2021 Q2 Form 10-K Financial Statement

#000156459021048370 Filed on September 21, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 2020 Q2
Revenue $10.00K $334.0K $160.0K
YoY Change -93.75% -33.2% 77.78%
Cost Of Revenue $11.00K $298.0K $140.0K
YoY Change -92.14% -25.5% 75.0%
Gross Profit -$1.000K $36.00K $20.00K
YoY Change -105.0% 100.0%
Gross Profit Margin -10.0% 10.78% 12.5%
Selling, General & Admin $1.333M $4.741M $1.210M
YoY Change 10.17% 0.87% 0.0%
% of Gross Profit 13169.44% 6050.0%
Research & Development $656.0K $2.692M $830.0K
YoY Change -20.96% -21.68% 50.91%
% of Gross Profit 7477.78% 4150.0%
Depreciation & Amortization $3.000K $203.0K $200.0K
YoY Change -98.5% -61.91% 233.33%
% of Gross Profit 563.89% 1000.0%
Operating Expenses $1.989M $7.946M $2.040M
YoY Change -2.5% -2.54% 15.91%
Operating Profit -$1.990M -$7.910M -$2.020M
YoY Change -1.49% -2.51% 15.43%
Interest Expense -$50.00K -$235.0K -$70.00K
YoY Change -28.57% 17.5% -800.0%
% of Operating Profit
Other Income/Expense, Net -$235.0K
YoY Change 19.29%
Pretax Income -$1.467M -$7.603M -$2.090M
YoY Change -29.81% -8.52% 20.11%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.467M -$7.603M -$2.090M
YoY Change -29.81% -8.52% 20.11%
Net Earnings / Revenue -14670.0% -2276.35% -1306.25%
Basic Earnings Per Share -$0.35
Diluted Earnings Per Share -$33.35K -$345.8K -$275.7K
COMMON SHARES
Basic Shares Outstanding 21.98M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2021 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.29M $63.29M $3.300M
YoY Change 1817.79% 1817.79% 106.25%
Cash & Equivalents $35.94M $35.94M $3.349M
Short-Term Investments $27.35M $27.35M
Other Short-Term Assets $318.0K $318.0K $100.0K
YoY Change 218.0% 218.0% -75.0%
Inventory $1.500M $1.500M $700.0K
Prepaid Expenses
Receivables $5.000K $5.000K $101.0K
Other Receivables $0.00 $0.00 $400.0K
Total Short-Term Assets $65.11M $65.11M $4.672M
YoY Change 1293.62% 1285.32% 71.64%
LONG-TERM ASSETS
Property, Plant & Equipment $263.0K $512.0K $99.00K
YoY Change 165.66% -57.33% -78.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.00K $11.00K $71.00K
YoY Change -84.51% -89.0% -1.39%
Total Long-Term Assets $523.0K $523.0K $1.258M
YoY Change -58.43% -56.42% 29.69%
TOTAL ASSETS
Total Short-Term Assets $65.11M $65.11M $4.672M
Total Long-Term Assets $523.0K $523.0K $1.258M
Total Assets $65.63M $65.63M $5.930M
YoY Change 1006.8% 1012.42% 60.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $396.0K $396.0K $239.0K
YoY Change 65.69% 98.0% 49.38%
Accrued Expenses $1.303M $1.303M $1.400M
YoY Change -6.93% -6.93% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.500M $2.500M $2.700M
YoY Change -7.41% -7.41%
Long-Term Debt Due $10.00K $10.00K $0.00
YoY Change
Total Short-Term Liabilities $4.211M $4.211M $4.350M
YoY Change -3.2% -4.3% 419.09%
LONG-TERM LIABILITIES
Long-Term Debt $30.00K $30.00K $400.0K
YoY Change -92.5% -92.5%
Other Long-Term Liabilities $185.0K $185.0K $600.0K
YoY Change -69.17% -69.17% 310.96%
Total Long-Term Liabilities $215.0K $215.0K $1.000M
YoY Change -78.5% -78.5% 584.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.211M $4.211M $4.350M
Total Long-Term Liabilities $215.0K $215.0K $1.000M
Total Liabilities $4.426M $4.426M $5.305M
YoY Change -16.57% -16.49% 439.13%
SHAREHOLDERS EQUITY
Retained Earnings -$207.4M -$199.8M
YoY Change 3.81% 4.22%
Common Stock $190.6M $190.6M
YoY Change 0.02% 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.129M
YoY Change 0.0%
Treasury Stock Shares $0.00 $399.9K
Shareholders Equity $61.21M $61.21M $625.0K
YoY Change
Total Liabilities & Shareholders Equity $65.63M $65.63M $5.930M
YoY Change 1006.8% 1012.42% 60.62%

Cashflow Statement

Concept 2021 Q2 2021 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.467M -$7.603M -$2.090M
YoY Change -29.81% -8.52% 20.11%
Depreciation, Depletion And Amortization $3.000K $203.0K $200.0K
YoY Change -98.5% -61.91% 233.33%
Cash From Operating Activities -$2.550M -$7.410M -$1.970M
YoY Change 29.44% 6.91% 2.07%
INVESTING ACTIVITIES
Capital Expenditures -$191.0K $211.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$27.37M -$27.37M $0.00
YoY Change
Cash From Investing Activities -$27.57M -$27.59M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $67.58M
YoY Change 1096.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.02M 67.58M 540.0K
YoY Change 6200.37% 677.52% -72.73%
NET CHANGE
Cash From Operating Activities -2.550M -7.410M -1.970M
Cash From Investing Activities -27.57M -27.59M 0.000
Cash From Financing Activities 34.02M 67.58M 540.0K
Net Change In Cash 3.907M 32.59M -1.430M
YoY Change -373.22% 1750.48% -2960.0%
FREE CASH FLOW
Cash From Operating Activities -$2.550M -$7.410M -$1.970M
Capital Expenditures -$191.0K $211.0K
Free Cash Flow -$2.359M -$7.621M
YoY Change

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<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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