2020 Q4 Form 10-Q Financial Statement

#000156459020052524 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $2.310M $2.938M $580.0K
YoY Change 298.28% 356.23% -77.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.110M $4.220M $2.010M
YoY Change 104.48% 92.69% -16.94%
% of Gross Profit
Research & Development $8.950M $17.04M $2.870M
YoY Change 211.85% 95.22% -6.21%
% of Gross Profit
Depreciation & Amortization $120.0K $100.0K $70.00K
YoY Change 71.43% 11.11% -30.0%
% of Gross Profit
Operating Expenses $13.06M $21.26M $4.890M
YoY Change 167.08% 78.41% -10.77%
Operating Profit -$18.32M
YoY Change 62.54%
Interest Expense $40.00K $2.275K $190.0K
YoY Change -78.95% 200.93% 850.0%
% of Operating Profit
Other Income/Expense, Net -$20.00K $72.07K $20.00K
YoY Change -200.0% -73.85% -300.0%
Pretax Income -$10.73M -$18.25M -$4.100M
YoY Change 161.71% 65.96% -85.0%
Income Tax -$110.0K -$482.0K $0.00
% Of Pretax Income
Net Earnings -$10.62M -$17.77M -$4.100M
YoY Change 159.02% 62.44% -83.27%
Net Earnings / Revenue -459.74% -604.84% -706.9%
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$292.0K -$0.54 -$272.2K
COMMON SHARES
Basic Shares Outstanding 33.07M 15.34M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.9M $206.8M $37.20M
YoY Change 480.38% 427.55% 10.39%
Cash & Equivalents $115.9M $143.5M $8.963M
Short-Term Investments $100.0M $63.30M $28.30M
Other Short-Term Assets $1.900M $1.300M $500.0K
YoY Change 280.0% 225.0% -54.55%
Inventory
Prepaid Expenses
Receivables $4.600M $3.800M $1.000M
Other Receivables $7.800M $6.200M $700.0K
Total Short-Term Assets $230.3M $218.1M $39.39M
YoY Change 484.49% 424.05% 0.06%
LONG-TERM ASSETS
Property, Plant & Equipment $1.057M $1.042M $1.104M
YoY Change -4.28% -10.39% -17.77%
Goodwill $0.00
YoY Change
Intangibles $12.82M $12.79M $12.73M
YoY Change 0.72% 0.42% -8.08%
Long-Term Investments
YoY Change
Other Assets $977.2K $87.20K $128.5K
YoY Change 660.22% -38.74% -30.02%
Total Long-Term Assets $14.86M $14.86M $14.66M
YoY Change 1.33% 0.68% -4.65%
TOTAL ASSETS
Total Short-Term Assets $230.3M $218.1M $39.39M
Total Long-Term Assets $14.86M $14.86M $14.66M
Total Assets $245.1M $233.0M $54.06M
YoY Change 353.43% 313.2% -1.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $612.3K $874.9K $18.23K
YoY Change 3258.34% 1653.84% -95.11%
Accrued Expenses $11.41M $5.419M $3.905M
YoY Change 192.16% 134.4% -4.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $12.02M $6.294M $3.923M
YoY Change 206.41% 155.14% -13.35%
LONG-TERM LIABILITIES
Long-Term Debt $1.828M $1.926M $1.865M
YoY Change -1.95% 7.75% 0.69%
Other Long-Term Liabilities $110.3K $115.3K $130.2K
YoY Change -15.27% -48.81% -7.06%
Total Long-Term Liabilities $1.939M $2.041M $1.995M
YoY Change -2.82% 1.42% 0.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.02M $6.294M $3.923M
Total Long-Term Liabilities $1.939M $2.041M $1.995M
Total Liabilities $19.24M $33.29M $8.538M
YoY Change 125.34% 375.29% 32.62%
SHAREHOLDERS EQUITY
Retained Earnings -$186.4M -$175.8M -$137.4M
YoY Change 35.7% 31.9% 17.56%
Common Stock $3.697K $3.289K $1.508K
YoY Change 145.16% 118.97% 72.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.9M $199.7M $45.52M
YoY Change
Total Liabilities & Shareholders Equity $245.1M $233.0M $54.06M
YoY Change 353.43% 313.2% -1.26%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$10.62M -$17.77M -$4.100M
YoY Change 159.02% 62.44% -83.27%
Depreciation, Depletion And Amortization $120.0K $100.0K $70.00K
YoY Change 71.43% 11.11% -30.0%
Cash From Operating Activities -$13.42M -$9.500M -$2.000M
YoY Change 571.0% 290.95% -61.24%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$80.00K $0.00
YoY Change 700.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$36.72M -$47.81M -$50.00K
YoY Change 73340.0% 69.48%
Cash From Investing Activities -$36.86M -$47.89M -$60.00K
YoY Change 61333.33% 69.76% 500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.71M 136.1M 40.00K
YoY Change 56675.0% -272380.0% -99.87%
NET CHANGE
Cash From Operating Activities -13.42M -9.500M -2.000M
Cash From Investing Activities -36.86M -47.89M -60.00K
Cash From Financing Activities 22.71M 136.1M 40.00K
Net Change In Cash -27.57M 78.75M -2.020M
YoY Change 1264.85% -356.6% -107.67%
FREE CASH FLOW
Cash From Operating Activities -$13.42M -$9.500M -$2.000M
Capital Expenditures -$140.0K -$80.00K $0.00
Free Cash Flow -$13.28M -$9.420M -$2.000M
YoY Change 564.0% 289.26% -61.17%

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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
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us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-40376
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
58500
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
98893
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments For Repurchase Of Warrants
PaymentsForRepurchaseOfWarrants
25000
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
1791
alt Common Stock Issued For Acquired In Process Research And Development
CommonStockIssuedForAcquiredInProcessResearchAndDevelopment
3791485
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:6.25%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company&#8217;s business, financial condition, and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on the Company&#8217;s estimates and assumptions and determined that there was not a material impact to the Company&#8217;s consolidated financial statements as of and for the three and nine months ended September&#160;30, 2020. However, actual results could differ from those estimates and there may be changes to the Company&#8217;s estimates in future periods.</p>
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
26576
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2020Q3 alt Assets Or Liabilities Measured At Fair Value On Non Recurring Basis
AssetsOrLiabilitiesMeasuredAtFairValueOnNonRecurringBasis
0
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1130216
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FiniteLivedIntangibleAssetsAccumulatedAmortization
754377
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
63284825
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-2109
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
63282716
CY2020Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
13549183
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1031323
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FiniteLivedIntangibleAssetsAccumulatedAmortization
718095
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
313228
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
13450290
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
14539
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
26576
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
26576
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
22669
CY2020Q3 alt Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
258903
alt Non Cancellable Lease Maturity Period
NonCancellableLeaseMaturityPeriod
2022-12
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
107709
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
281603
CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
84745
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
258824
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
64244
us-gaap Operating Lease Payments
OperatingLeasePayments
190317
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1888604
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M29D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.074
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
97298
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
475372
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
484484
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
493868
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
503535
CY2020Q3 alt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
168929
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2223486
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
334882
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
510081
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
429467
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1673406
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1183130
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
10724
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
5047
CY2020Q3 alt Accrued Research And Development
AccruedResearchAndDevelopment
2876763
CY2019Q4 alt Accrued Research And Development
AccruedResearchAndDevelopment
1966111
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
328104
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
259449
CY2020Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
19753
CY2019Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
61563
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5418831
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3904767
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1560500
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1484679
CY2020Q3 alt Economic Conditional Incentive Grants
EconomicConditionalIncentiveGrants
250000
CY2019Q4 alt Economic Conditional Incentive Grants
EconomicConditionalIncentiveGrants
250000
CY2020Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
115269
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
130196
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1925769
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1864875
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
10384706
us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
1631794
alt Number Of Warrants Exercised For Conversion Of Securities
NumberOfWarrantsExercisedForConversionOfSecurities
10238889
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1777611
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1622248
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
458609
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1163639
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.52
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.69
alt Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingWeightedAverageExercisePrice
4.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M26D
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
985260
CY2020Q3 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
3900000
CY2020Q3 alt Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedOutstandingIntrinsicValue
10698428
alt Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingWeightedAverageRemainingContractualTerm
P5Y11M15D
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
15235853
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4537424
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1320089
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
287775
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1865520
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-1400000
CY2020Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-500000

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