2013 Q1 Form 10-Q Financial Statement

#000114420413008537 Filed on February 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2011 Q4
Revenue $1.251M $975.5K $1.229M
YoY Change -5.0% -20.61% -0.91%
Cost Of Revenue $1.066M $1.134M $1.030M
YoY Change -4.27% 10.13% -8.06%
Gross Profit $185.9K -$158.6K $198.9K
YoY Change -8.97% -179.75% 53.0%
Gross Profit Margin 14.85% -16.26% 16.19%
Selling, General & Admin $854.9K $791.7K $801.3K
YoY Change 2.4% -1.2% 2.73%
% of Gross Profit 459.85% 402.86%
Research & Development $155.1K $149.2K $189.7K
YoY Change 17.32% -21.35% -245.89%
% of Gross Profit 83.45% 95.36%
Depreciation & Amortization $180.0K $180.0K $230.0K
YoY Change -14.29% -21.74% -8.0%
% of Gross Profit 96.82% 115.64%
Operating Expenses $1.010M $940.8K $990.9K
YoY Change 4.44% -5.06% 30.39%
Operating Profit -$824.1K -$1.099M -$792.1K
YoY Change 8.03% 38.81% 25.72%
Interest Expense $110.0K -$50.00K $160.0K
YoY Change -47.62% -131.25% -60.98%
% of Operating Profit
Other Income/Expense, Net $109.1K -$54.87K $163.3K
YoY Change -48.05% -133.6%
Pretax Income -$720.0K -$1.150M -$630.0K
YoY Change 30.91% 82.54% 173.91%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$715.0K -$1.154M -$628.7K
YoY Change 29.33% 83.59% 173.37%
Net Earnings / Revenue -57.14% -118.34% -51.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$20.80K -$33.24K -$23.00K
COMMON SHARES
Basic Shares Outstanding 34.61M 34.60M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q4 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.680M $4.440M $3.380M
YoY Change 46.03% 31.36% 22.02%
Cash & Equivalents $3.684M $4.441M $3.436M
Short-Term Investments
Other Short-Term Assets $210.0K $230.0K $120.0K
YoY Change 23.53% 91.67% -52.0%
Inventory $357.0K $402.9K $810.0K
Prepaid Expenses
Receivables $830.0K $656.2K $830.0K
Other Receivables $10.00K $0.00 $20.00K
Total Short-Term Assets $5.092M $5.736M $5.160M
YoY Change 27.1% 11.17% 7.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.853M $2.029M $2.790M
YoY Change -28.5% -27.29% -21.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $293.6K $301.1K $230.0K
YoY Change -2.03% 30.9% -32.35%
Total Long-Term Assets $2.797M $2.981M $3.290M
YoY Change -21.94% -9.4% -20.91%
TOTAL ASSETS
Total Short-Term Assets $5.092M $5.736M $5.160M
Total Long-Term Assets $2.797M $2.981M $3.290M
Total Assets $7.890M $8.717M $8.450M
YoY Change 3.95% 3.16% -5.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $370.0K $390.0K $350.0K
YoY Change 5.71% 11.43% -22.22%
Accrued Expenses $280.0K $300.0K $410.0K
YoY Change 0.0% -26.83% 13.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $649.3K $696.8K $760.0K
YoY Change 3.7% -8.31% -12.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $910.0K $1.000M $1.010M
YoY Change 12.35% -0.99% -47.94%
Total Long-Term Liabilities $910.0K $1.000M $1.010M
YoY Change 12.35% -0.99% -50.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $649.3K $696.8K $760.0K
Total Long-Term Liabilities $910.0K $1.000M $1.010M
Total Liabilities $1.555M $1.694M $1.770M
YoY Change 8.04% -4.28% -39.18%
SHAREHOLDERS EQUITY
Retained Earnings -$51.10M -$50.38M
YoY Change 8.65%
Common Stock $34.61K $34.61K
YoY Change 18.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.390K $8.390K
YoY Change 0.0%
Treasury Stock Shares 13.20K shares $13.20K
Shareholders Equity $6.335M $7.022M $6.680M
YoY Change
Total Liabilities & Shareholders Equity $7.890M $8.717M $8.450M
YoY Change 3.95% 3.16% -5.69%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2011 Q4
OPERATING ACTIVITIES
Net Income -$715.0K -$1.154M -$628.7K
YoY Change 29.33% 83.59% 173.37%
Depreciation, Depletion And Amortization $180.0K $180.0K $230.0K
YoY Change -14.29% -21.74% -8.0%
Cash From Operating Activities -$760.0K -$570.0K -$470.0K
YoY Change -6.17% 21.28% -27.69%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $261.1K
YoY Change -89.34%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -10.00K 2.270M
YoY Change -100.44% -6.2%
NET CHANGE
Cash From Operating Activities -760.0K -570.0K -470.0K
Cash From Investing Activities 0.000 0.000 -10.00K
Cash From Financing Activities 0.000 -10.00K 2.270M
Net Change In Cash -760.0K -580.0K 1.790M
YoY Change -10.59% -132.4% 2.87%
FREE CASH FLOW
Cash From Operating Activities -$760.0K -$570.0K -$470.0K
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$760.0K -$570.0K -$460.0K
YoY Change -1.3% 23.91% -25.81%

Facts In Submission

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CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13750 USD
CY2012Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
301074 USD
CY2012Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
301691 USD
CY2012Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
76000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3291977 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2279701 USD
CY2012Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3291977 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11309 USD
CY2012Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
144116 USD
CY2012Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
52000 USD
CY2012Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
8011 USD
CY2012Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
9925 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
10632 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
10632 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
13407 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
9491 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18048 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5316 USD
CY2012Q4 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2658 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5316 USD
CY2011Q4 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2658 USD
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000
CY2012Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
228368 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1352 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1825 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
40244 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2028682 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2416853 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
8960 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
5200 USD
us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
USD
CY2012Q4 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
USD
us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
50000 USD
CY2011Q4 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
290648 USD
CY2012Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
149176 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
440975 USD
CY2011Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
189661 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
181111 USD
CY2012Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
181027 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50382733 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-48234738 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2031689 USD
CY2012Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
975457 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2442072 USD
CY2011Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1228655 USD
us-gaap Share Based Compensation
ShareBasedCompensation
57789 USD
us-gaap Share Based Compensation
ShareBasedCompensation
66379 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2037064
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.93
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
13866 USD
CY2012Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
322094 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
618538 USD
CY2011Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
304120 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2964 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
37534
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
283372 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2312072
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
638150 USD
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2381306
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M13D
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
280472 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2037064
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
2102964
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y10M2D
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
258411 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2221210
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2283968
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.87
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y26D
CY2012Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34604605
CY2012Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
240000 USD
CY2011Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
484000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27540492
CY2011Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28593845
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34238401
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
7022465 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
5818192 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
31700
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5200
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
13200
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
13200
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
8390 USD
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
8390 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
74000 USD
CY2012Q4 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-55000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
166000 USD
CY2011Q4 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
166000 USD

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