2016 Q2 Form 10-Q Financial Statement

#000114420416100413 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q2
Revenue $1.120M $1.198M $1.341M
YoY Change -16.46% 3.44% 41.2%
Cost Of Revenue $1.170M $1.132M $1.140M
YoY Change 2.63% 2.64% 4.59%
Gross Profit -$48.00K $66.00K $205.0K
YoY Change -123.42% 19.57% -250.53%
Gross Profit Margin -4.29% 5.51% 15.29%
Selling, General & Admin $1.520M $1.211M $1.150M
YoY Change 32.17% 25.52% 16.16%
% of Gross Profit 1834.85% 561.08%
Research & Development $140.0K $183.0K $160.0K
YoY Change -12.5% 29.42% -20.0%
% of Gross Profit 277.27% 78.06%
Depreciation & Amortization $140.0K $140.0K $150.0K
YoY Change -6.67% 0.0% -16.67%
% of Gross Profit 212.12% 73.18%
Operating Expenses $1.200M $1.394M $1.300M
YoY Change -7.69% 26.02% 10.17%
Operating Profit -$1.248M -$1.327M -$1.095M
YoY Change 13.97% 26.26% -16.8%
Interest Expense $70.00K $0.00 $70.00K
YoY Change 0.0% -100.0% -119.44%
% of Operating Profit
Other Income/Expense, Net -$460.0K $132.0K $0.00
YoY Change 35.44%
Pretax Income -$1.180M -$1.200M -$1.030M
YoY Change 14.56% 26.32% -38.69%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.185M -$1.195M -$1.035M
YoY Change 14.53% 25.32% -38.33%
Net Earnings / Revenue -105.8% -99.75% -77.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$21.44K -$21.81K -$18.76K
COMMON SHARES
Basic Shares Outstanding 55.01M shares 55.01M shares 54.91M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.39M $11.61M $14.59M
YoY Change -15.08% 14.27% -17.48%
Cash & Equivalents $10.14M $5.694M $5.227M
Short-Term Investments $2.250M $5.910M $9.360M
Other Short-Term Assets $27.00K $290.0K $26.69K
YoY Change 1.15% 31.82% 0.0%
Inventory $334.0K $457.3K $404.0K
Prepaid Expenses
Receivables $600.0K $880.0K $1.049M
Other Receivables $108.00 $5.098K $19.62K
Total Short-Term Assets $13.63M $13.24M $16.33M
YoY Change -16.52% 11.36% -15.04%
LONG-TERM ASSETS
Property, Plant & Equipment $577.0K $415.7K $574.8K
YoY Change 0.38% -37.02% -43.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.970M $5.190M $5.110M
YoY Change -41.88% -48.87% -5.37%
Other Assets $151.0K $222.5K $245.0K
YoY Change -38.38% -65.76% -7.21%
Total Long-Term Assets $4.473M $6.556M $6.678M
YoY Change -33.02% -43.92% -8.95%
TOTAL ASSETS
Total Short-Term Assets $13.63M $13.24M $16.33M
Total Long-Term Assets $4.473M $6.556M $6.678M
Total Assets $18.10M $19.80M $23.00M
YoY Change -21.31% -16.05% -13.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $610.0K $730.0K $500.0K
YoY Change 22.0% 65.91% -12.28%
Accrued Expenses $480.0K $480.0K $590.0K
YoY Change -18.64% 9.09% 1.72%
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 $1.094M $1.212M $1.092M
YoY Change 0.17% 37.76% -5.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $610.0K $1.060M $1.130M
YoY Change -46.02% -4.5% -21.53%
Total Long-Term Liabilities $610.0K $1.060M $1.130M
YoY Change -46.02% -4.5% -21.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.094M $1.212M $1.092M
Total Long-Term Liabilities $610.0K $1.060M $1.130M
Total Liabilities $1.701M $2.271M $2.221M
YoY Change -23.41% 14.25% -14.36%
SHAREHOLDERS EQUITY
Retained Earnings -$66.44M -$65.26M -$61.73M
YoY Change 7.63% 7.51% 6.34%
Common Stock $82.84M $82.78M $82.52M
YoY Change 0.39% 150731.64% 150757.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00 $8.390K
YoY Change -100.0% -100.0% 0.0%
Treasury Stock Shares 0.000 shares 0.000 shares 13.20K shares
Shareholders Equity $16.40M $17.52M $20.78M
YoY Change
Total Liabilities & Shareholders Equity $18.10M $19.80M $23.00M
YoY Change -21.31% -16.06% -13.36%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.185M -$1.195M -$1.035M
YoY Change 14.53% 25.32% -38.33%
Depreciation, Depletion And Amortization $140.0K $140.0K $150.0K
YoY Change -6.67% 0.0% -16.67%
Cash From Operating Activities -$1.200M -$760.0K -$630.0K
YoY Change 90.48% -32.74% -36.36%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K -$210.0K -$60.00K
YoY Change 283.33% 425.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities $5.880M $5.980M $4.750M
YoY Change 23.79% 550.0% -130.84%
Cash From Investing Activities $5.660M $5.760M $4.700M
YoY Change 20.43% 562.07% -130.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 70.00K
YoY Change -100.0% -82.05%
NET CHANGE
Cash From Operating Activities -1.200M -760.0K -630.0K
Cash From Investing Activities 5.660M 5.760M 4.700M
Cash From Financing Activities 0.000 0.000 70.00K
Net Change In Cash 4.460M 5.000M 4.140M
YoY Change 7.73% -2023.08% -125.84%
FREE CASH FLOW
Cash From Operating Activities -$1.200M -$760.0K -$630.0K
Capital Expenditures -$230.0K -$210.0K -$60.00K
Free Cash Flow -$970.0K -$550.0K -$570.0K
YoY Change 70.18% -49.54% -41.24%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div><b><font style="BACKGROUND-COLOR: transparent"> 2.</font></b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b><font style="BACKGROUND-COLOR: transparent">New Accounting Pronouncements</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><font style="BACKGROUND-COLOR: transparent"> &#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="BACKGROUND-COLOR: transparent">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes the revenue recognition requirements in FASB Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. The guidance requires that an entity recognize revenue in a way that depicts the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods and services. The guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is to be applied retrospectively, with early application not permitted. 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The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted.&#160; The Company is currently evaluating the new standard and its impact on the Company's consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="BACKGROUND-COLOR: transparent"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: transparent">In January 2016, the FASB issued ASU No. 2016-01 &#150; Financial Instruments &#150; Overall. The guidance requires an entity&#8217;s management to measure equity investments except those accounted for under the equity method of accounting or those that result in consolidation of the investee to be measured at fair value; simplifies the impairment assessment of equity investments; eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for non-public entities: eliminates the requirement for a public entity to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is not permitted except as contained in the early adoption guidance.&#160; The Company is currently evaluating the new standard and its impact on the Company's consolidated financial statements.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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