | |||
Basic Shares Outstanding | 33.50M shares | 33.50M shares | 33.50M shares |
Diluted Shares Outstanding | 320.5M shares | 320.5M shares |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $42.89K | $44.79K | $46.07K |
YoY Change | 9.58% | -34.8% | -23.02% |
Cash & Equivalents | $12.89K | $14.79K | $16.07K |
Short-Term Investments | $30.00K | $30.00K | $30.00K |
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | $336.5K | $412.5K | $362.5K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $379.4K | $457.3K | $408.6K |
YoY Change | -4.35% | 16.89% | 2.44% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $130.00 | $140.00 | $150.00 |
YoY Change | -27.78% | -26.32% | -25.0% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $30.00K | $30.00K | $30.00K |
YoY Change | 0.0% | 0.0% | |
Other Assets | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Total Long-Term Assets | $157.6K | $165.5K | $164.4K |
YoY Change | -23.21% | -17.54% | -15.05% |
TOTAL ASSETS | |||
Total Short-Term Assets | $379.4K | $457.3K | $408.6K |
Total Long-Term Assets | $157.6K | $165.5K | $164.4K |
Total Assets | $537.1K | $622.8K | $573.0K |
YoY Change | -10.78% | 5.22% | -3.27% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $4.380K | $3.940K | $1.760K |
YoY Change | -20.36% | 910.26% | -21.08% |
Accrued Expenses | $84.28K | $175.4K | $170.1K |
YoY Change | -55.52% | -6.14% | -8.85% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $172.7K | $459.7K | $459.7K |
YoY Change | 0.0% | 0.0% | 166.15% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $548.4K | $639.1K | $631.6K |
YoY Change | -16.24% | -1.23% | -2.62% |
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 | $548.4K | $639.1K | $631.6K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $548.4K | $639.1K | $631.6K |
YoY Change | -16.24% | -1.23% | -2.62% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$1.693M | -$1.697M | -$1.740M |
YoY Change | -2.39% | -2.24% | 0.14% |
Common Stock | $33.50K | $33.50K | $33.50K |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$11.34K | -$16.21K | -$58.59K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $537.1K | $622.8K | $573.0K |
YoY Change | -10.78% | 5.22% | -3.27% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $4.866K | $42.38K | -$39.47K |
YoY Change | -40.45% | 3617.54% | 9526.83% |
Depreciation, Depletion And Amortization | $20.00 | $10.00 | $10.00 |
YoY Change | 0.0% | 0.0% | 0.0% |
Cash From Operating Activities | -$1.900K | -$1.280K | $1.420K |
YoY Change | -93.98% | -111.8% | -101.33% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $0.00 | $0.00 | |
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | 0.000 | 0.000 |
YoY Change | -100.0% | ||
NET CHANGE | |||
Cash From Operating Activities | -1.900K | -1.280K | 1.420K |
Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
Cash From Financing Activities | 0.000 | 0.000 | 0.000 |
Net Change In Cash | -1.900K | -1.280K | 1.420K |
YoY Change | -93.57% | -105.86% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.900K | -$1.280K | $1.420K |
Capital Expenditures | $0.00 | $0.00 | $0.00 |
Free Cash Flow | -$1.900K | -$1.280K | $1.420K |
YoY Change | -93.98% | -111.8% | -101.33% |
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-0.00 | |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
|
-0.00 | |
CY2023Q1 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
-0.00 | |
CY2022Q1 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
-0.00 | |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.00 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.00 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
33503604 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
33503604 | shares |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
320503604 | shares |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
320503604 | shares |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-56167 | usd |
CY2022 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2419 | usd |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-58585 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
42376 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-16210 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
42376 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1135 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-50000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
16500 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
|
2176 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
|
-1837 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
|
-4070 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
-1110 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
|
-1110 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
5264 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
221 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
12 | usd |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
12 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1281 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
10853 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1281 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
10853 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
2000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1281 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-8853 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
16072 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
29850 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
14791 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38703 | usd |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
81 | usd |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84C_eus-gaap--UseOfEstimates_zIUr4KmX3Gt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86E_zCPdMxvRQyYb">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> | |
CY2023Q1 | us-gaap |
Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
|
<p id="xdx_840_eus-gaap--RevenueRecognitionSalesOfServices_zMMT1hqOyhpj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_865_zvkue099wJQ9">Revenue Recognition</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; color: red">The Company’s revenue recognition policies are in compliance with ASC 606. Revenue is recognized when the promised goods or services are transferred to the customer. The amount of revenue recognized should equal the total consideration an entity expects to receive in return for the goods or services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">Our revenues are primarily generated by providing professional services and software products, consulting and other professional services to our clients and are billable to our clients based on the services provided, or achieved outcomes. Revenues are primarily driven by the total value, scope, and terms of the consulting contracts. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">We adopt a fixed fee billing arrangement and agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">Our quarterly results are impacted principally by the total value, scope, and terms of our client contracts. Our utilization rate can be affected by seasonal variations in the demand for our services from our clients.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">Our operating expenses include professional fees, technology costs, software and data hosting expenses, rent and other office related expenses.</p> | |
CY2022Q1 | SUIC |
Registration Fee Portion Of Loans Receivable
RegistrationFeePortionOfLoansReceivable
|
2000 | usd |
CY2022Q1 | SUIC |
Related Party Loan Portion Of Loans Receivable
RelatedPartyLoanPortionOfLoansReceivable
|
90000 | usd |
CY2022Q1 | SUIC |
Accrued Interest Receivables Portion Of Loans Receivable
AccruedInterestReceivablesPortionOfLoansReceivable
|
8312 | usd |
CY2022Q1 | SUIC |
Cash Payments Portion Of Loans Receivable
CashPaymentsPortionOfLoansReceivable
|
31291 | usd |
CY2023Q1 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
287000 | usd |
CY2023Q1 | us-gaap |
Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
|
5264 | usd |
CY2021Q4 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
1800000 | usd |
CY2017 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
142650 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
42376 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1135 | usd |
CY2023Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2023Q1 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
8899 | usd |
CY2022Q1 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
238 | usd |
CY2023Q1 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
8899 | usd |
CY2022Q1 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
238 | usd |