2015 Q1 Form 10-Q Financial Statement

#000082787115000031 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $36.31M $5.005M
YoY Change 625.45% 101.75%
Cost Of Revenue $5.948M $3.360M
YoY Change 77.02% 155.88%
Gross Profit $30.36M $1.645M
YoY Change 1745.65% 40.88%
Gross Profit Margin 83.62% 32.87%
Selling, General & Admin $3.986M $1.454M
YoY Change 174.14% -50.69%
% of Gross Profit 13.13% 88.39%
Research & Development $6.285M $3.794M
YoY Change 65.66% 50.26%
% of Gross Profit 20.7% 230.64%
Depreciation & Amortization $12.00K $29.00K
YoY Change -58.62%
% of Gross Profit 0.04% 1.76%
Operating Expenses $16.22M $8.608M
YoY Change 88.42% 26.83%
Operating Profit $20.09M -$3.603M
YoY Change -657.59% -16.33%
Interest Expense $1.000K $1.000K
YoY Change 0.0% -99.31%
% of Operating Profit 0.0%
Other Income/Expense, Net $6.000K -$376.0K
YoY Change -101.6% -24.46%
Pretax Income $20.10M -$3.979M
YoY Change -605.05% -17.17%
Income Tax $399.0K -$1.295M
% Of Pretax Income 1.99%
Net Earnings $19.70M -$2.684M
YoY Change -833.87% -44.13%
Net Earnings / Revenue 54.25% -53.63%
Basic Earnings Per Share $1.38 -$0.36
Diluted Earnings Per Share $1.31 -$0.36
COMMON SHARES
Basic Shares Outstanding 14.25M shares 8.862M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.9M $54.90M
YoY Change 111.11%
Cash & Equivalents $99.92M $54.88M
Short-Term Investments $16.00M
Other Short-Term Assets $174.0K $212.1K
YoY Change -17.94%
Inventory $2.018M
Prepaid Expenses
Receivables $10.51M $7.820M
Other Receivables $0.00 $0.00
Total Short-Term Assets $129.8M $63.53M
YoY Change 104.29%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $377.5K
YoY Change -73.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.00K $45.00K
YoY Change 0.0%
Total Long-Term Assets $145.0K $422.5K
YoY Change -65.68%
TOTAL ASSETS
Total Short-Term Assets $129.8M $63.53M
Total Long-Term Assets $145.0K $422.5K
Total Assets $129.9M $63.96M
YoY Change 103.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.435M $2.458M
YoY Change 121.09%
Accrued Expenses $15.03M $7.116M
YoY Change 111.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.05M $19.27M
YoY Change 40.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $27.05M $19.27M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $27.00M $19.30M
YoY Change 39.9%
SHAREHOLDERS EQUITY
Retained Earnings -$89.99M -$92.14M
YoY Change -2.34%
Common Stock $15.00K $14.02K
YoY Change 6.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $102.9M $44.69M
YoY Change
Total Liabilities & Shareholders Equity $129.9M $63.96M
YoY Change 103.16%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $19.70M -$2.684M
YoY Change -833.87% -44.13%
Depreciation, Depletion And Amortization $12.00K $29.00K
YoY Change -58.62%
Cash From Operating Activities $25.84M -$2.071M
YoY Change -1347.51%
INVESTING ACTIVITIES
Capital Expenditures $43.00K $28.00K
YoY Change 53.57%
Acquisitions
YoY Change
Other Investing Activities -$36.00M $0.00
YoY Change
Cash From Investing Activities -$16.04M -$28.00K
YoY Change 57189.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $54.70M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $55.26M $47.01M
YoY Change 17.56%
NET CHANGE
Cash From Operating Activities $25.84M -$2.071M
Cash From Investing Activities -$16.04M -$28.00K
Cash From Financing Activities $55.26M $47.01M
Net Change In Cash $65.06M $44.91M
YoY Change 44.87%
FREE CASH FLOW
Cash From Operating Activities $25.84M -$2.071M
Capital Expenditures $43.00K $28.00K
Free Cash Flow $25.79M -$2.099M
YoY Change -1328.82%

Facts In Submission

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1454000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3986000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
140000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
384000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6400
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3038
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0825
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0192
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0175
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0163
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
0 USD
CY2015Q1 us-gaap Short Term Investments
ShortTermInvestments
15998000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
27908000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
102884000 USD
CY2014Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
534000 USD
CY2015Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
8862212 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15041011 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8862212 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14247019 shares
CY2015Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interim Condensed Financial Statements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the financial information for the interim periods reported have been made.&#160;Results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">March&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the year ending December 31, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">2015</font><font style="font-family:inherit;font-size:10pt;"> or any period thereafter. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and related notes included in our annual report on Form 10-K for the fiscal year ended September 30, 2014, filed with the Securities and Exchange Commission on December 22, 2014.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 20, 2015, the Board of Directors of the Company authorized a change in the Company&#8217;s fiscal year end from September 30</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;"> to December 31</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">st</sup></font><font style="font-family:inherit;font-size:10pt;">.&#160; The change was intended to better align the Company&#8217;s fiscal year with the business cycles of other specialty pharmaceutical companies. As a result of the change in fiscal year, the Company&#8217;s 2015 fiscal year began on January 1, 2015 and will end on December 31, 2015.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the change in fiscal year, on February 17, 2015 the Company filed a Transition Report on Form 10-Q covering the transition period from October 1, 2014 to December 31, 2014.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;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:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements including disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and accompanying notes. The Company's critical accounting policies are those that are both most important to the Company's financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Because of the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.</font></div></div>

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