2023 Q4 Form 10-Q Financial Statement

#000170652423000106 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $15.01M $20.93M $12.37M
YoY Change -13.4% 69.26% -32.37%
Cost Of Revenue $13.29M $18.08M $9.776M
YoY Change -5.89% 84.92% -30.32%
Gross Profit $1.718M $2.857M $2.593M
YoY Change -46.45% 10.19% -39.11%
Gross Profit Margin 11.45% 13.65% 20.96%
Selling, General & Admin $6.114M $5.723M $5.889M
YoY Change 4.27% -2.81% 40.51%
% of Gross Profit 355.8% 200.35% 227.15%
Research & Development $0.00 $0.00 $3.300M
YoY Change -100.0%
% of Gross Profit 0.0% 0.0% 127.28%
Depreciation & Amortization $435.5K $131.1K $526.7K
YoY Change 18.83% -75.1% 241.38%
% of Gross Profit 25.34% 4.59% 20.32%
Operating Expenses $6.354M $5.965M $9.493M
YoY Change 3.31% -37.16% 126.5%
Operating Profit -$4.636M -$3.109M -$6.901M
YoY Change 57.61% -54.95% -10446.01%
Interest Expense -$107.3K -$20.47K $87.11K
YoY Change -242.38% -123.5% -2111.78%
% of Operating Profit
Other Income/Expense, Net -$30.63K -$307.6K -$1.834M
YoY Change -92.86% -83.23% 67313.42%
Pretax Income -$4.774M -$3.416M -$8.734M
YoY Change 12.44% -60.89% -14740.36%
Income Tax -$48.38K -$48.38K -$73.65K
% Of Pretax Income
Net Earnings -$4.725M -$3.368M -$8.661M
YoY Change 13.0% -61.11% -14616.9%
Net Earnings / Revenue -31.49% -16.09% -70.02%
Basic Earnings Per Share -$0.29 -$0.81
Diluted Earnings Per Share -$0.38 -$0.29 -$0.81
COMMON SHARES
Basic Shares Outstanding 11.67M shares 11.67M shares 10.64M shares
Diluted Shares Outstanding 11.65M shares 10.67M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.113M $4.770M $18.61M
YoY Change -90.74% -74.36% -54.08%
Cash & Equivalents $1.113M $4.770M $18.61M
Short-Term Investments
Other Short-Term Assets $42.76K $42.76K $50.02K
YoY Change 10.29% -14.52% -99.36%
Inventory $228.9K $250.9K $311.0K
Prepaid Expenses $1.380M $1.411M $1.485M
Receivables $26.99M $18.34M $12.23M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $40.95M $34.76M $37.27M
YoY Change 18.5% -6.75% -31.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.419M $1.456M $830.4K
YoY Change 8.59% 75.34% -11.84%
Goodwill $15.57M $15.60M $12.13M
YoY Change 0.0% 28.64%
Intangibles $4.395M $4.635M $4.461M
YoY Change -19.38% 3.88%
Long-Term Investments $0.00 $0.00 $2.547M
YoY Change -100.0% -100.0% 48.89%
Other Assets
YoY Change
Total Long-Term Assets $23.43M $23.88M $21.16M
YoY Change -14.84% 12.86% 59.19%
TOTAL ASSETS
Total Short-Term Assets $40.95M $34.76M $37.27M
Total Long-Term Assets $23.43M $23.88M $21.16M
Total Assets $64.38M $58.64M $58.43M
YoY Change 3.73% 0.35% -14.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.41M $22.19M $6.509M
YoY Change 155.12% 240.98% 134.29%
Accrued Expenses $4.071M $4.074M $5.748M
YoY Change 27.35% -29.12% 30.09%
Deferred Revenue $603.0K $969.9K $1.930M
YoY Change -76.55% -49.74%
Short-Term Debt $3.205M $1.965M $0.00
YoY Change -16.38%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $42.11M $31.95M $18.97M
YoY Change 73.61% 68.42% 4.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.380M $1.666M $863.3K
YoY Change -32.49% 92.99% 51.37%
Total Long-Term Liabilities $2.198M $2.532M $1.961M
YoY Change -28.6% 29.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.11M $31.95M $18.97M
Total Long-Term Liabilities $2.198M $2.532M $1.961M
Total Liabilities $44.31M $34.48M $20.93M
YoY Change 62.1% 64.74% 9.19%
SHAREHOLDERS EQUITY
Retained Earnings -$56.80M -$52.07M -$33.94M
YoY Change 49.01% 53.45%
Common Stock $13.52K $13.12K $11.95K
YoY Change 10.65% 9.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.05M $12.05M $11.64M
YoY Change 0.0% 3.48%
Treasury Stock Shares 1.337M shares
Shareholders Equity $20.07M $24.16M $37.50M
YoY Change
Total Liabilities & Shareholders Equity $64.38M $58.64M $58.43M
YoY Change 3.73% 0.35% -14.04%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$4.725M -$3.368M -$8.661M
YoY Change 13.0% -61.11% -14616.9%
Depreciation, Depletion And Amortization $435.5K $131.1K $526.7K
YoY Change 18.83% -75.1% 241.38%
Cash From Operating Activities -$4.671M -$5.862M -$4.064M
YoY Change 28.88% 44.23% 318.11%
INVESTING ACTIVITIES
Capital Expenditures $158.7K $226.5K -$121.7K
YoY Change -51.54% -286.05% -32.32%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.326M $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$158.7K $2.100M $121.7K
YoY Change -89.35% 1625.12% -102.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.171M -25.46K -219.8K
YoY Change -178.96% -88.42% -93.19%
NET CHANGE
Cash From Operating Activities -4.671M -5.862M -4.064M
Cash From Investing Activities -158.7K 2.100M 121.7K
Cash From Financing Activities 1.171M -25.46K -219.8K
Net Change In Cash -3.658M -3.788M -4.162M
YoY Change -44.55% -9.01% -58.08%
FREE CASH FLOW
Cash From Operating Activities -$4.671M -$5.862M -$4.064M
Capital Expenditures $158.7K $226.5K -$121.7K
Free Cash Flow -$4.829M -$6.089M -$3.943M
YoY Change 22.22% 54.43% 397.68%

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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing condensed consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated revenues earned under construction design-build contracts; estimated useful lives and potential impairment of long-lived assets, intangibles and goodwill; inventory write-offs; allowance for deferred tax assets; and allowance for bad debt.</span></div>
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassification</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Balance Sheet Classifications</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company includes in current assets and liabilities the following amounts that are in connection with construction contracts that may extend beyond one year: contract assets and contract liabilities (including retainage invoiced to customers contingent upon anything other than the passage of time), capitalized costs to fulfill contracts, retainage payable to sub-contractors and accrued losses on uncompleted contracts. A one-year time period is used to classify all other current assets and liabilities when not otherwise prescribed by the applicable accounting principles.</span></div>
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CY2023Q3 ugro Revenue Recognized In Excess Of Amounts Paid Or Payable Contract Receivables To The Company On Uncompleted Contracts Contract Asset Excluding Retainage
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571739 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
515858 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1724528 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
639614 usd
CY2023Q3 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
25235 usd
CY2022Q4 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
262599 usd
CY2023Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1752596 usd
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1778890 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4074098 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3196961 usd
CY2023Q3 ugro Lessee Operating Lease Number Of Leases
LesseeOperatingLeaseNumberOfLeases
8 lease
CY2023Q3 ugro Lessee Finance Lease Number Of Leases
LesseeFinanceLeaseNumberOfLeases
1 lease
CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.080
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2264585 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2645598 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
598447 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
600816 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1666138 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2044782 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
669388 shares
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
ugro Share Based Compensation Arrangement By Share Based Payment Award Options Issued Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssuedWeightedAverageRemainingContractualTerm1
P0Y
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
7105 shares
ugro Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedWeightedAverageRemainingContractualTerm
P0Y
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.39
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
ugro Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm
P0Y
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
662283 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.77
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
618651 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.30
CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 usd
CY2021Q2 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P12M
CY2022Q1 ugro Stock Repurchase Program Increase To Authorized Amount
StockRepurchaseProgramIncreaseToAuthorizedAmount
2000000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
7000000 usd
CY2022Q1 ugro Stock Repurchase Program Increase To Authorized Amount
StockRepurchaseProgramIncreaseToAuthorizedAmount
1500000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
8500000 usd
CY2022Q3 ugro Stock Repurchase Program Increase To Authorized Amount
StockRepurchaseProgramIncreaseToAuthorizedAmount
2000000 usd
CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10500000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1099833 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.25
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9100000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
419088 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
9.02
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3800000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1400000 usd
CY2021Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
350000 shares
CY2021Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
8.50
CY2021Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3000000 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
311499 shares
CY2022 ugro Class Of Warrant Or Right Outstanding Weighted Average Useful Life
ClassOfWarrantOrRightOutstandingWeightedAverageUsefulLife
P2Y9M18D
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.32
ugro Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0 shares
ugro Class Of Warrant Or Right Exercised Weighted Average Useful Life
ClassOfWarrantOrRightExercisedWeightedAverageUsefulLife
P0Y
ugro Class Of Warrant Or Right Exercised Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisedExercisePriceOfWarrantsOrRights
0
ugro Class Of Warrant Or Right Expired
ClassOfWarrantOrRightExpired
1000 shares
ugro Class Of Warrant Or Right Expired Weighted Average Useful Life
ClassOfWarrantOrRightExpiredWeightedAverageUsefulLife
P0Y
ugro Class Of Warrant Or Right Expired Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExpiredExercisePriceOfWarrantsOrRights
6.00
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
310499 shares
ugro Class Of Warrant Or Right Outstanding Weighted Average Useful Life
ClassOfWarrantOrRightOutstandingWeightedAverageUsefulLife
P2Y1M6D
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
12.34
CY2023Q3 ugro Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
310499 shares
ugro Class Of Warrant Or Right Exercisable Weighted Average Useful Life
ClassOfWarrantOrRightExercisableWeightedAverageUsefulLife
P2Y1M6D
CY2023Q3 ugro Class Of Warrant Or Right Excisable Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExcisableExercisePriceOfWarrantsOrRights
12.34
CY2023Q3 ugro Class Of Warrant Or Right Outstanding Intrinsic Value
ClassOfWarrantOrRightOutstandingIntrinsicValue
0 usd
CY2023Q3 ugro Class Of Warrant Or Right Exercisable Intrinsic Value
ClassOfWarrantOrRightExercisableIntrinsicValue
0 usd

Files In Submission

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ugro-20230930_pre.xml Edgar Link unprocessable
ugro-20230930_cal.xml Edgar Link unprocessable
ugro-20230930_lab.xml Edgar Link unprocessable
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0001706524-23-000106.txt Edgar Link pending
0001706524-23-000106-xbrl.zip Edgar Link pending
a093023-exx311.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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ugro-20230930.xsd Edgar Link pending
ugro-20230930_def.xml Edgar Link unprocessable
ugro-20230930_htm.xml Edgar Link completed