2024 Q1 Form 10-K Financial Statement

#000155837024002380 Filed on March 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $18.35M $26.49M $96.63M
YoY Change -14.29% 24.83% 29.09%
Cost Of Revenue $9.971M $9.867M $40.33M
YoY Change 9.37% 7.57% 28.15%
Gross Profit $8.379M $16.62M $56.31M
YoY Change -31.84% 37.97% 29.76%
Gross Profit Margin 45.66% 62.75% 58.27%
Selling, General & Admin $19.86M $18.90M $82.38M
YoY Change -8.71% -9.79% 3.42%
% of Gross Profit 237.06% 113.71% 146.31%
Research & Development $5.554M $4.670M $21.89M
YoY Change -3.79% -27.41% -5.7%
% of Gross Profit 66.28% 28.1% 38.88%
Depreciation & Amortization $2.051M $2.106M $8.890M
YoY Change -3.3% 10.78% 24.35%
% of Gross Profit 24.48% 12.67% 15.79%
Operating Expenses $29.96M $26.06M $114.0M
YoY Change 0.79% -12.07% 4.09%
Operating Profit -$21.59M -$9.439M -$57.67M
YoY Change 23.8% -46.34% -12.76%
Interest Expense -$2.612M -$1.380M -$8.761M
YoY Change 27.17% 28.97% 92.38%
% of Operating Profit
Other Income/Expense, Net -$161.0K -$5.000K -$343.0K
YoY Change 235.42% -97.92% -45.98%
Pretax Income -$23.42M -$10.82M -$63.28M
YoY Change 24.76% -42.73% -10.26%
Income Tax $63.00K -$22.00K $40.00K
% Of Pretax Income
Net Earnings -$23.48M -$10.80M -$63.32M
YoY Change 24.9% -42.77% -10.36%
Net Earnings / Revenue -127.98% -40.78% -65.53%
Basic Earnings Per Share -$0.48 -$1.43
Diluted Earnings Per Share -$0.48 -$0.22 -$1.43
COMMON SHARES
Basic Shares Outstanding 49.14M 49.08M 44.43M
Diluted Shares Outstanding 49.19M 44.43M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.58M $83.13M $83.13M
YoY Change 2.2% 2.35% 2.35%
Cash & Equivalents $13.04M $83.13M $83.13M
Short-Term Investments $48.54M
Other Short-Term Assets $3.793M $3.794M $3.794M
YoY Change -4.63% -43.91% -43.91%
Inventory $22.99M $17.88M $17.88M
Prepaid Expenses
Receivables $13.47M $16.99M $16.99M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $101.8M $121.8M $121.8M
YoY Change 11.08% 8.55% 8.55%
LONG-TERM ASSETS
Property, Plant & Equipment $8.964M $10.73M $21.55M
YoY Change -14.01% 5.46% -12.16%
Goodwill $18.26M $18.26M
YoY Change 0.0% 0.0%
Intangibles $16.70M $17.41M
YoY Change -14.35% -13.15%
Long-Term Investments
YoY Change
Other Assets $654.0K $657.0K $1.356M
YoY Change -5.49% -4.51% 36.83%
Total Long-Term Assets $52.92M $58.58M $58.58M
YoY Change -15.49% -8.23% -8.23%
TOTAL ASSETS
Total Short-Term Assets $101.8M $121.8M $121.8M
Total Long-Term Assets $52.92M $58.58M $58.58M
Total Assets $154.8M $180.4M $180.4M
YoY Change 0.29% 2.46% 2.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.75M $11.78M $11.78M
YoY Change 23.77% 10.8% 10.8%
Accrued Expenses $12.46M $13.43M $13.11M
YoY Change -12.85% -18.68% -26.44%
Deferred Revenue $6.612M $6.688M
YoY Change -0.68% 6.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $718.0K $767.0K $767.0K
YoY Change 18.09% 23.71% 23.71%
Total Short-Term Liabilities $33.19M $35.35M $35.35M
YoY Change -0.09% -4.61% -4.61%
LONG-TERM LIABILITIES
Long-Term Debt $75.47M $75.25M $76.02M
YoY Change 18.93% 18.93% 18.87%
Other Long-Term Liabilities $12.73M $15.20M $15.20M
YoY Change -14.38% -7.09% -7.09%
Total Long-Term Liabilities $75.47M $75.25M $91.22M
YoY Change 18.93% 18.93% 13.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.19M $35.35M $35.35M
Total Long-Term Liabilities $75.47M $75.25M $91.22M
Total Liabilities $122.0M $126.6M $126.6M
YoY Change 8.78% 7.79% 7.79%
SHAREHOLDERS EQUITY
Retained Earnings -$253.6M -$230.1M
YoY Change 36.65% 37.98%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.72M $53.77M $53.77M
YoY Change
Total Liabilities & Shareholders Equity $154.8M $180.4M $180.4M
YoY Change 0.29% 2.46% 2.46%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$23.48M -$10.80M -$63.32M
YoY Change 24.9% -42.77% -10.36%
Depreciation, Depletion And Amortization $2.051M $2.106M $8.890M
YoY Change -3.3% 10.78% 24.35%
Cash From Operating Activities -$20.82M -$5.584M -$50.90M
YoY Change 5.4% -44.2% -4.85%
INVESTING ACTIVITIES
Capital Expenditures $810.0K $594.0K $3.653M
YoY Change 0.75% -31.65% -50.37%
Acquisitions
YoY Change
Other Investing Activities -$48.01M $0.00 $7.000M
YoY Change -785.81% -100.0% -204.18%
Cash From Investing Activities -$48.82M -$594.0K $3.347M
YoY Change -887.88% -102.68% -123.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $47.97M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -444.0K 11.08M 56.84M
YoY Change 5.97% 7.86% 97.88%
NET CHANGE
Cash From Operating Activities -20.82M -5.584M -50.90M
Cash From Investing Activities -48.82M -594.0K 3.347M
Cash From Financing Activities -444.0K 11.08M 56.84M
Net Change In Cash -70.09M 4.899M 9.292M
YoY Change 401.29% -78.12% -123.92%
FREE CASH FLOW
Cash From Operating Activities -$20.82M -$5.584M -$50.90M
Capital Expenditures $810.0K $594.0K $3.653M
Free Cash Flow -$21.63M -$6.178M -$54.55M
YoY Change 5.21% -43.2% -10.36%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options, the useful lives of property and equipment, revenue recognition, determining the fair value of intangible assets, marketable securities, accrued expenses, income tax accounting, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, contingent consideration, goodwill and intangible asset impairment review, and other contingencies. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 0pt;">Concentrations of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Cash and cash equivalents are financial instruments that potentially subject the Company to concentrations of credit risk. The Company maintains its cash deposits, which generally exceed federally insured limits, with large financial institutions and, accordingly, the Company believes their cash and cash equivalents are subject to minimal credit risk.</p>
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Files In Submission

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