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CHARLES & COLVARD LTD

2021 Form 10-K Financial Statement

#000114036121030270 Filed on September 03, 2021

View on sec.gov

Income Statement

Concept 2021 2020 Q2 2020
Revenue $39.24M $4.430M $29.19M
YoY Change 34.42% -41.79% -9.47%
Cost Of Revenue $20.81M $2.380M $21.20M
YoY Change -1.84% -43.87% 22.18%
Gross Profit $18.43M $2.050M $7.989M
YoY Change 130.65% -39.17% -46.35%
Gross Profit Margin 46.96% 46.28% 27.37%
Selling, General & Admin $12.92M $2.850M $14.30M
YoY Change -9.69% -11.21% 13.31%
% of Gross Profit 70.11% 139.02% 179.06%
Research & Development $0.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.0% 0.0%
Depreciation & Amortization $567.1K $120.0K $490.2K
YoY Change 15.68% 0.0% 1.85%
% of Gross Profit 3.08% 5.85% 6.14%
Operating Expenses $12.92M $2.850M $14.30M
YoY Change -9.69% -11.21% 13.29%
Operating Profit $5.508M -$800.0K -$6.316M
YoY Change -187.21% -600.0% -378.77%
Interest Expense $8.953K $10.00K $884.00
YoY Change 912.78% 0.0% -59.78%
% of Operating Profit 0.16%
Other Income/Expense, Net $970.4K $0.00 $155.4K
YoY Change 524.51% 1735.1%
Pretax Income $6.478M -$1.030M -$6.160M
YoY Change -205.16% -705.88% -370.9%
Income Tax -$6.332M $0.00 $1.733K
% Of Pretax Income -97.75%
Net Earnings $12.81M -$1.030M -$6.162M
YoY Change -307.9% -743.75% -370.81%
Net Earnings / Revenue 32.65% -23.25% -21.11%
Basic Earnings Per Share $0.44 -$0.22
Diluted Earnings Per Share $0.42 -$35.89K -$0.22
COMMON SHARES
Basic Shares Outstanding 29.14M 28.98M 28.64M
Diluted Shares Outstanding 30.23M 28.64M

Balance Sheet

Concept 2021 2020 Q2 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.30M $13.99M $13.99M
YoY Change 52.27% 12.19% 12.19%
Cash & Equivalents $21.30M $13.99M $13.99M
Short-Term Investments
Other Short-Term Assets $1.097M $1.800M $1.800M
YoY Change -39.07% 17.65% 17.65%
Inventory $11.45M $7.443M $7.440M
Prepaid Expenses
Receivables $1.912M $670.7K $670.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.76M $23.91M $23.91M
YoY Change 49.57% -14.21% -14.21%
LONG-TERM ASSETS
Property, Plant & Equipment $4.828M $999.1K $1.580M
YoY Change 205.57% -2.63% 53.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.12M $51.46K $23.24M
YoY Change 3.8% -84.43% 4.92%
Total Long-Term Assets $29.16M $25.00M $24.99M
YoY Change 16.69% 7.38% 7.35%
TOTAL ASSETS
Total Short-Term Assets $35.76M $23.91M $23.91M
Total Long-Term Assets $29.16M $25.00M $24.99M
Total Assets $64.92M $48.90M $48.90M
YoY Change 32.76% -4.38% -4.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.774M $3.748M $3.750M
YoY Change -26.02% 14.29% 14.33%
Accrued Expenses $2.057M $1.922M $1.740M
YoY Change 18.19% 35.54% 35.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $190.0K $190.0K
YoY Change -100.0%
Total Short-Term Liabilities $5.622M $6.486M $6.490M
YoY Change -13.37% 38.07% 38.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $770.0K $770.0K
YoY Change -100.0%
Other Long-Term Liabilities $3.611M $210.0K $210.0K
YoY Change 1619.39% -12.5% -12.5%
Total Long-Term Liabilities $3.611M $983.0K $980.0K
YoY Change 268.44% 304.57% 308.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.622M $6.486M $6.490M
Total Long-Term Liabilities $3.611M $983.0K $980.0K
Total Liabilities $9.233M $7.469M $7.470M
YoY Change 23.6% 51.17% 51.21%
SHAREHOLDERS EQUITY
Retained Earnings -$38.79M
YoY Change 18.89%
Common Stock $80.22M
YoY Change 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.69M $41.44M $41.44M
YoY Change
Total Liabilities & Shareholders Equity $64.92M $48.90M $48.90M
YoY Change 32.76% -4.38% -4.4%

Cashflow Statement

Concept 2021 2020 Q2 2020
OPERATING ACTIVITIES
Net Income $12.81M -$1.030M -$6.162M
YoY Change -307.9% -743.75% -370.81%
Depreciation, Depletion And Amortization $567.1K $120.0K $490.2K
YoY Change 15.68% 0.0% 1.85%
Cash From Operating Activities $6.473M $1.820M $249.2K
YoY Change 2497.71% -352.78% -72.82%
INVESTING ACTIVITIES
Capital Expenditures $437.1K -$70.00K $458.9K
YoY Change -4.75% 75.0% 26.95%
Acquisitions
YoY Change
Other Investing Activities -$250.0K
YoY Change
Cash From Investing Activities -$733.5K -$70.00K -$536.0K
YoY Change 36.85% 75.0% 25.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $932.5K
YoY Change -100.0% -89.71%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.090M 970.0K 1.897M
YoY Change -42.55% -89.36% -79.2%
NET CHANGE
Cash From Operating Activities 6.473M 1.820M 249.2K
Cash From Investing Activities -733.5K -70.00K -536.0K
Cash From Financing Activities 1.090M 970.0K 1.897M
Net Change In Cash 6.830M 2.720M 1.611M
YoY Change 324.02% -67.46% -83.25%
FREE CASH FLOW
Cash From Operating Activities $6.473M $1.820M $249.2K
Capital Expenditures $437.1K -$70.00K $458.9K
Free Cash Flow $6.036M $1.890M -$209.7K
YoY Change -2978.83% -377.94% -137.75%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Concentration of Credit Risk &#8211; </font><font style="font-family: 'Times New Roman';">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, 2021 and 2020 approximated $10.32 million and $2.01 million, respectively. Interest-bearing amounts on deposit in excess of FDIC insurable limits at June 30, 2021 and 2020 approximated $10.64 million and $11.64 million, respectively.</font></div><div><br /></div><div>Trade receivables potentially subject the Company to credit risk. Payment terms on trade receivables for the Company&#8217;s Traditional segment customers are generally between 30 and 90 days, though it may offer extended terms with specific customers and on significant orders from time to time. 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. 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 14, &#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'; 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: 27pt; vertical-align: top; color: rgb(0, 0, 0); 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, was founded in 1995. The Company manufactures, markets, and distributes <font style="font-style: italic;">Charles &amp; Colvard Created Moissanite</font><sup style="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</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8482;</sup>, the Company&#8217;s 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><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>&#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.</div><div><br /></div><div>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. The Company also sells at discount retail prices to end-consumers on its own transactional website, moissaniteoutlet.com, through charlesandcolvard.com, LLC.</div></div>
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CY2021 dei Document Period End Date
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CY2021 dei Entity Registrant Name
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CHARLES & COLVARD LTD
CY2021 dei Entity Central Index Key
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CY2021 dei Document Fiscal Year Focus
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Files In Submission

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0001140361-21-030270-index-headers.html Edgar Link pending
0001140361-21-030270-index.html Edgar Link pending
0001140361-21-030270.txt Edgar Link pending
0001140361-21-030270-xbrl.zip Edgar Link pending
brhc10028498_10k.htm Edgar Link pending
brhc10028498_ex10-11.htm Edgar Link pending
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cthr-20210630.xml Edgar Link completed
cthr-20210630.xsd Edgar Link pending
cthr-20210630_cal.xml Edgar Link unprocessable
cthr-20210630_def.xml Edgar Link unprocessable
cthr-20210630_lab.xml Edgar Link unprocessable
cthr-20210630_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
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