2016 Q4 Form 10-Q Financial Statement

#000163156916000068 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $7.392M $6.443M $3.240M
YoY Change 62.25% 98.86%
Cost Of Revenue $1.500M $960.0K $750.0K
YoY Change 33.93% 28.0%
Gross Profit $5.890M $5.480M $2.490M
YoY Change 71.72% 120.08%
Gross Profit Margin 79.68% 85.05% 76.85%
Selling, General & Admin $910.0K $740.0K $220.0K
YoY Change 26.39% 236.36%
% of Gross Profit 15.45% 13.5% 8.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.630M $3.560M $2.270M
YoY Change 48.16% 56.83%
% of Gross Profit 61.63% 64.96% 91.16%
Operating Expenses $5.970M $5.203M $3.185M
YoY Change 40.27% 63.36%
Operating Profit -$80.00K $277.0K -$695.0K
YoY Change -90.31% -139.86%
Interest Expense -$390.0K $185.0K $140.0K
YoY Change 116.67% 32.14%
% of Operating Profit 66.79%
Other Income/Expense, Net -$389.0K -$176.0K -$122.0K
YoY Change 117.32% 44.26%
Pretax Income $1.030M $1.060M -$70.00K
YoY Change 758.33% -1614.29%
Income Tax
% Of Pretax Income
Net Earnings $1.030M $1.064M -$67.00K
YoY Change 758.33% -1688.06%
Net Earnings / Revenue 13.93% 16.51% -2.07%
Basic Earnings Per Share $0.08 $0.08 -$0.01
Diluted Earnings Per Share $0.08 $0.08 -$0.01
COMMON SHARES
Basic Shares Outstanding 12.99M shares 12.69M shares 7.511M shares
Diluted Shares Outstanding 12.75M shares 7.511M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $1.700M $16.10M
YoY Change -20.0% -89.44%
Cash & Equivalents $1.568M $1.742M $16.05M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.600M $1.700M $16.10M
YoY Change -20.0% -89.44%
LONG-TERM ASSETS
Property, Plant & Equipment $234.3M $191.8M $98.30M
YoY Change 83.33% 95.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $249.9M $206.9M $111.0M
YoY Change 77.5% 86.48%
TOTAL ASSETS
Total Short-Term Assets $1.600M $1.700M $16.10M
Total Long-Term Assets $249.9M $206.9M $111.0M
Total Assets $251.5M $208.6M $127.1M
YoY Change 76.14% 64.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $2.800M $1.000M
YoY Change 337.5% 180.0%
Accrued Expenses
YoY Change
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 $3.500M $2.800M $1.000M
YoY Change 337.5% 180.0%
LONG-TERM LIABILITIES
Long-Term Debt $51.00M $5.000M $0.00
YoY Change 200.0%
Other Long-Term Liabilities $3.000M $3.100M $1.100M
YoY Change 11.11% 181.82%
Total Long-Term Liabilities $54.00M $8.100M $1.100M
YoY Change 174.11% 636.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.500M $2.800M $1.000M
Total Long-Term Liabilities $54.00M $8.100M $1.100M
Total Liabilities $57.52M $10.85M $2.091M
YoY Change 180.14% 418.89%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $214.5M $214.2M $127.6M
YoY Change 68.0% 67.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $194.0M $197.8M $125.0M
YoY Change
Total Liabilities & Shareholders Equity $251.5M $208.6M $127.1M
YoY Change 76.14% 64.19%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $1.030M $1.064M -$67.00K
YoY Change 758.33% -1688.06%
Depreciation, Depletion And Amortization $3.630M $3.560M $2.270M
YoY Change 48.16% 56.83%
Cash From Operating Activities $4.130M $3.860M $1.700M
YoY Change 175.33% 127.06%
INVESTING ACTIVITIES
Capital Expenditures -$45.42M -$12.43M -$13.26M
YoY Change 53.14% -6.26%
Acquisitions
YoY Change
Other Investing Activities $110.0K $0.00 -$10.86M
YoY Change -100.0%
Cash From Investing Activities -$45.31M -$12.43M -$24.12M
YoY Change 52.76% -48.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.01M -610.0K -1.080M
YoY Change 190.23% -43.52%
NET CHANGE
Cash From Operating Activities 4.130M 3.860M 1.700M
Cash From Investing Activities -45.31M -12.43M -24.12M
Cash From Financing Activities 41.01M -610.0K -1.080M
Net Change In Cash -170.0K -9.180M -23.50M
YoY Change -98.79% -60.94%
FREE CASH FLOW
Cash From Operating Activities $4.130M $3.860M $1.700M
Capital Expenditures -$45.42M -$12.43M -$13.26M
Free Cash Flow $49.55M $16.29M $14.96M
YoY Change 59.02% 8.89%

Facts In Submission

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OperatingExpenses
5203000 USD
us-gaap Operating Expenses
OperatingExpenses
15358000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
118475000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
10628000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
12663000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
15661000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
18951000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
5059000 USD
CY2015Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
2585000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
3314000 USD
CY2016Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
4985000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
13188000 USD
CY2015Q4 us-gaap Other Assets
OtherAssets
2124000 USD
CY2016Q3 us-gaap Other Assets
OtherAssets
4153000 USD
CY2015Q4 us-gaap Other Liabilities
OtherLiabilities
2721000 USD
CY2016Q3 us-gaap Other Liabilities
OtherLiabilities
3095000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
0 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1123000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
873000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
641000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1079000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12782000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1837000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
680000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
25600000 USD
CY2016Q2 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
21100000 USD
CY2016Q3 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
12100000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
58821000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
10862000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
12406000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
100120000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
58249000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
129353000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
86805000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
17805000 USD
CY2016Q3 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
96000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
453000 USD
CY2015 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7311183 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5175000 shares
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-12000000 USD
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2016Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
73000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
103000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
5203000 USD
CY2016Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
14846000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
6443000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
132967000 USD
CY2016Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
206680000 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
127764000 USD
CY2016Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
191834000 USD
CY2015Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
3240000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
4076000 USD
CY2015 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
85757 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
216542 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
86125000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
122270000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
197754000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
122270000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
197754000 USD
CY2015Q3 us-gaap Straight Line Rent
StraightLineRent
50000 USD
us-gaap Straight Line Rent
StraightLineRent
64000 USD
CY2016Q3 us-gaap Straight Line Rent
StraightLineRent
172000 USD
us-gaap Straight Line Rent
StraightLineRent
405000 USD
CY2015Q3 us-gaap Tenant Reimbursements
TenantReimbursements
655000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
762000 USD
CY2016Q3 us-gaap Tenant Reimbursements
TenantReimbursements
1188000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
3250000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7511183 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3788639 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12750967 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10802095 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
7596940 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
3828219 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
12948097 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
10972011 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7511183 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3788639 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12686183 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10752333 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
85757 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
39580 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
261914 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
219678 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of Credit Risks</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our credit risks primarily relate to cash and cash equivalents and our mortgage note receivable. Cash and cash equivalents are primarily held in bank accounts and overnight investments. We maintain our bank deposit accounts with large financial institutions in amounts that often exceed federally-insured limits. We have not experienced any losses in such accounts.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates in the Condensed Consolidated Financial Statements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Actual results may materially differ from those estimates.</font></div></div>

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