Symbolic Logic, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156276220000342 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.270M $5.310M $5.560M
YoY Change -19.59% -42.84% -35.87%
Cash & Equivalents $4.271M $5.310M $5.562M
Short-Term Investments
Other Short-Term Assets $2.120M $1.840M $1.920M
YoY Change 15.22% 3.37% 13.61%
Inventory
Prepaid Expenses
Receivables $4.062M $8.469M $7.676M
Other Receivables $710.0K $1.360M $1.180M
Total Short-Term Assets $14.04M $19.55M $19.36M
YoY Change -28.17% -22.15% -28.07%
LONG-TERM ASSETS
Property, Plant & Equipment $541.0K $489.0K $375.0K
YoY Change 10.63% 122.27% 56.25%
Goodwill $6.828M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $630.0K $1.160M $1.140M
YoY Change -45.69% 182.93% 185.0%
Total Long-Term Assets $5.249M $7.141M $14.24M
YoY Change -26.49% -76.81% -55.45%
TOTAL ASSETS
Total Short-Term Assets $14.04M $19.55M $19.36M
Total Long-Term Assets $5.249M $7.141M $14.24M
Total Assets $19.29M $26.69M $33.60M
YoY Change -27.72% -52.25% -42.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.040M $1.520M $1.750M
YoY Change -31.58% -74.24% -71.12%
Accrued Expenses $3.780M $3.710M $3.420M
YoY Change 1.89%
Deferred Revenue $4.120M $5.642M $4.366M
YoY Change -26.98%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $850.0K $4.267M $5.149M
YoY Change -80.08% 19.19% 61.92%
Total Short-Term Liabilities $9.788M $15.13M $14.69M
YoY Change -35.32% -11.7% -17.71%
LONG-TERM LIABILITIES
Long-Term Debt $319.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $700.0K $1.060M $1.150M
YoY Change -33.96%
Total Long-Term Liabilities $319.0K $1.060M $1.150M
YoY Change -69.91% -74.52% -77.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.788M $15.13M $14.69M
Total Long-Term Liabilities $319.0K $1.060M $1.150M
Total Liabilities $10.81M $16.19M $15.84M
YoY Change -33.24% -23.99% -30.83%
SHAREHOLDERS EQUITY
Retained Earnings -$79.22M -$77.55M -$70.57M
YoY Change 2.16%
Common Stock $12.00K $12.00K $12.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.253M $1.253M $1.253M
YoY Change 0.0%
Treasury Stock Shares $178.9K $178.9K $178.9K
Shareholders Equity $8.483M $10.50M $17.76M
YoY Change
Total Liabilities & Shareholders Equity $19.29M $26.69M $33.60M
YoY Change -27.72% -52.25% -42.93%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1

Facts In Submission

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us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
-352000
us-gaap Increase Decrease In Finished Goods And Work In Process Inventories
IncreaseDecreaseInFinishedGoodsAndWorkInProcessInventories
1868000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-67000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
347000
CY2019Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1206000
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1109000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
6687000
CY2019Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
6687000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
257000
us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
2200000
CY2020Q2 us-gaap Income Loss From Subsidiaries Before Tax
IncomeLossFromSubsidiariesBeforeTax
1100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
39000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
101000
CY2020Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
714000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
305000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
233000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-152000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
491000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
294000
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2020Q2 us-gaap Liabilities
Liabilities
10809000
CY2020Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
19292000
CY2020Q2 us-gaap Liabilities Current
LiabilitiesCurrent
9788000
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
319000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1669000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-207000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-273000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-188000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
552000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1879000
us-gaap Net Income Loss
NetIncomeLoss
-8099000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
5352000
CY2020Q2 us-gaap Noncurrent Assets
NoncurrentAssets
4618000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-37000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
us-gaap Operating Lease Cost
OperatingLeaseCost
200000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
321000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
876000
us-gaap Operating Lease Payments
OperatingLeasePayments
190000
us-gaap Operating Lease Payments
OperatingLeasePayments
154000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1205000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-14000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
273000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188000
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q2 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
319000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1669000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
526000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1204000
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1011000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-79223000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12953000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6256000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12614000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6329000
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11500000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1609000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
18420000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
17760000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
10500000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
438000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
348000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
200000
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1693000
CY2020Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1444000
us-gaap Share Based Compensation
ShareBasedCompensation
193000
us-gaap Share Based Compensation
ShareBasedCompensation
67000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
267000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.19
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M7D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
3000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
87000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
9118000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
8621000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
8483000
us-gaap Sublease Income
SubleaseIncome
0
CY2019Q4 us-gaap Translation Adjustment Functional To Reporting Currency Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyNetOfTax
100000
CY2020Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
178889
CY2020Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1253000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;text-indent:35pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates</font><font style="display: inline;font-size:10pt;"> &#x2014; The preparation of condensed consolidated financial statements in conformity with US 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 condensed 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, deferred taxes and income tax valuation allowance, fair values of long-lived assets, valuation of intangible assets, useful lives for property, equipment and intangible assets, 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>
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12179000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12179000

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