2022 Q1 Form 10-Q Financial Statement

#000152927422000080 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $44.79M $33.26M
YoY Change 34.66% 43.31%
Cost Of Revenue $19.98M $15.50M
YoY Change 28.93% 30.21%
Gross Profit $24.81M $17.77M
YoY Change 39.66% 57.1%
Gross Profit Margin 55.39% 53.41%
Selling, General & Admin $23.66M $15.79M
YoY Change 49.83% 33.84%
% of Gross Profit 95.36% 88.89%
Research & Development $14.16M $10.91M
YoY Change 29.72% 12.63%
% of Gross Profit 57.06% 61.43%
Depreciation & Amortization $1.018M $786.0K
YoY Change 29.52% 20.55%
% of Gross Profit 4.1% 4.42%
Operating Expenses $37.82M $26.70M
YoY Change 41.61% 24.28%
Operating Profit -$13.01M -$8.939M
YoY Change 45.5% -12.18%
Interest Expense $288.0K $310.0K
YoY Change -7.1% 198.08%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.32M -$10.88M
YoY Change 22.43% 6.08%
Income Tax $100.0K $0.00
% Of Pretax Income
Net Earnings -$13.41M -$10.88M
YoY Change 23.23% 6.08%
Net Earnings / Revenue -29.93% -32.71%
Basic Earnings Per Share -$0.15 -$2.00
Diluted Earnings Per Share -$0.15 -$2.00
COMMON SHARES
Basic Shares Outstanding 90.21M shares 5.584M shares
Diluted Shares Outstanding 90.21M shares 5.584M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $299.3M $162.1M
YoY Change 84.63%
Cash & Equivalents $187.3M $162.1M
Short-Term Investments $112.0M
Other Short-Term Assets $17.25M $14.80M
YoY Change 16.55%
Inventory
Prepaid Expenses
Receivables $23.35M $14.61M
Other Receivables $0.00 $0.00
Total Short-Term Assets $339.9M $191.5M
YoY Change 77.49%
LONG-TERM ASSETS
Property, Plant & Equipment $12.75M $10.31M
YoY Change 23.73% -1.46%
Goodwill $48.10M $16.50M
YoY Change 191.52%
Intangibles $10.76M $8.057M
YoY Change 33.57%
Long-Term Investments
YoY Change
Other Assets $1.214M $6.522M
YoY Change -81.39%
Total Long-Term Assets $91.02M $56.53M
YoY Change 61.03%
TOTAL ASSETS
Total Short-Term Assets $339.9M $191.5M
Total Long-Term Assets $91.02M $56.53M
Total Assets $430.9M $248.0M
YoY Change 73.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.963M $4.725M
YoY Change -37.29%
Accrued Expenses $21.19M $16.13M
YoY Change 31.38%
Deferred Revenue $8.009M $6.715M
YoY Change 19.27%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.875M $625.0K
YoY Change 200.0%
Total Short-Term Liabilities $34.75M $28.85M
YoY Change 20.45%
LONG-TERM LIABILITIES
Long-Term Debt $22.44M $24.27M
YoY Change -7.54%
Other Long-Term Liabilities $12.80M $1.393M
YoY Change 818.88%
Total Long-Term Liabilities $35.24M $25.66M
YoY Change 37.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.75M $28.85M
Total Long-Term Liabilities $35.24M $25.66M
Total Liabilities $88.79M $78.41M
YoY Change 13.24%
SHAREHOLDERS EQUITY
Retained Earnings -$327.3M -$277.9M
YoY Change 17.76%
Common Stock $90.00K $7.000K
YoY Change 1185.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $342.1M -$273.9M
YoY Change
Total Liabilities & Shareholders Equity $430.9M $248.0M
YoY Change 73.74%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$13.41M -$10.88M
YoY Change 23.23% 6.08%
Depreciation, Depletion And Amortization $1.018M $786.0K
YoY Change 29.52% 20.55%
Cash From Operating Activities -$8.291M -$1.952M
YoY Change 324.74% -86.8%
INVESTING ACTIVITIES
Capital Expenditures $282.0K $180.0K
YoY Change 56.67% -84.94%
Acquisitions $0.00 $326.0K
YoY Change -100.0%
Other Investing Activities -$112.1M -$330.0K
YoY Change 33863.33%
Cash From Investing Activities -$113.6M -$750.0K
YoY Change 15049.47% -37.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $3.497M
YoY Change -100.0%
Debt Paid & Issued, Net $313.0K $0.00
YoY Change
Cash From Financing Activities $623.0K -$2.013M
YoY Change -130.95% -115.44%
NET CHANGE
Cash From Operating Activities -$8.291M -$1.952M
Cash From Investing Activities -$113.6M -$750.0K
Cash From Financing Activities $623.0K -$2.013M
Net Change In Cash -$121.3M -$4.715M
YoY Change 2472.41% 60.16%
FREE CASH FLOW
Cash From Operating Activities -$8.291M -$1.952M
Capital Expenditures $282.0K $180.0K
Free Cash Flow -$8.573M -$2.132M
YoY Change 302.11% -86.66%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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 and 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. Actual results could differ from those estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Significant estimates and assumptions include determining the timing and amount of revenue recognition, recoverability and amortization period related to costs to obtain and fulfill contracts, deferred implementation costs, and business combinations.</span></div>
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5584182 shares
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
25000 USD
CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
25000 USD
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12445000 USD
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1683000 USD
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12420000 USD
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IndefiniteLivedIntangibleAssetsExcludingGoodwill
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11164000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
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200000 USD
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1583000 USD
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1583000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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1583000 USD
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3437000 USD
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10737000 USD

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