2023 Q4 Form 10-Q Financial Statement

#000149315223041065 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $15.88M $15.72M $22.78M
YoY Change -47.91% -31.01% 325300.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.445M $1.407M $1.078M
YoY Change -0.82% 30.52% 1264.56%
% of Gross Profit
Research & Development $680.0K $700.0K $987.0K
YoY Change 128.19% -29.08% 5094.74%
% of Gross Profit
Depreciation & Amortization $750.0K $736.0K
YoY Change -1.06%
% of Gross Profit
Operating Expenses $2.875M $2.107M $2.065M
YoY Change 20.19% 2.03% 2007.14%
Operating Profit -$1.652M $427.0K
YoY Change -486.89% -569.23%
Interest Expense -$590.0K -$301.0K
YoY Change 619.51% 5920.0%
% of Operating Profit -70.49%
Other Income/Expense, Net $86.00K
YoY Change
Pretax Income -$6.584M -$1.912M $126.0K
YoY Change -632.26% -1617.46% -231.25%
Income Tax -$106.0K -$131.0K $55.00K
% Of Pretax Income 43.65%
Net Earnings -$5.292M -$1.510M $71.00K
YoY Change -9224.14% -2226.76% -173.2%
Net Earnings / Revenue -33.32% -9.61% 0.31%
Basic Earnings Per Share -$0.14 -$0.01
Diluted Earnings Per Share -$0.35 -$0.14 $4.803K
COMMON SHARES
Basic Shares Outstanding 14.92M shares 14.92M shares 14.78M shares
Diluted Shares Outstanding 14.85M shares 14.78B shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.774M $3.609M
YoY Change -57.72% 3438.24%
Cash & Equivalents $1.774M $2.550M $3.609M
Short-Term Investments
Other Short-Term Assets $771.0K $807.0K $7.319M
YoY Change -20.76% -88.97% 73090.0%
Inventory
Prepaid Expenses $181.0K $301.0K
Receivables $11.36M $11.49M $16.40M
Other Receivables $3.752M $3.718M $814.0K
Total Short-Term Assets $17.81M $18.75M $28.14M
YoY Change -40.33% -33.36% 15533.33%
LONG-TERM ASSETS
Property, Plant & Equipment $245.0K $257.0K $317.0K
YoY Change -18.87% -18.93%
Goodwill $12.25M $17.36M $17.62M
YoY Change -29.42% -1.44%
Intangibles $12.43M $13.17M $15.76M
YoY Change -18.8% -16.45%
Long-Term Investments
YoY Change
Other Assets $147.0K $135.0K
YoY Change -62.5%
Total Long-Term Assets $25.48M $31.40M $34.33M
YoY Change -24.74% -8.55%
TOTAL ASSETS
Total Short-Term Assets $17.81M $18.75M $28.14M
Total Long-Term Assets $25.48M $31.40M $34.33M
Total Assets $43.28M $50.15M $62.47M
YoY Change -32.05% -19.73% 34607.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.36M $11.74M $16.14M
YoY Change -37.52% -27.27% 322780.0%
Accrued Expenses $3.006M $4.479M
YoY Change -45.45%
Deferred Revenue
YoY Change
Short-Term Debt $5.000M $6.000M $5.000M
YoY Change -1.36% 20.0% 7712.5%
Long-Term Debt Due $1.440M $1.879M $1.500M
YoY Change -4.0% 25.27%
Total Short-Term Liabilities $19.77M $20.61M $27.13M
YoY Change -30.67% -24.04% 979.0%
LONG-TERM LIABILITIES
Long-Term Debt $3.064M $2.663M $3.225M
YoY Change 6.35% -17.43%
Other Long-Term Liabilities $304.0K $609.0K
YoY Change -43.7%
Total Long-Term Liabilities $4.885M $4.515M $5.687M
YoY Change -7.38% -20.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.77M $20.61M $27.13M
Total Long-Term Liabilities $4.885M $4.515M $5.687M
Total Liabilities $24.66M $25.12M $32.81M
YoY Change -27.04% -23.44% 1205.21%
SHAREHOLDERS EQUITY
Retained Earnings -$10.66M -$5.369M -$4.043M
YoY Change 219.38% 32.8%
Common Stock $25.48M $25.46M $27.57M
YoY Change 0.5% -7.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.82M $20.09M $23.52M
YoY Change
Total Liabilities & Shareholders Equity $43.28M $50.15M $62.47M
YoY Change -32.05% -19.73% 34607.78%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$5.292M -$1.510M $71.00K
YoY Change -9224.14% -2226.76% -173.2%
Depreciation, Depletion And Amortization $750.0K $736.0K
YoY Change -1.06%
Cash From Operating Activities -$276.0K $1.577M
YoY Change -117.5% 202.11%
INVESTING ACTIVITIES
Capital Expenditures $3.000K $7.000K
YoY Change -57.14% -90.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.000K -$7.000K
YoY Change -57.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $465.0K $358.0K
YoY Change 29.89%
Cash From Financing Activities -$473.0K -$2.417M
YoY Change -80.43% 67.73%
NET CHANGE
Cash From Operating Activities -$276.0K $1.577M
Cash From Investing Activities -$3.000K -$7.000K
Cash From Financing Activities -$473.0K -$2.417M
Net Change In Cash -$752.0K -$847.0K
YoY Change -11.22%
FREE CASH FLOW
Cash From Operating Activities -$276.0K $1.577M
Capital Expenditures $3.000K $7.000K
Free Cash Flow -$279.0K $1.570M
YoY Change -117.77% 247.35%

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ShareBasedCompensation
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ShareBasedCompensation
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VBIX Deferred Income Tax
DeferredIncomeTax
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DeferredIncomeTax
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DeferredIncomeTax
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DeferredIncomeTax
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InterestIncomeOperating
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ExchangeRateDifferencesOnLoans
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ExchangeRateDifferencesOnLoans
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IncreaseDecreaseInOtherReceivables
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VBIX Increase Decrease In Operating Lease Rightofuse Assets
IncreaseDecreaseInOperatingLeaseRightofuseAssets
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IncreaseDecreaseInOperatingLeaseRightofuseAssets
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IncreaseDecreaseInOperatingLeaseRightofuseAssets
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IncreaseDecreaseInOperatingLeaseRightofuseAssets
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VBIX Increse Decrease In Severance Pay
IncreseDecreaseInSeverancePay
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IncreseDecreaseInSeverancePay
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IncreseDecreaseInSeverancePay
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IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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IncreaseDecreaseInAccountsPayable
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CY2022Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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VBIX Increase Decrease In Other Payable
IncreaseDecreaseInOtherPayable
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IncreaseDecreaseInOtherPayable
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CY2022Q3 VBIX Increase Decrease In Other Payable
IncreaseDecreaseInOtherPayable
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2023Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2022Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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VBIX Increase Decrease In Parent Company Loan
IncreaseDecreaseInParentCompanyLoan
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CY2022Q3 VBIX Increase Decrease In Parent Company Loan
IncreaseDecreaseInParentCompanyLoan
66000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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RepaymentsOfShortTermDebt
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RepaymentsOfShortTermDebt
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CY2022Q3 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
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ProceedsFromIssuanceOfLongTermDebt
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RepaymentsOfLongTermDebt
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RepaymentsOfLongTermDebt
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VBIX Payment Of Dividend To Noncontrolling Interests
PaymentOfDividendToNoncontrollingInterests
598000 usd
VBIX Payment Of Dividend To Noncontrolling Interests
PaymentOfDividendToNoncontrollingInterests
1195000 usd
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PaymentOfDividendToNoncontrollingInterests
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PaymentsOfDividends
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RepaymentsOfLoanToRelatedPartyDebt
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CY2022Q3 VBIX Repayments Of Loan To Related Party Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5442000 usd
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3832000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
575000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
551000 usd
CY2023Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
63000 usd
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
135000 usd
us-gaap Interest Paid Net
InterestPaidNet
696000 usd
us-gaap Interest Paid Net
InterestPaidNet
391000 usd
CY2023Q3 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q3 us-gaap Interest Paid Net
InterestPaidNet
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VBIX Cash Paid During Period
CashPaidDuringPeriod
1271000 usd
VBIX Cash Paid During Period
CashPaidDuringPeriod
942000 usd
CY2023Q3 VBIX Cash Paid During Period
CashPaidDuringPeriod
315000 usd
CY2022Q3 VBIX Cash Paid During Period
CashPaidDuringPeriod
299000 usd
VBIX Dividend Declared
DividendDeclared
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CY2022Q3 VBIX Dividend Declared
DividendDeclared
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CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
As a result of the Reorganization Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company.
CY2023Q1 us-gaap Long Term Loans From Bank
LongTermLoansFromBank
1500000 usd
CY2022 VBIX Accumulated Amortization Adjustments To Ultimate Parent Company Earning Values
AccumulatedAmortizationAdjustmentsToUltimateParentCompanyEarningValues
-7870000 usd
CY2022 VBIX Intangible Assets Net Including Goodwil Amortization
IntangibleAssetsNetIncludingGoodwilAmortization
2719000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zbr20O7uwL3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. <span id="xdx_867_zeG4jEKGCR28">Use of estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p>
CY2023Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3718000 usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3542000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
64000 usd
CY2022 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
143000 usd
CY2021Q1 us-gaap Payments For Rent
PaymentsForRent
67000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y5M1D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0310 pure
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M1D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0310 pure
us-gaap Operating Lease Expense
OperatingLeaseExpense
82000 usd
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
31000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
77000 usd
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
26000 usd
CY2022Q4 VBIX Intangible Assets Net Including Goodwill Cost
IntangibleAssetsNetIncludingGoodwillCost
35068000 usd
VBIX Intangible Assets Net Including Goodwill Adjustments To Ultimate Parent Company Earning Values
IntangibleAssetsNetIncludingGoodwillAdjustmentsToUltimateParentCompanyEarningValues
6610000 usd
CY2023Q3 VBIX Intangible Assets Net Including Goodwill Cost
IntangibleAssetsNetIncludingGoodwillCost
35068000 usd
CY2022Q4 VBIX Intangible Assets Net Including Goodwill Accumulated Amortization
IntangibleAssetsNetIncludingGoodwillAccumulatedAmortization
2394000 usd
VBIX Accumulated Amortization Adjustments To Ultimate Parent Company Earning Values
AccumulatedAmortizationAdjustmentsToUltimateParentCompanyEarningValues
-7870000 usd
VBIX Intangible Assets Net Including Goodwil Amortization
IntangibleAssetsNetIncludingGoodwilAmortization
2144000 usd
CY2023Q3 VBIX Intangible Assets Net Including Goodwill Accumulated Amortization
IntangibleAssetsNetIncludingGoodwillAccumulatedAmortization
4538000 usd
CY2023Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
30530000 usd
CY2021Q4 VBIX Intangible Assets Net Including Goodwill Cost
IntangibleAssetsNetIncludingGoodwillCost
28442000 usd
CY2021Q4 VBIX Intangible Assets Net Including Goodwill Cost
IntangibleAssetsNetIncludingGoodwillCost
28442000 usd
CY2022 VBIX Intangible Assets Net Including Goodwill Adjustments To Ultimate Parent Company Earning Values
IntangibleAssetsNetIncludingGoodwillAdjustmentsToUltimateParentCompanyEarningValues
6610000 usd
CY2022 VBIX Intangible Assets Net Including Goodwill Addition
IntangibleAssetsNetIncludingGoodwillAddition
16000 usd
CY2022Q4 VBIX Intangible Assets Net Including Goodwill Cost
IntangibleAssetsNetIncludingGoodwillCost
35068000 usd
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IntangibleAssetsNetIncludingGoodwillCost
35068000 usd
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IntangibleAssetsNetIncludingGoodwillAccumulatedAmortization
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CY2021Q4 VBIX Intangible Assets Net Including Goodwill Accumulated Amortization
IntangibleAssetsNetIncludingGoodwillAccumulatedAmortization
7545000 usd
CY2022Q4 VBIX Intangible Assets Net Including Goodwill Accumulated Amortization
IntangibleAssetsNetIncludingGoodwillAccumulatedAmortization
2394000 usd
CY2022Q4 VBIX Intangible Assets Net Including Goodwill Accumulated Amortization
IntangibleAssetsNetIncludingGoodwillAccumulatedAmortization
2394000 usd
CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
32674000 usd
CY2023Q3 us-gaap Loans Payable
LoansPayable
10542000 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
9450000 usd
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Shares of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part, on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets and funds from the Company and will not confer other privileges.
CY2022Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Company filed the Amended COI with the Secretary of State of Delaware to affect a 28 to 1 reverse stock split of the Company’s outstanding shares of Common Stock.
CY2022 us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
917000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
2202000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
691000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
2051000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
1407000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1374000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
33000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15715000 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
734000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
260000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22778000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
736000 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
427000 usd
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
301000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
126000 usd

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0001493152-23-041065.txt Edgar Link pending
0001493152-23-041065-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
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