2015 Q1 Form 10-Q Financial Statement

#000114420415027285 Filed on May 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $5.357M $42.00K
YoY Change 12654.76% 950.0%
Cost Of Revenue $255.0K $300.0K
YoY Change -15.0%
Gross Profit $5.102M -$258.0K
YoY Change -2077.52%
Gross Profit Margin 95.24% -614.29%
Selling, General & Admin $2.297M $2.259M
YoY Change 1.68% 1.67%
% of Gross Profit 45.02%
Research & Development $964.0K $1.438M
YoY Change -32.96% -29.02%
% of Gross Profit 18.89%
Depreciation & Amortization $30.00K $30.00K
YoY Change 0.0% 0.0%
% of Gross Profit 0.59%
Operating Expenses $3.261M $3.868M
YoY Change -15.69% -8.95%
Operating Profit $1.512M -$3.826M
YoY Change -139.52% -9.85%
Interest Expense $308.0K $301.0K
YoY Change 2.33%
% of Operating Profit 20.37%
Other Income/Expense, Net -$273.0K -$262.0K
YoY Change 4.2% -1107.69%
Pretax Income $1.239M -$4.088M
YoY Change -130.31% -3.08%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $1.239M -$4.088M
YoY Change -130.31% -3.08%
Net Earnings / Revenue 23.13% -9733.33%
Basic Earnings Per Share $0.13 -$0.40
Diluted Earnings Per Share $0.13 -$0.40
COMMON SHARES
Basic Shares Outstanding 9.793M shares 48.84M shares
Diluted Shares Outstanding 49.35M shares 48.84M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.21M $22.49M
YoY Change -36.81% -4.1%
Cash & Equivalents $3.821M $8.866M
Short-Term Investments $10.39M $13.62M
Other Short-Term Assets $310.0K $910.0K
YoY Change -65.93% 225.0%
Inventory $280.0K $100.0K
Prepaid Expenses
Receivables $90.00K $110.0K
Other Receivables $60.00K $100.0K
Total Short-Term Assets $14.96M $23.69M
YoY Change -36.86% -2.18%
LONG-TERM ASSETS
Property, Plant & Equipment $970.0K $947.0K
YoY Change 2.43% -7.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $150.0K $220.0K
YoY Change -31.82% 2100.0%
Total Long-Term Assets $2.910M $1.168M
YoY Change 149.14% 13.4%
TOTAL ASSETS
Total Short-Term Assets $14.96M $23.69M
Total Long-Term Assets $2.910M $1.168M
Total Assets $17.87M $24.86M
YoY Change -28.12% -1.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.0K $493.0K
YoY Change -67.55% -63.48%
Accrued Expenses $1.060M $854.0K
YoY Change 24.12% 9.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.370M
YoY Change
Total Short-Term Liabilities $3.760M $1.642M
YoY Change 128.99% -24.68%
LONG-TERM LIABILITIES
Long-Term Debt $7.350M $9.630M
YoY Change -23.68%
Other Long-Term Liabilities $240.0K $50.00K
YoY Change 380.0% 400.0%
Total Long-Term Liabilities $7.590M $9.680M
YoY Change -21.59% 96700.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.760M $1.642M
Total Long-Term Liabilities $7.590M $9.680M
Total Liabilities $11.35M $11.32M
YoY Change 0.28% 419.17%
SHAREHOLDERS EQUITY
Retained Earnings -$353.2M
YoY Change
Common Stock $366.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.520M $13.54M
YoY Change
Total Liabilities & Shareholders Equity $17.87M $24.86M
YoY Change -28.12% -1.54%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $1.239M -$4.088M
YoY Change -130.31% -3.08%
Depreciation, Depletion And Amortization $30.00K $30.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities $2.170M -$2.980M
YoY Change -172.82% -10.32%
INVESTING ACTIVITIES
Capital Expenditures $46.00K $34.00K
YoY Change 35.29%
Acquisitions
YoY Change
Other Investing Activities $930.0K $60.00K
YoY Change 1450.0% 200.0%
Cash From Investing Activities $880.0K $26.00K
YoY Change 3284.62% 23.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$520.0K
YoY Change -100.0% -27.17%
NET CHANGE
Cash From Operating Activities 2.170M -$2.980M
Cash From Investing Activities 880.0K $26.00K
Cash From Financing Activities 0.000 -$520.0K
Net Change In Cash 3.050M -$3.474M
YoY Change -187.8% -13.5%
FREE CASH FLOW
Cash From Operating Activities $2.170M -$2.980M
Capital Expenditures $46.00K $34.00K
Free Cash Flow $2.124M -$3.014M
YoY Change -170.47% -9.3%

Facts In Submission

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44000 USD
CY2015Q1 acur Cost Of Sales Excluding Inventory Write Down
CostOfSalesExcludingInventoryWriteDown
324000 USD
CY2014Q1 us-gaap Inventory Write Down
InventoryWriteDown
133000 USD
CY2015Q1 us-gaap Inventory Write Down
InventoryWriteDown
260000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1438000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
964000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2259000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2297000 USD
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
3868000 USD
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
3845000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3826000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1512000 USD
CY2015Q1 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
35000 USD
CY2014Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-5000 USD
CY2015Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
0 USD
CY2014Q1 us-gaap Interest Expense
InterestExpense
301000 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
308000 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-262000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-273000 USD
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4088000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1239000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
29000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
31000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
29000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
31000 USD
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4059000 USD
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1270000 USD
CY2015Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
2800000 USD
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
3500000 USD
CY2015Q1 acur Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsFairValue
2600000 USD
CY2014Q4 acur Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsFairValue
2800000 USD
CY2015Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
10400000 USD
CY2014Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
11300000 USD
CY2015Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
10400000 USD
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
11300000 USD
CY2014 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
0 USD
CY2015Q1 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
0 USD
CY2014 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
0 USD
CY2015Q1 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
0 USD
CY2014 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
13000 USD
CY2014Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
260000 USD
CY2015Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
282000 USD
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
44000 USD
CY2015Q1 us-gaap Inventory Gross
InventoryGross
542000 USD
CY2014Q4 us-gaap Inventory Gross
InventoryGross
304000 USD
CY2014 us-gaap Cost Of Goods Sold
CostOfGoodsSold
220000 USD
CY2015Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
255000 USD
CY2015Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
195000 USD
CY2014Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
253000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
120000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49000 USD
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2741000 USD
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2979000 USD
CY2013Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
10000000 USD
CY2015Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0835 pure
CY2015Q1 acur Debt Default Long Term Debt Percentage
DebtDefaultLongTermDebtPercentage
0.1335 pure
CY2015Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2018-12-01
CY2015Q1 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
50000 USD
CY2015Q1 acur Debt Consulting Placement Fee
DebtConsultingPlacementFee
100000 USD
CY2015Q1 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
231000 USD
CY2013Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
400000 USD

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