2021 Q1 Form 10-Q Financial Statement

#000143774921012546 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.889M $522.5K
YoY Change 261.47% -5.28%
Cost Of Revenue $766.6K $124.3K
YoY Change 516.95% -79.43%
Gross Profit $1.122M $398.2K
YoY Change 181.75% -859.57%
Gross Profit Margin 59.41% 76.22%
Selling, General & Admin $1.516M $1.381M
YoY Change 9.77% 0.32%
% of Gross Profit 135.15% 346.89%
Research & Development $441.7K $336.9K
YoY Change 31.1% -9.95%
% of Gross Profit 39.36% 84.6%
Depreciation & Amortization $25.12K $19.91K
YoY Change 26.13% 3.21%
% of Gross Profit 2.24% 5.0%
Operating Expenses $1.958M $1.718M
YoY Change 13.95% -1.88%
Operating Profit -$836.0K -$2.050M
YoY Change -59.22% -2928980.0%
Interest Expense $18.00K $1.551M
YoY Change -98.84%
% of Operating Profit
Other Income/Expense, Net -$15.39K -$1.320M
YoY Change -98.83% -26.81%
Pretax Income -$850.0K -$3.370M
YoY Change -74.78% 87.22%
Income Tax
% Of Pretax Income
Net Earnings -$851.4K -$3.370M
YoY Change -74.74% 86.87%
Net Earnings / Revenue -45.08% -645.05%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$109.4K -$1.774M
COMMON SHARES
Basic Shares Outstanding 7.774M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.04M $1.170M
YoY Change 1100.0% 154.35%
Cash & Equivalents $13.53M $661.9K
Short-Term Investments $510.0K $510.0K
Other Short-Term Assets $49.81K $130.7K
YoY Change -61.88% 72.33%
Inventory $600.4K $388.9K
Prepaid Expenses
Receivables $970.6K $120.3K
Other Receivables $50.00K $130.0K
Total Short-Term Assets $17.73M $1.990M
YoY Change 790.95% -44.05%
LONG-TERM ASSETS
Property, Plant & Equipment $69.99K $75.60K
YoY Change -7.42% -50.5%
Goodwill $1.263M
YoY Change
Intangibles $1.460M $147.2K
YoY Change 891.79% -24.24%
Long-Term Investments
YoY Change
Other Assets $180.0K $220.0K
YoY Change -18.18% -29.03%
Total Long-Term Assets $3.753M $1.029M
YoY Change 264.64% -86.64%
TOTAL ASSETS
Total Short-Term Assets $17.73M $1.990M
Total Long-Term Assets $3.753M $1.029M
Total Assets $21.48M $3.019M
YoY Change 611.53% -75.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $309.3K $617.0K
YoY Change -49.87% 30.54%
Accrued Expenses $536.0K $515.1K
YoY Change 4.05% -10.88%
Deferred Revenue $524.8K $413.3K
YoY Change 26.97% 24.04%
Short-Term Debt $2.370M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.600M $4.077M
YoY Change -60.75% 146.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $260.0K $350.0K
YoY Change -25.71% -16.67%
Total Long-Term Liabilities $260.8K $353.6K
YoY Change -26.22% -15.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.600M $4.077M
Total Long-Term Liabilities $260.8K $353.6K
Total Liabilities $1.861M $4.430M
YoY Change -57.99% 143.9%
SHAREHOLDERS EQUITY
Retained Earnings -$100.4M -$93.21M
YoY Change 7.68% 21.14%
Common Stock $782.00 $1.839K
YoY Change -57.48% 31.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.62M -$1.411M
YoY Change
Total Liabilities & Shareholders Equity $21.48M $3.019M
YoY Change 611.53% -75.42%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$851.4K -$3.370M
YoY Change -74.74% 86.87%
Depreciation, Depletion And Amortization $25.12K $19.91K
YoY Change 26.13% 3.21%
Cash From Operating Activities -$3.199M -$1.023M
YoY Change 212.72% -737.28%
INVESTING ACTIVITIES
Capital Expenditures $13.31K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$13.31K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$252.7K 1.606M
YoY Change -115.74%
NET CHANGE
Cash From Operating Activities -$3.199M -1.023M
Cash From Investing Activities -$13.31K
Cash From Financing Activities -$252.7K 1.606M
Net Change In Cash -$3.465M 582.9K
YoY Change -694.34% 330.62%
FREE CASH FLOW
Cash From Operating Activities -$3.199M -$1.023M
Capital Expenditures $13.31K
Free Cash Flow -$3.212M -$1.023M
YoY Change 214.03% -846.0%

Facts In Submission

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21483145
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
22520572
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
1600183
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1876303
CY2021Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
260835
CY2020Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
309150
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
24000000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-252709
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1605729
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-13307
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3198559
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1022805
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-851431
CY2020Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
46009
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y14D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y94D
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-836046
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1320066
CY2020Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
295000
CY2021Q1 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
CY2020Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
295000
CY2021Q1 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
295000
CY2020Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
1958049
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
1718288
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-15385
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2050216
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
63973
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
53723
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
441514
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
498472
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
230072
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
234309
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
211442
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
264163
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
63812
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
52301
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
430206
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
487325
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
57119
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
49808
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
60453
CY2021Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
109371
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
64178
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2709
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
13000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13307
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1606161
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
201507
CY2021Q1 us-gaap Prepaid Insurance
PrepaidInsurance
46935
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
45468
CY2021Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
CY2020Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
283000
CY2020Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1458000
CY2021Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2020Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1458000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
69985
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
81793
CY2021Q1 us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
ReceivableWithImputedInterestEffectiveYieldInterestRate
0.05
CY2021Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
250000
CY2020Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2021Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
CY2020Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
122271
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
441651
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
336889
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-100361120
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-99509689
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1888638
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
522485
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1516398
CY2020Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1381399
CY2020Q1 us-gaap Share Price
SharePrice
6.08
CY2020Q2 us-gaap Share Price
SharePrice
5.20
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
9.28
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
5.86
CY2021Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
CY2020Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
232000
CY2021Q1 us-gaap Stock Issued1
StockIssued1
CY2020Q1 us-gaap Stock Issued1
StockIssued1
1500000
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
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
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7510
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
19622127
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
20335119
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-2285173
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-1411021
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7773688
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1895690

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