2017 Q2 Form 10-Q Financial Statement

#000162828017008455 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2 2014 Q4
Revenue $102.0K $104.0K $56.00K
YoY Change -1.91% 112.24% 19.15%
Cost Of Revenue $338.2K $409.5K $20.00K
YoY Change -17.4% 411.64%
Gross Profit -$236.2K -$305.5K $40.00K
YoY Change -22.68% 884.41%
Gross Profit Margin -231.54% -293.71% 71.43%
Selling, General & Admin $4.674M $5.598M $3.570M
YoY Change -16.5% 42.9% 91.94%
% of Gross Profit 8925.0%
Research & Development $981.7K $4.076M $970.0K
YoY Change -75.92% 51.87% -6.73%
% of Gross Profit 2425.0%
Depreciation & Amortization $320.0K $330.0K $60.00K
YoY Change -3.03% 312.5% 50.0%
% of Gross Profit 150.0%
Operating Expenses $5.990M $10.08M $4.560M
YoY Change -40.6% 50.91% 57.24%
Operating Profit -$5.888M -$9.980M -$4.520M
YoY Change -41.0% 50.48%
Interest Expense -$500.0K -$220.0K -$180.0K
YoY Change 127.27% -93.82% -109.78%
% of Operating Profit
Other Income/Expense, Net $1.566K $0.00 -$20.00K
YoY Change -100.0%
Pretax Income -$8.050M -$10.20M -$4.680M
YoY Change -21.08% 0.2% 354.37%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$8.046M -$10.20M -$4.680M
YoY Change -21.14% 0.22% 354.37%
Net Earnings / Revenue -7887.2% -9809.88% -8357.14%
Basic Earnings Per Share -$3.12 -$0.34 -$0.25
Diluted Earnings Per Share -$3.12 -$0.34 -$0.25
COMMON SHARES
Basic Shares Outstanding 2.583M shares 29.96M shares 18.90M shares
Diluted Shares Outstanding 2.583M shares 29.96M shares 19.07M shares

Balance Sheet

Concept 2017 Q2 2016 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.800M $50.60M $27.30M
YoY Change -84.58% 22.52% 5.81%
Cash & Equivalents $7.784M $22.58M $67.49M
Short-Term Investments $0.00 $28.00M
Other Short-Term Assets $700.0K $900.0K $400.0K
YoY Change -22.22% 80.0% 100.0%
Inventory
Prepaid Expenses
Receivables $157.4K $158.5K $56.69K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.655M $51.62M $27.72M
YoY Change -83.23% 23.2% 6.33%
LONG-TERM ASSETS
Property, Plant & Equipment $3.322M $4.732M $840.4K
YoY Change -29.8% 237.98% 11.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $584.0K $371.2K $336.7K
YoY Change 57.3% -7.19% 0.08%
Total Long-Term Assets $3.906M $5.103M $1.177M
YoY Change -23.47% 200.18% 8.29%
TOTAL ASSETS
Total Short-Term Assets $8.655M $51.62M $27.72M
Total Long-Term Assets $3.906M $5.103M $1.177M
Total Assets $12.56M $56.72M $28.90M
YoY Change -77.86% 30.1% 6.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $602.7K $1.115M $747.8K
YoY Change -45.96% 1.39% 160.91%
Accrued Expenses $4.930M $3.627M $1.842M
YoY Change 35.91% 141.8% 20.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $6.100M $1.900M
YoY Change -73.77% 165.22% 850.0%
Total Short-Term Liabilities $7.462M $10.89M $4.488M
YoY Change -31.47% 117.78% 123.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $9.000M $13.10M
YoY Change -100.0% -30.23% 4266.67%
Other Long-Term Liabilities $1.600M $1.519M $3.000M
YoY Change 5.32% -80.27% -31.82%
Total Long-Term Liabilities $1.600M $1.519M $16.10M
YoY Change 5.32% -92.63% 242.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.462M $10.89M $4.488M
Total Long-Term Liabilities $1.600M $1.519M $16.10M
Total Liabilities $9.050M $24.15M $20.55M
YoY Change -62.53% -5.29% 203.79%
SHAREHOLDERS EQUITY
Retained Earnings -$166.2M -$129.4M -$81.39M
YoY Change 28.45% 21.4%
Common Stock $3.108K $3.015K $1.891K
YoY Change 3.08% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.511M $32.57M $8.350M
YoY Change
Total Liabilities & Shareholders Equity $12.56M $56.72M $28.90M
YoY Change -77.86% 30.1% 6.41%

Cashflow Statement

Concept 2017 Q2 2016 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income -$8.046M -$10.20M -$4.680M
YoY Change -21.14% 0.22% 354.37%
Depreciation, Depletion And Amortization $320.0K $330.0K $60.00K
YoY Change -3.03% 312.5% 50.0%
Cash From Operating Activities -$4.600M -$8.070M -$3.870M
YoY Change -43.0% 48.07% 108.06%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$320.0K -$120.0K
YoY Change -96.88% -27.27% 50.0%
Acquisitions
YoY Change
Other Investing Activities $18.86M -$27.95M $60.00K
YoY Change -167.48%
Cash From Investing Activities $18.86M -$28.27M -$60.00K
YoY Change -166.71% 6325.0% -25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.66M -1.060M 60.00K
YoY Change 1471.7% -133.23% -300.0%
NET CHANGE
Cash From Operating Activities -4.600M -8.070M -3.870M
Cash From Investing Activities 18.86M -28.27M -60.00K
Cash From Financing Activities -16.66M -1.060M 60.00K
Net Change In Cash -2.400M -37.40M -3.870M
YoY Change -93.58% 1285.19% 96.45%
FREE CASH FLOW
Cash From Operating Activities -$4.600M -$8.070M -$3.870M
Capital Expenditures -$10.00K -$320.0K -$120.0K
Free Cash Flow -$4.590M -$7.750M -$3.750M
YoY Change -40.77% 54.69% 110.67%

Facts In Submission

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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18057468 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10208338 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21010666 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8051871 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-18057468 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
10083645 USD
us-gaap Operating Expenses
OperatingExpenses
20662779 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
5990264 USD
us-gaap Operating Expenses
OperatingExpenses
16210948 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9980245 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-20438893 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5888253 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-16013899 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1173304 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
583973 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1145 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1796 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-9543 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-11942 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3987 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3336 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-24 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2877 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
5132 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
5132 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9519 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9065 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1566 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1566 USD
CY2016Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
31673 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
31673 USD
CY2017Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1700 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2050 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
1613067 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
27951611 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
8804604 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
670867 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20738 USD
CY2016Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6060 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
12120 USD
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6060 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
12120 USD
CY2016Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
606000 USD
CY2017Q2 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
606000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
60600 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
60600 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
60 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
60 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
956616 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
713913 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
106791 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
100000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
792251 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
16431837 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
16434553 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
232144 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5588900 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5587829 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3826915 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3321532 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2320083 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
15000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
313052 USD
CY2016Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
4076414 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
7284478 USD
CY2017Q2 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
981715 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
5261545 USD
CY2017Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
2000000 USD
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1700000 USD
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
-3806 USD
us-gaap Restructuring Charges
RestructuringCharges
1715998 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
0 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
485000 USD
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
800000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-148115202 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-166172670 USD
CY2016Q2 us-gaap Royalty Revenue
RoyaltyRevenue
47765 USD
us-gaap Royalty Revenue
RoyaltyRevenue
160633 USD
CY2017Q2 us-gaap Royalty Revenue
RoyaltyRevenue
44810 USD
us-gaap Royalty Revenue
RoyaltyRevenue
110636 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
103400 USD
us-gaap Sales Revenue Net
SalesRevenueNet
223886 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
102011 USD
us-gaap Sales Revenue Net
SalesRevenueNet
197049 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3129036 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6186588 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
615019 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2023004 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4113021 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1696184 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
580180 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
4181755 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2796924 USD
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
23978022 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
19768139 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
3510769 USD
CY2016Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
52876 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
586626 USD
CY2017Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-71428 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
484078 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29958037 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30033207 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30991740 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30976462 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29958037 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29856611 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30991740 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30976462 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:45px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;Actual results could differ from those estimates.</font></div></div>

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