2021 Q2 Form 10-Q Financial Statement

#000156459021038614 Filed on July 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $4.264M $1.890M
YoY Change 125.61% -37.21%
Cost Of Revenue $309.0K $160.0K
YoY Change 93.13% -50.0%
Gross Profit $3.955M $1.730M
YoY Change 128.61% -35.69%
Gross Profit Margin 92.75% 91.53%
Selling, General & Admin $3.134M $3.010M
YoY Change 4.12% 69.1%
% of Gross Profit 79.24% 173.99%
Research & Development $2.364M $2.420M
YoY Change -2.31% 15.79%
% of Gross Profit 59.77% 139.88%
Depreciation & Amortization $169.0K $130.0K
YoY Change 30.0% 18.18%
% of Gross Profit 4.27% 7.51%
Operating Expenses $5.498M $5.430M
YoY Change 1.25% 39.95%
Operating Profit -$1.543M -$3.700M
YoY Change -58.3% 210.92%
Interest Expense $1.000K $20.00K
YoY Change -95.0% -92.86%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.542M -$3.680M
YoY Change -58.1% 304.4%
Income Tax $0.00 -$500.0K
% Of Pretax Income
Net Earnings -$1.542M -$3.142M
YoY Change -50.92% 234.26%
Net Earnings / Revenue -36.16% -166.24%
Basic Earnings Per Share -$0.07 -$0.15
Diluted Earnings Per Share -$0.07 -$0.15
COMMON SHARES
Basic Shares Outstanding 21.50M 21.47M
Diluted Shares Outstanding 21.50M 21.47M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.19M $45.00M
YoY Change -21.8% -8.16%
Cash & Equivalents $35.19M $45.00M
Short-Term Investments
Other Short-Term Assets $359.0K $300.0K
YoY Change 19.67% 50.0%
Inventory
Prepaid Expenses
Receivables $4.841M $4.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $40.39M $49.60M
YoY Change -18.56% -11.11%
LONG-TERM ASSETS
Property, Plant & Equipment $3.460M $3.800M
YoY Change -8.95% -2.56%
Goodwill $1.651M
YoY Change
Intangibles $1.130M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.639M $4.600M
YoY Change 66.07% -50.54%
TOTAL ASSETS
Total Short-Term Assets $40.39M $49.60M
Total Long-Term Assets $7.639M $4.600M
Total Assets $48.03M $54.20M
YoY Change -11.38% -16.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $267.0K $300.0K
YoY Change -11.0% 50.0%
Accrued Expenses $1.530M $1.900M
YoY Change -19.47% 35.71%
Deferred Revenue $2.835M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.632M $5.000M
YoY Change -7.36% 28.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $112.0K $100.0K
YoY Change 12.0% 0.0%
Total Long-Term Liabilities $112.0K $100.0K
YoY Change 12.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.632M $5.000M
Total Long-Term Liabilities $112.0K $100.0K
Total Liabilities $4.744M $5.100M
YoY Change -6.98% 30.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.29M $49.05M
YoY Change
Total Liabilities & Shareholders Equity $48.03M $54.20M
YoY Change -11.38% -16.74%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$1.542M -$3.142M
YoY Change -50.92% 234.26%
Depreciation, Depletion And Amortization $169.0K $130.0K
YoY Change 30.0% 18.18%
Cash From Operating Activities -$852.0K -$1.390M
YoY Change -38.71% 9.45%
INVESTING ACTIVITIES
Capital Expenditures -$21.00K -$60.00K
YoY Change -65.0% 20.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$21.00K -$60.00K
YoY Change -65.0% 20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K -450.0K
YoY Change -104.44% 221.43%
NET CHANGE
Cash From Operating Activities -852.0K -1.390M
Cash From Investing Activities -21.00K -60.00K
Cash From Financing Activities 20.00K -450.0K
Net Change In Cash -853.0K -1.900M
YoY Change -55.11% 30.14%
FREE CASH FLOW
Cash From Operating Activities -$852.0K -$1.390M
Capital Expenditures -$21.00K -$60.00K
Free Cash Flow -$831.0K -$1.330M
YoY Change -37.52% 9.02%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:20pt;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;text-align:justify;margin-bottom:0pt;margin-left:5.39%;text-indent:0%;;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">The preparation of our financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period.  <span style="color:#000000;">The most significant estimates included in the financial statements pertain to revenue recognition, reserves for doubtful accounts, valuation of intangible assets and goodwill recorded as part of the combinations and valuation allowance for deferred income tax assets.</span> Actual results could differ from those estimates.</p>
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