2024 Q4 Form 10-K Financial Statement

#000143774924037840 Filed on December 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024
Revenue $19.48M
YoY Change -19.35%
Cost Of Revenue $7.487M
YoY Change -18.43%
Gross Profit $12.00M
YoY Change -19.91%
Gross Profit Margin 61.57%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $452.3K
YoY Change 11.88%
% of Gross Profit 3.77%
Operating Expenses
YoY Change
Operating Profit -$3.315M
YoY Change -85.26%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.700M
YoY Change -83.87%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$152.8K -$3.700M
YoY Change -99.04% -83.87%
Net Earnings / Revenue -18.99%
Basic Earnings Per Share -$1.79
Diluted Earnings Per Share -$1.79
COMMON SHARES
Basic Shares Outstanding 5.539M 3.763M 4.313M
Diluted Shares Outstanding 4.313M

Balance Sheet

Concept 2024 Q4 2024 Q3 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.453M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.524M
Prepaid Expenses
Receivables $621.7K
Other Receivables
Total Short-Term Assets $6.389M
YoY Change -20.83%
LONG-TERM ASSETS
Property, Plant & Equipment $454.3K
YoY Change -36.61%
Goodwill
YoY Change
Intangibles $2.890M
YoY Change -10.24%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.192M
YoY Change -48.4%
TOTAL ASSETS
Total Short-Term Assets $6.389M
Total Long-Term Assets $4.192M
Total Assets $10.58M
YoY Change -34.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.541M
YoY Change -19.16%
Accrued Expenses $632.7K
YoY Change -57.38%
Deferred Revenue $503.3K
YoY Change 167.98%
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.618M
YoY Change 84.53%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.618M
Total Long-Term Liabilities $0.00
Total Liabilities $8.618M
YoY Change 20.3%
SHAREHOLDERS EQUITY
Retained Earnings -$182.1M
YoY Change 4.42%
Common Stock $3.939K
YoY Change 33.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.963M
YoY Change
Total Liabilities & Shareholders Equity $10.58M
YoY Change -34.66%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024
OPERATING ACTIVITIES
Net Income -$152.8K -$3.700M
YoY Change -99.04% -83.87%
Depreciation, Depletion And Amortization $452.3K
YoY Change 11.88%
Cash From Operating Activities -$352.8K
YoY Change -91.8%
INVESTING ACTIVITIES
Capital Expenditures $190.0K
YoY Change -36.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$290.0K
YoY Change -141.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00K
YoY Change -97.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.298M
YoY Change -198.09%
NET CHANGE
Cash From Operating Activities -$352.8K
Cash From Investing Activities -$290.0K
Cash From Financing Activities $1.298M
Net Change In Cash $654.7K
YoY Change -113.3%
FREE CASH FLOW
Cash From Operating Activities -$352.8K
Capital Expenditures $190.0K
Free Cash Flow -$542.8K
YoY Change -88.2%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Use of Estimates</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company's consolidated financial statements have been prepared in accordance with US GAAP and requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying consolidated financial statements include, but are <em style="font: inherit;">not</em> limited to, allowances for doubtful accounts, inventory valuation reserves, certain assumptions related to the valuation of investments other securities, and acquired intangible and long-lived assets and the recoverability of intangible and long-lived assets. Actual results could differ from these estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Concentrations</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and securities.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (“FDIC”) covers <em style="font: inherit;">$250,000</em> for substantially all depository accounts. The Company from time to time <em style="font: inherit;"> may </em>have amounts on deposit in excess of the insured limits. The Company had a $1,893,606 uninsured balance at <em style="font: inherit;"> September 30, 2024</em> and a $1,163,360 uninsured balance at <em style="font: inherit;"> September 30, 2023</em>.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Concentration of credit risk with respect to receivables is principally limited to trade receivables with corporate customers that meet specific credit policies. Management considers these customer receivables to represent normal business risk. The Company did <span style="-sec-ix-hidden:c121825261">not</span> have any customers that represented a significant amount of our sales for the year ended <em style="font: inherit;"> September 30, 2024</em>.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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P3Y1M20D
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44035
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CY2024 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P3Y1M20D
CY2023 ycbd Class Of Warrant Or Right Grants In Period
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CY2023 ycbd Class Of Warrant Or Right Grants In Period Weighted Average Exercise Price
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2.52
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0
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CY2023 ycbd Class Of Warrant Or Right Forfeitures In Period Weighted Average Exercise Price
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242.55
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0
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CY2024Q3 ycbd Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
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CY2024 us-gaap Operating Lease Cost
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CY2024 us-gaap Operating Lease Payments
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P2Y11M26D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q3 us-gaap Operating Lease Liability
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CY2023 us-gaap Net Income Loss
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CY2024 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2023 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2024 us-gaap Net Income Loss Available To Common Stockholders Basic
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-7704127 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-26940209 usd
CY2024 us-gaap Weighted Average Number Of Shares Outstanding Basic
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4312546
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2022320
CY2024 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4312546
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2022320
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-1.79
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.32
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-1.79
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2024 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2024 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2024 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2024 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 usd
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2024 us-gaap Deferred Income Taxes And Tax Credits
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CY2023 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
0 usd
CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.021 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.014 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.119 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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-0.015 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.005 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.002 pure
CY2024 ycbd Effective Income Tax Rate Reconciliation Change In Value Of Convertible Debt
EffectiveIncomeTaxRateReconciliationChangeInValueOfConvertibleDebt
-0.025 pure
CY2023 ycbd Effective Income Tax Rate Reconciliation Change In Value Of Convertible Debt
EffectiveIncomeTaxRateReconciliationChangeInValueOfConvertibleDebt
0 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.33 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.211 pure
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2024Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15478000 usd
CY2023Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
14784000 usd
CY2024Q3 ycbd Right Of Use Liability
RightOfUseLiability
22000 usd
CY2023Q3 ycbd Right Of Use Liability
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824000 usd
CY2024Q3 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
702000 usd
CY2023Q3 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
702000 usd
CY2024Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
77000 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
9000 usd
CY2024Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
481000 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
521000 usd
CY2024Q3 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
176000 usd
CY2023Q3 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
105000 usd
CY2024Q3 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
573000 usd
CY2023Q3 us-gaap Deferred Tax Assets Investments
DeferredTaxAssetsInvestments
180000 usd
CY2024Q3 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
101000 usd
CY2023Q3 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
87000 usd
CY2024Q3 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
57000 usd
CY2023Q3 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
45000 usd
CY2024Q3 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
0 usd
CY2023Q3 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
28000 usd
CY2024Q3 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
146000 usd
CY2023Q3 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
43000 usd
CY2024Q3 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
13000 usd
CY2023Q3 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
39000 usd
CY2024Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
17826000 usd
CY2023Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
17367000 usd
CY2024Q3 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
76000 usd
CY2023Q3 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
107000 usd
CY2024Q3 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
19000 usd

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