2024 Q3 Form 10-Q Financial Statement

#000088414424000053 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $29.30M $28.04M
YoY Change -0.1% -7.81%
Cost Of Revenue $9.600M $9.176M
YoY Change 19.2% 9.21%
Gross Profit $19.70M $18.87M
YoY Change -7.41% -14.31%
Gross Profit Margin 67.24% 67.28%
Selling, General & Admin $17.06M $17.04M
YoY Change 7.34% -9.6%
% of Gross Profit 86.57% 90.32%
Research & Development $1.973M $1.962M
YoY Change 9.43% 48.08%
% of Gross Profit 10.01% 10.4%
Depreciation & Amortization $5.841M $5.499M
YoY Change 28.09% 12.55%
% of Gross Profit 29.64% 29.14%
Operating Expenses $23.33M $23.05M
YoY Change 10.93% -1.79%
Operating Profit -$3.622M -$4.182M
YoY Change -1531.62% 188.02%
Interest Expense -$109.0K $53.00K
YoY Change -86.03% -103.33%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$3.731M -$4.129M
YoY Change 60.2% 31.58%
Income Tax $170.0K $231.0K
% Of Pretax Income
Net Earnings -$3.901M -$4.360M
YoY Change 76.84% 15.8%
Net Earnings / Revenue -13.31% -15.55%
Basic Earnings Per Share -$0.15 -$0.17
Diluted Earnings Per Share -$0.15 -$0.17
COMMON SHARES
Basic Shares Outstanding 26.46M shares 25.81M shares
Diluted Shares Outstanding 26.43M shares 25.84M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.90M $32.16M
YoY Change -47.96% 2.49%
Cash & Equivalents $11.25M $20.74M
Short-Term Investments $10.65M $11.42M
Other Short-Term Assets $198.2M $195.1M
YoY Change 12.34% 2.41%
Inventory $233.0K $263.0K
Prepaid Expenses $4.586M $4.636M
Receivables $17.23M $16.27M
Other Receivables $0.00 $0.00
Total Short-Term Assets $226.9M $232.3M
YoY Change 1.1% 1.53%
LONG-TERM ASSETS
Property, Plant & Equipment $18.49M $17.19M
YoY Change 37.62% 36.55%
Goodwill $94.72M $86.01M
YoY Change 10.13% 0.0%
Intangibles $73.43M $70.32M
YoY Change 28.09% 15.97%
Long-Term Investments
YoY Change
Other Assets $10.18M $9.769M
YoY Change 26.63% 38.9%
Total Long-Term Assets $201.2M $187.8M
YoY Change 18.31% 9.07%
TOTAL ASSETS
Total Short-Term Assets $226.9M $232.3M
Total Long-Term Assets $201.2M $187.8M
Total Assets $428.1M $420.1M
YoY Change 8.52% 4.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.317M $1.240M
YoY Change -22.35% -9.16%
Accrued Expenses $14.16M $12.60M
YoY Change 13.31% -2.26%
Deferred Revenue $3.029M $3.030M
YoY Change -10.7% -7.99%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $18.00K
YoY Change -100.0% -99.73%
Total Short-Term Liabilities $212.5M $208.7M
YoY Change 10.2% -3.06%
LONG-TERM LIABILITIES
Long-Term Debt $7.506M $5.985M
YoY Change 185.07% -80.2%
Other Long-Term Liabilities $765.0K $683.0K
YoY Change 332.2% 343.51%
Total Long-Term Liabilities $16.50M $15.90M
YoY Change 64.19% -59.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.5M $208.7M
Total Long-Term Liabilities $16.50M $15.90M
Total Liabilities $229.0M $224.6M
YoY Change 12.88% -11.65%
SHAREHOLDERS EQUITY
Retained Earnings -$304.0M -$300.1M
YoY Change 5.98% 5.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change -100.0% -100.0%
Treasury Stock Shares
Shareholders Equity $199.2M $195.5M
YoY Change
Total Liabilities & Shareholders Equity $428.1M $420.1M
YoY Change 8.52% 4.76%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$3.901M -$4.360M
YoY Change 76.84% 15.8%
Depreciation, Depletion And Amortization $5.841M $5.499M
YoY Change 28.09% 12.55%
Cash From Operating Activities $1.325M $2.228M
YoY Change -76.92% 47.75%
INVESTING ACTIVITIES
Capital Expenditures $11.11M $6.129M
YoY Change 300.94% 151.5%
Acquisitions
YoY Change
Other Investing Activities $256.0K $3.265M
YoY Change -86.24% -139.9%
Cash From Investing Activities -$10.85M -$2.864M
YoY Change 1092.31% -73.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.644M -49.00M
YoY Change -128.34% 33.4%
NET CHANGE
Cash From Operating Activities 1.325M 2.228M
Cash From Investing Activities -10.85M -2.864M
Cash From Financing Activities 1.644M -49.00M
Net Change In Cash -7.881M -49.63M
YoY Change 712.47% 8.27%
FREE CASH FLOW
Cash From Operating Activities $1.325M $2.228M
Capital Expenditures $11.11M $6.129M
Free Cash Flow -$9.781M -$3.901M
YoY Change -429.33% 319.91%

Facts In Submission

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us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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1423000 usd
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">USE OF ESTIMATES</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates are subjective in nature and involve judgments. The more significant estimates made by management include the valuation allowance for the gross deferred tax assets, the determination of the fair value of its long-lived assets, and the fair value of assets acquired, and liabilities assumed during acquisitions. We base our estimates on historical experience and on various other assumptions management believes reasonable under the given circumstances. These estimates could be materially different under different conditions and assumptions.</span></div>
CY2024Q2 asur Funds Held For Clients Restricted Cash Equivalents Amortized Cost
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0 usd
CY2023Q4 asur Funds Held For Clients Restricted Cash Equivalents Gross Unrealized Losses
FundsHeldForClientsRestrictedCashEquivalentsGrossUnrealizedLosses
16000 usd
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7221000 usd
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DebtInstrumentUnamortizedDiscountCurrent
402000 usd
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DebtInstrumentUnamortizedDiscountNoncurrent
958000 usd
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DebtInstrumentUnamortizedDiscount
1360000 usd
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393000 usd
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DebtInstrumentUnamortizedDiscountNoncurrent
998000 usd
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4282000 usd
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1391000 usd
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0.010
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250000 usd
CY2024Q2 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
5469000 usd
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AccountsReceivableNetCurrent
16273000 usd
CY2023Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
4787000 usd
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AccountsReceivableNetCurrent
14202000 usd
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107000 usd
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AllowanceForDoubtfulAccountsReceivableWriteOffs
5000 usd
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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10302000 usd
CY2024Q2 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
565000 usd
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AmortizationOfDeferredSalesCommissions
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AmortizationOfDeferredSalesCommissions
650000 usd
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1147000 usd
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888000 usd
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6007000 usd
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170000 usd
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5783000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
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CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
507000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
884000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
953000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1415000 usd
CY2024Q2 us-gaap Sublease Income
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0 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
4000 usd
us-gaap Sublease Income
SubleaseIncome
4000 usd
us-gaap Sublease Income
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9000 usd
CY2024Q2 us-gaap Lease Cost
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507000 usd
CY2023Q2 us-gaap Lease Cost
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880000 usd
us-gaap Lease Cost
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949000 usd
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1406000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.10
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y
us-gaap Operating Lease Payments
OperatingLeasePayments
1022000 usd
us-gaap Operating Lease Payments
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1439000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1030000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1720000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1244000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1028000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1023000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
683000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
233000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6961000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1395000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5566000 usd
CY2024Q2 us-gaap Share Based Compensation
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1488000 usd
us-gaap Share Based Compensation
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3390000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1337000 usd
us-gaap Share Based Compensation
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2919000 usd
CY2024Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
9000 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
277000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
35000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
283000 shares
CY2024Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
49000 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
98000 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
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215000 shares
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us-gaap Stock Issued During Period Shares Other
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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CY2024Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25587000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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