inc.jet Holding, Inc
Condensed Consolidated Financial Statements
(Unaudited)
Interim Periods Ended June 30, 2022 and 2021
inc.jet Holding, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(dollar amounts in thousands, except share and per share data)
June 30, 2022 | December 31, 2021 | ||||
Assets | |||||
Current Assets: | |||||
Cash | $ | 2,088 | $ | 2,255 | |
Accounts receivable, less allowance of $31 in 2022 and 2021 | 1,473 | 1,866 | |||
Receivable from sale of Mail Inserting segment | 858 | 858 | |||
Inventories | 2,541 | 2,122 | |||
Other current assets | 111 | 153 | |||
Total current assets | 7,071 | 7,254 | |||
Equipment and leasehold improvements | 1,258 | 1,258 | |||
Accumulated depreciation and amortization | (433) | (369) | |||
825 | 889 | ||||
Patents, net of amortization | 33 | 36 | |||
Deferred income taxes | 1,811 | 1,943 | |||
Lease - right-of-use | 234 | 273 | |||
2,078 | 2,252 | ||||
Total Assets | $ | 9,974 | $ | 10,395 | |
Liabilities and Stockholders' Equity: | |||||
Current Liabilities: | |||||
Accounts payable | $ | 1,305 | $ | 1,674 | |
Accrued expenses | 324 | 444 | |||
Accrued warranty | 468 | 443 | |||
Lease payable | 76 | 76 | |||
Total current liabilities | 2,173 | 2,637 | |||
Long Term Liabilities: | |||||
Notes payable due to Gunther Partners LLC - a related party | 1,000 | 1,000 | |||
Leases payable, less current portion | 158 | 197 | |||
Total long term liabilities | 1,158 | 1,197 | |||
Total liabilities | 3,331 | 3,834 | |||
Stockholders' Equity: | |||||
Preferred stock, $.001 par value: 500,000 shares authorized; none issued | - | - | |||
Common stock, $.001 par value: 32,000,000 shares authorized; 19,243,110 and 18,710,549 | |||||
shares issued and outstanding at December 31, 2021 and June 30, 2022, respectively | 19 | 19 | |||
Additional paid-in capital | 19,499 | 19,804 | |||
Accumulated deficit | (12,875) | (13,262) | |||
Total Stockholders' Equity | 6,643 | 6,561 | |||
Total Liabilities and Stockholders' Equity | $ | 9,974 | $ | 10,395 | |
See accompanying notes. | 2 |
inc.jet Holding, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(dollar amounts in thousands, except share and per share data)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||
Sales: | |||||||||||
Systems | $ | 1,315 | $ | 1,760 | $ | 2,928 | $ | 3,077 | |||
Supplies | 2,917 | 2,589 | 5,481 | 5,160 | |||||||
Total sales | 4,232 | 4,349 | 8,409 | 8,237 | |||||||
Cost of sales: | |||||||||||
Systems | 837 | 914 | 1,717 | 1,687 | |||||||
Supplies | 2,091 | 1,853 | 3,927 | 3,698 | |||||||
Total cost of sales | 2,928 | 2,767 | 5,644 | 5,385 | |||||||
Gross profit | 1,304 | 1,582 | 2,765 | 2,852 | |||||||
Operating expenses: | |||||||||||
Selling and administrative | 640 | 701 | 1,251 | 1,331 | |||||||
Research and development | 408 | 314 | 989 | 567 | |||||||
Total operating expenses | 1,048 | 1,015 | 2,240 | 1,898 | |||||||
Operating income | 256 | 567 | 525 | 954 | |||||||
Interest expense, net | 5 | 1 | 6 | 1 | |||||||
Income before income taxes | 251 | 566 | 519 | 953 | |||||||
Income tax expense | 64 | 137 | 132 | 234 | |||||||
Net income | $ | 187 | $ | 429 | $ | 387 | $ | 719 | |||
Basic and diluted net income per share | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||
Weighted-average number of common shares outstanding: | |||||||||||
Basic | 18,710,549 | 19,767,435 | 18,710,549 | 19,767,435 | |||||||
Diluted | 18,968,614 | 19,945,547 | 19,448,813 | 19,916,968 | |||||||
See accompanying notes.
3
inc.jet Holding, Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited) (Dollars in thousands)
Additional | ||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Paid-in | Accumulated | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit | Total | ||||||||||||||||||||||||||
Balance, December 31, 2020 | 19,767,435 | 20 | - | - | 20,060 | (15,045) | 5,035 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 290 | 290 | |||||||||||||||||||||||||
Balance, March 31, 2021 | 19,767,435 | 20 | - | - | 20,060 | (14,755) | 5,325 | |||||||||||||||||||||||||
Stock-based compensation expense | - | - | 3 | - | 3 | |||||||||||||||||||||||||||
Net income | - | - | - | - | - | 430 | 430 | |||||||||||||||||||||||||
Balance, June 30, 2021 | 19,767,435 | 20 | - | - | 20,063 | (14,325) | 5,758 | |||||||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | 28 | - | 28 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 453 | 453 | |||||||||||||||||||||||||
Repurchase of stock | (524,325) | (1) | - | - | (314) | - | (315) | |||||||||||||||||||||||||
Balance, September 30, 2021 | 19,243,110 | $ | 19 | - | $ | - | $ | 19,777 | $ | (13,872) | $ | 5,924 | ||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | 27 | - | 27 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 610 | 610 | |||||||||||||||||||||||||
Balance, December 31, 2021 | 19,243,110 | $ | 19 | - | $ | - | $ | 19,804 | $ | (13,262) | $ | 6,561 | ||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | 7 | - | 7 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 200 | 200 | |||||||||||||||||||||||||
Repurchase of stock | (175,000) | - | - | - | (105) | - | (105) | |||||||||||||||||||||||||
Balance, March 31, 2022 | 19,068,110 | $ | 19 | - | $ | - | $ | 19,706 | $ | (13,062) | $ | 6,663 | ||||||||||||||||||||
Stock-based compensation expense | - | - | - | - | 7 | - | 7 | |||||||||||||||||||||||||
Net income | - | - | - | - | - | 187 | 187 | |||||||||||||||||||||||||
Repurchase of stock | (357,561) | - | - | - | (214) | - | (214) | |||||||||||||||||||||||||
Balance, June 30, 2022 | 18,710,549 | $ | 19 | - | $ | - | $ | 19,499 | $ | (12,875) | $ | 6,643 | ||||||||||||||||||||
See accompanying notes. | 4 |
inc.jet Holding, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(dollar amounts in thousands)
Six Months Ended June 30, | |||||
2022 | 2021 | ||||
Continuing operating activities: | |||||
Net income | $ | 387 | $ | 719 | |
Adjustments to reconcile net income to net cash provided by | |||||
operating activities: | |||||
Depreciation and amortization | 67 | 42 | |||
Deferred income taxes | 132 | 234 | |||
Repurchase of stock | - | ||||
Stock-based compensation | 14 | 4 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 393 | (90) | |||
Inventories | (419) | (128) | |||
Prepaid expenses and other assets | 81 | 68 | |||
Accounts payable | (369) | 5 | |||
Accrued expenses | (134) | (71) | |||
Net cash (used in) provided by operating activities | 152 | 784 | |||
Investing activities: | |||||
Purchase of equipment, software, and leasehold improvements | - | (200) | |||
Repurcahse of stock | (319) | - | |||
Net cash used in investing activities | (319) | (200) | |||
Change in cash | (167) | 584 | |||
Cash, beginning of period | 2,255 | 771 | |||
Cash, end of period | $ | 2,088 | $ | 1,355 | |
See accompanying notes.
5
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IncJet Holding Inc. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 21:52:21 UTC.