2019 Q1 Form 10-K Financial Statement

#000143774920010796 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2019 Q1 2019 2018 Q4
Revenue $551.6K $2.268M $1.720M
YoY Change -34.44% -43.94% -43.79%
Cost Of Revenue $604.1K $2.461M $1.010M
YoY Change -48.79% -40.89% 17.44%
Gross Profit -$52.43K -$193.7K $700.0K
YoY Change -84.49% 61.91% -68.04%
Gross Profit Margin -9.5% -8.54% 40.7%
Selling, General & Admin $1.377M $5.037M $1.750M
YoY Change -5.8% -5.57% 25.9%
% of Gross Profit 250.0%
Research & Development $374.1K $1.332M $330.0K
YoY Change -4.6% -5.92% 0.0%
% of Gross Profit 47.14%
Depreciation & Amortization $19.29K $81.85K -$450.0K
YoY Change -8.22% -3.27% -209.76%
% of Gross Profit -64.29%
Operating Expenses $1.751M $6.368M $2.090M
YoY Change -5.55% -5.64% 21.51%
Operating Profit $70.00 -$1.069M -$1.390M
YoY Change -100.0% -1336325.0% -395.74%
Interest Expense $1.069M $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.804M -$13.52M
YoY Change -30059733.33% 96.82%
Pretax Income -$1.800M -$14.59M -$1.380M
YoY Change -17.81% 112.37% -387.5%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.804M -$14.59M -$1.380M
YoY Change -17.72% 112.39% -387.5%
Net Earnings / Revenue -326.95% -643.37% -80.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.029M -$8.197M -$788.6K
COMMON SHARES
Basic Shares Outstanding 13.99M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $460.0K $590.0K $320.0K
YoY Change -64.62% 84.38% 10.34%
Cash & Equivalents $459.3K $80.00K $323.9K
Short-Term Investments $510.0K
Other Short-Term Assets $75.82K $110.0K $56.68K
YoY Change 40.3% -91.41% -48.41%
Inventory $980.9K $430.0K $998.8K
Prepaid Expenses
Receivables $740.4K $130.0K $1.574M
Other Receivables $80.00K $110.0K $60.00K
Total Short-Term Assets $3.557M $1.370M $4.229M
YoY Change -34.8% -67.61% -39.7%
LONG-TERM ASSETS
Property, Plant & Equipment $152.7K $660.0K $148.6K
YoY Change -20.88% 340.0% -17.97%
Goodwill
YoY Change
Intangibles $194.3K $195.9K
YoY Change 10.76% 8.17%
Long-Term Investments
YoY Change
Other Assets $310.0K $240.0K $330.0K
YoY Change -16.22% -27.27% 3200.0%
Total Long-Term Assets $7.707M $1.130M $7.463M
YoY Change -11.2% -84.85% -17.67%
TOTAL ASSETS
Total Short-Term Assets $3.557M $1.370M $4.229M
Total Long-Term Assets $7.707M $1.130M $7.463M
Total Assets $12.28M $2.500M $11.69M
YoY Change -24.73% -78.61% -27.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $472.6K $920.0K $481.3K
YoY Change 86.82% 91.67% -3.6%
Accrued Expenses $578.0K $860.0K $548.2K
YoY Change 10.16% 56.36% -20.32%
Deferred Revenue $333.2K $196.6K
YoY Change -61.29%
Short-Term Debt $0.00 $2.260M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.655M $4.390M $1.226M
YoY Change 8.79% 256.91% -47.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $420.0K $390.0K
YoY Change
Total Long-Term Liabilities $419.2K $390.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.655M $4.390M $1.226M
Total Long-Term Liabilities $419.2K $390.0K $0.00
Total Liabilities $1.816M $4.780M $1.226M
YoY Change 19.38% 288.62% -47.28%
SHAREHOLDERS EQUITY
Retained Earnings -$76.94M -$75.13M
YoY Change 15.11% 12.01%
Common Stock $1.399K $1.398K
YoY Change 47.42% 81.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.189M -$2.290M $10.47M
YoY Change
Total Liabilities & Shareholders Equity $12.28M $2.500M $11.69M
YoY Change -24.73% -78.61% -27.28%

Cashflow Statement

Concept 2019 Q1 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$1.804M -$14.59M -$1.380M
YoY Change -17.72% 112.39% -387.5%
Depreciation, Depletion And Amortization $19.29K $81.85K -$450.0K
YoY Change -8.22% -3.27% -209.76%
Cash From Operating Activities $160.5K -$1.850M -$690.0K
YoY Change -84.62% 14.68% 2.99%
INVESTING ACTIVITIES
Capital Expenditures $23.39K $28.75K $30.00K
YoY Change -28.81% -44.77% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$510.0K -$30.00K
YoY Change 1600.0% -50.0%
Cash From Investing Activities -$25.13K -$543.3K $0.00
YoY Change -23.52% 558.89% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.149M -30.00K
YoY Change 24.12%
NET CHANGE
Cash From Operating Activities 160.5K -1.850M -690.0K
Cash From Investing Activities -25.13K -543.3K 0.000
Cash From Financing Activities 2.149M -30.00K
Net Change In Cash 135.4K -244.9K -720.0K
YoY Change -86.61% -795.39% 2.86%
FREE CASH FLOW
Cash From Operating Activities $160.5K -$1.850M -$690.0K
Capital Expenditures $23.39K $28.75K $30.00K
Free Cash Flow $137.1K -$1.879M -$720.0K
YoY Change -86.44% 12.82% 2.86%

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CY2018Q4 us-gaap Common Stock Shares Issued
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CY2018Q4 us-gaap Common Stock Shares Outstanding
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147000
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2461245
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CY2018 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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62000
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1736
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30398
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28753
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52060
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198033
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564361
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720000
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707000
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0
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91531
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32841
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44783
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2.51
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0
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3.03
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2.63
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.27
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.97
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.17
CY2019Q4 us-gaap Share Price
SharePrice
0.50
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y229D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y109D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y62D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
891760
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
946435
CY2019 us-gaap Short Term Lease Cost
ShortTermLeaseCost
41535
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2070000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
37532
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
35013
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-2285173
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10466222
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
13753295
CY2019 us-gaap Sublease Income
SubleaseIncome
566479
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019 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-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><div style="display: inline; font-style: italic; font: inherit;">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; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; 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. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, accounts receivable, inventory, intangible assets and long-lived assets, and income taxes. 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: inherit;">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: inherit;">not</div> produce a materially different result.</div></div></div>
CY2019 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
CY2018 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount
1428966
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14223685
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11607933

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