$EKSO
EKSO BIONICS HOLDINGS, INC.

2015 Q1 Form 10-Q Financial Statement

#000114420415029271 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.689M $1.062M
YoY Change 59.04% 52.53%
Cost Of Revenue $1.286M $582.0K
YoY Change 120.96% 0.38%
Gross Profit $403.0K $480.0K
YoY Change -16.04% 312.12%
Gross Profit Margin 23.86% 45.2%
Selling, General & Admin $3.510M $3.602M
YoY Change -2.56% 53.33%
% of Gross Profit 870.97% 750.5%
Research & Development $983.0K $768.5K
YoY Change 27.9% -16.62%
% of Gross Profit 243.92% 160.11%
Depreciation & Amortization $200.0K $157.0K
YoY Change 27.39% 40.53%
% of Gross Profit 49.63% 32.71%
Operating Expenses $4.496M $4.371M
YoY Change 2.86% 33.62%
Operating Profit -$4.093M -$3.891M
YoY Change 5.19% 23.34%
Interest Expense -$22.00K $427.0K
YoY Change -105.15% -33.19%
% of Operating Profit
Other Income/Expense, Net -$23.00K -$12.00K
YoY Change 91.67% 187.49%
Pretax Income -$4.120M -$81.77M
YoY Change -94.96%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.115M -$81.77M
YoY Change -94.97% 2053.58%
Net Earnings / Revenue -243.64% -7699.25%
Basic Earnings Per Share -$1.22
Diluted Earnings Per Share -$4.247M -$1.22
COMMON SHARES
Basic Shares Outstanding 101.8M shares 67.07M shares
Diluted Shares Outstanding 78.26M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.13M $14.58M
YoY Change 44.92% 48500.0%
Cash & Equivalents $21.13M $14.58M
Short-Term Investments
Other Short-Term Assets $2.130M $1.380M
YoY Change 54.35%
Inventory $840.0K $1.123M
Prepaid Expenses
Receivables $1.460M $1.775M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.55M $18.86M
YoY Change 35.5% 62752.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.183M $1.764M
YoY Change 23.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.00K $54.39K
YoY Change 1.12%
Total Long-Term Assets $4.483M $2.945M
YoY Change 52.21%
TOTAL ASSETS
Total Short-Term Assets $25.55M $18.86M
Total Long-Term Assets $4.483M $2.945M
Total Assets $30.03M $21.80M
YoY Change 37.76% 72570.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.464M $1.044M
YoY Change 40.19%
Accrued Expenses $1.657M $1.566M
YoY Change 5.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $40.00K $40.00K
YoY Change 0.0%
Total Short-Term Liabilities $6.708M $5.613M
YoY Change 19.5% 56034.35%
LONG-TERM LIABILITIES
Long-Term Debt $70.00K $110.0K
YoY Change -36.36%
Other Long-Term Liabilities $4.160M $90.61M
YoY Change -95.41%
Total Long-Term Liabilities $4.230M $90.72M
YoY Change -95.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.708M $5.613M
Total Long-Term Liabilities $4.230M $90.72M
Total Liabilities $10.94M $96.34M
YoY Change -88.65% 963270.4%
SHAREHOLDERS EQUITY
Retained Earnings -$75.92M -$119.8M
YoY Change -36.63%
Common Stock $102.0K $78.48K
YoY Change 29.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.10M $6.813M
YoY Change
Total Liabilities & Shareholders Equity $30.03M $21.80M
YoY Change 37.76% 72570.18%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$4.115M -$81.77M
YoY Change -94.97% 2053.58%
Depreciation, Depletion And Amortization $200.0K $157.0K
YoY Change 27.39% 40.53%
Cash From Operating Activities -$3.830M -$5.560M
YoY Change -31.12%
INVESTING ACTIVITIES
Capital Expenditures $281.0K $248.0K
YoY Change 13.31% 562.89%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change
Cash From Investing Activities -$280.0K -$140.0K
YoY Change 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $21.99M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.00K 19.48M
YoY Change -99.74%
NET CHANGE
Cash From Operating Activities -3.830M -5.560M
Cash From Investing Activities -280.0K -140.0K
Cash From Financing Activities 50.00K 19.48M
Net Change In Cash -4.060M 13.78M
YoY Change -129.46%
FREE CASH FLOW
Cash From Operating Activities -$3.830M -$5.560M
Capital Expenditures $281.0K $248.0K
Free Cash Flow -$4.111M -$5.808M
YoY Change -29.22% 15424.43%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015Q1 us-gaap Use Of Estimates
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, useful lives assigned to long-lived assets, realizability of deferred tax assets, valuation of common and preferred stock warrants, the valuation of options and warrants, and contingencies. Actual results could differ from those estimates.</p> </div>
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CY2015Q1 us-gaap Derivatives Embedded Derivatives
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><b>Common Stock Warrants</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">We accounted for the common stock warrants issued in connection with our Merger and related private placement offering (see <i>Note 3, The Merger, Offering and Other Related Matters) </i>in accordance with the guidance in Accounting Standards Codification (&#147;ASC&#148;) 815-40. Under ASC 815-40, the warrants did not meet the criteria for equity treatment and were recorded as a liability. The warrants initially had an anti-dilution clause that allowed for a decrease in the exercise price of the warrants if the Company issued additional shares of common stock without consideration or for consideration per share less than the exercise price of such warrants. Accordingly, we classified the warrant instruments as liabilities at their fair market value at the date of issuance and re-measured the warrants at each balance sheet date. Changes in the fair value were recognized as a gain (loss) on warrant liability in our consolidated statement of operations. These warrants were amended in November 2014 to remove the price-based anti-dilution provision, among other things. Accordingly, the warrants are no longer recorded as a liability.</p> </div>
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1 shares
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EquityIssuedDuringPeriodUnitsNewIssuesPricePerUnit
1.00
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1 shares
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1 shares
CY2014Q1 ekso Equity Units Warrants Per Unit
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1 shares
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CY2015Q1 us-gaap Financial Liabilities Fair Value Disclosure
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CY2014Q4 us-gaap Financial Liabilities Fair Value Disclosure
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CY2015Q1 us-gaap Assets Fair Value Disclosure
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326000 USD
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184000 USD
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
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109000 USD
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41000 USD
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46000 USD
CY2015Q1 us-gaap Accrued Royalties Current
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2000 USD
CY2014Q4 us-gaap Accrued Royalties Current
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50000 USD
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33000 USD
CY2014Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
76000 USD
CY2015Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
49000 USD
CY2015Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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40000 USD
CY2015Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
53000 USD
CY2015Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
23000 USD
CY2015Q1 us-gaap Long Term Debt And Capital Lease Obligations
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116000 USD
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9000 USD
CY2015Q1 us-gaap Notes Payable
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86000 USD
CY2014Q1 us-gaap Lease And Rental Expense
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85000 USD
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CY2015Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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282000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
375000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
157000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due
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814000 USD
CY2015Q1 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
12000 USD
CY2014Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
13000 USD
CY2015Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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36055000 shares
CY2014Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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30300000 shares
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
13795861 shares
CY2015Q1 ekso Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
32700 shares
CY2015Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
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CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0141 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0192 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0174 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0267 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.73 pure
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.66 pure
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
349000 USD
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
367000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
USD
CY2015Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
USD
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47321810 shares
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4115000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-81766000 USD
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101791221 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67072057 shares
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24231693 shares
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
EKSO BIONICS HOLDINGS, INC.
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001549084
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 dei Document Type
DocumentType
10-Q

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