2017 Q2 Form 10-Q Financial Statement

#000093454917000044 Filed on August 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $16.46M $41.35M
YoY Change -60.2% 2.52%
Cost Of Revenue $4.270M $0.00
YoY Change -100.0%
Gross Profit $12.18M $41.35M
YoY Change -70.54% 5.84%
Gross Profit Margin 74.01% 100.0%
Selling, General & Admin $9.970M $17.95M
YoY Change -44.46% 18.87%
% of Gross Profit 81.86% 43.41%
Research & Development $430.0K $1.330M
YoY Change -67.67% 82.19%
% of Gross Profit 3.53% 3.22%
Depreciation & Amortization $5.600M $10.80M
YoY Change -48.15% -18.8%
% of Gross Profit 45.98% 26.12%
Operating Expenses $15.97M $28.80M
YoY Change -44.55% -0.89%
Operating Profit -$7.924M -$34.94M
YoY Change -77.32% -3594.2%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$4.862M -$52.00K
YoY Change 9250.0% -50.0%
Pretax Income -$12.79M -$34.99M
YoY Change -63.46% -4005.58%
Income Tax $1.478M $5.927M
% Of Pretax Income
Net Earnings -$14.25M -$40.57M
YoY Change -64.87% 1000.73%
Net Earnings / Revenue -86.6% -98.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$278.1K -$799.1K
COMMON SHARES
Basic Shares Outstanding 50.50M shares 50.02M shares
Diluted Shares Outstanding 50.50M shares 50.02M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.3M $172.0M
YoY Change -31.22% 10.12%
Cash & Equivalents $63.22M $139.8M
Short-Term Investments $55.10M $32.20M
Other Short-Term Assets $4.100M $18.50M
YoY Change -77.84% 8.82%
Inventory
Prepaid Expenses
Receivables $14.25M $4.325M
Other Receivables $0.00 $0.00
Total Short-Term Assets $136.6M $194.9M
YoY Change -29.89% -7.52%
LONG-TERM ASSETS
Property, Plant & Equipment $189.0K
YoY Change -49.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.400M
YoY Change
Other Assets $407.0K $365.0K
YoY Change 11.51% 2.82%
Total Long-Term Assets $127.9M $101.5M
YoY Change 25.95% -65.38%
TOTAL ASSETS
Total Short-Term Assets $136.6M $194.9M
Total Long-Term Assets $127.9M $101.5M
Total Assets $264.5M $296.4M
YoY Change -10.77% -41.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.200M $11.40M
YoY Change -19.3% -0.87%
Accrued Expenses $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.67M $29.28M
YoY Change -36.25% -7.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $577.0K $354.0K
YoY Change 62.99% 30.63%
Total Long-Term Liabilities $577.0K $354.0K
YoY Change 62.99% 30.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.67M $29.28M
Total Long-Term Liabilities $577.0K $354.0K
Total Liabilities $19.24M $29.84M
YoY Change -35.52% -9.95%
SHAREHOLDERS EQUITY
Retained Earnings -$368.3M -$338.7M
YoY Change 8.74% 133.71%
Common Stock $51.00K $50.00K
YoY Change 2.0% -1.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.64M $34.64M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.729M shares 1.729M shares
Shareholders Equity $243.7M $262.9M
YoY Change
Total Liabilities & Shareholders Equity $264.5M $296.4M
YoY Change -10.77% -41.18%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$14.25M -$40.57M
YoY Change -64.87% 1000.73%
Depreciation, Depletion And Amortization $5.600M $10.80M
YoY Change -48.15% -18.8%
Cash From Operating Activities -$4.300M $26.70M
YoY Change -116.1% 184.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $1.400M -$32.20M
YoY Change -104.35% -297.55%
Cash From Investing Activities $1.400M -$32.20M
YoY Change -104.35% -320.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.300M 26.70M
Cash From Investing Activities 1.400M -32.20M
Cash From Financing Activities 400.0K 0.000
Net Change In Cash -2.500M -5.500M
YoY Change -54.55% -131.25%
FREE CASH FLOW
Cash From Operating Activities -$4.300M $26.70M
Capital Expenditures $0.00
Free Cash Flow $26.70M
YoY Change 138.39%

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CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Nonoperating Income Expense
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us-gaap Operating Costs And Expenses
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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0 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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26000 USD
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CY2016Q3 us-gaap Timesharing Transactions Stated Interest Rate For Notes Receivable
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CY2016Q4 us-gaap Treasury Stock Shares
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1729408 shares
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
5000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2016Q2 us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
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500000 USD
CY2017Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
0 USD
us-gaap Other Cost And Expense Operating
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0 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
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369000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
577000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
23061000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Operating Activities Cash Flow Statement
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18000 USD
us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Payments For Repurchase Of Common Stock
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25000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
35000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
49677000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
331412000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1000000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
4000000 USD
us-gaap Payments To Acquire Other Investments
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0 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
31514000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Sale Of Available For Sale Securities
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us-gaap Proceeds From Sale Of Available For Sale Securities
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
649000 USD
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us-gaap Profit Loss
ProfitLoss
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CY2017Q2 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
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0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2016Q2 us-gaap Royalty Expense
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0 USD
us-gaap Royalty Expense
RoyaltyExpense
1573000 USD
CY2017Q2 us-gaap Royalty Expense
RoyaltyExpense
4273000 USD
us-gaap Royalty Expense
RoyaltyExpense
4939000 USD
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ShareBasedCompensation
1475000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1487000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3615000 USD
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
19443000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
55052000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
243696000 USD
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267443000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
245247000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
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50416611 shares
CY2017Q2 us-gaap Unrealized Gain Loss On Investments
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us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-12698000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
34640000 USD
CY2016Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50015869 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49970709 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50499248 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50416611 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50015869 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50499248 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50015869 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49970709 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50499248 shares
us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> licensee individually accounted for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">85%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, and two licensees accounted for </font><font style="font-family:inherit;font-size:10pt;">55%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">26%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the six months ended June 30, 2017. One licensee individually accounted for </font><font style="font-family:inherit;font-size:10pt;">85%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the three months ended June 30, 2016, and one licensee accounted for </font><font style="font-family:inherit;font-size:10pt;">53%</font><font style="font-family:inherit;font-size:10pt;"> of revenues recognized during the six months ended June 30, 2016. For the three and six months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">90%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">87%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenues were attributable to licensees domiciled in foreign jurisdictions, based on the jurisdiction of the entity obligated to satisfy payment obligations pursuant to the applicable revenue arrangement. For the three and six months ended June 30, 2016, </font><font style="font-family:inherit;font-size:10pt;">85%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">63%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of revenues were attributable to licensees domiciled in foreign jurisdictions. The Company does not have any material foreign operations.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">One licensee individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">98%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:normal;text-decoration:none;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">. Four licensees individually represented approximately </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">39%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">22%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">16%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> of accounts receivable at December 31, 2016. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Acacia believes that, of the significant accounting policies described herein, the accounting policies associated with revenue recognition, stock-based compensation expense, impairment of marketable securities and patent-related intangible assets, the determination of the economic useful life of amortizable intangible assets, income taxes and valuation allowances against net deferred tax assets, the valuation of the loan and equity instruments discussed at Note 5 and the application of the acquisition method of accounting for business combinations, require its most difficult, subjective or complex judgments.</font></div></div>

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