2019 Q3 Form 10-Q Financial Statement

#000111748019000033 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $1.958M $1.438M $1.193M
YoY Change 430.62% 20.54% 76.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.020M $4.400M $6.650M
YoY Change -22.54% -33.83% 5.89%
% of Gross Profit
Research & Development $7.453M $13.83M $13.71M
YoY Change -37.33% 0.84% 17.84%
% of Gross Profit
Depreciation & Amortization $140.0K $160.0K $240.0K
YoY Change -30.0% -33.33% -14.29%
% of Gross Profit
Operating Expenses $76.52M $20.14M $20.36M
YoY Change 348.05% -1.1% 13.63%
Operating Profit -$74.56M -$18.70M -$19.17M
YoY Change 346.22% -2.44% 11.16%
Interest Expense $830.0K $1.070M $630.0K
YoY Change 13.7% 69.84% 10.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$73.73M -$17.65M -$18.61M
YoY Change 358.52% -5.16% 11.57%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$73.73M -$17.65M -$18.61M
YoY Change 358.55% -5.17% 11.59%
Net Earnings / Revenue -3765.58% -1227.4% -1560.18%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.261M -$345.2K -$389.2K
COMMON SHARES
Basic Shares Outstanding 61.27M shares 51.07M shares 47.75M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.7M $158.4M $174.8M
YoY Change -36.37% -9.38% 17.71%
Cash & Equivalents $19.35M $21.64M $27.45M
Short-Term Investments $97.40M $136.8M $147.3M
Other Short-Term Assets $7.400M $2.200M $3.300M
YoY Change 146.67% -33.33% 6.45%
Inventory
Prepaid Expenses
Receivables $1.822M $774.0K $219.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $126.0M $161.4M $178.3M
YoY Change -32.54% -9.5% 17.56%
LONG-TERM ASSETS
Property, Plant & Equipment $910.0K $1.054M $1.502M
YoY Change -33.24% -29.83% -34.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.10M
YoY Change -79.63%
Other Assets $36.00K $45.00K $52.00K
YoY Change -29.41% -13.46% 1.96%
Total Long-Term Assets $1.782M $2.068M $22.67M
YoY Change -85.12% -90.88% -78.61%
TOTAL ASSETS
Total Short-Term Assets $126.0M $161.4M $178.3M
Total Long-Term Assets $1.782M $2.068M $22.67M
Total Assets $127.8M $163.4M $201.0M
YoY Change -35.71% -18.68% -22.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.477M $1.832M $1.426M
YoY Change 116.1% 28.47% -11.37%
Accrued Expenses $11.96M $11.95M $7.976M
YoY Change 53.77% 49.87% 29.5%
Deferred Revenue $5.081M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.43M $13.79M $9.402M
YoY Change 64.45% 46.63% 21.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $400.0K $500.0K $200.0K
YoY Change 100.0% 150.0% 0.0%
Total Long-Term Liabilities $400.0K $500.0K $200.0K
YoY Change 100.0% 150.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.43M $13.79M $9.402M
Total Long-Term Liabilities $400.0K $500.0K $200.0K
Total Liabilities $15.80M $14.32M $9.587M
YoY Change 65.44% 49.4% 19.63%
SHAREHOLDERS EQUITY
Retained Earnings -$665.3M -$591.6M -$525.2M
YoY Change 22.91% 12.64% 16.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.9M $149.1M $191.4M
YoY Change
Total Liabilities & Shareholders Equity $127.8M $163.4M $201.0M
YoY Change -35.71% -18.68% -22.0%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$73.73M -$17.65M -$18.61M
YoY Change 358.55% -5.17% 11.59%
Depreciation, Depletion And Amortization $140.0K $160.0K $240.0K
YoY Change -30.0% -33.33% -14.29%
Cash From Operating Activities -$42.16M -$13.82M -$14.04M
YoY Change 227.33% -1.57% 7.92%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K -$60.00K
YoY Change -100.0% -16.67% 500.0%
Acquisitions
YoY Change
Other Investing Activities $39.70M $15.79M $19.37M
YoY Change -1955.14% -18.48% 29.65%
Cash From Investing Activities $39.70M $15.74M $19.32M
YoY Change -1896.38% -18.53% 29.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 160.0K 20.00K 50.00K
YoY Change -98.49% -60.0% -50.0%
NET CHANGE
Cash From Operating Activities -42.16M -13.82M -14.04M
Cash From Investing Activities 39.70M 15.74M 19.32M
Cash From Financing Activities 160.0K 20.00K 50.00K
Net Change In Cash -2.300M 1.940M 5.330M
YoY Change -48.43% -63.6% 163.86%
FREE CASH FLOW
Cash From Operating Activities -$42.16M -$13.82M -$14.04M
Capital Expenditures $0.00 -$50.00K -$60.00K
Free Cash Flow -$42.16M -$13.77M -$13.98M
YoY Change 228.86% -1.5% 7.54%

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181000 USD
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
182000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
351000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1137000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
618000 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
519000 USD
CY2018Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
186000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
194000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
386000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
969000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1307
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y274D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1818000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
235000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
797000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
786000 USD
CY2018Q2 us-gaap Operating Leases Income Statement Sublease Revenue
OperatingLeasesIncomeStatementSubleaseRevenue
18000 USD
us-gaap Operating Leases Income Statement Sublease Revenue
OperatingLeasesIncomeStatementSubleaseRevenue
35000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1281000 USD
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1422000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
46000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
45000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-103000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
225000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
122000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
140000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
77000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
217000 USD
CY2019Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
315000 USD
CY2019Q2 us-gaap Other Restructuring Costs
OtherRestructuringCosts
300000 USD
CY2019Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
1620000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
280000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
23000 USD
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
6031000 USD
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
96000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
150000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
18117000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
107149000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2019Q2 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2598000 USD
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2200000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
358000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
171000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
43500000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
77210000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
22000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
115000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
30000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-19826000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
-18613000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-17693000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
-17650000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1210000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1054000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13712000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28071000 USD
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13827000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
27342000 USD
CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
43 employee
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
6487000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2019Q2 us-gaap Restructuring Reserve
RestructuringReserve
4161000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-556262000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-591605000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1193000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1983000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1438000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3794000 USD
CY2019Q2 us-gaap Severance Costs1
SeveranceCosts1
3300000 USD
CY2019Q2 us-gaap Severance Costs1
SeveranceCosts1
3335000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7427000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6440000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
1800000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
700000 USD
CY2019Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
201000 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
369000 shares
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
358000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
170000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
60000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
55000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
13000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
17000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
221810000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
205691000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
191393000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
177604000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
164307000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
149118000 USD
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
18000 USD
us-gaap Sublease Income
SubleaseIncome
35000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47811552 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47725209 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51130104 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51009935 shares

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