2022 Q3 Form 10-Q Financial Statement

#000149315222022360 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $110.5K $128.7K $1.324M
YoY Change -34.59% 21.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.051M
YoY Change 32.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00K
YoY Change
% of Gross Profit
Operating Expenses $1.533M $1.043M $2.508M
YoY Change -45.8% -69.91% 61.96%
Operating Profit -$1.422M -$914.5K -$1.184M
YoY Change -46.51% -72.79%
Interest Expense $345.1K
YoY Change -100.8%
% of Operating Profit
Other Income/Expense, Net $24.37K $154.4K $0.00
YoY Change -83.13% -99.34% -100.0%
Pretax Income -$838.9K
YoY Change -98.13%
Income Tax
% Of Pretax Income
Net Earnings -$1.280M -$605.4K -$838.9K
YoY Change -131.82% -103.05% -98.13%
Net Earnings / Revenue -1159.09% -470.53% -63.34%
Basic Earnings Per Share -$0.02 -$0.01 -$0.02
Diluted Earnings Per Share -$0.02 -$0.01 -$16.22K
COMMON SHARES
Basic Shares Outstanding 78.04M shares 78.00M shares 75.62M shares
Diluted Shares Outstanding 78.07M shares 78.00M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $756.6K
YoY Change -82.5%
Cash & Equivalents $109.4K $137.3K $756.6K
Short-Term Investments
Other Short-Term Assets $107.0K
YoY Change -69.06%
Inventory
Prepaid Expenses $53.71K $68.89K
Receivables $25.92K $74.75K $131.0K
Other Receivables $0.00
Total Short-Term Assets $189.0K $281.0K $994.6K
YoY Change -89.24% -90.89% -78.71%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $480.8K
YoY Change 1201850.0%
Other Assets $66.40K
YoY Change
Total Long-Term Assets $4.515M $4.592M $4.647M
YoY Change -4.45% 1047.92% 15490500.0%
TOTAL ASSETS
Total Short-Term Assets $189.0K $281.0K $994.6K
Total Long-Term Assets $4.515M $4.592M $4.647M
Total Assets $4.704M $4.873M $5.642M
YoY Change -27.44% 39.83% 20.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.642M $1.171M $1.333M
YoY Change 28.48% -15.52% -33.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $171.1K
YoY Change -99.55%
Total Long-Term Liabilities $171.1K
YoY Change -99.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.642M $1.171M $1.333M
Total Long-Term Liabilities $171.1K
Total Liabilities $1.642M $1.171M $996.9K
YoY Change 6.08% -87.5% -97.5%
SHAREHOLDERS EQUITY
Retained Earnings -$38.36M -$37.08M
YoY Change
Common Stock $42.20M $41.44M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.836M $4.359M $4.645M
YoY Change
Total Liabilities & Shareholders Equity $4.704M $4.873M $5.642M
YoY Change -27.44% 39.83% 20.78%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.280M -$605.4K -$838.9K
YoY Change -131.82% -103.05% -98.13%
Depreciation, Depletion And Amortization $75.00K
YoY Change
Cash From Operating Activities -$328.9K
YoY Change -45.7%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 518.5K
YoY Change -89.41%
NET CHANGE
Cash From Operating Activities -328.9K
Cash From Investing Activities
Cash From Financing Activities 518.5K
Net Change In Cash 189.6K
YoY Change -95.58%
FREE CASH FLOW
Cash From Operating Activities -$328.9K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Proceeds From Notes Payable
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us-gaap Proceeds From Issuance Of Private Placement
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CWRK Stockbased Compensation Noncash Investing And Financing Activities
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CWRK Stockbased Compensation Related Party Noncash Investing And Financing Activities
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CWRK Conversion Of Convertible Debt
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CWRK Conversion Of Accounts Payable
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q1 us-gaap Stock Issued During Period Value New Issues
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CY2021Q2 CWRK Stock Issued During Period Stock Warrants Exercised
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CY2021Q2 us-gaap Profit Loss
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
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ProfitLoss
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3701658 usd
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2010-07-20
CY2010Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2010Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-37080306 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35248384 usd
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.10
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_zY8mRVXIfrz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited condensed interim consolidated 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 interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and these differences could be material.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
4504600 shares
CY2021Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
135138 usd
CY2021Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
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3413700 shares
CY2022Q2 us-gaap Investments
Investments
475567 usd
CY2022Q2 us-gaap Accounts Receivable Net Current
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74750 usd
CY2021Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
341370 usd
CY2022Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
91578 usd
CY2021Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
24773 usd
CY2021Q4 us-gaap Investments
Investments
480780 usd
CY2021Q3 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
3000000 usd
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3000000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3000000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
225000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
75000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2775000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2925000 usd
CY2022Q2 us-gaap Investments
Investments
475567 usd
CY2021Q4 us-gaap Investments
Investments
480780 usd
CY2022Q2 CWRK Stock Issued During Period Shares Stock Warrants Expired
StockIssuedDuringPeriodSharesStockWarrantsExpired
2108750 shares
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
34530 usd
CY2022Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
135978 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
618 usd
CWRK Number Of Warrant Shares Issued
NumberOfWarrantSharesIssued
3813593 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.09
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
18102771 usd
CWRK Warrant And Right Outstanding Issuances
WarrantAndRightOutstandingIssuances
3813593 usd
CWRK Warrant And Right Outstanding Expired
WarrantAndRightOutstandingExpired
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CY2022Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
19807614 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.5820
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
51217 shares
CY2022Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
488281 shares
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.2048
CY2022Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
100000 usd
CY2022Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
97500 usd
CY2022Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
91578 usd
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.10
CY2022Q2 us-gaap Notes Receivable Related Parties Current
NotesReceivableRelatedPartiesCurrent
1250000 usd
CY2021Q4 us-gaap Notes Receivable Related Parties Current
NotesReceivableRelatedPartiesCurrent
1250000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CWRK Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Dividend Per Share
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsDividendPerShare
0.00
CY2021Q4 us-gaap Minority Interest
MinorityInterest
-894742 usd
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
4900 shares
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
232842 usd
CY2022Q2 us-gaap Minority Interest
MinorityInterest
-657000 usd
us-gaap Interest Paid Net
InterestPaidNet
usd

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