2024 Q3 Form 10-K Financial Statement

#000149315224025765 Filed on July 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q1 2024
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $166.8K $159.6K $531.4K
YoY Change 79.98% 1.23% -22.11%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $166.8K $159.6K $44.00K
YoY Change 79.98% 1.22% -93.55%
Operating Profit -$166.8K -$531.4K
YoY Change 79.98% -22.11%
Interest Expense -$101.6K -$124.4K $410.9K
YoY Change -193.8% 100.32% -207.02%
% of Operating Profit
Other Income/Expense, Net -$101.6K -$1.304M
YoY Change -6.21% -38.79%
Pretax Income -$268.4K -$932.8K -$1.835M
YoY Change 33.54% -41.25% -34.74%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$268.4K -$932.8K -$1.835M
YoY Change 33.54% -41.25% -34.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.04
Diluted Earnings Per Share -$0.01 -$0.02 -$0.04
COMMON SHARES
Basic Shares Outstanding 42.44M shares 42.26M shares 41.69M shares
Diluted Shares Outstanding 43.04M shares 41.69M shares

Balance Sheet

Concept 2024 Q3 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $428.5K $329.9K $329.9K
YoY Change 131.62% 59874.55% 59874.55%
Cash & Equivalents $428.5K $329.9K $329.9K
Short-Term Investments
Other Short-Term Assets $17.56K $9.080K $9.080K
YoY Change 8.46% 9.4% 9.4%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $446.0K $338.9K $338.9K
YoY Change 121.71% 3729.77% 3729.83%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.00 $5.00 $0.00
YoY Change -66.67%
TOTAL ASSETS
Total Short-Term Assets $446.0K $338.9K $338.9K
Total Long-Term Assets $1.00 $5.00 $0.00
Total Assets $446.0K $338.9K $338.9K
YoY Change 121.71% 3729.83% 3729.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $447.7K $447.9K $447.9K
YoY Change -3.32% -40.53% -40.53%
Accrued Expenses $465.5K $433.2K $433.2K
YoY Change -30.58% -24.6% -24.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K $300.0K
YoY Change -100.0% 0.0% 0.0%
Long-Term Debt Due $300.0K $50.00K $50.00K
YoY Change -65.75% -94.29% -94.29%
Total Short-Term Liabilities $1.613M $1.631M $1.631M
YoY Change -40.46% -43.83% -43.83%
LONG-TERM LIABILITIES
Long-Term Debt $3.290M $3.290M $3.290M
YoY Change 37.89% 44.21% 44.21%
Other Long-Term Liabilities $1.383M $1.358M $1.358M
YoY Change 43.27% 58.3% 58.3%
Total Long-Term Liabilities $4.673M $4.648M $4.648M
YoY Change 39.44% 48.06% 48.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.613M $1.631M $1.631M
Total Long-Term Liabilities $4.673M $4.648M $4.648M
Total Liabilities $6.286M $6.279M $6.279M
YoY Change 3.71% 3.91% 3.91%
SHAREHOLDERS EQUITY
Retained Earnings -$37.60M -$36.90M
YoY Change 5.62% 5.23%
Common Stock $43.06K $42.26K
YoY Change 3.5% 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.840M -$5.940M -$5.940M
YoY Change
Total Liabilities & Shareholders Equity $446.0K $338.9K $338.9K
YoY Change 121.71% 3729.77% 3729.83%

Cashflow Statement

Concept 2024 Q3 2024 Q1 2024
OPERATING ACTIVITIES
Net Income -$268.4K -$932.8K -$1.835M
YoY Change 33.54% -41.25% -34.74%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$331.8K -$226.4K -$666.6K
YoY Change 268.33% 173.08% 45.01%
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 $850.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 575.0K 0.000 $996.0K
YoY Change 113.75% -100.0% 417.91%
NET CHANGE
Cash From Operating Activities -331.8K -226.4K -$666.6K
Cash From Investing Activities
Cash From Financing Activities 575.0K 0.000 $996.0K
Net Change In Cash 243.2K -226.4K $329.3K
YoY Change 35.93% 8606.92% -223.15%
FREE CASH FLOW
Cash From Operating Activities -$331.8K -$226.4K -$666.6K
Capital Expenditures
Free Cash Flow
YoY Change

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ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsEquityGrantedWeightedAverageExercisePrice
1.05
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
11614014 shares
CY2023Q1 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Options Equity Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsEquityOutstandingWeightedAverageExercisePrice
0.87
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
4639929 shares
CY2024 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Options Equity Granted Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsEquityGrantedWeightedAverageExercisePrice
0.51
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
14043573 shares
CY2024Q1 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Options Equity Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsEquityOutstandingWeightedAverageExercisePrice
0.75
CY2024 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisable
16253943 shares
CY2024Q1 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Options Equity Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsEquityExercisableWeightedAverageExercisePrice
0.75
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1106000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
14043573 shares
CY2024Q1 SUND Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
14043573 shares
CY2024 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
10517081 usd
CY2024 SUND Liquidity And Capital Requirements Disclosure Textblock
LiquidityAndCapitalRequirementsDisclosureTextblock
<p id="xdx_804_ecustom--LiquidityAndCapitalRequirementsDisclosureTextblock_zaIln21ZIpLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(9) <span id="xdx_828_z9FFHlhQim22">LIQUIDITY REQUIREMENTS AND GOING CONCERN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the Company’s inception on January 31, 2013, its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. As of March 31, 2024, the Company had $<span id="xdx_908_eus-gaap--Cash_iI_pp0p0_c20240331_zSco4gkt0r3h">329,890</span> of cash assets, compared to $<span id="xdx_90C_eus-gaap--Cash_iI_pp0p0_c20230331_z0Zbl0lTX0w1">533</span> as of March 31, 2023. As of March 31, 2024, the Company had access to draw an additional $<span id="xdx_902_ecustom--AdditionalBorrowingCapacityFromRelatedPartyNotesPayable_iI_pp0p0_c20240331_zDaNhSPBEdZ8">4,265,942</span> on the notes payable, related party (see Note 8) and $<span id="xdx_900_ecustom--AdditionalBorrowingCapacityOnConvertibleDebenture_iI_pp0p0_c20240331_zg9yCEKatQUh" title="Additional borrowing capacity from convertible debenture">3,000,000</span> on the Convertible Debenture Agreement (see Note 8). For the year ended March 31, 2024, the Company’s average monthly operating expenses were approximately $<span id="xdx_900_eus-gaap--OperatingExpenses_pp0p0_c20230401__20240331_z9ncr28eaJw7" title="Operating expenses">44,000</span>, which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and legal and accounting expenses. In addition to the monthly operating expenses, the Company continues to pursue other debt and equity financing opportunities, and as a result, financing expenses of $<span id="xdx_902_eus-gaap--FinancingInterestExpense_pp0p0_c20230401__20240331_zr7ZAJboHl91" title="Financing interest expense">135,000</span> and $<span id="xdx_907_eus-gaap--FinancingInterestExpense_pp0p0_c20220401__20230331_zgB5J2ei1lTi" title="Financing interest expense">54,000</span> were incurred during the years ended March 31, 2024, and 2023, respectively. As management continues to explore additional financing alternatives, beginning April 1, 2024 the Company is expected to spend up to an additional $<span id="xdx_90E_ecustom--AdditionalFinancingAlternatives_pp0p0_c20230401__20240331_zG0bwSlrtTKc">300,000</span> on these efforts. Outstanding Accounts Payable as of March 31, 2024 totaled $<span id="xdx_90A_eus-gaap--AccountsPayableCurrentAndNoncurrent_iI_pp0p0_c20240331_zFYdZ1Si6Cd" title="Accounts payable">447,862</span>. Management has concluded that its existing capital resources and availability under its existing convertible debentures and debt agreements with related parties will be sufficient to fund its operating working capital requirements for the 12 months from the issuance of the financial statements. Related parties have given assurance that their continued support, by way of either extensions of due dates, or increases in lines-of-credit, can be relied on. As mentioned above, the Company also continues to evaluate other debt and equity financing opportunities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash
Cash
329890 usd
CY2023Q1 us-gaap Cash
Cash
533 usd
CY2024Q1 SUND Additional Borrowing Capacity From Related Party Notes Payable
AdditionalBorrowingCapacityFromRelatedPartyNotesPayable
4265942 usd
CY2024Q1 SUND Additional Borrowing Capacity On Convertible Debenture
AdditionalBorrowingCapacityOnConvertibleDebenture
3000000 usd
CY2024 us-gaap Operating Expenses
OperatingExpenses
44000 usd
CY2024 us-gaap Financing Interest Expense
FinancingInterestExpense
135000 usd
CY2023 us-gaap Financing Interest Expense
FinancingInterestExpense
54000 usd
CY2024 SUND Additional Financing Alternatives
AdditionalFinancingAlternatives
300000 usd
CY2024Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
447862 usd
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-385348 usd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-590516 usd
CY2024 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-67408 usd
CY2023 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-109962 usd
CY2024 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
258483 usd
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
463012 usd
CY2024 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
194273 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
223229 usd
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
14237 usd
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7620722 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7387464 usd
CY2024Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
479708 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
479708 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8100430 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7867172 usd
CY2024 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1 pure
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
30822643 usd
CY2024 SUND Operating Loss Carryforwards Expiration Date Description
OperatingLossCarryforwardsExpirationDateDescription
expire in 2025
CY2024 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
greater than 50 percent
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd

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