2023 Q2 Form 10-Q Financial Statement
#000106299323010672 Filed on May 10, 2023
Income Statement
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $2.579M | $2.737M | $2.225M |
| YoY Change | -22.04% | -63.57% | -34.41% |
| % of Gross Profit | |||
| Research & Development | $7.599M | $6.838M | $5.300M |
| YoY Change | 101.49% | 461.76% | 157.46% |
| % of Gross Profit | |||
| Depreciation & Amortization | $63.25K | $60.74K | $57.77K |
| YoY Change | 31.16% | 98.56% | 27.95% |
| % of Gross Profit | |||
| Operating Expenses | $10.18M | $9.575M | $7.525M |
| YoY Change | 43.76% | 9.66% | 38.06% |
| Operating Profit | -$10.18M | -$9.575M | |
| YoY Change | 43.76% | 25.36% | |
| Interest Expense | $41.05K | $34.64K | $62.77K |
| YoY Change | 74.68% | 543.14% | |
| % of Operating Profit | |||
| Other Income/Expense, Net | $41.05K | $34.64K | |
| YoY Change | -22.15% | -75.28% | |
| Pretax Income | -$10.14M | -$9.541M | -$7.462M |
| YoY Change | 44.25% | 9.51% | 37.15% |
| Income Tax | -$314.6K | -$274.5K | -$565.3K |
| % Of Pretax Income | |||
| Net Earnings | -$9.823M | -$9.266M | -$6.897M |
| YoY Change | 69.1% | -192.29% | 26.76% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.13 | -$0.13 | |
| Diluted Earnings Per Share | -$0.13 | -$0.13 | -$0.10 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 75.31M shares | 73.74M shares | 73.18M shares |
| Diluted Shares Outstanding | 75.94M shares | 73.74M shares |
Balance Sheet
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $15.44M | $20.27M | $23.91M |
| YoY Change | -55.94% | -51.03% | -48.73% |
| Cash & Equivalents | $15.44M | $20.27M | $23.91M |
| Short-Term Investments | |||
| Other Short-Term Assets | $696.5K | $852.7K | $618.9K |
| YoY Change | -28.22% | 126.36% | 256.51% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $124.7K | $115.9K | $107.4K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $16.26M | $21.24M | $24.64M |
| YoY Change | -55.67% | -49.27% | -47.37% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $1.621M | $1.251M | $1.267M |
| YoY Change | 26.26% | 1.76% | -94.15% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $350.6K | $348.4K | $380.7K |
| YoY Change | 776.59% | 1641.97% | |
| Total Long-Term Assets | $80.81M | $80.36M | $80.38M |
| YoY Change | 3.17% | 2.74% | 271.49% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $16.26M | $21.24M | $24.64M |
| Total Long-Term Assets | $80.81M | $80.36M | $80.38M |
| Total Assets | $97.07M | $101.6M | $105.0M |
| YoY Change | -15.59% | -15.39% | 53.43% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.621M | $1.931M | $1.752M |
| YoY Change | -25.57% | 182.81% | |
| Accrued Expenses | $935.4K | $534.2K | $635.0K |
| YoY Change | 174.14% | 14.16% | |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $2.578M | $2.482M | $2.515M |
| YoY Change | 1.17% | -2.16% | 305.88% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $2.578M | $2.482M | $2.515M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $3.321M | $3.540M | $3.847M |
| YoY Change | -34.14% | -43.36% | 520.88% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$25.30M | -$15.48M | -$6.216M |
| YoY Change | -448.68% | -218.49% | |
| Common Stock | $76.86K | $75.29K | $73.34K |
| YoY Change | 6.75% | 6.27% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $93.75M | $98.06M | $101.2M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $97.07M | $101.6M | $105.0M |
| YoY Change | -15.59% | -15.39% | 53.43% |
Cashflow Statement
| Concept | 2023 Q2 | 2023 Q1 | 2022 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$9.823M | -$9.266M | -$6.897M |
| YoY Change | 69.1% | -192.29% | 26.76% |
| Depreciation, Depletion And Amortization | $63.25K | $60.74K | $57.77K |
| YoY Change | 31.16% | 98.56% | 27.95% |
| Cash From Operating Activities | -$8.575M | -$8.462M | -$6.080M |
| YoY Change | 38.07% | 101.58% | 155.83% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $515.4K | $44.63K | $279.5K |
| YoY Change | 401.17% | -101.87% | -108.72% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $7.390K | -$7.390K | |
| YoY Change | -63.05% | ||
| Cash From Investing Activities | -$508.0K | -$72.02K | -$279.5K |
| YoY Change | 216.08% | -97.01% | -91.28% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 4.249M | $4.895M | 2.203M |
| YoY Change | 35310.5% | 1436.64% | -153104.17% |
| NET CHANGE | |||
| Cash From Operating Activities | -8.575M | -$8.462M | -6.080M |
| Cash From Investing Activities | -508.0K | -$72.02K | -279.5K |
| Cash From Financing Activities | 4.249M | $4.895M | 2.203M |
| Net Change In Cash | -4.834M | -$3.639M | -4.157M |
| YoY Change | -23.99% | -42.14% | -25.54% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$8.575M | -$8.462M | -$6.080M |
| Capital Expenditures | $515.4K | $44.63K | $279.5K |
| Free Cash Flow | -$9.090M | -$8.506M | -$6.360M |
| YoY Change | 43.99% | 370.37% | -868.83% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.13 | |
| CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.04 | |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
73744247 | shares |
| CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
35641666 | shares |
| CY2022Q1 | us-gaap |
Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
|
3239342 | usd |
| CY2022Q1 | us-gaap |
Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
|
0 | usd |
| CY2023Q1 | us-gaap |
Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
|
7389 | usd |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.89 | |
| CY2023Q1 | dc |
Proceeds From Sale Of Common Stock On At The Market Program
ProceedsFromSaleOfCommonStockOnAtTheMarketProgram
|
5000020 | usd |
| CY2022Q1 | dc |
Proceeds From Sale Of Common Stock On At The Market Program
ProceedsFromSaleOfCommonStockOnAtTheMarketProgram
|
0 | usd |
| CY2023Q1 | dc |
Withholding Of Employee Tax Payments On Performance Stock Units
WithholdingOfEmployeeTaxPaymentsOnPerformanceStockUnits
|
38000 | usd |
| CY2022Q1 | dc |
Withholding Of Employee Tax Payments On Performance Stock Units
WithholdingOfEmployeeTaxPaymentsOnPerformanceStockUnits
|
0 | usd |
| CY2022Q1 | dc |
Deferred Atm Offering Costs Offset Against Additional Paid In Capital
DeferredAtmOfferingCostsOffsetAgainstAdditionalPaidInCapital
|
0 | usd |
| CY2023Q1 | dc |
Withholding Of Employee Tax Payment On Psu
WithholdingOfEmployeeTaxPaymentOnPsu
|
38000 | usd |
| CY2022 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P3Y8M4D | |
| CY2023Q1 | us-gaap |
Fiscal Period
FiscalPeriod
|
<div> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="text-decoration: underline;">Change in Fiscal Year</span></span></span></p> <p style="text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In August 2022, the Board of Directors of the Company, pursuant to the bylaws and based upon the recommendation of its Audit Committee, approved a change in the Company's fiscal year end from March 31 to December 31. The Company's fiscal year now begins on January 1 and ends on December 31 of each year, starting on January 1, 2023.</span></span></p> </div> | |
| CY2022Q4 | us-gaap |
Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
|
1 | pure |
| CY2023Q1 | us-gaap |
Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
|
1 | pure |
| CY2022Q1 | us-gaap |
Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
|
15000 | usd |
| CY2023Q1 | us-gaap |
Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
|
15000 | usd |
| CY2020Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2023Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
37500 | shares |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
333588 | shares |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
2.81 | |
| CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
647649 | usd |
| CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3999572 | shares |
| CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
0 | shares |
| CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0 | |
| CY2022Q1 | dc |
Options Issued Upon Acquisition Of Non Controlling Interest
OptionsIssuedUponAcquisitionOfNonControllingInterest
|
3349375 | shares |
| CY2022Q1 | dc |
Options Issued Upon Acquisition Of Non Controlling Interest Of Weighted Average Exercise Price
OptionsIssuedUponAcquisitionOfNonControllingInterestOfWeightedAverageExercisePrice
|
4.06 | |
| CY2022Q1 | dc |
Options Issued Upon Acquisition Of Non Controlling Interest On Remaining Contractual Life
OptionsIssuedUponAcquisitionOfNonControllingInterestOnRemainingContractualLife
|
P4Y1M13D | |
| CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3349375 | shares |
| CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.06 | |
| CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P4Y1M13D | |
| CY2023Q1 | dc |
Share Based Payment Arrangement Non Vested Award Option Restricted Stock Units
ShareBasedPaymentArrangementNonVestedAwardOptionRestrictedStockUnits
|
1530323 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
|
P1Y4M28D |
