2022 Q1 Form 10-K Financial Statement
#000121390022016685 Filed on March 31, 2022
Income Statement
| Concept | 2022 Q1 | 2021 | 2020 |
|---|---|---|---|
| Revenue | $1.031M | $4.633M | $5.210M |
| YoY Change | -10.35% | -11.08% | -6.13% |
| Cost Of Revenue | $697.6K | $2.783M | $3.520M |
| YoY Change | 1.11% | -20.95% | -19.63% |
| Gross Profit | $333.3K | $1.850M | $1.700M |
| YoY Change | -25.93% | 8.82% | 45.3% |
| Gross Profit Margin | 32.33% | 39.94% | 32.63% |
| Selling, General & Admin | $1.099M | $5.664M | $7.740M |
| YoY Change | -8.38% | -26.82% | -40.74% |
| % of Gross Profit | 329.86% | 306.19% | 455.29% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | $76.16K | $240.0K |
| YoY Change | -100.0% | -68.27% | 500.0% |
| % of Gross Profit | 0.0% | 4.12% | 14.12% |
| Operating Expenses | $1.099M | $5.664M | $7.740M |
| YoY Change | -9.14% | -26.82% | -40.74% |
| Operating Profit | -$766.1K | -$3.814M | -$6.040M |
| YoY Change | 0.81% | -36.85% | -49.2% |
| Interest Expense | $0.00 | ||
| YoY Change | -100.0% | ||
| % of Operating Profit | |||
| Other Income/Expense, Net | $139.6K | $0.00 | |
| YoY Change | |||
| Pretax Income | -$626.6K | -$3.814M | -$7.400M |
| YoY Change | -16.46% | -48.45% | -34.57% |
| Income Tax | $0.00 | $0.00 | |
| % Of Pretax Income | |||
| Net Earnings | -$626.6K | -$3.814M | -$7.400M |
| YoY Change | -16.46% | -48.45% | -34.57% |
| Net Earnings / Revenue | -60.77% | -82.34% | -142.03% |
| Basic Earnings Per Share | -$0.06 | -$0.36 | |
| Diluted Earnings Per Share | -$55.28K | -$363.0K | -$816.8K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 11.38M shares | 10.51M shares | |
| Diluted Shares Outstanding | 11.33M shares | 10.51M shares |
Balance Sheet
| Concept | 2022 Q1 | 2021 | 2020 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $8.290K | $71.08K | $380.0K |
| YoY Change | -90.79% | -81.29% | -22.45% |
| Cash & Equivalents | $8.293K | ||
| Short-Term Investments | |||
| Other Short-Term Assets | $119.6K | $63.94K | $90.00K |
| YoY Change | -8.04% | -28.96% | 800.0% |
| Inventory | $156.6K | $156.6K | $1.000M |
| Prepaid Expenses | |||
| Receivables | $697.2K | $464.9K | $720.0K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $981.6K | $756.5K | $2.180M |
| YoY Change | -55.98% | -65.3% | 67.69% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $0.00 | $80.00K | |
| YoY Change | -100.0% | -27.27% | |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $0.00 | ||
| YoY Change | -100.0% | ||
| Total Long-Term Assets | $8.366M | $8.366M | $8.450M |
| YoY Change | -0.16% | -0.99% | -2.76% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $981.6K | $756.5K | $2.180M |
| Total Long-Term Assets | $8.366M | $8.366M | $8.450M |
| Total Assets | $9.348M | $9.123M | $10.63M |
| YoY Change | -11.89% | -14.18% | 6.41% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.854M | $1.587M | $1.720M |
| YoY Change | -0.88% | -7.76% | -14.43% |
| Accrued Expenses | |||
| YoY Change | |||
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $2.843M | $2.284M | $4.600M |
| YoY Change | -35.97% | -50.34% | 49.84% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $294.0K | $433.6K | $290.0K |
| YoY Change | -31.63% | 49.51% | |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $294.0K | $433.6K | $290.0K |
| YoY Change | -31.63% | 49.51% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $2.843M | $2.284M | $4.600M |
| Total Long-Term Liabilities | $294.0K | $433.6K | $290.0K |
| Total Liabilities | $3.137M | $2.718M | $4.890M |
| YoY Change | -35.58% | -44.42% | 59.28% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | |||
| YoY Change | |||
| Common Stock | |||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $6.211M | $6.405M | $5.730M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $9.348M | $9.123M | $10.63M |
| YoY Change | -11.89% | -14.18% | 6.41% |
Cashflow Statement
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q1 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
11383454 | shares |
| CY2021Q2 | dei |
Entity Public Float
EntityPublicFloat
|
16300000 | USD |
| CY2020 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
USD | |
| CY2021 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
USD | |
| CY2020 | worx |
Change In Inventory Value
ChangeInInventoryValue
|
USD | |
| CY2021 | worx |
Gain Loss On Settlement Of Accounts Payable
GainLossOnSettlementOfAccountsPayable
|
USD | |
| CY2021 | worx |
Increase Decrease In Other Assets
IncreaseDecreaseInOtherAssets
|
USD | |
| CY2020 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
USD | |
| CY2020 | us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
USD | |
| CY2020 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
USD | |
| CY2021 | worx |
Proceeds From Equity Financing
ProceedsFromEquityFinancing
|
USD | |
| CY2021 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
USD | |
| CY2021 | us-gaap |
Interest Paid
InterestPaid
|
USD | |
| CY2020 | us-gaap |
Interest Paid
InterestPaid
|
USD | |
| CY2021 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
USD | |
| CY2020 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
USD | |
| CY2020 | worx |
Shares Issued For Equity Financings
SharesIssuedForEquityFinancings
|
USD | |
| CY2020 | worx |
Shares Issued For Vested Restricted Stock Units
SharesIssuedForVestedRestrictedStockUnits
|
USD | |
| CY2021 | worx |
Cashless Exercise Of Warrant
CashlessExerciseOfWarrant
|
USD | |
| CY2021 | worx |
Cashless Exercise Of Options
CashlessExerciseOfOptions
|
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| CY2021 | worx |
Settlement Of Accounts Payable With Issuance Of Common Stock
SettlementOfAccountsPayableWithIssuanceOfCommonStock
|
USD | |
| CY2021 | worx |
Shareholder Advances For Purchase Of Inventory
ShareholderAdvancesForPurchaseOfInventory
|
USD | |
| CY2020Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
USD | |
| CY2021 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
USD | |
| CY2021Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
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|
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| CY2020Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
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|
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| CY2021Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
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|
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Operating Lease Weighted Average Discount Rate Percent
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|
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Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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|
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| CY2021 | worx |
Share Based Compensation Transfer Of Common Stock By Founders To Contractors
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|
USD | |
| CY2020Q4 | us-gaap |
Deferred Revenue
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|
USD | |
| CY2021Q4 | us-gaap |
Deferred Tax Assets Gross
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|
USD | |
| CY2021Q4 | us-gaap |
Deferred Tax Assets Goodwill And Intangible Assets
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|
USD | |
| CY2021Q4 | us-gaap |
Deferred Tax Liabilities
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|
USD | |
| CY2020Q4 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
USD | |
| CY2021 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
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| CY2020 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
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| CY2021 | us-gaap |
Current State And Local Tax Expense Benefit
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|
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| CY2020 | us-gaap |
Current State And Local Tax Expense Benefit
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Current Federal State And Local Tax Expense Benefit
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|
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Current Federal State And Local Tax Expense Benefit
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|
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| CY2021 | us-gaap |
Deferred Federal State And Local Tax Expense Benefit
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|
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| CY2020 | us-gaap |
Deferred Federal State And Local Tax Expense Benefit
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|
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| CY2021 | us-gaap |
Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
|
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| CY2020 | us-gaap |
Deferred Federal State And Local Tax Expense Benefit
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|
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| CY2021 | us-gaap |
Income Tax Reconciliation Foreign Income Tax Rate Differential
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|
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| CY2020 | us-gaap |
Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
|
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| CY2020 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
24.39 | pure |
| CY2021 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
USD | |
| CY2020 | us-gaap |
Other Tax Expense Benefit
OtherTaxExpenseBenefit
|
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