2016 Q1 Form 10-Q Financial Statement

#000082787116000064 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $29.59M $36.31M
YoY Change -18.5% 625.45%
Cost Of Revenue $14.59M $5.948M
YoY Change 145.28% 77.02%
Gross Profit $15.00M $30.36M
YoY Change -50.59% 1745.65%
Gross Profit Margin 50.7% 83.62%
Selling, General & Admin $12.13M $3.986M
YoY Change 204.26% 174.14%
% of Gross Profit 80.84% 13.13%
Research & Development $5.521M $6.285M
YoY Change -12.16% 65.66%
% of Gross Profit 36.8% 20.7%
Depreciation & Amortization $140.0K $12.00K
YoY Change 1066.67% -58.62%
% of Gross Profit 0.93% 0.04%
Operating Expenses $30.49M $16.22M
YoY Change 87.98% 88.42%
Operating Profit -$897.0K $20.09M
YoY Change -104.46% -657.59%
Interest Expense $0.00 $1.000K
YoY Change -100.0% 0.0%
% of Operating Profit 0.0%
Other Income/Expense, Net $20.00K $6.000K
YoY Change 233.33% -101.6%
Pretax Income -$877.0K $20.10M
YoY Change -104.36% -605.05%
Income Tax $19.00K $399.0K
% Of Pretax Income 1.99%
Net Earnings -$896.0K $19.70M
YoY Change -104.55% -833.87%
Net Earnings / Revenue -3.03% 54.25%
Basic Earnings Per Share -$0.06 $1.38
Diluted Earnings Per Share -$0.06 $1.31
COMMON SHARES
Basic Shares Outstanding 15.64M shares 14.25M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.30M $115.9M
YoY Change -32.44% 111.11%
Cash & Equivalents $78.29M $99.92M
Short-Term Investments $16.00M
Other Short-Term Assets $207.0K $174.0K
YoY Change 18.97% -17.94%
Inventory $7.761M $2.018M
Prepaid Expenses
Receivables $26.53M $10.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.6M $129.8M
YoY Change -11.69% 104.29%
LONG-TERM ASSETS
Property, Plant & Equipment $2.869M $100.0K
YoY Change 2769.0% -73.51%
Goodwill
YoY Change
Intangibles $11.12M
YoY Change
Long-Term Investments
YoY Change
Other Assets $94.00K $45.00K
YoY Change 108.89% 0.0%
Total Long-Term Assets $14.08M $145.0K
YoY Change 9609.66% -65.68%
TOTAL ASSETS
Total Short-Term Assets $114.6M $129.8M
Total Long-Term Assets $14.08M $145.0K
Total Assets $128.7M $129.9M
YoY Change -0.95% 103.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.30M $5.435M
YoY Change 89.42% 121.09%
Accrued Expenses $19.56M $15.03M
YoY Change 30.16% 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 $30.87M $27.05M
YoY Change 14.12% 40.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $30.87M $27.05M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $36.40M $27.00M
YoY Change 34.81% 39.9%
SHAREHOLDERS EQUITY
Retained Earnings -$108.0M -$89.99M
YoY Change 20.03% -2.34%
Common Stock $15.00K $15.00K
YoY Change 0.0% 6.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.32M $102.9M
YoY Change
Total Liabilities & Shareholders Equity $128.7M $129.9M
YoY Change -0.95% 103.16%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$896.0K $19.70M
YoY Change -104.55% -833.87%
Depreciation, Depletion And Amortization $140.0K $12.00K
YoY Change 1066.67% -58.62%
Cash From Operating Activities $3.108M $25.84M
YoY Change -87.97% -1347.51%
INVESTING ACTIVITIES
Capital Expenditures $804.0K $43.00K
YoY Change 1769.77% 53.57%
Acquisitions
YoY Change
Other Investing Activities -$3.100M -$36.00M
YoY Change -91.39%
Cash From Investing Activities -$3.904M -$16.04M
YoY Change -75.66% 57189.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $54.70M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $55.26M
YoY Change -100.0% 17.56%
NET CHANGE
Cash From Operating Activities $3.108M $25.84M
Cash From Investing Activities -$3.904M -$16.04M
Cash From Financing Activities $0.00 $55.26M
Net Change In Cash -$796.0K $65.06M
YoY Change -101.22% 44.87%
FREE CASH FLOW
Cash From Operating Activities $3.108M $25.84M
Capital Expenditures $804.0K $43.00K
Free Cash Flow $2.304M $25.79M
YoY Change -91.07% -1328.82%

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CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
94000 USD
CY2015Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
30000000 USD
CY2016Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
6000000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
4850000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
804000 USD
CY2015Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
15998000 USD
CY2016Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
62000000 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1500000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1500000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1865000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2048000 USD
CY2015Q4 us-gaap Prepaid Insurance
PrepaidInsurance
218000 USD
CY2016Q1 us-gaap Prepaid Insurance
PrepaidInsurance
651000 USD
CY2015Q4 us-gaap Prepaid Taxes
PrepaidTaxes
508000 USD
CY2016Q1 us-gaap Prepaid Taxes
PrepaidTaxes
489000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
6500000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
54696000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2015Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0 USD
CY2016Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
62000000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
1750000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
564000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2205000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2869000 USD
CY2016Q1 us-gaap Purchase Obligation
PurchaseObligation
21345000 USD
CY2016Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
21345000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6285000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14122000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
36309000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6676000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-107112000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-108008000 USD
CY2015Q1 us-gaap Royalty Revenue
RoyaltyRevenue
3253000 USD
CY2016Q1 us-gaap Royalty Revenue
RoyaltyRevenue
9469000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3056000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
29591000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3986000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10973000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
384000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2869000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q1 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 Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3038
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3131
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0192
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0190
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0163
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0129
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
90343000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
92316000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15041011 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15636387 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14247019 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15636387 shares
CY2016Q1 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, 2016</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;">2016</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 December 31, 2015, filed with the SEC on February 29, 2016.</font></div></div>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;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-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year amounts to conform with the current year presentation.</font></div></div>
CY2016Q1 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;">These financial statements are presented in U.S. dollars and are prepared in accordance with U.S. GAAP. 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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