2015 Q2 Form 10-Q Financial Statement

#000162828015004032 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $180.0K $12.00K $48.00K
YoY Change -75.0% -98.95%
Cost Of Revenue $140.0K $0.00 $0.00
YoY Change -100.0%
Gross Profit $30.00K $12.00K $48.00K
YoY Change -75.0% -97.62%
Gross Profit Margin 16.67% 100.0% 100.0%
Selling, General & Admin $7.310M $1.681M $1.432M
YoY Change 135.81% 17.39% -18.64%
% of Gross Profit 24366.67% 14008.33% 2983.33%
Research & Development $900.0K $659.0K $645.0K
YoY Change 26.76% 2.17% 40.22%
% of Gross Profit 3000.0% 5491.67% 1343.75%
Depreciation & Amortization $90.00K $80.00K $80.00K
YoY Change 12.5% 0.0% -84.62%
% of Gross Profit 300.0% 666.67% 166.67%
Operating Expenses $8.220M $2.340M $2.077M
YoY Change 115.75% 12.66% -6.44%
Operating Profit -$8.190M -$2.328M -$2.029M
YoY Change 114.96% 14.74% 914.5%
Interest Expense $110.0K $80.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $76.00K $0.00
YoY Change
Pretax Income -$8.070M -$2.252M -$2.029M
YoY Change 111.81% 10.99% 745.42%
Income Tax -$2.990M -$894.0K $360.0K
% Of Pretax Income
Net Earnings -$7.980M -$2.100M -$2.837M
YoY Change 873.17% -25.98% 2479.09%
Net Earnings / Revenue -4433.33% -17500.0% -5910.42%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$1.942M -$538.5K -$728.2K
COMMON SHARES
Basic Shares Outstanding 21.29M shares 19.50M shares
Diluted Shares Outstanding 19.50M shares 19.49M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.50M $30.60M $4.600M
YoY Change 571.05% 565.22% -42.5%
Cash & Equivalents $2.330M $6.666M $4.552M
Short-Term Investments $23.20M $23.90M
Other Short-Term Assets $300.0K $700.0K $500.0K
YoY Change -83.33% 40.0% -50.0%
Inventory $509.0K
Prepaid Expenses
Receivables $198.0K $95.00K $2.100M
Other Receivables $6.100M $6.100M $0.00
Total Short-Term Assets $32.59M $37.53M $7.200M
YoY Change 473.43% 421.28% -25.77%
LONG-TERM ASSETS
Property, Plant & Equipment $3.108M $2.699M $35.60M
YoY Change 156.65% -92.42% -3.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.500M $9.300M
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $11.62M $11.95M $35.70M
YoY Change -66.88% -66.52% -2.99%
TOTAL ASSETS
Total Short-Term Assets $32.59M $37.53M $7.200M
Total Long-Term Assets $11.62M $11.95M $35.70M
Total Assets $44.22M $49.49M $42.90M
YoY Change 8.43% 15.35% -7.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $398.0K $462.0K $300.0K
YoY Change -60.04% 54.0% 50.0%
Accrued Expenses $1.801M $2.082M $2.000M
YoY Change 2.74% 4.1% -39.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.800M
YoY Change 1350.0%
Total Short-Term Liabilities $2.389M $2.844M $11.20M
YoY Change -76.33% -74.61% 62.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $101.0K $114.0K $400.0K
YoY Change -33.55% -71.5% 0.0%
Total Long-Term Liabilities $101.0K $114.0K $400.0K
YoY Change -33.55% -71.5% -93.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.389M $2.844M $11.20M
Total Long-Term Liabilities $101.0K $114.0K $400.0K
Total Liabilities $2.490M $2.958M $14.50M
YoY Change -76.24% -79.6% -8.23%
SHAREHOLDERS EQUITY
Retained Earnings -$146.0M -$138.0M
YoY Change -6.87%
Common Stock $189.0M $184.1M
YoY Change 2.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.672M $775.0K
YoY Change 1027.43%
Treasury Stock Shares 1.121M shares 524.3K shares
Shareholders Equity $41.43M $46.40M $28.40M
YoY Change
Total Liabilities & Shareholders Equity $44.22M $49.49M $42.90M
YoY Change 8.43% 15.35% -7.74%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$7.980M -$2.100M -$2.837M
YoY Change 873.17% -25.98% 2479.09%
Depreciation, Depletion And Amortization $90.00K $80.00K $80.00K
YoY Change 12.5% 0.0% -84.62%
Cash From Operating Activities -$3.710M -$1.440M -$2.410M
YoY Change -516.85% -40.25% -168.08%
INVESTING ACTIVITIES
Capital Expenditures -$510.0K -$1.640M -$60.00K
YoY Change 2633.33% -82.86%
Acquisitions
YoY Change
Other Investing Activities $1.520M $2.980M $460.0K
YoY Change -197.44% 547.83%
Cash From Investing Activities $1.010M $1.340M $400.0K
YoY Change -164.74% 235.0% -214.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.640M -30.00K -100.0K
YoY Change 2633.33% -70.0% 11.11%
NET CHANGE
Cash From Operating Activities -3.710M -1.440M -2.410M
Cash From Investing Activities 1.010M 1.340M 400.0K
Cash From Financing Activities -1.640M -30.00K -100.0K
Net Change In Cash -4.340M -130.0K -2.110M
YoY Change 494.52% -93.84% -168.06%
FREE CASH FLOW
Cash From Operating Activities -$3.710M -$1.440M -$2.410M
Capital Expenditures -$510.0K -$1.640M -$60.00K
Free Cash Flow -$3.200M $200.0K -$2.350M
YoY Change -459.55% -108.51% -160.41%

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0 USD
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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0 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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18230000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
8000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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8000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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149000 USD
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1755000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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165000 USD
us-gaap Operating Income Loss
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-6677000 USD
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0 USD
us-gaap Nonoperating Income Expense
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9000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
76000 USD
us-gaap Nonoperating Income Expense
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0 USD
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645000 USD
us-gaap Repayments Of Other Short Term Debt
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us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
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astc Working Capital And Indemnity Holdback Related To Asset Sale
WorkingCapitalAndIndemnityHoldbackRelatedToAssetSale
<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;font-weight:bold;">Receivables &#8211; Indemnity Holdback Related to the Asset Sale</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On August 22, 2014, the Company completed the Asset Sale. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, the estimated purchase price is </font><font style="font-family:inherit;font-size:10pt;">$59.3 million</font><font style="font-family:inherit;font-size:10pt;">, which includes a working capital adjustment of </font><font style="font-family:inherit;font-size:10pt;">$1.7 million</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company has received cash of </font><font style="font-family:inherit;font-size:10pt;">$53.2 million</font><font style="font-family:inherit;font-size:10pt;"> and has recorded a receivable of </font><font style="font-family:inherit;font-size:10pt;">$6.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the indemnity holdback.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The indemnity holdback of </font><font style="font-family:inherit;font-size:10pt;">$6.1 million</font><font style="font-family:inherit;font-size:10pt;"> is being held in escrow under the terms of an escrow agreement until February 2016 (the 18-month anniversary of the consummation of the Asset Sale). Within three business days after the 18-month anniversary of the closing of the Asset Sale, the then-available indemnity escrow holdback (less any pending Buyer claims), will be released and paid to the Company. The Company is currently not aware of any pending claims.</font></div></div>

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