2024 Q2 Form 10-Q Financial Statement

#000155479524000142 Filed on May 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $30.00K $30.00K $60.00K
YoY Change 0.0% -50.0% -30.23%
Cost Of Revenue $6.000K $6.878K $13.47K
YoY Change -52.73% -48.94% -83.6%
Gross Profit $24.00K $23.12K $46.53K
YoY Change 38.67% -50.31% 1105.44%
Gross Profit Margin 80.0% 77.08% 77.55%
Selling, General & Admin $7.990K $9.440K $13.47K
YoY Change -37.04% -29.92% -84.62%
% of Gross Profit 33.29% 40.83% 28.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00 $12.00 $10.00
YoY Change 0.0% 20.0% 0.0%
% of Gross Profit 0.08% 0.05% 0.02%
Operating Expenses -$7.991K $9.440K -$1.110K
YoY Change -162.97% -950.45% -47.64%
Operating Profit $16.01K $13.68K $47.64K
YoY Change -7.5% -71.28% 696.66%
Interest Expense -$3.980K -$3.920K -$5.260K
YoY Change -18.78% -25.48% 8.45%
% of Operating Profit -24.86% -28.65% -11.04%
Other Income/Expense, Net $5.094K $5.029K $5.264K
YoY Change -63.35% -4.46% 148.3%
Pretax Income $12.04K $9.786K $42.38K
YoY Change 147.37% -76.91% 3617.54%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $12.04K $9.761K $42.38K
YoY Change 147.37% -76.97% 3617.54%
Net Earnings / Revenue 40.12% 32.54% 70.63%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 11.35M shares 4.125M shares 33.50M shares
Diluted Shares Outstanding 290.4M shares 283.1M shares 320.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.47K $41.71K $44.79K
YoY Change 13.01% -6.88% -34.8%
Cash & Equivalents $18.47K $11.71K $14.79K
Short-Term Investments $30.00K $30.00K $30.00K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $197.1K $210.3K $412.5K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $245.5K $252.0K $457.3K
YoY Change -35.29% -44.89% 16.89%
LONG-TERM ASSETS
Property, Plant & Equipment $80.00 $90.00 $140.00
YoY Change -38.46% -35.71% -26.32%
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 $162.1K $161.0K $165.5K
YoY Change 2.82% -2.74% -17.54%
TOTAL ASSETS
Total Short-Term Assets $245.5K $252.0K $457.3K
Total Long-Term Assets $162.1K $161.0K $165.5K
Total Assets $407.6K $413.0K $622.8K
YoY Change -24.1% -33.69% 5.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.230K $20.00K $3.940K
YoY Change -71.92% 407.61% 910.26%
Accrued Expenses $14.15K $9.460K $175.4K
YoY Change -83.21% -94.61% -6.14%
Deferred Revenue
YoY Change
Short-Term Debt $122.3K $128.0K $459.7K
YoY Change -29.18% -72.17% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $149.6K $167.0K $639.1K
YoY Change -72.73% -73.87% -1.23%
LONG-TERM LIABILITIES
Long-Term Debt $279.0K $279.0K $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $279.0K $279.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $149.6K $167.0K $639.1K
Total Long-Term Liabilities $279.0K $279.0K $0.00
Total Liabilities $428.6K $446.0K $639.1K
YoY Change -21.85% -30.21% -1.23%
SHAREHOLDERS EQUITY
Retained Earnings -$1.710M -$1.722M -$1.697M
YoY Change 1.04% 1.46% -2.24%
Common Stock $41.50K $41.50K $33.50K
YoY Change 23.88% 23.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.96K -$33.00K -$16.21K
YoY Change
Total Liabilities & Shareholders Equity $407.6K $413.0K $622.8K
YoY Change -24.1% -33.69% 5.22%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $12.04K $9.761K $42.38K
YoY Change 147.37% -76.97% 3617.54%
Depreciation, Depletion And Amortization $20.00 $12.00 $10.00
YoY Change 0.0% 20.0% 0.0%
Cash From Operating Activities $12.39K -$16.12K -$1.280K
YoY Change -752.11% 1159.22% -111.8%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -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 -5.630K $20.23K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 12.39K -$16.12K -1.280K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -5.630K $20.23K 0.000
Net Change In Cash 6.760K $4.110K -1.280K
YoY Change -455.79% -421.09%
FREE CASH FLOW
Cash From Operating Activities $12.39K -$16.12K -$1.280K
Capital Expenditures $0.00 $0.00
Free Cash Flow $12.39K -$16.12K -$1.280K
YoY Change -752.11% 1159.22% -111.8%

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IncreaseDecreaseInAccruedInterestReceivableNet
-1110 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-10000 usd
CY2024Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
4628 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5264 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-16118 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1281 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16118 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1281 usd
CY2024Q1 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
20227 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20227 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4110 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1281 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7600 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16072 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11710 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14791 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
401 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
143 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2050 usd
CY2023Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
8899 usd
CY2024Q1 us-gaap Capital
Capital
85023 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zWVYLDxqOAUk" style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b><span id="xdx_860_zkAYj20bIir8">Use of Estimates</span></b></p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-size: 9pt">The preparation of financial statements in conformity with U.S. GAAP 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 amounts of revenues and expenses during the reporting period. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions. </span></p>
CY2024Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<p id="xdx_844_eus-gaap--RevenueRecognitionSalesOfServices_zLrpQC7xDWGh" style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b><span id="xdx_86E_zOMfvbJLV0G1">Revenue Recognition</span></b></p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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. Our income as of 03/31/2024 is from the US with sole customer East West Development Ltd..</p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our operating expenses include professional fees, technology costs, software and data hosting expenses, and other office related expenses.</p>
CY2024Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2050 usd
CY2023Q1 SUIC Registration Fee Portion Of Loans Receivable
RegistrationFeePortionOfLoansReceivable
2000 usd
CY2023Q1 SUIC Related Party Loan Portion Of Loans Receivable
RelatedPartyLoanPortionOfLoansReceivable
90000 usd
CY2023Q1 SUIC Cash Payments Portion Of Loans Receivable
CashPaymentsPortionOfLoansReceivable
12811 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
279000 usd
CY2024Q1 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
9459 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1009585 usd
CY2024Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
212013 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
214062 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
212013 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
214062 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
9761 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
42376 usd
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
8899 usd

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