2013 Q3 Form 10-Q Financial Statement

#000119312513331068 Filed on August 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $1.349M $1.649M $2.542M
YoY Change -27.4% -35.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.750M $1.790M $1.150M
YoY Change -1.13% 55.65%
% of Gross Profit
Research & Development $4.300M $4.039M $4.925M
YoY Change 0.94% -17.99%
% of Gross Profit
Depreciation & Amortization $70.00K $60.00K $30.00K
YoY Change 75.0% 100.0% -92.11%
% of Gross Profit
Operating Expenses $6.050M $4.039M $4.925M
YoY Change 0.33% -17.99%
Operating Profit -$4.178M -$3.528M
YoY Change 18.42%
Interest Expense $260.0K $7.000K $30.00K
YoY Change 116.67% -76.67%
% of Operating Profit
Other Income/Expense, Net $258.0K $40.00K $27.00K
YoY Change 486.36% 48.15%
Pretax Income -$4.440M -$4.138M -$3.500M
YoY Change 9.63% 18.23%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.443M -$4.138M -$3.501M
YoY Change 9.65% 18.19%
Net Earnings / Revenue -329.36% -250.94% -137.73%
Basic Earnings Per Share -$0.25 -$0.23 -$4.31
Diluted Earnings Per Share -$0.25 -$0.23 -$4.31
COMMON SHARES
Basic Shares Outstanding 17.91M shares 17.82M shares 1.120M shares
Diluted Shares Outstanding 17.82M shares 1.120M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.5M $94.50M $46.80M
YoY Change 131.74% 101.92%
Cash & Equivalents $8.859M $18.88M $3.961M
Short-Term Investments $92.60M $75.70M $42.80M
Other Short-Term Assets $1.600M $1.500M $500.0K
YoY Change 166.67% 200.0%
Inventory
Prepaid Expenses
Receivables $808.0K $876.0K $3.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $104.7M $97.87M $50.80M
YoY Change 121.34% 92.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.121M $1.152M $500.0K
YoY Change 83.47% 130.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.70M $20.20M $1.700M
YoY Change 529.41% 1088.24%
Other Assets $400.0K $400.0K $1.300M
YoY Change -81.4% -69.23%
Total Long-Term Assets $12.26M $21.81M $3.500M
YoY Change 152.58% 523.0%
TOTAL ASSETS
Total Short-Term Assets $104.7M $97.87M $50.80M
Total Long-Term Assets $12.26M $21.81M $3.500M
Total Assets $117.0M $119.7M $54.30M
YoY Change 124.25% 120.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.481M $918.0K $800.0K
YoY Change -19.99% 14.75%
Accrued Expenses $3.035M $2.023M $3.100M
YoY Change -21.5% -34.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.526M $2.941M $3.900M
YoY Change -21.07% -24.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $359.0K $535.0K $2.700M
YoY Change -27.91% -80.19%
Total Long-Term Liabilities $359.0K $535.0K $2.700M
YoY Change -27.91% -80.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.526M $2.941M $3.900M
Total Long-Term Liabilities $359.0K $535.0K $2.700M
Total Liabilities $6.505M $5.260M $6.600M
YoY Change -20.99% -20.3%
SHAREHOLDERS EQUITY
Retained Earnings -$107.5M -$103.0M
YoY Change -6.87%
Common Stock $181.0K $180.0K
YoY Change 1292.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000K $2.000K
YoY Change 0.0%
Treasury Stock Shares 208.8K shares 208.8K shares
Shareholders Equity $110.5M $114.4M $47.70M
YoY Change
Total Liabilities & Shareholders Equity $117.0M $119.7M $54.30M
YoY Change 124.25% 120.39%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$4.443M -$4.138M -$3.501M
YoY Change 9.65% 18.19%
Depreciation, Depletion And Amortization $70.00K $60.00K $30.00K
YoY Change 75.0% 100.0% -92.11%
Cash From Operating Activities -$2.510M -$5.920M -$3.820M
YoY Change 46.78% 54.97% -113.81%
INVESTING ACTIVITIES
Capital Expenditures -$210.0K -$50.00K -$50.00K
YoY Change 90.91% 0.0% -82.14%
Acquisitions
YoY Change
Other Investing Activities -$7.440M -$48.16M -$12.84M
YoY Change -179.57% 275.08% -40.72%
Cash From Investing Activities -$7.640M -$48.22M -$12.88M
YoY Change -182.68% 274.38% -41.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K -1.440M -30.00K
YoY Change -112.12% 4700.0% -250.0%
NET CHANGE
Cash From Operating Activities -2.510M -5.920M -3.820M
Cash From Investing Activities -7.640M -48.22M -12.88M
Cash From Financing Activities 120.0K -1.440M -30.00K
Net Change In Cash -10.03M -55.58M -16.73M
YoY Change -253.36% 232.22% -391.46%
FREE CASH FLOW
Cash From Operating Activities -$2.510M -$5.920M -$3.820M
Capital Expenditures -$210.0K -$50.00K -$50.00K
Free Cash Flow -$2.300M -$5.870M -$3.770M
YoY Change 43.75% 55.7% -113.49%

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<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">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, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, management&#x2019;s judgments of separate units of accounting and best estimate of selling price of those units of accounting within its revenue arrangements; the valuation of common stock, warrants and stock-based awards; the useful lives of property and equipment; and the accounting for income taxes, including uncertain tax positions and the valuation of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#x2019;s estimates.</font></p> </div>
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