2022 Q1 Form 10-K Financial Statement

#000095017022004115 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $10.17M $12.41M $8.116M
YoY Change 25.26% 45.63% 69.68%
Cost Of Revenue $5.437M $7.502M $5.375M
YoY Change 1.15% 8.41% 56.71%
Gross Profit $4.729M $4.906M $2.741M
YoY Change 72.53% 204.72% 102.59%
Gross Profit Margin 46.52% 39.54% 33.77%
Selling, General & Admin $7.391M $7.669M $6.911M
YoY Change 6.95% 25.93% 20.95%
% of Gross Profit 156.29% 156.32% 252.13%
Research & Development $1.544M $1.542M $1.803M
YoY Change -14.36% 46.86% 81.94%
% of Gross Profit 32.65% 31.43% 65.78%
Depreciation & Amortization $117.0K $119.0K $85.00K
YoY Change 37.65% -496.67% -51.98%
% of Gross Profit 2.47% 2.43% 3.1%
Operating Expenses $8.935M $9.211M $8.803M
YoY Change 1.5% 29.01% 31.29%
Operating Profit -$4.206M -$4.305M -$6.062M
YoY Change -30.62% -22.15% 13.27%
Interest Expense -$433.0K -$777.0K -$575.0K
YoY Change -24.7% 46.6% -197.62%
% of Operating Profit
Other Income/Expense, Net -$553.0K $0.00 -$779.0K
YoY Change -29.01% -100.0% -215.75%
Pretax Income -$4.759M -$5.207M -$6.841M
YoY Change -30.43% -14.08% 13.54%
Income Tax $17.00K $72.00K $60.00K
% Of Pretax Income
Net Earnings -$4.776M -$5.279M -$6.901M
YoY Change -30.79% -14.02% 14.9%
Net Earnings / Revenue -46.98% -42.55% -85.03%
Basic Earnings Per Share -$0.81 -$0.06
Diluted Earnings Per Share -$775.5K -$859.5K -$0.06
COMMON SHARES
Basic Shares Outstanding 154.3M 153.3M 134.6M
Diluted Shares Outstanding 6.159M 134.6M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.61M $29.97M $40.84M
YoY Change -47.1% 70.68% 2604.64%
Cash & Equivalents $21.60M $30.00M $40.84M
Short-Term Investments
Other Short-Term Assets $2.386M $1.332M $1.760M
YoY Change 35.57% 132.46% 15.79%
Inventory $14.61M $12.93M $11.88M
Prepaid Expenses
Receivables $5.200M $4.200M $3.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.78M $49.35M $57.75M
YoY Change -24.18% 40.57% 189.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.244M $1.067M $693.0K
YoY Change 79.51% 36.45% -39.74%
Goodwill $2.900M $2.900M $2.900M
YoY Change 0.0% -0.89%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $231.0K $220.0K $226.0K
YoY Change 2.21% -4.76% -53.31%
Total Long-Term Assets $6.459M $5.930M $5.735M
YoY Change 12.62% 0.25% 25.74%
TOTAL ASSETS
Total Short-Term Assets $43.78M $49.35M $57.75M
Total Long-Term Assets $6.459M $5.930M $5.735M
Total Assets $50.24M $55.28M $63.48M
YoY Change -20.86% 34.76% 158.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.643M $3.309M $3.072M
YoY Change 51.14% 24.82% -24.26%
Accrued Expenses $6.027M $8.276M $600.0K
YoY Change 904.5% 24.13% -85.29%
Deferred Revenue $2.442M $2.259M $1.961M
YoY Change 24.53% 18.58% -1.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $13.11M $13.84M $11.27M
YoY Change 16.34% 23.35% -52.41%
LONG-TERM LIABILITIES
Long-Term Debt $13.67M $13.60M $16.30M
YoY Change -16.13% -15.96%
Other Long-Term Liabilities $387.0K $330.0K $77.00K
YoY Change 402.6% -68.75% -93.04%
Total Long-Term Liabilities $14.05M $13.93M $16.37M
YoY Change -14.16% -19.19% 1378.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.11M $13.84M $11.27M
Total Long-Term Liabilities $14.05M $13.93M $16.37M
Total Liabilities $29.64M $30.08M $29.97M
YoY Change -1.09% -2.97% 17.88%
SHAREHOLDERS EQUITY
Retained Earnings -$272.3M -$267.5M -$258.3M
YoY Change 5.43% 6.43% 7.37%
Common Stock $293.6M $293.3M $292.3M
YoY Change 0.44% 12.1% 23.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.60M $25.21M $33.52M
YoY Change
Total Liabilities & Shareholders Equity $50.24M $55.28M $63.48M
YoY Change -20.86% 34.76% 158.79%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$4.776M -$5.279M -$6.901M
YoY Change -30.79% -14.02% 14.9%
Depreciation, Depletion And Amortization $117.0K $119.0K $85.00K
YoY Change 37.65% -496.67% -51.98%
Cash From Operating Activities -$8.021M -$3.104M -$6.499M
YoY Change 23.42% 129.93% 57.21%
INVESTING ACTIVITIES
Capital Expenditures $304.0K -$311.0K $8.000K
YoY Change 3700.0% 1455.0% -11.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$304.0K -$311.0K -$8.000K
YoY Change 3700.0% 1455.0% -11.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.800M $13.30M
YoY Change -63.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 68.00K 29.83M
YoY Change -100.0% -236.0% -25591.45%
NET CHANGE
Cash From Operating Activities -8.021M -3.104M -6.499M
Cash From Investing Activities -304.0K -311.0K -8.000K
Cash From Financing Activities 0.000 68.00K 29.83M
Net Change In Cash -8.366M -3.347M 23.17M
YoY Change -136.11% 135.7% -641.61%
FREE CASH FLOW
Cash From Operating Activities -$8.021M -$3.104M -$6.499M
Capital Expenditures $304.0K -$311.0K $8.000K
Free Cash Flow -$8.325M -$2.793M -$6.507M
YoY Change 27.94% 110.0% 57.06%

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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q4 us-gaap Product Warranty Accrual
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1110000
CY2018Q4 us-gaap Product Warranty Accrual
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1747000
CY2020 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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1047000
CY2019 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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806000
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CY2021Q4 us-gaap Product Warranty Accrual
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CY2020Q4 us-gaap Product Warranty Accrual
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CY2019Q4 us-gaap Product Warranty Accrual
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1110000
CY2021Q4 us-gaap Product Warranty Accrual Noncurrent
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521000
CY2020Q4 us-gaap Product Warranty Accrual Noncurrent
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384000
CY2019Q4 us-gaap Product Warranty Accrual Noncurrent
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CY2021Q4 us-gaap Product Warranty Accrual Classified Current
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565000
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
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CY2019Q4 us-gaap Product Warranty Accrual Classified Current
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CY2021 us-gaap Allocated Share Based Compensation Expense
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1000000.0
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2021 biol Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend
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CY2020 biol Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend
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CY2019 biol Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend
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0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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61100000
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CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
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805000
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0
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405000
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8049000
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7664000
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565000
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CY2021 us-gaap Goodwill And Intangible Asset Impairment
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2800000
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CY2020 biol Indefinite Lived Intangible Assets Useful Life
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 biol Deferred Income Tax Expense Benefit Adjustment
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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1429000
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664000
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428000
CY2020Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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P3Y8M12D
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P4Y9M18D
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1258000
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2398000
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2.96
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P7Y2M12D
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53000
CY2021 biol Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period At Fair Market Value
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70000
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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15000
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342000
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2.48
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1613000
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2.60
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CY2020 us-gaap Proceeds From Stock Options Exercised
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.51
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
404000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
227000
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
587000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2021Q4 us-gaap Property Plant And Equipment Net
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1067000
CY2020Q4 us-gaap Property Plant And Equipment Net
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782000
CY2019Q4 us-gaap Property Plant And Equipment Net
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1193000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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39188000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22780000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
37799000

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