2016 Q2 Form 10-Q Financial Statement

#000165495416001489 Filed on August 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $3.733M $3.901M
YoY Change -4.3% -9.0%
Cost Of Revenue $1.750M $2.274M
YoY Change -23.04% -16.77%
Gross Profit $1.983M $1.627M
YoY Change 21.9% 4.65%
Gross Profit Margin 53.12% 41.71%
Selling, General & Admin $1.020M $990.0K
YoY Change 3.03% -1.0%
% of Gross Profit 51.43% 60.85%
Research & Development $28.28K $15.71K
YoY Change 79.99% -50.94%
% of Gross Profit 1.43% 0.97%
Depreciation & Amortization $140.0K $130.0K
YoY Change 7.69% 0.0%
% of Gross Profit 7.06% 7.99%
Operating Expenses $1.054M $1.022M
YoY Change 3.12% -3.26%
Operating Profit $929.5K $605.2K
YoY Change 53.6% 21.41%
Interest Expense $11.61K $14.83K
YoY Change -21.69% -42.83%
% of Operating Profit 1.25% 2.45%
Other Income/Expense, Net
YoY Change
Pretax Income $931.4K $586.8K
YoY Change 58.73% 17.72%
Income Tax $370.2K $268.1K
% Of Pretax Income 39.74% 45.69%
Net Earnings $561.2K $318.7K
YoY Change 76.12% -20.28%
Net Earnings / Revenue 15.03% 8.17%
Basic Earnings Per Share
Diluted Earnings Per Share $48.36K $23.83K
COMMON SHARES
Basic Shares Outstanding 11.43M shares 13.17M shares
Diluted Shares Outstanding 11.58M shares 13.43M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.580M $1.130M
YoY Change 128.32% 126.0%
Cash & Equivalents $2.581M $1.126M
Short-Term Investments
Other Short-Term Assets $330.0K $300.0K
YoY Change 10.0% 200.0%
Inventory $3.221M $3.622M
Prepaid Expenses $325.3K $304.0K
Receivables $2.006M $2.203M
Other Receivables $500.0K $0.00
Total Short-Term Assets $8.633M $7.255M
YoY Change 18.99% 23.82%
LONG-TERM ASSETS
Property, Plant & Equipment $3.756M $4.213M
YoY Change -10.84% -23.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $10.00K
YoY Change 0.0%
Other Assets $1.890M $2.490M
YoY Change -24.1% -2.73%
Total Long-Term Assets $5.759M $6.825M
YoY Change -15.62% -17.16%
TOTAL ASSETS
Total Short-Term Assets $8.633M $7.255M
Total Long-Term Assets $5.759M $6.825M
Total Assets $14.39M $14.08M
YoY Change 2.22% -0.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $580.0K $290.0K
YoY Change 100.0% -36.96%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $750.0K $400.0K
YoY Change 87.5% -60.0%
Long-Term Debt Due $201.2K $347.0K
YoY Change -42.02% -67.52%
Total Short-Term Liabilities $2.225M $1.622M
YoY Change 37.13% -27.93%
LONG-TERM LIABILITIES
Long-Term Debt $450.0K $650.0K
YoY Change -30.77% 306.25%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $450.0K $650.0K
YoY Change -30.77% 306.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.225M $1.622M
Total Long-Term Liabilities $450.0K $650.0K
Total Liabilities $2.667M $2.276M
YoY Change 17.18% -5.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.793M -$3.778M
YoY Change -52.53% -20.63%
Common Stock $14.78M $16.28M
YoY Change -9.2% 0.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.71M $11.80M
YoY Change
Total Liabilities & Shareholders Equity $14.39M $14.08M
YoY Change 2.22% -0.13%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $561.2K $318.7K
YoY Change 76.12% -20.28%
Depreciation, Depletion And Amortization $140.0K $130.0K
YoY Change 7.69% 0.0%
Cash From Operating Activities $1.060M $750.0K
YoY Change 41.33% -17.58%
INVESTING ACTIVITIES
Capital Expenditures $10.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K
YoY Change -100.0%
Cash From Investing Activities $10.00K $20.00K
YoY Change -50.0% -300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.0K -420.0K
YoY Change -159.52% -33.33%
NET CHANGE
Cash From Operating Activities 1.060M 750.0K
Cash From Investing Activities 10.00K 20.00K
Cash From Financing Activities 250.0K -420.0K
Net Change In Cash 1.320M 350.0K
YoY Change 277.14% 29.63%
FREE CASH FLOW
Cash From Operating Activities $1.060M $750.0K
Capital Expenditures $10.00K
Free Cash Flow $1.050M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Central Index Key
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dei Document Type
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dei Entity Current Reporting Status
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Sales Commissions And Fees
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us-gaap Sales Commissions And Fees
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CY2016Q2 us-gaap Sales Commissions And Fees
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us-gaap Research And Development Expense
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us-gaap Shipping Handling And Transportation Costs
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us-gaap Communications And Information Technology
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us-gaap Communications And Information Technology
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us-gaap Travel And Entertainment Expense
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TravelAndEntertainmentExpense
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Consulting
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us-gaap Lease And Rental Expense
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us-gaap Interest Expense
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InterestExpense
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us-gaap General Insurance Expense
GeneralInsuranceExpense
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GeneralInsuranceExpense
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FSI Investor Relations And Transfer Agent Fee
InvestorRelationsAndTransferAgentFee
63738 usd
FSI Investor Relations And Transfer Agent Fee
InvestorRelationsAndTransferAgentFee
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CY2016Q2 FSI Investor Relations And Transfer Agent Fee
InvestorRelationsAndTransferAgentFee
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CY2015Q2 FSI Investor Relations And Transfer Agent Fee
InvestorRelationsAndTransferAgentFee
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us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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CY2016Q2 us-gaap Selling And Marketing Expense
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us-gaap Salaries And Wages
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CY2016Q2 us-gaap Salaries And Wages
SalariesAndWages
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us-gaap Gross Profit
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us-gaap Cost Of Goods And Services Sold
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CY2016Q2 us-gaap Cost Of Goods And Services Sold
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Cash
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CY2015Q2 us-gaap Cash
Cash
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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FSI Proceeds From Disposal Of Long Term Deposits
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FSI Proceeds From Disposal Of Long Term Deposits
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Inventories
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us-gaap Depreciation
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CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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FSI Weighted Average Fair Value Of Options Granted Minimum
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FSI Expenditures For Segment Assets
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us-gaap Reclassifications
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us-gaap Concentration Risk Credit Risk
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FSI New Accounting Pronouncements Not Yet Adopted
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Specifically, the guidance addresses an entity&#146;s identification of its performance obligations in a contract, as well as an entity&#146;s evaluation of the nature of its promise to grant a license of intellectual property and whether or not that revenue is recognized over time or at a point in time. The pronouncement has the same effective date as the new revenue standard, which is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently evaluating the impact of the accounting update on its consolidated financial statements.</font></p>
FSI Estimated Depreciation Expense
EstimatedDepreciationExpense
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 89%; text-align: justify; font-weight: bold"><font style="font-weight: normal">2016</font></td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-weight: normal">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-weight: normal">15,247</font></td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2017</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold"><font style="font-weight: normal">15,247</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2018</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold"><font style="font-weight: normal">15,247</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2019</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold"><font style="font-weight: normal">15,247</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2020</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: right; font-weight: bold"><font style="font-weight: normal">15,247</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> </table>
FSI Interest Loan Repayment Table Textblock
InterestLoanRepaymentTableTextblock
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 89%; text-align: justify; font-weight: bold"><font style="font-weight: normal">2016</font></td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td> <td style="width: 1%; text-align: left; font-weight: bold"><font style="font-weight: normal">$</font></td> <td style="width: 8%; text-align: right; font-weight: bold"><font style="font-weight: normal">100,598</font></td> <td style="width: 1%; text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2017</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold"><font style="font-weight: normal">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-weight: normal">201,193</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2018</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="text-align: left; font-weight: bold"><font style="font-weight: normal">$</font></td> <td style="text-align: right; font-weight: bold"><font style="font-weight: normal">201,193</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; font-weight: bold"><font style="font-weight: normal">2019</font></td> <td style="text-align: left; font-weight: bold">&#160;</td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font-weight: normal">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font-weight: normal">150,895</font></td> <td style="text-align: left; font-weight: bold">&#160;</td></tr> </table>
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P6M
FSI Increase Decrease In Deferred Tax Assets
IncreaseDecreaseInDeferredTaxAssets
-104379 usd
FSI Increase Decrease In Deferred Tax Assets
IncreaseDecreaseInDeferredTaxAssets
0 usd

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