2017 Q3 Form 10-Q Financial Statement

#000146310117000091 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $77.04M $74.70M $79.19M
YoY Change -13.13% -5.66% -22.44%
Cost Of Revenue $60.58M $61.16M $65.05M
YoY Change -16.8% -5.98% -5.82%
Gross Profit $16.46M $13.55M $14.14M
YoY Change 3.67% -4.17% -57.2%
Gross Profit Margin 21.37% 18.13% 17.85%
Selling, General & Admin $10.89M $11.24M $16.83M
YoY Change -38.54% -33.24% -18.33%
% of Gross Profit 66.18% 82.96% 119.08%
Research & Development $7.397M $7.947M $13.09M
YoY Change -43.83% -39.29% 2.39%
% of Gross Profit 44.94% 58.66% 92.61%
Depreciation & Amortization $2.200M $2.300M $2.700M
YoY Change -15.38% -14.81% 3.85%
% of Gross Profit 13.36% 16.98% 19.1%
Operating Expenses $22.36M $22.79M $29.92M
YoY Change -33.47% -23.83% -10.4%
Operating Profit -$5.901M -$9.247M -$15.79M
YoY Change -66.72% -41.43% 4178.59%
Interest Expense $1.760M $2.080M $212.0K
YoY Change 42.63% 881.13% 143.68%
% of Operating Profit
Other Income/Expense, Net -$1.137M -$1.992M -$591.0K
YoY Change 29.06% 237.06% 7287.5%
Pretax Income -$7.038M -$11.24M -$16.38M
YoY Change -62.19% -31.38% 4244.56%
Income Tax -$184.0K $854.0K $344.0K
% Of Pretax Income
Net Earnings -$6.854M -$12.09M -$16.72M
YoY Change -63.46% -27.69% 2673.3%
Net Earnings / Revenue -8.9% -16.19% -21.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$81.27K -$143.4K -$358.4K
COMMON SHARES
Basic Shares Outstanding 84.58M shares 84.28M shares 46.62M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.90M $31.00M $8.200M
YoY Change 19.92% 278.05% -74.29%
Cash & Equivalents $28.88M $30.95M $8.243M
Short-Term Investments
Other Short-Term Assets $13.30M $13.30M $7.900M
YoY Change 84.72% 68.35% -2.47%
Inventory $25.32M $20.84M $39.30M
Prepaid Expenses
Receivables $68.87M $56.40M $48.97M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.3M $121.5M $104.4M
YoY Change 4.95% 16.34% -26.11%
LONG-TERM ASSETS
Property, Plant & Equipment $28.19M $29.35M $34.59M
YoY Change -13.13% -15.15% 9.35%
Goodwill $3.664M $3.664M $3.745M
YoY Change -2.16% -2.16% 0.0%
Intangibles $591.0K $668.0K $1.852M
YoY Change -64.59% -63.93% 16.04%
Long-Term Investments
YoY Change
Other Assets $8.318M $8.493M $7.885M
YoY Change -4.16% 7.71% 163.54%
Total Long-Term Assets $40.76M $42.18M $48.07M
YoY Change -12.42% -12.27% 20.28%
TOTAL ASSETS
Total Short-Term Assets $136.3M $121.5M $104.4M
Total Long-Term Assets $40.76M $42.18M $48.07M
Total Assets $177.1M $163.7M $152.5M
YoY Change 0.37% 7.32% -15.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.62M $15.43M $37.61M
YoY Change 6.36% -58.99% 9.12%
Accrued Expenses $24.15M $25.80M $21.99M
YoY Change -9.43% 17.32% 4.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $12.50M
YoY Change -100.0% -100.0% -26.47%
Long-Term Debt Due $10.55M $5.951M
YoY Change 781.54%
Total Short-Term Liabilities $85.49M $63.35M $84.62M
YoY Change -0.09% -25.14% 1.11%
LONG-TERM LIABILITIES
Long-Term Debt $37.06M $41.39M $0.00
YoY Change 62.48%
Other Long-Term Liabilities $2.808M $1.969M $2.352M
YoY Change 16.61% -16.28% 24.77%
Total Long-Term Liabilities $39.87M $43.35M $2.352M
YoY Change 58.1% 1743.28% 24.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.49M $63.35M $84.62M
Total Long-Term Liabilities $39.87M $43.35M $2.352M
Total Liabilities $184.9M $166.1M $140.1M
YoY Change 11.24% 18.57% 5.66%
SHAREHOLDERS EQUITY
Retained Earnings -$292.8M -$285.9M -$218.6M
YoY Change 23.36% 30.81% 30.18%
Common Stock $1.000K $1.000K $0.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.802M -$2.384M $12.46M
YoY Change
Total Liabilities & Shareholders Equity $177.1M $163.7M $152.5M
YoY Change 0.37% 7.32% -15.88%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$6.854M -$12.09M -$16.72M
YoY Change -63.46% -27.69% 2673.3%
Depreciation, Depletion And Amortization $2.200M $2.300M $2.700M
YoY Change -15.38% -14.81% 3.85%
Cash From Operating Activities -$2.200M $200.0K $7.200M
YoY Change -89.32% -97.22% -161.02%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $0.00 -$4.200M
YoY Change -95.24% -100.0% 55.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$700.0K
YoY Change -100.0%
Cash From Investing Activities -$100.0K $0.00 -$4.900M
YoY Change -95.24% -100.0% 81.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 100.0K -6.900M
YoY Change -100.0% -101.45% -136.32%
NET CHANGE
Cash From Operating Activities -2.200M 200.0K 7.200M
Cash From Investing Activities -100.0K 0.000 -4.900M
Cash From Financing Activities 0.000 100.0K -6.900M
Net Change In Cash -2.300M 300.0K -4.600M
YoY Change -114.56% -106.52% -202.22%
FREE CASH FLOW
Cash From Operating Activities -$2.200M $200.0K $7.200M
Capital Expenditures -$100.0K $0.00 -$4.200M
Free Cash Flow -$2.100M $200.0K $11.40M
YoY Change -88.65% -98.25% -225.27%

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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
29924000 USD
us-gaap Operating Expenses
OperatingExpenses
60772000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
22794000 USD
us-gaap Operating Expenses
OperatingExpenses
51937000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-15788000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-34876000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9247000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-31343000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9663000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8493000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
204000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
10000 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
462000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
123000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2025000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1969000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-379000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
302000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
88000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1148000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
130000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7121000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
809000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
170000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
10000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
30547000 USD
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29659000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13307000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
26425000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
24240000 USD
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
30066000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31414000 USD
CY2017Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31995000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31600000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31613000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
6726000 USD
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
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CY2017Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
8032000 USD
CY2016Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23340000 USD
CY2016Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
22818000 USD
CY2017Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23581000 USD
CY2016Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
574000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
155000 USD
CY2017Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
102000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
680000 USD
CY2016Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
607000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
765000 USD
CY2017Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-91000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
203000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31440000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29351000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1331000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
707000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
14550000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
10100000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13091000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26157000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7947000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17552000 USD
us-gaap Restructuring Charges
RestructuringCharges
10900000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
28000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1765000 USD
CY2016Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
CY2017Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
3609000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-250535000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-285933000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
79185000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
10856000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
143306000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
74704000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
129455000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9987000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
20202000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6274000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12732000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
800000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8730000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7456000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.56
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.97
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.42
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.16
CY2016Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2237000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3956000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1981000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3598000 USD
CY2016Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1029000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1737000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1089000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1921000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6000 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1300000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
-2384000 USD
CY2016Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
0 USD
CY2017Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1447000 USD
CY2017Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1400000 USD
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46620000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
46415000 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84434000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
80542000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, inventory valuation and accrued warranty obligations. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management&#8217;s estimates using different assumptions or under different conditions.</font></div></div>

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