2016 Q4 Form 10-K Financial Statement

#000114420418018523 Filed on April 02, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $400.0K $994.3K $20.00K
YoY Change 1900.0% 193.41% -91.67%
Cost Of Revenue $320.0K $1.226M $50.00K
YoY Change 540.0% 0.14% -91.07%
Gross Profit $80.00K -$232.1K -$20.00K
YoY Change -500.0% -73.8% -93.75%
Gross Profit Margin 20.0% -23.34% -100.0%
Selling, General & Admin $880.0K $3.282M $610.0K
YoY Change 44.26% -40.52% -76.26%
% of Gross Profit 1100.0%
Research & Development $90.00K $343.7K $80.00K
YoY Change 12.5% -8.54% -63.64%
% of Gross Profit 112.5%
Depreciation & Amortization $140.0K $0.00 $130.0K
YoY Change 7.69% -100.0% 85.71%
% of Gross Profit 175.0%
Operating Expenses $1.110M $4.246M $830.0K
YoY Change 33.73% -33.94% -70.88%
Operating Profit -$1.030M -$4.478M -$850.0K
YoY Change 21.18% -38.77% -73.19%
Interest Expense $230.0K -$676.0K $100.0K
YoY Change 130.0% -15894.32%
% of Operating Profit
Other Income/Expense, Net $0.00 -$5.100M $0.00
YoY Change -4965.74%
Pretax Income -$850.0K -$9.580M -$750.0K
YoY Change 13.33% 32.87% -76.71%
Income Tax
% Of Pretax Income
Net Earnings -$850.0K -$9.579M -$750.0K
YoY Change 13.33% 32.87% -76.71%
Net Earnings / Revenue -212.5% -963.39% -3750.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$196.8K -$2.419M -$229.4K
COMMON SHARES
Basic Shares Outstanding 107.5M shares 81.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.410M $1.410M $1.740M
YoY Change -18.97% -18.97% 0.0%
Cash & Equivalents $1.409M $1.687M
Short-Term Investments $0.00 $0.00 $50.00K
Other Short-Term Assets $20.00K $20.00K $40.00K
YoY Change -50.0% -50.0% -55.56%
Inventory
Prepaid Expenses
Receivables $44.65K $40.00K $22.74K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.470M $1.470M $1.805M
YoY Change -18.56% -18.33% -44.87%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0%
Goodwill $700.5K $700.5K
YoY Change 0.0% 0.0%
Intangibles $2.313M $2.841M
YoY Change -18.57% -8.28%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.019M $3.020M $3.541M
YoY Change -14.76% -14.93% -6.77%
TOTAL ASSETS
Total Short-Term Assets $1.470M $1.470M $1.805M
Total Long-Term Assets $3.019M $3.020M $3.541M
Total Assets $4.489M $4.490M $5.346M
YoY Change -16.04% -16.07% -24.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $250.0K $250.0K $210.0K
YoY Change 19.05% 19.05% -73.08%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00K $20.00K $20.00K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $4.167M $4.170M $891.2K
YoY Change 367.54% 368.54% -22.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.920M
YoY Change -100.0% -100.0% 3740.0%
Other Long-Term Liabilities $10.00K $10.00K
YoY Change
Total Long-Term Liabilities $10.00K $10.00K $1.923M
YoY Change -99.48% -99.48% 3613.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.167M $4.170M $891.2K
Total Long-Term Liabilities $10.00K $10.00K $1.923M
Total Liabilities $4.181M $4.180M $2.815M
YoY Change 48.55% 48.75% 132.9%
SHAREHOLDERS EQUITY
Retained Earnings -$33.82M -$24.24M
YoY Change 39.52% 42.33%
Common Stock $1.115K $817.00
YoY Change 36.47% 5.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $623.0K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $307.2K $310.0K $2.532M
YoY Change
Total Liabilities & Shareholders Equity $4.489M $4.490M $5.346M
YoY Change -16.04% -16.07% -24.41%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$850.0K -$9.579M -$750.0K
YoY Change 13.33% 32.87% -76.71%
Depreciation, Depletion And Amortization $140.0K $0.00 $130.0K
YoY Change 7.69% -100.0% 85.71%
Cash From Operating Activities -$630.0K -$2.340M -$670.0K
YoY Change -5.97% -57.22% -67.16%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$190.0K
YoY Change -100.0% -100.0% -258.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$42.64K -$190.0K
YoY Change -100.0% -84.77% -371.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.129M
YoY Change 555.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 550.0K $2.105M 2.500M
YoY Change -78.0% -63.52% 67.79%
NET CHANGE
Cash From Operating Activities -630.0K -$2.340M -670.0K
Cash From Investing Activities 0.000 -$42.64K -190.0K
Cash From Financing Activities 550.0K $2.105M 2.500M
Net Change In Cash -80.00K -$277.8K 1.640M
YoY Change -104.88% -1489.2% -441.67%
FREE CASH FLOW
Cash From Operating Activities -$630.0K -$2.340M -$670.0K
Capital Expenditures $0.00 $0.00 -$190.0K
Free Cash Flow -$630.0K -$2.340M -$480.0K
YoY Change 31.25% -54.91% -77.78%

Facts In Submission

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="BACKGROUND-COLOR: transparent"><u>Use of Estimates</u></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of the Company&#8217;s stock, stock-based compensation, fair values relating to derivative liabilities, debt discounts and the valuation allowance related to deferred tax assets. Actual results may differ from these estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
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P5Y
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1000000 shares
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CY2017 us-gaap Property Plant And Equipment Estimated Useful Lives
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CY2017Q4 us-gaap Interest Expense Debt
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CY2017Q4 us-gaap Fair Value Assumptions Expected Term
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P5Y
CY2017Q4 us-gaap Fair Value Assumptions Expected Term
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P5Y
CY2017Q4 us-gaap Fair Value Assumptions Expected Dividend Rate
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0 pure
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CY2017 aeye Number Of Warrants Excercised
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CY2017Q4 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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CY2017Q4 us-gaap Interest Payable Current
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CY2017Q4 us-gaap Gains Losses On Extinguishment Of Debt
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CY2017Q4 us-gaap Debt Instrument Convertible Number Of Equity Instruments
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CY2017Q4 us-gaap Shares Issued Price Per Share
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CY2017Q4 us-gaap Fair Value Assumptions Expected Dividend Rate
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0 pure
CY2017Q4 aeye Class Of Warrants Or Right Exercisable Term
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warrants exercisable for shares of Common Stock at a price of $0.07 per share if exercised during the Discount Period or $0.10 per share if exercised during the term of the warrant following the Discount Period; (ii) provide for certain registration rights for shares of Common Stock issued pursuant to the Original Purchase Agreement, as amended, at any time after 30 days subsequent to the listing of the Common Stock on a national securities exchange; and (iii) amend the Warrants such that they are exercisable for shares of Common Stock at a price of $0.07 per share if exercised during the Discount Period or $0.10 per share if exercised during the term of the warrant following the Discount Period. The Company recognized a charge of $13,262 to current period interest for change in fair value due to the warrant modifications using the Black-Scholes pricing model
CY2017 us-gaap Concentration Risk Percentage1
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0.69 pure
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.07
CY2017Q4 us-gaap Fair Value Adjustment Of Warrants
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13262 USD
CY2017Q4 aeye Reclassify Fair Value Of Liability Warrant Equity Upon Exercise
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574342 USD
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268300 USD
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
84110359 shares
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2655851 shares
CY2017Q4 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
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P2021Y
CY2017Q4 aeye Lease Rent Per Month
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3937 USD
CY2017Q4 aeye Lease Rentmonth To Month Basis
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300 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
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268300 USD
CY2017Q3 aeye Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Period Description
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingPeriodDescription
The settlement date for such RSUs, as amended, in the earlier of (i) July 1, 2024 or (ii) the date on which the Company undergoes a change of control. The change in vesting terms were considered a modification of equity based instrument and accordingly charged the change in estimated fair value of $41,250 to current period operations.
CY2017Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
357143 shares
CY2017Q1 aeye Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
40000 shares
CY2017Q1 us-gaap Proceeds From Issuance Of Private Placement
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50000 USD
CY2017Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.25
CY2017Q1 us-gaap Stock Issued During Period Shares Issued For Services
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CY2017Q1 us-gaap Stock Issued During Period Value Issued For Services
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6625 USD
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5333 USD
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41666 shares
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5917 USD
CY2017Q2 us-gaap Stock Issued During Period Shares Issued For Services
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41674 shares
CY2017Q2 us-gaap Stock Issued During Period Value Issued For Services
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CY2017Q2 us-gaap Stock Issued During Period Shares Issued For Services
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CY2016 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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CY2017Q4 us-gaap Stock Issued During Period Shares New Issues
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CY2017Q4 aeye Stock Issued During Period Value Warrants Exercised
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CY2017Q4 aeye Stock Issued During Period Shares Common Stock In Exchange For Warrants
StockIssuedDuringPeriodSharesCommonStockInExchangeForWarrants
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CY2017Q4 aeye Warrant Exercise Shares Issued
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18353310 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25731207 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
Vesting shall only occur if the closing share price of the Companys common stock on each of the 20 trading days before and including the end of any performance period is not less than $0.20 per share (market condition)
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
1,000,000 options vested immediately and 250,000 options vest 50% after approximately nine months, with an additional 4.17% vesting every month thereafter
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1250000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.166
CY2017 us-gaap Proceeds From Warrant Exercises
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785084 USD
CY2017Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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8125000 shares
CY2017Q4 aeye Class Of Warrant Or Right Term
ClassOfWarrantOrRightTerm
P5Y
CY2017 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
862500 USD
CY2016 us-gaap Proceeds From Convertible Debt
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0 USD
CY2017Q4 aeye Number Of Warrants Excercised
NumberOfWarrantsExcercised
750000 shares
CY2017 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
102083 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
7782 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2531626 USD
CY2017Q4 us-gaap Accrued Salaries Current
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14583 USD
CY2017 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
87500 USD
CY2017 aeye Stock Issued During Period Value For Exercise Of Warrants On Cahsless Basis
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0 USD
CY2017 us-gaap Embedded Derivative No Longer Bifurcated Amount Reclassified To Stockholders Equity
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6062 USD
CY2016 us-gaap Embedded Derivative No Longer Bifurcated Amount Reclassified To Stockholders Equity
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280777 USD
CY2017 aeye Reclassification Of Fair Value Liability Warrants From Equity To Liability Upon Exercise
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758911 USD
CY2016 aeye Reclassification Of Fair Value Liability Warrants From Equity To Liability Upon Exercise
ReclassificationOfFairValueLiabilityWarrantsFromEquityToLiabilityUponExercise
0 USD
CY2017 aeye Debt Discount Originated Derivative Feature Warrants
DebtDiscountOriginatedDerivativeFeatureWarrants
50000 USD
CY2016 aeye Debt Discount Originated Derivative Feature Warrants
DebtDiscountOriginatedDerivativeFeatureWarrants
0 USD
CY2016 aeye Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature And Warrants Issued With Convertible Notes
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeatureAndWarrantsIssuedWithConvertibleNotes
0 USD
CY2017 us-gaap Debt Conversion Converted Instrument Amount1
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865336 USD
CY2016 us-gaap Debt Conversion Converted Instrument Amount1
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1078123 USD
CY2017 aeye Warrant Issued In Settlement Of Conventiable Note Payable And Accured Interest
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0 USD
CY2016 aeye Warrant Issued In Settlement Of Conventiable Note Payable And Accured Interest
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3205959 USD
CY2017 aeye Restricted Stock Units Issued In Payment Of Accrued Compensation
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14583 USD
CY2016 aeye Restricted Stock Units Issued In Payment Of Accrued Compensation
RestrictedStockUnitsIssuedInPaymentOfAccruedCompensation
72917 USD
CY2017 us-gaap Stock Issued1
StockIssued1
199 USD
CY2016 us-gaap Stock Issued1
StockIssued1
0 USD
CY2017 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
32 USD
CY2016 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
9 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1622719 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2340281 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-424969 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-42640 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2598700 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2105082 USD
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.14
CY2017Q4 aeye Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
2250000 shares
CY2017Q4 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
157500 USD
CY2017Q4 aeye Stock Issued During Period Shares For Exchange Of Exercise Of Warrants On Cahsless Basis
StockIssuedDuringPeriodSharesForExchangeOfExerciseOfWarrantsOnCahslessBasis
1078947 shares
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2000000 shares
CY2017 aeye Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
750000 shares
CY2017 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
11346726 shares
CY2017 us-gaap Restricted Stock Expense
RestrictedStockExpense
418832 USD
CY2017 aeye Prior Year Restricted Stock Expenses
PriorYearRestrictedStockExpenses
14583 USD
CY2017 aeye Current Year Restricted Stock Expenses
CurrentYearRestrictedStockExpenses
404249 USD
CY2016 us-gaap Restricted Stock Expense
RestrictedStockExpense
0 USD
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
178115 USD
CY2017Q4 aeye Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
150500 USD
CY2016 us-gaap Payments For Software
PaymentsForSoftware
0 USD
CY2017 us-gaap Payments For Software
PaymentsForSoftware
383802 USD

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