2019 Q3 Form 10-Q Financial Statement

#000117184319007384 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $1.775M $2.729M $1.454M
YoY Change 22.08% -29.85% -83.4%
Cost Of Revenue $0.00 $70.00K
YoY Change -46.15%
Gross Profit $1.775M $2.660M $1.454M
YoY Change 22.08% -29.26% -80.91%
Gross Profit Margin 100.0% 97.47% 100.0%
Selling, General & Admin $11.74M $4.190M $7.923M
YoY Change 48.11% -10.85% 137.0%
% of Gross Profit 661.13% 157.52% 544.91%
Research & Development $25.12M $23.43M $22.01M
YoY Change 14.15% 38.48% 25.68%
% of Gross Profit 1415.21% 880.83% 1513.48%
Depreciation & Amortization $180.0K $200.0K $190.0K
YoY Change -5.26% 11.11% 5.56%
% of Gross Profit 10.14% 7.52% 13.07%
Operating Expenses $36.86M $27.62M $29.93M
YoY Change 23.14% 27.75% 43.53%
Operating Profit -$35.10M -$24.96M -$28.49M
YoY Change 23.18% 39.75% 113.45%
Interest Expense $3.044M -$2.170M $2.346M
YoY Change 29.75% 29.17% 9.63%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$37.59M -$27.43M -$29.60M
YoY Change 26.99% 40.38% 95.64%
Income Tax
% Of Pretax Income
Net Earnings -$37.59M -$27.43M -$29.60M
YoY Change 27.01% 40.37% 95.57%
Net Earnings / Revenue -2117.86% -1005.2% -2035.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$340.4K -$249.6K -$280.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 110.4M 105.4M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.44M $104.5M $120.3M
YoY Change -43.12% -8.68% -25.55%
Cash & Equivalents $29.90M $26.73M $52.58M
Short-Term Investments $38.53M $77.74M $67.74M
Other Short-Term Assets $4.900M $4.000M $3.900M
YoY Change 25.64% -18.37% -17.02%
Inventory $1.776M $1.649M $821.0K
Prepaid Expenses
Receivables $3.598M $4.293M $3.394M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $78.80M $114.4M $128.5M
YoY Change -38.67% -8.8% -26.73%
LONG-TERM ASSETS
Property, Plant & Equipment $7.452M $9.135M $9.236M
YoY Change -19.32% -4.31% -3.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $22.40M $29.20M
YoY Change -100.0% -45.76% 548.89%
Other Assets $4.245M $978.0K $1.420M
YoY Change 198.94% -51.75% -27.37%
Total Long-Term Assets $11.70M $32.49M $39.81M
YoY Change -70.62% -38.55% 146.95%
TOTAL ASSETS
Total Short-Term Assets $78.80M $114.4M $128.5M
Total Long-Term Assets $11.70M $32.49M $39.81M
Total Assets $90.50M $146.8M $168.3M
YoY Change -46.23% -17.62% -12.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.08M $7.769M $7.911M
YoY Change 27.47% 22.6% 71.87%
Accrued Expenses $24.95M $15.89M $15.12M
YoY Change 65.04% 25.14% 27.37%
Deferred Revenue
YoY Change
Short-Term Debt $29.50M $29.10M $29.00M
YoY Change 1.72% 1.39% 1.4%
Long-Term Debt Due $4.000M $4.600M $1.700M
YoY Change 135.29% -29.23% -64.58%
Total Short-Term Liabilities $82.17M $69.48M $64.36M
YoY Change 27.68% -7.16% -7.05%
LONG-TERM LIABILITIES
Long-Term Debt $46.00M $28.10M $31.00M
YoY Change 48.39% 44.1% 46.92%
Other Long-Term Liabilities $3.543M $2.703M $100.0K
YoY Change 3443.0% 1251.5% -80.0%
Total Long-Term Liabilities $3.543M $2.703M $31.10M
YoY Change -88.61% -86.28% 43.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.17M $69.48M $64.36M
Total Long-Term Liabilities $3.543M $2.703M $31.10M
Total Liabilities $85.71M $72.18M $95.40M
YoY Change -10.16% -23.62% 4.95%
SHAREHOLDERS EQUITY
Retained Earnings -$838.0M -$732.0M -$704.5M
YoY Change 18.94% 15.85% 15.06%
Common Stock $1.104M $1.101M $1.096M
YoY Change 0.73% 11.89% 11.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$41.25M $49.24M $72.87M
YoY Change
Total Liabilities & Shareholders Equity $90.50M $146.8M $168.3M
YoY Change -46.23% -17.62% -12.11%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$37.59M -$27.43M -$29.60M
YoY Change 27.01% 40.37% 95.57%
Depreciation, Depletion And Amortization $180.0K $200.0K $190.0K
YoY Change -5.26% 11.11% 5.56%
Cash From Operating Activities -$27.64M -$23.99M -$35.03M
YoY Change -21.1% 128.04% 181.82%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$110.0K -$40.00K
YoY Change 100.0% -8.33% -78.95%
Acquisitions
YoY Change
Other Investing Activities $23.60M -$3.070M -$9.480M
YoY Change -348.95% -94.49% -315.95%
Cash From Investing Activities $23.51M -$3.170M -$9.520M
YoY Change -346.95% -94.32% -326.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $53.40M
YoY Change -38.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.0K 1.330M 63.92M
YoY Change -99.7% 133.33% -25.94%
NET CHANGE
Cash From Operating Activities -27.64M -23.99M -35.03M
Cash From Investing Activities 23.51M -3.170M -9.520M
Cash From Financing Activities 190.0K 1.330M 63.92M
Net Change In Cash -3.940M -25.83M 19.37M
YoY Change -120.34% -60.72% -75.19%
FREE CASH FLOW
Cash From Operating Activities -$27.64M -$23.99M -$35.03M
Capital Expenditures -$80.00K -$110.0K -$40.00K
Free Cash Flow -$27.56M -$23.88M -$34.99M
YoY Change -21.23% 129.62% 185.87%

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CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2019Q3 us-gaap Other Liabilities Noncurrent
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CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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PreferredStockParOrStatedValuePerShare
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CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2019Q3 us-gaap Preferred Stock Shares Issued
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CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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CY2019Q3 us-gaap Preferred Stock Value
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CY2018Q4 us-gaap Preferred Stock Value
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CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q3 us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2019Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2019Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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RetainedEarningsAccumulatedDeficit
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2019Q3 us-gaap Royalty Expense
RoyaltyExpense
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CY2018Q3 us-gaap Royalty Expense
RoyaltyExpense
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us-gaap Royalty Expense
RoyaltyExpense
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us-gaap Royalty Expense
RoyaltyExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2018Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
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CY2018Q3 us-gaap Shares Issued Price Per Share
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CY2018Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2019Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
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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=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 31.9pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 34.1pt; margin: 0pt 0">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, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The most significant estimates in the Company&#x2019;s consolidated financial statements relate to the valuation of stock options, and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily apparent from other sources. Actual results could differ from those estimates.</div></div></div>
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110308000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100955000

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