2016 Q4 Form 10-Q Financial Statement

#000162828016021194 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 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 $1.950M $910.0K $1.890M
YoY Change 3.17% -20.87% 105.43%
% of Gross Profit
Research & Development $5.370M $4.564M $4.070M
YoY Change 31.94% 71.42% 208.33%
% of Gross Profit
Depreciation & Amortization $20.00K $17.26K $20.00K
YoY Change 0.0% 146.62% 100.0%
% of Gross Profit
Operating Expenses $7.320M $5.472M $5.280M
YoY Change 38.64% 46.09% 135.71%
Operating Profit -$5.472M
YoY Change 46.09%
Interest Expense $990.0K $342.3K $470.0K
YoY Change 110.64% 327.27%
% of Operating Profit
Other Income/Expense, Net -$680.0K
YoY Change
Pretax Income -$6.320M -$4.798M -$4.810M
YoY Change 31.39% 41.06% 125.82%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.320M -$4.798M -$4.810M
YoY Change 31.39% 41.06% 126.12%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.780M -$1.584M -$2.128M
COMMON SHARES
Basic Shares Outstanding 137.8M shares 127.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.44M $15.30M $22.60M
YoY Change -49.38% -37.4% -2.67%
Cash & Equivalents $11.44M $15.30M $22.60M
Short-Term Investments
Other Short-Term Assets $791.5K $631.2K $797.4K
YoY Change -0.74% -52.54% -34.63%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.41M $16.97M $24.56M
YoY Change -45.38% -34.15% 0.48%
LONG-TERM ASSETS
Property, Plant & Equipment $109.8K $126.7K $180.9K
YoY Change -39.3% -36.64% 281.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.370M $5.140M $5.340M
YoY Change -36.89% 5.11% 815.22%
Total Long-Term Assets $3.475M $5.262M $5.522M
YoY Change -37.06% 3.47% 649.85%
TOTAL ASSETS
Total Short-Term Assets $13.41M $16.97M $24.56M
Total Long-Term Assets $3.475M $5.262M $5.522M
Total Assets $16.89M $22.23M $30.08M
YoY Change -43.85% -27.95% 19.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.342M $471.6K $1.161M
YoY Change 15.58% -45.16% 260.64%
Accrued Expenses $787.0K $902.6K $317.7K
YoY Change 147.74% -21.52% -49.79%
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 $3.239M $1.733M $2.269M
YoY Change 42.72% -13.33% 76.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.520M $8.860M $6.090M
YoY Change 23.48% 246.09% 915.0%
Total Long-Term Liabilities $7.520M $8.860M $6.090M
YoY Change 23.48% 246.09% 915.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.239M $1.733M $2.269M
Total Long-Term Liabilities $7.520M $8.860M $6.090M
Total Liabilities $10.76M $10.60M $8.362M
YoY Change 28.66% 132.4% 343.16%
SHAREHOLDERS EQUITY
Retained Earnings -$96.22M -$89.90M -$74.14M
YoY Change 29.79% 20.85%
Common Stock $102.4M $101.5M $95.85M
YoY Change 6.79% 13.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.132M $11.63M $21.72M
YoY Change
Total Liabilities & Shareholders Equity $16.89M $22.23M $30.08M
YoY Change -43.85% -27.95% 19.48%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$6.320M -$4.798M -$4.810M
YoY Change 31.39% 41.06% 126.12%
Depreciation, Depletion And Amortization $20.00K $17.26K $20.00K
YoY Change 0.0% 146.62% 100.0%
Cash From Operating Activities -$3.740M -$4.930M -$5.820M
YoY Change -35.74% -21.87% 175.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -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 -120.0K 8.280M 3.980M
YoY Change -103.02% 82700.0% 119.89%
NET CHANGE
Cash From Operating Activities -3.740M -4.930M -5.820M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -120.0K 8.280M 3.980M
Net Change In Cash -3.860M 3.350M -1.840M
YoY Change 109.78% -151.86% 513.33%
FREE CASH FLOW
Cash From Operating Activities -$3.740M -$4.930M -$5.820M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$3.740M -$4.930M -$5.820M
YoY Change -35.74% -19.84% 175.83%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13223771 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-16123449 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-3401255 USD
us-gaap Net Income Loss
NetIncomeLoss
-7980831 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-4797825 USD
us-gaap Net Income Loss
NetIncomeLoss
-15760741 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
3745889 USD
us-gaap Operating Expenses
OperatingExpenses
10234598 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
5472276 USD
us-gaap Operating Expenses
OperatingExpenses
16792720 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3745889 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-10234598 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5472276 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-16792720 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
94094 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
75000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
81000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
68432 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
25662 USD
CY2015Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
50100000 USD
CY2016Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
62800000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
797425 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
631225 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
169750 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4015 USD
CY2015Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
1115657 USD
CY2016Q3 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
1614835 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
14500000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
691187 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
372011 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
376026 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
180922 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
126718 USD
CY2016Q3 us-gaap Rental Properties
RentalProperties
8063 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2662373 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7028242 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4563896 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13734693 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
9400 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-74137740 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-89898481 USD
CY2015Q3 us-gaap Revenues
Revenues
0 USD
us-gaap Revenues
Revenues
0 USD
CY2016Q3 us-gaap Revenues
Revenues
0 USD
us-gaap Revenues
Revenues
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
666123 USD
us-gaap Share Based Compensation
ShareBasedCompensation
759424 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
0.938
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.827
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.013
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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
217630 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1937750 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10719904 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12440024 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.18
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.04
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
9131823 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.20
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
P6Y6M
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
P3Y5M27D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y8M19D
CY2016Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.33
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
642210 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
21720296 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
11631413 USD
CY2015Q4 us-gaap Supplies
Supplies
1158632 USD
CY2016Q3 us-gaap Supplies
Supplies
1037291 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4165567 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
5349725 USD
CY2015Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
4197375 USD
CY2014Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
597719 USD
CY2015Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2555735 USD
CY2015Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1958775 USD
CY2016Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2340876 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90260703 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
86156805 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
121336020 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
101904347 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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
UseOfEstimates
<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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