|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Large accelerated filer
|
☐ |
Accelerated filer
|
☐ | |
|
☒ |
Smaller reporting company
|
||
Emerging growth company
|
Page Number
|
||
PART I – FINANCIAL INFORMATION
|
||
Item 1.
|
||
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
Item 2.
|
20
|
|
Item 3.
|
32
|
|
Item 4.
|
32
|
|
PART II – OTHER INFORMATION
|
||
Item 1.
|
33
|
|
Item 1A.
|
33
|
|
Item 2.
|
33
|
|
Item 6.
|
34
|
|
35
|
Item 1. |
Financial Statements
|
September 30, 2022
(unaudited)
|
June 30, 2022 | |||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Accounts receivable, net
|
|
|
||||||
Inventory, net
|
|
|
||||||
Note receivable
|
|
|
||||||
Prepaid expenses and other assets
|
|
|
||||||
Total current assets
|
|
|
||||||
Long-term assets:
|
||||||||
Inventory, net
|
|
|
||||||
Property and equipment, net
|
|
|
||||||
Intangible assets, net
|
|
|
||||||
Operating lease right-of-use assets
|
|
|
||||||
Deferred income taxes, net
|
||||||||
Note receivable
|
||||||||
Other assets
|
|
|
||||||
Total long-term assets
|
|
|
||||||
TOTAL ASSETS
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
|
$
|
|
||||
Operating lease liabilities, current portion
|
|
|
||||||
Accrued expenses and other liabilities
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term liabilities:
|
||||||||
Noncurrent operating lease liabilities
|
|
|
||||||
Total long-term liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies (Note 9)
|
||||||||
Shareholders’ equity:
|
||||||||
Common stock,
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Treasury stock, at cost,
|
( |
) | ( |
) | ||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
|
$
|
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Net sales
|
$
|
|
$
|
|
||||
Costs and expenses:
|
||||||||
Cost of goods sold
|
|
|
||||||
Sales and marketing
|
|
|
||||||
General and administrative
|
|
|
||||||
Total costs and expenses
|
|
|
||||||
(Loss) Income from operations
|
(
|
)
|
|
|||||
Other income (expense):
|
||||||||
Interest income
|
|
|
||||||
Loss on foreign currency exchange
|
|
(
|
)
|
|||||
Total other income (expense), net
|
|
|
||||||
(Loss) Income before income taxes
|
(
|
)
|
|
|||||
Income tax benefit (expense)
|
|
(
|
)
|
|||||
Net (loss) income
|
$
|
(
|
)
|
$
|
|
|||
Net (loss) income per common share:
|
||||||||
Basic
|
$
|
(
|
)
|
$
|
|
|||
Diluted
|
$
|
(
|
)
|
$
|
|
|||
Weighted average number of shares used in computing net (loss) income per common share:
|
||||||||
Basic
|
|
|
||||||
Diluted
|
|
|
Three Months Ended September 30, 2022 |
||||||||||||||||||||||||
Common Stock
|
||||||||||||||||||||||||
Number of
Outstanding
Shares
|
Amount
|
Additional
Paid-in
Capital
|
Treasury
Stock
|
Accumulated
Deficit
|
Total
Shareholders’
Equity
|
|||||||||||||||||||
Balance at June 30, 2022
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
|||||||||||
Stock-based compensation
|
-
|
|
|
|
|
|||||||||||||||||||
Cancellation of restricted stock
|
(
|
)
|
|
|
|
|
||||||||||||||||||
Repurchases of common stock
|
(
|
)
|
|
|
( |
) |
|
(
|
)
|
|||||||||||||||
Net loss
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||
Balance at September 30, 2022
|
|
$
|
|
$
|
|
$ |
( |
) |
$
|
(
|
)
|
$
|
|
Three Months Ended September 30, 2021
|
||||||||||||||||||||||||
Common Stock
|
|
|||||||||||||||||||||||
Number of
Outstanding
Shares
|
Amount
|
Additional
Paid-in
Capital
|
Treasury
Stock
|
Accumulated
Deficit
|
Total
Shareholders’
Equity
|
|||||||||||||||||||
Balance at June 30, 2021
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
|||||||||||||
Stock-based compensation
|
-
|
|
|
|
|
|||||||||||||||||||
Issuance of restricted stock
|
|
|
|
|
|
|||||||||||||||||||
Stock option exercises
|
|
|
(
|
)
|
|
|
||||||||||||||||||
Net income
|
-
|
|
|
|
|
|||||||||||||||||||
Balance at September 30, 2021
|
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net (loss) income
|
$
|
(
|
)
|
$
|
|
|||
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Stock-based compensation
|
|
|
||||||
Provision for uncollectible accounts
|
|
|
||||||
(Recovery of) Provision for sales returns
|
(
|
)
|
|
|||||
Inventory write-downs
|
|
|
||||||
Provision for accounts receivable discounts
|
|
|
||||||
Deferred income taxes
|
( |
) | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
|
(
|
)
|
|||||
Inventory
|
(
|
)
|
(
|
)
|
||||
Prepaid expenses and other assets, net
|
(
|
)
|
(
|
)
|
||||
Accounts payable
|
|
|
||||||
Accrued income taxes
|
|
|
||||||
Accrued expenses and other liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property and equipment
|
(
|
)
|
(
|
)
|
||||
Payments for intangible assets
|
(
|
)
|
|
|||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Stock option exercises
|
|
|
||||||
Repurchases of common stock |
( |
) | ||||||
Net cash (used in) provided by financing activities
|
(
|
)
|
|
|||||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
(
|
)
|
(
|
)
|
||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
|
|
|
||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
|
$
|
|
$
|
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for income taxes
|
$
|
|
$
|
|
1. |
DESCRIPTION OF BUSINESS
|
2. |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
September 30,
2022
|
June 30,
2022
|
|||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Restricted cash
|
|
|
||||||
Total cash, cash equivalents, and restricted cash
|
$
|
|
$
|
|
3. |
SEGMENT INFORMATION AND GEOGRAPHIC DATA
|
Three Months Ended September 30, 2022
|
||||||||||||
Online
Channels
|
Traditional
|
Total
|
||||||||||
Net sales
|
||||||||||||
Finished jewelry
|
$
|
|
$
|
|
$
|
|
||||||
Loose jewels
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Product line cost of goods sold
|
||||||||||||
Finished jewelry
|
$
|
|
$
|
|
$
|
|
||||||
Loose jewels
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Product line gross profit
|
||||||||||||
Finished jewelry
|
$
|
|
$
|
|
$
|
|
||||||
Loose jewels
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Operating loss
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Depreciation and amortization
|
$
|
|
$
|
|
$
|
|
||||||
Capital expenditures
|
$
|
|
$
|
|
$
|
|
Three Months Ended September 30, 2021
|
||||||||||||
Online
Channels
|
Traditional
|
Total
|
||||||||||
Net sales
|
||||||||||||
Finished jewelry
|
$
|
|
$
|
|
$
|
|
||||||
Loose jewels
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Product line cost of goods sold
|
||||||||||||
Finished jewelry
|
$
|
|
$
|
|
$
|
|
||||||
Loose jewels
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Product line gross profit
|
||||||||||||
Finished jewelry
|
$
|
|
$
|
|
$
|
|
||||||
Loose jewels
|
|
|
|
|||||||||
Total
|
$
|
|
$
|
|
$
|
|
||||||
Operating income
|
$
|
|
$
|
|
$
|
|
||||||
Depreciation and amortization
|
$
|
|
$
|
|
$
|
|
||||||
Capital expenditures
|
$
|
|
$
|
|
$
|
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Product line cost of goods sold
|
$
|
|
$
|
|
||||
Non-capitalized manufacturing and production control expenses
|
|
|
||||||
Freight out
|
|
|
||||||
Inventory write-downs
|
|
|
||||||
Other inventory adjustments
|
(
|
)
|
(
|
)
|
||||
Cost of goods sold
|
$
|
|
$
|
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Net sales:
|
||||||||
United States
|
$
|
|
$
|
|
||||
International
|
|
|
||||||
Total
|
$
|
|
$
|
|
4. |
FAIR VALUE MEASUREMENTS
|
5. |
INVENTORIES
|
September 30,
2022
|
June 30,
2022
|
|||||||
Finished jewelry:
|
||||||||
Raw materials
|
$
|
|
$
|
|
||||
Work-in-process
|
|
|
||||||
Finished goods
|
|
|
||||||
Finished goods on consignment
|
|
|
||||||
Total finished jewelry
|
$
|
|
$
|
|
||||
Loose jewels:
|
||||||||
Raw materials
|
$
|
|
$
|
|
||||
Work-in-process
|
|
|
||||||
Finished goods
|
|
|
||||||
Finished goods on consignment
|
|
|
||||||
Total loose jewels
|
|
|
||||||
Total supplies inventory
|
|
|
||||||
Total inventory
|
$
|
|
$
|
|
September 30,
2022
|
June 30,
2022
|
|||||||
Short-term portion
|
$
|
|
$
|
|
||||
Long-term portion
|
|
|
||||||
Total
|
$
|
|
$
|
|
6. |
NOTE RECEIVABLE
|
7. |
ACCRUED EXPENSES AND OTHER LIABILITIES
|
September 30,
2022
|
June 30,
2022
|
|||||||
Deferred revenue
|
$
|
|
$
|
|
||||
Accrued compensation and related benefits
|
|
|
||||||
Accrued sales taxes
|
|
|
||||||
Accrued cooperative advertising
|
|
|
||||||
Accrued franchise taxes
|
|
|
||||||
Other accrued expenses
|
|
|
||||||
Total accrued expenses and other liabilities
|
$
|
|
$
|
|
8. |
INCOME TAXES
|
9. |
COMMITMENTS AND CONTINGENCIES
|
Operating Leases:
|
||||
Noncurrent operating lease ROU assets
|
$
|
|
||
|
||||
Current operating lease liabilities
|
$
|
|
||
Noncurrent operating lease liabilities
|
|
|||
Total operating lease liabilities
|
$
|
|
2023
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Total lease payments
|
|
|||
Less: imputed interest
|
|
|||
Present value of lease payments
|
|
|||
Less: current lease obligations
|
|
|||
Total long-term lease obligations
|
$
|
|
10. |
DEBT
|
11.
|
SHAREHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Employee stock options
|
$
|
|
$
|
|
||||
Restricted stock awards
|
|
|
||||||
Totals
|
$
|
|
$
|
|
Shares
|
Weighted Average Exercise Price
|
|||||||
Outstanding, June 30, 2022
|
|
$
|
|
|||||
Granted
|
|
$
|
|
|||||
Forfeited
|
(
|
)
|
$
|
|
||||
Expired
|
(
|
)
|
$
|
|
||||
Outstanding, September 30, 2022
|
|
$
|
|
Options Outstanding
|
Options Exercisable
|
Options Vested or Expected to Vest
|
||||||||||||||||||||||||||||||||
Balance
as of
9/30/2022
|
Weighted
Average Remaining
Contractual Life
(Years)
|
Weighted
Average
Exercise
Price
|
Balance
as of
9/30/2022
|
Weighted
Average Remaining
Contractual Life
(Years)
|
Weighted
Average
Exercise
Price
|
Balance
as of
9/30/2022
|
Weighted
Average Remaining
Contractual Life
(Years)
|
Weighted
Average
Exercise
Price
|
||||||||||||||||||||||||||
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
Shares
|
Weighted
Average
Grant Date
Fair Value
|
|||||||
Unvested, June 30, 2022
|
|
$
|
|
|||||
Cancelled
|
( |
) | $ |
|||||
Vested
|
(
|
)
|
$
|
|
||||
Unvested, September 30, 2022
|
|
$
|
|
12. |
NET (LOSS) INCOME PER COMMON SHARE
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Numerator:
|
||||||||
Net (loss) income
|
$
|
(
|
)
|
$
|
|
|||
Denominator:
|
||||||||
Weighted average common shares outstanding:
|
||||||||
Basic
|
|
|
||||||
Effect of dilutive securities
|
|
|
||||||
Diluted
|
|
|
||||||
Net (loss) income per common share:
|
||||||||
Basic
|
$
|
(
|
)
|
$
|
|
|||
Diluted
|
$
|
(
|
)
|
$
|
|
13. |
MAJOR CUSTOMERS AND CONCENTRATION OF CREDIT RISK
|
September 30,
2022
|
June 30,
2022
|
|||||||
Customer A
|
|
% |
|
% | ||||
Customer B
|
|
% |
|
%
|
||||
Customer C
|
% |
|
%
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Customer A
|
|
% | % |
|||||
Customer B
|
|
% |
|
% |
*
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
1. |
Our business and our results of operations could be materially adversely affected as a result of general economic and market conditions;
|
2. |
Our future financial performance depends upon increased consumer acceptance, growth of sales of our products, and operational execution of our strategic initiatives;
|
3. |
The effects of COVID-19 and other potential future public health crises, epidemics, pandemics or similar events on our business, operating results, and cash flows are uncertain;
|
4. |
We face intense competition in the worldwide gemstone and jewelry industry;
|
5. |
Our information technology, or IT, infrastructure, and our network may be impacted by a cyber-attack or other security incident as a result of the rise of cybersecurity events;
|
6. |
Constantly evolving privacy regulatory regimes are creating new legal compliance challenges;
|
7. |
We are subject to certain risks due to our international operations, distribution channels and vendors;
|
8. |
Our business and our results of operations could be materially adversely affected as a result of our inability to fulfill orders on a timely basis;
|
9. |
We are currently dependent on a limited number of distributor and retail partners in our Traditional segment for the sale of our products;
|
10. |
We may experience quality control challenges from time to time that can result in lost revenue and harm to our brands and reputation;
|
11. |
Seasonality of our business may adversely affect our net sales and operating income;
|
12. |
Our operations could be disrupted by natural disasters;
|
13. |
Sales of moissanite and lab grown diamond jewelry could be dependent upon the pricing of precious metals, which is beyond our control;
|
14. |
Our current customers may potentially perceive us as a competitor in the finished jewelry business;
|
15. |
We depend on a single supplier for substantially all of our silicon carbide, or SiC, crystals, the raw materials we use to produce moissanite jewels; if our supply of high-quality SiC crystals is
interrupted, our business may be materially harmed;
|
16. |
If the e-commerce opportunity changes dramatically or if e-commerce technology or providers change their models, our results of operations may be adversely affected;
|
17. |
Governmental regulation and oversight might adversely impact our operations;
|
18. |
The execution of our business plans could significantly impact our liquidity;
|
19. |
The financial difficulties or insolvency of one or more of our major customers or their lack of willingness and ability to market our products could adversely affect results;
|
20. |
Negative or inaccurate information on social media could adversely impact our brand and reputation;
|
21. |
We rely on assumptions, estimates, and data to calculate certain of our key metrics and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business;
|
22. |
We may not be able to adequately protect our intellectual property, which could harm the value of our products and brands and adversely affect our business;
|
23. |
Environmental, social, and governance matters may impact our business, reputation, financial condition, and results of operations;
|
24. |
If we fail to evaluate, implement, and integrate strategic acquisition or
disposition opportunities successfully, our business may suffer;
|
25. |
Some anti-takeover provisions of our charter documents may delay or prevent a takeover of our Company;
|
26. |
We cannot guarantee that our share repurchase program will be utilized to the full value approved, or that it will enhance long-term stockholder value and repurchases we consummate could increase
the volatility of the price of our common stock and could have a negative impact on our available cash balance; and
|
27. |
Our failure to maintain compliance with The Nasdaq Stock Market’s continued listing requirements could result in the delisting of our common stock.
|
Three Months Ended September 30,
|
||||||||
2022
|
2021
|
|||||||
Net sales
|
$
|
7,374,083
|
$
|
10,280,311
|
||||
Costs and expenses:
|
||||||||
Cost of goods sold
|
4,086,010
|
5,016,550
|
||||||
Sales and marketing
|
3,107,946
|
2,730,153
|
||||||
General and administrative
|
1,413,476
|
1,584,275
|
||||||
Total costs and expenses
|
8,607,432
|
9,330,978
|
||||||
(Loss) Income from operations
|
(1,233,349
|
)
|
949,333
|
|||||
Other income (expense):
|
||||||||
Interest income
|
40,201
|
355
|
||||||
Loss on foreign currency exchange
|
-
|
(34
|
)
|
|||||
Total other income (expense), net
|
40,201
|
321
|
||||||
(Loss) Income before income taxes
|
(1,193,148
|
)
|
949,654
|
|||||
Income tax benefit (expense)
|
302,956
|
(122,629
|
)
|
|||||
Net (loss) income
|
$
|
(890,192
|
)
|
$
|
827,025
|
Three Months Ended
September 30,
|
Change
|
|||||||||||||||
2022
|
2021
|
Dollars
|
Percent
|
|||||||||||||
Finished jewelry
|
$
|
5,540,406
|
$
|
5,686,287
|
$
|
(145,881
|
)
|
(3
|
)%
|
|||||||
Loose jewels
|
1,833,677
|
4,594,024
|
(2,760,347
|
)
|
(60
|
)%
|
||||||||||
Total consolidated net sales
|
$
|
7,374,083
|
$
|
10,280,311
|
$
|
(2,906,228
|
)
|
(28
|
)%
|
Three Months Ended
September 30,
|
Change
|
|||||||||||||||
2022
|
2021
|
Dollars
|
Percent
|
|||||||||||||
Product line cost of goods sold:
|
||||||||||||||||
Finished jewelry
|
$
|
2,606,699
|
$
|
2,334,482
|
$
|
272,217
|
12
|
%
|
||||||||
Loose jewels
|
825,623
|
2,059,446
|
(1,233,823
|
)
|
(60
|
)%
|
||||||||||
Total product line cost of goods sold
|
3,432,322
|
4,393,928
|
(961,606
|
)
|
(22
|
)%
|
||||||||||
Non-product line cost of goods sold
|
653,688
|
622,622
|
31,066
|
5
|
%
|
|||||||||||
Total cost of goods sold
|
$
|
4,086,010
|
$
|
5,016,550
|
$
|
(930,540
|
)
|
(19
|
)%
|
Three Months Ended
September 30,
|
Change
|
|||||||||||||||
2022
|
2021
|
Dollars
|
Percent
|
|||||||||||||
Sales and marketing
|
$
|
3,107,946
|
$
|
2,730,153
|
$
|
377,793
|
14
|
%
|
Three Months Ended
September 30,
|
Change
|
|||||||||||||||
2022
|
2021
|
Dollars
|
Percent
|
|||||||||||||
General and administrative
|
$
|
1,413,476
|
$
|
1,584,275
|
$
|
(170,799
|
)
|
(11
|
)%
|
Three Months Ended
September 30,
|
Change
|
|||||||||||||||
2022
|
2021
|
Dollars
|
Percent
|
|||||||||||||
Interest income
|
$
|
40,201
|
$
|
355
|
$
|
39,846
|
*
|
%
|
Three Months Ended
September 30,
|
Change
|
|||||||||||||||
2022
|
2021
|
Dollars
|
Percent
|
|||||||||||||
Loss on foreign currency exchange
|
$
|
-
|
$
|
34
|
$
|
(34
|
)
|
(100
|
)%
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Period
|
Total Number of
Shares Purchased
|
Average Price Paid per share
|
Total Number of shares Purchased as Part of Publicly Announced Plans or Programs(1)
|
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
|
||||||||||||
July 1, 2022 – July 31, 2022
|
124,053
|
$
|
1.30
|
154,340
|
$
|
4,800,995
|
||||||||||
August 1, 2022 – August 31, 2022
|
127,080
|
$
|
1.32
|
281,420
|
$
|
4,633,303
|
||||||||||
September 1, 2022 – September 30, 2022
|
106,983
|
$
|
1.15
|
388,403
|
$
|
4,510,021
|
||||||||||
Total
|
358,116
|
$
|
1.26
|
388,403
|
$
|
4,510,021
|
(1) |
On May 5, 2022, we announced that our Board of Directors had approved a share repurchase program to permit us to repurchase up to $5.00 million worth of our issued and outstanding common stock over the three-year
period ending April 29, 2025.
|
Item 6. |
Exhibits
|
Exhibit No.
|
Description
|
|
Line of Credit Note, dated as of July 28, 2022, by Charles & Colvard, Ltd., to JPMorgan Chase Bank, N.A. (incorporated herein by reference to Exhibit 10.2 to our Current Report on Form 8-K, as filed with the
SEC on August 2, 2022)
|
||
Certification by Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification by Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
||
Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
||
101.INS
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase document
|
|
104
|
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document contained in Exhibit 101
|
CHARLES & COLVARD, LTD.
|
||
By:
|
/s/ Don O’Connell
|
|
November 3, 2022
|
Don O’Connell
|
|
President and Chief Executive Officer
|
||
By:
|
/s/ Clint J. Pete
|
|
November 3, 2022
|
Clint J. Pete
|
|
Chief Financial Officer
|
||
(Principal Financial Officer and Chief Accounting Officer)
|