2016 Q2 Form 10-Q Financial Statement

#000114420416100633 Filed on May 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q2
Revenue $940.0K $668.5K $180.0K
YoY Change 422.22% 2705.58%
Cost Of Revenue $330.0K $340.8K $90.00K
YoY Change 266.67%
Gross Profit $600.0K $327.7K $90.00K
YoY Change 566.67% 1275.4%
Gross Profit Margin 63.83% 49.02% 50.0%
Selling, General & Admin $3.150M $2.165M $1.400M
YoY Change 125.0% 102.33% 13900.0%
% of Gross Profit 525.0% 660.62% 1555.56%
Research & Development $2.870M $1.144M $850.0K
YoY Change 237.65% 64.75%
% of Gross Profit 478.33% 348.95% 944.44%
Depreciation & Amortization $440.0K $18.00K $50.00K
YoY Change 780.0%
% of Gross Profit 73.33% 5.49% 55.56%
Operating Expenses $6.410M $3.896M $2.240M
YoY Change 186.16% 112.9% 22300.0%
Operating Profit -$5.810M -$3.227M -$2.150M
YoY Change 170.23% 78.69%
Interest Expense -$2.000M $4.075M $0.00
YoY Change 11202.2%
% of Operating Profit
Other Income/Expense, Net -$4.047M
YoY Change 11124.58%
Pretax Income -$15.30M -$7.274M -$2.160M
YoY Change 608.33% 294.86% 21500.0%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.30M -$7.274M -$2.160M
YoY Change 608.33% 294.86% 21500.0%
Net Earnings / Revenue -1627.66% -1088.05% -1200.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$20.25B -$18.54B -$34.08B
COMMON SHARES
Basic Shares Outstanding 44.86M shares 173.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.100M $8.700M $7.400M
YoY Change 22.97%
Cash & Equivalents $8.054M $8.666M $7.353M
Short-Term Investments $1.000M
Other Short-Term Assets $300.0K $1.100M $500.0K
YoY Change -40.0%
Inventory $524.7K $621.4K $39.44K
Prepaid Expenses $943.1K $370.9K
Receivables $162.4K $84.27K $157.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.12M $10.44M $8.042M
YoY Change 25.84% 532.35% 143.57%
LONG-TERM ASSETS
Property, Plant & Equipment $231.4K $196.9K $29.71K
YoY Change 679.07% 438.07% -48.11%
Goodwill $221.0K $221.0K $74.00K
YoY Change 198.65%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.55M $200.0K $0.00
YoY Change
Total Long-Term Assets $14.22M $11.55M $10.14M
YoY Change 40.22% 35.06% 16.39%
TOTAL ASSETS
Total Short-Term Assets $10.12M $10.44M $8.042M
Total Long-Term Assets $14.22M $11.55M $10.14M
Total Assets $24.34M $21.99M $18.19M
YoY Change 33.86% 115.51% 51.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.323M $1.200M $1.200M
YoY Change 93.55% 119.64% 84.76%
Accrued Expenses $1.197M $800.0K $200.0K
YoY Change 498.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.10M $3.205M $1.478M
YoY Change 583.85% -65.17% -75.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.200M $1.200M $1.100M
YoY Change 281.82% 200.0%
Total Long-Term Liabilities $4.200M $1.200M $1.100M
YoY Change 281.82% 200.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.10M $3.205M $1.478M
Total Long-Term Liabilities $4.200M $1.200M $1.100M
Total Liabilities $14.26M $4.420M $2.569M
YoY Change 455.01% -54.2% -61.35%
SHAREHOLDERS EQUITY
Retained Earnings -$46.56M -$31.26M -$18.38M
YoY Change 153.31% 147.93% 72.47%
Common Stock $56.65M $48.83M $39.00M
YoY Change 45.26% 271.02% 143.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.09M $17.57M $15.62M
YoY Change
Total Liabilities & Shareholders Equity $24.34M $21.99M $18.19M
YoY Change 33.86% 115.51% 51.34%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q2
OPERATING ACTIVITIES
Net Income -$15.30M -$7.274M -$2.160M
YoY Change 608.33% 294.86% 21500.0%
Depreciation, Depletion And Amortization $440.0K $18.00K $50.00K
YoY Change 780.0%
Cash From Operating Activities -$2.670M -$2.380M -$1.780M
YoY Change 50.0% 23700.0% 17700.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.090M -$70.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$3.470M $0.00 -$1.000M
YoY Change 247.0%
Cash From Investing Activities -$4.560M -$80.00K -$1.000M
YoY Change 356.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.610M 170.0K 8.650M
YoY Change -23.58% 28733.33%
NET CHANGE
Cash From Operating Activities -2.670M -2.380M -1.780M
Cash From Investing Activities -4.560M -80.00K -1.000M
Cash From Financing Activities 6.610M 170.0K 8.650M
Net Change In Cash -620.0K -2.290M 5.870M
YoY Change -110.56% 22800.0% 29250.0%
FREE CASH FLOW
Cash From Operating Activities -$2.670M -$2.380M -$1.780M
Capital Expenditures -$1.090M -$70.00K $0.00
Free Cash Flow -$1.580M -$2.310M -$1.780M
YoY Change -11.24% 17700.0%

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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-4846450 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
203577 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-741579 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1998 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
10046924 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3700000 USD
CY2015Q2 us-gaap Assets Noncurrent
AssetsNoncurrent
10142947 USD
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1312774 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1148448 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2639650 USD
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1491202 USD
CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97000 USD
CY2015Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
60000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1561000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
15000 USD
us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
21000 USD
us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
64000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
647000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
2000 USD
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
35000 USD
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3000 USD
CY2016Q1 aytu Unrecognized Share Based Compensation Expenses
UnrecognizedShareBasedCompensationExpenses
1554000 USD
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P2Y10M24D
CY2016Q1 aytu Share Based Compensation Share Warrants Outstanding
ShareBasedCompensationShareWarrantsOutstanding
369665 shares
CY2016Q1 aytu Share Based Compensation Share Warrants Outstanding Weighted Average Exercise Price
ShareBasedCompensationShareWarrantsOutstandingWeightedAverageExercisePrice
1.73
CY2015Q2 aytu Share Based Compensation Share Warrants Outstanding
ShareBasedCompensationShareWarrantsOutstanding
102613 shares
CY2015Q2 aytu Share Based Compensation Share Warrants Outstanding Weighted Average Exercise Price
ShareBasedCompensationShareWarrantsOutstandingWeightedAverageExercisePrice
4.53
CY2015 aytu Class Of Warrant Or Rights Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightsWeightedAverageRemainingContractualTerm
P2Y11M1D
aytu Class Of Warrant Or Rights Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightsWeightedAverageRemainingContractualTerm
P3Y9M11D
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
86000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
43000 USD
CY2015Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5200000 USD
CY2015Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
401000 USD
CY2015Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
103000 USD
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1718828000000 shares
CY2016Q1 us-gaap Assets Noncurrent
AssetsNoncurrent
11549010 USD
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2016Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2016Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
22446481 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14259681 shares
CY2016Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22446481 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14259681 shares
aytu Amortization Of Beneficial Conversion Feature
AmortizationOfBeneficialConversionFeature
3942613 USD
aytu Amortization Of Beneficial Conversion Feature
AmortizationOfBeneficialConversionFeature
0 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-72784 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1036 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
5175000 USD
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
200000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
29754 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
aytu Primsol Business Purchase Included In Primsol Payable Gross
PrimsolBusinessPurchaseIncludedInPrimsolPayableGross
1250000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
4268000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3700000 USD
us-gaap Conversion Of Stock Description
ConversionOfStockDescription
The number of shares of Company stock that these warrants will convert into is equal to 8% of the gross number of shares of the Company stock issuable upon conversion of the Notes issued to investors introduced to the Company by the private placement agents pursuant to the private placement memorandum. The exercise price will be the conversion price per share at which the first outstanding Note converts into Company common stock. The warrants have a term of five years from August 31, 2015 due to the conversion setting the price of these warrants (see Note 8).
us-gaap Accretion Expense
AccretionExpense
3942613 USD
aytu Debt Instrument Conversion Premium Percentage
DebtInstrumentConversionPremiumPercentage
0.1 pure
CY2016Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
2105000 USD
CY2016Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
674000 USD
us-gaap Debt Issuance Costs
DebtIssuanceCosts
20000 USD
aytu Class Of Warrant Term
ClassOfWarrantTerm
P5Y
CY2016Q1 aytu Warrants Issued To Purchase Of Common Stock
WarrantsIssuedToPurchaseOfCommonStock
267052 shares
CY2016Q1 aytu Warrants Exercise Price Per Share
WarrantsExercisePricePerShare
0.65
CY2016Q1 aytu Warrants Exercisable Term
WarrantsExercisableTerm
P5Y
CY2016Q1 us-gaap Contractual Obligation
ContractualObligation
3800000 USD
CY2016Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
427000 USD
CY2016Q1 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
312000 USD
CY2016Q1 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
282000 USD
CY2016Q1 us-gaap Contractual Obligation Due After Fifth Year
ContractualObligationDueAfterFifthYear
0 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
200000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
547109 USD
aytu Stock Subscription
StockSubscription
5000000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
8997957 USD
aytu Adjustment For Rounding Of Value Due To Conversion
AdjustmentForRoundingOfValueDueToConversion
0 USD
aytu Share Based Compensation Share Warrants Issued On Convertible Promisory Notes
ShareBasedCompensationShareWarrantsIssuedOnConvertiblePromisoryNotes
267052 shares
aytu Share Based Compensation Share Warrants Issued On Convertible Promisory Notes Weighted Average Exercise Price
ShareBasedCompensationShareWarrantsIssuedOnConvertiblePromisoryNotesWeightedAverageExercisePrice
0.65
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P5Y
aytu Placement Agents Cash Fee Percentage
PlacementAgentsCashFeePercentage
0.08 pure
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On June 8, 2015, in connection with the reincorporation as a Delaware corporation, the Company effected a reverse stock split in which each common stock holder received one share of common stock for every 12.174 shares then outstanding (the “Reverse Stock Split”).
CY2015Q3 aytu Management Fee Payable Per Month
ManagementFeePayablePerMonth
18000 USD
aytu Adjustment To Additional Capital Issuance Of Warrants Related To Convertible Promissory Note
AdjustmentToAdditionalCapitalIssuanceOfWarrantsRelatedToConvertiblePromissoryNote
87000 USD
aytu Adjustment To Additional Capital Issuance Of Warrants Related To Convertible Promissory Note
AdjustmentToAdditionalCapitalIssuanceOfWarrantsRelatedToConvertiblePromissoryNote
0 USD
aytu Debt Instrument Convertible Beneficial Conversion Feature Net Of Accretion
DebtInstrumentConvertibleBeneficialConversionFeatureNetOfAccretion
1001000 USD
aytu Debt Instrument Convertible Beneficial Conversion Feature Net Of Accretion
DebtInstrumentConvertibleBeneficialConversionFeatureNetOfAccretion
0 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
183000 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
aytu Primsol Business Purchase Included In Primsol Payable Gross
PrimsolBusinessPurchaseIncludedInPrimsolPayableGross
1250000 USD
us-gaap Accretion Of Discount
AccretionOfDiscount
173000 USD
us-gaap Accretion Of Discount
AccretionOfDiscount
173000 USD
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
143000 shares
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
143000 shares
CY2016Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1155000 USD
CY2016Q1 aytu Common Stock Shares Authorized Amendment
CommonStockSharesAuthorizedAmendment
100000000 shares
CY2016Q1 aytu Preferred Stock Shares Authorized Amendment
PreferredStockSharesAuthorizedAmendment
10000000 shares
CY2016Q2 us-gaap Payments For Fees
PaymentsForFees
2000000 USD
CY2016Q1 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
21000 USD
CY2015Q1 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
64000 USD
us-gaap Adjustments To Additional Paid In Capital Stock Issued Ownshare Lending Arrangement Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedOwnshareLendingArrangementIssuanceCosts
29754 USD
us-gaap Accretion Expense
AccretionExpense
3942613 USD
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
4943073 USD
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
4943073 USD

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