2023 Q1 Form 10-K Financial Statement

#000149315223008558 Filed on March 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $142.8K $292.8K $944.4K
YoY Change 434.76% 223.27%
Cost Of Revenue $16.18K $48.22K $48.22K
YoY Change 12932.43% 113.26%
Gross Profit $126.6K $244.6K $896.2K
YoY Change 349.72% 232.5%
Gross Profit Margin 88.67% 83.53% 94.89%
Selling, General & Admin $179.8K $78.32K $260.2K
YoY Change 257.49% -63.56% -61.38%
% of Gross Profit 142.04% 32.02% 29.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $179.8K $78.32K $260.2K
YoY Change 257.49% -59.88% -60.22%
Operating Profit -$53.22K $166.2K $636.0K
YoY Change 5.8% -218.03% -265.36%
Interest Expense $10.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $11.00 $64.42K $91.41K
YoY Change -124.2% -158.85%
Pretax Income -$53.21K $230.7K $727.4K
YoY Change 5.79% -111.78% -134.78%
Income Tax
% Of Pretax Income
Net Earnings -$53.21K $230.7K $727.4K
YoY Change 5.78% -111.78% -134.32%
Net Earnings / Revenue -37.27% 78.78% 77.02%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 7.395B shares 7.395B shares 7.395B shares
Diluted Shares Outstanding 7.395B shares 7.395B shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.2K $217.4K $217.4K
YoY Change 81304.35% 27775.64% 27775.64%
Cash & Equivalents $169.1K $199.3K
Short-Term Investments $18.12K $18.12K $18.12K
Other Short-Term Assets $18.12K $18.12K $18.12K
YoY Change
Inventory
Prepaid Expenses
Receivables $485.5K $628.2K $628.2K
Other Receivables $485.5K $628.2K $0.00
Total Short-Term Assets $672.7K $845.7K $845.7K
YoY Change 84.22% 106.88% 106.88%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $672.7K $845.7K $845.7K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $672.7K $845.7K $845.7K
YoY Change 84.22% 106.88% 106.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $720.00 $720.00
YoY Change -100.0% -98.62% -98.62%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $10.67K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.67K $720.00 $720.00
YoY Change -79.61% -98.62% -98.62%
LONG-TERM LIABILITIES
Long-Term Debt $121.7K $251.4K $251.4K
YoY Change -75.51% -48.73% -48.73%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $121.7K $251.4K $251.4K
YoY Change -75.51% -48.73% -48.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.67K $720.00 $720.00
Total Long-Term Liabilities $121.7K $251.4K $251.4K
Total Liabilities $132.4K $252.1K $252.1K
YoY Change -75.9% -53.54% -53.54%
SHAREHOLDERS EQUITY
Retained Earnings -$32.85M -$32.79M
YoY Change -2.17%
Common Stock $33.39M $33.39M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $540.4K $593.6K $593.6K
YoY Change
Total Liabilities & Shareholders Equity $672.7K $845.7K $845.7K
YoY Change 84.22% 106.88% 106.88%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$53.21K $230.7K $727.4K
YoY Change 5.78% -111.78% -134.32%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $88.80K $15.72K $396.0K
YoY Change -1324.79% -110.31% -227.38%
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 -$119.0K -200.0K -$197.5K
YoY Change -1876.12% -232.01% -162.99%
NET CHANGE
Cash From Operating Activities $88.80K 15.72K $396.0K
Cash From Investing Activities
Cash From Financing Activities -$119.0K -200.0K -$197.5K
Net Change In Cash -$30.20K -184.3K $198.5K
YoY Change 5391.45% 19504.26% 7595.12%
FREE CASH FLOW
Cash From Operating Activities $88.80K $15.72K $396.0K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022 us-gaap Use Of Estimates
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<p id="xdx_846_eus-gaap--UseOfEstimates_zyziZ0L6Zpu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_868_zLFek4gxN3dj">Use of estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles 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 period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_z8PnIautMKUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_863_zsB7dwdK9aY4">Concentrations of Credit Risk</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently have not experienced any losses in its accounts. The Company is not exposed to any significant credit risk on cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> </p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
199310 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
776 usd
CY2018Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022Q4 us-gaap Cash
Cash
199310 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32793526 usd
CY2022 us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
since January 1, 2021, or currently proposed transaction, in which our company was or is to be a participant and the amount involved exceeds $5,000 or one percent of our total assets at December 31, 2022, and in which any of the following persons had or will have a direct or indirect material interest
CY2022 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
944413 usd
CY2021 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
292139 usd
CY2022 WDLF Percentage Of Revenue
PercentageOfRevenue
1.000 pure
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
300000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
300000000 shares
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
0 usd
CY2021Q4 us-gaap Convertible Debt
ConvertibleDebt
0 usd
CY2021Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
364688 usd
CY2021Q4 us-gaap Loans Payable
LoansPayable
163111 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
121700 usd
CY2021Q4 us-gaap Loans Payable
LoansPayable
163111 usd
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-27700 usd
CY2021 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-27700 usd
CY2021 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-27700 usd
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-27700 usd

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