2019 Q2 Form 10-Q Financial Statement

#000121380919000028 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $390.9K $402.5K $184.3K
YoY Change 142.35% 118.37% 53.61%
Cost Of Revenue $322.2K $327.9K $146.8K
YoY Change 149.56% 123.35% 22.34%
Gross Profit $68.65K $74.62K $37.52K
YoY Change 113.39% 98.89%
Gross Profit Margin 17.56% 18.54% 20.36%
Selling, General & Admin $1.870M $1.430M $1.290M
YoY Change 103.26% 10.85% -27.93%
% of Gross Profit 2724.12% 1916.27% 3438.07%
Research & Development $818.2K $692.4K $576.9K
YoY Change 36.1% 20.02% 80.28%
% of Gross Profit 1191.97% 927.81% 1537.5%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $818.2K $692.4K $576.9K
YoY Change 36.1% 20.02% -75.24%
Operating Profit -$2.962M -$2.441M -$2.230M
YoY Change 63.06% 9.49% -4.3%
Interest Expense $265.7K $267.0K $186.5K
YoY Change 21.01% 43.18% 24.3%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.700M -$2.170M -$2.040M
YoY Change 68.75% 6.37% -193.58%
Income Tax $0.00 $900.00 $0.00
% Of Pretax Income
Net Earnings -$2.696M -$2.175M -$2.043M
YoY Change 68.84% 6.46% -197.3%
Net Earnings / Revenue -689.68% -540.4% -1108.5%
Basic Earnings Per Share
Diluted Earnings Per Share -$100.6K -$81.62K -$72.44K
COMMON SHARES
Basic Shares Outstanding 26.76M shares 26.71M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.89M $39.75M $46.79M
YoY Change -16.78% -15.05% 8.09%
Cash & Equivalents $4.782M $3.976M $4.631M
Short-Term Investments $32.10M $35.78M $42.16M
Other Short-Term Assets $200.0K $290.0K $780.0K
YoY Change -74.68% -62.82% -89.64%
Inventory
Prepaid Expenses
Receivables $504.5K $426.0K $100.0K
Other Receivables $410.0K $830.0K $470.0K
Total Short-Term Assets $38.00M $41.31M $48.14M
YoY Change -16.63% -14.19% -13.53%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.520M $500.0K
YoY Change 47.57%
Other Assets $51.58K $50.95K $180.0K
YoY Change -67.77% -71.69% 1700.0%
Total Long-Term Assets $2.069M $551.6K $680.0K
YoY Change 73.85% -18.89%
TOTAL ASSETS
Total Short-Term Assets $38.00M $41.31M $48.14M
Total Long-Term Assets $2.069M $551.6K $680.0K
Total Assets $40.07M $41.86M $48.82M
YoY Change -14.33% -14.26% -12.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $963.3K $948.1K $470.0K
YoY Change 318.81% 101.71% 46.88%
Accrued Expenses $396.0K $303.0K $360.0K
YoY Change 108.44% -15.84% -12.2%
Deferred Revenue $90.57K $23.02K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.450M $1.274M $1.000M
YoY Change 208.48% 27.41% -18.7%
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 $1.450M $1.274M $1.000M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.450M $1.270M $1.000M
YoY Change 208.51% 27.0% -18.7%
SHAREHOLDERS EQUITY
Retained Earnings -$37.91M -$35.22M
YoY Change
Common Stock $39.37K $38.97K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.93M $18.90M
YoY Change
Treasury Stock Shares
Shareholders Equity $38.62M $40.59M $47.83M
YoY Change
Total Liabilities & Shareholders Equity $40.07M $41.86M $48.82M
YoY Change -14.33% -14.26% -12.3%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.696M -$2.175M -$2.043M
YoY Change 68.84% 6.46% -197.3%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.430M -$1.410M -$660.8K
YoY Change -16.86% 113.32% -11.9%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.090M $3.010M -$120.0K
YoY Change 574.19% -2608.33% -101.59%
Cash From Investing Activities $2.090M $3.006M -$123.0K
YoY Change 574.19% -2544.04% -101.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $374.8K
YoY Change -100.0% -106.59%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.0K $0.00 -$374.8K
YoY Change -100.0% -93.41%
NET CHANGE
Cash From Operating Activities -1.430M -$1.410M -$660.8K
Cash From Investing Activities 2.090M $3.006M -$123.0K
Cash From Financing Activities 150.0K $0.00 -$374.8K
Net Change In Cash 810.0K $1.589M -$1.155M
YoY Change -157.45% -237.61% -205.97%
FREE CASH FLOW
Cash From Operating Activities -$1.430M -$1.410M -$660.8K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
172001 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
166944 USD
CY2018Q4 us-gaap Prepaid Insurance
PrepaidInsurance
77249 USD
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Prepaid Insurance
PrepaidInsurance
46982 USD
CY2018Q4 us-gaap Prepaid Taxes
PrepaidTaxes
3027 USD
CY2019Q1 us-gaap Prepaid Taxes
PrepaidTaxes
0 USD
CY2018Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
102000 USD
CY2019Q1 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
6249 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
17639000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
16197000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
576884 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
692370 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33043113 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35218371 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184330 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
402527 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
269596 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
309563 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2936759 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.59
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
989000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1149461 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7320547 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3552890 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4541890 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.57
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.64
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.89
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4860859 USD
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y6M18D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y0M22D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M10D
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000 USD
CY2017Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 USD
CY2016Q1 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P1Y
CY2017Q3 us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P1Y
CY2017Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
4462339 USD
CY2016Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
15000000 USD
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2551717 USD
CY2017Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
5000000 USD
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
2158297 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
42451169 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
40585474 USD
CY2016Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.35
CY2017Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.54
CY2017Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.58
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.41
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.40
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.52
CY2018Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
12253502 shares
CY2019Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
12253502 shares
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2136752 shares
CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2363590 shares
CY2017Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
7863980 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
381607 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1644325 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
14390254 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
18900000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
18929915 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
18929915 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
18900000 USD
CY2016Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2884615 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3639929 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
12448283 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
537661 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2304042 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
21814530 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28159244 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26713486 shares
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:0px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:0px;text-align:justify;padding-left:0px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;">The Company&#8217;s financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, and investment securities. At times, the Company has cash, cash equivalents, and investment securities at financial institutions exceeding the Federal Depository Insurance Company (&#8220;FDIC&#8221;) and the Securities Investor Protection Corporation (&#8220;SIPC&#8221;) insured limit on domestic currency and the Netherlands FDIC counterpart for foreign currency. The Company only deals with reputable financial institutions and has not experienced any losses in such accounts. </font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:0px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:0px;text-align:justify;padding-left:0px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;">The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the applicable period. Actual results may differ from these estimates under different assumptions or conditions. Such differences could be material to the consolidated financial statements.</font></div></div>

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