2014 Q1 Form 10-K Financial Statement

#000114420414018938 Filed on March 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2012 Q4 2012 Q3
Revenue $23.00K $0.00 $0.00
YoY Change
Cost Of Revenue $12.00K $0.00 $0.00
YoY Change
Gross Profit $11.00K $0.00 $0.00
YoY Change
Gross Profit Margin 47.83%
Selling, General & Admin $1.800M $960.0K $669.0K
YoY Change 109.3% 47.69%
% of Gross Profit 16363.64%
Research & Development $1.217M $1.000M $1.059M
YoY Change 4.91% 63.93%
% of Gross Profit 11063.64%
Depreciation & Amortization $56.00K $20.00K $40.00K
YoY Change 47.37% 100.0% 300.0%
% of Gross Profit 509.09%
Operating Expenses $3.017M $1.966M $1.728M
YoY Change 49.36% 57.28%
Operating Profit -$3.006M -$1.966M -$1.728M
YoY Change 48.81% 57.28%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$3.006M -$1.970M
YoY Change 48.81% 57.6%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.006M -$1.970M -$1.728M
YoY Change 48.81% 57.6%
Net Earnings / Revenue -13069.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$7.718M -$5.051M
COMMON SHARES
Basic Shares Outstanding 7.803M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.61M $0.00 $0.00
YoY Change
Cash & Equivalents $12.61M $0.00
Short-Term Investments
Other Short-Term Assets $350.0K
YoY Change
Inventory $129.0K $0.00 $0.00
Prepaid Expenses $349.0K $0.00
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.10M $0.00 $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $760.0K $438.0K $300.0K
YoY Change 130.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $760.0K $438.0K $300.0K
YoY Change 130.53%
TOTAL ASSETS
Total Short-Term Assets $13.10M $0.00 $0.00
Total Long-Term Assets $760.0K $438.0K $300.0K
Total Assets $13.86M $438.0K $300.0K
YoY Change 130.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $410.0K $179.0K $20.00K
YoY Change 258.0%
Accrued Expenses $300.0K $230.0K $130.0K
YoY Change 91.67%
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 $870.0K $411.0K $160.0K
YoY Change 141.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $870.0K $411.0K $160.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $870.0K $411.0K $160.0K
YoY Change 141.76%
SHAREHOLDERS EQUITY
Retained Earnings -$4.980M $0.00
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.99M $27.00K $140.0K
YoY Change
Total Liabilities & Shareholders Equity $13.86M $438.0K $300.0K
YoY Change 130.53%

Cashflow Statement

Concept 2014 Q1 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income -$3.006M -$1.970M -$1.728M
YoY Change 48.81% 57.6%
Depreciation, Depletion And Amortization $56.00K $20.00K $40.00K
YoY Change 47.37% 100.0% 300.0%
Cash From Operating Activities -$1.410M -$1.530M -$4.370M
YoY Change -26.94% 23.39% 87.55%
INVESTING ACTIVITIES
Capital Expenditures $242.0K -$160.0K -$150.0K
YoY Change 1244.44% 77.78% 25.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$240.0K -$160.0K -$150.0K
YoY Change 1100.0% 77.78% 25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $247.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.0K 1.690M 4.520M
YoY Change -87.18% 27.07% 84.49%
NET CHANGE
Cash From Operating Activities -1.410M -1.530M -4.370M
Cash From Investing Activities -240.0K -160.0K -150.0K
Cash From Financing Activities 250.0K 1.690M 4.520M
Net Change In Cash -1.400M 0.000 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.410M -$1.530M -$4.370M
Capital Expenditures $242.0K -$160.0K -$150.0K
Free Cash Flow -$1.652M -$1.370M -$4.220M
YoY Change -15.2% 19.13% 90.95%

Facts In Submission

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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-339000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-215000 USD
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
18000 USD
CY2012 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
0 USD
CY2013 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
-50000 USD
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2596000 USD
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
808000 USD
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-6374000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6713000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8817000 USD
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.34
CY2013 hart Percentage Of Option Lost Value Allocated To Parent Company Options
PercentageOfOptionLostValueAllocatedToParentCompanyOptions
0.8 pure
CY2013 hart Percentage Of Option Lost Value Allocated To Stock Options
PercentageOfOptionLostValueAllocatedToStockOptions
0.2 pure
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2282000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2998000 USD
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
40000 USD
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
13000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-402000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-118000 USD
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
48000 USD
CY2012Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
5037000 USD
CY2013Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
808000 USD
CY2012Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4828000 USD
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
514000 USD
CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
209000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
294000 USD
CY2012Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5037000 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
808000 USD
CY2012Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2012Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
0 USD
CY2013Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
90000 USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
0 USD
CY2013 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
90000 USD
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
90000 USD
CY2012Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2012Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
100 shares
CY2013Q1 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
In March of 2013 the Company perfomed an 80,000 for 1 stock split to achive a desired 8 million shares outstanding.
CY2013Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Immediately prior to the distribution on October 31, 2013 HART affected a reverse stock split so that shares outstanding became 7.7 millionto facilitate the 1 for 4 ratio for the Distribution. The distribution of the 7.7 million HART common shares to the shareholders of Harvard Bioscience is reflected as an issuance in the Consoluidated Statement of Stockholders Equity.
CY2013Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.2 pure
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85 pure
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
150000 shares
CY2013 hart Income Tax Reconciliation Pre Separation Losses
IncomeTaxReconciliationPreSeparationLosses
2327000 USD

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