2022 Q1 Form 10-Q Financial Statement

#000156459022016730 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $21.90M $16.77M
YoY Change 30.62% -4.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.179M $2.033M
YoY Change 7.18% 26.9%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $970.0K $1.360M
YoY Change -28.68% 40.21%
% of Gross Profit
Operating Expenses $2.179M $2.033M
YoY Change 7.18% 26.9%
Operating Profit
YoY Change
Interest Expense $2.116M $1.728M
YoY Change 22.45% -49.34%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.05M $5.969M
YoY Change 68.42% 17.57%
Income Tax $1.951M $1.060M
% Of Pretax Income 19.41% 17.76%
Net Earnings $8.102M $4.909M
YoY Change 65.04% 19.59%
Net Earnings / Revenue 37.0% 29.28%
Basic Earnings Per Share $0.62 $0.44
Diluted Earnings Per Share $625.0K $441.9K
COMMON SHARES
Basic Shares Outstanding 12.96M 11.11M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $139.5M $175.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $26.70M $26.70M
YoY Change 0.0% 2.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.686B $1.993B
YoY Change 34.76% 20.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $14.80M $12.80M
YoY Change 15.63% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $31.70M $30.10M
YoY Change 5.32% -1.63%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.30M $14.70M
YoY Change 17.69% 0.68%
LONG-TERM LIABILITIES
Long-Term Debt $74.50M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $74.50M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $17.30M $14.70M
Total Long-Term Liabilities $74.50M $0.00
Total Liabilities $2.400B $1.747B
YoY Change 37.4% 23.11%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $286.5M $246.8M
YoY Change
Total Liabilities & Shareholders Equity $2.686B $1.993B
YoY Change 34.76% 20.43%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $8.102M $4.909M
YoY Change 65.04% 19.59%
Depreciation, Depletion And Amortization $970.0K $1.360M
YoY Change -28.68% 40.21%
Cash From Operating Activities $7.897M $6.445M
YoY Change 22.53% 38.57%
INVESTING ACTIVITIES
Capital Expenditures $448.0K $318.0K
YoY Change 40.88% -24.29%
Acquisitions
YoY Change
Other Investing Activities -$108.1M -$91.79M
YoY Change 17.74% 1602.97%
Cash From Investing Activities -$108.5M -$92.10M
YoY Change 17.82% 1486.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.00K
YoY Change -86.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.32M 85.45M
YoY Change -30.59% 109.98%
NET CHANGE
Cash From Operating Activities 7.897M 6.445M
Cash From Investing Activities -108.5M -92.10M
Cash From Financing Activities 59.32M 85.45M
Net Change In Cash -41.30M -206.0K
YoY Change 19949.03% -100.52%
FREE CASH FLOW
Cash From Operating Activities $7.897M $6.445M
Capital Expenditures $448.0K $318.0K
Free Cash Flow $7.449M $6.127M
YoY Change 21.58% 44.81%

Facts In Submission

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CY2022Q1 fmao Additional Funds Available To Be Advanced In Connection With Impaired Loans
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CY2022Q1 us-gaap Financing Receivable Modifications Recorded Investment
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CY2021Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
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CY2021Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
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CY2022Q1 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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CY2021Q1 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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CY2022Q1 fmao Financing Receivables Impaired Number Of Troubled Debt Restructuring Write Down
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0
CY2022Q1 fmao Financing Receivable Allowance For Credit Losses Acquired With Deteriorated Credit Quality Ending Period
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CY2022Q1 fmao Re Evaluation Period For Real Estate
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CY2020Q4 us-gaap Loans And Leases Receivable Allowance
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CY2021 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2022Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2021Q4 us-gaap Loans And Leases Receivable Allowance
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CY2022Q1 fmao Allowance For Unfunded Loan Commitments And Letters Of Credit
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CY2021Q4 fmao Allowance For Unfunded Loan Commitments And Letters Of Credit
AllowanceForUnfundedLoanCommitmentsAndLettersOfCredit
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
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CY2022Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2022Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
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CY2022Q1 fmao Other Non Interest Income Expense Recovery Related To Unfunded
OtherNonInterestIncomeExpenseRecoveryRelatedToUnfunded
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
17847000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1535000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
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CY2022Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1962220000
CY2022Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
12624000
CY2022Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1948149000
CY2022Q1 us-gaap Notes Receivable Net
NotesReceivableNet
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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CY2021Q4 fmao Financing Receivable Allowance For Credit Losses Acquired With Deteriorated Credit Quality Ending Period
FinancingReceivableAllowanceForCreditLossesAcquiredWithDeterioratedCreditQualityEndingPeriod
37000
CY2021Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1857419000
CY2021Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
11939000
CY2021Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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1844031000
CY2021Q4 us-gaap Notes Receivable Net
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1449000
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
14313000
CY2021Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
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CY2021Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
66000
CY2021Q1 us-gaap Provision For Loan And Lease Losses
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1700000
CY2021Q1 fmao Other Non Interest Income Expense Recovery Related To Unfunded
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411000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
15477000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
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CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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CY2021Q1 fmao Financing Receivable Allowance For Credit Losses Acquired With Deteriorated Credit Quality Ending Period
FinancingReceivableAllowanceForCreditLossesAcquiredWithDeterioratedCreditQualityEndingPeriod
0
CY2021Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
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CY2021Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
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CY2021Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
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CY2021Q1 us-gaap Notes Receivable Net
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120000
CY2020Q2 fmao Compensation Annual Basis Committee Award
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4000
CY2020Q2 fmao Number Of Directors Received Shares
NumberOfDirectorsReceivedShares
176
CY2020Q4 fmao Number Of Directors Received Shares
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20
CY2021Q2 fmao Number Of Director Received Shares
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10
CY2021Q2 fmao Compensation Annual Basis Committee Award
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6000
CY2021Q2 fmao Number Of Directors Received Shares
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272
CY2021Q2 fmao Number Of Directors Received Prorated Dollar Value Of Shares
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4
CY2021Q4 fmao Number Of Directors Received Shares
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68
CY2021Q4 fmao Compensation Annual Basis Committee Award
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1523
CY2022Q1 us-gaap Net Income Loss
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8102000
CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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21000
CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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15000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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48000
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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23000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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8033000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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4871000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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13066272
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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11197012
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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111165
CY2021Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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86595
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11110417
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
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0.62
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
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1
CY2022Q1 us-gaap Servicing Asset At Amortized Value Valuation Allowance
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280000
CY2021 us-gaap Servicing Asset At Amortized Value Valuation Allowance
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CY2022Q1 us-gaap Federal Funds Purchased
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0
CY2021Q4 us-gaap Federal Funds Purchased
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CY2022Q1 us-gaap Securities Sold Under Agreements To Repurchase
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31700000
CY2021Q4 us-gaap Securities Sold Under Agreements To Repurchase
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CY2022Q1 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
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31680000
CY2021Q4 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
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29268000
CY2021Q3 us-gaap Debt Instrument Frequency Of Periodic Payment
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semi-annually
CY2021Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
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0.0263
CY2021Q3 us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
1

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