2020 Q3 Form 10-Q Financial Statement

#000114036120024706 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $7.926M $7.608M
YoY Change 4.18% 15.37%
Cost Of Revenue $4.196M $3.877M
YoY Change 8.24% 7.27%
Gross Profit $3.730M $3.732M
YoY Change -0.04% 25.19%
Gross Profit Margin 47.06% 49.05%
Selling, General & Admin $2.856M $3.579M
YoY Change -20.2% 24.89%
% of Gross Profit 76.56% 95.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $132.5K $124.6K
YoY Change 6.27% 15.17%
% of Gross Profit 3.55% 3.34%
Operating Expenses $2.856M $3.579M
YoY Change -20.2% 24.89%
Operating Profit $874.3K $152.7K
YoY Change 472.52% 32.72%
Interest Expense $2.439K $142.00
YoY Change 1617.61% -58.96%
% of Operating Profit 0.28% 0.09%
Other Income/Expense, Net $490.00 $60.70K
YoY Change -99.19% -15744.07%
Pretax Income $874.8K $213.4K
YoY Change 309.91% 86.1%
Income Tax $500.00 $6.085K
% Of Pretax Income 0.06% 2.85%
Net Earnings $874.3K $207.3K
YoY Change 321.7% 88.64%
Net Earnings / Revenue 11.03% 2.72%
Basic Earnings Per Share $0.03 $0.01
Diluted Earnings Per Share $0.03 $0.01
COMMON SHARES
Basic Shares Outstanding 28.79M 28.56M
Diluted Shares Outstanding 28.84M 29.22M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.76M $12.24M
YoY Change 12.42% 485.65%
Cash & Equivalents $13.76M $12.24M
Short-Term Investments
Other Short-Term Assets $1.370M $1.770M
YoY Change -22.6% 58.04%
Inventory $8.976M $11.79M
Prepaid Expenses
Receivables $1.626M $2.001M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.72M $27.80M
YoY Change -7.46% 72.87%
LONG-TERM ASSETS
Property, Plant & Equipment $969.6K $1.013M
YoY Change -4.31% -15.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.11K $328.3K
YoY Change -84.74% -98.53%
Total Long-Term Assets $22.42M $26.50M
YoY Change -15.4% 12.17%
TOTAL ASSETS
Total Short-Term Assets $25.72M $27.80M
Total Long-Term Assets $22.42M $26.50M
Total Assets $48.15M $54.30M
YoY Change -11.33% 36.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.583M $4.563M
YoY Change -43.41% 11.58%
Accrued Expenses $1.497M $926.1K
YoY Change 61.62% 17.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $390.0K
YoY Change
Total Short-Term Liabilities $5.092M $6.100M
YoY Change -16.52% 24.99%
LONG-TERM LIABILITIES
Long-Term Debt $580.0K $0.00
YoY Change
Other Long-Term Liabilities $60.00K $1.130M
YoY Change -94.69% 36.14%
Total Long-Term Liabilities $638.6K $1.131M
YoY Change -43.53% 36.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.092M $6.100M
Total Long-Term Liabilities $638.6K $1.131M
Total Liabilities $5.731M $7.231M
YoY Change -20.74% 26.63%
SHAREHOLDERS EQUITY
Retained Earnings -$37.91M -$32.90M
YoY Change 15.22%
Common Stock $80.33M $79.98M
YoY Change 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.42M $47.56M
YoY Change
Total Liabilities & Shareholders Equity $48.15M $54.30M
YoY Change -11.33% 36.75%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $874.3K $207.3K
YoY Change 321.7% 88.64%
Depreciation, Depletion And Amortization $132.5K $124.6K
YoY Change 6.27% 15.17%
Cash From Operating Activities -$641.9K -$1.223M
YoY Change -47.53% 25.69%
INVESTING ACTIVITIES
Capital Expenditures $101.5K $111.3K
YoY Change -8.86% -32.16%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$113.6K -$115.6K
YoY Change -1.76% -42.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $932.5K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 932.5K
YoY Change -100.0% 41325.14%
NET CHANGE
Cash From Operating Activities -641.9K -1.223M
Cash From Investing Activities -113.6K -115.6K
Cash From Financing Activities 0.000 932.5K
Net Change In Cash -755.5K -406.6K
YoY Change 85.8% -65.35%
FREE CASH FLOW
Cash From Operating Activities -$641.9K -$1.223M
Capital Expenditures $101.5K $111.3K
Free Cash Flow -$743.4K -$1.335M
YoY Change -44.31% 17.34%

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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: rgb(0, 0, 0);"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="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, was founded in 1995. The Company 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, including <font style="font-style: italic;">Forever One&#8482;</font>, our premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes <font style="font-style: italic;">Caydia</font>&#8482;&#160;lab grown diamonds and finished jewelry featuring lab grown diamonds for sale in the worldwide fine 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. Lab grown diamonds are also grown using technology that replicates the natural diamond growing process. The only differentiation between that of a lab grown diamond and a mined diamond is its origin. The result is a man-made diamond that is chemically, physically, and optically the same as those grown beneath the earth&#8217;s surface. The Company sells loose moissanite jewels, loose lab grown diamonds, and finished jewelry featuring both moissanite and lab grown diamonds 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 and lab grown diamonds 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'; font-size: 10pt;"><div><font style="font-weight: bold; font-style: italic;">Reclassifications</font> &#8211; Certain amounts in the Company&#8217;s condensed consolidated financial statements for the quarter ended September 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 $142,000. These reclassifications had no impact on the Company&#8217;s condensed consolidated financial position or condensed consolidated results of operations as of or for the quarterly periods ended September 30, 2020 and 2019.</div></div>
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RetainedEarningsAccumulatedDeficit
-37913186
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38787452
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7608421
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7926293
CY2020Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
295651
CY2020Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
358339
CY2019Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
6100
CY2020Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1647933
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2229591
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
212380
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
107355
CY2020Q3 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
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
CY2020Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2020Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
91040
CY2019Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
63876
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
42417198
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
41435577
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
45719024
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
47071203
CY2020Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
338355
CY2020Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
211157
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
500
CY2020Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div><font style="font-weight: bold; font-style: italic;">Use of Estimates </font>&#8211; The future effects of the COVID-19 pandemic on the Company&#8217;s results of operations, cash flows, and financial position continue to remain unclear. 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>
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
52987
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
659248
CY2020Q3 dei Amendment Flag
AmendmentFlag
false
CY2020Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28563688
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28786910
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29222936
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28839897
CY2020Q3 dei Document Period End Date
DocumentPeriodEndDate
2020-09-30
CY2020Q3 dei Entity Address State Or Province
EntityAddressStateOrProvince
NC
CY2020Q3 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2020Q3 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q3 dei Entity Registrant Name
EntityRegistrantName
CHARLES & COLVARD LTD
CY2020Q3 dei Entity Central Index Key
EntityCentralIndexKey
0001015155
CY2020Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
28965660
CY2020Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2020Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2020Q3 dei Document Type
DocumentType
10-Q
CY2020Q3 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q3 dei Entity Shell Company
EntityShellCompany
false
CY2020Q3 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2020Q3 dei Entity Small Business
EntitySmallBusiness
true
CY2020Q3 cthr Minimum Notice Period For Extension Of Lease Term
MinimumNoticePeriodForExtensionOfLeaseTerm
P270D
CY2020Q3 cthr Lessee Operating Lease Area
LesseeOperatingLeaseArea
36350
CY2020Q3 cthr Lessee Operating Lease Number Of Options To Extend Lease Term
LesseeOperatingLeaseNumberOfOptionsToExtendLeaseTerm
2
CY2014Q2 cthr Leasehold Improvements And Other Lease Related Incentives Offered By Landlord
LeaseholdImprovementsAndOtherLeaseRelatedIncentivesOfferedByLandlord
623000
CY2020Q2 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1340000
CY2020Q3 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
2510000
CY2020Q2 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
30633959
CY2020Q3 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
29724760
CY2019Q3 cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
12476
CY2020Q3 cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
1688
CY2020Q3 cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
96000
CY2019Q3 cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
-31000

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