$CTHR
CHARLES & COLVARD LTD

2020 Q4 Form 10-Q Financial Statement

#000114036121003407 Filed on February 04, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4
Revenue $12.15M $10.66M
YoY Change 13.96% 5.12%
Cost Of Revenue $6.168M $5.531M
YoY Change 11.52% 3.45%
Gross Profit $5.979M $5.129M
YoY Change 16.58% 7.0%
Gross Profit Margin 49.22% 48.11%
Selling, General & Admin $3.458M $4.365M
YoY Change -20.77% 21.34%
% of Gross Profit 57.84% 85.1%
Research & Development $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Depreciation & Amortization $138.6K $109.7K
YoY Change 26.39% -8.61%
% of Gross Profit 2.32% 2.14%
Operating Expenses $3.458M $4.365M
YoY Change -20.77% 21.29%
Operating Profit $2.521M $763.9K
YoY Change 230.0% -36.06%
Interest Expense $2.466K $277.00
YoY Change 790.25% -21.31%
% of Operating Profit 0.1% 0.04%
Other Income/Expense, Net -$1.412K $44.79K
YoY Change -103.15% -10613.62%
Pretax Income $2.520M $808.7K
YoY Change 211.55% -32.29%
Income Tax $500.00 -$5.337K
% Of Pretax Income 0.02% -0.66%
Net Earnings $2.519M $814.1K
YoY Change 209.45% -31.57%
Net Earnings / Revenue 20.74% 7.64%
Basic Earnings Per Share $0.09 $0.03
Diluted Earnings Per Share $0.09 $0.03
COMMON SHARES
Basic Shares Outstanding 28.80M 28.66M
Diluted Shares Outstanding 29.26M 29.25M

Balance Sheet

Concept 2020 Q4 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.69M $12.69M
YoY Change 31.52% 353.21%
Cash & Equivalents $16.69M $12.69M
Short-Term Investments
Other Short-Term Assets $1.520M $2.050M
YoY Change -25.85% 35.76%
Inventory $12.07M $10.70M
Prepaid Expenses
Receivables $3.060M $3.088M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.35M $28.52M
YoY Change 16.94% 53.32%
LONG-TERM ASSETS
Property, Plant & Equipment $976.0K $1.113M
YoY Change -12.28% -7.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.33K $327.9K
YoY Change -87.09% -98.5%
Total Long-Term Assets $18.17M $27.45M
YoY Change -33.81% 18.59%
TOTAL ASSETS
Total Short-Term Assets $33.35M $28.52M
Total Long-Term Assets $18.17M $27.45M
Total Assets $51.52M $55.97M
YoY Change -7.95% 34.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.933M $4.824M
YoY Change -39.21% 7.92%
Accrued Expenses $1.946M $1.516M
YoY Change 28.41% 34.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $580.0K
YoY Change
Total Short-Term Liabilities $5.986M $6.954M
YoY Change -13.92% 24.4%
LONG-TERM LIABILITIES
Long-Term Debt $390.0K $0.00
YoY Change
Other Long-Term Liabilities $10.00K $500.0K
YoY Change -98.0% -37.5%
Total Long-Term Liabilities $394.9K $498.9K
YoY Change -20.84% -37.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.986M $6.954M
Total Long-Term Liabilities $394.9K $498.9K
Total Liabilities $6.381M $7.453M
YoY Change -14.39% 16.63%
SHAREHOLDERS EQUITY
Retained Earnings -$35.39M -$31.60M
YoY Change 11.99%
Common Stock $80.53M $80.12M
YoY Change 0.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.14M $48.52M
YoY Change
Total Liabilities & Shareholders Equity $51.52M $55.97M
YoY Change -7.95% 34.06%

Cashflow Statement

Concept 2020 Q4 2019 Q4
OPERATING ACTIVITIES
Net Income $2.519M $814.1K
YoY Change 209.45% -31.57%
Depreciation, Depletion And Amortization $138.6K $109.7K
YoY Change 26.39% -8.61%
Cash From Operating Activities $3.050M $980.0K
YoY Change 211.22% 6.52%
INVESTING ACTIVITIES
Capital Expenditures $143.2K $208.4K
YoY Change -31.29% -248.87%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$160.0K -$240.0K
YoY Change -33.33% 71.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 3.050M 980.0K
Cash From Investing Activities -160.0K -240.0K
Cash From Financing Activities 120.0K 0.000
Net Change In Cash 3.010M 740.0K
YoY Change 306.76% -5.13%
FREE CASH FLOW
Cash From Operating Activities $3.050M $980.0K
Capital Expenditures $143.2K $208.4K
Free Cash Flow $2.907M $771.6K
YoY Change 276.73% -27.21%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 36pt;"><div><font style="font-weight: bold;">1.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div><font style="font-weight: bold;">DESCRIPTION OF BUSINESS</font></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; 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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OtherLiabilitiesCurrent
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OtherLiabilitiesCurrent
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CY2020Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
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CY2020Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
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CY2020Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
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CY2020Q2 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
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CY2020Q2 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
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OtherNotesPayableCurrent
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Restricted Stock Expense
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RestrictedCash
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RestrictedCash
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CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38787452
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RetainedEarningsAccumulatedDeficit
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CY2020Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12146790
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2019Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
208411
CY2020Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1342956
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Reclassifications</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#8211; Certain amounts in the Company&#8217;s condensed consolidated financial statements for the six months ended December 31, 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 $48,000. 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 periods ended December 31, 2020 and 2019.</font></div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
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PropertyPlantAndEquipmentNet
975989
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
999061
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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us-gaap Provision For Doubtful Accounts
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5514
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0
CY2019Q4 us-gaap Restricted Stock Expense
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98536
CY2020Q4 us-gaap Restricted Stock Expense
RestrictedStockExpense
37762
us-gaap Restricted Stock Expense
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CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
497609
CY2020Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
295651
CY2020Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2480571
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4128503
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5390556
CY2019Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3160965
us-gaap Share Based Compensation
ShareBasedCompensation
359105
us-gaap Share Based Compensation
ShareBasedCompensation
195293
CY2020Q4 us-gaap Share Based Compensation
ShareBasedCompensation
87938
CY2019Q4 us-gaap Share Based Compensation
ShareBasedCompensation
146725
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
CY2020Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
114999
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
932480
CY2020Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2020Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
50176
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
141216
CY2019Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
48189
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
45139212
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
46205642
CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
458437
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
41435577
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
48518596
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
42417198
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
47557821
CY2020Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
338355
CY2020Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
128269
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-5000
CY2020Q4 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
1000
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><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. As future events and their effects, including the impact of the COVID-19 pandemic and the related responses, cannot be fully determined with precision, actual results of operations, cash flow, and financial position could differ significantly from estimates. 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, and revenue recognition. Changes in estimates are reflected in the condensed consolidated financial statements in the period in which the change in estimate occurs.</div></div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
589577
CY2019Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
589661
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
184585
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28804265
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28610299
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28656910
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28795424
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29199876
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28980009
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29246571
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29262702
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Period End Date
DocumentPeriodEndDate
2020-12-31
dei Entity Address State Or Province
EntityAddressStateOrProvince
NC
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
CHARLES & COLVARD LTD
dei Entity Central Index Key
EntityCentralIndexKey
0001015155
CY2021Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
29202785
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
true
cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
299000
cthr Provision For Recovery Of Sales Returns
ProvisionForRecoveryOfSalesReturns
662000
cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
9581
cthr Provision For Accounts Receivable Discounts
ProvisionForAccountsReceivableDiscounts
39706
CY2020Q4 cthr Lessee Operating Lease Area
LesseeOperatingLeaseArea
36350
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
CY2020Q4 cthr Shelf Registration Statement
ShelfRegistrationStatement
25000000
CY2020Q4 cthr Shelf Registration Statement Available Amount
ShelfRegistrationStatementAvailableAmount
13990000
CY2020Q2 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
30633959
CY2020Q4 cthr Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
28666116
CY2020Q4 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1610000
CY2020Q2 cthr Work In Process Inventories Issued To Active Production Jobs
WorkInProcessInventoriesIssuedToActiveProductionJobs
1340000

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