$CLIR
ClearSign Technologies Corp

2018 Q1 Form 10-K Financial Statement

#000114420418017160 Filed on March 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2016 Q4 2016 Q3
Revenue $530.0K $361.0K $260.0K
YoY Change 47.22% 491.8%
Cost Of Revenue $395.0K $440.0K $47.00K
YoY Change 57.37% 780.0%
Gross Profit $135.0K -$77.00K $213.0K
YoY Change 23.85% -800.0%
Gross Profit Margin 25.47% -21.33% 81.92%
Selling, General & Admin $1.280M $1.170M $2.840M
YoY Change -3.76% -33.14% 146.96%
% of Gross Profit 948.15% 1333.33%
Research & Development $1.134M $1.060M $1.226M
YoY Change -3.08% 27.71% 50.43%
% of Gross Profit 840.0% 575.59%
Depreciation & Amortization $79.00K $70.00K $50.00K
YoY Change 16.18% 75.0% 0.0%
% of Gross Profit 58.52% 23.47%
Operating Expenses $2.413M $2.232M $4.066M
YoY Change -3.56% -13.56% 106.5%
Operating Profit -$2.278M -$2.309M -$3.853M
YoY Change -4.81% -10.19% 95.68%
Interest Expense $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.280M -$2.310M -$3.850M
YoY Change -4.2% -9.77% 96.43%
Income Tax
% Of Pretax Income
Net Earnings -$2.278M -$2.306M -$3.846M
YoY Change -4.25% -9.85% 96.12%
Net Earnings / Revenue -429.81% -638.78% -1479.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$128.7K -$178.1K -$297.1K
COMMON SHARES
Basic Shares Outstanding 21.36M shares 12.96M shares
Diluted Shares Outstanding 3.465M

Balance Sheet

Concept 2018 Q1 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.20M $1.260M $3.560M
YoY Change 48.74% -88.54% -71.92%
Cash & Equivalents $11.20M $1.259M $3.558M
Short-Term Investments
Other Short-Term Assets $530.0K $540.0K $490.0K
YoY Change 70.97% 170.0% 113.04%
Inventory $140.0K
Prepaid Expenses $535.0K
Receivables $344.0K $103.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.07M $1.897M $4.190M
YoY Change 47.94% -83.04% -67.56%
LONG-TERM ASSETS
Property, Plant & Equipment $441.0K $644.0K $210.0K
YoY Change -27.7% 423.58% 41.89%
Goodwill
YoY Change
Intangibles $1.903M $1.735M
YoY Change -39.78%
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $2.354M $2.389M $1.920M
YoY Change -2.32% -20.74% -43.63%
TOTAL ASSETS
Total Short-Term Assets $12.07M $1.897M $4.190M
Total Long-Term Assets $2.354M $2.389M $1.920M
Total Assets $14.43M $4.286M $6.110M
YoY Change 36.48% -69.82% -62.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.147M $755.0K $580.0K
YoY Change 97.76% 52.53% 56.76%
Accrued Expenses $990.0K $669.0K $850.0K
YoY Change 160.53% -39.68% -12.37%
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 $2.140M $1.689M $1.760M
YoY Change 114.0% 4.0% 31.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $150.0K $350.0K
YoY Change -53.13%
Total Long-Term Liabilities $150.0K $350.0K $0.00
YoY Change -53.13% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.140M $1.689M $1.760M
Total Long-Term Liabilities $150.0K $350.0K $0.00
Total Liabilities $2.290M $2.042M $1.760M
YoY Change 73.62% 25.74% 20.96%
SHAREHOLDERS EQUITY
Retained Earnings -$40.33M -$38.02M
YoY Change 38.32% 42.95%
Common Stock $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.14M $2.244M $4.348M
YoY Change
Total Liabilities & Shareholders Equity $14.43M $4.286M $6.106M
YoY Change 36.51% -69.82% -62.59%

Cashflow Statement

Concept 2018 Q1 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$2.278M -$2.306M -$3.846M
YoY Change -4.25% -9.85% 96.12%
Depreciation, Depletion And Amortization $79.00K $70.00K $50.00K
YoY Change 16.18% 75.0% 0.0%
Cash From Operating Activities -$1.860M -$2.250M -$1.520M
YoY Change -17.95% 54.11% -7.32%
INVESTING ACTIVITIES
Capital Expenditures $2.000K -$40.00K -$300.0K
YoY Change -92.86% -82.61% 3.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$108.0K -$40.00K -$300.0K
YoY Change -18.8% -82.61% 3.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.90M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.92M 0.000 0.000
YoY Change 37.57%
NET CHANGE
Cash From Operating Activities -1.860M -2.250M -1.520M
Cash From Investing Activities -108.0K -40.00K -300.0K
Cash From Financing Activities 11.92M 0.000 0.000
Net Change In Cash 9.955M -2.290M -1.820M
YoY Change 58.85% 35.5% -5.7%
FREE CASH FLOW
Cash From Operating Activities -$1.860M -$2.250M -$1.520M
Capital Expenditures $2.000K -$40.00K -$300.0K
Free Cash Flow -$1.862M -$2.210M -$1.220M
YoY Change -18.87% 79.67% -9.63%

Facts In Submission

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CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
2601000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
2442000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
4066000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-2379000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-2236000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-2472000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-2593000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-2589000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-2431000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-3846000 USD
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2016 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03 pure
CY2016 clir Common Stock For Services Per Share Issue Two
CommonStockForServicesPerShareIssueTwo
3.96
CY2016 clir Common Stock For Services Per Share Issue Three
CommonStockForServicesPerShareIssueThree
4.85
CY2016 clir Stock Issued During Period Exercise Price Of Warrant
StockIssuedDuringPeriodExercisePriceOfWarrant
2.20
CY2017 clir Stock Issued During Period Rights Offering Per Share
StockIssuedDuringPeriodRightsOfferingPerShare
3.03
CY2017 clir Warrants Issued During Period Rights Offering Per Share
WarrantsIssuedDuringPeriodRightsOfferingPerShare
0.97
CY2017 clir Stock Issued During Period2017 Board Services Per Share
StockIssuedDuringPeriod2017BoardServicesPerShare
3.60
CY2017 us-gaap Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
184000 USD
CY2016 us-gaap Increase Decrease In Cost In Excess Of Billing On Uncompleted Contract
IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
0 USD
CY2017 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
-115000 USD
CY2016 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
115000 USD
CY2017 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
8667000 USD
CY2016 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
CY2017 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y
CY2017 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.68 pure
CY2017 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0123 pure
CY2017 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0 pure
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <u><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">Use of Estimates</font></u></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain 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 revenues and expenses during the reporting period.&#160;Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
436000 USD
CY2017 clir Tax Benefits Recognized Description
TaxBenefitsRecognizedDescription
The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate resolution
CY2017 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
over two to four years
CY2017Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
518000 USD
CY2016Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
518000 USD
CY2017Q4 clir Property Plant And Equipment Gross Excluding Construction In Progress
PropertyPlantAndEquipmentGrossExcludingConstructionInProgress
498000 USD
CY2016Q4 clir Property Plant And Equipment Gross Excluding Construction In Progress
PropertyPlantAndEquipmentGrossExcludingConstructionInProgress
561000 USD
CY2017Q4 clir Warrants Outstanding
WarrantsOutstanding
2495784 shares
CY2017 clir Warrants Outstanding Weighted Average Exercise Price
WarrantsOutstandingWeightedAverageExercisePrice
3.98
CY2017 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
214000 USD
CY2016 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
186000 USD
CY2017 clir Operating Lease Rent Expenses Shortterm Lease Cost
OperatingLeaseRentExpensesShorttermLeaseCost
47000 USD
CY2016 clir Operating Lease Rent Expenses Shortterm Lease Cost
OperatingLeaseRentExpensesShorttermLeaseCost
21000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
261000 USD
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
207000 USD
CY2016 us-gaap Payments For Rent
PaymentsForRent
172000 USD
CY2016 clir Lesseeleasingarrangementsoperatingleasesweightedaverageaverageremainingleaseterm
Lesseeleasingarrangementsoperatingleasesweightedaverageaverageremainingleaseterm
P2Y2M5D
CY2016 us-gaap Weighted Average Discount Rate Percent
WeightedAverageDiscountRatePercent
0.0500 pure
CY2017Q1 clir Rent Expense Escalation Percentage
RentExpenseEscalationPercentage
0.03 pure
CY2017 clir Incremental Borrowing Rate
IncrementalBorrowingRate
0.05 pure
CY2016 clir Principal Payment Of Lease Liability
PrincipalPaymentOfLeaseLiability
18000 USD
CY2017Q1 us-gaap Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
P3Y
CY2017Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
2097000 USD
CY2016Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
1787000 USD
CY2017Q4 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
64000 USD
CY2016Q4 us-gaap Finite Lived Trademarks Gross
FiniteLivedTrademarksGross
46000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2169000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1841000 USD
CY2017 us-gaap Contract Revenue Cost
ContractRevenueCost
336000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
213000 USD
CY2017 clir Operating Loss Carryforward Expiration Date
OperatingLossCarryforwardExpirationDate
The net operating loss carry forwards may be used to reduce taxable income through the years 2028 to 2037
CY2017Q1 us-gaap Share Price
SharePrice
3.03
CY2017Q1 us-gaap Fair Value Assumptions Exercise Price
FairValueAssumptionsExercisePrice
0.97
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
207000 USD
CY2017 clir General And Administrative Expense Related To Stock Grant
GeneralAndAdministrativeExpenseRelatedToStockGrant
35000 USD
CY2016 clir General And Administrative Expense Related To Stock Grant
GeneralAndAdministrativeExpenseRelatedToStockGrant
49000 USD
CY2017 clir Stock Issued During Period In Payment Of Accrued Compensation Per Share
StockIssuedDuringPeriodInPaymentOfAccruedCompensationPerShare
3.60
CY2017 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
136110 shares
CY2016Q4 us-gaap Due To Officers Or Stockholders Current
DueToOfficersOrStockholdersCurrent
490000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
12578000 USD
CY2017 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
2324000 USD
CY2017 clir Adjustments To Additional Paidin Capital Stockissued Issuance Costs Associated Withinitial Right Offering
AdjustmentsToAdditionalPaidinCapitalStockissuedIssuanceCostsAssociatedWithinitialRightOffering
915000 USD
CY2017 clir Stockissued During Period Valuein Payment Of Accrued Compensation
StockissuedDuringPeriodValueinPaymentOfAccruedCompensation
490000 USD
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
645000 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
369000 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7258000 USD
CY2016 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
150000 USD
CY2016 clir Stock Issued During Period Value Issued For Services One
StockIssuedDuringPeriodValueIssuedForServicesOne
20000 USD
CY2016 clir Stock Issued During Period Value Issued For Services Two
StockIssuedDuringPeriodValueIssuedForServicesTwo
24000 USD
CY2017 clir Stockissued During Period Valueissued For2017 Board Services
StockissuedDuringPeriodValueissuedFor2017BoardServices
300000 USD
CY2017 clir Stock Issued During Period Value Issued For Services Two
StockIssuedDuringPeriodValueIssuedForServicesTwo
24000 USD
CY2017 clir Stock Issued During Period Value Issued For Services Three
StockIssuedDuringPeriodValueIssuedForServicesThree
18000 USD
CY2016 clir Common Stock For Services Per Share Issue One
CommonStockForServicesPerShareIssueOne
3.40
CY2017 clir Common Stock For Services Per Share Issue Three
CommonStockForServicesPerShareIssueThree
4.85
CY2017 clir Common Stock For Services Per Share Issue Four
CommonStockForServicesPerShareIssueFour
3.50
CY2016 clir Stock Issued During Period Value Exercise Of Warrant
StockIssuedDuringPeriodValueExerciseOfWarrant
0 USD
CY2017 clir Stock Option Plan Description
StockOptionPlanDescription
The Consultant Plan provides for quarterly increases in the available number of authorized shares equal to the lesser of 1% of any new shares issued by the Company during the quarter immediately prior to the adjustment date or such lesser amount as the Board of Directors shall determine.
CY2017Q4 clir Deferred Tax Liabilities Tax Deferred Expense Compensation And Benefits Sharebased Compensation Cost
DeferredTaxLiabilitiesTaxDeferredExpenseCompensationAndBenefitsSharebasedCompensationCost
90000 USD
CY2016Q4 clir Deferred Tax Liabilities Tax Deferred Expense Compensation And Benefits Sharebased Compensation Cost
DeferredTaxLiabilitiesTaxDeferredExpenseCompensationAndBenefitsSharebasedCompensationCost
260000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
0 USD
CY2016 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
283000 USD
CY2016 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
6210000 USD
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2017Q1 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
6200000 USD
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2017Q4 clir Warrants Intrinsic Value Outstanding
WarrantsIntrinsicValueOutstanding
144000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
300000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
300000 shares

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