2019 Q3 Form 10-Q Financial Statement

#000114036119020060 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $7.608M $6.595M
YoY Change 15.37% 6.19%
Cost Of Revenue $3.877M $3.614M
YoY Change 7.27% 3.84%
Gross Profit $3.732M $2.981M
YoY Change 25.19% 9.19%
Gross Profit Margin 49.05% 45.2%
Selling, General & Admin $3.579M $2.866M
YoY Change 24.89% -0.83%
% of Gross Profit 95.91% 96.14%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $124.6K $108.2K
YoY Change 15.17% -1.62%
% of Gross Profit 3.34% 3.63%
Operating Expenses $3.579M $2.866M
YoY Change 24.89% -1.18%
Operating Profit $152.7K $115.1K
YoY Change 32.72% -167.68%
Interest Expense $142.00 $346.00
YoY Change -58.96%
% of Operating Profit 0.09% 0.3%
Other Income/Expense, Net $60.70K -$388.00
YoY Change -15744.07%
Pretax Income $213.4K $114.7K
YoY Change 86.1% -167.45%
Income Tax $6.085K $4.767K
% Of Pretax Income 2.85% 4.16%
Net Earnings $207.3K $109.9K
YoY Change 88.64% -164.65%
Net Earnings / Revenue 2.72% 1.67%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 28.56M 21.45M
Diluted Shares Outstanding 29.22M 21.66M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.24M $2.090M
YoY Change 485.65% -59.26%
Cash & Equivalents $12.24M $2.220M
Short-Term Investments
Other Short-Term Assets $1.770M $1.120M
YoY Change 58.04% 51.35%
Inventory $11.79M $10.78M
Prepaid Expenses
Receivables $2.001M $2.090M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.80M $16.08M
YoY Change 72.87% -17.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.013M $1.200M
YoY Change -15.56% -9.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $328.3K $22.36M
YoY Change -98.53% 12.64%
Total Long-Term Assets $26.50M $23.63M
YoY Change 12.17% 11.57%
TOTAL ASSETS
Total Short-Term Assets $27.80M $16.08M
Total Long-Term Assets $26.50M $23.63M
Total Assets $54.30M $39.71M
YoY Change 36.75% -2.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.563M $4.090M
YoY Change 11.58% -16.19%
Accrued Expenses $926.1K $790.0K
YoY Change 17.23% -9.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.100M $4.880M
YoY Change 24.99% -15.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.130M $830.0K
YoY Change 36.14% -13.54%
Total Long-Term Liabilities $1.131M $830.0K
YoY Change 36.26% -13.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.100M $4.880M
Total Long-Term Liabilities $1.131M $830.0K
Total Liabilities $7.231M $5.710M
YoY Change 26.63% -14.9%
SHAREHOLDERS EQUITY
Retained Earnings -$32.90M
YoY Change
Common Stock $79.98M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.56M $34.49M
YoY Change
Total Liabilities & Shareholders Equity $54.30M $39.71M
YoY Change 36.75% -2.6%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $207.3K $109.9K
YoY Change 88.64% -164.65%
Depreciation, Depletion And Amortization $124.6K $108.2K
YoY Change 15.17% -1.62%
Cash From Operating Activities -$1.223M -$973.4K
YoY Change 25.69% -14.61%
INVESTING ACTIVITIES
Capital Expenditures $111.3K $164.1K
YoY Change -32.16% -920.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$115.6K -$202.2K
YoY Change -42.81% 911.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $932.5K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 932.5K 2.251K
YoY Change 41325.14%
NET CHANGE
Cash From Operating Activities -1.223M -973.4K
Cash From Investing Activities -115.6K -202.2K
Cash From Financing Activities 932.5K 2.251K
Net Change In Cash -406.6K -1.173M
YoY Change -65.35% 1.16%
FREE CASH FLOW
Cash From Operating Activities -$1.223M -$973.4K
Capital Expenditures $111.3K $164.1K
Free Cash Flow -$1.335M -$1.138M
YoY Change 17.34% 1.57%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">DESCRIPTION OF BUSINESS</div></td></tr></table><div><br /></div><div style="color: #000000;">Charles &amp; Colvard, Ltd. (the &#8220;Company&#8221;), a North Carolina corporation founded in 1995, manufactures, markets, and distributes <font style="font-style: italic;">Charles &amp; Colvard Created Moissanite</font><sup style="font-style: italic; vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> (hereinafter referred to as moissanite or moissanite jewels) and finished jewelry featuring moissanite for sale in the worldwide jewelry market. Moissanite, also known by its chemical name silicon carbide (&#8220;SiC&#8221;), is a rare mineral first discovered in a meteorite crater. Because naturally occurring SiC crystals are too small for commercial use, larger crystals must be grown in a laboratory. The Company sells loose moissanite jewels and finished jewelry at wholesale prices to distributors, manufacturers, retailers, and designers, including some of the largest distributors and jewelry manufacturers in the world. The Company&#8217;s finished jewelry and loose moissanite jewels that are mounted into fine jewelry by other manufacturers are sold at retail outlets and via the Internet. The Company sells at retail prices to end-consumers through its wholly owned operating subsidiary, charlesandcolvard.com, LLC, third-party online marketplaces, drop-ship retail, and other pure-play, exclusively e-commerce outlets.</div></div>
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CY2019Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2019Q2 us-gaap Other Liabilities Current
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CY2019Q3 us-gaap Other Inventory Supplies
OtherInventorySupplies
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CY2019Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
129111
CY2019Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4322
CY2018Q3 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
38111
CY2019Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
111317
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
164099
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1408993
CY2019Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
932480
CY2018Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2019Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9060000
CY2019Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2018Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2251
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1026098
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1013308
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
541062
CY2019Q3 us-gaap Restricted Cash
RestrictedCash
356191
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32904668
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33111987
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6594706
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7608421
CY2019Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
286864
CY2019Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
190933
CY2018Q3 us-gaap Selling And Marketing Expense
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1641125
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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CY2019Q3 us-gaap Share Based Compensation
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212380
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
71176
CY2019Q3 us-gaap Share Price
SharePrice
1.60
CY2019Q2 us-gaap Share Price
SharePrice
1.60
CY2019Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6250000
CY2019Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6880500
CY2018Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0
CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2251
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
932480
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
47071203
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
45719024
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
33818433
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
34001763
CY2019Q3 us-gaap Tax Cuts And Jobs Act Of2017 Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit
-23000
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
5000
CY2019Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
6000
CY2019Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;"><font style="font-weight: bold; font-style: italic;">Use of Estimates </font>&#8211; The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. The most significant estimates impacting the Company&#8217;s condensed consolidated financial statements relate to valuation and classification of inventories, accounts receivable reserves, deferred tax assets, uncertain tax positions, and revenue recognition. Actual results could differ materially from those estimates.</div></div>
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
659248
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
203539
CY2019Q3 cthr Inventory Reserve For Shrinkage Of Loose Jewels On Consignment
InventoryReserveForShrinkageOfLooseJewelsOnConsignment
2000
CY2019Q2 cthr Inventory Reserve For Shrinkage Of Loose Jewels On Consignment
InventoryReserveForShrinkageOfLooseJewelsOnConsignment
1000
CY2019Q2 cthr Inventory Of Net Loose Jewels
InventoryOfNetLooseJewels
24270000
CY2019Q3 cthr Inventory Of Net Loose Jewels
InventoryOfNetLooseJewels
24460000
CY2019Q2 cthr Inventory Reserve For Shrinkage
InventoryReserveForShrinkage
112000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21658516
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29222936
CY2019Q3 cthr Inventory Reserve For Shrinkage
InventoryReserveForShrinkage
144000
CY2019Q3 cthr Inventory Reserve For Shrinkage Of Finished Jewelry On Consignment
InventoryReserveForShrinkageOfFinishedJewelryOnConsignment
12000
CY2019Q2 cthr Inventory Reserve For Shrinkage Of Finished Jewelry On Consignment
InventoryReserveForShrinkageOfFinishedJewelryOnConsignment
14000
CY2019Q2 cthr Shrinkage Reserve For Finished Goods On Consignment
ShrinkageReserveForFinishedGoodsOnConsignment
15000
CY2019Q3 cthr Shrinkage Reserve For Finished Goods On Consignment
ShrinkageReserveForFinishedGoodsOnConsignment
14000
CY2019Q3 cthr Inventory Rework Reserve For Recut And Repairs
InventoryReworkReserveForRecutAndRepairs
418000
CY2019Q2 cthr Inventory Rework Reserve For Recut And Repairs
InventoryReworkReserveForRecutAndRepairs
460000
CY2019Q2 cthr Inventory Of Net Jewelry
InventoryOfNetJewelry
9330000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28563688
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21454977
CY2018Q3 cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
25000
CY2019Q3 cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
-31000
CY2019Q3 cthr Deferred Rent
DeferredRent
0
CY2018Q3 cthr Deferred Rent
DeferredRent
-38719
CY2019Q3 cthr Number Of Options To Extend Lease Term
NumberOfOptionsToExtendLeaseTerm
2
CY2019Q3 cthr Minimum Notice Period For Extension Of Lease Term
MinimumNoticePeriodForExtensionOfLeaseTerm
P270D
CY2014Q2 cthr Leasehold Improvements And Other Lease Related Incentives Offered By Landlord
LeaseholdImprovementsAndOtherLeaseRelatedIncentivesOfferedByLandlord
623000
CY2019Q3 cthr Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
11010000
CY2019Q3 cthr Capital Shares Reserved For Future Issuance
CapitalSharesReservedForFutureIssuance
13990000
CY2019Q3 cthr Inventory Reserve For Shrinkage Of Loose Jewels
InventoryReserveForShrinkageOfLooseJewels
36000
CY2019Q2 cthr Inventory Reserve For Shrinkage Of Loose Jewels
InventoryReserveForShrinkageOfLooseJewels
7000
CY2019Q2 cthr Reserve Established For Obsolescence Of Finished Jewelry Featuring For Operating Subsidiary
ReserveEstablishedForObsolescenceOfFinishedJewelryFeaturingForOperatingSubsidiary
19000
CY2019Q3 cthr Reserve Established For Obsolescence Of Finished Jewelry Featuring For Operating Subsidiary
ReserveEstablishedForObsolescenceOfFinishedJewelryFeaturingForOperatingSubsidiary
67000
CY2019Q2 cthr Lower Of Cost Or Market Reserve For Slow Moving Inventory
LowerOfCostOrMarketReserveForSlowMovingInventory
1770000
CY2019Q3 cthr Lower Of Cost Or Market Reserve For Slow Moving Inventory
LowerOfCostOrMarketReserveForSlowMovingInventory
1750000
CY2019Q2 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1230000
CY2019Q3 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1950000
CY2019Q3 cthr Inventory Of Net Jewelry
InventoryOfNetJewelry
11370000
CY2019Q3 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
35965575
CY2019Q2 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
33733720
CY2019Q3 cthr Inventory Reserve For Shrinkage Of Finished Jewelry
InventoryReserveForShrinkageOfFinishedJewelry
108000
CY2019Q2 cthr Inventory Reserve For Shrinkage Of Finished Jewelry
InventoryReserveForShrinkageOfFinishedJewelry
105000
CY2019Q3 cthr Fdic Uninsured Amount
FDICUninsuredAmount
11870000
CY2019Q3 cthr Remaining Long Term Purchase Commitment Amount Committed
RemainingLongTermPurchaseCommitmentAmountCommitted
41490000
CY2019Q3 cthr Percentage Committed To Be Purchased
PercentageCommittedToBePurchased
1
CY2019Q3 cthr Actual Purchases Under Purchase Agreement
ActualPurchasesUnderPurchaseAgreement
2490000
CY2018Q3 cthr Actual Purchases Under Purchase Agreement
ActualPurchasesUnderPurchaseAgreement
2110000
CY2018Q3 cthr Asset Impairment
AssetImpairment
0
CY2019Q3 cthr Asset Impairment
AssetImpairment
0
CY2019Q3 cthr Provision For Recovery Of Inventory Reserves
ProvisionForRecoveryOfInventoryReserves
23000
CY2018Q3 cthr Provision For Recovery Of Inventory Reserves
ProvisionForRecoveryOfInventoryReserves
49000
CY2018Q3 cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
-2936
CY2019Q3 cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
12476

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