ADMQ 10-K & 10-Q changes, risk factors and insider trading
Adm Endeavors, Inc. · OTC · Services-Advertising · CIK 1588014 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
As a smaller reporting company, we are not required to provide the information required by this item.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
Largest changes
“Our business is subject to the impact of natural catastrophic events, such as earthquakes, or floods, public health crisis, such as disease outbreaks, epidemics, or pandemics, and all these could result in a decrease or sharp downturn of economies, including our markets and business locations in the current and future periods. The outbreak of the coronavirus (COVID-19) resulted in increased travel restrictions, and shutdown of businesses, which may cause slower recovery of the economy. …”see in full comparison
“Our business is subject to the impact of natural catastrophic events, such as earthquakes, or floods, public health crisis, such as disease outbreaks, epidemics, or pandemics, and all these could result in a decrease or sharp downturn of economies, including our markets and business locations in the current and future periods. The outbreak of the coronavirus (COVID-19) resulted in increased travel restrictions, and shutdown of businesses, which adversely affected demand for our products. …”see in full comparison
Our cash provided by operating activities ofsee in full comparison$284,256$381,136 for the year ended December 31,2024,2025, compared to$316,116$284,256 during the same period in2023.2024. For the year ended December 31, 2025, net cash provided by operating activities of $381,136 consisted of net income of $486,259, less $165,090 of non-cash items, consisting primarily of stock compensation of $10,792, depreciation and amortization of $103,213, bad debt expense of $2,182 and amortization of debt discount of $9,021, plus changes in operating assets and other operating activities of $59,968. For the year ended December 31, 2024, net cash provided by operating activities of$284,257$284,256 consisted of net income of $324,311, plus$151,588$151,587 of non-cash items, consisting primarily of stock compensation of $16,560, depreciation and amortization of $74,085, bad debt expense of $14,927 and amortization of debt discount of $28,220, plus changes in operating assets and other operating activities of $191,642.For the year ended December 31, 2023, net cash provided by operating activities of $316,116 consisted of net income of $137,468, plus $156,530 of non-cash items, consisting primarily of stock compensation of $131,888, depreciation and amortization of $66,363, amortization of right of use assets – operating lease of $33,682 and change in derivative liability of $94,404, plus changes in operating assets and other operating activities of $22,118.
Cash used in investing activities during the year ended December 31,see in full comparison2024,2025, was$2,295,639$2,845,906 compared to$317,369$2,295,639 during the same period in 2024.2023.For the year ended December 31, 2025, net cash used in investing activities consisted of $3,565,298 for the purchase of property and equipment which was offset by $374,930 for proceeds from insurance and $344,462 for proceeds from the sale of property. For the year ended December 31, 2024, net cash used in investing activities consisted of $2,295,639 for the purchase of property andequipment. For the year ended December 31, 2023, net cash used in investing activities consisted of $317,769 for the purchase of property andequipment.
As of December 31, 2025, the Company had a working capital $127,740, of which $251,792 of current liabilities was related to derivative liabilities. As of December 31, 2024, the Company had a working capital of $385,087, of which $214,382 of current liabilities was relatedsee in full comparisonto derivative liabilities. As of December 31, 2023, the Company had a working capital of $43,375, of which $213,569 of current liabilities was relatedto derivative liabilities.
For the year ended December 31,see in full comparison2024,2025, the Company had revenues of$5,760,459$5,624,053 compared to$5,188,930$5,760,459 for the same period in20232024 from continuing operations. Theincreasedecrease in revenue of$571,529,$136,406, or11%,2%, is primarily due toissmallerprimarilyorderdue to the growth in our government entity segment.sizes.
Full comparison: every changed paragraph (8)
For
the year ended December 31, 2024,2025, the Company had revenues of $5,760,459$5,624,053 compared to $5,188,930$5,760,459 for the same period in 20232024 from continuing
operations. The increasedecrease in revenue of $571,529,$136,406, or 11%,2%, is primarily due to issmaller primarilyorder due to the growth in our government entity
segment.sizes.
The
cost of revenues for the year ended December 31, 20242025 was $3,774,571$3,735,097 compared to $3,682,308$3,744,571 for the same period in 2023.2024. Cost of revenues
for 20242025 was 65%66% of revenue compared to 71%65% of revenue for 2023.2024. The primary cause of the increase as a percentage of revenue was a direct
result of increasedthe 2024slight
decrease in 2025 sales.
The
general and administrative expenses were $1,587,028$1,605,941 for the year ended December 31, 20242025 compared to $1,377,703$1,587,028 for the same period
in in
2023.2024. The increase in 2023 in general and administrative expenses was approximately 15.2%1% primarily due to additional hours worked due
to increasedoversight 2024of sales
revenue.new building.
Our
cash provided by operating activities of $284,256$381,136 for the year ended December 31, 2024,2025, compared to $316,116$284,256 during the same period in
2023.2024. For the year ended December 31, 2025, net cash provided by operating activities of $381,136 consisted of net income of $486,259,
less $165,090 of non-cash items, consisting primarily of stock compensation of $10,792, depreciation and amortization of $103,213, bad
debt expense of $2,182 and amortization of debt discount of $9,021, plus changes in operating assets and other operating activities of
$59,968. For the year ended December 31, 2024, net cash provided by operating activities of $284,257$284,256 consisted of net income of $324,311,
plus $151,588$151,587 of non-cash items, consisting primarily of stock compensation of $16,560, depreciation and amortization of $74,085, bad
debt expense of $14,927 and amortization of debt discount of $28,220, plus changes in operating assets and other operating activities
of $191,642. For the year ended December 31, 2023, net cash provided by operating activities of $316,116 consisted of net income of $137,468,
plus $156,530 of non-cash items, consisting primarily of stock compensation of $131,888, depreciation and amortization of $66,363, amortization
of right of use assets – operating lease of $33,682 and change in derivative liability of $94,404, plus changes in operating assets
and other operating activities of $22,118.
Cash
used in investing activities during the year ended December 31, 2024,2025, was $2,295,639$2,845,906 compared to $317,369$2,295,639 during the same period in
2024. 2023.
For the year ended December 31, 2025, net cash used in investing activities consisted of $3,565,298 for the purchase of property
and equipment which was offset by $374,930 for proceeds from insurance and $344,462 for proceeds from the sale of property. For the
year ended December 31, 2024, net cash used in investing activities consisted of $2,295,639 for the purchase of property and
equipment. For the year ended December 31, 2023, net cash used in investing activities consisted of $317,769 for the purchase of property
and equipment.
As
of December 31, 2025, the Company had a working capital $127,740, of which $251,792 of current liabilities was related to derivative
liabilities. As of December 31, 2024, the Company had a working capital of $385,087, of which $214,382 of current liabilities was related to derivative
liabilities. As of December 31, 2023, the Company had a working capital of $43,375, of which $213,569 of current liabilities was related
to derivative liabilities.
Our business is subject to the impact of natural catastrophic events, such as earthquakes, or floods, public health crisis, such as disease outbreaks, epidemics, or pandemics, and all these could result in a decrease or sharp downturn of economies, including our markets and business locations in the current and future periods. The outbreak of the coronavirus (COVID-19) resulted in increased travel restrictions, and shutdown of businesses, which adversely affected demand for our products. In the future, we may experience adverse impacts from quarantines, market downturns and changes in customer behavior for similar health or economic crises.
Our
business is subject to the impact of natural catastrophic events, such as earthquakes, or floods, public health crisis, such as disease
outbreaks, epidemics, or pandemics, and all these could result in a decrease or sharp downturn of economies, including our markets and
business locations in the current and future periods. The outbreak of the coronavirus (COVID-19) resulted in increased travel restrictions,
and shutdown of businesses, which may cause slower recovery of the economy. We may experience impact from quarantines, market downturns
and changes in customer behavior related to pandemic fears and impact on our workforce if the virus continues to spread. In addition,
one or more of our customers, partners, service providers or suppliers may experience financial distress, delayed or defaults on payment,
file for bankruptcy protection, sharp diminishing of business, or suffer disruptions in their business due to the outbreak. The extent
to which the coronavirus impacts our results will depend on future developments and reactions throughout the world, which are highly
uncertain and will include emerging information concerning the severity of the coronavirus and the actions taken by governments and private
businesses to attempt to contain the coronavirus. It is likely to result in a potential material adverse impact on our business, results
of operations and financial condition. Wider-spread COVID-19 globally could prolong the deterioration in economic conditions and could
cause decreases in or delays in advertising spending and reduce and/or negatively impact our short-term ability to grow our revenues.
Any decreased collectability of accounts receivable, bankruptcy of small and medium businesses, or early termination of agreements due
to deterioration in economic conditions could negatively impact our results of operations.
What changed in the latest 10-Q
Risk Factors
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “For the Three Months Ended June 30, 2026 and 2025”
New heading “For the Six Months Ended June 30, 2026 and 2025”
New heading “Operating Expenses”
Largest changes
Direct costs of revenues weresee in full comparison$785,523$859,960 and$724,314$799,484 for the three months endedMarchJune31,30, 2026, and 2025, respectively, resulting in an increaseincreaseof$61,209,$60,476, or8.45%,7.6%, between the periods.Direct costs increased due toThe increase insalesdirectandcoststariffsoffees.revenueTheisgrossamarginnormal biproduct of our increasedfromrevenue21.8% duringin thethreemostmonthsrecentendedcomparativeMarch 31, 2025, to 23.3% during the three months ended March 31, 2026.period.
Liquidity and Capital Resources during thesee in full comparisonthreesix months endedMarchJune31,30, 2026, compared to thethreesix months endedMarchJune31,30, 2025
“Our revenue was $2,332,544 for the six months ended June 30, 2026, compared to $ 2,100,363 for the six months ended June 30, 2025, resulting in an increase of $232,181, or 11.1%, between the periods. The increase was due to new customer sales. This is a direct result of our new location’s increased exposure and expanded capacity. As construction on our new retail facility nears completion, we expect this trend to continue.”see in full comparison
Full comparison: every changed paragraph (20)
For the Three Months Ended June 30, 2026 and 2025
Our
revenue was $1,024,620$1,307,924 for the three months ended MarchJune 31,30, 2026, compared to $926,732$1,173,827 for the three months ended MarchJune 31,30, 2025,
resulting resulting
in an increase of $98,084,$134,097, or 10.6%,11.4%, between the periods. The increase was primarily due to new customer sales. This is a 27%direct
result increaseof inour Q1new embroiderylocation’s salesincreased revenue.exposure and expanded capacity. As construction on our new retail facility nears
completion, we expect this trend to continue.
Direct
costs of revenues were $785,523$859,960 and $724,314$799,484 for the three months ended MarchJune 31,30, 2026, and 2025, respectively, resulting in an
increase increase
of $61,209,$60,476, or 8.45%,7.6%, between the periods. Direct costs increased due toThe increase in salesdirect andcosts tariffsof fees.revenue Theis grossa marginnormal biproduct of our increased
fromrevenue 21.8% duringin the threemost monthsrecent endedcomparative March 31, 2025, to 23.3% during the three months ended March 31, 2026.period.
General
and administrative expenses were $383,315$398,792 for the three months ended MarchJune 31,30, 2026, compared to $343,371for$427,538 for the same period in
2025, 2025,
resulting in ana increasedecrease of $39,944,$28,746, or 11.6%,6.7%, between the periods. GeneralThe anddecrease administrative expenses increasedwas due to the expense
consolidation of moving from our old facility tooperations
into our new fullylocation completedand 100,000operational squareefficiencies footand manufacturingcosts facility.savings resulting from that consolidation.
Marketing
and selling expenses were $13,306$10,070 for the three months ended MarchJune 31,30, 2026, compared to $10,433$6,706 for the same period in 2025. The increase
in marketing and selling expenses was directly tied to our continued investment in our online visibility and required updates to our
web assets linked to our new facility.
Other
income was $25,450$22,959 for the three months ended MarchJune 31,30, 2026, compared to other incomeexpense of $255,037$9,209 for the same period in 2025. TheThis
change in 2026 other expense was primarily due to $264,514the netgain proceeds from an insurance claim in 2025 which was offset by theon change in fair value
of derivative liabilities ofduring $50,703.the three months ended June 30,
2026.
Net
lossincome was $132,074$62,061 for the three months ended MarchJune 31,30, 2026, compared to net incomeloss of $103,455$69,110 for the three months ended MarchJune 31,30, 2025,
2025, for the reasons stated above.
For the Six Months Ended June 30, 2026 and 2025
Revenues
Our revenue was $2,332,544 for the six months ended June 30, 2026, compared to $ 2,100,363 for the six months ended June 30, 2025, resulting in an increase of $232,181, or 11.1%, between the periods. The increase was due to new customer sales. This is a direct result of our new location’s increased exposure and expanded capacity. As construction on our new retail facility nears completion, we expect this trend to continue.
Operating Expenses
Direct costs of revenues were $1,645,483 and $ 1,523,798 for the six months ended June 30, 2026, and 2025, respectively, resulting in an increase of $121,685, or 8.0%, between the periods. The increase in direct costs of revenue is a normal biproduct of our increased revenue in the most recent comparative period.
General and administrative expenses were $782,107 for the six months ended June 30, 2026, compared to $770,909 for the same period in 2025, resulting in an increase of $11,198, or 1.5%, between the periods. General and administrative expenses increased due to the expense of moving from our old facility to our new fully completed 100,000 square foot manufacturing facility.
Marketing and selling expenses were $23,376 for the six months ended June 30, 2026, compared to $17,139 for the same period in 2025. The increase in marketing and selling expenses was tied to our continued investment in our online visibility and required updates to our web assets linked to our new facility.
Other income was $48,409 for the six months ended June 30, 2026, compared to other income of $245,828 for the same period in 2025. The decrease was primarily due to $264,514 in net proceeds from an insurance claim in 2025.
Net loss was $70,013 for the six months ended June 30, 2026, compared to net income of $34,345 for the six months ended June 30, 2025, for the reasons stated above.
Liquidity
and Capital Resources during the threesix months ended MarchJune 31,30, 2026, compared to the threesix months ended MarchJune 31,30, 2025
We
had cash used in operations of $201,594$273,934 for the threesix months ended MarchJune 31,30, 2026, compared to cash$370,261 provided by operations of $364,421
for the threesix months ended MarchJune 31, 30,
2025. The decreasechange in positive cash flow from operating activities for the threesix months ended March
31,June 30, 2026, was primarily attributable to the net
loss for the period, the change in derivative liability, gain on insurance claim, and changes to operating assets
and liabilities.
We
had cash used in investing activities of $339,753$538,420 for the threesix months ended MarchJune 31,30, 2026, and $964,696$2,343,911 for the threesix months ended June
March 31,30, 2025. The change in cash flow from investing activities for the threesix months ended MarchJune 31,30, 2026 was mainly attributable to
a decrease
in the purchase of property and equipment and the decrease in proceeds from insurance.
We
had cash provided by financing activities of $346,023$731,782 for the threesix months ended MarchJune 31,30, 2026, compared to cash provided by financing
activities of $1,188,789$2,430,399 for the same period in 2025. Cash used in financing activities consisted of proceeds from line of credit –
related party and proceeds from a convertible note payable offset by repayments on notes payable.
ADMQ insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 1 Form 4 filing (1 insider, 1 trade date, 243,000 shares, about $9.7K) and open-market sales in 1 filing (1 insider, 1 trade date, 80,000 shares, about $2.4K). Net open-market shares: 163,000 (purchases minus sales); net value about $7.3K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-18 | Johnson Marc |
Open-market purchase | 23,000 | $0.04 | $920 |
| 2026-08-18 | Johnson Marc |
Open-market purchase | 120,000 | $0.04 | $4.8K |
| 2026-08-18 | Johnson Marc |
Open-market purchase | 100,000 | $0.04 | $4.0K |
| 2026-06-03 | Archer Alex |
Open-market sale | 80,000 | $0.03 | $2.4K |
Well-known investors holding ADMQ (13F)
None of the 59 investors we track reported a position in their latest 13F.