$GNSS
Genasys Inc.

2018 Q3 Form 10-K Financial Statement

#000143774918022542 Filed on December 21, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 2017 Q3
Revenue $3.300M $26.31M $7.500M
YoY Change -56.0% 29.5% 53.06%
Cost Of Revenue $2.250M $13.57M $3.090M
YoY Change -27.18% 35.19% 19.31%
Gross Profit $1.050M $12.74M $4.410M
YoY Change -76.19% 23.94% 91.74%
Gross Profit Margin 31.82% 48.43% 58.8%
Selling, General & Admin $3.030M $10.69M $2.690M
YoY Change 12.64% 24.53% 71.34%
% of Gross Profit 288.57% 83.93% 61.0%
Research & Development $860.0K $3.523M $640.0K
YoY Change 34.38% 40.94% 6.67%
% of Gross Profit 81.9% 27.66% 14.51%
Depreciation & Amortization $140.0K $483.1K $60.00K
YoY Change 133.33% 215.16% 50.0%
% of Gross Profit 13.33% 3.79% 1.36%
Operating Expenses $3.880M $14.22M $3.330M
YoY Change 16.52% 28.23% 53.46%
Operating Profit -$2.830M -$1.476M $1.080M
YoY Change -362.04% 82.79% 730.77%
Interest Expense $20.95K
YoY Change
% of Operating Profit
Other Income/Expense, Net $30.00K $107.0K $30.00K
YoY Change 0.0% -16.77% 0.0%
Pretax Income -$2.860M -$1.369M $1.120M
YoY Change -355.36% 101.64% 600.0%
Income Tax -$4.670M $2.376M $950.0K
% Of Pretax Income 84.82%
Net Earnings -$2.440M -$3.745M $170.0K
YoY Change -1535.29% 327.15% -133.33%
Net Earnings / Revenue -73.94% -14.24% 2.27%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$73.87K -$0.12 $5.319K
COMMON SHARES
Basic Shares Outstanding 32.49M
Diluted Shares Outstanding 32.49M

Balance Sheet

Concept 2018 Q3 2018 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.66M $14.66M $17.12M
YoY Change -14.37% -14.37% 4.39%
Cash & Equivalents $11.06M $11.06M $12.76M
Short-Term Investments $3.590M $3.590M $4.360M
Other Short-Term Assets $244.6K $3.490M $175.3K
YoY Change 39.58% 256.12% -70.79%
Inventory $6.734M $6.730M $5.257M
Prepaid Expenses $93.75K $187.5K
Receivables $2.786M $2.790M $5.682M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.67M $27.67M $29.05M
YoY Change -4.74% -4.75% 15.39%
LONG-TERM ASSETS
Property, Plant & Equipment $2.449M $2.450M $509.6K
YoY Change 380.52% 380.39% 7.66%
Goodwill $2.446M
YoY Change
Intangibles $1.557M $55.69K
YoY Change 2696.51% -11.47%
Long-Term Investments $1.200M $1.200M $710.0K
YoY Change 69.01% 69.01% -67.58%
Other Assets $6.540M $6.540M $8.530M
YoY Change -23.33% -23.33% -4.37%
Total Long-Term Assets $14.19M $14.19M $9.811M
YoY Change 44.63% 44.65% -15.73%
TOTAL ASSETS
Total Short-Term Assets $27.67M $27.67M $29.05M
Total Long-Term Assets $14.19M $14.19M $9.811M
Total Assets $41.86M $41.86M $38.86M
YoY Change 7.73% 7.72% 5.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.083M $3.080M $1.112M
YoY Change 177.19% 177.48% 93.6%
Accrued Expenses $3.200M $2.490M $2.561M
YoY Change 24.93% 14.75% 70.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $296.6K $300.0K $0.00
YoY Change
Total Short-Term Liabilities $6.580M $6.580M $3.674M
YoY Change 79.1% 79.29% 76.83%
LONG-TERM LIABILITIES
Long-Term Debt $52.54K $50.00K $0.00
YoY Change
Other Long-Term Liabilities $1.739M $1.740M
YoY Change
Total Long-Term Liabilities $1.792M $1.790M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.580M $6.580M $3.674M
Total Long-Term Liabilities $1.792M $1.790M $0.00
Total Liabilities $8.372M $8.370M $3.674M
YoY Change 127.88% 128.07% 63.81%
SHAREHOLDERS EQUITY
Retained Earnings -$56.52M -$52.77M
YoY Change 7.1% 1.69%
Common Stock $332.00 $322.00
YoY Change 3.11% 1.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.49M $33.49M $35.18M
YoY Change
Total Liabilities & Shareholders Equity $41.86M $41.86M $38.86M
YoY Change 7.73% 7.72% 5.55%

Cashflow Statement

Concept 2018 Q3 2018 2017 Q3
OPERATING ACTIVITIES
Net Income -$2.440M -$3.745M $170.0K
YoY Change -1535.29% 327.15% -133.33%
Depreciation, Depletion And Amortization $140.0K $483.1K $60.00K
YoY Change 133.33% 215.16% 50.0%
Cash From Operating Activities -$900.0K $1.252M -$1.660M
YoY Change -45.78% -287.74% 24.81%
INVESTING ACTIVITIES
Capital Expenditures -$460.0K $625.8K $0.00
YoY Change 243.26%
Acquisitions $2.432M
YoY Change
Other Investing Activities -$40.00K -$2.160M -$50.00K
YoY Change -20.0% -4420.0% -93.33%
Cash From Investing Activities -$500.0K -$2.787M -$50.00K
YoY Change 900.0% 2059.88% -93.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $725.4K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 800.0K 596.9K 130.0K
YoY Change 515.38% 348.79%
NET CHANGE
Cash From Operating Activities -900.0K 1.252M -1.660M
Cash From Investing Activities -500.0K -2.787M -50.00K
Cash From Financing Activities 800.0K 596.9K 130.0K
Net Change In Cash -600.0K -997.8K -1.580M
YoY Change -62.03% 50.54% -24.04%
FREE CASH FLOW
Cash From Operating Activities -$900.0K $1.252M -$1.660M
Capital Expenditures -$460.0K $625.8K $0.00
Free Cash Flow -$440.0K $626.0K -$1.660M
YoY Change -73.49% -173.72% 24.81%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">CONCENTRATION OF CREDIT RISK </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The Company sells its products to a large number of geographically diverse customers. The Company routinely assesses the financial strength of its customers and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral or other security to support customer receivables. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> accounts receivable from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> customers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11%</div> of total accounts receivable with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other single customer accounting for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the accounts receivable balance. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> accounts receivable from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> customers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> of total accounts receivable with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other single customer accounting for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the accounts receivable balance.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The Company maintains cash and cash equivalent bank deposit accounts which, at times, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>exceed federally insured limits guaranteed by the Federal Deposit Insurance Corporation (&#x201c;FDIC&#x201d;). The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> experienced any losses in such accounts. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions. The Company also invests cash in instruments that meet high credit quality standards, as specified in the Company&#x2019;s policy guidelines such as money market funds, corporate bonds, municipal bonds and Certificates of Deposit. These guidelines also limit the amount of credit exposure to any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> issue, issuer or type of instrument. It is generally the Company&#x2019;s policy to invest in instruments that have a final maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years, with a portfolio weighted average maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> OPERATIONS </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">LRAD<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div> Corporation, a Delaware corporation (the &#x201c;Company&#x201d;), is engaged in the design, development and commercialization of directed and multidirectional sound technologies, voice broadcast products, and location-based mass messaging solutions for emergency warning and workforce management. The principal markets for the Company&#x2019;s proprietary sound reproduction technologies, voice broadcast products and mass messaging solutions are in North and South America, Europe, Middle East and Asia.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2018, </div>the Company acquired all of the issued and outstanding shares of capital stock of Genasys Holdings, S.L. and its subsidiaries (&#x201c;Genasys&#x201d;), pursuant to a Stock Purchase Agreement, dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 18, 2018. </div>Genasys is a leading software provider of advanced location-based mass messaging solutions for emergency warning systems and workforce management. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,</div> Acquisition, for additional information about this transaction.</div></div>
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CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-244106
CY2018 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-7676
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
280
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1739430
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
107023
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
128586
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
725445
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2018 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0
CY2018 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
2431795
CY2017 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
CY2018 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4920547
CY2017 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
2908093
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
625845
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
182326
CY2018Q3 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
152730
CY2017Q3 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
164517
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
93750
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3091401
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
983322
CY2018Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
241365
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
187500
CY2011Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1500000
CY2018Q3 us-gaap Prepaid Insurance
PrepaidInsurance
162822
CY2017Q3 us-gaap Prepaid Insurance
PrepaidInsurance
91542
CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">RECLASSIFICATIONS</div><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Where necessary, the prior year&#x2019;s information has been reclassified to conform to the fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> statement presentation. These reclassifications had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on previously reported results of operations or accumulated deficit.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2018 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
62656
CY2017 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
CY2018 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
5190821
CY2017 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
2961367
CY2018 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2434888
CY2017 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
133000
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
99216
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
104518
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
243423
CY2018Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
99216
CY2017Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
104518
CY2018 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
11395
CY2017 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
67959
CY2018Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
23890
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4423422
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2163797
CY2018 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">IMPAIRMENT OF LONG-LIVED ASSETS </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">Long-lived assets and identifiable intangibles held for use are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. If the sum of undiscounted expected future cash flows is less than the carrying amount of the asset, or if changes in facts and circumstances indicate this, an impairment loss is measured and recognized using the asset&#x2019;s fair value.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2448725
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
509603
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
752729
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
72709
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10692681
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8586288
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
584873
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
1116400
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.454
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0218
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2384576
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.27
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
150000
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
CY2018 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
1175205
CY2017 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3523498
CY2017 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2500053
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
742983
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
39446
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
403427
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
339556
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
39466
CY2018Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
403427
CY2017Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
CY2018Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
339556
CY2017Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
39466
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-56516895
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52771853
CY2018 us-gaap Revenues
Revenues
26306790
CY2017 us-gaap Revenues
Revenues
20314178
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
92688
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.74
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3500
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.89
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.71
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2404380
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4663502
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3394858
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.18
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.21
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.06
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.21
CY2018Q3 us-gaap Share Price
SharePrice
3.06
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y219D
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1890891
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1179456
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
233333
CY2017 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
373227
CY2018 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2434887
CY2018 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
725445
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
33489207
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
35184039
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
34570885
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">USE OF ESTIMATES </div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:24.5pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions (e.g., share-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued bonus and valuation allowance related to deferred tax assets) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32492645
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31855430

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