Symbolic Logic, Inc.

2017 Q4 Form 10-K Financial Statement

#000110465919019960 Filed on April 04, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.560M $7.560M $7.610M
YoY Change -0.66% -0.66% -9.4%
Cash & Equivalents $7.562M $7.560M $7.614M
Short-Term Investments
Other Short-Term Assets $1.630M $1.630M $1.550M
YoY Change 5.16% 5.16% 6.16%
Inventory
Prepaid Expenses
Receivables $10.15M $15.97M $9.240M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $25.17M $25.17M $18.41M
YoY Change 36.71% 36.72% -15.32%
LONG-TERM ASSETS
Property, Plant & Equipment $258.0K $260.0K $550.0K
YoY Change -53.09% -52.73% -1.79%
Goodwill $25.22M $20.60M
YoY Change 22.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $270.0K $270.0K
YoY Change
Total Long-Term Assets $31.36M $31.36M $25.35M
YoY Change 23.71% 23.71% -11.64%
TOTAL ASSETS
Total Short-Term Assets $25.17M $25.17M $18.41M
Total Long-Term Assets $31.36M $31.36M $25.35M
Total Assets $56.53M $56.53M $43.76M
YoY Change 29.18% 29.18% -13.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.680M $6.680M $630.0K
YoY Change 960.32% 960.32% -12.5%
Accrued Expenses $3.650M
YoY Change -6.17%
Deferred Revenue $5.397M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.805M $2.810M $2.000M
YoY Change 40.25% 40.5% 19900.0%
Total Short-Term Liabilities $16.18M $16.18M $10.42M
YoY Change 55.23% 55.28% -42.97%
LONG-TERM LIABILITIES
Long-Term Debt $5.942M $5.940M $4.000M
YoY Change 48.55% 48.5%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.942M $5.940M $4.000M
YoY Change 48.55% 48.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.18M $16.18M $10.42M
Total Long-Term Liabilities $5.942M $5.940M $4.000M
Total Liabilities $22.12M $22.12M $14.42M
YoY Change 53.38% 53.4% -21.07%
SHAREHOLDERS EQUITY
Retained Earnings -$54.66M
YoY Change
Common Stock $12.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.253M
YoY Change
Treasury Stock Shares $178.9K
Shareholders Equity $34.41M $34.41M $29.33M
YoY Change
Total Liabilities & Shareholders Equity $56.53M $56.53M $43.76M
YoY Change 29.18% 29.18% -13.23%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Concentration of Credit Risk &#x2014; </font><font style="display: inline;font-size:10pt;">Financial instruments that potentially subject us to concentrations of credit risk consist primarily of contract receivables and unbilled work-in-progress. We perform on-going evaluations of customers&#x2019; financial condition and, generally, require no collateral from customers.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">A substantial portion of our revenue is from a limited number of customers, all in the telecommunications industry.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">For the year ended December 31, 2018, </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> significant customer accounted for </font><font style="display: inline;font-size:10pt;">11%</font><font style="display: inline;font-size:10pt;"> of revenue from operations. This customer is a large telecommunications operator in Europe.</font><font style="display: inline;font-size:10pt;"> For the year ended December 31, 2017, </font><font style="display: inline;font-size:10pt;">one</font><font style="display: inline;font-size:10pt;"> significant customer accounted for </font><font style="display: inline;font-size:10pt;">11%</font><font style="display: inline;font-size:10pt;"> of revenue from operations. This customer is a large telecommunications operator in Europe.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">As of December 31, 2018, and 2017 </font><font style="display: inline;font-size:10pt;">no</font><font style="display: inline;font-size:10pt;"> customers accounted for </font><font style="display: inline;font-size:10pt;">10%</font><font style="display: inline;font-size:10pt;"> of contract receivables and unbilled work-in-progress.</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">We are subject to concentration of credit risk with respect to our cash and cash equivalents, which we attempt to minimize by maintaining our cash and cash equivalents with institutions of sound financial quality. At times, cash balances may exceed limits federally insured by the Federal Deposit Insurance Corporation (&#x201C;FDIC&#x201D;).</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <a name="_Hlk510179343"></a><font style="display: inline;font-size:10pt;">Our cash and cash equivalents are not under any FDIC program were </font><font style="display: inline;font-size:10pt;">$</font><font style="display: inline;font-size:10pt;">6.5</font><font style="display: inline;font-size:10pt;"> million and </font><font style="display: inline;font-size:10pt;">$5.4</font><font style="display: inline;font-size:10pt;"> million as of December 31, 2018 and 2017, respectively.</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Reclassification</font><font style="display: inline;font-size:10pt;"> &#x2014; Certain reclassifications have been made to conform the 2017 amounts to the 2018 classifications for comparative purposes.</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates &#x2014; </font><font style="display: inline;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. We made estimates with respect to revenue recognition for progress toward completion and direct profit or loss on contracts, allowance for doubtful accounts, income tax valuation allowance, fair values of long-lived assets, valuation of intangible assets and goodwill, useful lives for property, equipment and intangible assets, business combinations, capitalization of internal software development costs and fair value of stock-based compensation amounts. Actual results could differ from these estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
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