2023 Q2 Form 10-Q Financial Statement

#000155479523000201 Filed on July 03, 2023

View on sec.gov

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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CY2023Q1 us-gaap Use Of Estimates
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<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

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