2018 Q1 Form 10-Q Financial Statement

#000110168018000022 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $59.50M $52.11M
YoY Change 14.18% 105.65%
Cost Of Revenue $37.77M $33.88M
YoY Change 11.47% 174.39%
Gross Profit $21.74M $18.23M
YoY Change 19.23% 295.36%
Gross Profit Margin 36.53% 34.98%
Selling, General & Admin $12.39M $10.88M
YoY Change 13.88% 35.07%
% of Gross Profit 57.0% 59.68%
Research & Development $8.977M $9.382M
YoY Change -4.32% 163.69%
% of Gross Profit 41.3% 51.46%
Depreciation & Amortization $700.0K $1.180M
YoY Change -40.68% 337.04%
% of Gross Profit 3.22% 6.47%
Operating Expenses $21.50M $20.76M
YoY Change 3.58% 78.76%
Operating Profit $233.0K -$2.529M
YoY Change -109.21% -41.74%
Interest Expense -$240.0K -$250.0K
YoY Change -4.0% -5100.0%
% of Operating Profit -103.0%
Other Income/Expense, Net $140.0K -$281.0K
YoY Change -149.82% 680.56%
Pretax Income $136.0K -$3.058M
YoY Change -104.45% -10.14%
Income Tax -$5.000K $400.0K
% Of Pretax Income -3.68%
Net Earnings $107.0K -$3.747M
YoY Change -102.86% -0.53%
Net Earnings / Revenue 0.18% -7.19%
Basic Earnings Per Share $0.01 -$0.23
Diluted Earnings Per Share $0.01 -$0.23
COMMON SHARES
Basic Shares Outstanding 16.42M 16.38M shares
Diluted Shares Outstanding 16.63M 16.38M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.20M $17.50M
YoY Change 32.57% 88.17%
Cash & Equivalents $23.16M $17.29M
Short-Term Investments $300.0K
Other Short-Term Assets $16.40M $10.20M
YoY Change 60.78% 240.0%
Inventory $25.24M $35.90M
Prepaid Expenses
Receivables $69.70M $54.90M
Other Receivables $72.00K $12.90M
Total Short-Term Assets $159.1M $131.5M
YoY Change 20.99% 153.97%
LONG-TERM ASSETS
Property, Plant & Equipment $5.632M $6.400M
YoY Change -12.0% 187.9%
Goodwill $3.977M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.034M $2.300M
YoY Change 118.87% 823.69%
Total Long-Term Assets $25.70M $20.70M
YoY Change 24.17% 737.38%
TOTAL ASSETS
Total Short-Term Assets $159.1M $131.5M
Total Long-Term Assets $25.70M $20.70M
Total Assets $184.8M $152.2M
YoY Change 21.42% 180.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.30M $31.00M
YoY Change 36.45% 203.15%
Accrued Expenses $9.200M $10.00M
YoY Change -8.0% 63.93%
Deferred Revenue $3.038M
YoY Change
Short-Term Debt $33.56M $1.800M
YoY Change 1764.22%
Long-Term Debt Due $33.60M $24.70M
YoY Change 36.03% 1135.0%
Total Short-Term Liabilities $92.36M $76.30M
YoY Change 21.05% 317.03%
LONG-TERM LIABILITIES
Long-Term Debt $12.90M $5.000M
YoY Change 158.0%
Other Long-Term Liabilities $2.665M $4.400M
YoY Change -39.43% 63.08%
Total Long-Term Liabilities $2.665M $9.400M
YoY Change -71.65% 248.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.36M $76.30M
Total Long-Term Liabilities $2.665M $9.400M
Total Liabilities $109.8M $86.40M
YoY Change 27.08% 311.55%
SHAREHOLDERS EQUITY
Retained Earnings -$18.54M
YoY Change
Common Stock $90.69M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.41M $65.80M
YoY Change
Total Liabilities & Shareholders Equity $184.8M $152.2M
YoY Change 21.42% 180.56%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $107.0K -$3.747M
YoY Change -102.86% -0.53%
Depreciation, Depletion And Amortization $700.0K $1.180M
YoY Change -40.68% 337.04%
Cash From Operating Activities -$13.53M -$680.0K
YoY Change 1889.41% -120.74%
INVESTING ACTIVITIES
Capital Expenditures $86.00K $404.0K
YoY Change -78.71% -61.74%
Acquisitions
YoY Change
Other Investing Activities $0.00 $790.0K
YoY Change -100.0% -139.11%
Cash From Investing Activities -$85.00K $360.0K
YoY Change -123.61% -134.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $111.0K $1.000K
YoY Change 11000.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.77M -$1.785M
YoY Change -1039.72% -39.92%
NET CHANGE
Cash From Operating Activities -13.53M -$680.0K
Cash From Investing Activities -85.00K $360.0K
Cash From Financing Activities 16.77M -$1.785M
Net Change In Cash 3.271M -$817.0K
YoY Change -500.37% 9.22%
FREE CASH FLOW
Cash From Operating Activities -$13.53M -$680.0K
Capital Expenditures $86.00K $404.0K
Free Cash Flow -$13.61M -$1.084M
YoY Change 1155.9% -148.76%

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12895000 USD
CY2016Q4 us-gaap Minority Interest
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416000 USD
CY2017Q1 us-gaap Minority Interest
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685000 USD
CY2017Q4 us-gaap Minority Interest
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CY2018Q1 us-gaap Minority Interest
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
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360000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-85000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-680000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-13528000 USD
CY2017Q1 us-gaap Net Income Loss
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-3747000 USD
CY2018Q1 us-gaap Net Income Loss
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107000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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249000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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34000 USD
CY2018Q1 us-gaap Number Of Countries In Which Entity Operates
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50 country
CY2017Q1 us-gaap Operating Expenses
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20759000 USD
CY2018Q1 us-gaap Operating Expenses
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21502000 USD
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-2529000 USD
CY2018Q1 us-gaap Operating Income Loss
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233000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
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23677000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2664000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2590000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2998000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3956000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8423000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
3046000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
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4717000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
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5034000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest
20000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest
30000 USD
CY2017Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
2890000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
318000 USD
CY2017Q4 us-gaap Other Liabilities Current
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2032000 USD
CY2018Q1 us-gaap Other Liabilities Current
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2310000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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2667000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2665000 USD
CY2017Q4 us-gaap Other Long Term Debt Noncurrent
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2987000 USD
CY2018Q1 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
0 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-281000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
140000 USD
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
164000 USD
CY2018Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
72000 USD
CY2017Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
30000 USD
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
404000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
86000 USD
CY2017Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
252000 USD
CY2018Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3652000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
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6431000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
111000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
6064000 USD
CY2017Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
1040000 USD
CY2018Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000 USD
CY2017Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2570000 USD
CY2018Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
18849000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
878000 USD
CY2017Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
786000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
931000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1094000 USD
CY2017Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
212000 USD
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
195000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-3498000 USD
CY2017 us-gaap Profit Loss
ProfitLoss
1200000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
141000 USD
CY2017Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
100000 USD
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
359000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
15300000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
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33718000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33945000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5873000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5632000 USD
CY2017Q4 us-gaap Receivables Net Current
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61755000 USD
CY2018Q1 us-gaap Receivables Net Current
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69578000 USD
CY2018Q1 us-gaap Receivables Net Current
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62099000 USD
CY2017Q1 us-gaap Related Parties Amount In Cost Of Sales
RelatedPartiesAmountInCostOfSales
8708000 USD
CY2018Q1 us-gaap Related Parties Amount In Cost Of Sales
RelatedPartiesAmountInCostOfSales
1763000 USD
CY2017Q1 us-gaap Repayments Of Short Term Debt
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4356000 USD
CY2018Q1 us-gaap Repayments Of Short Term Debt
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8250000 USD
CY2017Q1 us-gaap Research And Development Expense
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9382000 USD
CY2018Q1 us-gaap Research And Development Expense
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8977000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
13900000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
11500000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6438000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
12425000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10118000 USD
CY2017Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 USD
CY2017Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1512000 USD
CY2018Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1407000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18852000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18403000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18544000 USD
CY2017Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
10871000 USD
CY2018Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1598000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
52112000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
59504000 USD
CY2017Q1 us-gaap Selling And Marketing Expense
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10884000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12394000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
255000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
363000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
19790000 USD
CY2018Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
33556000 USD
CY2017Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
20000 USD
CY2018Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
73233000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
74413000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
73767000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
75011000 USD
CY2017Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.2
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
600000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
200000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16378000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16626000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16378000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16416000 shares
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-left:4px;text-align:left;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;text-align:left;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period statement of comprehensive loss items have been reclassified to correct for research and product development expenses and selling, marketing, general and administrative expenses of </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, which were previously improperly classified as cost of revenue-products and services.</font></div></div>

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