2024 Q2 Form 10-Q Financial Statement

#000149315224020699 Filed on May 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.33K $8.090K
YoY Change 163.66% 14.59%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $8.289K $21.33K $8.089K
YoY Change 18.58% 163.7% 14.58%
Operating Profit -$8.289K -$21.33K -$8.089K
YoY Change 18.58% 163.7% 14.61%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$21.33K -$8.089K
YoY Change 163.69% 14.58%
Income Tax
% Of Pretax Income
Net Earnings -$8.289K -$21.33K -$8.089K
YoY Change 18.58% 163.7% 14.58%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 330.5M shares 330.5M shares 330.5M shares
Diluted Shares Outstanding 330.5M shares 330.5M shares 330.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $0.00 $2.020K
YoY Change -100.0% -9.42%
Inventory
Prepaid Expenses $2.023K
Receivables
Other Receivables
Total Short-Term Assets $2.023K
YoY Change -9.28%
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 $2.023K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $2.023K
YoY Change -9.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.44K $20.16K $747.00
YoY Change 11737.88% 2598.26% 273.5%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $92.98K $80.00K
YoY Change 16.23% 76.21%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $121.4K $113.1K $80.75K
YoY Change 40.39% 40.12% 77.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $121.4K $113.1K $80.75K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $121.4K $113.1K $80.75K
YoY Change 40.39% 40.12% 77.07%
SHAREHOLDERS EQUITY
Retained Earnings -$15.86M -$15.85M -$15.82M
YoY Change 0.23% 0.22%
Common Stock $33.05K $33.05K $33.05K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$121.4K -$113.1K -$78.72K
YoY Change
Total Liabilities & Shareholders Equity $2.023K
YoY Change -9.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.289K -$21.33K -$8.089K
YoY Change 18.58% 163.7% 14.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$140.00 -$7.860K
YoY Change -98.22% 38.14%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
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 140.0 7.860K
YoY Change -98.22% 38.14%
NET CHANGE
Cash From Operating Activities -140.0 -7.860K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 140.0 7.860K
Net Change In Cash 0.000 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$140.00 -$7.860K
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Comparability Of Prior Year Financial Data
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<p id="xdx_844_eus-gaap--ComparabilityOfPriorYearFinancialData_zTA8kwHcCPGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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_86A_zy2jcZfgUvl7">Management’s Representation of Interim Financial Statements</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These condensed financial statements should be read in conjunction with the audited financial statements and notes thereto at September 30, 2023 as presented in the Company’s Annual Report on Form 10-K.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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<p id="xdx_849_eus-gaap--UseOfEstimates_zriqK4G8bVC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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_860_z9UF4UWEQyl4">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 US GAAP requires management to make estimates and assumptions that affect the reported amounts of 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. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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