2016 Q3 Form 10-Q Financial Statement

#000162828016019182 Filed on August 22, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $910.0K $1.050M $1.150M
YoY Change -20.87% -8.7% 18.56%
% of Gross Profit
Research & Development $4.564M $4.433M $2.300M
YoY Change 71.42% 92.76% 57.53%
% of Gross Profit
Depreciation & Amortization $17.26K $20.59K $6.592K
YoY Change 146.62% 212.39% -41.58%
% of Gross Profit
Operating Expenses $5.472M $5.483M $3.388M
YoY Change 46.09% 61.86% 39.59%
Operating Profit -$5.472M -$5.483M -$3.388M
YoY Change 46.09% 61.86% 39.59%
Interest Expense $342.3K $282.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.798M -$5.330M -$3.155M
YoY Change 41.06% 68.94% 43.45%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.798M -$5.330M -$3.155M
YoY Change 41.06% 68.94% 43.45%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.584M -$2.297M -$1.394M
COMMON SHARES
Basic Shares Outstanding 127.9M shares 93.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.30M $11.95M $30.91M
YoY Change -37.4% -61.34% 20.46%
Cash & Equivalents $15.30M $11.95M $30.91M
Short-Term Investments
Other Short-Term Assets $631.2K $767.0K $1.300M
YoY Change -52.54% -41.0% 34.02%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.97M $14.38M $32.21M
YoY Change -34.15% -55.36% 20.95%
LONG-TERM ASSETS
Property, Plant & Equipment $126.7K $144.0K $40.00K
YoY Change -36.64% 259.94% -20.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.140M $4.740M $900.0K
YoY Change 5.11% 426.67% 95.65%
Total Long-Term Assets $5.262M $4.889M $950.0K
YoY Change 3.47% 414.61% 86.27%
TOTAL ASSETS
Total Short-Term Assets $16.97M $14.38M $32.21M
Total Long-Term Assets $5.262M $4.889M $950.0K
Total Assets $22.23M $19.27M $33.16M
YoY Change -27.95% -41.9% 22.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $471.6K $709.2K $450.0K
YoY Change -45.16% 57.59% -27.42%
Accrued Expenses $902.6K $601.7K $370.0K
YoY Change -21.52% 62.61% -26.0%
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 $1.733M $1.642M $820.0K
YoY Change -13.33% 100.21% -26.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.860M $5.740M $2.890M
YoY Change 246.09% 98.62% 129.37%
Total Long-Term Liabilities $8.860M $5.740M $2.890M
YoY Change 246.09% 98.62% 129.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.733M $1.642M $820.0K
Total Long-Term Liabilities $8.860M $5.740M $2.890M
Total Liabilities $10.60M $7.386M $3.720M
YoY Change 132.4% 98.54% 56.3%
SHAREHOLDERS EQUITY
Retained Earnings -$89.90M -$85.10M
YoY Change
Common Stock $101.5M $96.98M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.63M $11.88M $29.44M
YoY Change
Total Liabilities & Shareholders Equity $22.23M $19.27M $33.16M
YoY Change -27.95% -41.9% 22.18%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$4.798M -$5.330M -$3.155M
YoY Change 41.06% 68.94% 43.45%
Depreciation, Depletion And Amortization $17.26K $20.59K $6.592K
YoY Change 146.62% 212.39% -41.58%
Cash From Operating Activities -$4.930M -$5.840M -$3.860M
YoY Change -21.87% 51.3% 42.44%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$10.00K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.280M 280.0K 0.000
YoY Change 82700.0% -100.0%
NET CHANGE
Cash From Operating Activities -4.930M -5.840M -3.860M
Cash From Investing Activities 0.000 0.000 -10.00K
Cash From Financing Activities 8.280M 280.0K 0.000
Net Change In Cash 3.350M -5.560M -3.870M
YoY Change -151.86% 43.67% -724.19%
FREE CASH FLOW
Cash From Operating Activities -$4.930M -$5.840M -$3.860M
Capital Expenditures $0.00 $0.00 -$10.00K
Free Cash Flow -$4.930M -$5.840M -$3.850M
YoY Change -19.84% 51.69% 42.07%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-11194132 USD
CY2015Q2 us-gaap Net Income Loss
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-3154730 USD
us-gaap Net Income Loss
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-4579576 USD
CY2016Q2 us-gaap Net Income Loss
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-5329571 USD
us-gaap Net Income Loss
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CY2015Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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6488709 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
5483037 USD
us-gaap Operating Expenses
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11320444 USD
CY2015Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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-6488709 USD
CY2016Q2 us-gaap Operating Income Loss
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-5483037 USD
us-gaap Operating Income Loss
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CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
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CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2016Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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us-gaap Operating Leases Rent Expense Net
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us-gaap Operating Leases Rent Expense Net
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CY2015Q4 us-gaap Other Assets Current
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CY2016Q2 us-gaap Other Assets Current
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us-gaap Payments Of Financing Costs
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0 USD
us-gaap Payments Of Financing Costs
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148663 USD
us-gaap Payments To Acquire Property Plant And Equipment
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6443 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
us-gaap Payments To Acquire Property Plant And Equipment
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4015 USD
CY2015Q4 us-gaap Prepaid Expense Noncurrent
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us-gaap Share Based Compensation
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429964 USD
us-gaap Share Based Compensation
ShareBasedCompensation
480947 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
260000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.942
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.827
CY2016Q2 us-gaap Prepaid Expense Noncurrent
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CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
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14500000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2015Q4 us-gaap Property Plant And Equipment Gross
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CY2016Q2 us-gaap Property Plant And Equipment Gross
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376026 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
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180922 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
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143974 USD
CY2016Q2 us-gaap Rental Properties
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CY2015Q2 us-gaap Research And Development Expense
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2299903 USD
us-gaap Research And Development Expense
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4365862 USD
CY2016Q2 us-gaap Research And Development Expense
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4433222 USD
us-gaap Research And Development Expense
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9170797 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
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-74137740 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q2 us-gaap Revenues
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0 USD
us-gaap Revenues
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0 USD
CY2016Q2 us-gaap Revenues
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0 USD
us-gaap Revenues
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0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.013
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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12000000 shares
CY2005Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
6000000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
57968 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1937750 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
51345 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.18
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.05
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.22
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.45
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y7M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y8M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y7M18D
CY2016Q1 us-gaap Shares Issued Price Per Share
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0.33
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Value New Issues
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CY2015Q4 us-gaap Stockholders Equity
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21720296 USD
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11880537 USD
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CY2016Q2 us-gaap Unrecognized Tax Benefits
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0 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2015Q1 us-gaap Valuation Allowances And Reserves Deductions
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CY2014Q4 us-gaap Warrants And Rights Outstanding
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CY2015Q4 us-gaap Warrants And Rights Outstanding
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CY2016Q2 us-gaap Warrants And Rights Outstanding
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CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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84070845 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
92878262 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
92072062 shares
us-gaap Prior Period Reclassification Adjustment Description
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassification</font><font style="font-family:inherit;font-size:10pt;">&#160;- Certain prior year amounts included in the prior year consolidated financial statements have been reclassified to conform to the current year presentation.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates </font><font style="font-family:inherit;font-size:10pt;">&#8211; The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions about the future outcome of current transactions which may affect the reporting and disclosure of these transactions. Accordingly, actual results could differ from those estimates used in the preparation of these consolidated financial statements.</font></div></div>

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