2019 Q1 Form 10-K Financial Statement

#000143774919006258 Filed on April 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2018
Revenue $551.6K $841.5K $4.045M
YoY Change -34.44% -40.67% -35.83%
Cost Of Revenue $604.1K $1.179M $4.164M
YoY Change -48.79% 78.45% 28.44%
Gross Profit -$52.43K -$338.0K -$119.6K
YoY Change -84.49% -144.62% -103.91%
Gross Profit Margin -9.5% -40.17% -2.96%
Selling, General & Admin $1.377M $1.462M $5.334M
YoY Change -5.8% -9.77% -6.03%
% of Gross Profit
Research & Development $374.1K $392.2K $1.415M
YoY Change -4.6% -20.53% -14.73%
% of Gross Profit
Depreciation & Amortization $19.29K $21.02K $84.62K
YoY Change -8.22% 168.83% 60.54%
% of Gross Profit
Operating Expenses $1.751M $1.854M $6.749M
YoY Change -5.55% -12.28% -8.0%
Operating Profit $70.00 -$2.192M $80.00
YoY Change -100.0% 61.63% -100.0%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.804M $6.00 -$6.869M
YoY Change -30059733.33% 0.0% -25440674.07%
Pretax Income -$1.800M -$2.190M -$6.870M
YoY Change -17.81% 61.03% 60.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.804M -$2.192M -$6.869M
YoY Change -17.72% 61.63% 60.66%
Net Earnings / Revenue -326.95% -260.5% -169.83%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.029M -$2.235M -$4.738M
COMMON SHARES
Basic Shares Outstanding 13.99M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $460.0K $1.300M $320.0K
YoY Change -64.62% 12.07% 10.34%
Cash & Equivalents $459.3K $1.300M $320.0K
Short-Term Investments
Other Short-Term Assets $75.82K $54.05K $1.280M
YoY Change 40.3% -54.16% -54.12%
Inventory $980.9K $899.2K $1.000M
Prepaid Expenses
Receivables $740.4K $305.2K $1.570M
Other Receivables $80.00K $50.00K $60.00K
Total Short-Term Assets $3.557M $5.455M $4.230M
YoY Change -34.8% 23.78% -39.66%
LONG-TERM ASSETS
Property, Plant & Equipment $152.7K $193.0K $150.0K
YoY Change -20.88% 221.7% -16.67%
Goodwill
YoY Change
Intangibles $194.3K $175.4K
YoY Change 10.76% 21.31%
Long-Term Investments
YoY Change
Other Assets $310.0K $370.0K $330.0K
YoY Change -16.22% 3600.0% 3200.0%
Total Long-Term Assets $7.707M $8.679M $7.460M
YoY Change -11.2% -22.63% -17.75%
TOTAL ASSETS
Total Short-Term Assets $3.557M $5.455M $4.230M
Total Long-Term Assets $7.707M $8.679M $7.460M
Total Assets $12.28M $16.32M $11.69M
YoY Change -24.73% 4.45% -27.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $472.6K $253.0K $480.0K
YoY Change 86.82% 64.61% -4.0%
Accrued Expenses $578.0K $524.7K $550.0K
YoY Change 10.16% 38.07% -20.29%
Deferred Revenue $333.2K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.655M $1.522M $1.230M
YoY Change 8.79% -6.38% -47.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $420.0K
YoY Change
Total Long-Term Liabilities $419.2K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.655M $1.522M $1.230M
Total Long-Term Liabilities $419.2K $0.00 $0.00
Total Liabilities $1.816M $1.522M $1.230M
YoY Change 19.38% -6.38% -47.21%
SHAREHOLDERS EQUITY
Retained Earnings -$76.94M -$66.84M
YoY Change 15.11% 4.18%
Common Stock $1.399K $949.00
YoY Change 47.42% 55.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.189M $12.61M $10.47M
YoY Change
Total Liabilities & Shareholders Equity $12.28M $16.32M $11.69M
YoY Change -24.73% 4.45% -27.3%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2018
OPERATING ACTIVITIES
Net Income -$1.804M -$2.192M -$6.869M
YoY Change -17.72% 61.63% 60.66%
Depreciation, Depletion And Amortization $19.29K $21.02K $84.62K
YoY Change -8.22% 168.83% 60.54%
Cash From Operating Activities $160.5K $1.044M -$1.613M
YoY Change -84.62% 792.47% -34.56%
INVESTING ACTIVITIES
Capital Expenditures $23.39K $32.86K $52.06K
YoY Change -28.81% 136.5% -68.65%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$30.00K
YoY Change -50.0%
Cash From Investing Activities -$25.13K -$32.86K -$82.46K
YoY Change -23.52% 136.5% -63.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.875M
YoY Change -6.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.731M
YoY Change -9.82%
NET CHANGE
Cash From Operating Activities 160.5K 1.044M -1.613M
Cash From Investing Activities -25.13K -32.86K -82.46K
Cash From Financing Activities 1.731M
Net Change In Cash 135.4K 1.011M 35.22K
YoY Change -86.61% 940.95% -104.56%
FREE CASH FLOW
Cash From Operating Activities $160.5K $1.044M -$1.613M
Capital Expenditures $23.39K $32.86K $52.06K
Free Cash Flow $137.1K $1.011M -$1.666M
YoY Change -86.44% 880.89% -36.71%

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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=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: left; margin: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> <div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: left; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; margin: 0pt; text-indent: 18pt;">Our consolidated financial statements are prepared in accordance with GAAP as set forth in the Financial Accounting Standards Board&#x2019;s (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the U.S. Securities and Exchange Commission (SEC). These accounting principles require us to make certain estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. To the extent there are material differences between these estimates, judgments or assumptions and actual results, its consolidated financial statements will be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require management&#x2019;s judgment in its application. There are also areas in which management&#x2019;s judgment in selecting among available alternatives would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> produce a materially different result.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: justify; margin: 0pt;"></div></div></div></div></div></div></div>
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WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
1428966
CY2017 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11607933
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6638382

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