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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
o    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-40913
alpp10q_1.jpg
Alpine 4 Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-5482689
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
2525 E Arizona Biltmore Circle, Suite 237
Phoenix, AZ
85016
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code: 480-702-2431
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes x No o
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.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
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(1) of the Exchange Act. x
State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of August 10, 2023, the issuer had 24,224,657 shares of its Class A common stock issued and outstanding, 906,012 shares of its Class B common stock issued and outstanding and 1,528,533 shares of its Class C common stock issued and outstanding.


TABLE OF CONTENTS
2

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements and information in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Quarterly Report”), may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures, commencement of business operations, business strategy, statements related to the expected effects on our business from the novel coronavirus (“COVID-19”) pandemic, and other similar matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “hope,” “intend,” “project,” “positioned,” or “strategy” or other comparable terminology. These forward-looking statements are based largely on our current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. These statements are subject to many risks, uncertainties, and other important factors that could cause actual future results to differ materially from those expressed in the forward-looking statements including, but not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the products we distribute and the services we provide; our ability to obtain products from the respective manufacturers; actions governments, businesses, and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions; the impact of the COVID-19 pandemic and action taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; our inability to sustain profitable sales growth; and circumstances or developments that may make us unable to implement or realize the anticipated benefits, or that may increase the costs, of our current and planned business initiatives. For a more thorough discussion of these risks, you should read this entire Report carefully, as well as the risks discussed under “Risk Factors” in our Annual Report for the year ended December 31, 2022.

Although management believes that the assumptions underlying the forward-looking statements included in this Report are reasonable, such statements do not guarantee our future performance, and actual results could differ from those contemplated by these forward-looking statements. The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. In the light of these risks and uncertainties, all of the forward-looking statements made herein are qualified by these cautionary statements, and there can be no assurance that the results and events contemplated by the forward-looking statements contained in this Report will in fact transpire. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. We expressly disclaim any obligation or intention to update or revise any forward-looking statements.
3

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
ALPINE 4 HOLDINGS, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2023December 31, 2022
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash $3,828,963 $2,673,541 
Accounts receivable, net 16,628,748 17,139,944 
Inventory24,019,013 25,258,369 
Contract assets1,392,007 1,402,788 
Prepaid expenses and other current assets2,134,045 2,428,223 
Total current assets 48,002,776 48,902,865 
Property and equipment, net19,861,909 19,503,485 
Intangible assets, net34,668,042 36,282,609 
Right of use assets, net15,704,511 16,407,566 
Goodwill 22,680,084 22,680,084 
Other non-current assets 1,693,603 1,855,605 
TOTAL ASSETS $142,610,925 $145,632,214 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $15,807,557 $8,608,554 
Accrued expenses 6,570,507 6,749,890 
Contract liabilities 5,854,696 5,284,285 
Lines of credit8,699,609 7,426,814 
Notes payable, current portion 6,170,472 3,201,136 
Notes payable, related party555,000  
Convertible note payable, current portion471,311  
Financing lease obligation, current portion 764,267 725,302 
Operating lease obligation, current portion 1,518,842 1,318,885 
Total current liabilities 46,412,261 33,314,866 
Notes payable, net of current portion2,144,048 4,266,350 
Lines of credit, net of current portion4,058,411 7,215,520 
Financing lease obligations, net of current portion14,195,602 14,592,813 
Operating lease obligations, net of current portion14,447,193 15,262,494 
Deferred tax liability333,708 988,150 
TOTAL LIABILITIES 81,591,223 75,640,193 
Commitments & Contingencies (Note 8)
STOCKHOLDERS' EQUITY(1):
Preferred stock, $0.0001 par value, 5,000,000 shares authorized
— — 
Series B preferred stock; $1.00 stated value; 100 shares authorized, 3 and 5 shares issued and outstanding at June 30, 2023, and December 31, 2022
3 5 
Class A Common stock, $0.0001 par value, 200,000,000 shares authorized, 23,974,657 and 22,303,333 shares issued and outstanding at June 30, 2023, and December 31, 2022
2,397 2,230 
Class B Common stock, $0.0001 par value, 10,000,000 shares authorized, 906,012 and 1,068,512 shares issued and outstanding at June 30, 2023, and December 31, 2022
91 107 
Class C Common stock, $0.0001 par value, 15,000,000 shares authorized, 1,528,533 and 1,529,888 shares issued and outstanding at June 30, 2023, and December 31, 2022
153 153 
Additional paid-in capital 143,072,462 141,723,921 
Accumulated deficit (82,055,404)(71,734,395)
Total stockholders' equity 61,019,702 69,992,021 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$142,610,925 $145,632,214 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

(1) Current and prior period results have been adjusted to reflect the one-for-eight stock split effected in May 2023. See Note 6, Stockholders' Equity for details.
4

ALPINE 4 HOLDINGS, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023202220232022
Revenues, net $28,022,026 $25,271,126 $52,383,739 $50,863,280 
Cost of revenues20,234,936 19,110,583 39,380,193 39,065,280 
Gross profit7,787,090 6,160,543 13,003,546 11,798,000 
Operating expenses:
General and administrative expenses9,893,454 9,216,398 20,136,477 18,418,080 
Research and development1,612,530 394,835 1,726,436 586,765 
Gain on sale of property (5,822,450) (5,822,450)
Total operating expenses11,505,984 3,788,783 21,862,913 13,182,395 
Income (loss) from operations(3,718,894)2,371,760 (8,859,367)(1,384,395)
Other income (expenses)
Interest expense (1,108,745)(962,474)(2,107,615)(1,571,435)
Other income15,906 258,660 59,106 291,379 
Total other expenses(1,092,839)(703,814)(2,048,509)(1,280,056)
Income (loss) before income tax(4,811,733)1,667,946 (10,907,876)(2,664,451)
Income tax (benefit)(259,867)128,140 (586,867)(204,697)
Net income (loss)$(4,551,866)$1,539,806 $(10,321,009)$(2,459,754)
Weighted average shares outstanding(1):
Basic25,103,271 22,899,822 25,076,452 22,890,560 
Diluted25,103,271 22,899,822 25,076,452 22,890,560 
Basic income (loss) per share$(0.18)$0.07 $(0.41)$(0.11)
Diluted income (loss) per share$(0.18)$0.07 $(0.41)$(0.11)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

(1) Current and prior period results have been adjusted to reflect the one-for-eight stock split effected in May 2023. See Note 6, Stockholders' Equity for details.

5

ALPINE 4 HOLDINGS, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS CHANGES IN STOCKHOLDERS' EQUITY (1)
(Unaudited)
Series B Preferred StockClass A Common
Stock
Class B Common
Stock
Class C Common
Stock
Additional
Paid-in
Capital
Accumulated
Deficit
Total Stockholders’
Equity
SharesAmountSharesAmountSharesAmountSharesAmount
Balance, December 31, 2022
5 $5 22,303,333 $2,230 1,068,512 $107 1,529,888 $153 $141,723,921 $(71,734,395)$69,992,021 
Conversion of Class C Common Stock to Class A Common Stock— — 1,428 — — — (1,428)— — — — 
Series B Preferred Share removal(1)(1)— — — — — — 1 —  
Share-based compensation expense— — — — — — — — 182,589 — 182,589 
Net loss— — — — — — — — — (5,769,143)(5,769,143)
Balance, March 31, 20234 4 22,304,761 2,230 1,068,512 107 1,528,460 153 141,906,511 (77,503,538)64,405,467 
Conversion of Class B Common Stock to Class A Common Stock— — 162,500 16 (162,500)(16)— — — —  
Conversion of Series B Preferred Stock to Class A Common Stock(1)(1)1 — — — — — 1 —  
Issuance of shares of common stock and warrants for convertible note payable and accrued interest— — 1,477,400 148 — — — — 1,000,661 — 1,000,809 
Adjustment for additional shares issued in connection with the reverse stock split— — 29,995 3 — — 73 — — — 3 
Share-based compensation expense— — — — — — — — 165,289 — 165,289 
Net loss— — — — — — — — — (4,551,866)(4,551,866)
Balance, June 30, 20233 $3 23,974,657 $2,397 906,012 $91 1,528,533 $153 $143,072,462 $(82,055,404)$61,019,702 
Balance, December 31, 20215 $5 20,224,938 $2,022 1,068,512 $107 1,562,635 $156 $130,348,267 $(58,859,082)$71,491,476 
Issuance of shares of common stock for compensation— — 4,924 — — — — — 99,248 — 99,248 
Conversion of Series D preferred stock to Class A— — 7,989 1 — — — — 365,463 — 365,464 
Conversion of Series C preferred stock to Class A— — 1,031 — — — — — 34,622 — 34,622 
Share-based compensation expense— — — — — — — — 93,197 — 93,197 
Net loss— — — — — — — — — (3,999,560)(3,999,560)
Balance, March 31, 20225 5 20,238,882 2,023 1,068,512 107 1,562,635 156 130,940,797 (62,858,642)68,084,447 
Issuance of shares of common stock for compensation— — 21,482 2 — — — — 132,307 — 132,309 
Shares issued from ATM— — 9,515 1 — — — — 55,136 — 55,137 
Share-based compensation expense— — — — — — — — 172,183 — 172,183 
Net loss— — — — — — — — — 1,539,806 1,539,806 
Balance, June 30, 20225 $5 20,269,879 $2,026 1,068,512 $107 1,562,635 $156 $131,300,423 $(61,318,836)$69,983,882 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

(1) Current and prior period results have been adjusted to reflect the one-for-eight stock split effected in May 2023. See Note 6, Stockholders' Equity for details.
6

ALPINE 4 HOLDINGS, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30,
20232022
OPERATING ACTIVITIES:
Net loss$(10,321,009)$(2,459,754)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation1,498,572 1,564,357 
Amortization1,614,567 1,454,099 
Gain on sale of property (5,822,450)
Stock compensation expense348,029 496,957 
Income tax benefit(654,442)(204,697)
Amortization of debt discounts96,729  
Non-cash lease expense703,055 224,422 
Write off of inventory276,898 71,552 
Bad debt expense330,544 115,835 
Changes in current assets and liabilities:
Accounts receivable180,652 (1,257,649)
Inventory962,458 672,426 
Contract assets10,781 (608,743)
Prepaid expenses and other assets456,180 (765,887)
Accounts payable7,199,003 1,084,278 
Accrued expenses(179,383)1,257,019 
Contract liabilities570,411 (2,846,166)
Operating lease liability(615,344)(213,041)
Net cash provided by (used) in operating activities2,477,701 (7,237,442)
INVESTING ACTIVITIES:
Capital expenditures(1,856,996)(756,870)
Proceeds from sale of building 12,454,943 
Net cash provided by (used) in investing activities(1,856,996)11,698,073 
FINANCING ACTIVITIES:
Proceeds from the sale of common stock, net of offering costs 55,144 
Proceeds from issuances of notes payable, non-related party1,029,145  
Proceeds from issuances of note payable, related party555,000  
Net proceeds/(repayments) from lines of credit(1,947,538)3,436,740 
Proceeds from issuance of convertible notes, non-related party2,090,000  
Debt issuance costs(651,533) 
Repayment of building mortgage (4,642,043)
Repayments of notes payable, non-related parties(182,111)(2,540,390)
Cash paid on financing lease obligations(358,246)(317,150)
Net cash provided by (used) in financing activities534,717 (4,007,699)
NET INCREASE IN CASH1,155,422 452,932 
CASH, BEGINNING BALANCE2,673,541 3,715,666 
CASH, ENDING BALANCE$3,828,963 $4,168,598 
CASH PAID FOR:
Interest$2,107,615 $1,224,984 
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES:
ROU asset and operating lease obligation recognized$ $8,725,000 
Equipment purchased on note payable$ $243,843 
Series B Preferred Share Removal$2 $ 
Conversion of Series D preferred stock for common stock$ $400,092 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

ALPINE 4 HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 – Organization and Basis of Presentation

The unaudited consolidated financial statements were prepared by Alpine 4 Holdings, Inc. ("we,” “our,” or the "Company"), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") were omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on May 5, 2023. The results for the six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the year ending December 31, 2023.

The Company was incorporated under the laws of the State of Delaware in April 2014. We are a publicly traded conglomerate that acquires businesses that fit into our disruptive DSF business model of Drivers, Stabilizers, and Facilitators.

Basis of presentation
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Certain reclassifications have been made that have no impact on net earnings and financial position.

Liquidity
The Company’s financial statements are prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business within one year after the date the consolidated financial statements are issued. In accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), our management evaluates whether there are conditions or events, considered in aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued (further detail in the Going Concern sub-section below).

As shown in the accompanying consolidated financial statements, the Company has incurred significant recurring losses but has positive cash flows from operations for the current year. Although the Company has experienced net losses of $10.3 million and $2.5 million for the six months ended June 30, 2023 and 2022, respectively, net cash flows provided by operating activities improved to $2.5 million for the six months ended June 30, 2023, from $7.2 million used in operating activities for the six months ended June 30, 2022.

As of June 30, 2023, the Company had positive working capital of $1.6 million, which was a decrease of $14.0 million compared to December 31, 2022. The Company has bank financing totaling $35.0 million ($35.0 million in lines of credit including $0.5 million in capital expenditures lines of credit availability) of which $4.4 million was available and unused as of June 30, 2023. There are three lines of credit that are set to mature during the next twelve months. These three lines of credit total $13.7 million, of which $8.7 million was used as of June 30, 2023, and are shown as a current liability on the consolidated balance sheet. These factors raise substantial doubt about the Company's ability to continue as a going concern.

The Company plans to continue to generate additional revenue, improve cash flows from operations, and improve gross profit performance across all of its subsidiaries. The Company also may raise funds through debt financing, securing additional lines of credit, and the sale of shares in public or private offerings.

Going Concern
The accompanying financial statements have been prepared on a going concern basis. While the working capital deficiency of prior years has improved, and working capital of the Company is currently positive, continued operating losses cause doubt as to the ability of the Company to continue. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's plan of operations, and its ultimate transition to profitable operations are necessary for the Company to
8

continue. The uncertainty that exists with these factors raises substantial doubt about the Company's ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

In order to mitigate the risk related to the going concern uncertainty, the Company has a three-fold plan to resolve these risks. First, the operating subsidiaries of Quality Circuit Assembly ("QCA"), Quality Circuit Assembly - Central ("QCA-C"), Identified Technologies ("IDT"), Thermal Dynamics International ("TDI"), and RCA Commercial ("RCA") plan to expand their revenues and profits yielding increased cash flow in those operating segments. This plan will allow for an increased level of cash flow to the Company. Second, the Company has expanded its credit facilities at the subsidiary level over the past twelve months to allow for greater borrowing accessibility if needed for the expansion of product lines and sales opportunities and plans to extend or refinance any lines of credit coming due over the next twelve months in order to provide additional financing. Finally, operating companies hard hit by the supply-chain related price increases such as Morris Sheet Metal ("MSM"), Alternative Laboratories ("Alt Labs"), and Excel Construction ("Excel") have begun to experience an easing in the procurement and cost overruns of limited product supply. This subsequently has added to increased cash flow to those entities and less reliance on the Company to fund those activities. Although this plan is in place to mitigate the risk related to the going concern uncertainty, substantial doubt remains due to uncertainty around the growth projections and lack of control of many of the factors included in the Company’s plan.

Entity level risks
Our operations and performance may depend on global, regional, economic and geopolitical conditions. Russia’s invasion and military attacks on Ukraine have triggered significant sanctions from North American and European leaders. As of the date of this Report, those events were continuing to escalate and create increasingly volatile global economic conditions. Resulting changes in North American trade policy could trigger retaliatory actions by Russia, its allies and other affected countries, including China, resulting in a “trade war.” A trade war could result in increased costs for raw materials that we use in our manufacturing and could otherwise limit our ability to sell our products abroad. These increased costs would have a negative effect on our financial condition and profitability. Furthermore, the military conflict between Russia and Ukraine is increasing supply interruptions and further hindering our ability to find the materials we need to make our products. If the conflict between Russia and Ukraine continues for a long period of time, or if other countries become further involved in the conflict, we could face significant adverse effects to our business and financial condition. The Company is not able to fully quantify the impact that these factors will have on the Company’s financial results during 2023 and beyond.

Note 2 – Summary of Significant Accounting Policies

Principles of consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries as of June 30, 2023, and December 31, 2022. Significant intercompany balances and transactions have been eliminated.

Use of estimates
The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. Preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable. This applies in particular to useful lives of long-lived assets, reserves for accounts receivable and inventory, valuation allowance for deferred tax assets, fair values assigned to intangible assets acquired, and impairment of long-lived assets. Actual results could differ significantly from our estimates. To the extent that there are material differences between these estimates and actual results, the Company’s future financial statement presentation, financial condition, results of operations and cash flows will be affected.

Cash
Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. As of June 30, 2023, and December 31, 2022, the Company had no cash equivalents.

The FDIC insures up to $250,000 per account with any excess amount in each account being uninsured. Total bank balances were $3.9 million and $3.2 million as of June 30, 2023, and December 31, 2022, respectively. Of this amount,
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$2.5 million and $2.0 million were uninsured as of June 30, 2023, and December 31, 2022, respectively. All uninsured amounts are held with J.P. Morgan Chase.

Major Customers & Vendors
The Company had no customers which made up over 10% of total Company accounts receivable as of June 30, 2023, or December 31, 2022.

For the six months ended June 30, 2023, the Company had no customers which made up over 10% of total Company revenues. For the six months ended June 30, 2022, the Company had one customer within the A4 Technology - RCA segment, which made up 12% of total Company revenues.

For the six months ended June 30, 2023 and 2022, the Company received 10% and 10%, respectively, of total Company revenues from prime contractors.

For the six months ended June 30, 2023, the Company had no vendors, which made up over 10% of total Company purchases. For the six months ended June 30, 2022, the Company had one vendor within the A4 Technology - RCA segment, which made up 17% of total Company purchases.

Inventory
Inventory for all subsidiaries is valued at weighted average cost. Management compares the cost of inventory with its net realizable value and an allowance is made to write down inventory to net realizable value, if lower. Inventory is segregated into three areas, raw materials, work-in-process and finished goods. Inventory at June 30, 2023, and December 31, 2022, consisted of:

June 30, 2023December 31, 2022
Raw materials$9,726,538 $9,116,824 
Work in process3,528,187 3,165,876 
Finished goods10,764,288 12,975,669 
Inventory$24,019,013 $25,258,369 

Impairment of Long-Lived Assets
The Company accounts for long-lived assets in accordance with the provisions of ASC Topic 360, Accounting for the Impairment of Long-Lived Assets. This statement requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when the estimated future cash flows from the use of the asset is less than the carrying amount of that asset.

During the six months ended June 30, 2023, there were no events or changes in circumstances that indicated a quantitative impairment analysis was necessary and as such, no impairment was recorded.

Goodwill
In financial reporting, goodwill is not amortized, but is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Events that result in an impairment review include significant changes in the business climate, declines in our operating results, or an expectation that the carrying amount may not be recoverable. We assess potential impairment by considering present economic conditions as well as future expectations. All assessments of goodwill impairment are conducted at the individual reporting unit level. As of June 30, 2023, and December 31, 2022, the reporting units with goodwill were QCA, MSM, Alt Labs, TDI, IDT, Elecjet, and RCA. Consistent with our prior year assessment, the Elecjet reporting unit is considered an at-risk reporting unit. Our methods and assumptions were consistent with those discussed below in the Fair Value Measurement subsection. This reporting unit is primarily considered at-risk as it is a start-up subsidiary with minimal to no revenue to offset its research & development expenses. The DCF model includes revenue growth assumptions of us executing large new customer and/or supplier agreements within the next two years and then steadily increasing revenue at a more normalized rate thereafter. Any failure to execute these customer and/or supplier arrangements would negatively impact the key growth assumptions.

Fair value measurements
Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most
10

advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

We apply the provisions of fair value measurement to various nonrecurring measurements for our financial and nonfinancial assets and liabilities. The Company's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, notes payable and lines of credit. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

We calculate the estimated fair value of a reporting unit using a combination of the income and market approaches. For the income approach, we use a discounted cash flow models developed in connection with our third-party valuation specialists that include the following assumptions, among others: projections of revenues, expenses, and related cash flows based on assumed long-term growth rates; and estimated discount rates. For the market approach, we use analyses based primarily on market comparables. We base these assumptions on historical data and experience, industry projections, and general economic conditions.

The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. As of June 30, 2023, and December 31, 2022, the Company had no financial assets or liabilities that were required to be fair valued on a recurring basis, as all of our financial assets and liabilities were Level 1.

Equity Method Investments
In February 2023, the Company made a $0.3 million investment for a 10% equity interest in a battery materials company, which includes a seat on its board of directors, and participation rights in future funding rounds. The investment is accounted for as an equity method investment as the board representation allows us to have significant influence over the operating and financial policies of the battery materials company. The investment is presented in other non-current assets on the consolidated balance sheet with the value of the investment being adjusted in arrears on a quarterly basis based on its financial performance. In June 2023, a subsequent funding round was held, in which the Company waived its participation rights, that decreased our equity investment to an 8% equity interest.

Research and Development
The Company focuses on quality control and development of new products and the improvement of existing products. All costs related to research and development activities are expensed as incurred. During the six months ended June 30, 2023 and 2022, research and development costs totaled $1.7 million and $0.6 million, respectively.

Earnings (loss) per share
The Company presents both basic and diluted net income (loss) per share on the face of the consolidated statements of operations. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted per share calculations give effect to all potentially dilutive shares of common stock outstanding during the period, including stock options and warrants, using the treasury-stock method. If antidilutive, the effect of potentially dilutive shares of common stock is ignored. The amount of anti-dilutive shares related to stock options and warrants as of June 30, 2023 and 2022 was 2,894,897 and 1,098,050. respectively. The following table illustrates the computation of basic and diluted earnings per share (“EPS”) inclusive of all classes of
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common stock as the only difference between the classes of common stock are related to the voting rights for the three and six months ended June 30, 2023 and 2022:

For the Three Months Ended June 30, 2023For the Three Months Ended June 30, 2022
Net LossSharesPer Share AmountNet IncomeSharesPer Share Amount
Basic EPS
Net income (loss)$(4,551,866)25,103,271 $(0.18)$1,539,806 22,899,822 $0.07 
Effect of Dilutive Securities
Stock options and warrants  —   — 
Dilute EPS
Total$(4,551,866)$25,103,271 $(0.18)$1,539,806 $22,899,822 $0.07 
For the Six Months Ended June 30, 2023
For the Six Months Ended June 30, 2022
Net LossSharesPer Share AmountNet LossSharesPer Share Amount
Basic EPS
Net loss$(10,321,009)25,076,452 $(0.41)$(2,459,754)22,890,560 $(0.11)
Effect of Dilutive Securities
Stock options and warrants  —   — 
Dilute EPS
Total$(10,321,009)25,076,452 $(0.41)$(2,459,754)22,890,560 $(0.11)

Revenue Recognition
The Company recognizes revenue under ASC Topic 606, Revenue from contract with Customers ("Topic 606"). The following is a summary of the revenue recognition policy for each of the Company’s subsidiaries.

Revenue is recognized under Topic 606, at a point in time and over a period of time, in a manner that reasonably reflects the delivery of its services and products to customers in return for expected consideration and includes the following elements:
executed contract with the Company's customers that it believes are legally enforceable;
identification of performance obligations in the respective contract;
determination of the transaction price for each performance obligation in the respective contract;
allocation of the transaction price to each performance obligation; and
recognition of revenue only when the Company satisfies each performance obligation.

The following tables presents our revenues disaggregated by type for the three months ended June 30, 2023 and 2022:

Three Months Ended June 30, 2023
Construction ServicesManufacturingDefenseTechnologiesAerospaceTotal
Sale of goods$ $12,886,116 $ $8,660,465 $ $21,546,581 
Sale of services3,660,886  2,413,363  401,196 6,475,445 
Total revenues$3,660,886 $12,886,116 $2,413,363 $8,660,465 $401,196 $28,022,026 

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Three Months Ended June 30, 2022
Construction ServicesManufacturingDefenseTechnologiesAerospaceTotal
Sale of goods$ $7,530,475 $ $9,255,658 $ $16,786,133 
Sale of services5,669,259  2,472,207  343,527 8,484,993 
Total revenues$5,669,259 $7,530,475 $2,472,207 $9,255,658 $343,527 $25,271,126 

The following tables presents our revenues disaggregated by type for the six months ended June 30, 2023 and 2022:

Six Months Ended June 30, 2023
Construction ServicesManufacturingDefenseTechnologiesAerospaceTotal
Sale of goods$ $22,206,937 $ $16,216,383 $ $38,423,320 
Sale of services7,806,890  5,383,450  770,079 13,960,419 
Total revenues$7,806,890 $22,206,937 $5,383,450 $16,216,383 $770,079 $52,383,739 

Six Months Ended June 30, 2022
Construction ServicesManufacturingDefenseTechnologiesAerospaceTotal
Sale of goods$ $16,178,570 $ $19,049,646 $ $35,228,216 
Sale of services9,725,463  5,160,188  749,413 15,635,064 
Total revenues$9,725,463 $16,178,570 $5,160,188 $19,049,646 $749,413 $50,863,280 

Note 3 – Leases

The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.

As of June 30, 2023, the future minimum finance and operating lease payments were as follows:

Twelve Months Ending June 30,
Finance
Leases
Operating
Leases
2024$1,938,360 $2,412,039 
20251,944,246 2,304,494 
20261,848,756 1,784,228 
20271,890,900 1,823,449 
20281,932,830 1,646,961 
Thereafter13,879,717 12,457,744 
Total payments23,434,809 22,428,915 
Less: imputed interest(8,474,940)(6,462,880)
Total obligation14,959,869 15,966,035 
Less: current portion(764,267)(1,518,842)
Non-current financing leases obligations$14,195,602 $14,447,193 

Finance Leases
As of June 30, 2023, all finance leases in the table above were related to property and equipment. Depreciation expense associated with the finance leases within property and equipment, net was $625,908 and $625,908 for the six months ended June 30, 2023 and 2022, respectively. Of this amount $89,006 and $0 is recorded within cost of revenues with the remainder recorded in general & administrative expenses on the consolidated statements of operations for the six months
13

ended June 30, 2023 and 2022, respectively. Interest expense on finance leases for the six months ended June 30, 2023, and 2022 was $607,895 and $633,610, respectively, and is recorded in interest expense on the consolidated statements of operations. At June 30, 2023, the weighted average remaining lease terms were 11.5 years, and the weighted average discount rate was 8.01%.

Operating Leases
The table below presents the operating lease related assets and liabilities recorded on the Company’s consolidated balance sheets as of June 30, 2023, and December 31, 2022:

June 30,
2023
December 31,
2022
Assets 
Operating lease assetsOperating lease right of use assets$15,704,511 $16,407,566 
Total lease assets$15,704,511 $16,407,566 
Liabilities
Current liabilities
Operating lease liabilityCurrent operating lease liability$1,518,842 $1,318,885 
Noncurrent liabilities
Operating lease liabilityLong-term operating lease liability14,447,193 15,262,494 
Total lease liability$15,966,035 $16,581,379 

The lease expense for the six months ended June 30, 2023 and 2022, were $1,292,535 and $253,121, respectively. Of this amount $372,352 and $0 were recorded within cost of revenues with the remainder recorded in general and administrative expense on the consolidated statements of operations for the six months ended June 30, 2023 and 2022, respectively. The cash paid under operating leases during the six months ended June 30, 2023 and 2022, were $789,282 and $251,398, respectively. At June 30, 2023, the weighted average remaining lease terms were 11.5 years, and the weighted average discount rate was 6.01%.

Note 4 – Debt

The outstanding balances for the loans as of June 30, 2023, and December 31, 2022, were as follows:

June 30,
2023
December 31,
2022
Lines of credit, current portion$8,699,609 $7,426,814 
Equipment loans, current portion76,072 68,410 
Related party term notes, current portion555,000  
Term notes, current portion6,094,400 3,132,726 
Total current 15,425,081 10,627,950 
Lines of credit, net of current portion4,058,411 7,215,520 
Long-term portion of equipment loans and term notes2,144,048 4,266,350 
Total notes payable and lines of credit$21,627,540 $22,109,820 
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Future scheduled maturities of outstanding debt are as follows:

Twelve Months Ending June 30,
2024$15,425,081 
20251,743,815 
2026669,034 
2027123,428 
20283,594,396 
Thereafter71,786 
Total$21,627,540 

In August 2020, the Company filed a lawsuit against Alan Martin regarding his note payable. As of June 30, 2023 and 2022, the note had a balance of $2.9 million, and accrued interest and late fees of $2.0 million, which are reflective in current liabilities. The default rate was 10% and the daily late charge was $575. On July 31, 2023, the Company and Mr. Martin agreed to a settlement agreement to resolve litigation surrounding this matter (See a description of the Company’s ongoing legal proceedings relating to this transaction in Note 8, Commitments and Contingencies, below).

During May 2023, the Company issued a $0.2 million nine-month note payable to an outside investor with an annual interest rate of 15%, with the proceeds to be used for general corporate purposes.

In June 2023, Morris entered into a Forbearance agreement with its banking partner that extended the maturity of the line of credit to July 21, 2023 from May 31, 2023. In July 2023, Morris entered into an Amended Forbearance agreement extending the forbearance period until August 31, 2023.

In June 2023, Quality Circuit Assembly entered into the third amendment on its loan and security agreement that increased the maximum limit to $7 million from $5 million.

During 2023, the Company had four revolving lines of credit in the aggregate of $35.0 million, including one capital expenditures line of credit of $0.5 million. The revolving lines of credit used as of June 30, 2023, totaled $12.8 million with interest rates ranging from WSJ prime plus 2.50% - 4.25% and terms ranging from one to five years. Accounts receivable, inventory, and property and equipment are pledged as collateral on the various lines of credit. As of June 30, 2023, the Company had $4.4 million in additional funds available to borrow. The Company is required to maintain covenants including financial ratios as a condition of the line of credit agreements. As of the date of this Report, the Company was in technical non-compliance with these covenants. However, the Company received waivers from the banking institutions regarding these failed covenants. As such, the Company was in compliance with the covenants as of the date of this report.

Note 5 - Convertible Debt

In May 2023, the Company issued a one-year $0.4 million convertible note payable to an outside investor with an annual interest rate of 12% with the proceeds to be used for general corporate purposes. In connection with this convertible note payable, the Company issued 13,750 restricted shares of Class A Common Stock to the investor as additional consideration for the purchase of the note and 196,250 restricted shares of Class A Common Stock, which shall be returned to the Company if timely repayments are made against the note. The convertible note was issued with an original issue discount of $24,500. The fair value of the shares issued was determined based on the closing stock price on the date of issuance and after allocating the proceeds was $243,529, which was recorded as debt issuance cost. The carrying value of the note as of June 30, 2023 was $185,476 and is recorded as convertible debt on the consolidated balance sheet.

In June 2023, the Company issued a one-year $1.7 million convertible note payable to an outside investor with an annual interest rate of 12% with the proceeds to be used for general corporate purposes. In connection with this convertible note payable, the Company issued 67,400 restricted shares of Class A Common Stock to the investor as additional consideration for the purchase of the note and 1,200,000 restricted shares of Class A Common Stock, which shall be returned to the Company if timely repayments are made against the note. The convertible note was issued with an original issue discount of $242,120. The fair value of the shares issued was determined based on the closing stock price on the date of issuance and after allocating the proceeds was $757,280, which was recorded as debt issuance cost. Further, the Company issued
15

200,000 warrants to purchase common stock to the investor and 3,579 warrants as a finders fee. The Company calculated the fair value of the warrants using a Black-Scholes option pricing model (Note 6) to be $378,000 and $6,764, respectively, which was recorded as a debt issuance cost. As the warrants have a change of control redemption feature, the warrants are classified as a liability within accrued expenses on the consolidated balance sheet. The carrying value of the note as of June 30, 2023 was $285,836 and is recorded as convertible debt on the consolidated balance sheet.

All convertible debt is classified as a current liability on the balance sheet and matures within the next twelve months.

Note 6 – Stockholders' Equity

On May 12, 2023, a Certificate of Amendment was filed to effect a one-for-eight (1-for-8) reverse split (the “Reverse Split”) of the shares of the Company’s the Class A, Class B, and Class C Common Stock, and to decrease the number of shares of Class A Common Stock from 295,000,000 shares to 200,000,000 shares (the “Class A Common Stock Decrease”). The Reverse Split and the Class A Common Stock Decrease became effective on May 12, 2023. As a result of the Reverse Split, every eight shares of the Company’s issued and outstanding Class A Common Stock automatically converted into one share of Class A Common Stock, without any change in the par value per share, and began trading on a post-split basis under the Company’s existing trading symbol, “ALPP,” when the market opened on May 15, 2023. Additionally, every eight shares of the Company’s issued and outstanding Class B Common Stock automatically converted into one share of Class B Common Stock, without any change in the par value per share, and every eight shares of the Company’s issued and outstanding Class C Common Stock automatically converted into one share of Class C Common Stock, without any change in the par value per share. The Reverse Split affected all holders of Class A, Class B, and Class C Common Stock uniformly and did not affect any common stockholder’s percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares. A total of 180,037,350 shares of Class A Common Stock were issued and outstanding immediately prior to the Reverse Split, and approximately 22,504,669 shares of common stock were issued and outstanding immediately after the Reverse Split. No fractional shares were outstanding following the Reverse Split. Any holder who would have received a fractional share of common stock automatically received an additional fraction of a share of common stock to round up to the next whole share. In addition, effective as of the same time as the Reverse Split, proportionate adjustments were made to all then-outstanding options and warrants with
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respect to the number of shares of Class A Common Stock subject to such options or warrants and the exercise prices thereof. The impact of this change in capital structure has been retrospectively applied to all periods presented herein.

Common Stock and Series B Preferred Stock
The Company had the following transactions in its common stock during the six months ended June 30, 2023:
In April 2023, a shareholder converted 162,500 shares of Class B common stock into 162,500 shares of Class A common stock.
In May 2023, the Company issued 13,750 restricted shares of Class A Common Stock as additional consideration for the purchase of the convertible note and 196,250 restricted shares of Class A Common Stock, which shall be returned to the Company if timely repayments are made against the note.
In June 2023, the Company issued 67,400 restricted shares of Class A Common Stock as additional consideration for the purchase of the convertible note and 1,200,000 restricted shares of Class A Common Stock, which shall be returned to the Company if timely repayments are made against the note.

Series B Preferred Stock
During April 2023, a shareholder converted 1 share of Series B preferred stock into 1 share of Class A common stock.

Stock Options
The following summarizes the stock option activity for the six months ended June 30, 2023:

OptionsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2022
386,751 $4.39 7.94$463,495 
Granted  
Forfeited(16,844)6.16 
Exercised  
Outstanding at June 30, 2023
369,907 $4.31 7.38$193,492 
Exercisable at June 30, 2023
159,001 $1.85 5.46$193,492 

The following table summarizes information about options outstanding and exercisable as of June 30, 2023:

Options OutstandingOptions Exercisable
Exercise
Price
Number
of Shares
Weighted
Average
Remaining
Life (Years)
Weighted
Average
Exercise
Price
Number
of Shares
Weighted
Average
Exercise
Price
$0.40 111,438 5.01$0.40 111,438 $0.40 
0.80 10,625 4.780.80 10,625 0.80 
6.16 234,340 8.846.16 23,434 6.16 
7.20 13,504 3.777.20 13,504 7.20 
369,907 159,001 

During the six months ended June 30, 2023 and 2022, stock option expense amounted to $0.3 million and $0.5 million, respectively. Unrecognized stock option expense as of June 30, 2023, amounted to $0.8 million, which will be recognized over a period extending through April 2025.
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Warrants
The following summarizes the warrants activity for the six months ended June 30, 2023:

WarrantsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2022
2,321,411 $11.78 4.31$ 
Granted203,579 3.51 5.00
Forfeited  
Exercised  
Outstanding at June 30, 2023
2,524,990 $11.12 3.87$ 
Exercisable at June 30, 2023
2,524,990 $11.12 3.87$ 

The following table summarizes information about warrants outstanding and exercisable as of June 30, 2023:

Warrants OutstandingWarrants Exercisable
Exercise
Price
Number
of Shares
Weighted
Average
Remaining
Life (Years)
Weighted
Average
Exercise
Price
Number
of Shares
Weighted
Average
Exercise
Price
$52.80 52,084 1.64$52.80 52,084 $52.80 
20.16 49,604 1.4520.16 49,604 20.16
24.80 535,716 3.4124.80 535,716 24.80
24.64 53,572 3.4024.64 53,572 24.64
5.521,630,435 4.045.52 1,630,435 5.52
3.50200,000 5.003.50 200,000 3.50
4.203,579 5.004.20 3,579 4.20
 2,524,990 2,524,990 

During the six months ended June 30, 2023, the Company issued 200,000 and 3,579 warrants to two holders in connection with the issuance of a convertible note payable. The warrants have an exercise price of $3.50 and $4.20, respectively, were exercisable as of June 29, 2023 and expire on June 29, 2028. The fair value of the 200,000 and 3,579 warrants issued is $378,000 and $6,764, respectively, and was determined using the Black-Scholes option pricing model. The fair value of the warrants was determined using the following assumptions:

Stock price$1.89
Risk-free interest rate4.50%
Expected life of the warrants2.5
Expected volatility1242%
Expected dividend yield0%

Note 7 – Segment Reporting

The Company discloses segment information that is consistent with the way in which management operates and views its business. Effective during the quarter ended September 30, 2022, the Company increased its reportable segments to eight
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segments. All segments and the subsidiaries within each segment are geographically located in North America. The financial results are logical to review in this manner for comparison, trend, deviations, etc. purposes.

Management excludes the following when reviewing the profit/loss by segment.
Intercompany Sales/COGS
Management fees to the parent Company
Income tax benefit/expense

There has not been any change to the measurement method in how management reviews the profit/loss by segment.

The operating segments and their business activity are as follows:

A4 Construction Services - MSM provides commercial construction services primarily as a sheet metal contractor.
A4 Construction Services - Excel provides commercial construction services primarily as a sheet metal contractor.
A4 Manufacturing - QCA is a contract manufacturer within the technology industry.
A4 Manufacturing - Alt Labs is a contract manufacturer within the dietary & nutraceutical supplements industry.
A4 Defense - TDI does contracting for the US Government particularly for the US Defense Department and US Department of State.
A4 Technologies - RCA is a business-to-business ("B2B") commercial electronics manufacturer.
A4 Technologies - Elecjet is a battery research and development company.
A4 Aerospace - Vayu is a drone aircraft manufacturer.
A4 All Other includes the QCA-C, IDT, GAC, and Corporate.

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenue
A4 Construction Services - MSM$3,550,392 $5,326,296 $7,363,532 $9,093,686 
A4 Construction Services - Excel110,494 342,963 443,358 631,777 
A4 Manufacturing - QCA5,319,687 4,241,382 9,511,330 8,560,242 
A4 Manufacturing - Alt Labs6,787,129 2,958,885 11,014,043 6,783,023 
A4 Defense - TDI2,413,363 2,472,207 5,383,450 5,160,188 
A4 Technologies - RCA8,538,620 8,910,276 15,992,043 18,147,535 
A4 Technologies - Elecjet121,845 345,382 224,340 902,111 
A4 Aerospace - Vayu4,171  4,171 25,000 
All Other1,176,325 673,735 2,447,472 1,559,718 
$28,022,026 $25,271,126 $52,383,739 $50,863,280 
Gross profit (loss)
A4 Construction Services - MSM$549,807 $191,788 $781,695 $655,594 
A4 Construction Services - Excel(373,950)(26,468)(523,958)(125,442)
A4 Manufacturing - QCA1,786,189 1,149,049 2,683,904 2,176,233 
A4 Manufacturing - Alt Labs1,778,676 857,997 2,727,428 1,759,476 
A4 Defense - TDI944,550 1,285,732 1,561,132 2,128,921 
A4 Technologies - RCA2,752,026 2,159,923 5,126,204 4,344,251 
A4 Technologies - Elecjet(53,000)249,297 (126,809)187,268 
A4 Aerospace - Vayu4,116  1,706 25,000 
All Other398,676 293,225 772,244 646,699 
$7,787,090 $6,160,543 $13,003,546 $11,798,000 
Income (loss) from operations
A4 Construction Services - MSM$(150,608)$(152,882)$(555,021)$(468,580)
A4 Construction Services - Excel(578,989)(238,956)(1,011,070)(558,946)
A4 Manufacturing - QCA446,516 270,804 465,613 685,252 
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A4 Manufacturing - Alt Labs181,351 5,190,788 (377,774)4,203,305 
A4 Defense - TDI829,235 783,704 1,010,769 1,206,844