2024 Q1 Form 10-K Financial Statement
#000175869924000012 Filed on March 14, 2024
Income Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
Revenue | $30.49K | $59.00K | |
YoY Change | 916.33% | 440.87% | |
Cost Of Revenue | $18.00K | $59.00K | |
YoY Change | 440.87% | ||
Gross Profit | $12.49K | $38.90K | |
YoY Change | 316.33% | 336.67% | |
Gross Profit Margin | 40.96% | 65.93% | |
Selling, General & Admin | $45.47K | $10.91K | $38.61K |
YoY Change | 286.65% | 62.59% | 10.92% |
% of Gross Profit | 87.35% | 99.25% | |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $3.230K | $2.400K | $8.780K |
YoY Change | 51.64% | 130.77% | 744.23% |
% of Gross Profit | 19.22% | 22.57% | |
Operating Expenses | $48.70K | $13.32K | $48.05K |
YoY Change | 250.59% | 98.51% | 34.02% |
Operating Profit | -$48.70K | -$830.00 | -$9.142K |
YoY Change | -1012.27% | -77.63% | -133.13% |
Interest Expense | $1.329K | -$1.260K | $5.677K |
YoY Change | 7.26% | 24.75% | 89.49% |
% of Operating Profit | |||
Other Income/Expense, Net | $32.88K | -$5.677K | |
YoY Change | 2553.75% | 89.49% | |
Pretax Income | -$50.03K | -$2.080K | -$14.82K |
YoY Change | 660.33% | -56.03% | -51.55% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$50.03K | -$2.080K | -$14.82K |
YoY Change | 660.62% | -56.03% | -51.55% |
Net Earnings / Revenue | -6.82% | -25.12% | |
Basic Earnings Per Share | -$0.01 | $0.00 | |
Diluted Earnings Per Share | -$0.01 | $0.00 | $0.00 |
COMMON SHARES | |||
Basic Shares Outstanding | 4.047M shares | 4.047M shares | 4.047M shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $10.82K | $10.82K | $10.82K |
YoY Change | 1491.18% | 26950.0% | 26950.0% |
Cash & Equivalents | $10.82K | $10.82K | |
Short-Term Investments | |||
Other Short-Term Assets | $90.60K | $123.5K | $123.5K |
YoY Change | |||
Inventory | |||
Prepaid Expenses | $90.60K | $123.5K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $101.4K | $134.3K | $134.3K |
YoY Change | 2121.64% | 362867.57% | 335650.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | $51.45K | $54.68K | |
YoY Change | 31.89% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $51.45K | $54.68K | $54.68K |
YoY Change | 30.81% | 31.89% | 31.89% |
TOTAL ASSETS | |||
Total Short-Term Assets | $101.4K | $134.3K | $134.3K |
Total Long-Term Assets | $51.45K | $54.68K | $54.68K |
Total Assets | $152.9K | $189.0K | $189.0K |
YoY Change | 248.24% | 355.42% | 355.37% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $18.10K | $18.10K | |
YoY Change | 110.71% | 110.71% | |
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $153.5K | $204.2K | $204.2K |
YoY Change | 127.03% | 257.73% | 257.73% |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $153.5K | $222.3K | $222.3K |
YoY Change | 109.13% | 238.5% | 238.5% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $81.36K | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $81.36K | $50.67K | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $153.5K | $222.3K | $222.3K |
Total Long-Term Liabilities | $81.36K | $50.67K | $0.00 |
Total Liabilities | $234.9K | $222.3K | $222.3K |
YoY Change | 219.96% | 238.5% | 238.5% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$123.2K | -$73.19K | |
YoY Change | -289.72% | -225.39% | |
Common Stock | $4.047K | $4.047K | |
YoY Change | -88.58% | -88.17% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$82.01K | -$33.32K | -$33.32K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $152.9K | $189.0K | $189.0K |
YoY Change | 248.24% | 355.42% | 355.37% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$50.03K | -$2.080K | -$14.82K |
YoY Change | 660.62% | -56.03% | -51.55% |
Depreciation, Depletion And Amortization | $3.230K | $2.400K | $8.780K |
YoY Change | 51.64% | 130.77% | 744.23% |
Cash From Operating Activities | -$30.69K | -$104.1K | -$114.3K |
YoY Change | -410.11% | -668.34% | -736.6% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $22.00K | $22.00K | |
YoY Change | -32.31% | -48.24% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | ||
YoY Change | |||
Cash From Investing Activities | -$22.00K | -$22.00K | |
YoY Change | -32.31% | -151.76% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $30.69K | 126.1K | $147.1K |
YoY Change | 191.11% | 886.08% | 169.22% |
NET CHANGE | |||
Cash From Operating Activities | -$30.69K | -104.1K | -$114.3K |
Cash From Investing Activities | -22.00K | -$22.00K | |
Cash From Financing Activities | $30.69K | 126.1K | $147.1K |
Net Change In Cash | -0.0000000001019 | $10.78K | |
YoY Change | -100.0% | 85.28% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$30.69K | -$104.1K | -$114.3K |
Capital Expenditures | $22.00K | $22.00K | |
Free Cash Flow | -$126.1K | -$136.3K | |
YoY Change | 789.42% | 455.56% |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5854 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
10815 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
37 | usd |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_806_eus-gaap--NatureOfOperations_zORRR4Y8ySC" style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0"><b>1. <span id="xdx_82A_zgAoUehKFLq4">The Company and Basis of Presentation</span></b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt">Transuite.Org Inc. (the “Company”) was incorporated under the laws of the State of Nevada in June 15, 2018. <span style="color: #151B26">Transuite.Org Inc. offers translation services to individual and large companies and approaches to build tailored linguistic processes around each subject matter and content type. The company handles everything from content creation, through translation and layout to content delivery. We also qualify in all the technical aspects of website and software localization. The company offers the following services: </span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">1. Translation services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">2. Localization services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">3. Multimedia translation services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #151B26">4. Desktop Publishing services</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has elected November 30th as its fiscal year end.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p> | |
CY2023Q4 | us-gaap |
Retained Earnings Appropriated
RetainedEarningsAppropriated
|
73189 | usd |
CY2023Q4 | us-gaap |
Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
|
87993 | usd |
CY2023 | us-gaap |
Other Operating Income
OtherOperatingIncome
|
14819 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
114334 | usd |
CY2023 | us-gaap |
Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
|
<p id="xdx_846_eus-gaap--RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure_zjYFCr1nRb03" style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><i><span id="xdx_86E_zB65w0kf95p8">Revenue</span></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract with the customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4. Allocate the transaction price. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -20pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: -20pt"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">15</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the revenue generated by the Company is for providing translation services. The Company’s revenues are recognized at a point-in-time as translated material is transferred at a distinct point in time per the terms of a contract. The Company shall not be liable for any failure to perform its obligations if such failure is due to circumstances beyond its reasonable control. Any liability of the Company shall be limited to the total of all amounts paid by the customer for services under the contract.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company collects payment from customers after transferring the translated material. During the years ended November 30, 2023 and 2023, we generated revenue of $<span id="xdx_906_eus-gaap--CostOfRevenue_c20221201__20231130_ze4PQHSLcZ0i" title="revenue">59,003</span> and <span id="xdx_907_eus-gaap--CostOfRevenue_c20211201__20221130_ztfhC79q77C4" title="revenue">10,909</span>, respectively. As of November 30, 2023, 2022, and 2021, the Company’s Accounts Receivables balance was $0. The translation services were provided by the Company’s CEO and translators hired by the Company.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended November 30, 2023 and 2022, twelve customers accounted for 100%, including three customers making up 10% or more each, and seven customers accounted for 100%, including six customers making up 10% or more each, of our total revenues, respectively.</p> | |
CY2023 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
59003 | usd |
CY2022 | us-gaap |
Cost Of Revenue
CostOfRevenue
|
10909 | usd |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_840_eus-gaap--UseOfEstimates_zRe7q8f7jvbb" style="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><i><span id="xdx_868_zqbh7RyX72Ub">Use of Estimates</span></i></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of 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 financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> | |
CY2022 | us-gaap |
Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
|
42500 | usd |
CY2023 | us-gaap |
Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
|
64500 | usd |
CY2023Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
123483 | usd |
CY2022Q4 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
0 | usd |
CY2023 | us-gaap |
Advertising Costs Capitalized Direct Response Advertising Write Down
AdvertisingCostsCapitalizedDirectResponseAdvertisingWriteDown
|
0 | usd |
CY2022 | us-gaap |
Advertising Costs Capitalized Direct Response Advertising Write Down
AdvertisingCostsCapitalizedDirectResponseAdvertisingWriteDown
|
3150 | usd |
CY2023Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
50671 | usd |
CY2022Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
57079 | usd |
CY2023 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
24086 | usd |
CY2023 | us-gaap |
Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
30494 | usd |
CY2023Q4 | us-gaap |
Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
|
153520 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
73189 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
58370 | usd |
CY2023Q4 | trso |
Deferred Tax
DeferredTax
|
-15370 | usd |
CY2022Q4 | trso |
Deferred Tax
DeferredTax
|
-12258 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
15370 | usd |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
12258 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
3112 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-6424 | usd |
CY2023 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-3112 | usd |
CY2022 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
6424 | usd |
CY2022 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
23948 | usd |
CY2023Q4 | us-gaap |
Shares Outstanding
SharesOutstanding
|
4046760 | shares |
CY2022Q4 | us-gaap |
Shares Outstanding
SharesOutstanding
|
4046760 | shares |