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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 |
For
the quarterly period ended March 31, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 |
For
the transition period from ___________to ____________
Commission
File Number 001-37464
CEMTREX,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
30-0399914 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
No.) |
135
Fell Ct. Hauppauge, NY |
|
11788 |
(Address
of principal executive offices) |
|
(Zip
Code) |
631-756-9116
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol |
|
Name
of each exchange on which registered |
Common
Stock |
|
CETX |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
☒
Yes ☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes ☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes ☒ No
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
As
of May 10, 2024, the issuer had 10,652,287 shares of common stock issued and outstanding.
Table
of Contents
CEMTREX,
INC. AND SUBSIDIARIES
INDEX
Part
I. Financial Information
Item
1. Financial Statements
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
| |
(Unaudited) | | |
| |
| |
March
31, | | |
September
30, | |
| |
2024 | | |
2023 | |
Assets | |
| | | |
| | |
Current
assets | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 2,916,120 | | |
$ | 5,329,910 | |
Restricted
cash | |
| 1,172,416 | | |
| 1,019,652 | |
Short-term
investments | |
| 13,853 | | |
| 13,663 | |
Trade
receivables, net | |
| 11,535,880 | | |
| 9,209,695 | |
Trade
receivables, net - related party | |
| 1,479,703 | | |
| 1,143,342 | |
Inventory,
net | |
| 7,397,747 | | |
| 8,739,219 | |
Contract
assets, net | |
| 1,979,679 | | |
| 1,739,201 | |
Prepaid
expenses and other current assets | |
| 1,910,415 | | |
| 2,098,359 | |
Total
current assets | |
| 28,405,813 | | |
| 29,293,041 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 8,902,051 | | |
| 9,218,701 | |
Right-of-use
operating lease assets | |
| 2,193,011 | | |
| 2,287,623 | |
Royalties
receivable, net - related party | |
| 440,049 | | |
| 674,893 | |
Note
receivable, net - related party | |
| 761,585 | | |
| 761,585 | |
Goodwill | |
| 4,381,891 | | |
| 4,381,891 | |
Other | |
| 2,161,862 | | |
| 1,836,009 | |
Total
Assets | |
$ | 47,246,262 | | |
$ | 48,453,743 | |
| |
| | | |
| | |
Liabilities
& Stockholders’ Equity | |
| | | |
| | |
Current
liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 5,741,091 | | |
$ | 6,196,406 | |
Accounts
payable - related party | |
| 9,214 | | |
| 68,509 | |
Sales
tax payable | |
| 37,487 | | |
| 35,829 | |
Revolving
line of credit | |
| 4,019,234 | | |
| - | |
Current
maturities of long-term liabilities | |
| 914,170 | | |
| 14,507,711 | |
Operating
lease liabilities - short-term | |
| 792,141 | | |
| 741,487 | |
Deposits
from customers | |
| 207,708 | | |
| 57,434 | |
Accrued
expenses | |
| 2,676,079 | | |
| 2,784,390 | |
Contract
liabilities | |
| 1,899,409 | | |
| 980,319 | |
Deferred
revenue | |
| 1,404,608 | | |
| 1,583,406 | |
Accrued
income taxes | |
| 404,288 | | |
| 388,627 | |
Total
current liabilities | |
| 18,105,429 | | |
| 27,344,118 | |
Long-term
liabilities | |
| | | |
| | |
Long-term
debt | |
| 21,553,920 | | |
| 9,929,348 | |
Long-term
operating lease liabilities | |
| 1,462,545 | | |
| 1,607,202 | |
Other
long-term liabilities | |
| 317,093 | | |
| 501,354 | |
Deferred
Revenue - long-term | |
| 654,617 | | |
| 727,928 | |
Total
long-term liabilities | |
| 23,988,175 | | |
| 12,765,832 | |
Total
liabilities | |
| 42,093,604 | | |
| 40,109,950 | |
| |
| | | |
| | |
Commitments
and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’
equity | |
| | | |
| | |
Preferred stock , $0.001 par value, 10,000,000 shares
authorized, Series 1, 3,000,000 shares authorized, 2,408,053 shares issued and 2,272,002 shares outstanding as of March 31, 2024 and 2,293,016
shares issued and 2,228,916 shares outstanding as of September 30, 2023 (liquidation value of $10 per share) | |
| 2,408 | | |
| 2,293 | |
Series C, 100,000 shares authorized, 50,000 shares
issued and outstanding at March 31, 2024 and September 30, 2023 | |
| 50 | | |
| 50 | |
Preferred stock, value | |
| | | |
| | |
Common stock, $0.001 par value, 50,000,000 shares
authorized, 1,055,636 shares issued and outstanding at March 31, 2024 and 1,045,783 shares issued and outstanding at September 30, 2023 | |
| 1,056 | | |
| 1,046 | |
Additional
paid-in capital | |
| 68,936,696 | | |
| 68,881,705 | |
Accumulated
deficit | |
| (66,806,600 | ) | |
| (64,125,895 | ) |
Treasury stock, 136,051 shares of Series 1 Preferred
Stock at March 31, 2024 and 64,100 shares of Series 1 Preferred Stock at September 30, 2023 | |
| (217,996 | ) | |
| (148,291 | ) |
Accumulated
other comprehensive income | |
| 2,773,784 | | |
| 3,076,706 | |
Total
Cemtrex stockholders’ equity | |
| 4,689,398 | | |
| 7,687,614 | |
Non-controlling
interest | |
| 463,260 | | |
| 656,179 | |
Total
liabilities and stockholders’ equity | |
$ | 47,246,262 | | |
$ | 48,453,743 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
| |
For
the three months ended | | |
For
the six months ended | |
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 17,159,595 | | |
$ | 16,073,397 | | |
$ | 34,037,761 | | |
$ | 28,043,639 | |
Cost
of revenues | |
| 10,220,179 | | |
| 8,734,916 | | |
| 20,015,946 | | |
| 15,662,543 | |
Gross
profit | |
| 6,939,416 | | |
| 7,338,481 | | |
| 14,021,815 | | |
| 12,381,096 | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
General
and administrative | |
| 7,020,157 | | |
| 5,318,267 | | |
| 13,992,123 | | |
| 10,482,605 | |
Research
and development | |
| 951,400 | | |
| 1,615,341 | | |
| 1,800,205 | | |
| 3,445,054 | |
Total
operating expenses | |
| 7,971,557 | | |
| 6,933,608 | | |
| 15,792,328 | | |
| 13,927,659 | |
Operating
(loss)/income | |
| (1,032,141 | ) | |
| 404,873 | | |
| (1,770,513 | ) | |
| (1,546,563 | ) |
Other
(expense)/income | |
| | | |
| | | |
| | | |
| | |
Other
income/(expense), net | |
| 144,765 | | |
| 376,504 | | |
| 223,176 | | |
| 359,421 | |
Interest
expense | |
| (592,804 | ) | |
| (1,335,138 | ) | |
| (1,176,487 | ) | |
| (2,463,372 | ) |
Total
other (expense)/income, net | |
| (448,039 | ) | |
| (958,634 | ) | |
| (953,311 | ) | |
| (2,103,951 | ) |
Income
tax expense | |
| (100,004 | ) | |
| - | | |
| (170,755 | ) | |
| - | |
Loss
from Continuing operations | |
| (1,580,184 | ) | |
| (553,761 | ) | |
| (2,894,579 | ) | |
| (3,650,514 | ) |
Income/(loss)
from discontinued operations, net of tax | |
| 10,463 | | |
| 14,232 | | |
| 20,955 | | |
| (3,225,389 | ) |
Net
loss | |
| (1,569,721 | ) | |
| (539,529 | ) | |
| (2,873,624 | ) | |
| (6,875,903 | ) |
Less
(loss)/income in noncontrolling interest | |
| (96,510 | ) | |
| 55,265 | | |
| (192,919 | ) | |
| (3,898 | ) |
Net
loss attributable to Cemtrex, Inc. stockholders | |
$ | (1,473,211 | ) | |
$ | (594,794 | ) | |
$ | (2,680,705 | ) | |
$ | (6,872,005 | ) |
(Loss)/income
per share - Basic & Diluted | |
| | | |
| | | |
| | | |
| | |
Continuing
Operations | |
$ | (1.46 | ) | |
$ | (0.82 | ) | |
$ | (2.62 | ) | |
$ | (4.70 | ) |
Discontinued
Operations | |
$ | 0.01 | | |
$ | 0.02 | | |
$ | 0.02 | | |
$ | (4.09 | ) |
Weighted
Average Number of Shares-Basic & Diluted | |
| 1,055,636 | | |
| 815,498 | | |
| 1,051,630 | | |
| 788,265 | |
Condensed
Consolidated Statements of Comprehensive Loss
(Unaudited)
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
| |
For
the three months ended | | |
For
the six months ended | |
| |
March
31, 2024 | | |
March
31, 2023 | | |
March
31, 2024 | | |
March
31, 2023 | |
Other
comprehensive loss | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (1,569,721 | ) | |
$ | (539,529 | ) | |
$ | (2,873,624 | ) | |
$ | (6,875,903 | ) |
Foreign
currency translation loss | |
| (530,686 | ) | |
| (317,218 | ) | |
| (302,922 | ) | |
| (93,649 | ) |
Comprehensive
loss | |
| (2,100,407 | ) | |
| (856,747 | ) | |
| (3,176,546 | ) | |
| (6,969,552 | ) |
Less
comprehensive income/(loss) attributable to noncontrolling interest | |
| 96,510 | | |
| (55,265 | ) | |
| 192,919 | | |
| 3,898 | |
Comprehensive
loss attributable to Cemtrex, Inc. stockholders | |
$ | (2,196,917 | ) | |
$ | (801,482 | ) | |
$ | (3,369,465 | ) | |
$ | (6,973,450 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statement of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Series
1 Preferred Stock | | |
Income | | |
Equity | | |
interest | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred
Stock
Series 1 | | |
Preferred
Stock
Series C | | |
Common
Stock Par | | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.001 | | |
| | |
| | |
Treasury | | |
Accumulated | | |
| | |
| |
| |
Number | | |
| | |
Number | | |
| | |
Number | | |
| | |
Additional | | |
| | |
Stock, | | |
other | | |
Cemtrex | | |
Non- | |
| |
of | | |
| | |
of | | |
| | |
of | | |
| | |
Paid-in | | |
Accumulated | | |
136,051
shares of | | |
Comprehensive | | |
Stockholders’ | | |
controlling | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Series
1 Preferred Stock | | |
Income | | |
Equity | | |
interest | |
Balance
at September 30, 2023 | |
| 2,293,016 | | |
$ | 2,293 | | |
| 50,000 | | |
$ | 50 | | |
| 1,045,783 | | |
$ | 1,046 | | |
$ | 68,881,705 | | |
$ | (64,125,895 | ) | |
$ | (148,291 | ) | |
$ | 3,076,706 | | |
$ | 7,687,614 | | |
$ | 656,179 | |
Foreign
currency translation gain | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| | | |
| 227,764 | | |
| 227,764 | | |
| - | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 7,558 | | |
| | | |
| - | | |
| | | |
| 7,558 | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 115,037 | | |
| 115 | | |
| - | | |
| | | |
| - | | |
| | | |
| (115 | ) | |
| - | | |
| | | |
| - | | |
| - | | |
| - | |
Loss
attributable to noncontrolling interest | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| - | | |
| (96,409 | ) |
Shares
issued to pay for services | |
| | | |
| | | |
| - | | |
| | | |
| 9,853 | | |
| 10 | | |
| 39,990 | | |
| | | |
| | | |
| | | |
| 40,000 | | |
| | |
Net
loss | |
| - | | |
| | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| (1,207,494 | ) | |
| | | |
| | | |
| (1,207,494 | ) | |
| | |
Balance
at December 31, 2023 | |
| 2,408,053 | | |
$ | 2,408 | | |
| 50,000 | | |
$ | 50 | | |
| 1,055,636 | | |
$ | 1,056 | | |
$ | 68,929,138 | | |
$ | (65,333,389 | ) | |
$ | (148,291 | ) | |
$ | 3,304,470 | | |
$ | 6,755,442 | | |
$ | 559,770 | |
Foreign
currency translation loss | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
$ | (530,686 | ) | |
| (530,686 | ) | |
| - | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 7,558 | | |
| | | |
| | | |
| | | |
| 7,558 | | |
| | |
Purchase
of treasury stock | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
$ | (69,705 | ) | |
| | | |
| (69,705 | ) | |
| | |
Loss
attributable to noncontrolling interest | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | (96,510 | ) |
Shares
issued to pay for services | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| - | | |
| - | | |
| - | |
Net
loss | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
$ | (1,473,211 | ) | |
| | | |
| | | |
| (1,473,211 | ) | |
| | |
Balance
at March 31, 2024 | |
| 2,408,053 | | |
$ | 2,408 | | |
| 50,000 | | |
$ | 50 | | |
| 1,055,636 | | |
$ | 1,056 | | |
$ | 68,936,696 | | |
$ | (66,806,600 | ) | |
$ | (217,996 | ) | |
$ | 2,773,784 | | |
$ | 4,689,398 | | |
$ | 463,260 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statement of Stockholders’ Equity (Continued)
(Unaudited)
| |
Preferred
Stock
Series 1 | | |
Preferred
Stock
Series C | | |
Common
Stock Par | | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Par
Value $0.001 | | |
Par
Value $0.001 | | |
Value
$0.001 | | |
| | |
| | |
Treasury | | |
Accumulated | | |
| | |
| |
| |
Number | | |
| | |
Number | | |
| | |
Number | | |
| | |
Additional | | |
| | |
Stock, | | |
other | | |
Cemtrex | | |
Non- | |
| |
of | | |
| | |
of | | |
| | |
of | | |
| | |
Paid-in | | |
Accumulated | | |
64,100
shares of | | |
Comprehensive | | |
Stockholders’ | | |
controlling | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Series
1 Preferred Stock | | |
Income | | |
Equity | | |
interest | |
Balance
at September 30, 2022 | |
| 2,079,122 | | |
$ | 2,079 | | |
| 50,000 | | |
$ | 50 | | |
| 754,711 | | |
$ | 755 | | |
$ | 66,641,698 | | |
$ | (54,929,020 | ) | |
$ | (148,291 | ) | |
$ | 2,377,525 | | |
$ | 13,944,796 | | |
$ | 692,742 | |
Foreign
currency translation gain | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| 223,569 | | |
| 223,569 | | |
| | |
Share-based
compensation | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| 39,842 | | |
| - | | |
| | | |
| | | |
| 39,842 | | |
| - | |
Shares
issued to pay notes payable | |
| - | | |
| - | | |
| -- | | |
| - | | |
| 39,016 | | |
| 39 | | |
| 232,106 | | |
| | | |
| - | | |
| - | | |
| 232,145 | | |
| | |
Dividends
paid in Series 1 preferred shares | |
| 104,341 | | |
| 104 | | |
| - | | |
| | | |
| | | |
| | | |
| (104 | ) | |
| - | | |
| | | |
| - | | |
| - | | |
| - | |
Loss
attributable to noncontrolling interest | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| | | |
| - | | |
| (59,163 | ) |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (6,277,211 | ) | |
| | | |
| | | |
| (6,277,211 | ) | |
| | |
Balance
at December 31, 2022 | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 793,727 | | |
$ | 794 | | |
$ | 66,913,542 | | |
$ | (61,206,231 | ) | |
$ | (148,291 | ) | |
$ | 2,601,094 | | |
$ | 8,163,141 | | |
$ | 633,579 | |
Balance, value | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 793,727 | | |
$ | 794 | | |
$ | 66,913,542 | | |
$ | (61,206,231 | ) | |
$ | (148,291 | ) | |
$ | 2,601,094 | | |
$ | 8,163,141 | | |
$ | 633,579 | |
Foreign
currency translation loss | |
| -- | | |
| | | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
$ | (317,218 | ) | |
| (317,218 | ) | |
| - | |
Share-based
compensation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 26,735 | | |
| | | |
| | | |
| | | |
| 26,735 | | |
| | |
Additional
rounding shares issued for reverse stock split | |
| - | | |
| - | | |
| - | | |
| - | | |
| 19,314 | | |
| 19 | | |
| (19 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Income
attributable to noncontrolling interest | |
| - | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
$ | 55,265 | |
Shares
issued to pay for services | |
| | | |
| | | |
| | | |
| | | |
| 15,529 | | |
| 15 | | |
| 102,485 | | |
| | | |
| - | | |
| - | | |
| 102,500 | | |
| | |
Net
loss | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | (594,794 | ) | |
| | | |
| | | |
$ | (594,794 | ) | |
| | |
Balance
at March 31, 2023 | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 828,570 | | |
$ | 828 | | |
$ | 67,042,743 | | |
$ | (61,801,025 | ) | |
$ | (148,291 | ) | |
$ | 2,283,876 | | |
$ | 7,380,364 | | |
$ | 688,844 | |
Balance, value | |
| 2,183,463 | | |
$ | 2,183 | | |
| 50,000 | | |
$ | 50 | | |
| 828,570 | | |
$ | 828 | | |
$ | 67,042,743 | | |
$ | (61,801,025 | ) | |
$ | (148,291 | ) | |
$ | 2,283,876 | | |
$ | 7,380,364 | | |
$ | 688,844 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cemtrex,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2024 | | |
2023 | |
| |
For
the six months ended | |
| |
March
31, | |
| |
2024 | | |
2023 | |
Cash
Flows from Operating Activities | |
| | |
| |
| |
| | |
| |
Net
loss | |
$ | (2,873,624 | ) | |
$ | (6,875,903 | ) |
| |
| | | |
| | |
Adjustments
to reconcile net loss to net cash used by operating activities | |
| | | |
| | |
Depreciation
and amortization | |
| 673,190 | | |
| 448,388 | |
Gain
on disposal of property and equipment | |
| - | | |
| 64,908 | |
Noncash
lease expense | |
| 389,125 | | |
| 420,411 | |
Bad
debt expense | |
| 35,213 | | |
| (1,543 | ) |
Share-based
compensation | |
| 15,116 | | |
| 66,577 | |
Income tax expense | |
| (96,750 | ) | |
| - | |
Interest
expense paid in equity shares | |
| - | | |
| 32,145 | |
Accounts
payable paid in equity shares | |
| 40,000 | | |
| 102,500 | |
Accrued
interest on notes payable | |
| 657,355 | | |
| 1,290,615 | |
Non-cash
royalty income | |
| (26,564 | ) | |
| - | |
Gain/(loss)
on marketable securities | |
| (190 | ) | |
| 58 | |
Amortization
of original issue discounts on notes payable | |
| - | | |
| 883,467 | |
Amortization
of loan origination costs | |
| 36,267 | | |
| - | |
| |
| | | |
| | |
Changes
in operating assets and liabilities net of effects from acquisition of
subsidiaries: | |
| | | |
| | |
Trade
receivables | |
| (2,317,074 | ) | |
| (1,870,729 | ) |
Trade
receivables - related party | |
| (178,980 | ) | |
| (408,464 | ) |
Inventory | |
| 1,341,472 | | |
| (73,209 | ) |
Contract
assets | |
| (240,478 | ) | |
| (12,597 | ) |
Prepaid
expenses and other current assets | |
| 483,043 | | |
| (141,562 | ) |
Other
assets | |
| (225,853 | ) | |
| (185,165 | ) |
Accounts
payable | |
| (455,315 | ) | |
| 256,584 | |
Accounts
payable - related party | |
| 408 | | |
| (15,765 | ) |
Sales
tax payable | |
| 1,658 | | |
| 90,204 | |
Operating
lease liabilities | |
| (388,516 | ) | |
| (356,176 | ) |
Deposits
from customers | |
| 150,274 | | |
| 1,618 | |
Accrued
expenses | |
| (108,311 | ) | |
| 701,414 | |
Contract
liabilities | |
| 919,090 | | |
| 554,966 | |
Deferred
revenue | |
| (252,109 | ) | |
| (86,106 | ) |
Income
taxes payable | |
| (146,422 | ) | |
| (37,698 | ) |
Other
liabilities | |
| (184,261 | ) | |
| (231,998 | ) |
Net
cash used by operating activities - continuing operations | |
| (2,752,236 | ) | |
| (5,383,060 | ) |
Net
cash provided by operating activities - discontinued operations | |
| - | | |
| 2,488,144 | |
Net
cash used by operating activities | |
| (2,752,236 | ) | |
| (2,894,916 | ) |
| |
| | | |
| | |
Cash
Flows from Investing Activities | |
| | | |
| | |
Purchase
of property and equipment | |
| (355,308 | ) | |
| (263,732 | ) |
Proceeds
from sale of property and equipment | |
| - | | |
| 11,026 | |
Investment
in MasterpieceVR | |
| (100,000 | ) | |
| - | |
Net
cash used by investing activities | |
| (455,308 | ) | |
| (252,706 | ) |
| |
| | | |
| | |
Cash
Flows from Financing Activities | |
| | | |
| | |
Proceeds
on revolving line of credit | |
| 19,360,672 | | |
| - | |
Payments
on revolving line of credit | |
| (15,413,971 | ) | |
| - | |
Payments
on debt | |
| (2,429,743 | ) | |
| (544,370 | ) |
Payments
on Paycheck Protection Program Loans | |
| (20,242 | ) | |
| (10,033 | ) |
Proceeds
on bank loans | |
| 28,331 | | |
| - | |
Payments
on bank loans | |
| (204,802 | ) | |
| (365,724 | ) |
Purchases
of treasury stock | |
| (69,705 | ) | |
| | |
Net
cash provided by/(used by) financing activities | |
| 1,250,540 | | |
| (920,127 | ) |
| |
| | | |
| | |
Effect
of currency translation | |
| (304,022 | ) | |
| (126,593 | ) |
Net
decrease in cash, cash equivalents, and restricted cash | |
| (1,957,004 | ) | |
| (4,067,749 | ) |
Cash,
cash equivalents, and restricted cash at beginning of period | |
| 6,349,562 | | |
| 11,473,676 | |
Cash,
cash equivalents, and restricted cash at end of period | |
$ | 4,088,536 | | |
$ | 7,279,334 | |
| |
| | | |
| | |
Balance
Sheet Accounts Included in Cash, Cash Equivalents, and Restricted Cash | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 2,916,120 | | |
$ | 6,634,037 | |
Restricted
cash | |
| 1,172,416 | | |
| 645,297 | |
|