2020 Q1 Form 10-Q Financial Statement

#000111748020000022 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.241M $2.356M
YoY Change -47.33% 198.23%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.210M $7.690M
YoY Change -58.26% 14.09%
% of Gross Profit
Research & Development $8.949M $13.52M
YoY Change -33.78% -5.88%
% of Gross Profit
Depreciation & Amortization $112.0K $149.0K
YoY Change -24.83% -39.92%
% of Gross Profit
Operating Expenses $12.15M $21.20M
YoY Change -42.67% 0.49%
Operating Profit -$10.91M -$18.85M
YoY Change -42.09% -7.2%
Interest Expense $490.0K $1.160M
YoY Change -57.76% 87.1%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.42M -$17.69M
YoY Change -41.1% -10.79%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.42M -$17.69M
YoY Change -41.11% -10.76%
Net Earnings / Revenue -839.65% -750.98%
Basic Earnings Per Share -$0.17
Diluted Earnings Per Share -$0.17 -$347.6K
COMMON SHARES
Basic Shares Outstanding 61.74M shares 50.90M shares
Diluted Shares Outstanding 61.74M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.0M $171.6M
YoY Change -39.98% 6.98%
Cash & Equivalents $24.55M $19.71M
Short-Term Investments $78.50M $151.9M
Other Short-Term Assets $2.600M $2.500M
YoY Change 4.0% -19.35%
Inventory
Prepaid Expenses
Receivables $1.079M $1.425M
Other Receivables $0.00 $0.00
Total Short-Term Assets $106.7M $175.5M
YoY Change -39.2% 7.09%
LONG-TERM ASSETS
Property, Plant & Equipment $435.0K $1.158M
YoY Change -62.44% -31.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.00K $53.00K
YoY Change -69.81% -13.11%
Total Long-Term Assets $1.029M $2.443M
YoY Change -57.88% -95.21%
TOTAL ASSETS
Total Short-Term Assets $106.7M $175.5M
Total Long-Term Assets $1.029M $2.443M
Total Assets $107.8M $178.0M
YoY Change -39.45% -17.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.124M $2.492M
YoY Change -54.9% 31.71%
Accrued Expenses $5.556M $10.39M
YoY Change -46.52% 46.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.680M $12.88M
YoY Change -48.14% 43.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $800.0K
YoY Change -100.0% 300.0%
Total Long-Term Liabilities $0.00 $800.0K
YoY Change -100.0% 300.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.680M $12.88M
Total Long-Term Liabilities $0.00 $800.0K
Total Liabilities $6.728M $13.68M
YoY Change -50.82% 48.59%
SHAREHOLDERS EQUITY
Retained Earnings -$679.3M -$574.0M
YoY Change 18.35% 13.29%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.0M $164.3M
YoY Change
Total Liabilities & Shareholders Equity $107.8M $178.0M
YoY Change -39.45% -17.18%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$10.42M -$17.69M
YoY Change -41.11% -10.76%
Depreciation, Depletion And Amortization $112.0K $149.0K
YoY Change -24.83% -39.92%
Cash From Operating Activities -$10.82M -$15.73M
YoY Change -31.23% -15.01%
INVESTING ACTIVITIES
Capital Expenditures $7.000K $97.00K
YoY Change -92.78% 130.95%
Acquisitions
YoY Change
Other Investing Activities $18.25M -$45.73M
YoY Change -139.91% -308.05%
Cash From Investing Activities $18.24M -$45.83M
YoY Change -139.81% -308.89%
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 $229.0K $160.0K
YoY Change 43.13% 15.94%
NET CHANGE
Cash From Operating Activities -$10.82M -$15.73M
Cash From Investing Activities $18.24M -$45.83M
Cash From Financing Activities $229.0K $160.0K
Net Change In Cash $7.652M -$61.40M
YoY Change -112.46% -1822.81%
FREE CASH FLOW
Cash From Operating Activities -$10.82M -$15.73M
Capital Expenditures $7.000K $97.00K
Free Cash Flow -$10.83M -$15.83M
YoY Change -31.61% -14.68%

Facts In Submission

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CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2020Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3385000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2639000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
170000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
229000 USD
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
23950000 USD
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
45902000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-17693000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-10420000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
540000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
435000 USD
CY2019Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
13515000 USD
CY2020Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
8949000 USD
CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
43 employee
CY2019 us-gaap Restructuring Charges
RestructuringCharges
5956000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
320000 USD
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
88000 USD
CY2019 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-336000 USD
CY2020Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-14000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-668838000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2356000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1241000 USD
CY2019 us-gaap Severance Costs1
SeveranceCosts1
3300000 USD
CY2019 us-gaap Severance Costs1
SeveranceCosts1
3346000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4073000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1326000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
1800000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
168000 shares
CY2020Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
163000 shares
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
170000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-679258000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
229000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
13000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
177604000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
164307000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
109952000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
101041000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
18000 USD
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
18000 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50887221 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
61742035 shares
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net income or stockholders' equity (deficit).</font></div></div>

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