$WFCF
Where Food Comes From, Inc.

2024 Q2 Form 10-Q Financial Statement

#000149315224017529 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $6.395M $5.582M
YoY Change 4.39% 5.98%
Cost Of Revenue $3.737M $3.253M
YoY Change 3.23% 4.13%
Gross Profit $2.658M $2.329M
YoY Change 6.07% 8.68%
Gross Profit Margin 41.56% 41.72%
Selling, General & Admin $2.075M $2.068M
YoY Change 13.2% 4.02%
% of Gross Profit 78.07% 88.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $156.0K $155.0K
YoY Change -4.29% -9.88%
% of Gross Profit 5.87% 6.66%
Operating Expenses $1.919M $1.913M
YoY Change 14.91% 5.34%
Operating Profit $583.0K $261.0K
YoY Change -13.37% 68.39%
Interest Expense $1.000K $1.000K
YoY Change 0.0% 0.0%
% of Operating Profit 0.17% 0.38%
Other Income/Expense, Net $104.0K $4.000K
YoY Change 65.08% -92.86%
Pretax Income $687.0K $265.0K
YoY Change -6.66% 25.59%
Income Tax $198.0K $87.00K
% Of Pretax Income 28.82% 32.83%
Net Earnings $489.0K $178.0K
YoY Change -8.08% 47.11%
Net Earnings / Revenue 7.65% 3.19%
Basic Earnings Per Share $0.09 $0.03
Diluted Earnings Per Share $0.09 $0.03
COMMON SHARES
Basic Shares Outstanding 5.376M shares 5.487M shares
Diluted Shares Outstanding 5.388M shares 5.500M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $1.882M
YoY Change -23.75% -44.65%
Cash & Equivalents $2.600M $1.882M
Short-Term Investments
Other Short-Term Assets $1.048M $375.0K
YoY Change 46.98% -23.16%
Inventory $1.164M $1.119M
Prepaid Expenses
Receivables $2.221M $2.075M
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.033M $5.451M
YoY Change -6.53% -21.26%
LONG-TERM ASSETS
Property, Plant & Equipment $791.0K $806.0K
YoY Change -8.02% -12.01%
Goodwill $2.946M $2.946M
YoY Change 0.0% 0.0%
Intangibles $2.127M $2.222M
YoY Change -2.39% -1.55%
Long-Term Investments $1.191M $1.191M
YoY Change 0.0% 0.0%
Other Assets $18.00K $27.00K
YoY Change -28.0% 22.73%
Total Long-Term Assets $9.752M $9.942M
YoY Change -3.92% -4.21%
TOTAL ASSETS
Total Short-Term Assets $7.033M $5.451M
Total Long-Term Assets $9.752M $9.942M
Total Assets $16.79M $15.39M
YoY Change -5.03% -11.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $695.0K $677.0K
YoY Change -2.52% 1.5%
Accrued Expenses $1.235M $902.0K
YoY Change 23.38% -3.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.00K $14.00K
YoY Change 7.69% 16.67%
Total Short-Term Liabilities $4.729M $3.358M
YoY Change 21.54% 4.77%
LONG-TERM LIABILITIES
Long-Term Debt $33.00K $37.00K
YoY Change -31.25% -27.45%
Other Long-Term Liabilities $2.337M $2.422M
YoY Change -9.87% -9.05%
Total Long-Term Liabilities $2.370M $2.459M
YoY Change -10.26% -9.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.729M $3.358M
Total Long-Term Liabilities $2.370M $2.459M
Total Liabilities $7.099M $5.817M
YoY Change 8.68% -1.72%
SHAREHOLDERS EQUITY
Retained Earnings $10.41M $9.919M
YoY Change 26.28% 28.65%
Common Stock $7.000K $7.000K
YoY Change 16.67% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.08M $11.69M
YoY Change 29.46% 37.62%
Treasury Stock Shares
Shareholders Equity $9.686M $9.576M
YoY Change
Total Liabilities & Shareholders Equity $16.79M $15.39M
YoY Change -5.03% -11.03%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $489.0K $178.0K
YoY Change -8.08% 47.11%
Depreciation, Depletion And Amortization $156.0K $155.0K
YoY Change -4.29% -9.88%
Cash From Operating Activities $1.168M $700.0K
YoY Change 42.09% 47.99%
INVESTING ACTIVITIES
Capital Expenditures $67.00K $24.00K
YoY Change 235.0% 242.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$67.00K -$24.00K
YoY Change 235.0% -88.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -383.0K -$1.435M
YoY Change -51.64% 16.29%
NET CHANGE
Cash From Operating Activities 1.168M $700.0K
Cash From Investing Activities -67.00K -$24.00K
Cash From Financing Activities -383.0K -$1.435M
Net Change In Cash 718.0K -$759.0K
YoY Change 7080.0% -21.59%
FREE CASH FLOW
Cash From Operating Activities $1.168M $700.0K
Capital Expenditures $67.00K $24.00K
Free Cash Flow $1.101M $676.0K
YoY Change 37.28% 45.06%

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CY2023Q4 WFCF Finite Lived Intangible Assets Tradenames Not Subject To Amortization
FiniteLivedIntangibleAssetsTradenamesNotSubjectToAmortization
465000 usd
CY2024Q1 WFCF Intangible Assets And Other Assets Net Excluding Goodwill Noncurrent
IntangibleAssetsAndOtherAssetsNetExcludingGoodwillNoncurrent
2195000 usd
CY2023Q4 WFCF Intangible Assets And Other Assets Net Excluding Goodwill Noncurrent
IntangibleAssetsAndOtherAssetsNetExcludingGoodwillNoncurrent
2280000 usd
CY2024Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
27000 usd
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
23000 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2222000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2303000 usd
CY2024Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
116000 usd
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
116000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
116000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
123000 usd
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
136000 usd
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
62000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
480000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
341000 usd
CY2024Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
172000 usd
CY2023Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
41000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
101000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
171000 usd
CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
889000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
615000 usd
CY2024Q1 WFCF Working Capital
WorkingCapital
75080 usd
CY2024Q1 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
11000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
0 shares
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
80201 shares
CY2024Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1000000.0 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
87000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5582000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5267000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2100000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2100000 usd
CY2024Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1500000 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1500000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1485000 usd
CY2024Q1 WFCF Unearned Billings
UnearnedBillings
708000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-736000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1457000 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000 usd
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
121000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
128000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2248000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2245000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
321000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
298000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2422000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2447000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2743000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2745000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
76000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
76000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
29000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
25000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
47000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
51000 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
14000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
14000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
37000 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
41000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
51000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
55000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M6D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058 pure
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.083 pure
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.083 pure
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
120000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
128000 usd
CY2024Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000 usd
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000 usd
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
80000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
352000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
13000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
471000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
18000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
456000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
14000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
430000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
14000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
443000 usd
CY2024Q1 WFCF Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1205000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3357000 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
59000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
614000 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
8000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2743000 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
51000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
321000 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
14000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2422000 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
37000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
2946000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
2946000 usd
CY2024Q1 us-gaap Other Assets
OtherAssets
12447000 usd
CY2023Q1 us-gaap Other Assets
OtherAssets
14356000 usd
CY2024Q1 us-gaap Assets
Assets
15393000 usd
CY2023Q1 us-gaap Assets
Assets
17302000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5582000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5267000 usd
CY2024Q1 us-gaap Cost Of Revenue
CostOfRevenue
3253000 usd
CY2023Q1 us-gaap Cost Of Revenue
CostOfRevenue
3124000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
2329000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
2143000 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
155000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
172000 usd
CY2024Q1 us-gaap Operating Expenses
OperatingExpenses
1913000 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
1816000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
261000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
155000 usd
CY2024Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4000 usd
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
56000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
87000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
178000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
121000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3000 usd

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wfcf-20240331_pre.xml Edgar Link unprocessable
wfcf-20240331_cal.xml Edgar Link unprocessable