The Company has five subsidiaries focused on various sub-sectors:
Our wholly owned subsidiaries do business under their respective trade names on both a wholesale and retail basis from our headquarters and manufacturing facility in Pompano Beach, Florida, a manufacturing facility in Huntington Beach, California, and a retail facility in Lauderdale-By-The-Sea, Florida.
We continue to monitor macroeconomic conditions to remain flexible and to optimize and evolve our business as appropriate, and we will have to accurately project demand and infrastructure requirements globally and deploy our production, workforce and other resources accordingly.
Net Revenues, Costs of Net Revenues and Gross Profit
Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021
Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021
The following tables provides net revenues, total costs of net revenues and gross profit margins for our segments for the periods presented.
30.2 % 547,010 357,693 52.9 % Ultra-Portable Tankless Dive Systems 884,271 528,380 67.4 % 1,678,858 862,978 94.5 % Redundant Air Tank Systems
Cost of revenues as a percentage of net revenues
High Pressure Gas Systems segment
Ultra Portable Tankless Dive Systems
Selling, General & Administrative Expenses (SG&A Expenses)
% Change 30, 2022 30, 2021 % Change Payroll, Selling & Administrative $ 544,709 $ 236,062
Research & Development Expenses (R&D Expenses)
We had cash of $574,567 as of June 30, 2022. The following table summarizes total current assets, total current liabilities and working capital at June 30, 2022 as compared to December 31, 2021.
Net cash used by operating activities $ (275,257 ) $ (396,838 ) Net cash used in investing activities $ (31,946 ) $ (14,941 ) Net cash provided by financing activities $ 238,627 $ 227,904
There were various accounting standards and interpretations issued recently, none of which are expected to have a material effect on the Company's operations, financial position or cash flows.
These recent accounting pronouncements are described in Note 2 to our unaudited consolidated financial statements contained in this Quarterly Report.
We currently have no off-balance sheet arrangements.
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