2016 Form 10-K Financial Statement

#000165495417002917 Filed on March 31, 2017

View on sec.gov

Income Statement

Concept 2016 2015 Q4 2015
Revenue $16.25M $3.730M $15.90M
YoY Change 2.19% -5.81% -0.06%
Cost Of Revenue $9.257M $2.260M $9.697M
YoY Change -4.54% -20.7% -9.95%
Gross Profit $6.989M $1.470M $6.202M
YoY Change 12.7% 33.64% 20.66%
Gross Profit Margin 43.02% 39.41% 39.01%
Selling, General & Admin $3.778M $940.0K $3.756M
YoY Change 0.57% -3.09% -13.15%
% of Gross Profit 54.05% 63.95% 60.57%
Research & Development $95.10K $30.00K $95.27K
YoY Change -0.18% -25.0% -29.42%
% of Gross Profit 1.36% 2.04% 1.54%
Depreciation & Amortization $524.5K $150.0K $562.5K
YoY Change -6.76% -58.33% -27.08%
% of Gross Profit 7.5% 10.2% 9.07%
Operating Expenses $3.904M $970.0K $3.852M
YoY Change 1.37% -3.96% -14.02%
Operating Profit $3.085M $500.0K $2.350M
YoY Change 31.26% 455.56% 255.71%
Interest Expense $41.70K $0.00 $55.77K
YoY Change -25.23% -100.0% -41.23%
% of Operating Profit 1.35% 0.0% 2.37%
Other Income/Expense, Net
YoY Change
Pretax Income $3.079M $500.0K $2.308M
YoY Change 33.41% 284.62% 249.31%
Income Tax $982.1K $50.00K $765.3K
% Of Pretax Income 31.9% 10.0% 33.16%
Net Earnings $1.793M $440.0K $1.505M
YoY Change 19.18% -2300.0% 273.05%
Net Earnings / Revenue 11.04% 11.8% 9.46%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $0.15 $32.88K $113.1K
COMMON SHARES
Basic Shares Outstanding 11.46M shares 13.18M shares 13.17M shares
Diluted Shares Outstanding 11.64M shares 13.31M shares

Balance Sheet

Concept 2016 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.470M $2.500M $2.499M
YoY Change -1.15% 233.33% 234.27%
Cash & Equivalents $2.470M $2.499M $2.499M
Short-Term Investments
Other Short-Term Assets $228.7K $240.0K $243.3K
YoY Change -6.02% 100.0% 97.02%
Inventory $3.786M $3.275M $3.275M
Prepaid Expenses $243.3K
Receivables $3.008M $1.955M $1.955M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.493M $7.972M $7.972M
YoY Change 19.07% 19.69% 19.69%
LONG-TERM ASSETS
Property, Plant & Equipment $3.394M $3.791M $3.791M
YoY Change -10.48% -20.44% -20.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $148.6K $10.00K $10.17K
YoY Change 1361.55% 129.57%
Other Assets $2.027M $2.270M $2.268M
YoY Change -10.64% -14.98% -14.96%
Total Long-Term Assets $5.665M $6.170M $6.170M
YoY Change -8.18% -18.53% -18.53%
TOTAL ASSETS
Total Short-Term Assets $9.493M $7.972M $7.972M
Total Long-Term Assets $5.665M $6.170M $6.170M
Total Assets $15.16M $14.14M $14.14M
YoY Change 7.18% -0.65% -0.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $902.0K $830.0K $826.3K
YoY Change 9.16% 1.22% 1.37%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $250.0K $200.0K $200.0K
YoY Change 25.0% -73.33% -73.33%
Long-Term Debt Due $201.2K $201.2K $201.2K
YoY Change 0.0% -43.83% -43.83%
Total Short-Term Liabilities $2.342M $1.561M $1.561M
YoY Change 50.04% -25.97% -25.97%
LONG-TERM LIABILITIES
Long-Term Debt $352.1K $553.3K $553.3K
YoY Change -36.36% -26.67% -26.67%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $352.1K $553.3K $553.3K
YoY Change -36.36% -26.67% -26.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.342M $1.561M $1.561M
Total Long-Term Liabilities $352.1K $553.3K $553.3K
Total Liabilities $2.694M $2.114M $2.114M
YoY Change 27.43% -26.15% -26.15%
SHAREHOLDERS EQUITY
Retained Earnings -$3.096M
YoY Change -32.7%
Common Stock $16.33M
YoY Change 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.46M $12.03M $12.03M
YoY Change
Total Liabilities & Shareholders Equity $15.16M $14.14M $14.14M
YoY Change 7.18% -0.65% -0.65%

Cashflow Statement

Concept 2016 2015 Q4 2015
OPERATING ACTIVITIES
Net Income $1.793M $440.0K $1.505M
YoY Change 19.18% -2300.0% 273.05%
Depreciation, Depletion And Amortization $524.5K $150.0K $562.5K
YoY Change -6.76% -58.33% -27.08%
Cash From Operating Activities $1.775M $1.170M $2.737M
YoY Change -35.13% 1.74% 157.64%
INVESTING ACTIVITIES
Capital Expenditures $114.3K -$60.00K -$59.03K
YoY Change -293.58% -340.6%
Acquisitions
YoY Change
Other Investing Activities -$103.4K -$40.00K -$4.700K
YoY Change 2100.64%
Cash From Investing Activities -$217.7K -$100.0K -$63.73K
YoY Change 241.61% 159.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.542M $8.000K
YoY Change 19180.0%
Debt Paid & Issued, Net $201.2K $343.7K
YoY Change -41.46% -69.72%
Cash From Financing Activities -$1.694M -250.0K -$885.7K
YoY Change 91.22% -60.94% 13.68%
NET CHANGE
Cash From Operating Activities $1.775M 1.170M $2.737M
Cash From Investing Activities -$217.7K -100.0K -$63.73K
Cash From Financing Activities -$1.694M -250.0K -$885.7K
Net Change In Cash -$136.1K 820.0K $1.787M
YoY Change -107.61% 60.78% 591.17%
FREE CASH FLOW
Cash From Operating Activities $1.775M $1.170M $2.737M
Capital Expenditures $114.3K -$60.00K -$59.03K
Free Cash Flow $1.661M $1.230M $2.796M
YoY Change -40.59% 6.96% 169.42%

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CY2015Q4 us-gaap Deferred Tax Liabilities
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CY2015Q4 FSI Fixed Assets
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<p style="margin: 0pt"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and would impact the results of operations and cash flows.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Significant areas requiring the use of management estimates include assumptions and estimates relating to the asset impairment analysis, share-based payments and warrants, valuation allowances for deferred income tax assets, determination of useful lives of property, plant and equipment, and the valuation of inventory.</p>
CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin: 0pt"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&#146;s credit risk is primarily attributable to its accounts receivable. The amounts presented in the accompanying consolidated balance sheets are net of allowances for doubtful accounts, estimated by the Company&#146;s management based on prior experience and the current economic environment.&#160;The Company is exposed to credit-related losses in the event of non-performance by counterparties to the financial instruments. Credit exposure is minimized by dealing with only credit worthy counterparties. Accounts receivable for the Company&#146;s three primary customers totaled $2,032,646 (67%) at December 31, 2016 (December 31, 2015 - $1,298,821 or 66%).&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The credit risk on cash and cash equivalents is limited because the Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company is not exposed to significant interest rate risk to the extent that the long term debt maintained from the foreign government agencies is subject to a fixed rate of interest.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to manage its exposure to foreign exchange risks, the Company is closely monitoring the fluctuations in the foreign currency exchange rates and the impact on the value of cash and cash equivalents, accounts receivable, and accounts payable. The Company has not hedged its exposure to currency fluctuations.</p>
CY2016 FSI Interest Loan Repayment Table Textblock
InterestLoanRepaymentTableTextblock
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 86%; border-top: black 1pt solid; text-align: justify; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">2017</font></td> <td style="width: 1%; line-height: 120%; font-style: italic">&#160;</td> <td style="width: 1%; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">$</font></td> <td style="width: 11%; text-align: right; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">201,193</font></td> <td style="width: 1%; line-height: 120%; font-style: italic">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">2018</font></td> <td style="line-height: 120%; font-style: italic">&#160;</td> <td style="line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">$</font></td> <td style="text-align: right; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">201,193</font></td> <td style="line-height: 120%; font-style: italic">&#160;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">2019</font></td> <td style="line-height: 120%; font-style: italic">&#160;</td> <td style="border-bottom: black 1pt solid; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">$</font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 120%; font-style: italic"><font style="font-size: 8pt; font-style: normal">150,896</font></td> <td style="line-height: 120%; font-style: italic">&#160;</td></tr> </table> <p style="font: italic 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-style: normal">&#160;</font></p>
CY2016 us-gaap Operating Expenses
OperatingExpenses
3904174 usd
CY2015 us-gaap Operating Expenses
OperatingExpenses
3851536 usd
CY2016Q4 FSI Equity Method Investment1
EquityMethodInvestment1
122480 usd
CY2015Q4 FSI Equity Method Investment1
EquityMethodInvestment1
0 usd
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
36499 usd
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35406 usd

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