2024 Q2 Form 10-Q Financial Statement

#000155278124000343 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $11.54M $11.78M
YoY Change 21.52% 25.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.997M $8.007M
YoY Change 202.25% 215.24%
% of Gross Profit
Research & Development $520.0K $530.0K
YoY Change -65.54% -26.29%
% of Gross Profit
Depreciation & Amortization $421.0K $514.0K
YoY Change -33.91% -20.68%
% of Gross Profit
Operating Expenses $520.0K $530.0K
YoY Change -65.54% -26.29%
Operating Profit
YoY Change
Interest Expense $1.119M $1.256M
YoY Change 208.26% 590.11%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.430M $1.090M
YoY Change 0.78% -75.92%
Income Tax $1.035M $229.0K
% Of Pretax Income 19.06% 21.01%
Net Earnings $4.395M $861.0K
YoY Change 11.72% -81.42%
Net Earnings / Revenue 38.08% 7.31%
Basic Earnings Per Share $0.35 $0.07
Diluted Earnings Per Share $0.35 $0.07
COMMON SHARES
Basic Shares Outstanding 12.47M shares 12.50M shares
Diluted Shares Outstanding 12.53M shares 12.54M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.549M $5.498M
YoY Change -18.46% 69.48%
Cash & Equivalents $5.549M $5.498M
Short-Term Investments
Other Short-Term Assets $1.859M $2.086M
YoY Change -1.38% 62.08%
Inventory
Prepaid Expenses
Receivables $7.384M $6.352M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.79M $13.94M
YoY Change 13.17% 57.01%
LONG-TERM ASSETS
Property, Plant & Equipment $5.008M $5.212M
YoY Change -10.54% -7.38%
Goodwill
YoY Change
Intangibles $232.0K $6.198M
YoY Change -96.84% -20.17%
Long-Term Investments $731.0K $394.0K
YoY Change 1138.98% 496.97%
Other Assets $4.504M $3.888M
YoY Change 44.22% 61.93%
Total Long-Term Assets $306.6M $308.4M
YoY Change 10.53% 5.67%
TOTAL ASSETS
Total Short-Term Assets $14.79M $13.94M
Total Long-Term Assets $306.6M $308.4M
Total Assets $321.4M $322.4M
YoY Change 10.65% 7.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.310M $2.867M
YoY Change 11.6% 59.28%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.526M $4.376M
YoY Change 84.45% -64.47%
LONG-TERM LIABILITIES
Long-Term Debt $31.08M $30.93M
YoY Change
Other Long-Term Liabilities $1.566M $1.859M
YoY Change -33.7% -34.47%
Total Long-Term Liabilities $1.566M $1.859M
YoY Change -33.7% -34.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.526M $4.376M
Total Long-Term Liabilities $1.566M $1.859M
Total Liabilities $38.17M $42.06M
YoY Change 130.52% 59.62%
SHAREHOLDERS EQUITY
Retained Earnings -$4.140B -$4.144B
YoY Change -0.29% -0.29%
Common Stock $12.00K $12.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $283.2M $280.3M
YoY Change
Total Liabilities & Shareholders Equity $321.4M $322.4M
YoY Change 10.65% 7.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $4.395M $861.0K
YoY Change 11.72% -81.42%
Depreciation, Depletion And Amortization $421.0K $514.0K
YoY Change -33.91% -20.68%
Cash From Operating Activities $5.413M $4.430M
YoY Change 14.59% 567.17%
INVESTING ACTIVITIES
Capital Expenditures $21.00K
YoY Change -88.52%
Acquisitions
YoY Change
Other Investing Activities -$4.347M $9.181M
YoY Change -129.03% -182.91%
Cash From Investing Activities -$4.368M $9.181M
YoY Change -129.53% -182.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -994.0K -$13.35M
YoY Change -93.77% -277.84%
NET CHANGE
Cash From Operating Activities 5.413M $4.430M
Cash From Investing Activities -4.368M $9.181M
Cash From Financing Activities -994.0K -$13.35M
Net Change In Cash 51.00K $262.0K
YoY Change -98.57% -109.0%
FREE CASH FLOW
Cash From Operating Activities $5.413M $4.430M
Capital Expenditures $21.00K
Free Cash Flow $5.392M $4.430M
YoY Change 18.74% 575.3%

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CY2024Q1 us-gaap Use Of Estimates
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<p id="xdx_84A_eus-gaap--UseOfEstimates_zQ7im73tIeo2" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-size: 10pt"><b><i><span id="xdx_86A_zXm2JziDrSD3">Use of Estimates</span></i></b> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition; stock-based compensation; valuation of interest and accounts receivable; impairment of finance receivables; allowance for credit losses; long-lived assets; property and equipment; intangible assets; valuation of warrants and other investments; contingent consideration; income taxes; and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, health crises such as the COVID-19 global pandemic, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 number
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
11786000 usd
CY2024Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
274509000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
861000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
4635000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12475000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12833000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
65000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
42000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12540000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12875000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
163000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
119000 shares
CY2024Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
274509000 usd
CY2023Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
288405000 usd
CY2023Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
288405000 usd
CY2024Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
13224000 usd
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
13901000 usd
CY2024Q1 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
261285000 usd
CY2023Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
274504000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
62836000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
74662000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
43703000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
27980000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
34342000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
30986000 usd
CY2024Q1 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
274509000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
77925000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
63420000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
49416000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
28295000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
37503000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
31846000 usd
CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
288405000 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
29850000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
23652000 usd
CY2024Q1 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
6198000 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
29850000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
23363000 usd
CY2023Q4 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
6487000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
866000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1154000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1154000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1154000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1037000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
833000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6198000 usd
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
45000000.0 usd
CY2023Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
60000000.0 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
32969000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
32969000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2042000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2188000 usd
CY2024Q1 us-gaap Unsecured Debt
UnsecuredDebt
30927000 usd
CY2023Q4 us-gaap Unsecured Debt
UnsecuredDebt
30781000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
32969000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
32969000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
125000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
98000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
15000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
140000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
99000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
384000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
504000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
461000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
465000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
405000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
272000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2491000 usd
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
1509000 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
9000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1509000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
9000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 number
CY2024Q1 swkh Revenues Excluding Other Revenue
RevenuesExcludingOtherRevenue
11733000 usd
CY2024Q1 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
46000 usd
CY2024Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
5323000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
1256000 usd
CY2024Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
530000 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
514000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2684000 usd
CY2024Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-382000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
861000 usd
CY2023Q1 swkh Revenues Excluding Other Revenue
RevenuesExcludingOtherRevenue
9378000 usd
CY2023Q1 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
33000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
182000 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
719000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
648000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2540000 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-796000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-109000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
4635000 usd

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