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CHARLES & COLVARD LTD

2020 Q2 Form 10-Q Financial Statement

#000114036120012221 Filed on May 22, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $4.430M $6.491M $7.902M
YoY Change -41.79% -17.86% 16.9%
Cost Of Revenue $2.380M $9.172M $4.150M
YoY Change -43.87% 121.0% 0.73%
Gross Profit $2.050M -$2.681M $3.752M
YoY Change -39.17% -171.45% 41.59%
Gross Profit Margin 46.28% -41.3% 47.48%
Selling, General & Admin $2.850M $3.513M $2.955M
YoY Change -11.21% 18.9% -8.24%
% of Gross Profit 139.02% 78.75%
Research & Development $0.00 $0.00 $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization $120.0K $132.0K $125.8K
YoY Change 0.0% 4.94% 4.83%
% of Gross Profit 5.85% 3.35%
Operating Expenses $2.850M $3.513M $2.955M
YoY Change -11.21% 18.9% -8.24%
Operating Profit -$800.0K -$6.194M $797.5K
YoY Change -600.0% -876.68% -239.91%
Interest Expense $10.00K $116.00 $287.00
YoY Change 0.0% -59.58%
% of Operating Profit 0.04%
Other Income/Expense, Net $0.00 $39.10K -$496.00
YoY Change -7983.67%
Pretax Income -$1.030M -$6.155M $797.0K
YoY Change -705.88% -872.26% -239.82%
Income Tax $0.00 $493.00 -$17.10K
% Of Pretax Income -2.15%
Net Earnings -$1.030M -$6.155M $814.1K
YoY Change -743.75% -856.1% -240.36%
Net Earnings / Revenue -23.25% -94.83% 10.3%
Basic Earnings Per Share -$0.21 $0.04
Diluted Earnings Per Share -$35.89K -$0.21 $0.04
COMMON SHARES
Basic Shares Outstanding 28.98M 28.66M 21.54M
Diluted Shares Outstanding 28.66M 21.75M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.99M $11.87M $4.020M
YoY Change 12.19% 195.27% -10.47%
Cash & Equivalents $13.99M $11.87M $4.020M
Short-Term Investments
Other Short-Term Assets $1.800M $1.270M $1.520M
YoY Change 17.65% -16.45% 97.4%
Inventory $7.443M $5.315M $11.38M
Prepaid Expenses
Receivables $670.7K $1.646M $1.430M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.91M $20.10M $18.34M
YoY Change -14.21% 9.62% -2.08%
LONG-TERM ASSETS
Property, Plant & Equipment $999.1K $1.057M $1.130M
YoY Change -2.63% -6.43% -5.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.46K $52.81K $22.74M
YoY Change -84.43% -99.77% 13.3%
Total Long-Term Assets $25.00M $28.31M $23.95M
YoY Change 7.38% 18.22% 12.55%
TOTAL ASSETS
Total Short-Term Assets $23.91M $20.10M $18.34M
Total Long-Term Assets $25.00M $28.31M $23.95M
Total Assets $48.90M $48.42M $42.29M
YoY Change -4.38% 14.49% 5.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.748M $4.126M $3.890M
YoY Change 14.29% 6.07% -2.02%
Accrued Expenses $1.922M $1.098M $1.340M
YoY Change 35.54% -18.04% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $190.0K
YoY Change
Total Short-Term Liabilities $6.486M $5.843M $5.230M
YoY Change 38.07% 11.71% 12.72%
LONG-TERM LIABILITIES
Long-Term Debt $770.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $210.0K $360.0K $760.0K
YoY Change -12.5% -52.63% -15.56%
Total Long-Term Liabilities $983.0K $356.9K $760.0K
YoY Change 304.57% -53.04% -15.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.486M $5.843M $5.230M
Total Long-Term Liabilities $983.0K $356.9K $760.0K
Total Liabilities $7.469M $6.199M $5.990M
YoY Change 51.17% 3.5% 8.12%
SHAREHOLDERS EQUITY
Retained Earnings -$38.79M -$37.76M
YoY Change 18.89%
Common Stock $80.22M $79.98M
YoY Change 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.44M $42.22M $36.79M
YoY Change
Total Liabilities & Shareholders Equity $48.90M $48.42M $42.29M
YoY Change -4.38% 14.49% 5.7%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.030M -$6.155M $814.1K
YoY Change -743.75% -856.1% -240.36%
Depreciation, Depletion And Amortization $120.0K $132.0K $125.8K
YoY Change 0.0% 4.94% 4.83%
Cash From Operating Activities $1.820M -$1.330M $1.690M
YoY Change -352.78% -178.7% -8550.0%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $73.60K $51.89K
YoY Change 75.0% 41.82% -164.87%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$70.00K -$110.0K -$50.00K
YoY Change 75.0% 120.0% -37.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 970.0K 0.000 0.000
YoY Change -89.36%
NET CHANGE
Cash From Operating Activities 1.820M -1.330M 1.690M
Cash From Investing Activities -70.00K -110.0K -50.00K
Cash From Financing Activities 970.0K 0.000 0.000
Net Change In Cash 2.720M -1.440M 1.640M
YoY Change -67.46% -187.8% -1740.0%
FREE CASH FLOW
Cash From Operating Activities $1.820M -$1.330M $1.690M
Capital Expenditures -$70.00K $73.60K $51.89K
Free Cash Flow $1.890M -$1.404M $1.638M
YoY Change -377.94% -185.68% 2630.18%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><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: 54pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; margin-left: 0.9pt; color: rgb(0, 0, 0); font-weight: bold;">1.</div></td><td style="width: auto; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF BUSINESS</div></td></tr></table><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">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;">&#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>
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1571538
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-466172
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
71347
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
56666
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
684039
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
394825
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
337271
us-gaap Operating Lease Cost
OperatingLeaseCost
352000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
39103
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1309
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-496
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
144589
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M29D
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
117000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0714
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6193870
us-gaap Operating Income Loss
OperatingIncomeLoss
-5277240
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
172000
us-gaap Operating Lease Payments
OperatingLeasePayments
500000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
642997
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
219723
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
52812
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
330615
CY2020Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0
CY2019Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
13
CY2019Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
123316
CY2019Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
129111
CY2020Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
82000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
51893
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
73597
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1240905
CY2019Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
989559
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
932480
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2251
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1057375
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1026098
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
151000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-944
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1422
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
32287
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
541062
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32625369
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-37759260
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7902242
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6491048
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24636409
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24758559
CY2019Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
286864
CY2020Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
268366
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
47557821
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
48518596
CY2018Q3 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
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
46205642
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
42218708
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
34305051
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
35849853
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
34488382
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1912484
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7909289
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2518732
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5900501
us-gaap Share Based Compensation
ShareBasedCompensation
369653
us-gaap Share Based Compensation
ShareBasedCompensation
214477
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
36790408
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
500
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-8000
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-17000
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Use of Estimates </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8211; <font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">The future effects of the COVID-19 pandemic on the Company&#8217;s results of operations, cash flows, and financial position are unclear. </font>The preparation of financial statements presented herein are prepared 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.</font></div></div>
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
214407
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
246924
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28625723
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21486692
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21537636
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28656910
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21733616
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28656910
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28625723
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21752043
cthr Lessee Operating Lease Number Of Options To Extend Lease Term
LesseeOperatingLeaseNumberOfOptionsToExtendLeaseTerm
2
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
CY2020Q1 cthr Lessee Operating Lease Area
LesseeOperatingLeaseArea
36350
CY2019Q2 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1230000
CY2020Q1 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1810000
CY2019Q2 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
33733720
CY2020Q1 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
31669382
cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
9149
cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
6416
cthr Increase Decrease In Deferred Rent Payables
IncreaseDecreaseInDeferredRentPayables
-116156
cthr Increase Decrease In Deferred Rent Payables
IncreaseDecreaseInDeferredRentPayables
0
cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
89000
cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
108000
CY2020Q1 cthr Refundable Alternative Minimum Tax Credit
RefundableAlternativeMinimumTaxCredit
270000

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