2020 Q4 Form 10-Q Financial Statement

#000143774920023294 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $50.00K $34.00K $194.0K
YoY Change -77.27% -82.47% 130.95%
Cost Of Revenue $0.00 $0.00 $24.00K
YoY Change -100.0% -100.0% -77.98%
Gross Profit $50.00K $34.00K $170.0K
YoY Change -72.22% -80.0% -780.0%
Gross Profit Margin 100.0% 100.0% 87.63%
Selling, General & Admin $1.220M $1.408M $1.390M
YoY Change -20.78% 1.29% 8.34%
% of Gross Profit 2440.0% 4141.18% 817.65%
Research & Development $2.330M $2.474M $2.007M
YoY Change 7.37% 23.27% -11.27%
% of Gross Profit 4660.0% 7276.47% 1180.59%
Depreciation & Amortization $20.00K $15.00K $29.00K
YoY Change -33.33% -48.28% 31.82%
% of Gross Profit 40.0% 44.12% 17.06%
Operating Expenses $3.550M $3.882M $3.397M
YoY Change -4.31% 14.28% -4.17%
Operating Profit -$3.500M -$3.848M -$3.227M
YoY Change -0.85% 19.24% -9.61%
Interest Expense $0.00 $1.000K $112.0K
YoY Change -100.0% -99.11%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$565.0K
YoY Change -100.0% -2273.08%
Pretax Income -$2.990M -$3.850M -$3.790M
YoY Change -14.57% 1.58% 7.06%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.990M -$3.848M -$3.792M
YoY Change -14.57% 1.48% 7.0%
Net Earnings / Revenue -5980.0% -11317.65% -1954.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$224.8K -$305.1K -$628.5K
COMMON SHARES
Basic Shares Outstanding 12.43M 4.847M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.41M $7.390M $8.910M
YoY Change 283.01% -17.06% 84.85%
Cash & Equivalents $21.41M $7.392M $8.910M
Short-Term Investments
Other Short-Term Assets $400.0K $130.0K $180.0K
YoY Change -37.5% -27.78% -18.18%
Inventory $45.00K
Prepaid Expenses
Receivables $232.0K $304.0K $103.0K
Other Receivables $620.0K $770.0K $0.00
Total Short-Term Assets $22.66M $8.590M $9.237M
YoY Change 255.25% -7.0% 72.72%
LONG-TERM ASSETS
Property, Plant & Equipment $145.0K $161.0K $210.0K
YoY Change -19.89% -23.33% 36.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.00K $54.00K $54.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $766.0K $912.0K $1.444M
YoY Change -41.08% -36.84% 594.23%
TOTAL ASSETS
Total Short-Term Assets $22.66M $8.590M $9.237M
Total Long-Term Assets $766.0K $912.0K $1.444M
Total Assets $23.42M $9.502M $10.68M
YoY Change 205.08% -11.04% 92.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $746.0K $1.208M $1.112M
YoY Change -18.38% 8.63% 0.91%
Accrued Expenses $87.00K $105.0K $102.0K
YoY Change 770.0% 2.94% -54.87%
Deferred Revenue $683.0K $90.00K $252.0K
YoY Change -64.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $280.0K
YoY Change
Total Short-Term Liabilities $4.248M $4.320M $4.044M
YoY Change 6.12% 6.82% 59.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $230.0K $0.00
YoY Change
Other Long-Term Liabilities $0.00 $840.0K $1.440M
YoY Change -100.0% -41.67% 1700.0%
Total Long-Term Liabilities $0.00 $1.070M $1.440M
YoY Change -100.0% -25.69% 1700.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.248M $4.320M $4.044M
Total Long-Term Liabilities $0.00 $1.070M $1.440M
Total Liabilities $4.248M $5.389M $5.487M
YoY Change -19.97% -1.79% 110.07%
SHAREHOLDERS EQUITY
Retained Earnings -$116.1M -$113.1M -$97.57M
YoY Change 14.85% 15.9% 17.95%
Common Stock $16.00K $12.00K $46.00K
YoY Change 128.57% -73.91% 21.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.18M $4.113M $5.194M
YoY Change
Total Liabilities & Shareholders Equity $23.42M $9.502M $10.68M
YoY Change 205.08% -11.04% 92.24%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$2.990M -$3.848M -$3.792M
YoY Change -14.57% 1.48% 7.0%
Depreciation, Depletion And Amortization $20.00K $15.00K $29.00K
YoY Change -33.33% -48.28% 31.82%
Cash From Operating Activities -$3.420M -$3.600M -$1.470M
YoY Change 4.91% 144.9% -26.87%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$20.00K -$20.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$20.00K -$20.00K
YoY Change -100.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.43M -70.00K 9.890M
YoY Change -25000.0% -100.71%
NET CHANGE
Cash From Operating Activities -3.420M -3.600M -1.470M
Cash From Investing Activities 0.000 -20.00K -20.00K
Cash From Financing Activities 17.43M -70.00K 9.890M
Net Change In Cash 14.01M -3.690M 8.400M
YoY Change -519.46% -143.93% -517.91%
FREE CASH FLOW
Cash From Operating Activities -$3.420M -$3.600M -$1.470M
Capital Expenditures $0.00 -$20.00K -$20.00K
Free Cash Flow -$3.420M -$3.580M -$1.450M
YoY Change 5.23% 146.9% -27.86%

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InventoryWorkInProcessNetOfReserves
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
us-gaap Inventory Write Down
InventoryWriteDown
3000
us-gaap Inventory Write Down
InventoryWriteDown
54000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
807000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
649000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
158000
CY2020Q3 us-gaap Liabilities
Liabilities
5389000
CY2019Q4 us-gaap Liabilities
Liabilities
5308000
CY2020Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9502000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7678000
CY2020Q3 us-gaap Liabilities Current
LiabilitiesCurrent
4320000
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4003000
CY2020Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
225000
CY2019Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10779000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9885000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-32000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-144000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6189000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-3848000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-3792000
us-gaap Net Income Loss
NetIncomeLoss
-12015000
us-gaap Net Income Loss
NetIncomeLoss
-11208000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-4594000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-565000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
16000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-530000
CY2020Q3 us-gaap Notes Payable Current
NotesPayableCurrent
284000
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3848000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-3573000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-3665000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-3750000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3227000
us-gaap Operating Income Loss
OperatingIncomeLoss
-12031000
us-gaap Operating Income Loss
OperatingIncomeLoss
-10678000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
150000
us-gaap Operating Lease Expense
OperatingLeaseExpense
451000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
150000
us-gaap Operating Lease Expense
OperatingLeaseExpense
450000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
753000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
592000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
528000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
161000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
614000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
158000
us-gaap Operating Lease Payments
OperatingLeasePayments
473000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
153000
us-gaap Operating Lease Payments
OperatingLeasePayments
459000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
697000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1065000
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1205
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y91D
CY2020Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
54000
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
54000
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000
CY2020Q3 us-gaap Other Operating Income
OtherOperatingIncome
1000
CY2019Q3 us-gaap Other Operating Income
OtherOperatingIncome
17000
us-gaap Other Operating Income
OtherOperatingIncome
19000
us-gaap Other Operating Income
OtherOperatingIncome
53000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1227000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
32000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
144000
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11500000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
506000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1169000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1138000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
161000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
181000
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2474000
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2007000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7484000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6392000
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-113085000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-101070000
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
34000
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
194000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
99000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
495000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1505000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y219D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y219D
us-gaap Stock Issued1
StockIssued1
148000
us-gaap Stock Issued1
StockIssued1
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2020Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1408000
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1390000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4642000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4460000
us-gaap Share Based Compensation
ShareBasedCompensation
2333000
us-gaap Share Based Compensation
ShareBasedCompensation
2142000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
574574
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
43083
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
515036
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
300432
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
821464
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1078813
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.99
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.04
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.19
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.32
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.15
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
569000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y146D
CY2019Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1206000
CY2020Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10340000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9260000
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
148000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
2370000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-1283000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
7291000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
4113000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
3792000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
818000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
-2236000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
5194000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12618285
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6030662
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9059433
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5263058

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