2017 Form 10-K Financial Statement

#000114420418015101 Filed on March 16, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $1.730M $500.0K $550.0K
YoY Change -32.68% 614.29% 1733.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.420M $1.090M $970.0K
YoY Change 21.25% -49.54% 340.91%
% of Gross Profit
Research & Development $19.08M $7.740M $4.713M
YoY Change -5.85% 44.4% 35.24%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $24.50M $8.833M $5.685M
YoY Change -0.95% 17.54% 53.48%
Operating Profit -$22.78M -$5.139M
YoY Change 2.76% 39.68%
Interest Expense $0.00 $10.00K $0.00
YoY Change -100.0% -106.25% -100.0%
% of Operating Profit
Other Income/Expense, Net $98.00K $12.00K $11.00K
YoY Change -133.0% -102.0% -115.71%
Pretax Income -$22.68M -$8.320M -$5.130M
YoY Change 0.98% 3.35% 36.8%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$22.68M -$8.323M -$5.128M
YoY Change 0.96% 3.38% 36.78%
Net Earnings / Revenue -1310.81% -1664.6% -932.36%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.003M -$380.4K -$235.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.23M $35.09M $39.35M
YoY Change -45.2%
Cash & Equivalents $19.23M $35.09M $39.35M
Short-Term Investments
Other Short-Term Assets $1.860M $821.0K $574.0K
YoY Change 2557.14% 1163.08%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.41M $35.98M $39.95M
YoY Change -40.49% -28.97%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $21.41M $35.98M $39.95M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $21.41M $35.98M $39.95M
YoY Change -40.49% -28.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.650M $2.473M $4.460M
YoY Change 47.77% 169.68%
Accrued Expenses $410.0K $290.0K
YoY Change 41.38%
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 $6.370M $3.673M $4.459M
YoY Change 73.57% 105.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.370M $3.673M $4.459M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.370M $3.673M $4.459M
YoY Change 73.57% -13.74%
SHAREHOLDERS EQUITY
Retained Earnings -$36.35M -$28.03M
YoY Change 161.68%
Common Stock $2.000K $2.000K
YoY Change 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.04M $32.31M $35.49M
YoY Change
Total Liabilities & Shareholders Equity $21.41M $35.98M $39.95M
YoY Change -40.49% -28.97%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$22.68M -$8.323M -$5.128M
YoY Change 0.96% 3.38% 36.78%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$15.46M -$4.170M -$1.890M
YoY Change 55.39% 471.23% -20.92%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$100.0K -$1.000M
YoY Change -87.34% -81.13%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$400.0K -$100.0K -$1.000M
YoY Change -87.34% -81.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -15.46M -4.170M -1.890M
Cash From Investing Activities -400.0K -100.0K -1.000M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -15.86M -4.270M -2.890M
YoY Change 3.45% -110.9% -125.73%
FREE CASH FLOW
Cash From Operating Activities -$15.46M -$4.170M -$1.890M
Capital Expenditures -$400.0K -$100.0K -$1.000M
Free Cash Flow -$15.06M -$4.070M -$890.0K
YoY Change 121.81% 1935.0% -62.76%

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 29.7pt; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><strong><i>Use of Estimates</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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(i) issue annually to Fortress, on the anniversary date of the Founders Agreement, shares of common stock equal to two and one-half percent (2.5%) of the fully-diluted outstanding equity of Checkpoint at the time of issuance; (ii) pay an equity fee in shares of common stock, payable within five (5) business days of the closing of any equity or debt financing for Checkpoint or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Checkpoint&#8217;s voting equity, equal to two and one-half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Checkpoint&#8217;s annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Checkpoint will pay a one-time change in control fee equal to five times (5x) the product of (i) monthly net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).
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