2018 Q4 Form 10-Q Financial Statement

#000162828018013880 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $80.00K $88.36K $123.3K
YoY Change -56.76% -28.35% 38.57%
Cost Of Revenue $0.00 $26.68K $473.2K
YoY Change -100.0% -94.36% 11.46%
Gross Profit $80.00K $61.68K -$349.9K
YoY Change -140.0% -117.63% 4.27%
Gross Profit Margin 100.0% 69.81% -283.69%
Selling, General & Admin $1.680M $1.665M $4.080M
YoY Change -9.19% -59.18% -27.82%
% of Gross Profit 2100.0% 2699.57%
Research & Development $2.500M $1.830M $1.415M
YoY Change 103.25% 29.39% -64.07%
% of Gross Profit 3125.0% 2967.45%
Depreciation & Amortization $160.0K $220.0K $310.0K
YoY Change -44.83% -29.03% 55.0%
% of Gross Profit 200.0% 356.66%
Operating Expenses $4.180M $3.944M $5.921M
YoY Change 5.32% -33.39% -40.87%
Operating Profit -$4.100M -$3.855M -$5.798M
YoY Change -1.66% -33.5% -41.58%
Interest Expense $110.0K $16.00 $37.12K
YoY Change -92.03% -99.96% -113.75%
% of Operating Profit
Other Income/Expense, Net -$170.0K $2.318K -$6.541K
YoY Change 0.0% -135.44%
Pretax Income -$4.160M -$3.770M -$4.290M
YoY Change 61.87% -12.12% -57.9%
Income Tax
% Of Pretax Income
Net Earnings -$4.160M -$3.770M -$4.292M
YoY Change 61.87% -12.17% -57.89%
Net Earnings / Revenue -5200.0% -4266.1% -3480.09%
Basic Earnings Per Share -$1.10 -$1.41
Diluted Earnings Per Share -$1.081M -$1.10 -$1.41
COMMON SHARES
Basic Shares Outstanding 22.99M shares 3.437M shares 3.039M shares
Diluted Shares Outstanding 3.437M shares 3.039M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.50M $15.10M $7.400M
YoY Change 40.24% 104.05% -84.22%
Cash & Equivalents $11.45M $15.07M $7.434M
Short-Term Investments $0.00
Other Short-Term Assets $1.100M $800.0K $900.0K
YoY Change -8.33% -11.11% 0.0%
Inventory
Prepaid Expenses $1.144M
Receivables $167.8K $128.6K $178.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.77M $16.04M $8.552M
YoY Change 34.82% 87.61% -82.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.304M $1.628M $3.127M
YoY Change -46.24% -47.95% -32.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.8K $249.6K $539.3K
YoY Change -73.64% -53.71% 45.27%
Total Long-Term Assets $1.407M $1.877M $3.666M
YoY Change -50.03% -48.8% -27.06%
TOTAL ASSETS
Total Short-Term Assets $12.77M $16.04M $8.552M
Total Long-Term Assets $1.407M $1.877M $3.666M
Total Assets $14.17M $17.92M $12.22M
YoY Change 15.36% 46.68% -76.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $664.8K $476.3K $675.5K
YoY Change -19.44% -29.49% -26.99%
Accrued Expenses $1.772M $1.718M $2.620M
YoY Change 21.81% -34.43% -42.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.500M
YoY Change -100.0% 87.5%
Total Short-Term Liabilities $2.923M $2.667M $5.082M
YoY Change -25.91% -47.53% -22.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $42.00K $1.300M $3.200M
YoY Change -97.67% -59.38% -21.95%
Total Long-Term Liabilities $42.00K $1.300M $3.200M
YoY Change -97.67% -59.38% -83.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.923M $2.667M $5.082M
Total Long-Term Liabilities $42.00K $1.300M $3.200M
Total Liabilities $4.088M $3.941M $8.273M
YoY Change -29.25% -52.36% -68.46%
SHAREHOLDERS EQUITY
Retained Earnings -$192.2M -$188.0M -$170.5M
YoY Change 11.06% 10.3% 22.15%
Common Stock $7.742K $7.738K $3.811K
YoY Change 46.66% 103.04% 24.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.08M $13.98M $3.945M
YoY Change
Total Liabilities & Shareholders Equity $14.17M $17.92M $12.22M
YoY Change 15.36% 46.68% -76.95%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$4.160M -$3.770M -$4.292M
YoY Change 61.87% -12.17% -57.89%
Depreciation, Depletion And Amortization $160.0K $220.0K $310.0K
YoY Change -44.83% -29.03% 55.0%
Cash From Operating Activities -$3.610M -$3.480M -$6.590M
YoY Change 8.41% -47.19% -6.52%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$120.0K
YoY Change -100.0% -100.0% -7.69%
Acquisitions
YoY Change
Other Investing Activities $0.00 $60.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $60.00K -$110.0K
YoY Change -100.0% -154.55% -103.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 6.370M
YoY Change -100.0% -100.0% 74.04%
NET CHANGE
Cash From Operating Activities -3.610M -3.480M -6.590M
Cash From Investing Activities 0.000 60.00K -110.0K
Cash From Financing Activities 0.000 0.000 6.370M
Net Change In Cash -3.610M -3.420M -330.0K
YoY Change -568.83% 936.36% 1550.0%
FREE CASH FLOW
Cash From Operating Activities -$3.610M -$3.480M -$6.590M
Capital Expenditures $0.00 $0.00 -$120.0K
Free Cash Flow -$3.610M -$3.480M -$6.470M
YoY Change 7.12% -46.21% -6.5%

Facts In Submission

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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3775628 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15090413 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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-22355494 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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-15090413 USD
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
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109922 USD
CY2017Q3 us-gaap Operating Expenses
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5920950 USD
us-gaap Operating Expenses
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22131898 USD
CY2018Q3 us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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CY2018Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q3 us-gaap Other Assets Noncurrent
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249645 USD
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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-1544 USD
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1544 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4421 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9065 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-6541 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
6431 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
8481 USD
CY2018Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
11490 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
42614 USD
us-gaap Payments Of Debt Extinguishment Costs
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1613067 USD
us-gaap Payments Of Debt Extinguishment Costs
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175381 USD
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1800000 USD
us-gaap Payments To Acquire Available For Sale Securities
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8804604 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
31500 USD
us-gaap Payments To Acquire Property Plant And Equipment
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136251 USD
us-gaap Payments To Acquire Property Plant And Equipment
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5100 USD
CY2017Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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6060 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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18180 USD
CY2018Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6060 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
18180 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
60 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
60 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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1165828 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
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849082 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6634803 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11779525 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
4386762 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
16434553 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
31500 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
27942 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1612667 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
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CY2018Q3 us-gaap Property Plant And Equipment Gross
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CY2017Q4 us-gaap Property Plant And Equipment Net
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2426312 USD
us-gaap Restructuring Costs And Asset Impairment Charges
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485000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1627605 USD
us-gaap Repayments Of Long Term Debt
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15000000 USD
us-gaap Repayments Of Long Term Debt
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0 USD
us-gaap Repayments Of Long Term Lines Of Credit
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469578 USD
us-gaap Repayments Of Long Term Lines Of Credit
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1200033 USD
CY2017Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
1414706 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
6676251 USD
CY2018Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
1830441 USD
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
5667046 USD
CY2017Q3 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
RestructuringCharges
1700000 USD
us-gaap Restructuring Charges
RestructuringCharges
1669526 USD
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
421351 USD
us-gaap Restructuring Charges
RestructuringCharges
664686 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
187500 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-173046186 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-188026677 USD
CY2017Q3 us-gaap Royalty Revenue
RoyaltyRevenue
58779 USD
us-gaap Royalty Revenue
RoyaltyRevenue
169415 USD
CY2018Q3 us-gaap Royalty Revenue
RoyaltyRevenue
72568 USD
us-gaap Royalty Revenue
RoyaltyRevenue
174046 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
123329 USD
us-gaap Sales Revenue Net
SalesRevenueNet
320378 USD
CY2018Q3 us-gaap Sales Revenue Net
SalesRevenueNet
88361 USD
us-gaap Sales Revenue Net
SalesRevenueNet
300310 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4079514 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12358290 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1665200 USD
us-gaap Selling General And Administrative Expense
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6321048 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3117364 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1905652 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3378243 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1515946 USD
us-gaap Stock Issued During Period Value New Issues
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4386762 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
6506107 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
13979755 USD
CY2017Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1528669 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2012747 USD
CY2018Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-2500 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
579040 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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3038806 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2735526 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20622660 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10945249 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3038806 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2735526 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20622660 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10945249 shares

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