$EKSO
EKSO BIONICS HOLDINGS, INC.

2014 Q1 Form 10-Q Financial Statement

#000114420414029944 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $1.062M $696.2K
YoY Change 52.53%
Cost Of Revenue $582.0K $579.8K
YoY Change 0.38%
Gross Profit $480.0K $116.5K
YoY Change 312.12%
Gross Profit Margin 45.2% 16.73%
Selling, General & Admin $3.602M $2.349M
YoY Change 53.33%
% of Gross Profit 750.5% 2017.22%
Research & Development $768.5K $921.7K
YoY Change -16.62%
% of Gross Profit 160.11% 791.35%
Depreciation & Amortization $157.0K $111.7K
YoY Change 40.53%
% of Gross Profit 32.71% 95.92%
Operating Expenses $4.371M $3.271M
YoY Change 33.62%
Operating Profit -$3.891M -$3.155M
YoY Change 23.34%
Interest Expense $427.0K $639.1K
YoY Change -33.19%
% of Operating Profit
Other Income/Expense, Net -$12.00K -$4.174K
YoY Change 187.49%
Pretax Income -$81.77M $0.00
YoY Change
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$81.77M -$3.797M
YoY Change 2053.58%
Net Earnings / Revenue -7699.25% -545.32%
Basic Earnings Per Share -$1.22
Diluted Earnings Per Share -$1.22 $0.00
COMMON SHARES
Basic Shares Outstanding 67.07M shares
Diluted Shares Outstanding 78.26M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.58M $30.00K
YoY Change 48500.0%
Cash & Equivalents $14.58M $455.3K
Short-Term Investments
Other Short-Term Assets $1.380M
YoY Change
Inventory $1.123M
Prepaid Expenses
Receivables $1.775M
Other Receivables $0.00
Total Short-Term Assets $18.86M $30.00K
YoY Change 62752.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.764M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.39K
YoY Change
Total Long-Term Assets $2.945M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $18.86M $30.00K
Total Long-Term Assets $2.945M $0.00
Total Assets $21.80M $30.00K
YoY Change 72570.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.044M
YoY Change
Accrued Expenses $1.566M $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.00K
YoY Change -100.0%
Long-Term Debt Due $40.00K
YoY Change
Total Short-Term Liabilities $5.613M $10.00K
YoY Change 56034.35%
LONG-TERM LIABILITIES
Long-Term Debt $110.0K $0.00
YoY Change
Other Long-Term Liabilities $90.61M
YoY Change
Total Long-Term Liabilities $90.72M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.613M $10.00K
Total Long-Term Liabilities $90.72M $0.00
Total Liabilities $96.34M $10.00K
YoY Change 963270.4%
SHAREHOLDERS EQUITY
Retained Earnings -$119.8M
YoY Change
Common Stock $78.48K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.813M $20.00K
YoY Change
Total Liabilities & Shareholders Equity $21.80M $30.00K
YoY Change 72570.18%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$81.77M -$3.797M
YoY Change 2053.58%
Depreciation, Depletion And Amortization $157.0K $111.7K
YoY Change 40.53%
Cash From Operating Activities -$5.560M $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $248.0K $37.41K
YoY Change 562.89%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change
Cash From Investing Activities -$140.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.99M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.48M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -5.560M 0.000
Cash From Investing Activities -140.0K
Cash From Financing Activities 19.48M 0.000
Net Change In Cash 13.78M 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$5.560M $0.00
Capital Expenditures $248.0K $37.41K
Free Cash Flow -$5.808M -$37.41K
YoY Change 15424.43%

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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Common Stock Warrants</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> We account for the common stock warrants issued in connection with our merger, See <em>Note 3, The Merger, Offering and Other Related Matters,</em> in accordance with the guidance in Accounting Standards Codification ("ASC") 815-40 whereby under that provision the warrants do not meet the criteria for equity treatment and are recorded as a liability. The warrants have an anti-dilution clause that allows for a decrease in the exercise price of the warrants if the Company issues additional shares of common stock without consideration or for consideration per share less than the common stock warrant&#39;s exercise price. Accordingly, we classified the warrant instruments as liabilities at their fair market value at the date of the merger and will re-measure the warrants at each balance sheet date until they are exercised or they expire. Any change in the fair value is recognized in our consolidated statement of operations.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The fair value of the warrant liability was determined using the Binomial Lattice pricing model. This model is dependent upon several variables such as the instrument&#39;s term, expected strike price, current stock price, risk-free interest rate estimated over the expected term, and the estimated volatility of our stock over the term of warrant. The expected strike price is estimated based on a weighted average probability analysis of the strike price changes expected during the term as a result of the anti-dilution clause in the agreement. The risk-free rate is based on U.S. Treasury securities with similar maturities as the expected terms of the warrants. The volatility is estimated based on blending the volatility rates for a number of similar publicly-traded companies.&nbsp;</p> <!--EndFragment--></div> </div>
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-360324 USD
CY2014Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
111318 USD
CY2014Q1 us-gaap Notes Payable Current
NotesPayableCurrent
39345 USD
CY2013Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1638505 USD
CY2014Q1 us-gaap Notes Receivable Related Parties Current
NotesReceivableRelatedPartiesCurrent
USD
CY2013Q4 us-gaap Notes Receivable Related Parties Current
NotesReceivableRelatedPartiesCurrent
103735 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
4371367 USD
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
3271203 USD
CY2013Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
866950 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
19478549 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1116592 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-144655 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-37412 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3891884 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3154731 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
54390 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1002150 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5562822 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2362506 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-81765359 USD
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-3796754 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-11887374 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-81765359 USD
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-11572 USD
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4174 USD
CY2014Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
USD
CY2013Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
812 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-77873475 USD
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-642023 USD
CY2014Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
USD
CY2013Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
8298 USD
CY2014Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
3030000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
248390 USD
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37412 USD
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
22000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
25923873 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
25923873 shares
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
406993 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
250998 USD
CY2014Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
USD
CY2013Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1500000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
25300000 USD
CY2014Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
103735 USD
CY2013Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
USD
CY2014Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
22010793 USD
CY2013Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
52740 USD
CY2014Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
232211 USD
CY2013Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
288110 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1763550 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1575286 USD
CY2014Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2532244 USD
CY2013Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
436148 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
768542 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
921706 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-119796978 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38031619 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
526753 USD
CY2013Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
332919 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1061711 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
696249 USD
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
534958 USD
CY2013Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
363330 USD
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1531382 USD
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1216043 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
366640 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
86155 USD
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.66 pure
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.65 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
14410000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10748459 shares
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
1 pure
CY2014Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
-74535986 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-36372708 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
-25086389 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
-8764603 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
6849441 USD
CY2013 us-gaap Stockholders Equity Note Spinoff Transaction
StockholdersEquityNoteSpinoffTransaction
USD
CY2013 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
5280368 shares
CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
30300000 shares
CY2013Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
50432 shares
CY2013 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
USD
CY2013 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
USD
CY2014Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
5082578 USD
CY2014Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
25300000 USD
CY2014Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
281987 USD
CY2014Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
95760 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
65593 USD
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1910 USD
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
13292 USD
CY2013 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
189 USD
CY2014Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
39448 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
62283 USD
CY2014Q1 us-gaap Temporary Equity Redemption Value
TemporaryEquityRedemptionValue
USD
CY2013Q4 us-gaap Temporary Equity Redemption Value
TemporaryEquityRedemptionValue
27324208 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Use of Estimates</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying footnotes. These estimates include, but are not limited to: revenue recognition, useful lives assigned to long-lived assets, realizability of deferred tax assets, valuation of common and preferred stock options, and the valuation of common stock for purposes of determining stock-based compensation and contingencies. Actual results could differ from those estimates.</p> <!--EndFragment--></div> </div>
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
67072057 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20636529 shares

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