2022 Q4 Form 10-Q Financial Statement
#000106299322022060 Filed on November 14, 2022
Income Statement
| Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
|---|---|---|---|
| Revenue | $15.87M | $19.57M | $15.26M |
| YoY Change | 5.06% | 28.31% | 50.15% |
| Cost Of Revenue | $11.95M | $14.95M | $10.09M |
| YoY Change | 17.97% | 48.13% | 55.03% |
| Gross Profit | $3.927M | $4.626M | $5.164M |
| YoY Change | -21.18% | -10.41% | 41.44% |
| Gross Profit Margin | 24.74% | 23.63% | 33.85% |
| Selling, General & Admin | $7.489M | $9.696M | $15.37M |
| YoY Change | -52.92% | -36.93% | 81.28% |
| % of Gross Profit | 190.7% | 209.58% | 297.67% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $203.8K | $219.0K | $159.0K |
| YoY Change | 28.15% | 37.7% | -13.77% |
| % of Gross Profit | 5.19% | 4.73% | 3.08% |
| Operating Expenses | $7.489M | $9.696M | $15.37M |
| YoY Change | -52.92% | -36.93% | 77.51% |
| Operating Profit | -$3.562M | -$5.070M | -$10.21M |
| YoY Change | -67.39% | -50.34% | 141.29% |
| Interest Expense | $424.6K | $922.0K | -$170.2K |
| YoY Change | 197.11% | -641.7% | 30.92% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$424.6K | -$3.328M | -$170.2K |
| YoY Change | -326.25% | 1855.13% | 29.99% |
| Pretax Income | -$3.986M | -$8.397M | -$10.38M |
| YoY Change | -62.87% | -19.09% | 138.04% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$3.986M | -$8.397M | -$10.38M |
| YoY Change | -62.87% | -19.09% | 137.95% |
| Net Earnings / Revenue | -25.11% | -42.9% | -68.03% |
| Basic Earnings Per Share | -$0.03 | -$0.06 | -$0.11 |
| Diluted Earnings Per Share | -$0.03 | -$0.06 | -$110.8K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 145.8M shares | 141.9M shares | 93.67M shares |
| Diluted Shares Outstanding | 145.8M shares | 137.6M shares | 93.67M shares |
Balance Sheet
| Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $2.193M | $2.258M | $10.42M |
| YoY Change | -33.41% | -78.33% | 161.79% |
| Cash & Equivalents | $2.193M | $2.258M | $10.42M |
| Short-Term Investments | |||
| Other Short-Term Assets | $2.521M | $2.592M | $2.947M |
| YoY Change | 3.74% | -12.05% | 12.46% |
| Inventory | $8.738M | $9.874M | $6.278M |
| Prepaid Expenses | |||
| Receivables | $8.774M | $7.464M | $10.98M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $22.23M | $22.19M | $30.63M |
| YoY Change | -0.45% | -27.56% | 84.17% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $1.859M | $2.028M | $1.198M |
| YoY Change | 58.83% | 69.27% | 6.96% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $1.858M | $2.076M | $1.198M |
| YoY Change | 58.82% | 73.32% | 6.63% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $22.23M | $22.19M | $30.63M |
| Total Long-Term Assets | $1.858M | $2.076M | $1.198M |
| Total Assets | $24.08M | $24.26M | $31.82M |
| YoY Change | 2.5% | -23.76% | 79.26% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $14.11M | $10.90M | $7.985M |
| YoY Change | 90.95% | 36.54% | 51.67% |
| Accrued Expenses | $2.225M | $2.326M | $1.595M |
| YoY Change | 41.58% | 45.8% | 5.49% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $6.391M | $7.532M | $6.998M |
| YoY Change | -0.55% | 7.63% | 45.79% |
| Long-Term Debt Due | $330.6K | ||
| YoY Change | 50.25% | ||
| Total Short-Term Liabilities | $22.90M | $20.96M | $16.91M |
| YoY Change | 48.84% | 23.99% | 41.92% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| Other Long-Term Liabilities | $32.84K | $54.11K | $193.8K |
| YoY Change | -81.24% | -72.08% | 869.0% |
| Total Long-Term Liabilities | $32.84K | $54.11K | $193.8K |
| YoY Change | -81.24% | -72.08% | 49.08% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $22.90M | $20.96M | $16.91M |
| Total Long-Term Liabilities | $32.84K | $54.11K | $193.8K |
| Total Liabilities | $22.94M | $21.02M | $17.10M |
| YoY Change | 47.37% | 22.9% | 41.95% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$129.4M | -$125.4M | |
| YoY Change | |||
| Common Stock | $147.9K | $145.8K | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $1.149M | $3.244M | $14.72M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $24.08M | $24.26M | $31.82M |
| YoY Change | 2.5% | -23.76% | 79.26% |
Cashflow Statement
| Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$3.986M | -$8.397M | -$10.38M |
| YoY Change | -62.87% | -19.09% | 137.95% |
| Depreciation, Depletion And Amortization | $203.8K | $219.0K | $159.0K |
| YoY Change | 28.15% | 37.7% | -13.77% |
| Cash From Operating Activities | -$469.5K | -$6.956M | -$12.68M |
| YoY Change | -93.49% | -45.12% | 89.18% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$445.4K | -$378.3K | -$254.0K |
| YoY Change | 150.35% | 48.93% | 1169.85% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | $445.4K | -$378.3K | -$254.0K |
| YoY Change | -350.35% | 48.93% | 1169.85% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -40.62K | 6.646M | 18.85M |
| YoY Change | -115.5% | -64.74% | 270.34% |
| NET CHANGE | |||
| Cash From Operating Activities | -469.5K | -6.956M | -12.68M |
| Cash From Investing Activities | 445.4K | -378.3K | -254.0K |
| Cash From Financing Activities | -40.62K | 6.646M | 18.85M |
| Net Change In Cash | -64.64K | -688.4K | 5.921M |
| YoY Change | -99.09% | -111.63% | -463.26% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$469.5K | -$6.956M | -$12.68M |
| Capital Expenditures | -$445.4K | -$378.3K | -$254.0K |
| Free Cash Flow | -$24.02K | -$6.578M | -$12.42M |
| YoY Change | -99.66% | -47.05% | 85.95% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| wter |
Employee Service Share Based Compensation Compensation Cost Not Yet Recognized Quarter Two
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806758 | usd | |
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3620945 | usd |
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Short Term Lease Cost
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2022-09-30 | ||
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Entity File Number
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001-38754 | ||
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Entity Incorporation State Country Code
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NV | ||
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Entity Tax Identification Number
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99-0367049 | ||
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Entity Shell Company
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false | ||
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Entity Common Stock Shares Outstanding
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Stockholders Equity
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Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
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<div> <p style="text-align:justify;margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Property and Equipment</span></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line (half-life convention) method over the estimated useful life of the assets, which the Company has determined to be 3 years.</span></span></p> </div> | ||
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Use Of Estimates
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<div> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Use of Estimates</span></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Actual results could differ significantly from those estimates.</span></span></p> </div> | ||
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Concentration Risk Credit Risk
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<div> <p style="margin-top:10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Concentration Risks</span></span></span></p> <p style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">We have 2 major customers that together account for 22% (12% and 10%, respectively) of accounts receivable at September 30, 2022, 3 customers that accounts for 39% (17%, 12% and 10%, respectively) of total revenues for the three months ended September 30, 2022 and 2 customers that accounts for 29% (17% and 12%, respectively) of the total revenues earned for the six months ended September 30, 2022. The Company has 1 vendors that accounts for 31% of purchases for the three months ended September 30, 2022 and 2 vendors that accounted for 43% (31%, and 12% respectively) of purchases for the six months ended September 30, 2022.</span></span></p> <p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><span style="line-height:107%">The Company had 2 major customers that together account for 30% (18% and 12%, respectively) of accounts receivable at September 30, 2021, and 3 customers that accounted for 43% (21%, 11% and 11%, respectively) of total revenues for the three months ended September 30, 2021 and 3 customers that accounted for 44% (21%, 13% and 10%, respectively) of the total revenues earned for the six months ended September 30, 2021. The Company had 3 vendors that accounted for 53% (32%, 11% and 10% respectively) of purchases for the three months ended September 30, 2021 and 3 vendors that accounted for 53% (30%, 13% and 10% respectively) of purchases for the six months ended September 30, 2021.</span></span></span></p> </div> | ||
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0.428 |
