2019 Q3 Form 10-Q Financial Statement

#000143774919022954 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $452.7K $739.8K $748.1K
YoY Change -38.8% -21.51% -15.64%
Cost Of Revenue $508.7K $940.3K $1.030M
YoY Change -45.91% 1.87% 29.38%
Gross Profit -$55.94K -$200.6K -$281.7K
YoY Change -72.11% -1137.35% -409.79%
Gross Profit Margin -12.36% -27.11% -37.65%
Selling, General & Admin $915.1K $1.049M $1.076M
YoY Change -12.79% -15.27% -24.81%
% of Gross Profit
Research & Development $300.1K $391.5K $297.6K
YoY Change -23.34% 1.21% -33.72%
% of Gross Profit
Depreciation & Amortization $300.0K $690.0K $680.0K
YoY Change -56.52% 72.5% 65.85%
% of Gross Profit
Operating Expenses $1.215M $1.441M $1.374M
YoY Change -15.66% -11.34% -26.93%
Operating Profit -$558.4K -$1.641M -$1.655M
YoY Change -65.98% 2.22% -7.48%
Interest Expense $558.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.271M
YoY Change
Pretax Income -$1.830M -$1.640M -$1.660M
YoY Change 11.59% 1.86% -7.26%
Income Tax
% Of Pretax Income
Net Earnings -$1.830M -$1.641M -$1.655M
YoY Change 11.47% 2.21% -7.48%
Net Earnings / Revenue -404.13% -221.87% -221.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.017M -$1.000M -$1.169M
COMMON SHARES
Basic Shares Outstanding 14.40M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $590.0K $1.050M $300.0K
YoY Change -43.81% 8.25% -69.7%
Cash & Equivalents $78.24K $1.049M $304.0K
Short-Term Investments $510.0K
Other Short-Term Assets $50.70K $80.40K $27.66K
YoY Change -36.94% 179.66% -6.11%
Inventory $971.2K $1.044M $930.5K
Prepaid Expenses
Receivables $773.3K $653.5K $491.7K
Other Receivables $50.00K $80.00K $30.00K
Total Short-Term Assets $3.694M $5.910M $4.730M
YoY Change -37.48% 18.47% -0.12%
LONG-TERM ASSETS
Property, Plant & Equipment $117.6K $170.0K $189.4K
YoY Change -30.81% -9.03% 23.34%
Goodwill
YoY Change
Intangibles $187.7K $193.0K $187.8K
YoY Change -2.75% 9.73% 12.65%
Long-Term Investments
YoY Change
Other Assets $260.0K $340.0K $350.0K
YoY Change -23.53% 3300.0% 3400.0%
Total Long-Term Assets $7.087M $7.092M $7.873M
YoY Change -0.07% -29.3% -26.09%
TOTAL ASSETS
Total Short-Term Assets $3.694M $5.910M $4.730M
Total Long-Term Assets $7.087M $7.092M $7.873M
Total Assets $10.78M $13.00M $12.60M
YoY Change -17.07% -13.44% -18.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $496.7K $369.8K $330.4K
YoY Change 34.31% -27.19% -0.96%
Accrued Expenses $478.5K $585.6K $484.6K
YoY Change -18.28% 36.93% 15.01%
Deferred Revenue $222.7K $255.7K $328.2K
YoY Change -12.91%
Short-Term Debt $1.860M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.236M $1.211M $1.143M
YoY Change 167.16% -29.06% -42.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $430.0K
YoY Change
Total Long-Term Liabilities $426.9K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.236M $1.211M $1.143M
Total Long-Term Liabilities $426.9K $0.00 $0.00
Total Liabilities $3.663M $1.211M $1.143M
YoY Change 202.41% -29.06% -42.12%
SHAREHOLDERS EQUITY
Retained Earnings -$80.19M -$73.75M -$70.68M
YoY Change 8.73% 9.18% 7.18%
Common Stock $1.440K $1.398K $1.259K
YoY Change 3.0% 102.02% 93.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.119M $11.79M $11.46M
YoY Change
Total Liabilities & Shareholders Equity $10.78M $13.00M $12.60M
YoY Change -17.07% -13.44% -18.09%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.830M -$1.641M -$1.655M
YoY Change 11.47% 2.21% -7.48%
Depreciation, Depletion And Amortization $300.0K $690.0K $680.0K
YoY Change -56.52% 72.5% 65.85%
Cash From Operating Activities -$1.620M -$1.020M -$940.0K
YoY Change 58.82% 7.37% -3.09%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$40.00K
YoY Change -100.0% -83.33% -69.23%
Acquisitions
YoY Change
Other Investing Activities -$510.0K
YoY Change
Cash From Investing Activities -$510.0K -$10.00K -$40.00K
YoY Change 5000.0% -83.33% -69.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.530M 1.780M -20.00K
YoY Change -14.04% 78.0% -102.15%
NET CHANGE
Cash From Operating Activities -1.620M -1.020M -940.0K
Cash From Investing Activities -510.0K -10.00K -40.00K
Cash From Financing Activities 1.530M 1.780M -20.00K
Net Change In Cash -600.0K 750.0K -1.000M
YoY Change -180.0% -7600.0% 488.24%
FREE CASH FLOW
Cash From Operating Activities -$1.620M -$1.020M -$940.0K
Capital Expenditures $0.00 -$10.00K -$40.00K
Free Cash Flow -$1.620M -$1.010M -$900.0K
YoY Change 60.4% 13.48% 7.14%

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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2019Q3 us-gaap Liabilities And Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Number Of Reportable Segments
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1
CY2019Q3 us-gaap Operating Expenses
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50702
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us-gaap Payments To Acquire Held To Maturity Securities
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28753
us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
CY2018Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
198033
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2019Q3 us-gaap Preferred Stock Shares Authorized
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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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CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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; margin: 0pt; text-align: left;"><div style="display: inline; font-style: italic;">Reclassification</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Reclassifications occurred to certain prior year amounts in order to conform to the current year classifications including segregating the hardware revenues. The reclassifications have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on the reported net loss.</div></div></div>
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Repayments Of Convertible Debt
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us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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1732720
us-gaap Revenue From Contract With Customer Including Assessed Tax
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2329346
CY2019Q3 us-gaap Selling General And Administrative Expense
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CY2018Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2019Q3 us-gaap Short Term Lease Cost
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10145
us-gaap Short Term Lease Cost
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41535
CY2018Q3 us-gaap Stock Issued During Period Value New Issues
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CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2018Q3 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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CY2019Q3 us-gaap Sublease Income
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SubleaseIncome
us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
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us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
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1428966
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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14387467
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13145301
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14163120
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10810103

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