2017 Q2 Form 10-Q Financial Statement
#000071913517000029 Filed on August 03, 2017
Income Statement
Concept | 2017 Q2 | 2016 Q2 |
---|---|---|
Revenue | $2.311M | $9.295M |
YoY Change | -75.14% | 27.78% |
Cost Of Revenue | $4.757M | $4.595M |
YoY Change | 3.53% | 11.26% |
Gross Profit | $1.572M | $4.700M |
YoY Change | -66.55% | 49.68% |
Gross Profit Margin | 68.02% | 50.56% |
Selling, General & Admin | $2.929M | $2.022M |
YoY Change | 44.86% | -51.63% |
% of Gross Profit | 186.32% | 43.02% |
Research & Development | $696.0K | $592.0K |
YoY Change | 17.57% | 16.08% |
% of Gross Profit | 44.27% | 12.6% |
Depreciation & Amortization | $178.0K | $173.0K |
YoY Change | 2.89% | -24.78% |
% of Gross Profit | 11.32% | 3.68% |
Operating Expenses | $6.348M | $5.210M |
YoY Change | 21.84% | 11.09% |
Operating Profit | -$1.306M | -$510.0K |
YoY Change | 156.08% | -67.1% |
Interest Expense | $0.00 | -$10.00K |
YoY Change | -100.0% | -120.0% |
% of Operating Profit | ||
Other Income/Expense, Net | $2.000K | -$9.000K |
YoY Change | -122.22% | |
Pretax Income | -$1.304M | -$519.0K |
YoY Change | 151.25% | -65.4% |
Income Tax | $4.000K | $0.00 |
% Of Pretax Income | ||
Net Earnings | -$1.308M | -$519.0K |
YoY Change | 152.02% | -65.4% |
Net Earnings / Revenue | -56.6% | -5.58% |
Basic Earnings Per Share | -$130.00 | -$0.02 |
Diluted Earnings Per Share | -$0.04 | -$0.02 |
COMMON SHARES | ||
Basic Shares Outstanding | 30.86M shares | 27.05M shares |
Diluted Shares Outstanding | 30.86M shares | 27.05M shares |
Balance Sheet
Concept | 2017 Q2 | 2016 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $10.30M | $9.300M |
YoY Change | 10.75% | -34.04% |
Cash & Equivalents | $10.29M | $9.324M |
Short-Term Investments | ||
Other Short-Term Assets | $1.300M | $1.300M |
YoY Change | 0.0% | -38.1% |
Inventory | $7.582M | $6.400M |
Prepaid Expenses | ||
Receivables | $4.929M | $3.500M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $24.12M | $20.60M |
YoY Change | 17.09% | -15.92% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $6.240M | $6.500M |
YoY Change | -4.0% | -7.14% |
Goodwill | $185.0K | |
YoY Change | ||
Intangibles | $1.510M | |
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $218.0K | $500.0K |
YoY Change | -56.4% | -28.57% |
Total Long-Term Assets | $8.436M | $9.000M |
YoY Change | -6.27% | -6.25% |
TOTAL ASSETS | ||
Total Short-Term Assets | $24.12M | $20.60M |
Total Long-Term Assets | $8.436M | $9.000M |
Total Assets | $32.56M | $29.60M |
YoY Change | 9.99% | -13.2% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $2.077M | $1.800M |
YoY Change | 15.39% | 5.88% |
Accrued Expenses | $2.511M | $2.600M |
YoY Change | -3.42% | 36.84% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $239.0K | $200.0K |
YoY Change | 19.5% | 0.0% |
Total Short-Term Liabilities | $5.618M | $4.600M |
YoY Change | 22.13% | 17.95% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $2.575M | $3.000M |
YoY Change | -14.17% | -3.23% |
Other Long-Term Liabilities | $100.0K | $200.0K |
YoY Change | -50.0% | -66.67% |
Total Long-Term Liabilities | $2.575M | $3.200M |
YoY Change | -19.53% | -13.51% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $5.618M | $4.600M |
Total Long-Term Liabilities | $2.575M | $3.200M |
Total Liabilities | $8.985M | $8.300M |
YoY Change | 8.25% | 3.75% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$26.43M | |
YoY Change | ||
Common Stock | $31.00K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $23.57M | $21.30M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $32.56M | $29.60M |
YoY Change | 9.99% | -13.2% |
Cashflow Statement
Concept | 2017 Q2 | 2016 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$1.308M | -$519.0K |
YoY Change | 152.02% | -65.4% |
Depreciation, Depletion And Amortization | $178.0K | $173.0K |
YoY Change | 2.89% | -24.78% |
Cash From Operating Activities | -$1.070M | -$110.0K |
YoY Change | 872.73% | -95.28% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$80.00K | -$20.00K |
YoY Change | 300.0% | -90.48% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$80.00K | -$20.00K |
YoY Change | 300.0% | -90.48% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -60.00K | 0.000 |
YoY Change | -100.0% | |
NET CHANGE | ||
Cash From Operating Activities | -1.070M | -110.0K |
Cash From Investing Activities | -80.00K | -20.00K |
Cash From Financing Activities | -60.00K | 0.000 |
Net Change In Cash | -1.210M | -130.0K |
YoY Change | 830.77% | -90.08% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$1.070M | -$110.0K |
Capital Expenditures | -$80.00K | -$20.00K |
Free Cash Flow | -$990.0K | -$90.00K |
YoY Change | 1000.0% | -95.75% |
Facts In Submission
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InventoryWriteDown
|
334000 | USD | |
us-gaap |
Inventory Write Down
InventoryWriteDown
|
83000 | USD | |
CY2016Q2 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
37230 | USD |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
82280 | USD | |
CY2017Q2 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
43539 | USD |
us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
85326 | USD | |
CY2016Q4 | us-gaap |
Liabilities
Liabilities
|
8887000 | USD |
CY2017Q2 | us-gaap |
Liabilities
Liabilities
|
8985000 | USD |
CY2016Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
35110000 | USD |
CY2017Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
32556000 | USD |
CY2016Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
5272000 | USD |
CY2017Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
5618000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
2814000 | USD |
CY2016Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
239000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
239000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
120000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
2455000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
239000 | USD |
CY2016Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
2694000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
2575000 | USD |
CY2016Q4 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
140000 | USD |
CY2017Q2 | us-gaap |
Long Term Notes Payable
LongTermNotesPayable
|
140000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-60000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-119000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-41000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-151000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2380000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3894000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-519000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2463000 | USD | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
159000 | USD | |
CY2017Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1308000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-2993000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-519000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2463000 | USD | |
CY2017Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-1308000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-2993000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-519000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-2463000 | USD | |
CY2017Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-1308000 | USD |
us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-2993000 | USD | |
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
3 | segment | |
CY2016 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment |
CY2016Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
5210000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
10525000 | USD | |
CY2017Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
6348000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
12311000 | USD | |
CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-510000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-2503000 | USD | |
CY2017Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1306000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3043000 | USD | |
CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
498000 | USD |
CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
87000 | USD |
CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
59000 | USD |
CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
59000 | USD |
CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
118000 | USD |
CY2017Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
175000 | USD |
CY2016Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
103000 | USD |
CY2017Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
218000 | USD |
CY2016Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-9000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
40000 | USD | |
CY2017Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
2000 | USD |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
59000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
41000 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
151000 | USD | |
CY2016Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
1000 | USD |
CY2017Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
1000 | USD |
CY2016Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
413000 | USD |
CY2017Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
538000 | USD |
us-gaap |
Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
|
-120000 | USD | |
us-gaap |
Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
|
-119000 | USD | |
CY2016Q2 | us-gaap |
Professional Fees
ProfessionalFees
|
396000 | USD |
us-gaap |
Professional Fees
ProfessionalFees
|
753000 | USD | |
CY2017Q2 | us-gaap |
Professional Fees
ProfessionalFees
|
480000 | USD |
us-gaap |
Professional Fees
ProfessionalFees
|
870000 | USD | |
CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6449000 | USD |
CY2017Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6240000 | USD |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
159000 | USD | |
CY2017Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
696000 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1405000 | USD | |
CY2017Q2 | us-gaap |
Purchase Obligation
PurchaseObligation
|
4000000 | USD |
CY2016Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
592000 | USD |
us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
1259000 | USD | |
CY2016Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
779000 | USD |
CY2017Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
779000 | USD |
CY2016Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-23434000 | USD |
CY2017Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-26427000 | USD |
CY2016Q2 | us-gaap |
Salaries And Wages
SalariesAndWages
|
2200000 | USD |
us-gaap |
Salaries And Wages
SalariesAndWages
|
4300000 | USD | |
CY2017Q2 | us-gaap |
Salaries And Wages
SalariesAndWages
|
2243000 | USD |
us-gaap |
Salaries And Wages
SalariesAndWages
|
4703000 | USD | |
CY2016Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
9295000 | USD |
us-gaap |
Sales Revenue Net
SalesRevenueNet
|
17070000 | USD | |
CY2017Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
9799000 | USD |
us-gaap |
Sales Revenue Net
SalesRevenueNet
|
18188000 | USD | |
CY2016Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2022000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
4213000 | USD | |
CY2017Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
2929000 | USD |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
5333000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
360000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
341000 | USD | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.680 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.015 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
203803 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
4.84 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
505000 | shares | |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3752209 | shares |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
4053406 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.04 | |
CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.98 | |
us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
3.32 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y | ||
CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23404000 | USD |
CY2016Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
21301000 | USD |
CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
26223000 | USD |
CY2017Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23571000 | USD |
CY2016Q2 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
41000 | USD |
us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
128000 | USD | |
CY2017Q2 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
38000 | USD |
us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
126000 | USD | |
CY2016Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
27051000 | shares |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
27051000 | shares | |
CY2017Q2 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
30860000 | shares |
us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
30860000 | shares | |
CY2016Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27051000 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27051000 | shares | |
CY2017Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
30860000 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
30860000 | shares | |
CY2016Q2 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
27051000 | shares |
us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
27051000 | shares | |
CY2017Q2 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
30860000 | shares |
us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
30860000 | shares | |
CY2016Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
27051000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
27051000 | shares | |
CY2017Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
30860000 | shares |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
30860000 | shares | |
us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENT ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles-Goodwill and Other</font><font style="font-family:inherit;font-size:10pt;"> (Topic 350): </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Test for Goodwill Impairment</font><font style="font-family:inherit;font-size:10pt;">. The purpose of this ASU is to reduce the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this ASU, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit's fair value. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted, however we have chosen not to do so. The amendment is not expected to have a material impact on our financial condition or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">. The new guidance clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination, insurance settlement proceeds, and distributions from certain equity method investees. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted, however we have chosen not to do so. The amendment is not expected to have a material impact on our financial condition or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, FASB issued ASU No. 2016-09</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Compensation-Stock Compensation - (Topic 718)</font><font style="font-family:inherit;font-size:10pt;"> Improvements to employee share-based payments accounting as part of simplicity initiatives. This update involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. For us, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendment has not made a material impact on our financial condition or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;">. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. ASU 2016-02 is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. The guidance may be adopted prospectively or retrospectively and early adoption is permitted. The Company is currently assessing the impact the adoption of ASU 2016-02 will have on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for us on January 1, 2018. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The amendment is not expected to have a material impact on our financial condition or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No other new accounting pronouncement issued or effective during the fiscal year had or is expected to have a material impact on our consolidated financial statements or disclosures.</font></div></div> |