2014 Q2 Form 10-Q Financial Statement

#000114420414031366 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $949.5K $1.134M $1.251M
YoY Change -23.43% -9.36% -5.0%
Cost Of Revenue $1.090M $1.083M $1.066M
YoY Change -0.91% 1.67% -4.27%
Gross Profit -$136.2K $50.91K $185.9K
YoY Change -197.26% -72.62% -8.97%
Gross Profit Margin -14.34% 4.49% 14.85%
Selling, General & Admin $990.0K $886.3K $854.9K
YoY Change 1.02% 3.67% 2.4%
% of Gross Profit 1741.03% 459.85%
Research & Development $200.0K $153.6K $155.1K
YoY Change 11.11% -0.98% 17.32%
% of Gross Profit 301.75% 83.45%
Depreciation & Amortization $180.0K $170.0K $180.0K
YoY Change -5.26% -5.56% -14.29%
% of Gross Profit 333.95% 96.82%
Operating Expenses $1.180M $1.040M $1.010M
YoY Change 1.72% 2.96% 4.44%
Operating Profit -$1.316M -$989.0K -$824.1K
YoY Change 29.04% 20.01% 8.03%
Interest Expense -$360.0K $110.0K
YoY Change -1300.0% -47.62%
% of Operating Profit
Other Income/Expense, Net -$1.094M $109.1K
YoY Change -1103.31% -48.05%
Pretax Income -$1.680M -$2.080M -$720.0K
YoY Change 69.7% 188.89% 30.91%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.678M -$2.083M -$715.0K
YoY Change 69.48% 191.37% 29.33%
Net Earnings / Revenue -176.7% -183.67% -57.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$31.03K -$48.93K -$20.80K
COMMON SHARES
Basic Shares Outstanding 54.39M shares 41.54M shares 34.61M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.68M $23.70M $3.680M
YoY Change 509.66% 544.02% 46.03%
Cash & Equivalents $7.680M $23.70M $3.684M
Short-Term Investments $10.00M
Other Short-Term Assets $26.69K $210.0K $210.0K
YoY Change 0.0% 0.0% 23.53%
Inventory $359.7K $387.0K $357.0K
Prepaid Expenses
Receivables $913.0K $805.3K $830.0K
Other Receivables $53.08K $0.00 $10.00K
Total Short-Term Assets $19.21M $25.11M $5.092M
YoY Change 332.41% 393.03% 27.1%
LONG-TERM ASSETS
Property, Plant & Equipment $1.018M $1.183M $1.853M
YoY Change -39.56% -36.15% -28.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.400M
YoY Change
Other Assets $264.1K $258.6K $293.6K
YoY Change -4.5% -11.91% -2.03%
Total Long-Term Assets $7.334M $2.093M $2.797M
YoY Change 180.83% -25.2% -21.94%
TOTAL ASSETS
Total Short-Term Assets $19.21M $25.11M $5.092M
Total Long-Term Assets $7.334M $2.093M $2.797M
Total Assets $26.55M $27.20M $7.890M
YoY Change 276.3% 244.74% 3.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $570.0K $610.0K $370.0K
YoY Change 32.56% 64.86% 5.71%
Accrued Expenses $580.0K $410.0K $280.0K
YoY Change 61.11% 46.43% 0.0%
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 $1.154M $1.021M $649.3K
YoY Change 45.54% 57.21% 3.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.440M $1.530M $910.0K
YoY Change 60.0% 68.13% 12.35%
Total Long-Term Liabilities $1.440M $1.530M $910.0K
YoY Change 60.0% 68.13% 12.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.154M $1.021M $649.3K
Total Long-Term Liabilities $1.440M $1.530M $910.0K
Total Liabilities $2.593M $2.546M $1.555M
YoY Change 53.54% 63.74% 8.04%
SHAREHOLDERS EQUITY
Retained Earnings -$58.05M -$56.37M -$51.10M
YoY Change 11.44% 10.32% 8.65%
Common Stock $54.70K $54.18K $34.61K
YoY Change 58.02% 56.54% 18.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.390K $8.390K $8.390K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 13.20K shares 13.20K shares 13.20K shares
Shareholders Equity $23.96M $24.65M $6.335M
YoY Change
Total Liabilities & Shareholders Equity $26.55M $27.20M $7.890M
YoY Change 276.3% 244.74% 3.95%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$1.678M -$2.083M -$715.0K
YoY Change 69.48% 191.37% 29.33%
Depreciation, Depletion And Amortization $180.0K $170.0K $180.0K
YoY Change -5.26% -5.56% -14.29%
Cash From Operating Activities -$990.0K -$500.0K -$760.0K
YoY Change 25.32% -34.21% -6.17%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$15.40M $0.00 $0.00
YoY Change
Cash From Investing Activities -$15.42M $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 390.0K 19.79M 0.000
YoY Change 3800.0%
NET CHANGE
Cash From Operating Activities -990.0K -500.0K -760.0K
Cash From Investing Activities -15.42M 0.000 0.000
Cash From Financing Activities 390.0K 19.79M 0.000
Net Change In Cash -16.02M 19.29M -760.0K
YoY Change 1953.85% -2638.16% -10.59%
FREE CASH FLOW
Cash From Operating Activities -$990.0K -$500.0K -$760.0K
Capital Expenditures -$20.00K $0.00 $0.00
Free Cash Flow -$970.0K -$500.0K -$760.0K
YoY Change 22.78% -34.21% -1.3%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.5in; TEXT-ALIGN: left"><strong>2.</strong></td> <td style="TEXT-ALIGN: justify"><strong>New Accounting Pronouncements</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the "FASB") or other standards setting bodies that are adopted by us as of the specified effective dates. Unless otherwise discussed, we believe the impact of recently issued standards that are not yet effective will not have a material impact on our consolidated financial position, results of operations and cash flows upon adoption.</p> <!--EndFragment--></div> </div>
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014Q1 us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
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CY2013Q2 us-gaap Other Assets Noncurrent
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276507 USD
CY2014Q1 us-gaap Other Assets Noncurrent
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258619 USD
CY2013Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
100000 USD
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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10632 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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10632 USD
us-gaap Payments To Acquire Intangible Assets
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5168 USD
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PaymentsToAcquireIntangibleAssets
12926 USD
us-gaap Payments To Acquire Property Plant And Equipment
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16333 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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2324072 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
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0.001
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0.001
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PreferredStockRedemptionPremium
USD
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PreferredStockRedemptionPremium
USD
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
726378 USD
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
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CY2014Q1 us-gaap Preferred Stock Shares Authorized
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PreferredStockValue
59 USD
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
59 USD
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us-gaap Proceeds From Issuance Of Common Stock
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13818927 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1800589 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
USD
CY2013Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
3279292 USD
CY2014Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15129 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11309 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
5961001 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1825 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
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1684282 USD
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PropertyPlantAndEquipmentNet
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
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181149 USD
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CY2014Q1 us-gaap Sales Revenue Goods Net
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1134319 USD
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1251478 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3269642 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3283167 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
65000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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SellingAndMarketingExpense
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SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
928962 USD
us-gaap Share Based Compensation
ShareBasedCompensation
65217 USD
us-gaap Share Based Compensation
ShareBasedCompensation
85369 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.58
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
0.59
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.3231 pure
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.3231 pure
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0185 pure
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2014Q1 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
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15130 USD
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13866 USD
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
50000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
15000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y10M6D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
31700 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y3M18D
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1714527 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1923611 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2238840 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.86
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y2M23D
CY2013Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
13200 shares
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.58
CY2014Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
13200 shares
CY2013Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.59
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
5366246 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
24653863 USD
us-gaap Stock Issued1
StockIssued1
440000 USD
us-gaap Stock Issued1
StockIssued1
USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
26333 shares
CY2013Q2 us-gaap Treasury Stock Value
TreasuryStockValue
8390 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
8390 USD
CY2014Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1095000 USD
CY2013Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
109000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1014000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
183000 USD
CY2014Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
678000 USD
CY2013Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
131000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42506077 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34611517 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38852980 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34359567 shares

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