2021 Q2 Form 10-Q Financial Statement

#000143774921012543 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q2
Revenue $23.48M $13.48M $14.86M
YoY Change 58.02% 65.3% 763.95%
Cost Of Revenue $12.93M $13.94M $4.570M
YoY Change 182.98% 597.22% 603.08%
Gross Profit $10.55M -$452.0K $10.29M
YoY Change 2.53% -107.34% 861.68%
Gross Profit Margin 44.93% -3.35% 69.25%
Selling, General & Admin $19.98M $12.85M $13.64M
YoY Change 46.5% 39.83% 178.37%
% of Gross Profit 189.41% 132.56%
Research & Development $4.764M $390.0K $1.500M
YoY Change 217.62% 396.8% 733.33%
% of Gross Profit 45.16% 14.58%
Depreciation & Amortization -$1.099M $100.0K $2.470M
YoY Change -144.49% -93.83% 225.0%
% of Gross Profit -10.42% 24.0%
Operating Expenses $21.72M $25.21M $16.73M
YoY Change 29.81% 172.03% 196.11%
Operating Profit -$11.17M -$25.67M -$6.440M
YoY Change 73.39% 435.44% 40.61%
Interest Expense -$494.1K -$425.4K -$1.430M
YoY Change -65.45% -21.05% 1091.67%
% of Operating Profit
Other Income/Expense, Net $7.139M $206.0K
YoY Change -138.23%
Pretax Income -$18.74M -$25.46M -$3.150M
YoY Change 494.89% 377.67% -78.32%
Income Tax $259.0K
% Of Pretax Income
Net Earnings -$19.00M -$25.46M -$3.150M
YoY Change 503.11% 377.47% -78.32%
Net Earnings / Revenue -80.9% -188.84% -21.2%
Basic Earnings Per Share -$1.41
Diluted Earnings Per Share -$807.9K -$1.41 -$279.0K
COMMON SHARES
Basic Shares Outstanding 25.17M 18.09M
Diluted Shares Outstanding 18.09M

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.65M $46.50M $48.10M
YoY Change 3.22% -25.36% 337.27%
Cash & Equivalents $49.65M $46.54M $48.08M
Short-Term Investments
Other Short-Term Assets $1.038M $1.615M $5.742M
YoY Change -81.92% -76.59% 341.69%
Inventory $16.34M $16.58M $9.999M
Prepaid Expenses $9.780M $5.715M
Receivables $28.18M $28.23M $5.633M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.2M $100.0M $75.42M
YoY Change 39.53% 20.06% 389.75%
LONG-TERM ASSETS
Property, Plant & Equipment $8.703M $5.558M $258.5K
YoY Change 3266.52% 455.77% 29.26%
Goodwill $65.80M $65.80M $28.09M
YoY Change 134.25%
Intangibles $85.46M $96.24M $48.86M
YoY Change 74.93%
Long-Term Investments
YoY Change
Other Assets $465.0K $165.0K $33.00K
YoY Change 1309.09%
Total Long-Term Assets $160.4M $171.5M $77.87M
YoY Change 106.03% 126.61% 303.48%
TOTAL ASSETS
Total Short-Term Assets $105.2M $100.0M $75.42M
Total Long-Term Assets $160.4M $171.5M $77.87M
Total Assets $265.7M $271.6M $153.3M
YoY Change 73.31% 70.79% 341.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.26M $16.53M $11.64M
YoY Change 65.42% 55.93% 406.09%
Accrued Expenses $51.30M $43.18M $8.831M
YoY Change 480.85% 296.16% 341.55%
Deferred Revenue $200.0K $339.3K
YoY Change -41.06%
Short-Term Debt $7.934M $4.700M $0.00
YoY Change
Long-Term Debt Due $16.67M $700.0K $0.00
YoY Change
Total Short-Term Liabilities $109.4M $83.68M $28.76M
YoY Change 280.48% 99.25% 432.65%
LONG-TERM LIABILITIES
Long-Term Debt $180.0K $16.90M $0.00
YoY Change
Other Long-Term Liabilities $355.0K $92.89K $11.00K
YoY Change 3127.27% -99.7% -99.95%
Total Long-Term Liabilities $355.0K $92.89K $11.00K
YoY Change 3127.27% -99.7% -99.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.4M $83.68M $28.76M
Total Long-Term Liabilities $355.0K $92.89K $11.00K
Total Liabilities $128.1M $128.4M $58.28M
YoY Change 119.81% 75.42% 111.15%
SHAREHOLDERS EQUITY
Retained Earnings -$178.3M -$159.3M -$120.0M
YoY Change 48.58%
Common Stock $315.9M $2.346K $1.000K
YoY Change 31586600.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $137.6M $143.2M $95.02M
YoY Change
Total Liabilities & Shareholders Equity $265.7M $271.6M $153.3M
YoY Change 73.31% 70.79% 341.77%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q2
OPERATING ACTIVITIES
Net Income -$19.00M -$25.46M -$3.150M
YoY Change 503.11% 377.47% -78.32%
Depreciation, Depletion And Amortization -$1.099M $100.0K $2.470M
YoY Change -144.49% -93.83% 225.0%
Cash From Operating Activities -$6.284M $19.70M -$7.760M
YoY Change -19.02% -4.37% 123.63%
INVESTING ACTIVITIES
Capital Expenditures -$2.341M $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$81.00K -$310.0K -$50.00K
YoY Change 62.0% -191.18% -44.44%
Cash From Investing Activities -$2.422M -$310.0K -$50.00K
YoY Change 4744.0% -191.18% -44.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.81M -6.400M -6.370M
YoY Change -285.46% -109.39% -5408.33%
NET CHANGE
Cash From Operating Activities -6.284M 19.70M -7.760M
Cash From Investing Activities -2.422M -310.0K -50.00K
Cash From Financing Activities 11.81M -6.400M -6.370M
Net Change In Cash 3.108M 19.70M -14.18M
YoY Change -121.92% -4.37% 312.21%
FREE CASH FLOW
Cash From Operating Activities -$6.284M $19.70M -$7.760M
Capital Expenditures -$2.341M $0.00
Free Cash Flow -$3.943M -$7.760M
YoY Change -49.19% 123.63%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman;font-size:10pt;margin:0pt;"><div style="display: inline; font-weight: bold;">Reclassification</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;text-align:justify;margin:0pt;text-indent:18pt;">The Company historically presented accrued distributor fees as a reduction to accounts receivable. However, beginning this quarterly report and for the comparative periods presented, accrued distributors fees will be presented in accrued liabilities instead of accounts receivable. As of&nbsp;<div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>accrued distributor fees included&nbsp;in accounts receivable, net on the balance sheet was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$457,000</div>.</div>&nbsp;This reclassification will have <div style="display: inline; font-style: italic; font: inherit;">no</div> impact on the Company's statements of operation and cash flows presented in this quarterly report.</div></div></div></div></div></div></div></div></div></div></div></div></div>
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CY2021Q1 us-gaap Restricted Cash Current
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251995
CY2020Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
251592
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
4818064
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
us-gaap Restructuring Charges
RestructuringCharges
4874723
us-gaap Restructuring Charges
RestructuringCharges
135981
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-159301195
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-120010179
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13482282
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
42149561
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
8156173
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12771235
CY2021Q1 us-gaap Revenues
Revenues
13482000
CY2020Q1 us-gaap Revenues
Revenues
8156000
us-gaap Revenues
Revenues
42150000
us-gaap Revenues
Revenues
12771000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
66182
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
354929
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.14
CY2021Q1 us-gaap Secured Debt Current
SecuredDebtCurrent
725357
CY2020Q2 us-gaap Secured Debt Current
SecuredDebtCurrent
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12851087
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9190386
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
35825175
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19494368
us-gaap Share Based Compensation
ShareBasedCompensation
2485330
us-gaap Share Based Compensation
ShareBasedCompensation
590826
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
20569
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
87.86
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2528
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7553
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
69721
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
76614
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
136254
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.39
CY2019Q4 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y204D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y244D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y43D
CY2019Q4 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
5559914
CY2020Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
4406184
CY2021Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
53102918
CY2019Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
CY2020Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
92880
CY2020Q4 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1057559
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
33278756
CY2020Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
28317444
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
263391
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
7087818
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
2323959
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
17090240
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
85703816
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
95015296
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
91062746
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
112692668
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
143149513
CY2021Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
182000
CY2020Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
175000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman';font-size:10pt;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;text-align:justify;margin:0pt;text-indent:18pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent consideration, contingent value rights ("CVRs"), and fixed payment obligations&nbsp;at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to, those related to the determination of the fair value of equity awards, the fair value of identified assets and liabilities acquired in business combinations, net realizable value of inventory, the useful lives of property and equipment, intangible assets, impairment of long-lived and intangible assets, including goodwill, provisions for doubtful accounts receivable, certain accrued expenses, and the discount rate used in measuring lease liabilities. These estimates and assumptions are based on the Company's historical results and management's future expectations. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div>
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18092465
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3527530
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14490219
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2261697

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