- Revenues Continue to Rise Over Prior Year with Strong Performance by Subsidiaries -
SAN CLEMENTE, CA / ACCESSWIRE / May 17, 2021 / Concierge Technologies, Inc. (OTCQB:CNCG), a diversified global holding firm, today announced financial results for the third fiscal quarter ended March 31, 2021, with strong performances in revenues, net income and stockholders' equity.
The Company reported that for the three months ended March 31, 2021, revenues continued their rise to $9.5 million from $5.9 million for the comparable prior year period. For the nine months ended March 31, 2021, revenues advanced to $30.3 million from $17.7 million for the same period last year. Income before income tax for the most recent three-month period rose to $2.1 million, equal to $0.04 per share, from a net loss of $208,000, equal to breakeven per share, for the comparable prior year period. Year-to-date pre-tax income increased to $6.8 million, equal to $.13 per share on a fully diluted basis, from a net loss of $240,000, or breakeven per share, a year ago.
Concierge said the primary driver for the fiscal 2021 improvement was an increase in assets under management (AUM) at the Company's Wainwright Holdings funds management subsidiary to approximately $5.1 billion for the nine-month period ending March 31, 2021, compared with $2.2 billion at the same time a year ago. Wainwright, which operates under the name USCF Investments, manages commodity-oriented exchange-traded products (ETPs) that are listed on the New York Stock Exchange.
The Company's "Other" business segment, which comprised approximately 37% of total revenues in the most recent quarter, versus 49% of revenues in last year's third quarter, were up approximately $0.6 million year-over-year. The increase was due, in part, to the acquisition of Printstock Products Limited by the Company's New Zealand-based wholly owned subsidiary, Gourmet Foods. The Other segment is comprised of Gourmet Foods, Brigadier Security Systems and Original Sprout.
Concierge's balance sheet further strengthened at the end of the third fiscal quarter. Cash and cash equivalents grew to $14.3 million from $9.8 million at June 30, 2020. Total stockholders' equity increased to $24.7 million at March 31, 2021 from $19.1 million at June 30, 2020. The company has essentially no debt.
"During this third quarter we made significant progress in positioning our subsidiaries for continued growth. Original Sprout moved to a larger facility and continued its efforts to ease consumer access to its products through online platforms such as Costco.com and other large retailers. Brigadier Security Systems garnered an even larger share of the commercial and public building security monitoring business in Saskatchewan, while Gourmet Foods refocused on the lucrative convenience store business in New Zealand while profitably operating its recently acquired Printstock subsidiary which supplies food wrappers in New Zealand and Australia. Couple these initiatives with the continued robust AUM within USCF and we have strong confidence in future growth for the remainder of this fiscal year and beyond," said David Neibert, Chief Operations Officer. "The financial sector has a history of fluctuations, however we are successfully combating those effects through diversification in other profitable industries as well as expanding on our financial service offerings."
"This quarter we once again relied on our subsidiary management teams to endure virtual meetings and operate their businesses in adherence with COVID-19 restrictions worldwide. While we hoped to be back to normal operations by now, we planned for the long haul. Excellence at each subsidiary proved us correct in our thinking as both revenues and income were on the rise once again. While we are looking forward to the end of the pandemic, we are certain that our plans and processes to deal with it are more than sufficient. As such, we are moving forward with our strategy to introduce new product offerings, including Fintech applications through our Marygold and Co. subsidiary, and continue to seek out acquisition candidates." added Nicholas Gerber, Chief Executive Officer. "I'd like to thank our shareholders for their continued support and reiterate our goal to maximize shareholder value as we continue to grow."
Business Units
Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat's Pantry and Ponsonby Pies. Gourmet Foods also owns Printstock Products Limited, acquired July 1, 2020, https://www.printstocknz.com/, who is a commercial printer of specialized wrappers for food products manufactured in New Zealand and Australia.
Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province.
The company's USCF Investments operation, www.uscfinvestments.com, acquired as part of the Wainwright Holdings transaction in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.
Acquired by Concierge at the end of 2017, California-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a "reef safe" sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Singapore, Hong Kong, Malaysia, New Zealand, Australia, Canada and at various online outlets worldwide.
Marygold & Co, https://marygoldandco.com formed in November 2019 as a development stage corporation headquartered in Denver, CO, seeking to explore opportunities in the Fintech space. Marygold plans to launch a proprietary Fintech mobile app later in the current year.
About Concierge Technologies, Inc.
Concierge Technologies, originally founded in 1996, was repositioned as a global holding firm in 2015, and currently has operating subsidiaries in financial services, food manufacturing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand and Canada. For more information, visit www.conciergetechnology.net.
Forward-Looking Statements
This press release may contain "forward-looking statements" that include information relating to Concierge Technologies' future events and future financial and operating performance. Such forward-looking statements, including, but not limited to, the launch of a new Fintech venture, continue growing the company and adding shareholder value, should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
For a more detailed description of the risk factors and uncertainties affecting Concierge Technologies or its subsidiary companies, and more detailed information about the individual operating entities, please refer to the Company's Securities and Exchange Commission filings, which are available on the Company's website, (http://www.conciergetechnology.net), or at www.sec.gov.
For more information contact:
Concierge Technologies, Inc.
info@conciergetechnology.net
Tel: 949-429-5370
Financial Tables Follow:
CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
March 31, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
(AUDITED) |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
14,263,287 |
|
|
$ |
9,813,188 |
|
|
Accounts receivable, net
|
|
|
1,222,900 |
|
|
|
717,841 |
|
|
Accounts receivable - related parties
|
|
|
2,051,589 |
|
|
|
2,610,917 |
|
|
Inventories
|
|
|
1,925,561 |
|
|
|
1,174,603 |
|
|
Prepaid income tax and tax receivable
|
|
|
559,248 |
|
|
|
857,793 |
|
|
Investments
|
|
|
1,827,652 |
|
|
|
1,820,516 |
|
|
Other current assets
|
|
|
434,296 |
|
|
|
603,944 |
|
|
Total current assets
|
|
|
22,284,533 |
|
|
|
17,598,802 |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
13,976 |
|
|
|
12,854 |
|
|
Property and equipment, net
|
|
|
1,529,537 |
|
|
|
1,197,192 |
|
|
Operating lease right-of-use asset
|
|
|
1,237,865 |
|
|
|
733,917 |
|
|
Goodwill
|
|
|
1,043,473 |
|
|
|
915,790 |
|
|
Intangible assets, net
|
|
|
2,423,201 |
|
|
|
2,541,285 |
|
|
Deferred tax assets, net
|
|
|
900,878 |
|
|
|
900,878 |
|
|
Other assets, long - term
|
|
|
540,160 |
|
|
|
523,607 |
|
|
Total assets
|
|
$ |
29,973,623 |
|
|
$ |
24,424,325 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$ |
2,463,690 |
|
|
$ |
2,843,616 |
|
|
Expense waivers - related parties
|
|
|
238,886 |
|
|
|
421,892 |
|
|
Operating lease liabilities, current portion
|
|
|
569,717 |
|
|
|
323,395 |
|
|
Notes payable - related parties
|
|
|
3,500 |
|
|
|
3,500 |
|
|
Loans - property and equipment, current portion
|
|
|
14,727 |
|
|
|
13,196 |
|
|
Total current liabilities
|
|
|
3,290,520 |
|
|
|
3,605,599 |
|
|
|
|
|
|
|
|
|
|
|
|
LONG TERM LIABILITIES
|
|
|
|
|
|
|
|
|
|
Notes payable - related parties
|
|
|
600,000 |
|
|
|
600,000 |
|
|
Loans - property and equipment, net of current portion
|
|
|
378,222 |
|
|
|
359,845 |
|
|
Operating lease liabilities, net of current portion
|
|
|
718,142 |
|
|
|
447,062 |
|
|
Deferred tax liabilities
|
|
|
329,984 |
|
|
|
261,923 |
|
|
Total long-term liabilities
|
|
|
2,026,348 |
|
|
|
1,668,830 |
|
|
Total liabilities
|
|
|
5,316,868 |
|
|
|
5,274,429 |
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 50,000,000 authorized
|
|
|
|
|
|
|
|
|
|
Series B: 49,360 issued and outstanding at March 31, 2021 and 53,032 at June 30, 2020
|
|
|
49 |
|
|
|
53 |
|
|
Common stock, $0.001 par value; 900,000,000 shares authorized; 37,485,959 shares issued and outstanding at March 31, 2021 and 37,412,519 at June 30, 2020
|
|
|
37,486 |
|
|
|
37,412 |
|
|
Additional paid-in capital
|
|
|
9,330,843 |
|
|
|
9,330,913 |
|
|
Accumulated other comprehensive income (loss)
|
|
|
208,085 |
|
|
|
(144,744 |
) |
|
Retained earnings
|
|
|
15,080,292 |
|
|
|
9,926,262 |
|
|
Total stockholders' equity
|
|
|
24,656,755 |
|
|
|
19,149,896 |
|
|
Total liabilities and stockholders' equity
|
|
$ |
29,973,623 |
|
|
$ |
24,424,325 |
|
|
|
|
|
|
|
|
|
|
|
CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
For the Three-Month Periods Ended March 31, |
|
|
For the Nine-Month Periods Ended March 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund management - related party
|
|
$ |
5,997,085 |
|
|
$ |
2,986,503 |
|
|
$ |
19,182,801 |
|
|
$ |
8,866,790 |
|
|
Food products
|
|
|
2,015,529 |
|
|
|
1,257,205 |
|
|
|
6,212,698 |
|
|
|
3,827,564 |
|
|
Security systems
|
|
|
717,664 |
|
|
|
606,268 |
|
|
|
2,013,819 |
|
|
|
2,110,526 |
|
|
Beauty products and other
|
|
|
813,084 |
|
|
|
1,051,980 |
|
|
|
2,846,052 |
|
|
|
2,918,582 |
|
|
Net revenue
|
|
|
9,543,362 |
|
|
|
5,901,956 |
|
|
|
30,255,370 |
|
|
|
17,723,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
2,336,541 |
|
|
|
1,750,845 |
|
|
|
7,121,339 |
|
|
|
5,243,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,206,821 |
|
|
|
4,151,111 |
|
|
|
23,134,031 |
|
|
|
12,479,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense
|
|
|
1,512,387 |
|
|
|
1,098,721 |
|
|
|
5,071,090 |
|
|
|
3,207,762 |
|
|
Fund operations
|
|
|
860,027 |
|
|
|
695,529 |
|
|
|
2,562,525 |
|
|
|
2,232,816 |
|
|
Marketing and advertising
|
|
|
689,939 |
|
|
|
604,163 |
|
|
|
2,227,322 |
|
|
|
1,811,249 |
|
|
Depreciation and amortization
|
|
|
178,588 |
|
|
|
148,131 |
|
|
|
521,584 |
|
|
|
447,955 |
|
|
Salaries and compensation
|
|
|
1,925,571 |
|
|
|
1,785,913 |
|
|
|
6,106,978 |
|
|
|
5,002,617 |
|
|
Total operating expenses
|
|
|
5,166,512 |
|
|
|
4,332,457 |
|
|
|
16,489,499 |
|
|
|
12,702,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
2,040,309 |
|
|
|
(181,346 |
) |
|
|
6,644,532 |
|
|
|
(222,740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
26,748 |
|
|
|
(40,224 |
) |
|
|
203,275 |
|
|
|
(61,797 |
) |
|
Interest and dividend income
|
|
|
6,730 |
|
|
|
23,806 |
|
|
|
22,193 |
|
|
|
76,078 |
|
|
Interest expense
|
|
|
(9,988 |
) |
|
|
(9,979 |
) |
|
|
(30,215 |
) |
|
|
(31,219 |
) |
|
Total other income (expense), net
|
|
|
23,490 |
|
|
|
(26,397 |
) |
|
|
195,253 |
|
|
|
(16,938 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
2,063,799 |
|
|
|
(207,743 |
) |
|
|
6,839,785 |
|
|
|
(239,678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Provision) benefit of income taxes
|
|
|
(480,991 |
) |
|
|
190,507 |
|
|
|
(1,685,754 |
) |
|
|
202,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ |
1,582,808 |
|
|
$ |
(17,236 |
) |
|
$ |
5,154,031 |
|
|
$ |
(37,258 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
37,474,535 |
|
|
|
37,412,519 |
|
|
|
37,432,889 |
|
|
|
37,383,246 |
|
|
Diluted
|
|
|
38,473,159 |
|
|
|
37,412,519 |
|
|
|
38,473,159 |
|
|
|
37,383,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.04 |
|
|
$ |
(0.00 |
) |
|
$ |
0.14 |
|
|
$ |
(0.00 |
) |
|
Diluted
|
|
$ |
0.04 |
|
|
$ |
(0.00 |
) |
|
$ |
0.13 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(UNAUDITED)
|
|
|
Three Months Ended March 31, |
|
|
Nine Months Ended March 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ |
1,582,808 |
|
|
$ |
(17,236 |
) |
|
$ |
5,154,031 |
|
|
$ |
(37,258 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation (loss) gain
|
|
|
(17,317 |
) |
|
|
(295,100 |
) |
|
|
352,829 |
|
|
|
(125,563 |
) |
|
Comprehensive income (loss)
|
|
$ |
1,565,491 |
|
|
$ |
(312,336 |
) |
|
$ |
5,506,860 |
|
|
$ |
(162,821 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTH PERIODs ENDING MARCH 31, 2021 and MARCH 31, 2020
(UNAUDITED)
|
Period Ending March 31, 2021
|
|
Preferred Stock (Series B) |
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Amount |
|
|
Number of Shares |
|
|
Par Value |
|
|
Additional Paid - in Capital |
|
|
Accumulated Other Comprehensive (Loss) Income |
|
|
Retained Earnings |
|
|
Total Stockholders' Equity |
|
|
Balance at July 1, 2020
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,412,519 |
|
|
$ |
37,412 |
|
|
$ |
9,330,913 |
|
|
$ |
(144,744 |
) |
|
$ |
9,926,262 |
|
|
$ |
19,149,896 |
|
|
Gain on currency translation
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
72,714 |
|
|
|
- |
|
|
|
72,714 |
|
|
Net income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,219,434 |
|
|
|
2,219,434 |
|
|
Balance at September 30, 2020
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,412,519 |
|
|
$ |
37,412 |
|
|
$ |
9,330,913 |
|
|
$ |
(72,030 |
) |
|
$ |
12,145,696 |
|
|
$ |
21,442,044 |
|
|
Gain on currency translation
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
297,432 |
|
|
|
- |
|
|
|
297,432 |
|
|
Net income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,351,788 |
|
|
|
1,351,788 |
|
|
Balance at December 31, 2020
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,412,519 |
|
|
$ |
37,412 |
|
|
$ |
9,330,913 |
|
|
$ |
225,402 |
|
|
$ |
13,497,484 |
|
|
$ |
23,091,264 |
|
|
Loss on currency translation
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,317 |
) |
|
|
- |
|
|
|
(17,317 |
) |
|
Conversion of preferred stock to common stock
|
|
|
(3,672 |
) |
|
|
(4 |
) |
|
|
73,440 |
|
|
|
74 |
|
|
|
(70 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,582,808 |
|
|
|
1,582,808 |
|
|
Balance at March 31, 2021
|
|
|
49,360 |
|
|
$ |
49 |
|
|
|
37,485,959 |
|
|
$ |
37,486 |
|
|
$ |
9,330,843 |
|
|
$ |
208,085 |
|
|
$ |
15,080,292 |
|
|
$ |
24,656,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ending March 31, 2020
|
|
Preferred Stock (Series B) |
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Amount |
|
|
Number of Shares |
|
|
Par Value |
|
|
Additional Paid - in Capital |
|
|
Accumulated Other Comprehensive Income (Loss) |
|
|
Retained Earnings |
|
|
Total Stockholders' Equity |
|
|
Balance at June 30, 2019
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,237,519 |
|
|
$ |
37,237 |
|
|
$ |
9,178,838 |
|
|
$ |
(175,659 |
) |
|
$ |
8,152,861 |
|
|
$ |
17,193,330 |
|
|
Gain on currency translation
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
33,949 |
|
|
|
- |
|
|
|
33,949 |
|
|
Common stock issued for services
|
|
|
- |
|
|
|
- |
|
|
|
175,000 |
|
|
|
175.00 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
175 |
|
|
Common stock issued for services - earned(1)
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
37,366 |
|
|
|
- |
|
|
|
- |
|
|
|
37,366 |
|
|
Net income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54,892 |
|
|
|
54,892 |
|
|
Balance at September 30, 2019
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,412,519 |
|
|
$ |
37,412 |
|
|
$ |
9,216,204 |
|
|
$ |
(141,710 |
) |
|
$ |
8,207,753 |
|
|
$ |
17,319,712 |
|
|
Gain on currency translation
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
135,588 |
|
|
|
- |
|
|
|
135,588 |
|
|
Common stock issued for services
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Common stock issued for services - earned(1)
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
76,751 |
|
|
|
- |
|
|
|
- |
|
|
|
76,751 |
|
|
Net loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(74,914 |
) |
|
|
(74,914 |
) |
|
Balance at December 31, 2019
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,412,519 |
|
|
$ |
37,412 |
|
|
$ |
9,292,955 |
|
|
$ |
(6,122 |
) |
|
$ |
8,132,839 |
|
|
$ |
17,457,137 |
|
|
Loss on currency translation
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(295,100 |
) |
|
|
- |
|
|
|
(295,100 |
) |
|
Common stock issued for services - earned(1)
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
37,958 |
|
|
|
- |
|
|
|
- |
|
|
|
37,958 |
|
|
Net loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,236 |
) |
|
|
(17,236 |
) |
|
Balance at March 31, 2020
|
|
|
53,032 |
|
|
$ |
53 |
|
|
|
37,412,519 |
|
|
$ |
37,412 |
|
|
$ |
9,330,913 |
|
|
$ |
(301,222 |
) |
|
$ |
8,115,603 |
|
|
$ |
17,182,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
For the Nine-Month Periods Ended |
|
|
|
|
March 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$ |
5,154,031 |
|
|
$ |
(37,258 |
) |
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
521,584 |
|
|
|
447,955 |
|
|
Stock based vendor compensation
|
|
|
- |
|
|
|
152,250 |
|
|
Bad debt expense (recovery)
|
|
|
14,082 |
|
|
|
(197 |
) |
|
Impairment to inventory value
|
|
|
67,576 |
|
|
|
- |
|
|
Unrealized (gain) loss on investments
|
|
|
(5,146 |
) |
|
|
44,409 |
|
|
Gain on disposal of equipment
|
|
|
(2,148 |
) |
|
|
- |
|
|
Operating lease right-of-use asset - non-cash lease cost
|
|
|
420,948 |
|
|
|
303,851 |
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in current assets:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(91,002 |
) |
|
|
77,244 |
|
|
Accounts receivable - related party
|
|
|
559,327 |
|
|
|
(25,020 |
) |
|
Prepaid income taxes and tax receivable
|
|
|
302,313 |
|
|
|
196,670 |
|
|
Inventories
|
|
|
(254,177 |
) |
|
|
(155,644 |
) |
|
Other current assets
|
|
|
47,336 |
|
|
|
(18,910 |
) |
|
Decrease (increase) in current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
(808,350 |
) |
|
|
(715,356 |
) |
|
Operating lease liabilities
|
|
|
(424,071 |
) |
|
|
(303,714 |
) |
|
Expense waivers - related party
|
|
|
(183,006 |
) |
|
|
56,965 |
|
|
Net cash provided by operating activities
|
|
|
5,319,297 |
|
|
|
23,245 |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Cash paid for acquisition of business assets
|
|
|
(993,435 |
) |
|
|
- |
|
|
Cash paid for internally developed software
|
|
|
- |
|
|
|
(217,990 |
) |
|
Purchase of property and equipment
|
|
|
(41,074 |
) |
|
|
(455,064 |
) |
|
Proceeds from sale of property and equipment
|
|
|
2,148 |
|
|
|
- |
|
|
Sale of investments
|
|
|
- |
|
|
|
1,000,000 |
|
|
Purchase of investments
|
|
|
(492 |
) |
|
|
(1,040,767 |
) |
|
Net cash used in investing activities
|
|
|
(1,032,853 |
) |
|
|
(713,821 |
) |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from property and equipment loans
|
|
|
- |
|
|
|
370,220 |
|
|
Repayment of property and equipment loans
|
|
|
(25,394 |
) |
|
|
(89,666 |
) |
|
Net cash (used in) provided by financing activities
|
|
|
(25,394 |
) |
|
|
280,554 |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate change on cash and cash equivalents
|
|
|
190,171 |
|
|
|
(44,049 |
) |
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
|
|
4,451,221 |
|
|
|
(454,071 |
) |
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE
|
|
|
9,826,042 |
|
|
|
6,495,251 |
|
|
|
|
|
|
|
|
|
|
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE
|
|
$ |
14,277,263 |
|
|
$ |
6,041,180 |
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$ |
11,989 |
|
|
$ |
12,926 |
|
|
Income taxes paid, net of refunds
|
|
$ |
1,247,005 |
|
|
$ |
159,363 |
|
|
Non-cash financing and investing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of operating right-of-use assets through operating lease obligations
|
|
$ |
730,741 |
|
|
$ |
1,150,916 |
|
|
Reclassification of acquisition deposit
|
|
$ |
122,111 |
|
|
$ |
- |
|
|
Reclassification of building deposit from other current assets to property and equipment, net
|
|
$ |
- |
|
|
$ |
178,276 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes found in the Company's Form 10-Q filed on May 14, 2021 are an integral part of these consolidated financial statements.
SOURCE: Concierge Technologies, Inc.
View source version on accesswire.com:
https://www.accesswire.com/647587/Concierge-Technologies-Reports-Financial-Results-for-Third-Fiscal-Quarter
