2024 Q3 Form 10-Q Financial Statement

#000143774924025338 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q3
Revenue $3.954M $3.862M
YoY Change 18.34% 49.19%
Cost Of Revenue $2.616M $2.321M
YoY Change 23.94% 11.41%
Gross Profit $1.338M $1.541M
YoY Change 8.73% 204.94%
Gross Profit Margin 33.84% 39.91%
Selling, General & Admin $7.508M $6.775M
YoY Change -31.14% -62.96%
% of Gross Profit 561.1% 439.57%
Research & Development $4.879M $6.604M
YoY Change 66.79% -75.44%
% of Gross Profit 364.65% 428.52%
Depreciation & Amortization $65.00K $69.87K
YoY Change 22.64% 11.9%
% of Gross Profit 4.86% 4.53%
Operating Expenses $12.39M $13.38M
YoY Change -10.42% -70.39%
Operating Profit -$10.94M -$11.84M
YoY Change -325.1% -73.5%
Interest Expense -$44.34K $436.8K
YoY Change -106.83% -86.77%
% of Operating Profit
Other Income/Expense, Net $132.2K $164.7K
YoY Change -91.26% -54.23%
Pretax Income -$10.81M -$10.24M
YoY Change -269.6% -75.04%
Income Tax $162.4K $557.5K
% Of Pretax Income
Net Earnings -$10.97M -$10.79M
YoY Change -273.72% -73.69%
Net Earnings / Revenue -277.42% -279.48%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$0.07 -$0.12
COMMON SHARES
Basic Shares Outstanding 146.4M 146.4M 90.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.15M $9.625M
YoY Change 79.8% -88.0%
Cash & Equivalents $24.92M $29.15M $9.625M
Short-Term Investments
Other Short-Term Assets $2.741M $2.677M
YoY Change -60.27% -78.43%
Inventory $4.144M $4.942M $6.697M
Prepaid Expenses
Receivables $3.960M $1.642M $4.507M
Other Receivables $0.00 $0.00
Total Short-Term Assets $35.22M $38.48M $23.51M
YoY Change 49.85% -10.98% -77.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.285M $1.491M $1.653M
YoY Change -22.27% -0.07% 39.38%
Goodwill $6.900M $6.900M $6.900M
YoY Change 0.0% 0.0% 0.0%
Intangibles $0.00 $5.952K
YoY Change -100.0% -99.85%
Long-Term Investments $228.8K
YoY Change
Other Assets $1.130M $1.320M $1.512M
YoY Change -25.29% -14.71% -3.15%
Total Long-Term Assets $25.20M $26.16M $27.09M
YoY Change -6.99% -18.2% -13.61%
TOTAL ASSETS
Total Short-Term Assets $35.22M $38.48M $23.51M
Total Long-Term Assets $25.20M $26.16M $27.09M
Total Assets $60.42M $64.63M $50.60M
YoY Change 19.41% -14.05% -62.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.037M $3.018M $14.58M
YoY Change -79.17% -83.34% -33.75%
Accrued Expenses $6.282M $4.632M
YoY Change -26.09% -74.15%
Deferred Revenue $400.0K $333.0K $105.0K
YoY Change 280.95%
Short-Term Debt $0.00 $100.0K
YoY Change
Long-Term Debt Due $986.4K $864.6K
YoY Change -7.11% -26.04%
Total Short-Term Liabilities $11.87M $10.62M $20.28M
YoY Change -41.48% -61.64% -51.06%
LONG-TERM LIABILITIES
Long-Term Debt $8.577M $8.870M
YoY Change -7.54% -8.14%
Other Long-Term Liabilities $4.462M $4.739M $29.95K
YoY Change 14798.89% 11715.65% 61.21%
Total Long-Term Liabilities $4.462M $4.739M $29.95K
YoY Change 14798.89% 11715.65% 61.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.87M $10.62M $20.28M
Total Long-Term Liabilities $4.462M $4.739M $29.95K
Total Liabilities $28.10M $27.01M $32.81M
YoY Change -14.36% -33.81% -40.65%
SHAREHOLDERS EQUITY
Retained Earnings -$294.6M -$286.0M -$258.7M
YoY Change 13.88% 21.77% 56.22%
Common Stock $1.486M $1.486M $939.7K
YoY Change 58.11% 62.51% 13.63%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.807M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $32.32M $37.62M $17.78M
YoY Change
Total Liabilities & Shareholders Equity $60.42M $64.63M $50.60M
YoY Change 19.41% -14.05% -62.83%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q3
OPERATING ACTIVITIES
Net Income -$10.97M -$10.79M
YoY Change -273.72% -73.69%
Depreciation, Depletion And Amortization $65.00K $69.87K
YoY Change 22.64% 11.9%
Cash From Operating Activities -$5.646M -$9.494M
YoY Change -69.37% -54.53%
INVESTING ACTIVITIES
Capital Expenditures $54.63K $215.7K
YoY Change 112.73% -244.96%
Acquisitions
YoY Change
Other Investing Activities $110.0K $1.000M
YoY Change -98.17%
Cash From Investing Activities $55.37K $784.3K
YoY Change -99.07% -627.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.280K 2.114M
YoY Change -99.94% 216.82%
NET CHANGE
Cash From Operating Activities -5.646M -9.494M
Cash From Investing Activities 55.37K 784.3K
Cash From Financing Activities 3.280K 2.114M
Net Change In Cash -5.587M -6.595M
YoY Change -23.31% -67.61%
FREE CASH FLOW
Cash From Operating Activities -$5.646M -$9.494M
Capital Expenditures $54.63K $215.7K
Free Cash Flow -$5.700M -$9.710M
YoY Change -69.12% -53.16%

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us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.28
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.45
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1050081
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.51
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.63
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.42
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M9D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q2 us-gaap Share Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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486000 usd
us-gaap Proceeds From Stock Options Exercised
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3280 usd
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336610 usd
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270629 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
277211 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
808952 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
838112 usd
CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10691 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10903 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
31611 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
32003 usd
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
14840 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
33926 usd
us-gaap Variable Lease Cost
VariableLeaseCost
58642 usd
us-gaap Variable Lease Cost
VariableLeaseCost
136569 usd
CY2024Q2 us-gaap Sublease Income
SubleaseIncome
-0 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
44844 usd
us-gaap Sublease Income
SubleaseIncome
15148 usd
us-gaap Sublease Income
SubleaseIncome
134533 usd
CY2024Q2 us-gaap Lease Cost
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296160 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
277196 usd
us-gaap Lease Cost
LeaseCost
884057 usd
us-gaap Lease Cost
LeaseCost
872151 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
797000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
777000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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OperatingLeaseWeightedAverageDiscountRatePercent
0.077 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2269355 usd
CY2023Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-6089752 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2024Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2023Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-471521 usd
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2024Q2 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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CY2023Q2 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
291056 usd
us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
185564 usd
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
309 usd
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
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us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
309 usd
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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CY2024Q2 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
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CY2023Q2 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
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us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-692784 usd
us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
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CY2024Q2 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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CY2023Q2 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
307188 usd
CY2024Q2 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
302155 usd
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
-24691 usd
us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
302155 usd
us-gaap Effective Income Tax Rate Reconciliation Gilti Amount
EffectiveIncomeTaxRateReconciliationGiltiAmount
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CY2024Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2023Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
18257505 usd
CY2024Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2981 usd
CY2023Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-21219 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2922 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-27837 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
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162422 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57551 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
271985 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-77286 usd

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