2019 Q1 Form 10-K Financial Statement

#000162828019002959 Filed on March 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q3
Revenue $1.853M $4.014M $2.829M
YoY Change 4.78% 41.07% 3.12%
Cost Of Revenue $1.147M $2.988M $3.068M
YoY Change 36.31% 99.72% 81.53%
Gross Profit $706.0K $1.025M -$239.6K
YoY Change -23.84% -23.98% -122.76%
Gross Profit Margin 38.1% 25.55% -8.47%
Selling, General & Admin $4.791M $4.600M $3.224M
YoY Change 65.47% 30.31% 3.44%
% of Gross Profit 678.61% 448.6%
Research & Development $2.100M $2.520M $2.505M
YoY Change -11.28% 2.44% -15.57%
% of Gross Profit 297.45% 245.75%
Depreciation & Amortization $270.0K $150.0K $391.2K
YoY Change -31.03% -72.22% 62.65%
% of Gross Profit 38.24% 14.63%
Operating Expenses $6.891M $7.120M $5.729M
YoY Change 30.95% 19.06% -5.83%
Operating Profit -$6.185M -$6.095M -$5.969M
YoY Change 42.66% 31.6% 18.64%
Interest Expense $273.0K -$270.0K $404.4K
YoY Change -9.6% 68.75% 178.33%
% of Operating Profit
Other Income/Expense, Net -$1.662M -$40.00K $1.040M
YoY Change -437.89% -92.31% -1861.48%
Pretax Income -$7.847M -$6.400M -$4.929M
YoY Change 104.16% 8.11% -3.17%
Income Tax $5.000K $10.00K -$2.978K
% Of Pretax Income
Net Earnings -$7.852M -$6.411M -$4.926M
YoY Change 104.09% -208.3% -196.87%
Net Earnings / Revenue -423.75% -159.75% -174.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$768.9K -$633.4K -$491.5K
COMMON SHARES
Basic Shares Outstanding 10.10M shares 10.03M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.80M $16.50M $20.70M
YoY Change 173.68%
Cash & Equivalents $20.83M $16.52M $20.66M
Short-Term Investments
Other Short-Term Assets $1.374M $384.1K $1.099M
YoY Change -19.18% -30.17%
Inventory $1.406M $1.069M $2.615M
Prepaid Expenses
Receivables $4.057M $4.514M $4.001M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.01M $23.03M $28.62M
YoY Change 103.0% 222.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.537M $1.777M $2.049M
YoY Change -40.88% -40.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.537M $1.777M $2.049M
YoY Change -43.07% -40.87%
TOTAL ASSETS
Total Short-Term Assets $28.01M $23.03M $28.62M
Total Long-Term Assets $1.537M $1.777M $2.049M
Total Assets $29.55M $24.80M $30.67M
YoY Change 79.1% 144.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $870.8K $1.352M $2.364M
YoY Change -3.24% -41.3%
Accrued Expenses $3.629M $2.900M $2.815M
YoY Change 29.6% -17.35%
Deferred Revenue $271.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.714M $4.523M $5.515M
YoY Change -82.48% -72.84%
LONG-TERM LIABILITIES
Long-Term Debt $18.38M $9.029M $9.008M
YoY Change
Other Long-Term Liabilities $287.3K $808.4K $767.2K
YoY Change -52.11% 42.56%
Total Long-Term Liabilities $18.66M $9.838M $9.776M
YoY Change 3010.52% 1634.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.714M $4.523M $5.515M
Total Long-Term Liabilities $18.66M $9.838M $9.776M
Total Liabilities $23.68M $14.67M $15.43M
YoY Change -13.89% -15.53%
SHAREHOLDERS EQUITY
Retained Earnings -$80.61M -$72.76M -$66.35M
YoY Change 34.08%
Common Stock $86.48M $82.90M $81.59M
YoY Change 1952.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.870M $10.14M $15.24M
YoY Change
Total Liabilities & Shareholders Equity $29.55M $24.80M $30.67M
YoY Change 79.1% 144.48%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$7.852M -$6.411M -$4.926M
YoY Change 104.09% -208.3% -196.87%
Depreciation, Depletion And Amortization $270.0K $150.0K $391.2K
YoY Change -31.03% -72.22% 62.65%
Cash From Operating Activities -$6.552M -$4.090M -$6.100M
YoY Change -3.47% 45.55% 7.77%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$130.0K
YoY Change -100.0% -96.43% -53.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K -$130.0K
YoY Change -100.0% -96.43% -53.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.410M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $10.86M -30.00K 19.26M
YoY Change -18.54% -102.03% 564.14%
NET CHANGE
Cash From Operating Activities -$6.552M -4.090M -6.100M
Cash From Investing Activities $0.00 -10.00K -130.0K
Cash From Financing Activities $10.86M -30.00K 19.26M
Net Change In Cash $4.307M -4.130M 13.03M
YoY Change -34.05% 156.52% -528.62%
FREE CASH FLOW
Cash From Operating Activities -$6.552M -$4.090M -$6.100M
Capital Expenditures $0.00 -$10.00K -$130.0K
Free Cash Flow -$6.552M -$4.080M -$5.970M
YoY Change -3.64% 61.26% 10.97%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash and cash equivalents and accounts receivable. The Company maintains deposits in federally insured major financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s customers are located throughout the world. The Company generally does not require collateral from its customers, but it performs credit evaluations of their financial condition. More information on accounts receivable is contained in the paragraph titled &#8220;Accounts Receivable&#8221; below. </font></div></div>

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