2023 Q2 Form 10-K Financial Statement

#000182912623003752 Filed on May 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $13.59M $16.34M $28.11M
YoY Change 1401.36% 2482.36%
Cost Of Revenue $12.38M $14.69M $25.24M
YoY Change 1297.82% 2302.25%
Gross Profit $1.215M $1.655M $2.867M
YoY Change 4283.21% 7495.39%
Gross Profit Margin 8.94% 10.13% 10.2%
Selling, General & Admin $1.385M $4.549M $10.36M
YoY Change -54.48% -17.31% 88.26%
% of Gross Profit 114.0% 274.91% 361.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $667.9K $900.1K $638.1K
YoY Change 19.56% 22.53% -56.37%
% of Gross Profit 54.98% 54.4% 22.25%
Operating Expenses $2.053M $5.449M $25.61M
YoY Change -42.99% -21.75% 267.78%
Operating Profit -$837.9K -$3.794M -$22.74M
YoY Change -76.73% -45.22% 228.39%
Interest Expense $459.1K -$2.126M -$2.074M
YoY Change -127.5% 6.78% 4.15%
% of Operating Profit
Other Income/Expense, Net -$1.084M $91.07K -$1.940M
YoY Change -33.38% -27.32% -1648.57%
Pretax Income -$1.922M -$16.97M -$24.68M
YoY Change -63.23% 94.93% 183.57%
Income Tax -$4.437M -$4.437M
% Of Pretax Income
Net Earnings -$1.845M -$12.35M -$20.25M
YoY Change -64.71% 125.23% 269.2%
Net Earnings / Revenue -13.57% -75.59% -72.04%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.10 -$0.68 -$1.22
COMMON SHARES
Basic Shares Outstanding 18.06M shares 18.06M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.960M $4.754M $4.836M
YoY Change -41.12% 34.86% 29.82%
Cash & Equivalents $2.432M $3.101M $3.183M
Short-Term Investments $1.322M $1.653M $1.653M
Other Short-Term Assets $867.5K $700.3K $731.8K
YoY Change 265.39% 856.1% -40.98%
Inventory $49.52K $47.18K $47.18K
Prepaid Expenses $125.7K $31.52K
Receivables $3.456M $3.564M $3.564M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.610M $9.178M $9.178M
YoY Change -0.46% 77.95% 77.95%
LONG-TERM ASSETS
Property, Plant & Equipment $25.16M $22.58M $24.46M
YoY Change -2.79% -8.56% -1.99%
Goodwill $14.98M $12.68M
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.000K $4.000K $4.000K
YoY Change 0.0%
Other Assets
YoY Change
Total Long-Term Assets $68.31M $67.16M $67.16M
YoY Change 58.67% 57.71% 59.2%
TOTAL ASSETS
Total Short-Term Assets $8.610M $9.178M $9.178M
Total Long-Term Assets $68.31M $67.16M $67.16M
Total Assets $76.92M $76.34M $76.34M
YoY Change 48.78% 59.9% 61.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.626M $5.022M $5.022M
YoY Change 208.37% 246.24% 246.24%
Accrued Expenses $5.470M $4.138M $4.138M
YoY Change 118.46% 380.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.564M $3.783M $3.783M
YoY Change 69.68% -23.28%
Total Short-Term Liabilities $16.92M $12.94M $12.94M
YoY Change 152.28% 78.71% 78.71%
LONG-TERM LIABILITIES
Long-Term Debt $35.22M $34.88M $34.88M
YoY Change 533.21% 374.1%
Other Long-Term Liabilities $1.269M $1.457M $1.457M
YoY Change 205.77% 235.74%
Total Long-Term Liabilities $36.48M $36.34M $36.34M
YoY Change 510.48% 366.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.92M $12.94M $12.94M
Total Long-Term Liabilities $36.48M $36.34M $36.34M
Total Liabilities $53.40M $49.28M $57.49M
YoY Change 199.36% 144.07% 131.76%
SHAREHOLDERS EQUITY
Retained Earnings -$59.55M -$55.17M
YoY Change 44.4% 54.4%
Common Stock $18.07K $18.07K
YoY Change 20.12% 46.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.94M $18.85M $18.85M
YoY Change
Total Liabilities & Shareholders Equity $76.92M $76.34M $76.34M
YoY Change 48.78% 59.9% 61.25%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.845M -$12.35M -$20.25M
YoY Change -64.71% 125.23% 269.2%
Depreciation, Depletion And Amortization $667.9K $900.1K $638.1K
YoY Change 19.56% 22.53% -56.37%
Cash From Operating Activities -$20.66K -$690.3K -$4.143M
YoY Change -98.94% -18.6% 42.79%
INVESTING ACTIVITIES
Capital Expenditures $1.141M $684.0K $2.491M
YoY Change -223.64% -121.87% -155.34%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $158.4K
YoY Change -100.0% -100.0% -1284.89%
Cash From Investing Activities -$1.141M -$684.0K -$2.333M
YoY Change 31.01% -78.15% -48.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.240M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.100M 35.36K $8.165M
YoY Change -6.02% -98.09% -4.07%
NET CHANGE
Cash From Operating Activities -20.66K -690.3K -$4.143M
Cash From Investing Activities -1.141M -684.0K -$2.333M
Cash From Financing Activities 1.100M 35.36K $8.165M
Net Change In Cash -61.95K -1.339M $1.689M
YoY Change -96.23% -36.95% 54.28%
FREE CASH FLOW
Cash From Operating Activities -$20.66K -$690.3K -$4.143M
Capital Expenditures $1.141M $684.0K $2.491M
Free Cash Flow -$1.162M -$1.374M -$6.634M
YoY Change 14.07% -160.3% -514.76%

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CY2022 VIVK Stock Options Issued For Services
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CY2021 VIVK Common Stock Options Issued For Services
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CY2022 VIVK Gain On Diposal Of Asset
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2021 VIVK Conversion Of Series Bb1 And C1 Preferred Stock To Common Stock
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CY2021 VIVK Common Stock Issued For Reduction In Liabilities Cash Flow
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CY2021 VIVK Noncontrolling Interest Issued For Reduction In Liabilities
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CY2021 VIVK Preferred Stock Series C1 Issued For Reduction In Liabilities
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CY2021 VIVK Common Stock Issued For Purchase Of Licenses
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CY2021 VIVK Capitalized Interest On Construction In Process
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1614697 usd
CY2021 VIVK Dividend Paid In Series B1 Preferred Stock
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42196 shares
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CY2021Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Finance Lease Liability
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CY2022Q4 VIVK Warrants Outstanding
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CY2022 us-gaap Use Of Estimates
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<p id="xdx_849_eus-gaap--UseOfEstimates_zKotmjyEE0R" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zgah9n3zkjAg">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our critical accounting estimates relate to the following: Recoverability of current and noncurrent assets, revenue recognition, stock-based compensation, income taxes, effective interest rates related to long-term debt, marketable securities, cost basis investments, lease assets and liabilities, valuation of stock used to acquire assets, derivatives, and fair values of the intangible assets and goodwill related to business combinations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While our estimates and assumptions are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2021 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2021 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2021 us-gaap Depreciation
Depreciation
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CY2021Q4 us-gaap Marketable Securities
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CY2021 us-gaap Marketable Securities Unrealized Gain Loss
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CY2022Q4 VIVK Impairment Loss
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CY2021Q4 VIVK Refining Reserve
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CY2022Q4 VIVK Refining Reserve
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CY2022Q1 VIVK Additional Pay For License
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CY2022 us-gaap Goodwill Period Increase Decrease
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CY2022Q4 us-gaap Goodwill
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CY2022Q3 VIVK Purchase Price
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CY2022Q3 us-gaap Goodwill
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us-gaap Amortization Of Intangible Assets
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CY2021Q4 us-gaap Accounts Payable Current
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CY2022Q4 us-gaap Deposits
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CY2021Q4 us-gaap Deposits
Deposits
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CY2022Q4 us-gaap Employee Related Liabilities Current
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CY2021Q4 us-gaap Employee Related Liabilities Current
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CY2022Q4 us-gaap Unearned Premiums
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CY2022Q4 VIVK Accrued Interest Various Notes And Loans Payable
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CY2022Q4 VIVK Accrued Interest Working Interest Royalty Programs
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CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
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CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
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CY2022Q4 us-gaap Accounts Payable Trade Current
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CY2022Q4 us-gaap Notes Payable
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CY2021Q4 us-gaap Notes Payable
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VWFI has extended the termination date of its $25M offering until March 31, 2023. VWFI has raised $1,980,000 in conjunction with the $25,000,000 private placement offering to sell convertible promissory notes, which convert to VWFI LLC units, to accredited investors to raise funds to manufacture RPC Series B. Subsequent to December 31, 2022, VWFI has also converted $555,000 of convertible debt into VWFI LLC units.

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