2015 Q2 Form 10-Q Financial Statement

#000114420415048544 Filed on August 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $175.0K $50.00K $0.00
YoY Change
Cost Of Revenue $410.0K $660.0K $605.0K
YoY Change -32.23%
Gross Profit -$235.0K -$610.0K -$605.0K
YoY Change -61.16%
Gross Profit Margin -134.29% -1220.0%
Selling, General & Admin $840.0K $750.0K $1.670M
YoY Change -49.7% -60.73% 7.05%
% of Gross Profit
Research & Development $441.0K $730.0K $1.333M
YoY Change -66.92% -58.05% -5.86%
% of Gross Profit
Depreciation & Amortization $80.00K $90.00K $160.0K
YoY Change -50.0% -65.38% -15.79%
% of Gross Profit
Operating Expenses $1.277M $1.480M $2.998M
YoY Change -57.4% -59.45% -16.63%
Operating Profit -$1.512M -$2.090M -$3.603M
YoY Change -58.03% 0.19%
Interest Expense -$490.0K -$970.0K $390.0K
YoY Change -225.64% -126.15% -123.21%
% of Operating Profit
Other Income/Expense, Net -$492.0K -$10.00K $349.0K
YoY Change -240.97% -120.65%
Pretax Income -$2.000M -$3.560M -$3.250M
YoY Change -38.46% -7220.0% -38.56%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.004M -$3.560M -$3.254M
YoY Change -38.41% -7220.0% -38.44%
Net Earnings / Revenue -1145.14% -7120.0%
Basic Earnings Per Share -$0.07 -$0.14
Diluted Earnings Per Share -$0.07 -$89.00M -$0.15
COMMON SHARES
Basic Shares Outstanding 30.24M shares 16.23M shares 22.99M shares
Diluted Shares Outstanding 30.24M shares 23.20M shares

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100M $1.500M $2.000M
YoY Change -45.0% -37.5% -72.22%
Cash & Equivalents $981.0K $1.453M $1.819M
Short-Term Investments $100.0K $100.0K $200.0K
Other Short-Term Assets $33.00K $0.00
YoY Change -36.54%
Inventory $207.0K $234.0K $22.00K
Prepaid Expenses
Receivables $0.00 $94.00K
Other Receivables $300.0K
Total Short-Term Assets $1.611M $2.056M $2.362M
YoY Change -31.8% -29.83% -69.75%
LONG-TERM ASSETS
Property, Plant & Equipment $854.0K $978.0K $991.0K
YoY Change -13.82% -14.59% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $894.0K $1.025M $1.040M
YoY Change -14.04% -13.58% -34.76%
TOTAL ASSETS
Total Short-Term Assets $1.611M $2.056M $2.362M
Total Long-Term Assets $894.0K $1.025M $1.040M
Total Assets $2.505M $3.081M $3.402M
YoY Change -26.37% -25.15% -63.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $700.0K $700.0K
YoY Change 28.57% 16.67% 0.0%
Accrued Expenses $679.0K
YoY Change 14.89%
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 $1.546M $1.616M $1.776M
YoY Change -12.95% 7.3% 33.84%
LONG-TERM LIABILITIES
Long-Term Debt $2.400M $2.800M $0.00
YoY Change
Other Long-Term Liabilities $4.400M $4.000M $5.400M
YoY Change -18.52% 48.15% -12.9%
Total Long-Term Liabilities $6.800M $6.800M $5.400M
YoY Change 25.93% 151.85% -12.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.546M $1.616M $1.776M
Total Long-Term Liabilities $6.800M $6.800M $5.400M
Total Liabilities $8.300M $8.400M $7.200M
YoY Change 15.28% 100.0% -5.26%
SHAREHOLDERS EQUITY
Retained Earnings -$39.85M -$36.06M -$26.24M
YoY Change 51.88% 80.26%
Common Stock $3.000K $2.000K $2.000K
YoY Change 50.0% 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.777M -$5.295M -$3.800M
YoY Change
Total Liabilities & Shareholders Equity $2.505M $3.081M $3.400M
YoY Change -26.32% -25.15% -63.84%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income -$2.004M -$3.560M -$3.254M
YoY Change -38.41% -7220.0% -38.44%
Depreciation, Depletion And Amortization $80.00K $90.00K $160.0K
YoY Change -50.0% -65.38% -15.79%
Cash From Operating Activities -$1.300M -$2.410M -$2.080M
YoY Change -37.5% 13.15% 1.46%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$340.0K -$30.00K
YoY Change -66.67% 277.78% -95.65%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $40.00K $20.00K
YoY Change -150.0% -166.67% -111.11%
Cash From Investing Activities -$20.00K -$300.0K -$10.00K
YoY Change 100.0% 87.5% -98.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 450.0K 0.000 100.0K
YoY Change 350.0% -100.0% -98.96%
NET CHANGE
Cash From Operating Activities -1.300M -2.410M -2.080M
Cash From Investing Activities -20.00K -300.0K -10.00K
Cash From Financing Activities 450.0K 0.000 100.0K
Net Change In Cash -870.0K -2.710M -1.990M
YoY Change -56.28% 22.07% -129.57%
FREE CASH FLOW
Cash From Operating Activities -$1.300M -$2.410M -$2.080M
Capital Expenditures -$10.00K -$340.0K -$30.00K
Free Cash Flow -$1.290M -$2.070M -$2.050M
YoY Change -37.07% 1.47% 50.74%

Facts In Submission

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us-gaap Revenue Recognition Software
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM-COLOR: #000000; PADDING-BOTTOM: 0in; BORDER-TOP-COLOR: #000000; PADDING-LEFT: 0in; WIDTH: 27pt; PADDING-RIGHT: 0in; BORDER-RIGHT-COLOR: #000000; BORDER-LEFT-COLOR: #000000; PADDING-TOP: 0in" valign="top" width="36"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-SIZE: 10pt">a.</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">Revenue recognition:</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 85.5pt" align="justify"><font style="FONT-SIZE: 10pt">Revenues from product sales are recognized in accordance with ASC 605-10 "Revenue Recognition", when delivery has occurred, persuasive evidence of an agreement exists, the vendor&#8217;s fee is fixed or determinable, no further obligation exists and collectability is probable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 112.5pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 85.05pt" align="justify"><font style="FONT-SIZE: 10pt">The Company derives revenues from the sale of its Dario&#153; Smart Meter and its related device-specific disposables test strip cartridges and lancets through independent distributers or directly to end users. 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us-gaap Basis Of Accounting
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