2021 Q1 Form 10-Q Financial Statement

#000071913521000036 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $8.638M $4.997M
YoY Change 72.86% -11.23%
Cost Of Revenue $2.778M $2.013M
YoY Change 38.0% -2.57%
Gross Profit $5.860M $2.984M
YoY Change 96.38% -16.25%
Gross Profit Margin 67.84% 59.72%
Selling, General & Admin $3.724M $3.796M
YoY Change -1.9% 28.37%
% of Gross Profit 63.55% 127.21%
Research & Development $1.115M $980.0K
YoY Change 13.78% 34.25%
% of Gross Profit 19.03% 32.84%
Depreciation & Amortization $227.0K $214.0K
YoY Change 6.07% 10.31%
% of Gross Profit 3.87% 7.17%
Operating Expenses $10.61M $10.48M
YoY Change 1.23% 12.73%
Operating Profit -$4.745M -$7.492M
YoY Change -36.67% 30.75%
Interest Expense $4.000K $6.000K
YoY Change -33.33%
% of Operating Profit
Other Income/Expense, Net -$94.00K $636.0K
YoY Change -114.78% 396.88%
Pretax Income -$4.839M -$6.856M
YoY Change -29.42% 22.38%
Income Tax $66.00K -$4.905M
% Of Pretax Income
Net Earnings -$4.901M -$1.951M
YoY Change 151.2% -58.32%
Net Earnings / Revenue -56.74% -39.04%
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$0.14 -$57.05K
COMMON SHARES
Basic Shares Outstanding 34.30M shares 34.17M shares
Diluted Shares Outstanding 34.30M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.50M $51.40M
YoY Change -23.15% -29.88%
Cash & Equivalents $39.54M $51.38M
Short-Term Investments
Other Short-Term Assets $2.600M $4.400M
YoY Change -40.91% 214.29%
Inventory $4.463M $5.872M
Prepaid Expenses
Receivables $7.683M $6.122M
Other Receivables $1.110M $1.302M
Total Short-Term Assets $63.04M $74.17M
YoY Change -15.0% -13.07%
LONG-TERM ASSETS
Property, Plant & Equipment $6.599M $6.543M
YoY Change 0.86% 8.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $860.0K $482.0K
YoY Change 78.42% 38.9%
Total Long-Term Assets $8.054M $7.946M
YoY Change 1.36% 21.5%
TOTAL ASSETS
Total Short-Term Assets $63.04M $74.17M
Total Long-Term Assets $8.054M $7.946M
Total Assets $71.10M $82.12M
YoY Change -13.42% -10.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.283M $2.535M
YoY Change -9.94% 68.55%
Accrued Expenses $5.500M $7.586M
YoY Change -27.5% 8.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $400.0K
YoY Change -50.0%
Total Short-Term Liabilities $9.730M $10.60M
YoY Change -8.22% 23.04%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $400.0K
YoY Change -75.0% 300.0%
Other Long-Term Liabilities $141.0K $520.0K
YoY Change -72.88% 168.04%
Total Long-Term Liabilities $141.0K $520.0K
YoY Change -72.88% 168.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.730M $10.60M
Total Long-Term Liabilities $141.0K $520.0K
Total Liabilities $10.93M $11.69M
YoY Change -6.49% 29.48%
SHAREHOLDERS EQUITY
Retained Earnings -$2.280M $12.57M
YoY Change -118.14% -56.09%
Common Stock $34.00K $34.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.04M $70.43M
YoY Change
Total Liabilities & Shareholders Equity $71.10M $82.12M
YoY Change -13.42% -10.6%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$4.901M -$1.951M
YoY Change 151.2% -58.32%
Depreciation, Depletion And Amortization $227.0K $214.0K
YoY Change 6.07% 10.31%
Cash From Operating Activities -$2.052M -$7.407M
YoY Change -72.3% 45.55%
INVESTING ACTIVITIES
Capital Expenditures $192.0K $90.00K
YoY Change 113.33% -23.08%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$192.0K -$90.00K
YoY Change 113.33% -100.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$61.00K $15.00K
YoY Change -506.67% -77.61%
NET CHANGE
Cash From Operating Activities -$2.052M -$7.407M
Cash From Investing Activities -$192.0K -$90.00K
Cash From Financing Activities -$61.00K $15.00K
Net Change In Cash -$2.376M -$7.432M
YoY Change -68.03% -146.98%
FREE CASH FLOW
Cash From Operating Activities -$2.052M -$7.407M
Capital Expenditures $192.0K $90.00K
Free Cash Flow -$2.244M -$7.497M
YoY Change -70.07% 44.01%

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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58812000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39539000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51380000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
4000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
6000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2021Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
RECENT ACCOUNTING PRONOUNCEMENTS <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments—Credit Losses (Topic 326).</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, contract assets, held-to-maturity debt securities and loans, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowance for losses. This update, as originally issued, was effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU 2019-10, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which deferred the effective dates of these standards for Smaller Reporting Companies until fiscal years beginning after December 15, 2022. The Company currently expects to continue to qualify as a Smaller Reporting Company, based upon the current SEC definition, and as a result, will be utilizing the deferred elective date. While we are in the process of determining the effects of the adoption of the standard on the consolidated financial statements, we do not expect the impact to be material.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2018Q3 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
97000000 USD
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
2515000 USD
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1431000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1087000 USD
CY2021Q1 us-gaap Inventory Gross
InventoryGross
4837000 USD
CY2020Q4 us-gaap Inventory Gross
InventoryGross
4439000 USD
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
374000 USD
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
388000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
4463000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
4051000 USD
CY2021Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
740000 USD
CY2021Q1 apyx Other Accrued Expenses And Liabilities Current
OtherAccruedExpensesAndLiabilitiesCurrent
866000 USD
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
808000 USD
CY2021Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
413000 USD
CY2020Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
811000 USD
CY2021Q1 us-gaap Accrued Sales Commission Current
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748000 USD
CY2020Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
1001000 USD
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
510000 USD
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
498000 USD
CY2021Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
329000 USD
CY2020Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
435000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
297000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
222000 USD
CY2021Q1 apyx Joint And Several Payroll Liability
JointAndSeveralPayrollLiability
1027000 USD
CY2020Q4 apyx Joint And Several Payroll Liability
JointAndSeveralPayrollLiability
1027000 USD
CY2021Q1 apyx Uncertain Tax Positions Liability
UncertainTaxPositionsLiability
1707000 USD
CY2020Q4 apyx Uncertain Tax Positions Liability
UncertainTaxPositionsLiability
1658000 USD
CY2021Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
453000 USD
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
591000 USD
CY2020Q4 apyx Other Accrued Expenses And Liabilities Current
OtherAccruedExpensesAndLiabilitiesCurrent
227000 USD
CY2021Q1 apyx Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
7090000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7278000 USD
CY2019Q4 apyx Noncontrolling Interest Required Capital Contribution
NoncontrollingInterestRequiredCapitalContribution
357000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-4901000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-1951000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
44082 shares
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34302000 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34176000 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1194000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1049000 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4938943 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.46
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
700980 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.29
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.25
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
36401 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.47
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5559440 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.93
CY2021Q1 apyx Stock Issued During Period Shares Stock Swaps Equity Instruments Received
StockIssuedDuringPeriodSharesStockSwapsEquityInstrumentsReceived
15441 shares
CY2020Q1 apyx Stock Issued During Period Shares Stock Swaps Equity Instruments Received
StockIssuedDuringPeriodSharesStockSwapsEquityInstrumentsReceived
1924 shares
CY2021Q1 apyx Stock Issued During Period Shares Stock Swaps
StockIssuedDuringPeriodSharesStockSwaps
21141 shares
CY2020Q1 apyx Stock Issued During Period Shares Stock Swaps
StockIssuedDuringPeriodSharesStockSwaps
4362 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.29
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.006
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.708
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2020 apyx Cares Act Income Tax Expense Benefit Release Of Valuation Allowance Federal Net Operating Loss Carryforwards
CARESActIncomeTaxExpenseBenefitReleaseOfValuationAllowanceFederalNetOperatingLossCarryforwards
-3700000 USD
CY2020Q1 apyx Cares Act Income Tax Expense Benefit Related To Current Period Net Income Loss Before Income Taxes
CARESActIncomeTaxExpenseBenefitRelatedToCurrentPeriodNetIncomeLossBeforeIncomeTaxes
-1200000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
66000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4905000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.014
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.715
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1313000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
394000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
48000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
43000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1707000 USD
CY2021Q1 us-gaap Purchase Obligation
PurchaseObligation
3300000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8638000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4745000 USD
CY2021Q1 us-gaap Interest Income Operating
InterestIncomeOperating
3000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
4000 USD
CY2021Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-93000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
66000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4997000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7492000 USD
CY2020Q1 us-gaap Interest Income Operating
InterestIncomeOperating
216000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
6000 USD
CY2020Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
426000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4905000 USD
CY2021Q1 apyx Total Revenue Percent
TotalRevenuePercent
0.356
CY2020Q1 apyx Total Revenue Percent
TotalRevenuePercent
0.276
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8638000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4997000 USD

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