2012 Q4 Form 10-Q Financial Statement

#000110465912077182 Filed on November 13, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q4
Revenue $1.500M $1.855M $1.450M
YoY Change 3.45% 3.52% 54.26%
Cost Of Revenue $530.0K $774.0K $550.0K
YoY Change -3.64% 10.41% 52.78%
Gross Profit $970.0K $1.081M $900.0K
YoY Change 7.78% -0.92% 57.89%
Gross Profit Margin 64.67% 58.27% 62.07%
Selling, General & Admin $550.0K $587.0K $530.0K
YoY Change 3.77% -7.27% 6.0%
% of Gross Profit 56.7% 54.3% 58.89%
Research & Development $530.0K $414.0K $410.0K
YoY Change 29.27% 32.27% 10.81%
% of Gross Profit 54.64% 38.3% 45.56%
Depreciation & Amortization $50.00K $30.00K $40.00K
YoY Change 25.0% 0.0% 100.0%
% of Gross Profit 5.15% 2.78% 4.44%
Operating Expenses $1.090M $1.001M $930.0K
YoY Change 17.2% 5.81% 6.9%
Operating Profit -$120.0K $80.00K -$30.00K
YoY Change 300.0% -44.83% -90.0%
Interest Expense -$30.00K -$32.00K -$30.00K
YoY Change 0.0% 33.33% 200.0%
% of Operating Profit -40.0%
Other Income/Expense, Net -$120.0K
YoY Change
Pretax Income -$150.0K $48.00K -$180.0K
YoY Change -16.67% -60.33% -40.0%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$150.0K $48.00K -$180.0K
YoY Change -16.67% -60.33% -40.0%
Net Earnings / Revenue -10.0% 2.59% -12.41%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$12.39K $0.00 -$15.08K
COMMON SHARES
Basic Shares Outstanding 12.07M shares 12.07M shares 11.94M shares
Diluted Shares Outstanding 13.92M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $500.0K $300.0K
YoY Change -66.67% 66.67% -40.0%
Cash & Equivalents $52.00K $475.0K $308.0K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $100.0K
YoY Change -100.0%
Inventory $5.000K $5.000K $5.000K
Prepaid Expenses $48.00K $45.00K $90.00K
Receivables $946.0K $601.0K $480.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.051M $1.126M $883.0K
YoY Change 19.03% 28.98% 4.37%
LONG-TERM ASSETS
Property, Plant & Equipment $260.0K $269.0K $207.0K
YoY Change 25.6% 43.09% 76.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $48.00K $45.00K $40.00K
YoY Change 20.0% 9.76% 2.56%
Total Long-Term Assets $308.0K $314.0K $247.0K
YoY Change 24.7% 37.12% 58.33%
TOTAL ASSETS
Total Short-Term Assets $1.051M $1.126M $883.0K
Total Long-Term Assets $308.0K $314.0K $247.0K
Total Assets $1.359M $1.440M $1.130M
YoY Change 20.27% 30.67% 12.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $159.0K $800.0K $171.0K
YoY Change -7.02% 14.29% 2.4%
Accrued Expenses $548.0K $461.0K
YoY Change 18.87% 27.35%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $1.600M $100.0K
YoY Change 0.0% 6.67%
Long-Term Debt Due $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $1.264M $2.764M $1.006M
YoY Change 25.65% 11.5% -34.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.600M $100.0K $1.600M
YoY Change 0.0% 700.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.600M $100.0K $1.600M
YoY Change 0.0% 700.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.264M $2.764M $1.006M
Total Long-Term Liabilities $1.600M $100.0K $1.600M
Total Liabilities $2.900M $2.900M $2.600M
YoY Change 11.54% 16.0% 44.44%
SHAREHOLDERS EQUITY
Retained Earnings -$59.05M -$58.89M -$58.80M
YoY Change 0.42% 0.46% 1.61%
Common Stock $122.0K $121.0K $119.0K
YoY Change 2.52% 0.83% 0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $362.0K $362.0K $362.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 10.00K shares 10.00K shares 10.00K shares
Shareholders Equity -$1.551M -$1.436M -$1.459M
YoY Change
Total Liabilities & Shareholders Equity $1.359M $1.440M $1.130M
YoY Change 20.27% 30.67% 12.77%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income -$150.0K $48.00K -$180.0K
YoY Change -16.67% -60.33% -40.0%
Depreciation, Depletion And Amortization $50.00K $30.00K $40.00K
YoY Change 25.0% 0.0% 100.0%
Cash From Operating Activities -$510.0K $380.0K -$80.00K
YoY Change 537.5% -235.71% -110.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change -66.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K $0.00
YoY Change -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K -40.00K 60.00K
YoY Change 33.33% -110.0% -112.24%
NET CHANGE
Cash From Operating Activities -510.0K 380.0K -80.00K
Cash From Investing Activities 0.000 -10.00K 0.000
Cash From Financing Activities 80.00K -40.00K 60.00K
Net Change In Cash -430.0K 330.0K -20.00K
YoY Change 2050.0% 266.67% -108.0%
FREE CASH FLOW
Cash From Operating Activities -$510.0K $380.0K -$80.00K
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow -$510.0K $390.0K -$80.00K
YoY Change 537.5% -256.0% -110.81%

Facts In Submission

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Ward Paxton, the Company&#8217;s Chief Executive Officer.&#160; We are obligated to make payments of accrued dividends on all our outstanding shares of preferred stock that will reduce our available cash resources.&#160; Based on projections of growth in revenue and net income in the coming quarters, and the borrowings available previously mentioned, we believe that we will have sufficient cash resources to finance our operations and expected capital expenditures for the next twelve months.&#160; We expect to fund our operations through Company profits, our line of credit, borrowings from the Company&#8217;s CEO, and possibly additional investments of private equity and debt, which, if we are able to obtain, will have the effect of diluting our existing common stockholders, perhaps significantly.&#160; Any equity or debt financings, if available at all, may be on terms which are not favorable to us and, in the case of equity financings, may result in dilution to our stockholders. 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USD
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