2012 Q4 Form 10-K Financial Statement

#000109181813000032 Filed on January 17, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2012
Revenue $101.8K $130.0K $542.7K
YoY Change 2.72% 160.0% -0.05%
Cost Of Revenue $54.78K $100.0K $389.4K
YoY Change -14.54% 900.0% 42.08%
Gross Profit $47.05K $30.00K $153.2K
YoY Change 34.3% -25.0% -43.0%
Gross Profit Margin 46.2% 23.08% 28.24%
Selling, General & Admin $1.284M $280.0K $879.0K
YoY Change 407.17% 3.7% -20.68%
% of Gross Profit 2730.12% 933.33% 573.59%
Research & Development $3.000K $40.00K $186.2K
YoY Change -94.73% -69.23% -21.44%
% of Gross Profit 6.38% 133.33% 121.51%
Depreciation & Amortization $1.548K $0.00 $9.858K
YoY Change -37.78% -24.57%
% of Gross Profit 3.29% 0.0% 6.43%
Operating Expenses $1.289M $320.0K $1.075M
YoY Change 312.18% -21.95% -20.85%
Operating Profit -$1.242M -$290.0K -$1.249M
YoY Change 347.24% -21.62% 3.75%
Interest Expense -$1.080M -$170.0K $261.8K
YoY Change 3500.0% 70.0% 128.45%
% of Operating Profit
Other Income/Expense, Net -$715.9K -$327.4K
YoY Change 1753.94% 185.64%
Pretax Income -$1.960M -$480.0K -$1.250M
YoY Change 532.26% 2.13% 4.17%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.958M -$480.0K -$1.249M
YoY Change 532.03% 2.13% 3.75%
Net Earnings / Revenue -1922.69% -369.23% -230.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.913K -$5.333M -$17.86M
COMMON SHARES
Basic Shares Outstanding 1.331M
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q4 2012 Q3 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $40.00K $40.00K
YoY Change -100.0% 0.0% 0.0%
Cash & Equivalents $4.093K $38.42K
Short-Term Investments
Other Short-Term Assets $20.00K $290.0K $290.0K
YoY Change -50.0% 2800.0% 2800.0%
Inventory $30.00K $30.07K $30.00K
Prepaid Expenses
Receivables $0.00 $2.468K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $60.00K $367.0K $370.0K
YoY Change -49.7% 291.12% 311.11%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $2.342K $0.00
YoY Change -100.0% -80.8% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $2.342K $0.00
YoY Change -100.0% -80.8% -100.0%
TOTAL ASSETS
Total Short-Term Assets $60.00K $367.0K $370.0K
Total Long-Term Assets $0.00 $2.342K $0.00
Total Assets $60.00K $369.4K $370.0K
YoY Change -53.49% 248.33% 236.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $440.0K $991.8K $990.0K
YoY Change 4.3% 197.19% 200.0%
Accrued Expenses $220.0K $201.7K $200.0K
YoY Change -6.64% 38.62% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $60.00K $50.00K $50.00K
YoY Change
Long-Term Debt Due $170.0K $290.0K $290.0K
YoY Change 0.0% 70.59% 70.59%
Total Short-Term Liabilities $1.140M $1.706M $1.710M
YoY Change 23.95% 154.37% 155.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $20.00K $30.00K $30.00K
YoY Change -60.0% 50.0% 50.0%
Total Long-Term Liabilities $20.00K $28.00K $30.00K
YoY Change -90.48% -79.08% -78.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.140M $1.706M $1.710M
Total Long-Term Liabilities $20.00K $28.00K $30.00K
Total Liabilities $1.170M $1.734M $1.730M
YoY Change 3.57% 115.52% 116.25%
SHAREHOLDERS EQUITY
Retained Earnings -$8.937M
YoY Change 16.25%
Common Stock $1.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.110M -$1.364M -$1.360M
YoY Change
Total Liabilities & Shareholders Equity $60.00K $369.4K $370.0K
YoY Change -53.49% 248.33% 236.36%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2012
OPERATING ACTIVITIES
Net Income -$1.958M -$480.0K -$1.249M
YoY Change 532.03% 2.13% 3.75%
Depreciation, Depletion And Amortization $1.548K $0.00 $9.858K
YoY Change -37.78% -24.57%
Cash From Operating Activities -$80.00K -$20.00K -$190.0K
YoY Change -26.72% -80.0% -75.34%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.00K 50.00K $189.2K
YoY Change -52.13% -50.0% -75.97%
NET CHANGE
Cash From Operating Activities -80.00K -20.00K -$190.0K
Cash From Investing Activities
Cash From Financing Activities 50.00K 50.00K $189.2K
Net Change In Cash -30.00K 30.00K -$768.00
YoY Change 535.32% 103079215103999800.0% -104.56%
FREE CASH FLOW
Cash From Operating Activities -$80.00K -$20.00K -$190.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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--> <p style="font-family: Verdana; FONT-FAMILY: Verdana; MARGIN: 0pt; text-align: justify; TEXT-INDENT: 63.7pt"> <strong>CONCENTRATION OF CREDIT RISK</strong></p> <p style="MARGIN: 0pt; text-align: justify">&nbsp;</p> <p style="font-family: Arial; FONT-FAMILY: Arial; FONT-SIZE: 11pt; LINE-HEIGHT: 13pt; MARGIN: 0pt; PADDING-LEFT: 63.7pt; text-align: justify"> The Company maintains cash balances at one banking institution. Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts are fully insured, regardless of the amount in the account, at all FDIC-insured institutions.</p> <!--EndFragment--></div> </div>
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CY2012Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
369379 USD
CY2011Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
106042 USD
CY2012Q3 us-gaap Liabilities Current
LiabilitiesCurrent
1705552 USD
CY2011Q3 us-gaap Liabilities Current
LiabilitiesCurrent
670494 USD
CY2012Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
28002 USD
CY2011Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
133870 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
189208 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
787319 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-189976 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-770479 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-1249212 USD
CY2011 us-gaap Net Income Loss
NetIncomeLoss
-1204036 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-327389 USD
CY2011 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-114617 USD
CY2012Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
286142 USD
CY2011Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
168499 USD
CY2012Q3 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
110000 USD
CY2012Q3 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
USD
CY2012 us-gaap Operating Expenses
OperatingExpenses
1075069 USD
CY2011 us-gaap Operating Expenses
OperatingExpenses
1358266 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-1249212 USD
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
-1204036 USD
CY2012Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
163004 USD
CY2012Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
79904 USD
CY2012Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
83100 USD
CY2012Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
8451000 USD
CY2011Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
7207000 USD
CY2012Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2012Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
293713 USD
CY2011Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8656 USD
CY2012 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
USD
CY2011 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
650000 USD
CY2012 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
190000 USD
CY2011 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
140000 USD
CY2012Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
136125 USD
CY2011Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
136125 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2342 USD
CY2011Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12201 USD
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2200 USD
CY2011 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
USD
CY2012 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
792 USD
CY2011 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2681 USD
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
186208 USD
CY2011 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
237013 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8936822 USD
CY2011Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7687610 USD
CY2012 us-gaap Revenues
Revenues
542675 USD
CY2011 us-gaap Revenues
Revenues
542941 USD
CY2012 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
168923 USD
CY2011 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
433437 USD
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
267
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
825.0
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2100
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2367
CY2010Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2367
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
189.0
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
261.0
CY2010Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
261.0
CY2012Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
189.0
CY2012Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
2100
CY2012Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2100
CY2012Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
189.0
CY2012Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm1
2.25
CY2012 us-gaap Share Based Goods And Nonemployee Services Transaction Expense
ShareBasedGoodsAndNonemployeeServicesTransactionExpense
71500 USD
CY2011 us-gaap Share Based Goods And Nonemployee Services Transaction Expense
ShareBasedGoodsAndNonemployeeServicesTransactionExpense
53654 USD
CY2012 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
16333
CY2011 us-gaap Share Based Goods And Nonemployee Services Transaction Quantity Of Securities Issued
ShareBasedGoodsAndNonemployeeServicesTransactionQuantityOfSecuritiesIssued
2860
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
-1364175 USD
CY2011Q3 us-gaap Stockholders Equity
StockholdersEquity
-698322 USD
CY2010Q3 us-gaap Stockholders Equity
StockholdersEquity
-343464 USD
CY2011 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
5800
CY2012Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
6667
CY2012 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
3000
CY2012 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
34569
CY2011 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
2932
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2011 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2012Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
50000 USD
CY2012 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
143967 USD
CY2012 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
71500 USD
CY2011 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
53654 USD
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
261146 USD
CY2011 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
50800 USD
CY2012 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
106745 USD
CY2011 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
23724 USD
CY2012 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-47256 USD
CY2011 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
USD
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <div> <div><!--StartFragment--> <p style="font-family: Verdana; FONT-FAMILY: Verdana; MARGIN: 0pt; PADDING-LEFT: 63.35pt; text-align: justify"> <strong>USE OF ESTIMATES</strong></p> <p style="MARGIN: 0pt; text-align: justify">&nbsp;</p> <p style="font-family: Arial; FONT-FAMILY: Arial; FONT-SIZE: 11pt; LINE-HEIGHT: 13pt; MARGIN: 0pt; PADDING-LEFT: 63.7pt; text-align: justify"> In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and operations for the reporting period. Although these estimates are based on management&#39;s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results.</p> <!--EndFragment--></div> </div>
CY2012Q3 us-gaap Valuation Allowance Amount
ValuationAllowanceAmount
3295000 USD
CY2011Q3 us-gaap Valuation Allowance Amount
ValuationAllowanceAmount
2810000 USD

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