2024 Q2 Form 10-Q Financial Statement

#000143774924016236 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $6.401M $2.181M $675.0K
YoY Change 371.35% 223.11% 694.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.177M $7.238M $6.625M
YoY Change -7.52% 9.25% -0.5%
% of Gross Profit
Research & Development $17.48M $19.01M $19.62M
YoY Change -7.09% -3.1% 7.8%
% of Gross Profit
Depreciation & Amortization $900.0K $900.0K $2.062M
YoY Change -4.66% -56.35% 457.3%
% of Gross Profit
Operating Expenses $22.66M $26.25M $26.25M
YoY Change -7.19% 0.02% 5.57%
Operating Profit -$16.26M -$24.07M -$25.57M
YoY Change -29.48% -5.87% 3.21%
Interest Expense $416.0K $503.0K $642.0K
YoY Change -41.49% -21.65% 1734.29%
% of Operating Profit
Other Income/Expense, Net -$178.0K
YoY Change -47.65%
Pretax Income -$16.45M -$24.37M -$25.11M
YoY Change -27.01% -2.94% 0.12%
Income Tax $21.00K $45.00K $29.00K
% Of Pretax Income
Net Earnings -$16.47M -$24.42M -$25.14M
YoY Change -26.98% -2.88% 0.16%
Net Earnings / Revenue -257.24% -1119.53% -3724.44%
Basic Earnings Per Share -$0.09 -$0.14 -$0.19
Diluted Earnings Per Share -$0.09 -$0.14 -$0.19
COMMON SHARES
Basic Shares Outstanding 176.8M 173.9M 135.6M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.59M $36.66M $71.81M
YoY Change -7.82% -48.94% -51.37%
Cash & Equivalents $43.29M $26.74M $48.40M
Short-Term Investments $19.31M $14.88M $23.38M
Other Short-Term Assets $328.0K $2.105M $3.755M
YoY Change -90.14% -43.94% -41.7%
Inventory
Prepaid Expenses
Receivables $1.088M $556.0K $264.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $71.54M $44.28M $75.83M
YoY Change 0.38% -41.6% -50.82%
LONG-TERM ASSETS
Property, Plant & Equipment $10.28M $11.10M $14.37M
YoY Change -26.14% -22.76% 88.4%
Goodwill $4.508M $4.508M $4.508M
YoY Change 0.0% 0.0% 0.18%
Intangibles $3.923M $4.106M $4.837M
YoY Change -15.71% -15.11% -52.97%
Long-Term Investments
YoY Change
Other Assets $851.0K $917.0K $2.460M
YoY Change -43.57% -62.72% 58.1%
Total Long-Term Assets $42.21M $44.39M $54.02M
YoY Change -17.86% -17.84% 16.93%
TOTAL ASSETS
Total Short-Term Assets $71.54M $44.28M $75.83M
Total Long-Term Assets $42.21M $44.39M $54.02M
Total Assets $113.7M $88.67M $129.9M
YoY Change -7.26% -31.71% -35.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.587M $3.978M $3.882M
YoY Change -14.57% 2.47% -3.36%
Accrued Expenses $6.611M $4.980M $6.977M
YoY Change 9.27% -28.62% 36.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.686M $2.360M $900.0K
YoY Change 198.44% 162.22% 12.5%
Total Short-Term Liabilities $15.76M $14.12M $15.68M
YoY Change 13.49% -9.99% 42.12%
LONG-TERM LIABILITIES
Long-Term Debt $1.591M $1.863M $0.00
YoY Change
Other Long-Term Liabilities $405.0K $309.0K $246.0K
YoY Change 54.58% 25.61% 32.26%
Total Long-Term Liabilities $405.0K $309.0K $246.0K
YoY Change 54.58% 25.61% 32.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.76M $14.12M $15.68M
Total Long-Term Liabilities $405.0K $309.0K $246.0K
Total Liabilities $33.74M $32.98M $40.10M
YoY Change -10.23% -17.75% 17.89%
SHAREHOLDERS EQUITY
Retained Earnings -$450.5M -$434.0M -$352.2M
YoY Change 20.19% 23.21% 44.1%
Common Stock $531.1M $490.2M $442.1M
YoY Change 15.46% 10.89% 7.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.01M $55.69M $89.75M
YoY Change
Total Liabilities & Shareholders Equity $113.7M $88.67M $129.9M
YoY Change -7.26% -31.71% -35.2%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$16.47M -$24.42M -$25.14M
YoY Change -26.98% -2.88% 0.16%
Depreciation, Depletion And Amortization $900.0K $900.0K $2.062M
YoY Change -4.66% -56.35% 457.3%
Cash From Operating Activities -$12.03M -$21.19M -$24.46M
YoY Change -31.16% -13.36% -2.6%
INVESTING ACTIVITIES
Capital Expenditures $370.0K $131.0K $1.239M
YoY Change -18.5% -89.43% -7.95%
Acquisitions
YoY Change
Other Investing Activities -$9.294M -$4.893M $26.70M
YoY Change 723.21% -118.33% 425.8%
Cash From Investing Activities -$9.664M -$5.024M $25.46M
YoY Change 510.49% -119.73% 582.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.24M $18.20M $1.420M
YoY Change 175.17% 1181.34% 36.54%
NET CHANGE
Cash From Operating Activities -12.03M -$21.19M -$24.46M
Cash From Investing Activities -9.664M -$5.024M $25.46M
Cash From Financing Activities 38.24M $18.20M $1.420M
Net Change In Cash 16.55M -$8.020M $2.421M
YoY Change -420.92% -431.27% -111.9%
FREE CASH FLOW
Cash From Operating Activities -$12.03M -$21.19M -$24.46M
Capital Expenditures $370.0K $131.0K $1.239M
Free Cash Flow -$12.40M -$21.32M -$25.70M
YoY Change -30.84% -17.03% -2.87%

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><b>Use of Estimates</b> – 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, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><b>Concentration of Credit Risk</b> – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, available-for-sale investments and accounts receivable. The Company places its cash, cash equivalents and available-for-sale investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. Losses incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any <em style="font: inherit;">one</em> corporate issuer or sector and establishing a minimum allowable credit rating.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p>
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16315008

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