2015 Q2 Form 10-Q Financial Statement

#000151515616000089 Filed on April 19, 2016

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $14.90M $3.175M
YoY Change 369.13% -50.6%
Cost Of Revenue $14.00M $1.754M
YoY Change 698.35% -60.87%
Gross Profit $892.0K $1.421M
YoY Change -37.23% -86.59%
Gross Profit Margin 5.99% 44.76%
Selling, General & Admin $16.24M $9.070M
YoY Change 79.05% 11.84%
% of Gross Profit 1820.63% 638.28%
Research & Development $1.860M $316.0K
YoY Change 488.61% -41.04%
% of Gross Profit 208.52% 22.24%
Depreciation & Amortization $570.0K $450.0K
YoY Change 26.67% -66.59%
% of Gross Profit 63.9% 31.67%
Operating Expenses $32.67M $11.59M
YoY Change 181.81% -2.12%
Operating Profit -$17.78M -$8.420M
YoY Change 111.14% 55.41%
Interest Expense $1.794M $1.219M
YoY Change 47.17% 449.1%
% of Operating Profit
Other Income/Expense, Net $5.394M $9.441M
YoY Change -42.87% 276.74%
Pretax Income -$12.38M $1.021M
YoY Change -1312.93% -88.61%
Income Tax $63.00K $29.00K
% Of Pretax Income 2.84%
Net Earnings -$12.45M $992.0K
YoY Change -1354.74% -133.07%
Net Earnings / Revenue -83.56% 31.24%
Basic Earnings Per Share -$0.57 $0.05
Diluted Earnings Per Share -$0.57 $0.05
COMMON SHARES
Basic Shares Outstanding 21.72M shares 21.48M shares
Diluted Shares Outstanding 21.72M shares 22.04M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.40M
YoY Change
Cash & Equivalents $10.41M $30.92M
Short-Term Investments
Other Short-Term Assets $12.10M
YoY Change
Inventory
Prepaid Expenses
Receivables $9.218M
Other Receivables $1.700M
Total Short-Term Assets $33.36M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.076M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.24M
YoY Change
Other Assets $15.70M
YoY Change
Total Long-Term Assets $43.14M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $33.36M
Total Long-Term Assets $43.14M
Total Assets $76.50M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.23M
YoY Change
Accrued Expenses $7.300M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $1.600M
YoY Change
Total Short-Term Liabilities $48.01M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $13.70M
YoY Change
Other Long-Term Liabilities $6.053M
YoY Change
Total Long-Term Liabilities $6.053M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $48.01M
Total Long-Term Liabilities $6.053M
Total Liabilities $91.09M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$129.5M
YoY Change
Common Stock $22.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.60M
YoY Change
Total Liabilities & Shareholders Equity $76.50M
YoY Change

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$12.45M $992.0K
YoY Change -1354.74% -133.07%
Depreciation, Depletion And Amortization $570.0K $450.0K
YoY Change 26.67% -66.59%
Cash From Operating Activities -$5.580M -$10.55M
YoY Change -47.11% 101.72%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$360.0K
YoY Change -25.0% -60.87%
Acquisitions
YoY Change
Other Investing Activities $4.870M $9.600M
YoY Change -49.27% -1946.15%
Cash From Investing Activities $4.600M $9.240M
YoY Change -50.22% -746.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -350.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -5.580M -10.55M
Cash From Investing Activities 4.600M 9.240M
Cash From Financing Activities -350.0K 0.000
Net Change In Cash -1.330M -1.310M
YoY Change 1.53% -86.42%
FREE CASH FLOW
Cash From Operating Activities -$5.580M -$10.55M
Capital Expenditures -$270.0K -$360.0K
Free Cash Flow -$5.310M -$10.19M
YoY Change -47.89% 136.43%

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409000 USD
us-gaap Net Income Loss
NetIncomeLoss
-18579000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
978000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
403000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12317000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18364000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
501000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
13301000 USD
us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
0 USD
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
9441000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
16441000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5394000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
6203000 USD
CY2014Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1479000 USD
CY2015Q2 us-gaap Notes Payable Current
NotesPayableCurrent
1612000 USD
CY2014Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1479000 USD
CY2015Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1612000 USD
CY2014Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
15910000 USD
CY2015Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
15328000 USD
CY2014Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
14431000 USD
CY2015Q2 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
13716000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
11594000 USD
us-gaap Operating Expenses
OperatingExpenses
20148000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
32673000 USD
us-gaap Operating Expenses
OperatingExpenses
61327000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8420000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-15990000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-17778000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-24675000 USD
CY2014Q4 us-gaap Other Assets
OtherAssets
2995000 USD
CY2015Q2 us-gaap Other Assets
OtherAssets
5029000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
6739000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8540000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6011000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6053000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
10000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
87000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
40000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
177000 USD
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
106000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
137000 USD
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
343000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
617000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
127000 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
511000 USD
CY2014Q4 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
6524000 USD
CY2014Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
18 employee
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
18 employee
CY2015Q2 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
5028000 USD
CY2015Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
41 employee
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
2124000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3779000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
230000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
881000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
380000 USD
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2535000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2709000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
16321000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
4730000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-4000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-262000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
243000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q2 us-gaap Professional Fees
ProfessionalFees
2495000 USD
us-gaap Professional Fees
ProfessionalFees
3927000 USD
CY2015Q2 us-gaap Professional Fees
ProfessionalFees
4387000 USD
us-gaap Professional Fees
ProfessionalFees
8122000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4808000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4076000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1014000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
316000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
595000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1860000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3110000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2527000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2527000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
8771000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
10680000 USD
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
45 employee
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
366000 USD
us-gaap Restructuring Charges
RestructuringCharges
366000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
5565000 USD
us-gaap Restructuring Charges
RestructuringCharges
6043000 USD
CY2014Q2 us-gaap Restructuring Costs
RestructuringCosts
366000 USD
us-gaap Restructuring Costs
RestructuringCosts
366000 USD
CY2015Q2 us-gaap Restructuring Costs
RestructuringCosts
5563000 USD
us-gaap Restructuring Costs
RestructuringCosts
6031000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110888000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-129467000 USD
CY2014Q2 us-gaap Revenues
Revenues
3174000 USD
us-gaap Revenues
Revenues
4158000 USD
CY2015Q2 us-gaap Revenues
Revenues
14895000 USD
us-gaap Revenues
Revenues
36652000 USD
CY2014Q2 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
849000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
1981000 USD
CY2015Q2 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
2299000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
4493000 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1272000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2022000 USD
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
316000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
684000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1745000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5459000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
3100000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
-697000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
-14596000 USD
CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
14000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
6000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-130000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-215000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
558000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
605000 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22035000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22092000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21715000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21728000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21477000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21487000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21715000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21728000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's certificates of deposit investment securities, and virtually all of the Company&#8217;s restricted and unrestricted cash accounts, are at </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> financial institutions. If those institutions were to be unable to perform their obligations, the Company would be at risk regarding the amount of cash and investment in excess of the federal deposit insurance corporation limits (</font><font style="font-family:inherit;font-size:10pt;">$250 thousand</font><font style="font-family:inherit;font-size:10pt;">) that would be returned to the Company. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to makes estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. There have been no changes in the Company&#8217;s critical accounting estimates from those that were disclosed in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">. Actual results could differ from these estimates.</font></div></div>

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