2019 Q4 Form 10-K Financial Statement

#000156459020012323 Filed on March 24, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.59M $38.24M $13.80M
YoY Change -16.01% -12.59% 8525.0%
% of Gross Profit
Research & Development $42.60M $143.4M $25.87M
YoY Change 64.67% 159.4% 3704.41%
% of Gross Profit
Depreciation & Amortization $290.0K $917.0K $140.0K
YoY Change 107.14% 208.75%
% of Gross Profit
Operating Expenses $54.19M $186.1M $39.81M
YoY Change 36.12% 24.93% 4696.39%
Operating Profit -$55.79M -$186.1M -$39.81M
YoY Change 40.14% 24.93%
Interest Expense $1.938M $690.0K
YoY Change 16050.0% -675.0%
% of Operating Profit
Other Income/Expense, Net $1.090M $5.832M $320.0K
YoY Change 240.63% 188.14%
Pretax Income -$54.70M -$180.3M -$38.79M
YoY Change 41.02% 54.21% 501.4%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$54.70M -$180.3M -$38.79M
YoY Change 41.0% 22.68% 501.46%
Net Earnings / Revenue
Basic Earnings Per Share -$3.29
Diluted Earnings Per Share -$891.6K -$3.29 -$526.5K
COMMON SHARES
Basic Shares Outstanding 66.04M 54.74M shares
Diluted Shares Outstanding 54.74M shares

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $401.8M $401.8M $228.7M
YoY Change 75.69% 75.69%
Cash & Equivalents $135.0M $135.1M $105.2M
Short-Term Investments $266.7M $266.7M $123.4M
Other Short-Term Assets $7.500M $7.500M $3.300M
YoY Change 127.27% 127.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $409.3M $409.3M $232.0M
YoY Change 76.47% 76.42%
LONG-TERM ASSETS
Property, Plant & Equipment $5.425M $15.70M $3.193M
YoY Change 69.9% 390.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.559M $1.600M $4.273M
YoY Change -63.52% -62.79%
Total Long-Term Assets $17.29M $17.30M $7.466M
YoY Change 131.54% 133.78%
TOTAL ASSETS
Total Short-Term Assets $409.3M $409.3M $232.0M
Total Long-Term Assets $17.29M $17.30M $7.466M
Total Assets $426.6M $426.6M $239.4M
YoY Change 78.18% 78.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $956.0K $1.000M $2.182M
YoY Change -56.19% -54.55%
Accrued Expenses $16.71M $36.00M $7.568M
YoY Change 120.78% 97.8%
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 $36.92M $36.90M $20.40M
YoY Change 80.97% 80.88%
LONG-TERM LIABILITIES
Long-Term Debt $28.46M $28.50M $0.00
YoY Change
Other Long-Term Liabilities $8.700M $8.700M $700.0K
YoY Change 1142.86% 1142.86%
Total Long-Term Liabilities $28.46M $37.20M $700.0K
YoY Change 3965.57% 5214.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.92M $36.90M $20.40M
Total Long-Term Liabilities $28.46M $37.20M $700.0K
Total Liabilities $74.12M $74.10M $21.12M
YoY Change 250.93% 251.18%
SHAREHOLDERS EQUITY
Retained Earnings -$334.2M -$153.9M
YoY Change 117.21%
Common Stock $686.4M $33.86M
YoY Change 1927.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $352.5M $352.5M -$120.1M
YoY Change
Total Liabilities & Shareholders Equity $426.6M $426.6M $239.4M
YoY Change 78.18% 78.2%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$54.70M -$180.3M -$38.79M
YoY Change 41.0% 22.68% 501.46%
Depreciation, Depletion And Amortization $290.0K $917.0K $140.0K
YoY Change 107.14% 208.75%
Cash From Operating Activities -$44.14M -$144.8M -$25.02M
YoY Change 76.42% 183.74% 336.65%
INVESTING ACTIVITIES
Capital Expenditures -$530.0K $2.966M -$320.0K
YoY Change 65.62% -15.01%
Acquisitions
YoY Change
Other Investing Activities $47.46M -$144.2M -$8.360M
YoY Change -667.7% 2.1%
Cash From Investing Activities $46.94M -$147.1M -$8.680M
YoY Change -640.78% 1.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $291.3M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.520M $321.6M -2.140M
YoY Change -171.03% 6.89% -135.67%
NET CHANGE
Cash From Operating Activities -44.14M -$144.8M -25.02M
Cash From Investing Activities 46.94M -$147.1M -8.680M
Cash From Financing Activities 1.520M $321.6M -2.140M
Net Change In Cash 4.320M $29.67M -35.84M
YoY Change -112.05% -71.77% -13374.07%
FREE CASH FLOW
Cash From Operating Activities -$44.14M -$144.8M -$25.02M
Capital Expenditures -$530.0K $2.966M -$320.0K
Free Cash Flow -$43.61M -$147.8M -$24.70M
YoY Change 76.56% 171.02% 331.06%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company&#8217;s consolidated financial statements relate to accrued research and development expenses, the valuation of stock options and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. </p>
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1690000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1741000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
15749000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3100000
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
0
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-34017000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-46349000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-49986000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-55787000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-32611000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-44498000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-48500000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-54698000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.90
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.74
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.80
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.89
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-26126000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-33036000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-50024000
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.92
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-38794000
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-8.03
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.31
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.52
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-39807000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-26037000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-32729000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-49409000

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