2019 Q3 Form 10-Q Financial Statement

#000143774919016847 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2019 Q1
Revenue $2.690M $2.693M $2.196M
YoY Change -3.93% -12.65% -40.86%
Cost Of Revenue $1.120M $1.491M $1.607M
YoY Change -18.25% -2.8% -15.02%
Gross Profit $1.570M $1.202M $589.0K
YoY Change 9.03% -22.4% -67.67%
Gross Profit Margin 58.36% 44.63% 26.82%
Selling, General & Admin $2.770M $2.254M $1.689M
YoY Change 73.13% 48.58% 0.96%
% of Gross Profit 176.43% 187.52% 286.76%
Research & Development $690.0K $592.0K $489.0K
YoY Change 81.58% 45.81% 19.85%
% of Gross Profit 43.95% 49.25% 83.02%
Depreciation & Amortization $250.0K $257.0K $78.00K
YoY Change 400.0% 176.34% -25.0%
% of Gross Profit 15.92% 21.38% 13.24%
Operating Expenses $3.280M $4.041M $2.560M
YoY Change 60.78% -40.01% 5.0%
Operating Profit -$1.710M -$2.839M -$1.971M
YoY Change 185.0% -45.27% 219.97%
Interest Expense $0.00 $10.00K -$10.33M
YoY Change -100.0% -75.0% 17116.67%
% of Operating Profit
Other Income/Expense, Net $2.210M $10.15M
YoY Change
Pretax Income $690.0K $7.314M -$12.52M
YoY Change -171.88% -241.96% 1741.47%
Income Tax $0.00 $3.000K
% Of Pretax Income 0.0% 0.04%
Net Earnings $690.0K $7.311M -$12.52M
YoY Change -172.63% -241.63% 1741.47%
Net Earnings / Revenue 25.65% 271.48% -570.22%
Basic Earnings Per Share $3.62 -$41.52
Diluted Earnings Per Share $302.6K $3.56 -$41.52
COMMON SHARES
Basic Shares Outstanding 2.794M 1.996M 303.4K
Diluted Shares Outstanding 2.033M 303.4K

Balance Sheet

Concept 2019 Q3 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $1.300M $1.620M
YoY Change -53.13% 202.33% 113.16%
Cash & Equivalents $296.0K $1.298M $1.615M
Short-Term Investments
Other Short-Term Assets $49.00K $89.00K $523.0K
YoY Change 133.33% -81.06% 21.63%
Inventory
Prepaid Expenses $351.0K $442.0K $1.552M
Receivables $979.0K $1.660M $2.550M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.675M $3.487M $6.240M
YoY Change -40.98% 16.43% 53.54%
LONG-TERM ASSETS
Property, Plant & Equipment $299.0K $315.0K $327.0K
YoY Change 273.75% 235.11% 233.67%
Goodwill $5.557M $5.557M $1.507M
YoY Change -28.59% -30.76% -88.08%
Intangibles $3.509M $3.747M $3.988M
YoY Change 17445.0% 7546.94% 3223.33%
Long-Term Investments
YoY Change
Other Assets $115.0K $103.0K $214.0K
YoY Change -58.93% -60.08% -21.61%
Total Long-Term Assets $9.480M $9.722M $9.875M
YoY Change 16.15% 15.37% -24.8%
TOTAL ASSETS
Total Short-Term Assets $1.675M $3.487M $6.240M
Total Long-Term Assets $9.480M $9.722M $9.875M
Total Assets $11.16M $13.21M $16.12M
YoY Change 1.41% 15.65% -6.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.740M $1.312M $1.454M
YoY Change 10.34% -4.3% -18.63%
Accrued Expenses $835.0K $1.172M $805.0K
YoY Change 43.97% 84.28% 12.12%
Deferred Revenue $1.262M $1.832M $1.352M
YoY Change 112.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.837M $4.316M $3.611M
YoY Change 1.83% 41.69% -5.42%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $8.000K $13.00K $27.00K
YoY Change -85.19% -94.44% -92.89%
Total Long-Term Liabilities $8.000K $13.00K $27.00K
YoY Change -99.7% -99.57% -99.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.837M $4.316M $3.611M
Total Long-Term Liabilities $8.000K $13.00K $27.00K
Total Liabilities $7.359M $10.06M $24.26M
YoY Change 11.91% 65.11% 257.34%
SHAREHOLDERS EQUITY
Retained Earnings -$71.49M -$72.10M -$79.33M
YoY Change 15.72% 18.68% 42.92%
Common Stock $3.000K $3.000K $0.00
YoY Change -40.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.796M $3.154M -$8.145M
YoY Change
Total Liabilities & Shareholders Equity $11.16M $13.21M $16.12M
YoY Change 1.41% 15.65% -6.29%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $690.0K $7.311M -$12.52M
YoY Change -172.63% -241.63% 1741.47%
Depreciation, Depletion And Amortization $250.0K $257.0K $78.00K
YoY Change 400.0% 176.34% -25.0%
Cash From Operating Activities -$890.0K -$760.0K -$990.0K
YoY Change 535.71% 40.74% -760.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$30.00K -$30.00K -$5.610M
YoY Change
Cash From Investing Activities -$30.00K -$30.00K -$5.620M
YoY Change 50.0% 50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.00K 490.0K 6.120M
YoY Change -123.68% 113.04% -1324.0%
NET CHANGE
Cash From Operating Activities -890.0K -760.0K -990.0K
Cash From Investing Activities -30.00K -30.00K -5.620M
Cash From Financing Activities -90.00K 490.0K 6.120M
Net Change In Cash -1.010M -300.0K -490.0K
YoY Change -559.09% -9.09% 40.0%
FREE CASH FLOW
Cash From Operating Activities -$890.0K -$760.0K -$990.0K
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$890.0K -$760.0K -$980.0K
YoY Change 641.67% 46.15% -753.33%

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us-gaap Net Income Loss Available To Common Stockholders Basic
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
19000
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2018Q4 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
32000
us-gaap Other Depreciation And Amortization
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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235000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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38000
CY2019Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
5608000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
5638000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
21000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
12000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
CY2019Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
78000
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
79000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
235000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
231000
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2019Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
442000
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
452000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4700000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
9123000
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
953000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
75000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
888000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
315000
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PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Lines Of Credit
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2156000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1121000
us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
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us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
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ResearchAndDevelopmentExpense
592000
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ResearchAndDevelopmentExpense
406000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1499000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1221000
CY2019Q2 us-gaap Restructuring Reserve
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441000
CY2018Q3 us-gaap Restructuring Reserve
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CY2019Q2 us-gaap Restructuring Settlement And Impairment Provisions
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CY2018Q2 us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Revenue Remaining Performance Obligation
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13000
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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CY2019Q2 us-gaap Selling And Marketing Expense
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CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
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3083000
us-gaap Selling And Marketing Expense
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us-gaap Share Based Compensation
ShareBasedCompensation
210000
us-gaap Share Based Compensation
ShareBasedCompensation
374000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5688
CY2019Q2 us-gaap Share Price
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CY2018Q4 us-gaap Stock Issued During Period Value New Issues
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CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2019Q2 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q2 us-gaap Stockholders Equity
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CY2019Q2 us-gaap Warrants And Rights Outstanding
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CY2019Q2 us-gaap Warrants And Rights Outstanding Term
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CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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84825
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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839975
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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84825
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
839975
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84457

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