2013 Form 10-K Financial Statement

#000114420413068769 Filed on December 23, 2013

View on sec.gov

Income Statement

Concept 2013 2012 Q3 2012
Revenue $130.9K $30.00K $120.0K
YoY Change 9.08% -85.71% -84.0%
Cost Of Revenue $140.0K $20.00K $130.0K
YoY Change 7.69% -50.0% -13.33%
Gross Profit -$10.00K $0.00 -$20.00K
YoY Change -50.0% -100.0% -103.33%
Gross Profit Margin -7.64% 0.0% -16.67%
Selling, General & Admin $2.902M $860.0K $3.935M
YoY Change -26.27% -36.3% -28.45%
% of Gross Profit
Research & Development $1.290M $170.0K $850.0K
YoY Change 51.76% 13.33% -7.61%
% of Gross Profit
Depreciation & Amortization $13.00K $10.00K $18.80K
YoY Change -30.85% 88.0%
% of Gross Profit
Operating Expenses $4.332M $1.040M $4.921M
YoY Change -11.98% -30.67% -23.35%
Operating Profit -$4.201M -$1.040M -$4.806M
YoY Change -12.59% -21.8% -17.42%
Interest Expense -$1.288M $5.290M -$4.123M
YoY Change -68.76% 812.07% 457.19%
% of Operating Profit
Other Income/Expense, Net -$6.687M $10.00K $1.892M
YoY Change -453.51% -50.0% -673.18%
Pretax Income -$10.89M $4.260M -$2.914M
YoY Change 273.57% -257.78% -67.14%
Income Tax $800.00 $0.00 $1.900K
% Of Pretax Income 0.0%
Net Earnings -$10.91M $4.100M -$3.407M
YoY Change 220.17% -251.85% -61.59%
Net Earnings / Revenue -8332.62% 13666.67% -2839.0%
Basic Earnings Per Share -$0.14 -$1.81
Diluted Earnings Per Share -$0.14 $4.497B -$1.81
COMMON SHARES
Basic Shares Outstanding 75.80M shares 1.888M shares
Diluted Shares Outstanding 75.80M shares 1.888M shares

Balance Sheet

Concept 2013 2012 Q3 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.270M $10.00K $10.00K
YoY Change 12600.0% -85.71% -88.89%
Cash & Equivalents $7.700K
Short-Term Investments
Other Short-Term Assets $60.00K $60.00K $60.00K
YoY Change 0.0% -73.91% -64.71%
Inventory
Prepaid Expenses
Receivables $30.00K $12.40K $10.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.360M $81.70K $80.00K
YoY Change 1600.0% -75.24% -75.0%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $20.00K $20.00K
YoY Change 0.0% -33.33% -33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $23.60K $20.00K
YoY Change 0.0% 136.0% 100.0%
Total Long-Term Assets $40.00K $43.60K $50.00K
YoY Change -20.0% 9.0% 0.0%
TOTAL ASSETS
Total Short-Term Assets $1.360M $81.70K $80.00K
Total Long-Term Assets $40.00K $43.60K $50.00K
Total Assets $1.400M $125.3K $130.0K
YoY Change 976.92% -66.14% -64.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.490M $3.087M $3.090M
YoY Change -19.42% 77.4% 73.6%
Accrued Expenses $790.0K $1.170M $1.910M
YoY Change -58.64% 125.0% 193.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $7.390M $7.390M
YoY Change -100.0% 73.47% 73.47%
Long-Term Debt Due $10.00K $5.200K $10.00K
YoY Change 0.0% -48.0% 0.0%
Total Short-Term Liabilities $3.560M $13.20M $13.20M
YoY Change -73.03% 12.01% 12.05%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.00K $5.000K $10.00K
YoY Change 0.0% -50.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.560M $13.20M $13.20M
Total Long-Term Liabilities $10.00K $5.000K $10.00K
Total Liabilities $3.560M $13.20M $13.20M
YoY Change -73.03% 11.96% 11.96%
SHAREHOLDERS EQUITY
Retained Earnings -$45.64M
YoY Change
Common Stock $1.900K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.160M -$13.07M -$13.07M
YoY Change
Total Liabilities & Shareholders Equity $1.400M $125.3K $130.0K
YoY Change 976.92% -66.14% -64.86%

Cashflow Statement

Concept 2013 2012 Q3 2012
OPERATING ACTIVITIES
Net Income -$10.91M $4.100M -$3.407M
YoY Change 220.17% -251.85% -61.59%
Depreciation, Depletion And Amortization $13.00K $10.00K $18.80K
YoY Change -30.85% 88.0%
Cash From Operating Activities -$3.036M -$390.0K -$2.337M
YoY Change 29.92% -58.51% -43.96%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $30.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$20.00K -$20.00K
YoY Change -100.0%
Cash From Investing Activities $1.400K $0.00 -$25.50K
YoY Change -105.49% 27.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.959M $900.00
YoY Change 328655.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.322M 400.0K $2.590M
YoY Change 66.88% 263.64% -38.62%
NET CHANGE
Cash From Operating Activities -$3.036M -390.0K -$2.337M
Cash From Investing Activities $1.400K 0.000 -$25.50K
Cash From Financing Activities $4.322M 400.0K $2.590M
Net Change In Cash $1.288M 10.00K $227.6K
YoY Change 465.73% -101.2% 658.67%
FREE CASH FLOW
Cash From Operating Activities -$3.036M -$390.0K -$2.337M
Capital Expenditures $0.00 $30.00K $0.00
Free Cash Flow -$3.036M -$420.0K -$2.337M
YoY Change 29.92% -55.32% -43.69%

Facts In Submission

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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"></td> <td style="WIDTH: 0.5in; TEXT-ALIGN: left"> <div><b>1.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>NATURE OF OPERATIONS</b></div> </td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px" align="justify">&#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px" align="justify"><b>Organization and Nature of Operations</b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px" align="justify">&#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in" align="justify">CNS Response, Inc. 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The Company has a limited operating history and its operations are subject to certain problems, expenses, difficulties, delays, complications, risks and uncertainties frequently encountered in the operation of a new business. These risks include the ability to obtain adequate financing on a timely basis, the failure to develop or supply technology or services to meet the demands of the marketplace, the failure to attract and retain qualified personnel, competition within the industry, government regulation and the general strength of regional and national economies.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in" align="justify">&#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in" align="justify">The Company&#8217;s continued operating losses and limited capital raise substantial doubt about its ability to continue as a going concern. 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Until it can generate a sufficient amount of revenues to finance its cash requirements, which it may never do, the Company has to finance future cash needs primarily through public or private equity offerings, debt financings, borrowings or strategic collaborations. The Company&#8217;s liquidity and capital requirements depend on several factors, including the rate of market acceptance of its services, the future profitability of the Company, the rate of growth of the Company&#8217;s business and other factors described elsewhere in this report.&#160;&#160;The Company continues to explore additional sources of capital but there is substantial doubt as to whether any financing arrangement will be available in amounts and on terms acceptable to the Company to permit it to continue operations. The Company was unsuccessful in consummating the public offering of securities it had been pursuing in 2012. 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