2023 Q2 Form 10-Q Financial Statement
#000149315223015301 Filed on May 03, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
---|---|---|---|
Revenue | $173.2K | $142.8K | $292.8K |
YoY Change | 23.71% | 434.76% | |
Cost Of Revenue | $28.04K | $16.18K | $48.22K |
YoY Change | 12932.43% | ||
Gross Profit | $145.1K | $126.6K | $244.6K |
YoY Change | 3.68% | 349.72% | |
Gross Profit Margin | 83.81% | 88.67% | 83.53% |
Selling, General & Admin | $162.9K | $179.8K | $78.32K |
YoY Change | 115.36% | 257.49% | -63.56% |
% of Gross Profit | 112.21% | 142.04% | 32.02% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $162.9K | $179.8K | $78.32K |
YoY Change | 115.36% | 257.49% | -59.88% |
Operating Profit | -$17.73K | -$53.22K | $166.2K |
YoY Change | -127.54% | 5.8% | -218.03% |
Interest Expense | $10.00 | ||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | $6.00 | $11.00 | $64.42K |
YoY Change | -100.12% | -124.2% | |
Pretax Income | -$17.72K | -$53.21K | $230.7K |
YoY Change | -129.91% | 5.79% | -111.78% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$17.72K | -$53.21K | $230.7K |
YoY Change | -129.91% | 5.78% | -111.78% |
Net Earnings / Revenue | -10.23% | -37.27% | 78.78% |
Basic Earnings Per Share | $0.00 | $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 | 7.675B shares | 7.395B shares |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $187.2K | $217.4K | |
YoY Change | 81304.35% | 27775.64% | |
Cash & Equivalents | $31.34K | $169.1K | $199.3K |
Short-Term Investments | $18.12K | $18.12K | |
Other Short-Term Assets | $18.12K | $18.12K | |
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | $485.5K | $628.2K | |
Other Receivables | $592.5K | $485.5K | $628.2K |
Total Short-Term Assets | $641.9K | $672.7K | $845.7K |
YoY Change | 51.74% | 84.22% | 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 | $641.9K | $672.7K | $845.7K |
Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
Total Assets | $641.9K | $672.7K | $845.7K |
YoY Change | 51.74% | 84.22% | 106.88% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $0.00 | $720.00 | |
YoY Change | -100.0% | -98.62% | |
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $10.67K | $0.00 | |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $10.67K | $720.00 | |
YoY Change | -79.61% | -98.62% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $121.7K | $251.4K | |
YoY Change | -75.51% | -48.73% | |
Other Long-Term Liabilities | $0.00 | ||
YoY Change | |||
Total Long-Term Liabilities | $121.7K | $251.4K | |
YoY Change | -75.51% | -48.73% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $10.67K | $720.00 | |
Total Long-Term Liabilities | $121.7K | $251.4K | |
Total Liabilities | $119.3K | $132.4K | $252.1K |
YoY Change | -78.23% | -75.9% | -53.54% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$32.86M | -$32.85M | -$32.79M |
YoY Change | -1.93% | -2.17% | |
Common Stock | $33.39M | $33.39M | $33.39M |
YoY Change | 0.0% | 0.0% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $522.6K | $540.4K | $593.6K |
YoY Change | |||
Total Liabilities & Shareholders Equity | $641.9K | $672.7K | $845.7K |
YoY Change | 51.74% | 84.22% | 106.88% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$17.72K | -$53.21K | $230.7K |
YoY Change | -129.91% | 5.78% | -111.78% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$124.7K | $88.80K | $15.72K |
YoY Change | -9546.97% | -1324.79% | -110.31% |
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 | -13.07K | -$119.0K | -200.0K |
YoY Change | 748.7% | -1876.12% | -232.01% |
NET CHANGE | |||
Cash From Operating Activities | -124.7K | $88.80K | 15.72K |
Cash From Investing Activities | |||
Cash From Financing Activities | -13.07K | -$119.0K | -200.0K |
Net Change In Cash | -137.8K | -$30.20K | -184.3K |
YoY Change | 62522.73% | 5391.45% | 19504.26% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$124.7K | $88.80K | $15.72K |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
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Stockholders Equity Reverse Stock Split
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Additionally, the Amended Articles authorized the Company from May 8, 2020 and continuing until June 30, 2021, as determined by its Board in its sole discretion, to effect a Reverse Stock Split of not less than 1 share for every 5,000 shares and no more than 1 share for every 25,000 shares (the “Reverse Stock Split”) | |
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UseOfEstimates
|
<p id="xdx_846_eus-gaap--UseOfEstimates_zoBughHg6KGd" 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"><i><span style="text-decoration: underline"><span id="xdx_865_zdpUOM734wE8">Use of estimates</span></span></i></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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zGLZQJdMkmWa" 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"><i><span style="text-decoration: underline"><span id="xdx_861_zVTw3Fi91YJa">Concentrations of Credit Risk</span></span></i></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 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
169108 | usd |
CY2022Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
199310 | usd |
CY2018Q4 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2023Q1 | us-gaap |
Cash
Cash
|
169108 | usd |
CY2023Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-32846734 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-53208 | usd |
CY2023Q1 | us-gaap |
Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
|
since January 1, 2021, or currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds $5,000 or one percent of our total assets at March 31, 2023, and in which any of the following persons had or will have a direct or indirect material interest | |
CY2023Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
7394792892 | shares |
CY2023Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
7394792892 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
7394792892 | shares |
CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
7394792892 | shares |
CY2023Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
300000000 | shares |
CY2022Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
300000000 | shares |
CY2023Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |