2020 Q3 Form 10-K Financial Statement
#000156459020044380 Filed on September 23, 2020
Income Statement
Concept | 2020 Q3 | 2020 Q2 | 2020 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $3.600M | ||
YoY Change | |||
% of Gross Profit | |||
Research & Development | $2.116M | ||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $440.4K | $130.0K | $10.71M |
YoY Change | 440286.0% | ||
Operating Profit | -$440.4K | -$10.71M | |
YoY Change | 440286.0% | ||
Interest Expense | $10.00K | $30.00K | $8.000K |
YoY Change | -84.0% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$8.000K | ||
YoY Change | |||
Pretax Income | -$430.0K | -$110.0K | -$16.62M |
YoY Change | |||
Income Tax | $0.00 | $812.00 | |
% Of Pretax Income | |||
Net Earnings | -$434.3K | -$110.0K | -$10.72M |
YoY Change | 434204.0% | ||
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$262.2K | -$67.07K | -$3.166M |
COMMON SHARES | |||
Basic Shares Outstanding | 8.205M | 8.205M | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2020 Q3 | 2020 Q2 | 2020 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $560.0K | $680.0K | $61.79M |
YoY Change | 205866.67% | ||
Cash & Equivalents | $562.8K | $684.7K | $61.79M |
Short-Term Investments | |||
Other Short-Term Assets | $70.00K | $110.0K | $1.310M |
YoY Change | 1090.91% | ||
Inventory | |||
Prepaid Expenses | $106.3K | ||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $640.0K | $791.0K | $63.11M |
YoY Change | 3064.16% | 210266.67% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | $65.70M | $65.69M | |
YoY Change | |||
Other Assets | $80.00K | ||
YoY Change | |||
Total Long-Term Assets | $65.69M | $65.69M | $80.00K |
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | $640.0K | $791.0K | $63.11M |
Total Long-Term Assets | $65.69M | $65.69M | $80.00K |
Total Assets | $66.33M | $66.48M | $63.19M |
YoY Change | 265831.91% | 210533.33% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $400.0K | $120.0K | $490.0K |
YoY Change | |||
Accrued Expenses | $115.5K | ||
YoY Change | 7862.21% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $10.00K |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $400.0K | $116.3K | $37.81M |
YoY Change | 7918.21% | ||
LONG-TERM LIABILITIES | |||
Long-Term Debt | $1.000M | $1.000M | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $2.300M | $2.300M | |
YoY Change | |||
Total Long-Term Liabilities | $3.300M | $3.300M | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $400.0K | $116.3K | $37.81M |
Total Long-Term Liabilities | $3.300M | $3.300M | $0.00 |
Total Liabilities | $3.700M | $3.414M | $37.81M |
YoY Change | 235319.52% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$555.3K | -$121.0K | |
YoY Change | 8244.28% | ||
Common Stock | $244.00 | $240.00 | |
YoY Change | 66.67% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $5.000M | $5.000M | $25.38M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $66.33M | $66.48M | $63.19M |
YoY Change | 265831.91% | 210533.33% |
Cashflow Statement
Concept | 2020 Q3 | 2020 Q2 | 2020 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$434.3K | -$110.0K | -$10.72M |
YoY Change | 434204.0% | ||
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$121.9K | -$70.00K | -$2.279M |
YoY Change | |||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | ||
YoY Change | |||
Cash From Investing Activities | $0.00 | -$65.64M | |
YoY Change | 0.0% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $1.000K | ||
YoY Change | -96.67% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | 64.07M | |
YoY Change | 213470.0% | ||
NET CHANGE | |||
Cash From Operating Activities | -121.9K | -70.00K | -2.279M |
Cash From Investing Activities | 0.000 | -65.64M | |
Cash From Financing Activities | 0.000 | 64.07M | |
Net Change In Cash | -121.9K | -70.00K | 61.79M |
YoY Change | 205873.33% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$121.9K | -$70.00K | -$2.279M |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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DE | |
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250 W. 55th St., #3401 | |
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New York | |
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NY | |
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Noncash Or Part Noncash Change In Value Of Common Stock Subject To Possible Redemption
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Use Of Estimates
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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting periods.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</p> | |
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Concentration Risk Credit Risk
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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. At June 30, 2020 and 2019, the Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> | |
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Entity Incorporation Date Of Incorporation
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2018-12-19 | |
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Business Acquisition Effective Date Of Acquisition1
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1.00 | |
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2 | |
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1 | |
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CY2020Q1 | lsacu |
Underwriter Cash Discount Per Share
UnderwriterCashDiscountPerShare
|
0.20 | |
CY2020Q1 | lsacu |
Aggregate Cash Discount For Underwriter
AggregateCashDiscountForUnderwriter
|
1312753 | |
CY2020Q1 | lsacu |
Underwriter Deferred Fee Per Unit
UnderwriterDeferredFeePerUnit
|
0.35 | |
CY2020Q1 | lsacu |
Underwriter Deferred Fee
UnderwriterDeferredFee
|
2297319 | |
CY2020 | us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
Holders of the Company’s common stock are entitled to one vote for each share. | |
CY2020Q2 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
5806939 | |
CY2019Q2 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
|
0 | |
CY2020 | lsacu |
Warrant Expiration Term
WarrantExpirationTerm
|
P5Y | |
CY2020Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.01 | |
CY2020Q2 | lsacu |
Deferred Tax Assets Start Up Costs
DeferredTaxAssetsStartUpCosts
|
25745 | |
CY2020Q2 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
25745 | |
CY2020Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
25745 | |
CY2020 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
812 | |
CY2020 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
-25745 | |
CY2020 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
25745 | |
CY2020 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.210 | |
CY2020 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.000 | |
CY2020 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.217 | |
CY2020 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
-0.007 |