2020 Q2 Form 10-Q Financial Statement

#000143774920012660 Filed on June 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $307.1K $522.5K $551.6K
YoY Change -57.83% -5.28% -34.44%
Cost Of Revenue $148.5K $124.3K $604.1K
YoY Change -78.15% -79.43% -48.79%
Gross Profit $158.7K $398.2K -$52.43K
YoY Change 224.14% -859.57% -84.49%
Gross Profit Margin 51.67% 76.22% -9.5%
Selling, General & Admin $1.212M $1.381M $1.377M
YoY Change 14.48% 0.32% -5.8%
% of Gross Profit 763.72% 346.89%
Research & Development $318.6K $336.9K $374.1K
YoY Change 5.76% -9.95% -4.6%
% of Gross Profit 200.75% 84.6%
Depreciation & Amortization $20.00K $19.91K $19.29K
YoY Change -93.55% 3.21% -8.22%
% of Gross Profit 12.6% 5.0%
Operating Expenses $1.531M $1.718M $1.751M
YoY Change 12.55% -1.88% -5.55%
Operating Profit -$200.9K -$2.050M $70.00
YoY Change 74.98% -2928980.0% -100.0%
Interest Expense $567.5K $1.551M
YoY Change 394.07%
% of Operating Profit
Other Income/Expense, Net -$1.372M -$1.320M -$1.804M
YoY Change 4.64% -26.81% -30059733.33%
Pretax Income -$1.570M -$3.370M -$1.800M
YoY Change 9.79% 87.22% -17.81%
Income Tax
% Of Pretax Income
Net Earnings -$1.573M -$3.370M -$1.804M
YoY Change 10.31% 86.87% -17.72%
Net Earnings / Revenue -512.05% -645.05% -326.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$601.5K -$1.774M -$1.029M
COMMON SHARES
Basic Shares Outstanding 21.60M 13.99M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $1.170M $460.0K
YoY Change 102.9% 154.35% -64.62%
Cash & Equivalents $886.7K $661.9K $459.3K
Short-Term Investments $520.0K $510.0K
Other Short-Term Assets $79.63K $130.7K $75.82K
YoY Change -42.53% 72.33% 40.3%
Inventory $388.9K $388.9K $980.9K
Prepaid Expenses
Receivables $315.3K $120.3K $740.4K
Other Receivables $70.00K $130.0K $80.00K
Total Short-Term Assets $2.285M $1.990M $3.557M
YoY Change -40.08% -44.05% -34.8%
LONG-TERM ASSETS
Property, Plant & Equipment $95.55K $75.60K $152.7K
YoY Change -30.49% -50.5% -20.88%
Goodwill $417.2K
YoY Change
Intangibles $2.147M $147.2K $194.3K
YoY Change 1024.1% -24.24% 10.76%
Long-Term Investments
YoY Change
Other Assets $190.0K $220.0K $310.0K
YoY Change -34.48% -29.03% -16.22%
Total Long-Term Assets $3.467M $1.029M $7.707M
YoY Change -52.78% -86.64% -11.2%
TOTAL ASSETS
Total Short-Term Assets $2.285M $1.990M $3.557M
Total Long-Term Assets $3.467M $1.029M $7.707M
Total Assets $5.752M $3.019M $12.28M
YoY Change -48.44% -75.42% -24.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $668.5K $617.0K $472.6K
YoY Change -22.71% 30.54% 86.82%
Accrued Expenses $380.5K $515.1K $578.0K
YoY Change -46.73% -10.88% 10.16%
Deferred Revenue $602.8K $413.3K $333.2K
YoY Change 104.85% 24.04%
Short-Term Debt $500.0K $2.370M $0.00
YoY Change -7.41%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.623M $4.077M $1.655M
YoY Change 71.32% 146.28% 8.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $350.0K $350.0K $420.0K
YoY Change -7.89% -16.67%
Total Long-Term Liabilities $346.1K $353.6K $419.2K
YoY Change -9.65% -15.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.623M $4.077M $1.655M
Total Long-Term Liabilities $346.1K $353.6K $419.2K
Total Liabilities $4.970M $4.430M $1.816M
YoY Change 61.26% 143.9% 19.38%
SHAREHOLDERS EQUITY
Retained Earnings -$94.78M -$93.21M -$76.94M
YoY Change 20.95% 21.14% 15.11%
Common Stock $2.218K $1.839K $1.399K
YoY Change 55.21% 31.45% 47.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $782.5K -$1.411M $9.189M
YoY Change
Total Liabilities & Shareholders Equity $5.752M $3.019M $12.28M
YoY Change -48.44% -75.42% -24.73%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.573M -$3.370M -$1.804M
YoY Change 10.31% 86.87% -17.72%
Depreciation, Depletion And Amortization $20.00K $19.91K $19.29K
YoY Change -93.55% 3.21% -8.22%
Cash From Operating Activities -$950.0K -$1.023M $160.5K
YoY Change 126.19% -737.28% -84.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $23.39K
YoY Change -100.0% -28.81%
Acquisitions
YoY Change
Other Investing Activities -$1.900M $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.910M -$25.13K
YoY Change -23.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.070M 1.606M
YoY Change 372.31%
NET CHANGE
Cash From Operating Activities -950.0K -1.023M 160.5K
Cash From Investing Activities -1.910M -25.13K
Cash From Financing Activities 3.070M 1.606M
Net Change In Cash 210.0K 582.9K 135.4K
YoY Change -8.7% 330.62% -86.61%
FREE CASH FLOW
Cash From Operating Activities -$950.0K -$1.023M $160.5K
Capital Expenditures $0.00 $23.39K
Free Cash Flow -$950.0K -$1.023M $137.1K
YoY Change 131.71% -846.0% -86.44%

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CY2019Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
141358
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
70
CY2020Q1 us-gaap Lease Cost
LeaseCost
53723
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
566320
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
89226
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
160817
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
170853
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
145424
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
49881
CY2020Q1 us-gaap Liabilities
Liabilities
4430299
CY2019Q4 us-gaap Liabilities
Liabilities
4781871
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3019278
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2496698
CY2020Q1 us-gaap Liabilities Current
LiabilitiesCurrent
4076746
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4391405
CY2020Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
353553
CY2019Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
390466
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1605729
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25128
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1022805
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
160496
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3370282
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1803508
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3482968
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1803508
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
353553
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
390466
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
52301
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
520470
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
566479
CY2020Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
46009
CY2019Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
34864
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y47D
CY2020Q1 us-gaap Other Assets Current
OtherAssetsCurrent
130670
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1320066
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1803578
CY2020Q1 us-gaap Notes Payable Current
NotesPayableCurrent
2301956
CY2019Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2255454
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
1718288
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
1751151
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2050216
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
70
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
53723
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
516439
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
162886
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
170560
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
110941
CY2020Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
13000
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
CY2020Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1737
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
23391
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
166572
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
108397
CY2020Q1 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="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: justify;"><div style="display: inline; font-style: italic;">Reclassifications</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><br /> Certain balance sheet accounts have been reclassified to conform to the <div style="display: inline; font-style: italic; font: inherit;">2020</div> presentation.</div></div></div></div>
CY2020Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
283000
CY2019Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
CY2020Q1 us-gaap Share Price
SharePrice
0.76
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
520470
CY2020Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1500000
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1032500
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
16506
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-1411021
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-2285173
CY2020Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-122271
CY2019Q1 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
CY2020Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1458000
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
75597
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
95509
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
336889
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
374118
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93205984
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-89723016
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
522485
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
551623
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1381399
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1377033
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10466222
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
9188748
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15165522
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13979318

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