2022 Q1 Form 10-Q Financial Statement

#000175392622000742 Filed on May 19, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $7.545M $7.038M
YoY Change 7.2% 22.74%
Cost Of Revenue $4.729M $4.035M
YoY Change 17.2% 39.33%
Gross Profit $2.816M $3.003M
YoY Change -6.23% 5.81%
Gross Profit Margin 37.32% 42.67%
Selling, General & Admin $3.316M $3.253M
YoY Change 1.94% 0.25%
% of Gross Profit 117.76% 108.33%
Research & Development $1.353M $1.274M
YoY Change 6.2% -5.21%
% of Gross Profit 48.05% 42.42%
Depreciation & Amortization $794.0K $660.0K
YoY Change 20.3% 26.92%
% of Gross Profit 28.2% 21.98%
Operating Expenses $4.669M $4.527M
YoY Change 3.14% -1.35%
Operating Profit -$1.853M -$1.524M
YoY Change 21.59% -12.96%
Interest Expense $101.0K $112.0K
YoY Change -9.82% 3.7%
% of Operating Profit
Other Income/Expense, Net $3.000K -$5.000K
YoY Change -160.0% -114.29%
Pretax Income -$1.951M -$1.641M
YoY Change 18.89% -10.03%
Income Tax $16.00K $14.00K
% Of Pretax Income
Net Earnings -$1.967M -$1.655M
YoY Change 18.85% -10.4%
Net Earnings / Revenue -26.07% -23.52%
Basic Earnings Per Share -$0.08 -$0.09
Diluted Earnings Per Share -$0.08 -$0.09
COMMON SHARES
Basic Shares Outstanding 23.90M shares 18.78M shares
Diluted Shares Outstanding 23.90M shares 18.78M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.362M $3.000M
YoY Change -21.27% -51.61%
Cash & Equivalents $1.422M $2.034M
Short-Term Investments $940.0K $970.0K
Other Short-Term Assets $3.370M $1.270M
YoY Change 165.35% 17.59%
Inventory $9.865M $9.816M
Prepaid Expenses
Receivables $5.077M $4.930M
Other Receivables $7.540M $7.210M
Total Short-Term Assets $27.67M $26.23M
YoY Change 5.5% 18.13%
LONG-TERM ASSETS
Property, Plant & Equipment $676.0K $812.0K
YoY Change -16.75% -15.94%
Goodwill
YoY Change
Intangibles $24.68M $20.49M
YoY Change 20.45% 32.93%
Long-Term Investments $542.0K $1.810M
YoY Change -70.06% 64.55%
Other Assets $4.596M $4.600M
YoY Change -0.09% 0.17%
Total Long-Term Assets $35.08M $33.62M
YoY Change 4.35% 11.53%
TOTAL ASSETS
Total Short-Term Assets $27.67M $26.23M
Total Long-Term Assets $35.08M $33.62M
Total Assets $62.75M $59.85M
YoY Change 4.86% 14.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.125M $2.907M
YoY Change 41.9% 17.45%
Accrued Expenses $2.826M $2.775M
YoY Change 1.84% 1.91%
Deferred Revenue $46.00K $78.00K
YoY Change -41.03% -62.32%
Short-Term Debt $1.336M $950.0K
YoY Change 40.63%
Long-Term Debt Due $765.0K
YoY Change
Total Short-Term Liabilities $8.333M $6.710M
YoY Change 24.19% 24.14%
LONG-TERM LIABILITIES
Long-Term Debt $1.359M $2.927M
YoY Change -53.57% 28.94%
Other Long-Term Liabilities $1.526M $678.0K
YoY Change 125.07% 384.29%
Total Long-Term Liabilities $1.359M $3.605M
YoY Change -62.3% 2475.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.333M $6.710M
Total Long-Term Liabilities $1.359M $3.605M
Total Liabilities $11.22M $11.67M
YoY Change -3.86% 19.89%
SHAREHOLDERS EQUITY
Retained Earnings -$23.04M -$15.03M
YoY Change 53.26%
Common Stock $74.86M $63.41M
YoY Change 18.04% 8.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.54M $48.18M
YoY Change
Total Liabilities & Shareholders Equity $62.75M $59.85M
YoY Change 4.86% 14.33%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$1.967M -$1.655M
YoY Change 18.85% -10.4%
Depreciation, Depletion And Amortization $794.0K $660.0K
YoY Change 20.3% 26.92%
Cash From Operating Activities -$1.043M -$13.00K
YoY Change 7923.08% -102.45%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $7.000K
YoY Change 14.29% -76.67%
Acquisitions
YoY Change
Other Investing Activities $1.853M -$1.580M
YoY Change -217.28% -3.66%
Cash From Investing Activities $1.775M -$1.653M
YoY Change -207.38% -3.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $370.0K $90.00K
YoY Change 311.11%
Cash From Financing Activities -$368.0K -$86.00K
YoY Change 327.91% -2966.67%
NET CHANGE
Cash From Operating Activities -$1.043M -$13.00K
Cash From Investing Activities $1.775M -$1.653M
Cash From Financing Activities -$368.0K -$86.00K
Net Change In Cash $364.0K -$1.752M
YoY Change -120.78% 48.22%
FREE CASH FLOW
Cash From Operating Activities -$1.043M -$13.00K
Capital Expenditures $8.000K $7.000K
Free Cash Flow -$1.051M -$20.00K
YoY Change 5155.0% -103.99%

Facts In Submission

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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7545000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7545000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7038000 USD
CY2022Q1 us-gaap Net Income Loss
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-1967000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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23897305 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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18775773 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23897305 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18775773 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7062673 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3636117 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3636117 shares
CY2022Q1 clro Available For Sale Marketable Securities Amortized Cost
AvailableForSaleMarketableSecuritiesAmortizedCost
965000 USD
CY2022Q1 clro Available For Sale Marketable Securities Accumulated Gross Unrealized Gain
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedGain
1000 USD
CY2022Q1 clro Available For Sale Marketable Securities Accumulated Gross Unrealized Loss
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedLoss
26000 USD
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
940000 USD
CY2021Q4 clro Available For Sale Marketable Securities Amortized Cost
AvailableForSaleMarketableSecuritiesAmortizedCost
3007000 USD
CY2021Q4 clro Available For Sale Marketable Securities Accumulated Gross Unrealized Gain
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedGain
8000 USD
CY2021Q4 clro Available For Sale Marketable Securities Accumulated Gross Unrealized Loss
AvailableForSaleMarketableSecuritiesAccumulatedGrossUnrealizedLoss
5000 USD
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
3010000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
402000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
398000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
563000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
542000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
0 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
0 USD
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
965000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
940000 USD
CY2022Q1 clro Marketable Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Fair Value
MarketableSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsFairValue
546000 USD
CY2022Q1 clro Marketable Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
MarketableSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
19000 USD
CY2022Q1 clro Marketable Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Fair Value
MarketableSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerFairValue
294000 USD
CY2022Q1 clro Marketable Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
MarketableSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
7000 USD
CY2022Q1 clro Marketable Securities Available For Sale Unrealized Loss Position Fair Value
MarketableSecuritiesAvailableForSaleUnrealizedLossPositionFairValue
840000 USD
CY2022Q1 clro Marketable Securities Available For Sale Unrealized Loss Position Accumulated Loss
MarketableSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
26000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
37671000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
37412000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12996000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12326000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24675000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25086000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
670000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
511000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2030000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2700000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2436000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2375000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2375000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
12759000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
520000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24675000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3821000 USD
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6044000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5948000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
9865000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
10033000 USD
CY2022Q1 clro Inventory Noncurrent Raw Materials Net Of Reserves
InventoryNoncurrentRawMaterialsNetOfReserves
1576000 USD
CY2021Q4 clro Inventory Noncurrent Raw Materials Net Of Reserves
InventoryNoncurrentRawMaterialsNetOfReserves
1980000 USD
CY2022Q1 clro Inventory Noncurrent Finished Goods Net Of Reserves
InventoryNoncurrentFinishedGoodsNetOfReserves
1634000 USD
CY2021Q4 clro Inventory Noncurrent Finished Goods Net Of Reserves
InventoryNoncurrentFinishedGoodsNetOfReserves
1587000 USD
CY2022Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
3210000 USD
CY2021Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
3567000 USD
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
0 USD
CY2021Q1 us-gaap Inventory Write Down
InventoryWriteDown
375000 USD
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
179000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
184000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
183000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
184000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1383000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1537000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
618000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
623000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
871000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1489000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1649000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y5M1D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M20D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0587 pure
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
343000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
69000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1603000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
114000 USD
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
51536000 USD
CY2022Q1 clro Warrants Carrying Amount
WarrantsCarryingAmount
318000 USD
CY2021Q4 clro Warrants Carrying Amount
WarrantsCarryingAmount
318000 USD
CY2022Q1 clro Warrant Instrument Convertible Beneficial Conversion Feature
WarrantInstrumentConvertibleBeneficialConversionFeature
122000 USD
CY2021Q4 clro Warrant Instrument Convertible Beneficial Conversion Feature
WarrantInstrumentConvertibleBeneficialConversionFeature
122000 USD
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
440000 USD
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
440000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
540000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1920000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2460000 USD
CY2020Q2 clro Debt Instrument Deferred Period For Periodic Payments Of Principal And Interest
DebtInstrumentDeferredPeriodForPeriodicPaymentsOfPrincipalAndInterest
P16M
CY2022Q1 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
571000 USD
CY2021Q4 us-gaap Loans Payable To Bank Current
LoansPayableToBankCurrent
761000 USD
CY2022Q1 us-gaap Long Term Loans From Bank
LongTermLoansFromBank
0 USD
CY2021Q4 us-gaap Long Term Loans From Bank
LongTermLoansFromBank
0 USD
CY2022Q1 us-gaap Loans Payable To Bank
LoansPayableToBank
571000 USD
CY2021Q4 us-gaap Loans Payable To Bank
LoansPayableToBank
761000 USD
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
940000 USD
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
3010000 USD
CY2022Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
4850000 USD

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