2019 Q2 Form 10-Q Financial Statement

#000135010219000047 Filed on May 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $74.37K $215.4K $377.5K
YoY Change -27.77% -42.95% 34.54%
Cost Of Revenue $117.1K $91.44K $273.0K
YoY Change -49.08% -66.51% -81.68%
Gross Profit -$42.75K $123.9K $104.5K
YoY Change -67.12% 18.63% -108.63%
Gross Profit Margin -57.48% 57.55% 27.68%
Selling, General & Admin $403.9K $508.4K $934.6K
YoY Change -42.35% -45.6% -47.03%
% of Gross Profit 410.15% 894.49%
Research & Development $129.0K $489.1K $1.173M
YoY Change -81.57% -58.31% -8.13%
% of Gross Profit 394.57% 1122.7%
Depreciation & Amortization $46.00K $66.35K $101.7K
YoY Change -52.8% -34.76% -72.63%
% of Gross Profit 53.53% 97.35%
Operating Expenses $532.9K $997.4K $2.108M
YoY Change -61.95% -52.67% -30.7%
Operating Profit -$636.3K -$939.8K -$2.105M
YoY Change -60.86% -55.35% -57.81%
Interest Expense -$4.094M $4.181M -$2.330M
YoY Change 114.34% -279.42% 76.52%
% of Operating Profit
Other Income/Expense, Net -$3.257M $4.181M -$2.328M
YoY Change 78.08% -279.56% 294.75%
Pretax Income -$3.894M $3.241M -$4.430M
YoY Change 10.3% -173.15% -20.61%
Income Tax
% Of Pretax Income
Net Earnings -$3.894M $3.241M -$4.433M
YoY Change 12.7% -173.1% -20.53%
Net Earnings / Revenue -5235.7% 1504.63% -1174.28%
Basic Earnings Per Share $0.02 -$0.40
Diluted Earnings Per Share -$7.746K $0.00 -$0.40
COMMON SHARES
Basic Shares Outstanding 580.9M shares 139.2M 11.00M shares
Diluted Shares Outstanding 3.592B 11.00M shares

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $440.6K $50.91K $100.0K
YoY Change -49.09%
Cash & Equivalents $440.6K $50.91K $88.11K
Short-Term Investments
Other Short-Term Assets $100.0K $182.4K $500.0K
YoY Change -80.0% -63.52% -16.67%
Inventory $674.6K $677.9K $1.074M
Prepaid Expenses
Receivables $60.97K $55.62K $13.98K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.320M $966.9K $1.697M
YoY Change -16.35% -43.04% -11.72%
LONG-TERM ASSETS
Property, Plant & Equipment $4.319M $4.365M $4.573M
YoY Change -4.34% -4.56% -14.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.19K $33.12K $42.88K
YoY Change -10.43% -22.75% -40.96%
Total Long-Term Assets $5.184M $5.245M $5.993M
YoY Change -12.02% -12.49% -13.75%
TOTAL ASSETS
Total Short-Term Assets $1.320M $966.9K $1.697M
Total Long-Term Assets $5.184M $5.245M $5.993M
Total Assets $6.504M $6.212M $7.690M
YoY Change -12.94% -19.23% -13.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.008M $1.916M $1.901M
YoY Change -7.96% 0.76% -17.22%
Accrued Expenses $1.658M $1.715M $2.095M
YoY Change -32.4% -18.15% 11.74%
Deferred Revenue
YoY Change
Short-Term Debt $9.700M $9.009M $4.000M
YoY Change 115.56% 125.23% -21.57%
Long-Term Debt Due $360.8K $354.9K $349.1K
YoY Change 1.66% 1.66% 6.8%
Total Short-Term Liabilities $23.49M $19.61M $17.51M
YoY Change 23.81% 12.0% 5.57%
LONG-TERM LIABILITIES
Long-Term Debt $4.846M $4.938M $5.029M
YoY Change -1.87% -1.81% -6.49%
Other Long-Term Liabilities $0.00 $27.84K $2.900M
YoY Change -99.04% 1350.0%
Total Long-Term Liabilities $4.846M $4.938M $5.029M
YoY Change -1.87% -1.81% -6.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.49M $19.61M $17.51M
Total Long-Term Liabilities $4.846M $4.938M $5.029M
Total Liabilities $28.36M $24.57M $22.54M
YoY Change 18.62% 9.04% 2.62%
SHAREHOLDERS EQUITY
Retained Earnings -$419.2M -$415.3M -$406.9M
YoY Change 2.14% 2.06% 4.47%
Common Stock $69.61K $32.26K $1.274M
YoY Change -96.34% -97.47% 397.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.86M -$18.36M -$17.74M
YoY Change
Total Liabilities & Shareholders Equity $6.504M $6.212M $7.690M
YoY Change -12.94% -19.23% -13.31%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$3.894M $3.241M -$4.433M
YoY Change 12.7% -173.1% -20.53%
Depreciation, Depletion And Amortization $46.00K $66.35K $101.7K
YoY Change -52.8% -34.76% -72.63%
Cash From Operating Activities -$646.2K -$1.162M -$1.495M
YoY Change -6.35% -22.27% -43.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $10.00K
YoY Change -100.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities $835.9K -$2.130K -$10.00K
YoY Change -78.7% -107.69%
Cash From Investing Activities $835.9K -$2.131K -$6.502K
YoY Change -67.23% -104.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 1.197M $1.500M
YoY Change -68.25% -20.2% -38.72%
NET CHANGE
Cash From Operating Activities -646.2K -1.162M -$1.495M
Cash From Investing Activities 835.9K -2.131K -$6.502K
Cash From Financing Activities 200.0K 1.197M $1.500M
Net Change In Cash 389.7K 32.75K -$1.507K
YoY Change -749.53% -2273.06% -98.18%
FREE CASH FLOW
Cash From Operating Activities -$646.2K -$1.162M -$1.495M
Capital Expenditures $0.00 $0.00 $10.00K
Free Cash Flow -$646.2K -$1.162M -$1.505M
YoY Change -6.35% -22.78% -43.88%

Facts In Submission

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-1494744 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1161889 USD
CY2018Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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3240737 USD
CY2018Q1 us-gaap Nonoperating Income Expense
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CY2019Q1 us-gaap Nonoperating Income Expense
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4180579 USD
CY2018Q4 us-gaap Notes Payable Current
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1516530 USD
CY2019Q1 us-gaap Notes Payable Current
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1516530 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2104855 USD
CY2019Q1 us-gaap Operating Income Loss
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-939842 USD
CY2018Q4 us-gaap Other Assets
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896490 USD
CY2019Q1 us-gaap Other Assets
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879831 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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34061 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
33123 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5000 USD
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6502 USD
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2131 USD
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
6 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
5 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
138369 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
182422 USD
CY2018Q1 us-gaap Proceeds From Bank Debt
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1530000 USD
CY2019Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
1201768 USD
CY2018Q1 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
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CY2019Q1 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
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CY2018Q4 us-gaap Property Plant And Equipment Gross
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36621187 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
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CY2018Q4 us-gaap Property Plant And Equipment Net
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4413358 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4364858 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
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0 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
130 USD
CY2018Q1 us-gaap Repayments Of Bank Debt
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30261 USD
CY2019Q1 us-gaap Repayments Of Bank Debt
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0 USD
CY2018Q1 us-gaap Research And Development Expense
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1173035 USD
CY2019Q1 us-gaap Research And Development Expense
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489063 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
377511 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
215384 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
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934591 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
508375 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
14324 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4346 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
92 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
85 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
13 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
195 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
110 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
97 shares
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y1M16D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M25D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M4D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y2M6D
CY2018Q4 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
29114 USD
CY2019Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
27839 USD
CY2006Q1 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
102800 shares
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-17736965 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-22635896 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-18362002 USD
CY2018Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.001
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10996379 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3591903040 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10996379 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139241521 shares

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