2024 Q3 Form 10-Q Financial Statement

#000147793224004190 Filed on July 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q1
Revenue $20.06K $0.00
YoY Change 1019.48% -100.0%
Cost Of Revenue $0.00
YoY Change
Gross Profit $20.06K
YoY Change 1019.48%
Gross Profit Margin 100.0%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $98.35K $19.79K
YoY Change 139.2% -66.82%
Operating Profit -$78.28K -$19.79K
YoY Change 99.08% -31.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.117K
YoY Change -115.89%
Pretax Income
YoY Change
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$78.45K -$20.91K
YoY Change 99.51% -22.81%
Net Earnings / Revenue -391.07%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 2.096B shares
Diluted Shares Outstanding 2.096B shares

Balance Sheet

Concept 2024 Q3 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $307.3K $2.095K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $4.405M $11.85K
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables
Total Short-Term Assets $4.712M $16.33K
YoY Change 4253.9% -67.6%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $4.712M $16.33K
Total Long-Term Assets $0.00 $0.00
Total Assets $4.712M $16.33K
YoY Change 4222.67% -68.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $33.08K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.303M $1.626M
YoY Change 184.41% 8.74%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.228M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.303M $1.626M
Total Long-Term Liabilities $5.228M
Total Liabilities $9.531M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$1.378M -$3.006M
YoY Change -51.45% 9.91%
Common Stock $209.6K $209.6K
YoY Change -0.01% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.610M
YoY Change
Total Liabilities & Shareholders Equity $4.712M $16.33K
YoY Change 4222.67% -68.13%

Cashflow Statement

Concept 2024 Q3 2024 Q1
OPERATING ACTIVITIES
Net Income -$78.45K -$20.91K
YoY Change 99.51% -22.81%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $89.26K
YoY Change -146.29%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $192.1K
YoY Change -456.69%
NET CHANGE
Cash From Operating Activities $89.26K
Cash From Investing Activities $0.00
Cash From Financing Activities $192.1K
Net Change In Cash $281.3K
YoY Change 25828.48%
FREE CASH FLOW
Cash From Operating Activities $89.26K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of CFS in conformity with U.S. GAAP 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 CFS and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p>
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tkcm Restatement Textblock
RestatementTextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 8 - RESTATEMENT</strong> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the “Form 10-Q”), was prepared without the consent of its independent accountant, Beckles &amp; Co. Inc. (“Beckles &amp; Co.”) in respect of unaudited interim financial information as of and for the three and six month periods ended March 31, 2024 set forth herein, as required by Statement on Auditing Standards No. 100, Interim Financial Statements (the “SAS 100 Review”). In its Form 8-K filed by the Company on February 27, 2024 the Company reported that it determined that the Company incorrectly applied the conversion of exchange rate transactions of its parent company and the conversion of its foreign currency subsidiary balances. As a result the following errors occurred: (i) understated the currency translation adjustment in the income statement, and (ii) overstated the cumulative translation adjustment in the statement of other comprehensive income. Although these changes are non-cash items and do not change the Company’s reported operating revenues or reported operating costs and expenses, the Company determined that these changes have a material impact on the as filed financial statements for the Company’s previously issued financial statements for the year ended June 30, 2023 and the quarter ended September 30, 2023, and as such the Company intends to restate the financial statements for such periods and potentially other subsequent periods. The financial information and footnotes contained in this Form 10-Q reflect the correction of the aforementioned errors. Due to the fact that Beckles &amp; Co.s’ SAS 100 review has not yet been done, the consolidated balance sheets, condensed financial statements as of and for the three and six month periods ended March 31, 2024 included in the Form 10-Q should not be relied upon. The Company intends to file an amended Form 10-Q upon completion of Beckles &amp; Co. s’ SAS 100 Review.</p>
tkcm Accountswrittenoff Textblock
AccountswrittenoffTextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 9 – ACCOUNTS WRITTEN OFF</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On January 1, 2024 cash of $236.06 and other assets of $816.62 were deemed impaired and were written off.  </p>

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