2017 Q4 Form 10-Q Financial Statement

#000135010217000084 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $90.00K $242.1K $452.7K
YoY Change -72.73% -46.53% -63.87%
Cost Of Revenue $490.0K $540.0K $1.330M
YoY Change -54.21% -59.4% -41.92%
Gross Profit -$400.0K -$290.0K -$880.0K
YoY Change -46.67% -67.05% -15.38%
Gross Profit Margin -444.44% -119.81% -194.4%
Selling, General & Admin $1.090M $1.342M $2.576M
YoY Change -38.76% -47.92% -10.3%
% of Gross Profit
Research & Development $990.0K $1.312M $1.660M
YoY Change -34.0% -20.98% -4.13%
% of Gross Profit
Depreciation & Amortization $190.0K $310.2K $423.0K
YoY Change -54.76% -26.66% -69.61%
% of Gross Profit
Operating Expenses $2.260M $2.654M $4.237M
YoY Change -38.92% -37.36% -7.98%
Operating Profit -$2.660M -$3.257M -$5.539M
YoY Change -40.22% -41.19% -21.26%
Interest Expense -$3.600M $1.250M -$6.290M
YoY Change 287.1% -119.87% -716.67%
% of Operating Profit
Other Income/Expense, Net $350.0K $901.8K -$6.247M
YoY Change 3400.0% -114.44% -778.25%
Pretax Income -$5.910M -$2.360M -$11.79M
YoY Change 10.06% -79.98% 92.96%
Income Tax
% Of Pretax Income
Net Earnings -$5.910M -$2.355M -$11.79M
YoY Change 10.06% -80.01% 92.79%
Net Earnings / Revenue -6566.67% -973.1% -2603.62%
Basic Earnings Per Share -$0.29
Diluted Earnings Per Share -$648.7K -$0.29 -$147.4M
COMMON SHARES
Basic Shares Outstanding 8.932B shares 8.062M shares 80.90M shares
Diluted Shares Outstanding 8.062M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $1.100M $100.0K
YoY Change 0.0% 1000.0% -83.33%
Cash & Equivalents $89.62K $1.083M $92.59K
Short-Term Investments
Other Short-Term Assets $500.0K $400.0K $800.0K
YoY Change -50.0% -50.0% -27.27%
Inventory $1.038M $1.067M $3.459M
Prepaid Expenses
Receivables $6.658K $24.81K $240.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.629M $2.569M $4.619M
YoY Change -61.53% -44.37% -43.67%
LONG-TERM ASSETS
Property, Plant & Equipment $4.632M $4.773M $6.024M
YoY Change -18.1% -20.77% -42.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.81K $56.75K $86.50K
YoY Change -35.78% -34.39% -24.29%
Total Long-Term Assets $6.153M $6.332M $7.760M
YoY Change -16.64% -18.4% -35.93%
TOTAL ASSETS
Total Short-Term Assets $1.629M $2.569M $4.619M
Total Long-Term Assets $6.153M $6.332M $7.760M
Total Assets $7.781M $8.902M $12.38M
YoY Change -33.01% -28.09% -39.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $631.3K $4.008M
YoY Change -67.35% -84.25% 84.15%
Accrued Expenses $1.180M $1.481M $1.953M
YoY Change -19.7% -24.17% -4.51%
Deferred Revenue
YoY Change
Short-Term Debt $4.800M $4.500M $0.00
YoY Change 220.0% -100.0%
Long-Term Debt Due $343.4K $337.8K $393.5K
YoY Change 41.25% -14.15% 14.71%
Total Short-Term Liabilities $15.00M $11.01M $19.08M
YoY Change -17.13% -42.3% 34.51%
LONG-TERM LIABILITIES
Long-Term Debt $5.118M $5.206M $5.186M
YoY Change -3.09% 0.4% -6.14%
Other Long-Term Liabilities $100.0K $2.900M $200.0K
YoY Change -50.0% 1350.0% -71.43%
Total Long-Term Liabilities $5.118M $5.206M $5.186M
YoY Change -3.09% 0.4% -6.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.00M $11.01M $19.08M
Total Long-Term Liabilities $5.118M $5.206M $5.186M
Total Liabilities $20.17M $16.22M $24.27M
YoY Change -13.71% -33.18% 23.12%
SHAREHOLDERS EQUITY
Retained Earnings -$402.5M -$396.6M -$378.6M
YoY Change 4.83% 4.76% 13.16%
Common Stock $960.7K $871.8K $14.74K
YoY Change 1633.35% 5815.63% 105.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$15.20M -$10.23M -$12.81M
YoY Change
Total Liabilities & Shareholders Equity $7.781M $8.902M $12.38M
YoY Change -33.01% -28.09% -39.06%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$5.910M -$2.355M -$11.79M
YoY Change 10.06% -80.01% 92.79%
Depreciation, Depletion And Amortization $190.0K $310.2K $423.0K
YoY Change -54.76% -26.66% -69.61%
Cash From Operating Activities -$1.890M -$4.440M -$2.990M
YoY Change -42.9% 48.49% -40.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$20.00K
YoY Change -100.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$20.00K -$50.00K
YoY Change -125.0% -60.0% -50.0%
Cash From Investing Activities -$10.00K -$30.00K -$70.00K
YoY Change -133.33% -57.14% -22.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 910.0K 5.320M 3.030M
YoY Change -72.51% 75.58% -45.11%
NET CHANGE
Cash From Operating Activities -1.890M -4.440M -2.990M
Cash From Investing Activities -10.00K -30.00K -70.00K
Cash From Financing Activities 910.0K 5.320M 3.030M
Net Change In Cash -990.0K 850.0K -30.00K
YoY Change -3400.0% -2933.33% -107.89%
FREE CASH FLOW
Cash From Operating Activities -$1.890M -$4.440M -$2.990M
Capital Expenditures $0.00 -$10.00K -$20.00K
Free Cash Flow -$1.890M -$4.430M -$2.970M
YoY Change -42.73% 49.16% -41.19%

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CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2017Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
337791 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
3941599 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
418358 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
391709 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
366757 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
343395 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
82375 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5281776 USD
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5206403 USD
CY2011Q4 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
3000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13509499 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11569403 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-192338 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
92700 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13550791 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10710020 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10700000 USD
CY2016Q3 us-gaap Net Income Loss
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-11785911 USD
us-gaap Net Income Loss
NetIncomeLoss
-33479378 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-2355434 USD
us-gaap Net Income Loss
NetIncomeLoss
-12649292 USD
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
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CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
901770 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1156156 USD
CY2017Q3 us-gaap Notes Payable
NotesPayable
5500000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5538950 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-20183331 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3257204 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q4 us-gaap Other Assets
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CY2017Q3 us-gaap Other Assets
OtherAssets
1559326 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
77562 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
56750 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
42789 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
75122 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
564093 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
298149 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
1273087 USD
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
339481 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
40000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
20000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
152076 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
50898 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40262 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6402 USD
us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
0 USD
us-gaap Preferred Stock Conversions Inducements
PreferredStockConversionsInducements
635514 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
983796 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
394511 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
2000000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1500000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1056147 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
300000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
2865000 USD
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
10405000 USD
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
9010000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
150000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-34834 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
-71355 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36639460 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36645862 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5656012 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4772808 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
246116 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
514 USD
us-gaap Repayments Of Bank Debt
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211648 USD
us-gaap Repayments Of Bank Debt
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1785597 USD
CY2016Q3 us-gaap Research And Development Expense
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1660203 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5131969 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1311944 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3829918 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-396581869 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
436708 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1369823 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
452674 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1418219 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
242055 USD
us-gaap Sales Revenue Net
SalesRevenueNet
547792 USD
CY2017Q3 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
105102 USD
CY2006Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
5140 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-13991076 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
-10230537 USD
CY2016Q4 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
0 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
242055 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
547792 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2576297 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8519993 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1341850 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4511944 USD
us-gaap Share Based Compensation
ShareBasedCompensation
708776 USD
us-gaap Share Based Compensation
ShareBasedCompensation
108717 USD
CY2016Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
0 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
176457 USD
CY2017Q3 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
1587760 USD
CY2017Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
246803 USD
CY2017Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
88937 USD
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80896300 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35806147 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8062351305 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4806752298 shares

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