2024 Q2 Form 10-Q Financial Statement

#000107997324000538 Filed on April 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.23K $14.43K
YoY Change -76.83% -75.05%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $13.23K $14.43K
YoY Change -76.83% -75.04%
Operating Profit -$14.43K
YoY Change -75.04%
Interest Expense -$127.4K $130.9K
YoY Change 0.19% -202.22%
% of Operating Profit
Other Income/Expense, Net -$126.1K
YoY Change -1.54%
Pretax Income -$140.7K -$140.5K
YoY Change -23.68% -24.41%
Income Tax
% Of Pretax Income
Net Earnings -$140.7K -$140.5K
YoY Change -23.68% -24.41%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 107.5M shares 107.5M shares
Diluted Shares Outstanding 107.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $764.2K $771.4K
YoY Change -14.08% -19.37%
Cash & Equivalents $764.2K $771.4K
Short-Term Investments
Other Short-Term Assets $490.00 $1.650K
YoY Change -16.95% -1.79%
Inventory
Prepaid Expenses $487.00 $1.649K
Receivables
Other Receivables
Total Short-Term Assets $764.7K $773.0K
YoY Change -14.08% -19.34%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $764.7K $773.0K
Total Long-Term Assets $0.00 $0.00
Total Assets $764.7K $773.0K
YoY Change -14.08% -19.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.00 $100.00
YoY Change 0.0% -99.39%
Accrued Expenses $3.521M $3.389M
YoY Change 17.58% 18.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.50M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.521M $13.89M
YoY Change -35.92% 382.48%
LONG-TERM LIABILITIES
Long-Term Debt $10.50M $0.00
YoY Change 31.25% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.50M $0.00
YoY Change 31.25% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.521M $13.89M
Total Long-Term Liabilities $10.50M $0.00
Total Liabilities $14.02M $13.89M
YoY Change 3.9% 3.81%
SHAREHOLDERS EQUITY
Retained Earnings -$18.53M -$18.38M
YoY Change 3.65% 3.93%
Common Stock $107.5K $107.5K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.26M -$13.12M
YoY Change
Total Liabilities & Shareholders Equity $764.7K $773.0K
YoY Change -14.08% -19.34%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$140.7K -$140.5K
YoY Change -23.68% -24.41%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$7.170K -$8.800K
YoY Change -89.34% -84.47%
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
YoY Change
NET CHANGE
Cash From Operating Activities -7.170K -8.800K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -7.170K -8.800K
YoY Change -89.34% -84.47%
FREE CASH FLOW
Cash From Operating Activities -$7.170K -$8.800K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_845_eus-gaap--UseOfEstimates_zljdl5yYXP6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_863_z0bEjL2lB7wg">Use of Estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zbl4jh8vZijd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="text-decoration: underline"><span id="xdx_860_zyLkNC99KnM7">Concentrations of Credit Risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $<span id="xdx_906_eus-gaap--CashFDICInsuredAmount_iI_c20240229_zuVhsa5sU945" title="FDIC insured amount">250,000</span> under current regulations. The Company had approximately $<span id="xdx_90D_eus-gaap--CashUninsuredAmount_iI_c20240229_zTN4DFwwtRE7" title="Excess of FDIC insured limits">521,376</span> and $<span id="xdx_902_eus-gaap--CashUninsuredAmount_iI_c20230531_zJ9kREkECVH7" title="Excess of FDIC insured limits">640,755</span> in excess of FDIC insured limits at February 29, 2024 and May 31, 2023, respectively. The Company has not experienced any losses in such accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
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