2020 Form 10-K Financial Statement

#000140191421000041 Filed on March 30, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.630M $1.490M $5.800M
YoY Change 14.31% 14.62% 9.85%
% of Gross Profit
Research & Development $20.77M $2.370M $8.546M
YoY Change 143.03% 42.77% 33.24%
% of Gross Profit
Depreciation & Amortization $43.23K $10.00K $11.14K
YoY Change 288.14% 356.43%
% of Gross Profit
Operating Expenses $27.40M $3.860M $14.34M
YoY Change 91.02% 30.41% -15.03%
Operating Profit -$27.40M -$14.34M
YoY Change 91.02% -15.03%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.514K -$10.00K $81.05K
YoY Change -98.13% -125.0% -43.52%
Pretax Income -$27.40M -$3.870M -$13.80M
YoY Change 98.56% 32.53% -17.4%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$27.40M -$3.870M -$14.26M
YoY Change 92.1% 32.53% -14.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.91
Diluted Earnings Per Share -$0.91 -$214.4K -$915.3K
COMMON SHARES
Basic Shares Outstanding 30.09M shares 16.68M shares
Diluted Shares Outstanding 30.09M shares

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.670M $4.780M $4.780M
YoY Change -2.3% -29.81% -29.81%
Cash & Equivalents $4.670M $4.780M $4.780M
Short-Term Investments
Other Short-Term Assets $1.850M $1.110M $1.110M
YoY Change 66.67% 177.5%
Inventory
Prepaid Expenses $1.109M
Receivables
Other Receivables $555.2K
Total Short-Term Assets $6.980M $6.444M $6.440M
YoY Change 8.39% -11.0% -11.05%
LONG-TERM ASSETS
Property, Plant & Equipment $280.0K $63.53K $550.0K
YoY Change -49.09% 576.15% 5400.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $290.0K $935.3K $450.0K
YoY Change -35.56% 61.83% -22.41%
Total Long-Term Assets $570.0K $998.9K $1.000M
YoY Change -43.0% 70.06% 69.49%
TOTAL ASSETS
Total Short-Term Assets $6.980M $6.444M $6.440M
Total Long-Term Assets $570.0K $998.9K $1.000M
Total Assets $7.550M $7.443M $7.440M
YoY Change 1.48% -4.91% -4.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.020M $1.083M $1.080M
YoY Change -5.56% 135.63% 134.78%
Accrued Expenses $3.710M $2.099M $2.510M
YoY Change 47.81% 232.41% 298.41%
Deferred Revenue
YoY Change
Short-Term Debt $370.0K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.660M $5.612M $5.610M
YoY Change 36.54% 414.4% 414.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.040M $389.6K $1.390M
YoY Change -25.18% 3911.49% 13800.0%
Total Long-Term Liabilities $1.040M $389.6K $1.390M
YoY Change -25.18% 3911.49% 13800.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.660M $5.612M $5.610M
Total Long-Term Liabilities $1.040M $389.6K $1.390M
Total Liabilities $8.700M $7.002M $7.000M
YoY Change 24.29% 536.1% 536.36%
SHAREHOLDERS EQUITY
Retained Earnings -$44.02M
YoY Change 51.96%
Common Stock $44.57M
YoY Change 24.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.150M $440.8K $440.0K
YoY Change
Total Liabilities & Shareholders Equity $7.550M $7.443M $7.440M
YoY Change 1.48% -4.91% -4.98%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$27.40M -$3.870M -$14.26M
YoY Change 92.1% 32.53% -14.79%
Depreciation, Depletion And Amortization $43.23K $10.00K $11.14K
YoY Change 288.14% 356.43%
Cash From Operating Activities -$25.23M -$3.810M -$13.32M
YoY Change 89.52% 40.59% 29.67%
INVESTING ACTIVITIES
Capital Expenditures $17.63K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $6.140M $6.140M
YoY Change -100.0% -1303.92%
Cash From Investing Activities -$17.63K $6.140M $6.144M
YoY Change -100.29% -1284.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $22.98M $5.152M
YoY Change 346.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $25.13M 0.000 $5.152M
YoY Change 387.81% -49.05%
NET CHANGE
Cash From Operating Activities -$25.23M -3.810M -$13.32M
Cash From Investing Activities -$17.63K 6.140M $6.144M
Cash From Financing Activities $25.13M 0.000 $5.152M
Net Change In Cash -$110.6K 2.330M -$2.026M
YoY Change -94.54% -185.98% 168.69%
FREE CASH FLOW
Cash From Operating Activities -$25.23M -$3.810M -$13.32M
Capital Expenditures $17.63K $0.00 $0.00
Free Cash Flow -$25.25M -$3.810M -$13.32M
YoY Change 89.65% 40.59% 29.52%

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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Significant estimates include the fair value of stock-based compensation, and purchase accounting. Actual results could differ from those estimates and could materially affect the reported amounts of assets, liabilities and future operating results.</span></div>
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains cash balances at various financial institutions and such balances commonly exceed the $250,000 amount insured by the Federal Deposit Insurance Corporation. The Company also maintains money market funds at various financial institutions which are not federally insured although are invested primarily in the U.S. The Company has not experienced any losses in such accounts and management believes that the Company does not have significant risk with respect to such cash and cash equivalents.</span></div>
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CY2020 us-gaap Guarantees Indemnifications And Warranties Policies
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<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Indemnification Obligations</span></div><div style="margin-top:8pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As permitted under Delaware law, the Company has entered into indemnification agreements with its officers and directors that provide that the Company will indemnify its directors and officers for certain expenses, including attorneys’ fees, judgments, fines and settlement amounts incurred by such director or officer in any action or proceeding arising out of their service as a director and/or officer. The term of the indemnification is for the officer’s or director’s lifetime. During the year ended December 31, 2020, the Company did not experience any losses related to those indemnification obligations. The Company does not expect significant claims related to these indemnification obligations, and consequently, has concluded the fair value of the obligations is not material. Accordingly, as of December 31, 2020 and 2019, no amounts have been accrued related to such indemnification provisions.</span></div>
CY2020Q4 dare Accrued Indemnification Provisions
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0.2894
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 dare Effective Income Tax Rate Reconciliation Permanent Differences
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CY2019 dare Effective Income Tax Rate Reconciliation Permanent Differences
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0.0034
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0.0044
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DeferredTaxAssetsTaxCreditCarryforwardsResearch
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DeferredTaxAssetsTaxCreditCarryforwardsResearch
3669000 USD
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376000 USD
CY2019Q4 us-gaap Deferred Tax Assets Other
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271000 USD
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2183000 USD
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63170000 USD
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0 USD
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0 USD
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7500000 shares
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175000 USD
CY2019Q2 us-gaap Warrant Exercise Price Decrease
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0.98
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0.96
CY2019Q2 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
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6863 USD
CY2020 dare Number Of Common Stock Warrants Exercised
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1825000 shares
CY2020 us-gaap Proceeds From Warrant Exercises
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1800000 USD
CY2019 dare Number Of Common Stock Warrants Exercised
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0 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
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1908643 shares
CY2020Q4 us-gaap Common Stock Shares Authorized
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120000000 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
462239 USD
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2020Q4 us-gaap Common Stock Shares Issued
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CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
19683401 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5199750 shares
CY2020Q4 us-gaap Deferred Compensation Sharebased Arrangements Liability Current And Noncurrent
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1300000 USD
CY2020 dare Weighted Average Amortization Period
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P2Y2M12D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P10Y
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P10Y
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0082
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0244
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1.20
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1.20
CY2020 dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
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0.000
CY2019 dare Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
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0.000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2018Q3 us-gaap Net Rentable Area
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3169 sqft
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P1Y
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42000 USD
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303800 USD
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223000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
461000 USD
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P0Y10M9D
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
363000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
42000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
405000 USD
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16000 USD
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389000 USD
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367000 USD
CY2020Q4 dare Notes Payable Current Plus Accrued Interest
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369600 USD
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.04
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136000 USD
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96000 USD
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1900000 USD
CY2020Q2 dare Proceeds From Award Of Grant
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731000 USD
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12000 USD
CY2020Q4 dare Deferred Grant Funding Current
DeferredGrantFundingCurrent
1600000 USD

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