$VTSI
VirTra, Inc

2024 Q4 Form 10-Q Financial Statement

#000149315224044748 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $7.484M
YoY Change -1.02%
Cost Of Revenue $1.986M
YoY Change -8.7%
Gross Profit $5.498M
YoY Change 2.08%
Gross Profit Margin 73.46%
Selling, General & Admin $4.018M
YoY Change 24.38%
% of Gross Profit 73.07%
Research & Development $724.8K
YoY Change 48.7%
% of Gross Profit 13.18%
Depreciation & Amortization $309.4K
YoY Change 40.64%
% of Gross Profit 5.63%
Operating Expenses $4.742M
YoY Change 27.6%
Operating Profit $755.6K
YoY Change -54.74%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $35.47K
YoY Change -83.07%
Pretax Income $791.1K
YoY Change -57.9%
Income Tax $208.0K
% Of Pretax Income 26.29%
Net Earnings $583.1K
YoY Change -64.33%
Net Earnings / Revenue 7.79%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $0.05
COMMON SHARES
Basic Shares Outstanding 11.24M shares 11.17M shares
Diluted Shares Outstanding 11.18M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.67M
YoY Change 14.35%
Cash & Equivalents $19.67M
Short-Term Investments
Other Short-Term Assets $1.886M
YoY Change 43.98%
Inventory $13.91M
Prepaid Expenses
Receivables $7.217M
Other Receivables $0.00
Total Short-Term Assets $44.94M
YoY Change -3.18%
LONG-TERM ASSETS
Property, Plant & Equipment $16.35M
YoY Change 8.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $201.7K
YoY Change 0.0%
Total Long-Term Assets $21.13M
YoY Change -4.44%
TOTAL ASSETS
Total Short-Term Assets $44.94M
Total Long-Term Assets $21.13M
Total Assets $66.07M
YoY Change -3.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.122M
YoY Change -19.08%
Accrued Expenses $1.176M
YoY Change -32.01%
Deferred Revenue $4.798M
YoY Change -38.0%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $230.8K
YoY Change 9.91%
Total Short-Term Liabilities $8.958M
YoY Change -48.01%
LONG-TERM LIABILITIES
Long-Term Debt $7.630M
YoY Change -3.05%
Other Long-Term Liabilities $3.331M
YoY Change -11.18%
Total Long-Term Liabilities $10.96M
YoY Change -5.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.958M
Total Long-Term Liabilities $10.96M
Total Liabilities $19.92M
YoY Change -30.97%
SHAREHOLDERS EQUITY
Retained Earnings $13.66M
YoY Change 73.65%
Common Stock $1.123K
YoY Change 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.15M
YoY Change
Total Liabilities & Shareholders Equity $66.07M
YoY Change -3.59%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $583.1K
YoY Change -64.33%
Depreciation, Depletion And Amortization $309.4K
YoY Change 40.64%
Cash From Operating Activities $1.401M
YoY Change -65.49%
INVESTING ACTIVITIES
Capital Expenditures $83.45K
YoY Change -47.84%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$83.45K
YoY Change -47.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.78K
YoY Change 102.6%
NET CHANGE
Cash From Operating Activities 1.401M
Cash From Investing Activities -83.45K
Cash From Financing Activities -60.78K
Net Change In Cash 1.257M
YoY Change -67.52%
FREE CASH FLOW
Cash From Operating Activities $1.401M
Capital Expenditures $83.45K
Free Cash Flow $1.318M
YoY Change -66.22%

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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
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VIRTRA, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
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dei Entity Address Address Line1
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dei Security12b Title
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DepreciationDepletionAndAmortization
701536 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
238213 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
369772 usd
VTSI Reserve For Restricted Stock Units
ReserveForRestrictedStockUnits
508003 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
12 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
342475 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-154022 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8661418 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
11131628 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1507068 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1183302 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-132151 usd
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
3122905 usd
VTSI Increase Decrease Unbilled Revenue
IncreaseDecreaseUnbilledRevenue
1149314 usd
VTSI Increase Decrease Unbilled Revenue
IncreaseDecreaseUnbilledRevenue
-4487290 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
979345 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
779538 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-174791 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4737781 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4015047 usd
VTSI Increase Decrease In Operating Lease Right Of Use Liability
IncreaseDecreaseInOperatingLeaseRightOfUseLiability
-249614 usd
VTSI Increase Decrease In Operating Lease Right Of Use Liability
IncreaseDecreaseInOperatingLeaseRightOfUseLiability
-392103 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1927880 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
5276512 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2669269 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4365751 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1692249 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
512249 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1692249 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-512249 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
178559 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
177824 usd
VTSI Proceeds From Restricted Stock Units Issued
ProceedsFromRestrictedStockUnitsIssued
20151 usd
VTSI Proceeds From Restricted Stock Units Issued
ProceedsFromRestrictedStockUnitsIssued
41903 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-158408 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-135921 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
818612 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3717581 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18849843 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13483597 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19668455 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17201178 usd
us-gaap Interest Paid Net
InterestPaidNet
182419 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5315442 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_z4I6vkg3ucug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z6Vk5S2Fp8Xl">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Significant accounting estimates in these financial statements include valuation assumptions for share-based payments, allowance for doubtful accounts, inventory reserves, accrual for warranty reserves, the carrying value of long-lived assets and intangible assets, income tax valuation allowances, and the allocation of the transaction price to the performance obligations in our contracts with customers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 VTSI Simulatorsand Accessories Revenue
SimulatorsandAccessoriesRevenue
4519902 usd
CY2023Q3 VTSI Simulatorsand Accessories Revenue
SimulatorsandAccessoriesRevenue
2618686 usd
CY2024Q3 VTSI Extended Servicetype Warranties
ExtendedServicetypeWarranties
1355788 usd
CY2023Q3 VTSI Extended Servicetype Warranties
ExtendedServicetypeWarranties
1220210 usd
CY2024Q3 VTSI Customized Software And Customized Content Scenarios
CustomizedSoftwareAndCustomizedContentScenarios
123362 usd
CY2023Q3 VTSI Customized Software And Customized Content Scenarios
CustomizedSoftwareAndCustomizedContentScenarios
381300 usd
CY2024Q3 VTSI Installation And Training
InstallationAndTraining
158681 usd
CY2023Q3 VTSI Installation And Training
InstallationAndTraining
199407 usd
CY2024Q3 VTSI Design And Prototyping
DesignAndPrototyping
398672 usd
CY2023Q3 VTSI Design And Prototyping
DesignAndPrototyping
2488219 usd
CY2024Q3 VTSI Subscription Training Equipment Partnership
SubscriptionTrainingEquipmentPartnership
927864 usd
CY2023Q3 VTSI Subscription Training Equipment Partnership
SubscriptionTrainingEquipmentPartnership
653760 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7484269 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7561582 usd
VTSI Simulatorsand Accessories Revenue
SimulatorsandAccessoriesRevenue
12227044 usd
VTSI Simulatorsand Accessories Revenue
SimulatorsandAccessoriesRevenue
17565337 usd
VTSI Extended Servicetype Warranties
ExtendedServicetypeWarranties
3656944 usd
VTSI Extended Servicetype Warranties
ExtendedServicetypeWarranties
2439199 usd
VTSI Customized Software And Customized Content Scenarios
CustomizedSoftwareAndCustomizedContentScenarios
488395 usd
VTSI Customized Software And Customized Content Scenarios
CustomizedSoftwareAndCustomizedContentScenarios
756345 usd
VTSI Installation And Training
InstallationAndTraining
568721 usd
VTSI Installation And Training
InstallationAndTraining
905334 usd
VTSI Design And Prototyping
DesignAndPrototyping
1845580 usd
VTSI Design And Prototyping
DesignAndPrototyping
3726982 usd
VTSI Subscription Training Equipment Partnership
SubscriptionTrainingEquipmentPartnership
2867023 usd
VTSI Subscription Training Equipment Partnership
SubscriptionTrainingEquipmentPartnership
2532223 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21653707 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27925420 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3656944 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2439199 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_z6XtQY4KOVkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zcYyJ40l0ahl">Concentration of Credit Risk and Major Customers and Suppliers</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, certificates of deposit, and accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s cash, cash equivalents and certificates of deposit are maintained with financial institutions with high credit standings and are FDIC insured deposits. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $<span id="xdx_904_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20240930_z8iCYVF9cHD5" title="FDIC insured amount">250,000</span> per depositor, per FDIC-insured bank, per ownership category. The Company had uninsured cash and cash equivalents of $<span id="xdx_904_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20240930_zKffe80uPb69" title="Uninsured cash and cash equivalents">19,168,455</span> and $<span id="xdx_905_eus-gaap--CashUninsuredAmount_iI_pp0p0_c20231231_zSGpb6Yqwjef" title="Uninsured cash and cash equivalents">18,349,842</span> as of September 30, 2024, and December 31, 2023, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIRTRA, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales are typically made on credit and the Company generally does not require collateral. Management performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for estimated losses. Historically, the Company has experienced minimal charges relative to doubtful accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically, the Company primarily sells its products to U.S. federal and state agencies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2024, the Company had three customers that accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_z2UeQd4U3z84" title="Concentration of credit risk percentage">30</span>%, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zVMfy2wW2GG6" title="Concentration of credit risk percentage">14</span>%, and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--ThreeCustomerMember_zgl2qQILFpbd" title="Concentration of credit risk percentage">11</span>% respectively, of total accounts receivable. As of December 31, 2023, the Company had customers that accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zwyyKhHXmsfc" title="Concentration of credit risk percentage">28</span>% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zjrTyxNFTHZg" title="Concentration of credit risk percentage">14</span>% of total accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2024, the Company had two suppliers that accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierOneMember_zIo9OJdkpF9k" title="Concentration of credit risk percentage">16</span>% and <span id="xdx_90A_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsPayableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__srt--MajorCustomersAxis__custom--SupplierTwoMember_z0EUsdMABWOi" title="Concentration of credit risk percentage">11</span>% of the total accounts payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the three months ended September 30, 2024, and 2023, the Company had a customer that accounted for <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zoMeAJsHvJD7"><span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zl7TYcNGL6cl">10</span></span>% of total revenue and one customer that accounted for <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240701__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zUJqijt3yAck"><span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230701__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_z0PnDy5Seqtd">16</span></span>% of total revenue, respectively. For the nine months ending Sept 30, 2024 no single customer exceeded <span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--SingleCustomerMember_z5ppSg4kYoE9">10</span>%</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
19168455 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
18349842 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
583101 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1634790 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11175882 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10934962 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
7547 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11175882 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10942509 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3000002 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5607804 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10982083 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10924486 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
4669 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10982083 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10929155 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2024Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
14366958 usd
CY2023Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
12834368 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
455010 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
429488 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
13911948 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
12404880 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22068136 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20375888 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5716703 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4888876 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16351433 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15487012 usd
us-gaap Depreciation
Depreciation
827828 usd
us-gaap Depreciation
Depreciation
682784 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
695207 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
695207 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
134334 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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