2016 Q4 Form 10-K Financial Statement

#000169082018000005 Filed on March 06, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $106.8M $98.84M $86.53M
YoY Change 151.36%
Cost Of Revenue $104.4M $92.08M $80.49M
YoY Change 148.57%
Gross Profit $2.437M $6.766M $6.037M
YoY Change 306.17%
Gross Profit Margin 2.28% 6.85% 6.98%
Selling, General & Admin $35.00M $28.00M $23.34M
YoY Change 165.15%
% of Gross Profit 1436.19% 413.76% 386.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.640M $2.150M
YoY Change 82.22% 13.16%
% of Gross Profit 67.3% 31.78%
Operating Expenses $36.70M $28.00M $23.34M
YoY Change 178.03%
Operating Profit -$34.26M -$21.23M -$17.31M
YoY Change 171.93%
Interest Expense -$1.400M $725.0K $796.0K
YoY Change 250.0%
% of Operating Profit
Other Income/Expense, Net -$31.00K -$5.000K
YoY Change
Pretax Income -$35.70M
YoY Change 172.52%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.69M -$21.99M -$18.11M
YoY Change -281.19%
Net Earnings / Revenue -33.41% -22.24% -20.93%
Basic Earnings Per Share
Diluted Earnings Per Share $3.153M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.00M $90.00M
YoY Change
Cash & Equivalents $39.18M $80.35M $60.09M
Short-Term Investments $24.80M $9.600M
Other Short-Term Assets $9.822M $11.00M
YoY Change
Inventory $185.5M $130.4M
Prepaid Expenses
Receivables $5.692M $3.900M
Other Receivables $0.00 $2.600M
Total Short-Term Assets $275.2M $237.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $60.59M $40.40M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $60.59M $40.40M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $275.2M $237.8M
Total Long-Term Assets $60.59M $40.40M
Total Assets $335.8M $278.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.208M $19.90M
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $165.3M $88.30M
YoY Change
Long-Term Debt Due $1.100M $400.0K
YoY Change
Total Short-Term Liabilities $196.4M $108.6M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.404M $1.800M
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $4.404M $1.800M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $196.4M $108.6M
Total Long-Term Liabilities $4.404M $1.800M
Total Liabilities $200.8M $110.4M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $0.00
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$116.0M $167.8M
YoY Change
Total Liabilities & Shareholders Equity $335.8M $278.2M
YoY Change

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income -$35.69M -$21.99M -$18.11M
YoY Change -281.19%
Depreciation, Depletion And Amortization $1.640M $2.150M
YoY Change 82.22% 13.16%
Cash From Operating Activities -$95.45M -$86.41M
YoY Change 217.95% 267.86%
INVESTING ACTIVITIES
Capital Expenditures -$18.52M -$14.20M
YoY Change 190.74% 87.34%
Acquisitions
YoY Change
Other Investing Activities -$5.850M -$470.0K
YoY Change 330.15% -38.16%
Cash From Investing Activities -$24.37M -$14.67M
YoY Change 215.27% 75.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 78.65M 169.1M
YoY Change 191.08% 114.66%
NET CHANGE
Cash From Operating Activities -95.45M -86.41M
Cash From Investing Activities -24.37M -14.67M
Cash From Financing Activities 78.65M 169.1M
Net Change In Cash -41.17M 67.99M
YoY Change 283.69% 44.88%
FREE CASH FLOW
Cash From Operating Activities -$95.45M -$86.41M
Capital Expenditures -$18.52M -$14.20M
Free Cash Flow -$76.93M -$72.21M
YoY Change 225.29% 353.87%

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0.027
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0.000
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0.35
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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0.000
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0.000
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5054000 USD
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19373000 USD
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0 USD
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0 USD
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0 USD
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7446000 USD
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21697000 USD
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CY2016 us-gaap Gross Profit
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CY2017 us-gaap Gross Profit
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0 USD
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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0 USD
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0 USD
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0 USD
CY2016 us-gaap Income Tax Expense Benefit
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0 USD
CY2016 us-gaap Income Tax Expense Benefit
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0 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2017 us-gaap Income Tax Expense Benefit
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
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9303000 USD
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-12873000 USD
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0 USD
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CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-57511000 USD
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-4464000 USD
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0 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense
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0 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense
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0 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense
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65000 USD
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21436000 USD
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-19552000 USD
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2711000 USD
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3492000 USD
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8715000 USD
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41667000 USD
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117468000 USD
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40839000 USD
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789000 USD
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7157000 USD
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6605000 USD
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0 USD
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0 USD
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1019000 USD
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0 USD
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0 USD
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7093000 USD
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2115000 USD
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8151000 USD
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4177000 USD
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0 USD
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0 USD
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900000 USD
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1400000 USD
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3600000 USD
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8600000 USD
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1412000 USD
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3587000 USD
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2923000 USD
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3356000 USD
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2940000 USD
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2923000 USD
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2490000 USD
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0 USD
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CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017 us-gaap Notes Issued1
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18005000 USD
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5131000 USD
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5745000 USD
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2738000 USD
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15400000 USD
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6487000 USD
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15480000 USD
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7093000 USD
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8204000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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7732000 USD
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7745000 USD
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7980000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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8222000 USD
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0 USD
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0 USD
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0 USD
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1677000 USD
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12996000 USD
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33441000 USD
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224169000 USD
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529153000 USD
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150000 USD
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728000 USD
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2055000 USD
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33533000 USD
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0 USD
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0 USD
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400000 USD
CY2015 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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0 USD
CY2016 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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0 USD
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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704000 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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13950000 USD
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39539000 USD
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78490000 USD
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413000 USD
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0.01
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0.01
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50000000 shares
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0 shares
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0 USD
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0 USD
CY2016 us-gaap Proceeds From Issuance Initial Public Offering
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CY2017 us-gaap Proceeds From Issuance Initial Public Offering
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206198000 USD
CY2015 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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0 USD
CY2016 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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0 USD
CY2017 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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98682000 USD
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2017 us-gaap Proceeds From Issuance Of Long Term Debt
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32698000 USD
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125080000 USD
CY2017Q2 us-gaap Preferred Stock Shares Authorized
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50000000 shares
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410562000 USD
CY2017 us-gaap Proceeds From Lines Of Credit
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949144000 USD
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0 USD
CY2016 us-gaap Proceeds From Long Term Lines Of Credit
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0 USD
CY2017 us-gaap Proceeds From Long Term Lines Of Credit
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35000000 USD
CY2015 us-gaap Proceeds From Related Party Debt
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50000000 USD
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0 USD
CY2017 us-gaap Proceeds From Related Party Debt
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0 USD
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0 USD
CY2016 us-gaap Proceeds From Repayments Of Notes Payable
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-284000 USD
CY2017 us-gaap Proceeds From Repayments Of Notes Payable
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CY2015 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
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0 USD
CY2016 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
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269262000 USD
CY2017 us-gaap Proceeds From Sale And Collection Of Loans Heldforsale
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527265000 USD
CY2015 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2016 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
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48000 USD
us-gaap Profit Loss
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CY2016Q3 us-gaap Profit Loss
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CY2016Q4 us-gaap Profit Loss
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-35694000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
-93112000 USD
CY2017Q1 us-gaap Profit Loss
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-38439000 USD
CY2017Q2 us-gaap Profit Loss
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-38870000 USD
CY2017Q3 us-gaap Profit Loss
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-39769000 USD
CY2017Q4 us-gaap Profit Loss
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CY2017 us-gaap Profit Loss
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60592000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
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148681000 USD
CY2015 us-gaap Provision For Doubtful Accounts
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299000 USD
CY2016 us-gaap Provision For Doubtful Accounts
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1348000 USD
CY2016 us-gaap Repayments Of Long Term Lines Of Credit
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0 USD
CY2017 us-gaap Provision For Doubtful Accounts
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1375000 USD
CY2015 us-gaap Redeemable Preferred Stock Dividends
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3495000 USD
CY2016 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
20583000 USD
CY2017 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
9439000 USD
CY2015 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
88397000 USD
CY2016 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
287551000 USD
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
865665000 USD
CY2015 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 USD
CY2017 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
35000000 USD
CY2015 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
11752000 USD
CY2016 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2017 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2016Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
10266000 USD
CY2017Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
14443000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-12899000 USD
CY2015 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
0 USD
CY2016 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
460000 USD
CY2017 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
8947000 USD
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
130392000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
72951000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
86526000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
98844000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
106827000 USD
CY2016 us-gaap Sales Revenue Net
SalesRevenueNet
365148000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
159073000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
209365000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
225379000 USD
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
265053000 USD
CY2017 us-gaap Sales Revenue Net
SalesRevenueNet
858870000 USD
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36678000 USD
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
108676000 USD
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
223400000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
490000 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
555000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
5611000 USD
CY2015 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
200000 USD
CY2016 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
400000 USD
CY2017 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1200000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
300000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
800000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
48000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
125736000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
279544000 USD
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
4265000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
9034000 USD
CY2016Q4 us-gaap Trade And Loans Receivables Held For Sale Net Not Part Of Disposal Group
TradeAndLoansReceivablesHeldForSaleNetNotPartOfDisposalGroup
24771000 USD
CY2017Q4 us-gaap Trade And Loans Receivables Held For Sale Net Not Part Of Disposal Group
TradeAndLoansReceivablesHeldForSaleNetNotPartOfDisposalGroup
45564000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. Certain accounting estimates involve significant judgments, assumptions and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent liabilities and the reported amounts of revenues and expenses during the reporting period, which management considers to be critical accounting estimates. The judgments, assumptions and estimates used by management are based on historical experience, management&#8217;s experience and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of the Company&#8217;s assets and liabilities and the results of operations.</font></div></div>

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