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CHARLES & COLVARD LTD

2020 Q2 Form 10-K Financial Statement

#000114036120019768 Filed on September 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 2019 Q2
Revenue $4.430M $29.19M $7.610M
YoY Change -41.79% -9.47% 18.91%
Cost Of Revenue $2.380M $21.20M $4.240M
YoY Change -43.87% 22.18% 1.44%
Gross Profit $2.050M $7.989M $3.370M
YoY Change -39.17% -46.35% 51.8%
Gross Profit Margin 46.28% 27.37% 44.28%
Selling, General & Admin $2.850M $14.30M $3.210M
YoY Change -11.21% 13.31% -0.93%
% of Gross Profit 139.02% 179.06% 95.25%
Research & Development $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0% 0.0%
Depreciation & Amortization $120.0K $490.2K $120.0K
YoY Change 0.0% 1.85% 9.09%
% of Gross Profit 5.85% 6.14% 3.56%
Operating Expenses $2.850M $14.30M $3.210M
YoY Change -11.21% 13.29% -0.93%
Operating Profit -$800.0K -$6.316M $160.0K
YoY Change -600.0% -378.77% -115.69%
Interest Expense $10.00K $884.00 $10.00K
YoY Change 0.0% -59.78%
% of Operating Profit 6.25%
Other Income/Expense, Net $0.00 $155.4K $0.00
YoY Change 1735.1%
Pretax Income -$1.030M -$6.160M $170.0K
YoY Change -705.88% -370.9% -116.67%
Income Tax $0.00 $1.733K $10.00K
% Of Pretax Income 5.88%
Net Earnings -$1.030M -$6.162M $160.0K
YoY Change -743.75% -370.81% -122.86%
Net Earnings / Revenue -23.25% -21.11% 2.1%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share -$35.89K -$0.22 $6.885K
COMMON SHARES
Basic Shares Outstanding 28.98M 28.64M
Diluted Shares Outstanding 28.64M

Balance Sheet

Concept 2020 Q2 2020 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.99M $13.99M $12.47M
YoY Change 12.19% 12.19% 267.85%
Cash & Equivalents $13.99M $13.99M $12.47M
Short-Term Investments
Other Short-Term Assets $1.800M $1.800M $1.530M
YoY Change 17.65% 17.65% 66.3%
Inventory $7.443M $7.440M $11.91M
Prepaid Expenses
Receivables $670.7K $670.0K $1.962M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.91M $23.91M $27.87M
YoY Change -14.21% -14.21% 63.4%
LONG-TERM ASSETS
Property, Plant & Equipment $999.1K $1.580M $1.026M
YoY Change -2.63% 53.4% -10.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.46K $23.24M $330.6K
YoY Change -84.43% 4.92% -15.2%
Total Long-Term Assets $25.00M $24.99M $23.28M
YoY Change 7.38% 7.35% 3.84%
TOTAL ASSETS
Total Short-Term Assets $23.91M $23.91M $27.87M
Total Long-Term Assets $25.00M $24.99M $23.28M
Total Assets $48.90M $48.90M $51.15M
YoY Change -4.38% -4.4% 29.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.748M $3.750M $3.280M
YoY Change 14.29% 14.33% -21.37%
Accrued Expenses $1.922M $1.740M $1.418M
YoY Change 35.54% 35.94% 129.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $190.0K $190.0K $0.00
YoY Change
Total Short-Term Liabilities $6.486M $6.490M $4.698M
YoY Change 38.07% 38.09% -1.92%
LONG-TERM LIABILITIES
Long-Term Debt $770.0K $770.0K $0.00
YoY Change
Other Long-Term Liabilities $210.0K $210.0K $240.0K
YoY Change -12.5% -12.5% -72.09%
Total Long-Term Liabilities $983.0K $980.0K $243.0K
YoY Change 304.57% 308.33% -71.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.486M $6.490M $4.698M
Total Long-Term Liabilities $983.0K $980.0K $243.0K
Total Liabilities $7.469M $7.470M $4.941M
YoY Change 51.17% 51.21% -12.62%
SHAREHOLDERS EQUITY
Retained Earnings -$38.79M -$32.63M
YoY Change 18.89% -7.81%
Common Stock $80.22M $78.83M
YoY Change 1.77% 13.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.44M $41.44M $46.21M
YoY Change
Total Liabilities & Shareholders Equity $48.90M $48.90M $51.15M
YoY Change -4.38% -4.4% 29.57%

Cashflow Statement

Concept 2020 Q2 2020 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.030M -$6.162M $160.0K
YoY Change -743.75% -370.81% -122.86%
Depreciation, Depletion And Amortization $120.0K $490.2K $120.0K
YoY Change 0.0% 1.85% 9.09%
Cash From Operating Activities $1.820M $249.2K -$720.0K
YoY Change -352.78% -72.82% -29.41%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $458.9K -$40.00K
YoY Change 75.0% 26.95% -50.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$70.00K -$536.0K -$40.00K
YoY Change 75.0% 25.89% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $932.5K $9.060M
YoY Change -89.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 970.0K 1.897M 9.120M
YoY Change -89.36% -79.2%
NET CHANGE
Cash From Operating Activities 1.820M 249.2K -720.0K
Cash From Investing Activities -70.00K -536.0K -40.00K
Cash From Financing Activities 970.0K 1.897M 9.120M
Net Change In Cash 2.720M 1.611M 8.360M
YoY Change -67.46% -83.25% -860.0%
FREE CASH FLOW
Cash From Operating Activities $1.820M $249.2K -$720.0K
Capital Expenditures -$70.00K $458.9K -$40.00K
Free Cash Flow $1.890M -$209.7K -$680.0K
YoY Change -377.94% -137.75% -27.66%

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">Immaterial Correction of an Error</font> &#8211; An immaterial error correction was made within the Company&#8217;s financial statements for the quarterly period ended December 31, 2019. The Company determined that an accrued income tax liability for uncertain tax positions should have been derecognized in the prior years. Specifically, the Company had a liability of approximately $492,000 relating to uncertain tax positions that should have been derecognized between the fiscal years ended December 31, 2012 and December 31, 2015. The Company evaluated the effect of this error and concluded it was not material to any of its previously issued consolidated financial statements. Upon revision, the Company recorded a reduction to the accrued income tax liability and related accumulated deficit balance of approximately $492,000 which has been reflected in the June 30, 2019 consolidated balance sheet presented in this annual report on Form 10-K for the fiscal year ended June 30, 2020. The impact of this error on the consolidated statement of operations for the fiscal years ended June 30, 2020 and 2019, including for interim financial reporting periods therein, was <font style="font-style: italic;">de minimis</font> and had no impact on the consolidated statements of cash flows for the fiscal years ended June 30, 2020 and 2019. <font style="font-size: 10pt; font-family: 'Times New Roman';">Related balances within Note 12, &#8220;Income Taxes&#8221;, associated with the federal tax benefit on state income taxes under uncertain tax positions and the related valuation allowance have also been recast </font>for the two-year period ended June 30, 2020.</div></div>
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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="font-weight: bold; font-style: italic;">Concentration of Credit Risk &#8211; </font>Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash on deposit and cash equivalents held with one bank and trade accounts receivable. At times, cash and cash equivalents balances may exceed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) insurable limits. The Company&#8217;s money market fund investment account (recognized as cash and cash equivalents) is with what the Company believes to be a high-quality issuer. The Company has never experienced any losses related to these balances. Non-interest-bearing amounts on deposit in excess of FDIC insurable limits at June 30, 2020 and 2019 approximated $2.01 million and $2.12 million, respectively. Interest-bearing amounts on deposit in excess of FDIC insurable limits at June 30, 2020 and 2019 approximated $11.64 million and $10.01 million, respectively.</div><div><br /></div><div>Trade receivables potentially subject the Company to credit risk. <font style="color: rgb(0, 0, 0);">Payment terms on trade receivables for the Company&#8217;s Traditional segment customers are generally between 30 and 90 days,</font> though it may offer extended terms with specific customers and on significant orders from time to time<font style="color: rgb(0, 0, 0);">. The Company extends credit to its customers based upon a number of factors, including an evaluation of the customer&#8217;s financial condition and credit history that is verified through trade association reference services, the customer&#8217;s payment history with the Company, the customer&#8217;s reputation in the trade, and/or an evaluation of the Company&#8217;s opportunity to introduce its moissanite jewels or finished jewelry featuring moissanite to new or expanded markets.</font> Collateral is not generally required from customers. The need for an allowance for doubtful accounts is determined based upon factors surrounding the credit risk of specific customers, historical trends, and other information.</div><div><br /></div><div>See Note 13, &#8220;Major Customers and Concentration of Credit Risk&#8221;, for further discussion of credit risk within trade accounts receivable.</div></div>
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<div style="font-family: 'Times New Roman', Times, serif; 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: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top;"><div style="color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF BUSINESS</div></td></tr></table><div><br /></div><div>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, and other pure-play, exclusively e-commerce outlets.</div></div>
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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">Reclassifications &#8211; </font>Certain amounts in the Company&#8217;s consolidated financial statements for the fiscal year ended June 30, 2019 have been reclassified to conform to current presentation related to certain customer credit balances that were reclassified from accounts payable to accrued expenses and other liabilities in the amount of approximately $93,000. These reclassifications had no impact on the Company&#8217;s consolidated financial position or consolidated results of operations as of or for the fiscal years ended June 30, 2020 and 2019.</div></div>
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CHARLES & COLVARD LTD
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3751
CY2019 cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
6275
CY2019 cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
98000
CY2020 cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
-42000

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