2019 Q3 Form 10-K Financial Statement

#000156459019035928 Filed on September 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 2018 Q2
Revenue $0.00 $127.0K $50.00K
YoY Change -100.0% 47.67% -87.18%
Cost Of Revenue $0.00 $90.00K $10.00K
YoY Change -100.0% 150.0% -87.5%
Gross Profit $1.000K $37.00K $30.00K
YoY Change -95.45% -26.0% -90.32%
Gross Profit Margin 29.13% 60.0%
Selling, General & Admin $1.202M $4.876M $1.230M
YoY Change 5.07% -13.38% -27.22%
% of Gross Profit 120200.0% 13178.38% 4100.0%
Research & Development $855.0K $3.578M $1.340M
YoY Change -22.48% -41.01% -9.46%
% of Gross Profit 85500.0% 9670.27% 4466.67%
Depreciation & Amortization $141.0K $268.0K $170.0K
YoY Change 88.0% -64.22% -5.56%
% of Gross Profit 14100.0% 724.32% 566.67%
Operating Expenses $2.057M $8.454M $2.580M
YoY Change -8.46% -36.85% -18.61%
Operating Profit -$2.056M -$8.417M -$2.550M
YoY Change -7.6% -36.89% -10.84%
Interest Expense -$10.00K $0.00 -$20.00K
YoY Change 0.0% -100.0% -128.57%
% of Operating Profit
Other Income/Expense, Net -$12.00K $25.00K
YoY Change -7.69% -70.93%
Pretax Income -$2.068M -$8.392M -$4.250M
YoY Change -7.6% -36.67% 52.33%
Income Tax $0.00 -$858.0K $0.00
% Of Pretax Income
Net Earnings -$2.068M -$7.500M -$4.250M
YoY Change -7.6% -43.4% 53.99%
Net Earnings / Revenue -5905.51% -8500.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$370.3K -$1.531M -$1.044M
COMMON SHARES
Basic Shares Outstanding 5.924M 4.113M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $1.600M $4.103M
YoY Change -15.79% -60.98% -68.68%
Cash & Equivalents $1.579M $1.600M $552.0K
Short-Term Investments $0.00 $3.551M
Other Short-Term Assets $300.0K $400.0K $200.0K
YoY Change 0.0% 100.0% -33.33%
Inventory $300.0K $300.0K $7.000K
Prepaid Expenses
Receivables $0.00 $0.00 $12.00K
Other Receivables $600.0K $400.0K $0.00
Total Short-Term Assets $2.900M $2.700M $4.276M
YoY Change 31.52% -37.21% -68.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.900M $500.0K $733.0K
YoY Change 186.14% -28.57% -76.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $100.0K
YoY Change -100.0% -95.0%
Other Assets $100.0K $100.0K $81.00K
YoY Change 23.46% 0.0%
Total Long-Term Assets $2.200M $1.000M $864.0K
YoY Change 195.3% 25.0% -83.29%
TOTAL ASSETS
Total Short-Term Assets $2.900M $2.700M $4.276M
Total Long-Term Assets $2.200M $1.000M $864.0K
Total Assets $5.100M $3.700M $5.140M
YoY Change 72.88% -27.45% -72.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $200.0K $112.0K
YoY Change -4.76% 100.0% -56.76%
Accrued Expenses $900.0K $700.0K $800.0K
YoY Change 12.5% -12.5% 24.8%
Deferred Revenue
YoY Change
Short-Term Debt $1.500M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.500M $800.0K $960.0K
YoY Change 164.27% -20.0% -46.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $100.0K $188.0K
YoY Change 634.46% -50.0% -26.56%
Total Long-Term Liabilities $1.300M $100.0K $188.0K
YoY Change 634.46% -50.0% -26.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.500M $800.0K $960.0K
Total Long-Term Liabilities $1.300M $100.0K $188.0K
Total Liabilities $3.800M $1.000M $1.148M
YoY Change 238.38% -9.09% -44.41%
SHAREHOLDERS EQUITY
Retained Earnings -$184.2M
YoY Change 7.75%
Common Stock $190.6M
YoY Change 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.128M
YoY Change 0.17%
Treasury Stock Shares $399.5K
Shareholders Equity $1.300M $2.700M $3.992M
YoY Change
Total Liabilities & Shareholders Equity $5.100M $3.700M $5.140M
YoY Change 72.88% -27.45% -72.71%

Cashflow Statement

Concept 2019 Q3 2019 2018 Q2
OPERATING ACTIVITIES
Net Income -$2.068M -$7.500M -$4.250M
YoY Change -7.6% -43.4% 53.99%
Depreciation, Depletion And Amortization $141.0K $268.0K $170.0K
YoY Change 88.0% -64.22% -5.56%
Cash From Operating Activities -$1.830M -$8.475M -$2.140M
YoY Change -18.56% -21.41% -9.32%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.600M $2.070M
YoY Change -100.0% -60.78% 1970.0%
Cash From Investing Activities $0.00 $3.597M $2.070M
YoY Change -100.0% -60.73% 2200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $321.0K $5.908M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.821M 5.914M -10.00K
YoY Change 30250.0% -84585.71%
NET CHANGE
Cash From Operating Activities -1.830M -8.475M -2.140M
Cash From Investing Activities 0.000 3.597M 2.070M
Cash From Financing Activities 1.821M 5.914M -10.00K
Net Change In Cash -9.000K 1.036M -80.00K
YoY Change -100.66% -163.48% -96.48%
FREE CASH FLOW
Cash From Operating Activities -$1.830M -$8.475M -$2.140M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$1.830M -$8.475M -$2.130M
YoY Change -18.56% -21.55% -9.36%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that directly affect the amounts reported in the Company&#8217;s consolidated financial statements and accompanying notes. Management continuously evaluates its critical accounting policies and estimates, including those used in evaluating the recoverability of long-lived assets, recognition of revenue, valuation of inventory, and the recognition and measurement of loss contingencies, if any. Actual results may vary.</p>
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262000
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1728000
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1328000
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495000
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50000
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2
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0
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0
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2.83
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8.35
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324153
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P5Y9M21D
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5.71
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236075
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
5.25
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
100000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
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1.00
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.13
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0200
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0286
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P3Y6M
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P3Y6M
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3.01
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2.83
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0
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0
CY2018 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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TaxCutsAndJobsActOf2017AlternativeMinimumTaxCreditRefund
-429000
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TaxCutsAndJobsActOf2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
509000
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17518000
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-65000
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8500000
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298000
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18900000
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-1400000
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TaxCutsAndJobsActOf2017AlternativeMinimumTaxCreditRefundPercentage
0.50
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858000
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17816000
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DeferredTaxAssetsValuationAllowance
18903000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-858000
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2019 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
-858000
CY2018 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2019 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2018 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
3608000
CY2019 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
9000
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IncomeTaxReconciliationOtherReconcilingItems
39000
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IncomeTaxExpenseBenefits
-429000
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IncomeTaxExpenseBenefits
0
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17738000
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DeferredTaxAssetsOperatingLossCarryforwards
15976000
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DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax
857000
CY2019Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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1100000
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
983000
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DeferredTaxAssetsGross
18838000
CY2019Q2 astc Deferred Tax Assets Liabilities Changes In Property And Equipment Depreciation
DeferredTaxAssetsLiabilitiesChangesInPropertyAndEquipmentDepreciation
-65000
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DeferredTaxAssetsLiabilitiesChangesInPropertyAndEquipmentDepreciation
298000
CY2019Q2 astc Deferred Income Tax Assets Liabilities
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-65000
CY2018Q2 astc Deferred Income Tax Assets Liabilities
DeferredIncomeTaxAssetsLiabilities
298000
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0
CY2018Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019Q2 us-gaap Operating Loss Carryforwards
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77700000
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57700000
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12100000
CY2019 astc Tax Cuts And Jobs Act Of2017 Limits On Utilization Of Net Operating Loss To Taxable Income Percentage
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0.80
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DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
42600000
CY2019Q2 astc Unrecognized Tax Benefits Resulting In Net State Operating Loss Carryforwards
UnrecognizedTaxBenefitsResultingInNetStateOperatingLossCarryforwards
1400000
CY2019Q2 us-gaap Tax Credit Carryforward Amount
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500000
CY2019 astc Unrecognized Tax Effect On Texas Business Loss Carryforwards
UnrecognizedTaxEffectOnTexasBusinessLossCarryforwards
300000
CY2019Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
13000
CY2019Q2 astc Alternative Minimum Tax Carryforwards
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400000
CY2019Q2 us-gaap Liability For Uncertain Tax Positions Current
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0
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0
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InterestExpenseForUncertainTaxPositions
0
CY2018Q2 astc Interest Expense For Uncertain Tax Positions
InterestExpenseForUncertainTaxPositions
0
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
324153
CY2018Q2 astc Remaining Area Of Land
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17560
CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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361128
CY2018 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
1.60
CY2018 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
16.00
CY2019 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
200000
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DefinedBenefitPlanContributionsByEmployer
200000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
344000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
198000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
204000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
210000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
143000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1099000
CY2019 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
300000
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q2 astc Capital Expenditure
CapitalExpenditure
19000

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