2020 Q2 Form 10-Q Financial Statement

#000100665520000011 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q2
Revenue $3.353M $7.713M $10.37M
YoY Change -67.68% -18.82% -9.22%
Cost Of Revenue $2.285M $3.896M $3.563M
YoY Change -35.86% 2.7% 23.29%
Gross Profit $1.068M $3.817M $6.810M
YoY Change -84.32% -33.13% -18.93%
Gross Profit Margin 31.84% 49.49% 65.65%
Selling, General & Admin $1.019M $1.466M $1.312M
YoY Change -22.32% 22.46% -22.81%
% of Gross Profit 95.48% 38.4% 19.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.451M $1.399M $1.547M
YoY Change -6.17% -10.18% 0.43%
% of Gross Profit 135.93% 36.66% 22.71%
Operating Expenses $2.471M $2.865M $2.855M
YoY Change -13.47% -56.24% -11.33%
Operating Profit -$2.786M $951.8K $3.955M
YoY Change -170.44% -67.77% -23.68%
Interest Expense -$1.389M $29.07K $37.82K
YoY Change -3772.82% 0.97% -478.2%
% of Operating Profit 3.05% 0.96%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.792M $963.9K $3.993M
YoY Change -169.92% -67.76% -22.91%
Income Tax -$461.2K -$2.746M $715.2K
% Of Pretax Income -284.9% 17.91%
Net Earnings -$2.331M $3.710M $3.278M
YoY Change -171.11% 54.66% -27.64%
Net Earnings / Revenue -69.52% 48.11% 31.6%
Basic Earnings Per Share -$0.07 $0.11 $0.10
Diluted Earnings Per Share -$0.07 $0.11 $0.10
COMMON SHARES
Basic Shares Outstanding 32.96M shares 33.05M shares 33.19M shares
Diluted Shares Outstanding 33.05M shares

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.66M $20.69M $31.55M
YoY Change -37.68% -29.97% 26.56%
Cash & Equivalents $19.66M $20.69M $31.55M
Short-Term Investments
Other Short-Term Assets $491.7K $303.4K $458.3K
YoY Change 7.29% -55.38% -85.99%
Inventory
Prepaid Expenses $491.7K $303.4K $458.3K
Receivables $1.900M $1.979M $3.168M
Other Receivables $3.243M $3.243M $0.00
Total Short-Term Assets $25.32M $26.22M $35.18M
YoY Change -28.03% -22.7% 9.43%
LONG-TERM ASSETS
Property, Plant & Equipment $66.53M $67.69M $60.37M
YoY Change 10.2% 10.32% -1.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $108.8K $108.8K $108.8K
YoY Change 0.0% 0.0% -1.14%
Other Assets $291.6K $15.68K $210.0K
YoY Change 38.84% -49.14% -14.21%
Total Long-Term Assets $66.82M $68.00M $60.58M
YoY Change 10.3% 10.44% -1.52%
TOTAL ASSETS
Total Short-Term Assets $25.32M $26.22M $35.18M
Total Long-Term Assets $66.82M $68.00M $60.58M
Total Assets $92.14M $94.22M $95.76M
YoY Change -3.78% -1.33% 2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.472M $2.264M $2.084M
YoY Change -29.39% 6.6% -39.28%
Accrued Expenses $716.6K $570.2K $537.8K
YoY Change 33.27% -0.13% -38.53%
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 $4.279M $3.108M $2.753M
YoY Change 55.44% 11.23% -37.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.674M $2.598M $1.561M
YoY Change 71.34% 69.48% 12.27%
Total Long-Term Liabilities $2.674M $2.598M $1.561M
YoY Change 71.34% 69.48% 12.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.279M $3.108M $2.753M
Total Long-Term Liabilities $2.674M $2.598M $1.561M
Total Liabilities $18.01M $17.30M $15.64M
YoY Change 15.21% 11.48% -4.5%
SHAREHOLDERS EQUITY
Retained Earnings $32.80M $35.95M $37.60M
YoY Change -12.77% -4.49% 5.93%
Common Stock $32.96K $32.96K $33.18K
YoY Change -0.68% -0.69% 0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.12M $76.92M $80.13M
YoY Change
Total Liabilities & Shareholders Equity $92.14M $94.22M $95.76M
YoY Change -3.78% -1.33% 2.24%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.331M $3.710M $3.278M
YoY Change -171.11% 54.66% -27.64%
Depreciation, Depletion And Amortization $1.451M $1.399M $1.547M
YoY Change -6.17% -10.18% 0.43%
Cash From Operating Activities $163.2K $4.059M $5.725M
YoY Change -97.15% -3.09% -4.9%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$274.0K -$386.0K
YoY Change -4.14% -79.25% -80.99%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$370.0K -$274.0K -$386.0K
YoY Change -4.14% -79.25% -81.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -823.9K -4.028M -3.337M
YoY Change -75.31% 21.38% -4.39%
NET CHANGE
Cash From Operating Activities 163.2K 4.059M 5.725M
Cash From Investing Activities -370.0K -274.0K -386.0K
Cash From Financing Activities -823.9K -4.028M -3.337M
Net Change In Cash -1.031M -242.8K 2.002M
YoY Change -151.48% -46.11% 317.11%
FREE CASH FLOW
Cash From Operating Activities $163.2K $4.059M $5.725M
Capital Expenditures -$370.0K -$274.0K -$386.0K
Free Cash Flow $533.2K $4.333M $6.111M
YoY Change -91.27% -21.35% -24.09%

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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
256112 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-22842 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
143500 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
155364 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-154903 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-254900 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
2054097 USD
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9532 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
11875 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2585 shares
CY2019Q1 us-gaap Interest Expense
InterestExpense
28789 USD
us-gaap Interest Expense
InterestExpense
87479 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
29067 USD
us-gaap Interest Expense
InterestExpense
87757 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
162595 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
26098 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
61843 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
59945 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
14709 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10456 USD
CY2019Q2 us-gaap Liabilities
Liabilities
15635986 USD
CY2020Q1 us-gaap Liabilities
Liabilities
17298301 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
95761844 USD
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
94218652 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2752694 USD
CY2020Q1 us-gaap Liabilities Current
LiabilitiesCurrent
3108478 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10092200 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12400198 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6371700 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10692565 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18333152 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12233464 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
2398875 USD
us-gaap Net Income Loss
NetIncomeLoss
12099241 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
3710159 USD
us-gaap Net Income Loss
NetIncomeLoss
8267897 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2398875 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12099241 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3710159 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8267897 USD
CY2019Q2 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
35275687 USD
CY2020Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
39474737 USD
CY2019Q2 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
95622153 USD
CY2020Q1 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
107143423 USD
CY2019Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
60346466 USD
CY2020Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
67668686 USD
CY2019Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6548073 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
19174596 USD
CY2020Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
6760805 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
19770852 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2952955 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
13681629 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
951814 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
6475597 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
152139 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
53125 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
99014 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
4903 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
128368 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0515
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M28D
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11554 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11555 USD
CY2019Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
537755 USD
CY2020Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
570239 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
11367 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
35966 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
138638 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2483357 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9953562 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9916841 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
0 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
9337716 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
2337 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
0 USD
CY2019Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
458278 USD
CY2020Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
303375 USD
CY2019Q2 us-gaap Prepaid Insurance
PrepaidInsurance
206198 USD
CY2020Q1 us-gaap Prepaid Insurance
PrepaidInsurance
32657 USD
CY2019Q2 us-gaap Prepaid Taxes
PrepaidTaxes
121679 USD
CY2020Q1 us-gaap Prepaid Taxes
PrepaidTaxes
159191 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60372884 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67688135 USD
CY2019Q2 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
154731 USD
CY2020Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
154732 USD
CY2019Q2 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
128313 USD
CY2020Q1 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
135283 USD
CY2019Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
26418 USD
CY2020Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
19449 USD
CY2019Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
3168116 USD
CY2020Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
5222213 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
37603762 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
35954818 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9501028 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32856225 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7712619 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26246449 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
161125 USD
CY2019Q2 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
100500 USD
CY2020Q1 us-gaap Sales And Excise Tax Payable Current And Noncurrent
SalesAndExciseTaxPayableCurrentAndNoncurrent
54000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
678149 USD
us-gaap Share Based Compensation
ShareBasedCompensation
926794 USD
CY2019Q2 us-gaap Shares Outstanding
SharesOutstanding
33183730 shares
CY2020Q1 us-gaap Shares Outstanding
SharesOutstanding
32956469 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
49118 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
138638 USD
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
732518 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2483357 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
77289479 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
80685795 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
79974669 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
80125858 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
76879766 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
76920351 USD
CY2019Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
130799 USD
CY2020Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
274299 USD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33196197 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33163661 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33052162 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33058446 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33186665 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33151786 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33052162 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33055861 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;"> &#160;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 (a) reserve quantities and estimated future cash flows associated with proved reserves, which may significantly impact depletion expense and potential impairments of oil and natural gas properties, (b) asset retirement obligations, (c) stock-based compensation, (d) income taxes and the valuation of deferred tax assets and (e) 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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