2014 Q4 Form 10-K Financial Statement

#000162828016012682 Filed on March 14, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $9.329M $9.729M $9.750M
YoY Change 14.34% 49.02% 37.69%
Cost Of Revenue $1.360M $1.340M $1.299M
YoY Change -36.74% 29.95% 12.47%
Gross Profit $7.970M $8.389M $8.451M
YoY Change 32.61% 52.6% 42.61%
Gross Profit Margin 85.43% 86.23% 86.68%
Selling, General & Admin $5.740M $5.980M $6.070M
YoY Change -16.33% 11.38% 12.47%
% of Gross Profit 72.02% 71.28% 71.83%
Research & Development $770.0K $934.8K $861.2K
YoY Change -42.54% -35.11% -37.91%
% of Gross Profit 9.66% 11.14% 10.19%
Depreciation & Amortization $610.0K $580.0K $400.0K
YoY Change 60.53% 87.1% 25.0%
% of Gross Profit 7.65% 6.91% 4.73%
Operating Expenses $7.020M $6.915M $6.931M
YoY Change -17.22% 1.55% 2.17%
Operating Profit $946.1K $989.0K $1.216M
YoY Change -138.27% -165.29% -206.58%
Interest Expense $30.00K $26.88K $12.28K
YoY Change 0.0% 10.67% -40.69%
% of Operating Profit 3.17% 2.72% 1.01%
Other Income/Expense, Net
YoY Change
Pretax Income $980.0K $1.070M $1.233M
YoY Change -140.16% -170.47% -210.84%
Income Tax $330.0K $341.0K $523.3K
% Of Pretax Income 33.67% 31.86% 42.45%
Net Earnings $668.9K $745.9K $722.6K
YoY Change -144.58% -190.97% -213.08%
Net Earnings / Revenue 7.17% 7.67% 7.41%
Basic Earnings Per Share $0.04 $0.04 $0.04
Diluted Earnings Per Share $0.04 $0.04 $0.04
COMMON SHARES
Basic Shares Outstanding 17.36M shares 17.54M shares 17.74M shares
Diluted Shares Outstanding 17.85M shares 18.03M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.71M $54.28M $53.88M
YoY Change -0.33% -16.72% -22.12%
Cash & Equivalents $39.87M $39.64M $39.05M
Short-Term Investments $14.84M $14.63M $14.83M
Other Short-Term Assets $5.002M $4.445M $3.744M
YoY Change 41.42% 28.25% 17.1%
Inventory $5.600M $6.131M $6.997M
Prepaid Expenses
Receivables $5.505M $5.296M $6.014M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $70.81M $70.15M $70.63M
YoY Change 3.11% -10.37% -14.32%
LONG-TERM ASSETS
Property, Plant & Equipment $651.0K $731.1K $726.9K
YoY Change -26.07% -25.01% -31.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.792M $3.025M $3.036M
YoY Change 33.17% 111.56% 130.1%
Total Long-Term Assets $24.59M $23.75M $22.84M
YoY Change 29.87% 74.14% 75.34%
TOTAL ASSETS
Total Short-Term Assets $70.81M $70.15M $70.63M
Total Long-Term Assets $24.59M $23.75M $22.84M
Total Assets $95.41M $93.90M $93.47M
YoY Change 8.89% 2.17% -2.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.243M $3.205M $4.220M
YoY Change 59.28% 41.07% 36.4%
Accrued Expenses $10.51M
YoY Change 90.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.75M $12.16M $11.86M
YoY Change 82.21% 124.61% 94.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $902.8K $900.0K $900.0K
YoY Change 16.33% 28.57% 50.0%
Total Long-Term Liabilities $902.8K $900.0K $900.0K
YoY Change 16.33% -83.93% -86.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.75M $12.16M $11.86M
Total Long-Term Liabilities $902.8K $900.0K $900.0K
Total Liabilities $14.65M $13.02M $12.74M
YoY Change 76.07% 18.58% 1.14%
SHAREHOLDERS EQUITY
Retained Earnings $18.82M $18.15M $17.40M
YoY Change 14.78% 1.42% -7.01%
Common Stock $61.94M $62.95M $63.53M
YoY Change -1.79% -0.39% -1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.76M $81.10M $80.93M
YoY Change
Total Liabilities & Shareholders Equity $95.41M $93.90M $93.47M
YoY Change 8.89% 2.17% -2.09%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $668.9K $745.9K $722.6K
YoY Change -144.58% -190.97% -213.08%
Depreciation, Depletion And Amortization $610.0K $580.0K $400.0K
YoY Change 60.53% 87.1% 25.0%
Cash From Operating Activities $2.730M $2.140M $840.0K
YoY Change -1536.84% -351.76% 600.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.490M -$990.0K -$360.0K
YoY Change -69.4% 25.32% -59.09%
Acquisitions
YoY Change
Other Investing Activities -$20.00K $240.0K -$1.340M
YoY Change -100.39% -14.29% 119.67%
Cash From Investing Activities -$1.510M -$750.0K -$1.700M
YoY Change -729.17% 44.23% 14.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000M -790.0K 860.0K
YoY Change -80.69% -65.35% -577.78%
NET CHANGE
Cash From Operating Activities 2.730M 2.140M 840.0K
Cash From Investing Activities -1.510M -750.0K -1.700M
Cash From Financing Activities -1.000M -790.0K 860.0K
Net Change In Cash 220.0K 600.0K 0.0000000001164
YoY Change -104.29% -116.44% -100.0%
FREE CASH FLOW
Cash From Operating Activities $2.730M $2.140M $840.0K
Capital Expenditures -$1.490M -$990.0K -$360.0K
Free Cash Flow $4.220M $3.130M $1.200M
YoY Change -9.83% -5316.67% 20.0%

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50000 USD
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50000 USD
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0.04
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0.05
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0.04
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CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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0.01
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P2Y7M1D
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2103553 USD
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2103553 USD
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2103553 USD
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2103553 USD
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3200000 USD
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2700000 USD
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CY2014 us-gaap Operating Income Loss
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100000 USD
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500000 USD
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500000 USD
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0 USD
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0 USD
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1668252 USD
CY2013 us-gaap Payments To Acquire Businesses Gross
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0 USD
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2000000 USD
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0 USD
CY2013 us-gaap Payments To Acquire Intangible Assets
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7462080 USD
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3101565 USD
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2556465 USD
CY2014Q2 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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1000000 USD
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4371508 USD
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4207262 USD
CY2015 us-gaap Payments To Acquire Marketable Securities
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7528713 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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97412 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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163258 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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142965 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2014 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2015 us-gaap Proceeds From Stock Options Exercised
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21366 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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1468913 USD
CY2013 us-gaap Proceeds From Minority Shareholders
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0 USD
CY2013 us-gaap Profit Loss
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-2151418 USD
CY2015 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
7883171 USD
CY2014 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1000005 USD
CY2015 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2013 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-4359951 USD
CY2014 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
CY2015 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1700000 USD
CY2013 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
6859061 USD
CY2014 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
3437645 USD
CY2014 us-gaap Profit Loss
ProfitLoss
2362465 USD
CY2015 us-gaap Profit Loss
ProfitLoss
671108 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2890557 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3033522 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
651030 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
536450 USD
CY2013 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5615501 USD
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3389419 USD
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3847651 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18818263 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
19549614 USD
CY2013 us-gaap Revenues
Revenues
800000 USD
CY2014 us-gaap Revenues
Revenues
600000 USD
CY2015 us-gaap Revenues
Revenues
900000 USD
CY2013 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
31100698 USD
CY2014 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
36683762 USD
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
33013184 USD
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
32027462 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8093244 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9750168 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9729047 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
9329412 USD
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
36901871 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
8686774 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
8909741 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7885048 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
8037488 USD
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
33519051 USD
CY2013 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14387745 USD
CY2014 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14902202 USD
CY2015 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13994768 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
674955 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
761663 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
622503 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12300 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.89
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
76819783 USD
CY2014Q4 us-gaap Trading Securities
TradingSecurities
14841418 USD
CY2015Q4 us-gaap Trading Securities
TradingSecurities
14564115 USD
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
360 USD
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18332997 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
212444 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3875 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
198140 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
140404 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.46
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.41
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2320 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
356496 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
158356 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12300 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.96
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.62
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.89
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.75
CY2014 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y7M5D
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y0M5D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5M
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y7M5D
CY2013 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
900000 USD
CY2014 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1000000 USD
CY2015 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
800000 USD
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5652 shares
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
670934 USD
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
760894 USD
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
622503 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6748 USD
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1653028 USD
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
112348 USD
CY2013 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4800908 USD
CY2014 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4315444 USD
CY2015 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5338967 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
80760673 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
76887908 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
85566487 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
79291843 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
80752791 USD
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17899632 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17094754 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18332997 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17617765 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16715970 shares
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:4px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:10px;text-align:justify;padding-left:24px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates under different assumptions and conditions.</font></div></div>

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a2015-10k.htm Edgar Link pending
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