2014 Q4 Form 10-Q Financial Statement

#000100665515000005 Filed on February 06, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $7.708M $4.392M
YoY Change 75.49% -22.23%
Cost Of Revenue $3.020M $240.0K
YoY Change 1158.33% -45.45%
Gross Profit $4.690M $4.160M
YoY Change 12.74% -20.15%
Gross Profit Margin 60.85% 94.71%
Selling, General & Admin $1.610M $1.840M
YoY Change -12.5% 29.58%
% of Gross Profit 34.33% 44.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $917.8K $327.2K
YoY Change 180.52% -6.56%
% of Gross Profit 19.57% 7.86%
Operating Expenses $5.546M $4.550M
YoY Change 21.87% 73.46%
Operating Profit $2.162M -$158.1K
YoY Change -1467.72% -105.23%
Interest Expense $12.16K $16.58K
YoY Change -26.67% 0.11%
% of Operating Profit 0.56%
Other Income/Expense, Net -$8.881K
YoY Change -18.89%
Pretax Income $2.158M -$167.0K
YoY Change -1392.28% -105.54%
Income Tax $917.9K $241.9K
% Of Pretax Income 42.54%
Net Earnings $1.240M -$408.9K
YoY Change -403.25% -120.87%
Net Earnings / Revenue 16.09% -9.31%
Basic Earnings Per Share $0.03 -$0.02
Diluted Earnings Per Share $0.03 -$0.02
COMMON SHARES
Basic Shares Outstanding 32.83M shares 30.06M shares
Diluted Shares Outstanding 32.95M shares 30.06M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.52M $25.54M
YoY Change -11.82% 39.72%
Cash & Equivalents $22.52M $25.54M
Short-Term Investments $0.00
Other Short-Term Assets $410.0K $660.0K
YoY Change -37.88% 94.12%
Inventory
Prepaid Expenses
Receivables $2.199M $1.500M
Other Receivables $13.56K $12.09K
Total Short-Term Assets $26.29M $28.00M
YoY Change -6.11% 34.04%
LONG-TERM ASSETS
Property, Plant & Equipment $38.87M $38.29M
YoY Change 1.51% -5.09%
Goodwill
YoY Change
Intangibles $43.33K
YoY Change
Long-Term Investments
YoY Change
Other Assets $180.0K $240.0K
YoY Change -25.0% -11.03%
Total Long-Term Assets $39.45M $38.57M
YoY Change 2.27% -5.03%
TOTAL ASSETS
Total Short-Term Assets $26.29M $28.00M
Total Long-Term Assets $39.45M $38.57M
Total Assets $65.73M $66.57M
YoY Change -1.26% 8.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.821M $325.3K
YoY Change 1382.05% -21.71%
Accrued Expenses $811.8K $1.790M
YoY Change -54.65% -10.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.678M $2.788M
YoY Change 103.68% -5.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $750.0K $200.0K
YoY Change 275.0% -77.53%
Total Long-Term Liabilities $750.0K $200.0K
YoY Change 275.0% -77.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.678M $2.788M
Total Long-Term Liabilities $750.0K $200.0K
Total Liabilities $16.99M $11.74M
YoY Change 44.69% 3.29%
SHAREHOLDERS EQUITY
Retained Earnings $12.68M $21.53M
YoY Change -41.12% 3.33%
Common Stock $32.86K $32.06K
YoY Change 2.49% 10.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $48.75M $54.83M
YoY Change
Total Liabilities & Shareholders Equity $65.73M $66.57M
YoY Change -1.26% 8.24%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $1.240M -$408.9K
YoY Change -403.25% -120.87%
Depreciation, Depletion And Amortization $917.8K $327.2K
YoY Change 180.52% -6.56%
Cash From Operating Activities $4.010M $1.270M
YoY Change 215.75% -61.98%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K -$280.0K
YoY Change -46.43% -91.44%
Acquisitions
YoY Change
Other Investing Activities $360.0K $480.0K
YoY Change -25.0% -90.44%
Cash From Investing Activities $200.0K $200.0K
YoY Change 0.0% -88.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.060M -1.600M
YoY Change 91.25% 742.11%
NET CHANGE
Cash From Operating Activities 4.010M 1.270M
Cash From Investing Activities 200.0K 200.0K
Cash From Financing Activities -3.060M -1.600M
Net Change In Cash 1.150M -130.0K
YoY Change -984.62% -102.65%
FREE CASH FLOW
Cash From Operating Activities $4.010M $1.270M
Capital Expenditures -$150.0K -$280.0K
Free Cash Flow $4.160M $1.550M
YoY Change 168.39% -76.55%

Facts In Submission

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us-gaap Net Income Loss
NetIncomeLoss
2368928 USD
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-577459 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
726417 USD
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1071342 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2031777 USD
CY2014Q2 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
9344212 USD
CY2014Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
10275524 USD
CY2014Q2 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
47166282 USD
CY2014Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
48812257 USD
CY2014Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
37822070 USD
CY2014Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
38536733 USD
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
4550384 USD
us-gaap Operating Expenses
OperatingExpenses
7220186 USD
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
5545773 USD
us-gaap Operating Expenses
OperatingExpenses
7709734 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-158095 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1805802 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2162294 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
4003160 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
251767 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Rolling Year Two
OperatingLeasesFutureMinimumPaymentsDueInRollingYearTwo
92756 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
159011 USD
CY2013Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
44759 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1127801 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
58660 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
86667 USD
CY2014Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
43776 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
87551 USD
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
57224 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49188 USD
CY2014Q2 us-gaap Other Inventory
OtherInventory
85888 USD
CY2014Q4 us-gaap Other Inventory
OtherInventory
28898 USD
CY2014Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2558004 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
811821 USD
CY2014Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
42800 USD
CY2014Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
34320 USD
CY2014Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1066 USD
CY2014Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
13558 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
5957 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
84341 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
-6850 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
-66 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3205135 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6565350 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
337151 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
337151 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
856943 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
1136 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
9637 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
311075 USD
CY2013Q4 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
168576 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
337151 USD
CY2014Q4 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
168576 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
337151 USD
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
317 USD
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
317 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
747453 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
677756 USD
CY2014Q2 us-gaap Prepaid Insurance
PrepaidInsurance
169288 USD
CY2014Q4 us-gaap Prepaid Insurance
PrepaidInsurance
155827 USD
CY2014Q2 us-gaap Prepaid Taxes
PrepaidTaxes
419999 USD
CY2014Q4 us-gaap Prepaid Taxes
PrepaidTaxes
431733 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
544442 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
389166 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2141500 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
51600 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38246897 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38869734 USD
CY2014Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
343178 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
17212213 USD
CY2014Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
286820 USD
CY2014Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
296294 USD
CY2014Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
549696 USD
CY2014Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
424827 USD
CY2014Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
333001 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
1457212 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
2924570 USD
CY2013Q4 us-gaap Restructuring Charges
RestructuringCharges
1332186 USD
us-gaap Restructuring Charges
RestructuringCharges
1332186 USD
CY2014Q4 us-gaap Restructuring Charges
RestructuringCharges
-5431 USD
us-gaap Restructuring Charges
RestructuringCharges
-5431 USD
CY2013Q4 us-gaap Restructuring Reserve
RestructuringReserve
1332186 USD
CY2014Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
530412 USD
CY2014Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0 USD
CY2014Q2 us-gaap Retainage Deposit
RetainageDeposit
29478 USD
CY2014Q4 us-gaap Retainage Deposit
RetainageDeposit
26978 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
12678640 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
4392289 USD
us-gaap Sales Revenue Net
SalesRevenueNet
9025988 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
7708067 USD
us-gaap Sales Revenue Net
SalesRevenueNet
11712894 USD
us-gaap Share Based Compensation
ShareBasedCompensation
689860 USD
us-gaap Share Based Compensation
ShareBasedCompensation
488357 USD
CY2014Q2 us-gaap Shares Outstanding
SharesOutstanding
32615646 shares
CY2014Q4 us-gaap Shares Outstanding
SharesOutstanding
32860087 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
66 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
51600 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
51877522 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
48746893 USD
CY2014Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
45392 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
58660 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30063676 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32377918 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32947280 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32884754 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30063676 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29335498 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32825631 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32754016 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates.&#160;</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include reserve quantities and estimated future cash flows associated with proved reserves, which significantly impact depletion expense and potential impairments of oil and natural gas properties, income taxes and the valuation of deferred tax assets, stock-based compensation and commitments and contingencies. We analyze our estimates based on historical experience and various other assumptions that we believe to be reasonable. While we believe that our estimates and assumptions used in preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.</font></div></div>

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