2024 Q2 Form 10-Q Financial Statement

#000111748024000018 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $129.0K $0.00
YoY Change 396.15% -100.0%
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $4.533M $5.546M
YoY Change 1.91% -2.34%
% of Gross Profit
Research & Development $18.43M $18.84M
YoY Change 8.87% 0.12%
% of Gross Profit
Depreciation & Amortization $24.00K $22.00K
YoY Change 4.35% 0.0%
% of Gross Profit
Operating Expenses $22.96M $24.39M
YoY Change 7.42% -0.45%
Operating Profit -$22.83M -$24.39M
YoY Change 6.95% 0.71%
Interest Expense $2.147M $2.521M
YoY Change -22.55% -11.42%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$20.69M -$21.87M
YoY Change 11.35% 2.33%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$20.69M -$21.87M
YoY Change 11.35% 2.33%
Net Earnings / Revenue -16034.88%
Basic Earnings Per Share -$0.23 -$0.25
Diluted Earnings Per Share -$0.23 -$0.25
COMMON SHARES
Basic Shares Outstanding 89.63M shares 89.21M shares
Diluted Shares Outstanding 89.63M shares 89.26M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.2M $159.0M
YoY Change -27.99% -25.95%
Cash & Equivalents $15.66M $19.03M
Short-Term Investments $132.5M $140.0M
Other Short-Term Assets $5.157M $4.003M
YoY Change -10.08% -57.1%
Inventory
Prepaid Expenses
Receivables $129.0K $1.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $153.5M $163.0M
YoY Change -27.45% -27.46%
LONG-TERM ASSETS
Property, Plant & Equipment $276.0K $1.617M
YoY Change -86.09% 505.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.32M $29.13M
YoY Change -14.47% -6.99%
Other Assets $242.0K $260.0K
YoY Change -25.77% -24.86%
Total Long-Term Assets $25.06M $31.01M
YoY Change -15.26% -8.21%
TOTAL ASSETS
Total Short-Term Assets $153.5M $163.0M
Total Long-Term Assets $25.06M $31.01M
Total Assets $178.5M $194.0M
YoY Change -25.96% -24.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.163M $3.823M
YoY Change 128.36% 34.28%
Accrued Expenses $17.94M $15.11M
YoY Change 32.7% 11.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.10M $18.94M
YoY Change 44.07% 15.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $827.0K $1.005M
YoY Change -49.33% -43.89%
Total Long-Term Liabilities $827.0K $1.005M
YoY Change -49.33% -43.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.10M $18.94M
Total Long-Term Liabilities $827.0K $1.005M
Total Liabilities $22.93M $19.94M
YoY Change 35.09% 9.43%
SHAREHOLDERS EQUITY
Retained Earnings -$838.1M -$817.4M
YoY Change 11.24% 11.24%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $155.6M $174.1M
YoY Change
Total Liabilities & Shareholders Equity $178.5M $194.0M
YoY Change -25.96% -24.94%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$20.69M -$21.87M
YoY Change 11.35% 2.33%
Depreciation, Depletion And Amortization $24.00K $22.00K
YoY Change 4.35% 0.0%
Cash From Operating Activities -$17.68M -$17.52M
YoY Change 23.3% -21.18%
INVESTING ACTIVITIES
Capital Expenditures $71.00K $27.00K
YoY Change 491.67% -56.45%
Acquisitions
YoY Change
Other Investing Activities $14.43M $8.702M
YoY Change -22.15% -28.65%
Cash From Investing Activities $14.36M $8.675M
YoY Change -22.48% -28.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.00K 208.0K
YoY Change 35.48% 4.52%
NET CHANGE
Cash From Operating Activities -17.68M -17.52M
Cash From Investing Activities 14.36M 8.675M
Cash From Financing Activities -42.00K 208.0K
Net Change In Cash -3.368M -8.635M
YoY Change -181.2% -12.7%
FREE CASH FLOW
Cash From Operating Activities -$17.68M -$17.52M
Capital Expenditures $71.00K $27.00K
Free Cash Flow -$17.75M -$17.55M
YoY Change 23.69% -21.28%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. In addition to estimates discussed in other sections of this Quarterly Report on Form 10-Q, the most significant estimates in the Company’s consolidated financial statements relate to the valuation of stock options and the valuation allowance for deferred tax assets resulting from net operating losses. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</span></div>
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
154000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1666000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
759000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
781000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
467000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2007000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
188000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1819000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
281000 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
221000 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2749000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4363000 usd
CY2022 us-gaap Severance Costs1
SeveranceCosts1
400000 usd
CY2023Q1 us-gaap Severance Costs1
SeveranceCosts1
600000 usd
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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