7Baggers
Quarterly
Annual
    Unit: USD2024-03-31 2023-12-31 2023-09-30 2022-12-31 2022-09-30 2021-12-31 2021-09-30 2020-06-30 2020-03-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-03-31 2008-09-30 2008-06-30 2008-03-31 
      
    		                 
      operating activities
    		                 
      net income
    		-2,819,584 -2,370,014 -1,839,828 -1,908,156 -2,037,530 -2,301,325 -1,912,255 -2,132,106 -2,264,086 -1,671,689 -2,003,585 -1,683,758 -2,076,978 -1,522,461 852,602 -997,130 -787,935 
      adjustments to reconcile net income to net cash from operating activities
    		                 
      common stock issued for services
    		 15,000 15,000 15,000 15,000 209,994 15,000           
      stock-based compensation
    		456,904 355,830 300,729 228,337 175,659 525,910 54,180 6,085 6,085         
      changes in operating assets and liabilities
    		                 
      prepaid expenses and other current assets
    		-194,796 45,340 103,216 190,655 103,420 133,759 142,250 90,000 -297,281 -139,534 286,422 -101,428 291,188 -387,189 100,545 16,027 -28,123 
      prepaid project costs and other long-term assets
    		3,375 3,375 3,375               
      accounts payable and accrued liabilities
    		676,095 -389,313 282,920 -840,055 707,725 -921,344 568,770 408,245 135,394         
      net cash from operating activities
    		-1,878,006 -2,339,782 -1,134,588 -2,659,219 -1,035,726 -2,243,006 -1,132,055 -1,515,926 -2,019,888 -1,431,170 711,314 -1,028,657 -891,016 -1,188,481 5,819,249 157,944 -3,244,731 
      investing activities
    		                 
      trademarks
    		 0  -468 0             
      net cash from investing activities
    		 0  -468 0 0 -1,366 -65,449 -4,423 -10,415,459 -22,871 0 -1,818 -16,402    
      financing activities
    		                 
      net proceeds from the issuances of common stock
    		1,221,982                 
      net proceeds from the exercise of stock options
    		                 
      payments for taxes related to net share settlement of equity awards
    		                 
      net cash from financing activities
    		1,221,982 1,702,335 2,167,104 275,183 3,052,153 10,856,967  2,303,335 399,675 12,338,704 388,874 0 49,579 0 0 0 39,542 
      net increase in cash and cash equivalents
    		 -637,447 1,031,876 -2,384,504 2,016,427             
      cash and cash equivalents, beginning of year
    		                 
      cash and cash equivalents, end of year
    		                 
      supplemental disclosure of cash flow information
    		                 
      cash paid during the year:
    		                 
      interest paid
    		         0 0 0 0 0 -143 0 183 
      income taxes paid
    		         0 0 0 -266,000 266,000 0 1,111 30,828 
      non-cash financing activities
    		                 
      payment of accrued liabilities with common stock
    		255,000 0 0 0 0 0 15,000           
      common stock issued for consulting services
    		                 
      adjustments to reconcile net income to net cash from operating activities:
    		                 
      changes in operating assets and liabilities:
    		                 
      net decrease in cash and cash equivalents
    		-656,024      2,277,670 721,960 -1,624,636  1,077,317 -1,028,657  -1,204,883  157,944 -3,205,189 
      cash and cash equivalents, beginning of period
    		28,598,445  0  0  0 0 17,958,989 0 0 3,028,791  5,580,244 0 0 9,907,691 
      cash and cash equivalents, end of period
    		27,942,421  1,031,876  2,016,427  2,277,670 721,960 16,334,353 492,075 1,077,317 2,000,134  4,375,361 5,174,471 480,020 4,705,577 
      cash paid during the period:
    		                 
      non-cash financing activities:
    		                 
      adjustments to reconcile net income from operations to net cash from operating activities:
    		                 
      net proceeds from the issuance of common stock
    		  2,167,104      399,675         
      the accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
    		                 
      prepaid project costs
    		                 
      accrued legal settlement costs
    		     0 -675,000           
      accumulated preferred stock dividend
    		     116,662 194,405 183,532 180,228         
      exchanges of preferred stock series a and b to common stock
    		                 
      adjustments to reconcile net income from operations to net cash from operating activities
    		                 
      changes in operating working capital items
    		                 
      other receivables
    		      675,000           
      net proceeds from issuances of common stock and exercise of stock options
    		                 
      cash paid during the period
    		                 
      conversion of series a convertible preferred stock to common stock and payment of paid-in-kind dividends to series a preferred stockholder
    		      22,712 14,057 8,975         
      changes in operating working capital items:
    		                 
      net proceeds from issuances of common stock
    		                 
      supplemental disclosure of cash flow information:
    		                 
      patent write-off and impairment loss
    		                 
      amortization of patents
    		                 
      other receivable from joint venture
    		       0 400,000         
      patent write-offs
    		                 
      patents and trademarks
    		      -1,366           
      common stock issued for services and stock-based compensation
    		                 
      patent write-off
    		                 
      equity in income from joint venture
    		                 
      investment in joint venture
    		                 
      patent costs
    		       -65,449 -4,423 -24,845 -22,871 0 0 -16,402    
      5
    		                 
      table of contents
    		                 
      operating activities:
    		                 
      investing activities:
    		                 
      financing activities:
    		                 
      write off of deferred financing costs
    		                 
      accounts receivable - fees and reimbursable project costs
    		             1,038,592    
      net proceeds from the issuance of preferred stock
    		                 
      cash paid during the year
    		                 
      deemed dividend on issuance series b convertible preferred stock due to beneficial conversion feature
    		                 
      54
    		                 
      depreciation and amortization
    		         4,800 6,465 6,951 5,398 6,004 8,126 456 3,011 
      unrealized gain on marketable securities
    		                 
      changes in non-cash operating working capital items:
    		                 
      accounts receivable - fees and reimburseable project costs
    		         -138,704 1,514,577 -226,145      
      prepaid expenses and other assets
    		                 
      accounts payable, accrued liabilities and other current liabilities
    		         88,639 -28,381 116,147 80,898 -1,596,398 -992,731 150,086 523,239 
      deferred revenue
    		            0 0    
      marketable securities
    		                 
      property and equipment
    		         0   -1,818     
      restricted cash
    		         -319        
      non-cash financing activity:
    		                 
      grant of common stock for payment of accrued liabilities
    		         85 1,001 702,651      
      stock based compensation
    		         677,256 722,516 859,576  1,272,971    
      proceeds from the issuance of common stock - net of offering costs
    		                 
      redemption of common stock into treasury stock
    		                 
      non-cash financing activity
    		                 
      retirement of treasury stock
    		                 
      gain on marketable securities - available for sale
    		                 
      security deposits
    		            5,062  0   
      deferred project costs - net
    		            0 0    
      proceeds from issue of common shares
    		            50,344 0 0 0 49,975 
      payments on notes payable and other
    		            0 0 0 0 -10,433 
      increase in restricted cash
    		            -765     
      loss on marketable securities - available for sale
    		             0    
      reclassification of cash equivalents to marketable securities - available for sale
    		              -452,580 322,076 -1,996,925 
      shares issued for other than cash for payment of expenses
    		              1,713,233 1,423,375 1,363,803 
      amortization of deferred revenue - net
    		                 
      amortization of deferred project costs
    		              1,862,309 1,775,437 1,609,129 
      realized loss on marketable securities
    		                 
      settlement expense
    		                 
      accounts receivable - reimbursable project costs
    		                 
      deferred project costs
    		              -1,862,309 -1,723,708 -1,289,227 
      purchase of office equipment
    		                 
      other
    		                 
      non-cash transactions:
    		                 
      conversion of liabilities to equity
    		                 
      amortization of deferred revenue
    		               0 -3,793,125 
      other current liabilities
    		               -479,904 -713,780 
      non-cash transactions
    		                 
      unrealized loss on marketable securities – available for sale
    		                -131,723 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.