2019 Q3 Form 10-Q Financial Statement

#000162828019011753 Filed on September 16, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $6.737M $6.225M
YoY Change 8.22% 23.68%
Cost Of Revenue $3.752M $3.083M
YoY Change 21.7% 16.69%
Gross Profit $2.985M $3.142M
YoY Change -5.0% 31.41%
Gross Profit Margin 44.31% 50.47%
Selling, General & Admin $2.296M $1.573M
YoY Change 45.96% -16.86%
% of Gross Profit 76.92% 50.06%
Research & Development $1.303M $1.088M
YoY Change 19.76% -2.68%
% of Gross Profit 43.65% 34.63%
Depreciation & Amortization $145.0K $111.0K
YoY Change 30.63% 208.33%
% of Gross Profit 4.86% 3.53%
Operating Expenses $7.351M $5.744M
YoY Change 27.98% 1.63%
Operating Profit -$614.0K $481.0K
YoY Change -227.65% -177.71%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$12.00K $1.000K
YoY Change -1300.0% -101.96%
Pretax Income -$626.0K $482.0K
YoY Change -229.88% -171.94%
Income Tax $15.00K $0.00
% Of Pretax Income 0.0%
Net Earnings -$641.0K $483.0K
YoY Change -232.71% -171.66%
Net Earnings / Revenue -9.51% 7.76%
Basic Earnings Per Share -$0.06 $0.04
Diluted Earnings Per Share -$0.06 $0.04
COMMON SHARES
Basic Shares Outstanding 11.62M shares 11.01M shares
Diluted Shares Outstanding 11.62M shares 12.62M shares

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.200M $1.020M
YoY Change 115.69% 137.21%
Cash & Equivalents $2.202M $1.000M
Short-Term Investments
Other Short-Term Assets $260.0K $250.0K
YoY Change 4.0% -30.56%
Inventory
Prepaid Expenses
Receivables $3.891M $3.769M
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.349M $5.031M
YoY Change 26.2% 45.53%
LONG-TERM ASSETS
Property, Plant & Equipment $3.113M $2.425M
YoY Change 28.37% 16.36%
Goodwill $669.0K $669.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $128.0K $116.0K
YoY Change 10.34% 8.41%
Total Long-Term Assets $7.013M $3.360M
YoY Change 108.72% 11.63%
TOTAL ASSETS
Total Short-Term Assets $6.349M $5.031M
Total Long-Term Assets $7.013M $3.360M
Total Assets $13.36M $8.391M
YoY Change 59.24% 29.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.725M $2.119M
YoY Change 28.6% 22.34%
Accrued Expenses $770.0K $366.0K
YoY Change 110.38% -33.58%
Deferred Revenue $3.969M $4.263M
YoY Change -6.9%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $140.0K
YoY Change -92.86% 366.67%
Total Short-Term Liabilities $7.930M $6.885M
YoY Change 15.18% 14.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $150.0K
YoY Change -100.0% 400.0%
Other Long-Term Liabilities $151.0K $151.0K
YoY Change 0.0% -3.82%
Total Long-Term Liabilities $151.0K $151.0K
YoY Change 0.0% -3.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.930M $6.885M
Total Long-Term Liabilities $151.0K $151.0K
Total Liabilities $11.63M $7.789M
YoY Change 49.36% 26.1%
SHAREHOLDERS EQUITY
Retained Earnings -$71.30M -$70.34M
YoY Change 1.36% 0.46%
Common Stock $73.07M $72.20M
YoY Change 1.2% 0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.252M
YoY Change 0.0%
Treasury Stock Shares 269.7K shares
Shareholders Equity $1.728M $603.0K
YoY Change
Total Liabilities & Shareholders Equity $13.36M $8.391M
YoY Change 59.24% 29.75%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$641.0K $483.0K
YoY Change -232.71% -171.66%
Depreciation, Depletion And Amortization $145.0K $111.0K
YoY Change 30.63% 208.33%
Cash From Operating Activities -$279.0K $336.0K
YoY Change -183.04% -117.25%
INVESTING ACTIVITIES
Capital Expenditures $749.0K $211.0K
YoY Change 254.98% -76.81%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$749.0K -$211.0K
YoY Change 254.98% -76.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$7.000K $35.00K
YoY Change -120.0% -600.0%
NET CHANGE
Cash From Operating Activities -$279.0K $336.0K
Cash From Investing Activities -$749.0K -$211.0K
Cash From Financing Activities -$7.000K $35.00K
Net Change In Cash -$1.035M $160.0K
YoY Change -746.88% -105.58%
FREE CASH FLOW
Cash From Operating Activities -$279.0K $336.0K
Capital Expenditures $749.0K $211.0K
Free Cash Flow -$1.028M $125.0K
YoY Change -922.4% -104.37%

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256000 USD
CY2018Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
42000 USD
CY2019Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4620000 USD
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5369000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2546000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3113000 USD
CY2018Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
7000 USD
CY2019Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
7000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1088000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1303000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-70698000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71339000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71300000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6225000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6737000 USD
CY2018Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3205000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
518000 USD
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
870000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
75000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
131000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8440
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.0000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0282
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2143231 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.74
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6668 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
40000 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.18
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
14557000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8836000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2423626 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2374875 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.19
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.08
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
8836000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2374875 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.08
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
7500 USD
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
12.24
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.20
CY2019Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8469000 USD
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y5M24D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M19D
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y9M50D
CY2019Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
3000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
602000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
2238000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
1728000 USD
CY2019Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
2417000 USD
CY2019Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
1947000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
151000 USD
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
151000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12618021 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11619538 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11012281 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11619538 shares

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