2019 Q2 Form 10-Q Financial Statement

#000102265219000017 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $55.89M $48.56M $46.73M
YoY Change 13.93% 3.9% -15.63%
Cost Of Revenue $40.34M $33.80M $31.19M
YoY Change 28.46% 8.36% -20.44%
Gross Profit $15.56M $14.76M $15.54M
YoY Change -11.9% -5.04% -3.97%
Gross Profit Margin 27.83% 30.4% 33.26%
Selling, General & Admin $14.69M $12.87M $11.91M
YoY Change 23.09% 8.02% -37.95%
% of Gross Profit 94.46% 87.16% 76.63%
Research & Development $5.188M $3.485M $4.976M
YoY Change 4.43% -29.96% -20.88%
% of Gross Profit 33.35% 23.61% 32.01%
Depreciation & Amortization $3.770M $3.439M $3.887M
YoY Change 9.91% -11.53% -4.71%
% of Gross Profit 24.24% 23.3% 25.01%
Operating Expenses $20.74M $17.22M $18.13M
YoY Change 12.22% -5.0% -33.35%
Operating Profit -$5.183M -$2.461M -$2.584M
YoY Change 530.54% -4.76% -76.53%
Interest Expense -$5.142M -$5.075M -$5.100M
YoY Change -0.1% -0.49% 22.71%
% of Operating Profit
Other Income/Expense, Net -$72.00K $313.0K $64.00K
YoY Change -83.56% 389.06% -109.95%
Pretax Income -$10.40M -$7.223M -$7.620M
YoY Change 62.28% -5.21% -51.8%
Income Tax $300.0K $200.0K $440.0K
% Of Pretax Income
Net Earnings -$10.78M -$7.485M -$8.050M
YoY Change 61.85% -7.02% -50.0%
Net Earnings / Revenue -19.29% -15.42% -17.23%
Basic Earnings Per Share -$0.13
Diluted Earnings Per Share -$137.1K -$100.8K -$0.13
COMMON SHARES
Basic Shares Outstanding 78.73M shares 74.28M shares 58.83M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.30M $31.90M $16.10M
YoY Change 7.98% 98.14% 151.56%
Cash & Equivalents $20.27M $31.88M $16.11M
Short-Term Investments
Other Short-Term Assets $7.400M $6.000M $5.700M
YoY Change 17.46% 5.26% -36.67%
Inventory $29.39M $33.29M $15.03M
Prepaid Expenses
Receivables $19.61M $23.68M $18.86M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $76.64M $94.80M $55.62M
YoY Change 24.78% 70.44% -26.27%
LONG-TERM ASSETS
Property, Plant & Equipment $9.224M $6.976M $6.856M
YoY Change 52.94% 1.75% -17.4%
Goodwill $33.58M $32.78M $39.28M
YoY Change -2.25% -16.56% 12.1%
Intangibles $36.76M $34.03M $38.57M
YoY Change 9.7% -11.78% -3.71%
Long-Term Investments
YoY Change
Other Assets $509.0K $510.0K $871.0K
YoY Change -41.49% -41.45% 437.65%
Total Long-Term Assets $88.02M $82.80M $93.18M
YoY Change 8.57% -11.13% 3.39%
TOTAL ASSETS
Total Short-Term Assets $76.64M $94.80M $55.62M
Total Long-Term Assets $88.02M $82.80M $93.18M
Total Assets $164.7M $177.6M $148.8M
YoY Change 15.56% 19.36% -10.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.86M $42.73M $20.35M
YoY Change 22.5% 110.0% -54.73%
Accrued Expenses $14.09M $17.42M $36.14M
YoY Change -60.2% -51.79% 0.14%
Deferred Revenue
YoY Change
Short-Term Debt $1.000M $1.200M $3.100M
YoY Change -60.0% -61.29% -6.06%
Long-Term Debt Due $143.0M
YoY Change
Total Short-Term Liabilities $194.0M $61.39M $59.54M
YoY Change 188.78% 3.11% -29.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $140.5M $131.3M
YoY Change -100.0% 7.01% 46.38%
Other Long-Term Liabilities $3.447M $3.871M $1.697M
YoY Change 119.55% 128.11% -83.91%
Total Long-Term Liabilities $3.447M $3.871M $1.697M
YoY Change 119.55% 128.11% -83.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $194.0M $61.39M $59.54M
Total Long-Term Liabilities $3.447M $3.871M $1.697M
Total Liabilities $202.0M $210.2M $198.0M
YoY Change -2.48% 6.14% 3.25%
SHAREHOLDERS EQUITY
Retained Earnings -$596.1M -$585.3M -$577.8M
YoY Change 1.99% 1.3% 6.98%
Common Stock $79.00K $79.00K $59.00K
YoY Change 31.67% 33.9% 5.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$37.27M -$32.48M -$49.18M
YoY Change
Total Liabilities & Shareholders Equity $164.7M $177.6M $148.8M
YoY Change 15.56% 19.36% -10.13%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$10.78M -$7.485M -$8.050M
YoY Change 61.85% -7.02% -50.0%
Depreciation, Depletion And Amortization $3.770M $3.439M $3.887M
YoY Change 9.91% -11.53% -4.71%
Cash From Operating Activities -$5.030M -$5.033M -$4.380M
YoY Change -195.27% 14.91% 37.87%
INVESTING ACTIVITIES
Capital Expenditures -$7.400M $428.0K $326.0K
YoY Change 750.57% 31.29% -64.45%
Acquisitions
YoY Change
Other Investing Activities $400.0K $50.00K $30.00K
YoY Change 66.67% -50.0%
Cash From Investing Activities -$7.000M -$4.320M -$856.0K
YoY Change 713.95% 404.67% -50.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -310.0K $10.62M -$130.0K
YoY Change 520.0% -8271.54% -108.28%
NET CHANGE
Cash From Operating Activities -5.030M -$5.033M -$4.380M
Cash From Investing Activities -7.000M -$4.320M -$856.0K
Cash From Financing Activities -310.0K $10.62M -$130.0K
Net Change In Cash -12.34M $863.0K -$5.086M
YoY Change -382.38% -116.97% 53.15%
FREE CASH FLOW
Cash From Operating Activities -$5.030M -$5.033M -$4.380M
Capital Expenditures -$7.400M $428.0K $326.0K
Free Cash Flow $2.370M -$5.461M -$4.706M
YoY Change -61.46% 16.04% 14.95%

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CY2018Q1 us-gaap Inventory Write Down
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820000 USD
CY2019Q1 us-gaap Inventory Write Down
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309000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3590000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
68000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
347000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
610000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1016000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1549000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
361000 USD
CY2018Q4 us-gaap Liabilities
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198781000 USD
CY2019Q1 us-gaap Liabilities
Liabilities
210198000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
162256000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
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177602000 USD
CY2018Q4 us-gaap Liabilities Current
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CY2019Q1 us-gaap Liabilities Current
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61394000 USD
CY2018Q4 us-gaap Lines Of Credit Current
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1412000 USD
CY2019Q1 us-gaap Lines Of Credit Current
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1242000 USD
CY2018Q3 us-gaap Litigation Settlement Amount Awarded To Other Party
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1000000 USD
CY2018Q4 us-gaap Minority Interest
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-135000 USD
CY2019Q1 us-gaap Minority Interest
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-4380000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-5033000 USD
CY2018Q1 us-gaap Net Income Loss
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-8050000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-7485000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-10000 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14000 USD
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segments
CY2018Q1 us-gaap Operating Expenses
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18127000 USD
CY2019Q1 us-gaap Operating Expenses
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17221000 USD
CY2018Q1 us-gaap Operating Income Loss
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-2584000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2461000 USD
CY2019Q1 us-gaap Operating Lease Cost
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500000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3229000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3200000 USD
CY2019Q1 us-gaap Operating Lease Liability Current
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1664000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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1565000 USD
CY2019Q1 us-gaap Operating Lease Payments
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500000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M15D
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5081000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3110000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.091
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6106000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
510000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
510000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3177000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-583000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3177000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-583000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2543000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3871000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1014000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-120000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
64000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
313000 USD
CY2019Q1 us-gaap Payments For Restructuring
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119000 USD
CY2018Q3 us-gaap Payments Of Stock Issuance Costs
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500000 USD
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
555000 USD
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3942000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
326000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
428000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6212000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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5889000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-218000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-35000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
25000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
50000 USD
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
10600000 USD
CY2018Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
10639000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-8060000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-7471000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6698000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6976000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
232000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
230000 USD
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
209000 USD
CY2019Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
268000 USD
CY2018Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
85000 USD
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
61000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
61000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
61000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4976000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3485000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
61000 USD
CY2019Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
5995000 USD
CY2019Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
22000 USD
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
277000 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
22000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
634000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
537000 USD
CY2019Q1 us-gaap Restructuring Reserve Current
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400000 USD
CY2019Q1 us-gaap Restructuring Reserve Noncurrent
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100000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-577817000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-585302000 USD
CY2018Q1 us-gaap Revenues
Revenues
46733000 USD
CY2019Q1 us-gaap Revenues
Revenues
48556000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3554000 USD
CY2018Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
19700000 USD
CY2018Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
12062000 shares
CY2018Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
45046000 USD
CY2019Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
45419000 USD
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5415000 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6391000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
880000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1057000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2411388 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
536599 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
489882 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8796212 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8436771 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
312724 shares
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-36390000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-32475000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-45615000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-49236000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-36525000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-32596000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
60721518 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74366879 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:8px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Significant estimates include allowance for doubtful accounts receivable, provision for excess and obsolete inventory, valuation of intangible and long-lived assets, valuation of goodwill, valuation of debt obligations, royalty costs, accruals relating to litigation and restructuring, provision for warranty costs, income taxes, share-based compensation expense and the Company&#8217;s ability to continue as a going concern.</font></div></div>

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