2016 Q1 Form 10-Q Financial Statement

#000082932316000080 Filed on April 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $18.73M $13.42M
YoY Change 39.56% 32.6%
Cost Of Revenue $4.285M $6.069M
YoY Change -29.39% 65.07%
Gross Profit $14.45M $7.352M
YoY Change 96.49% 14.07%
Gross Profit Margin 77.12% 54.78%
Selling, General & Admin $1.260M $987.8K
YoY Change 27.52% -2.26%
% of Gross Profit 8.72% 13.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $540.6K $370.9K
YoY Change 45.75% -18.39%
% of Gross Profit 3.74% 5.04%
Operating Expenses $14.04M $7.101M
YoY Change 97.75% 22.98%
Operating Profit $403.0K $250.8K
YoY Change 60.71% -62.62%
Interest Expense $23.61K $51.16K
YoY Change -53.86% -47.69%
% of Operating Profit 5.86% 20.4%
Other Income/Expense, Net
YoY Change
Pretax Income $379.4K $199.6K
YoY Change 90.08% -65.16%
Income Tax $7.235K -$406.5K
% Of Pretax Income 1.91% -203.64%
Net Earnings $374.3K $626.3K
YoY Change -40.24% -7.18%
Net Earnings / Revenue 2.0% 4.67%
Basic Earnings Per Share $0.02 $0.03
Diluted Earnings Per Share $15.06K $25.99K
COMMON SHARES
Basic Shares Outstanding 24.38M shares 24.09M shares
Diluted Shares Outstanding 24.57M shares 24.24M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $1.900M
YoY Change 131.58% -29.63%
Cash & Equivalents $4.434M $1.924M
Short-Term Investments
Other Short-Term Assets $300.0K $200.0K
YoY Change 50.0% -60.0%
Inventory
Prepaid Expenses $280.6K $232.7K
Receivables $5.065M $7.398M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.788M $9.574M
YoY Change 2.23% 34.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.854M $999.3K
YoY Change 85.57% -7.62%
Goodwill $5.761M $5.761M
YoY Change 0.0% 0.0%
Intangibles $9.087M $9.332M
YoY Change -2.63% -7.84%
Long-Term Investments
YoY Change
Other Assets $218.7K $200.0K
YoY Change 9.36% -36.07%
Total Long-Term Assets $15.07M $15.29M
YoY Change -1.48% -5.6%
TOTAL ASSETS
Total Short-Term Assets $9.788M $9.574M
Total Long-Term Assets $15.07M $15.29M
Total Assets $26.71M $25.87M
YoY Change 3.26% 5.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.664M $7.002M
YoY Change 9.46% 22.31%
Accrued Expenses $2.861M $3.052M
YoY Change -6.27% 24.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $959.9K
YoY Change -82.7%
Total Short-Term Liabilities $10.52M $11.01M
YoY Change -4.44% -19.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.500M
YoY Change -100.0%
Other Long-Term Liabilities $702.0K $98.71K
YoY Change 611.12% -89.33%
Total Long-Term Liabilities $4.502M $6.151M
YoY Change -26.82% 32.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.52M $11.01M
Total Long-Term Liabilities $4.502M $6.151M
Total Liabilities $15.03M $17.17M
YoY Change -12.46% -6.57%
SHAREHOLDERS EQUITY
Retained Earnings -$116.4M -$118.5M
YoY Change -1.76% -1.71%
Common Stock $24.82K $24.62K
YoY Change 0.82% 3.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.397M $1.397M
YoY Change 0.0% 0.0%
Treasury Stock Shares 376.5K shares 376.5K shares
Shareholders Equity $11.68M $8.701M
YoY Change
Total Liabilities & Shareholders Equity $26.71M $25.87M
YoY Change 3.26% 5.9%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $374.3K $626.3K
YoY Change -40.24% -7.18%
Depreciation, Depletion And Amortization $540.6K $370.9K
YoY Change 45.75% -18.39%
Cash From Operating Activities $570.0K -$1.120M
YoY Change -150.89% -394.74%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$240.0K
YoY Change 54.17% 33.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$372.6K -$239.4K
YoY Change 55.62% 34.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$24.81K -$434.8K
YoY Change -94.29% -29.39%
NET CHANGE
Cash From Operating Activities 570.0K -1.120M
Cash From Investing Activities -$372.6K -$239.4K
Cash From Financing Activities -$24.81K -$434.8K
Net Change In Cash -$397.4K -$674.2K
YoY Change -41.06% -15.11%
FREE CASH FLOW
Cash From Operating Activities $570.0K -$1.120M
Capital Expenditures -$370.0K -$240.0K
Free Cash Flow $940.0K -$880.0K
YoY Change -206.82% -257.14%

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CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
372598 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
345752 USD
CY2016Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
280619 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
626310 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
374274 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13339643 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11426611 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1805561 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1854313 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-116748778 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-116374506 USD
CY2015Q1 us-gaap Salaries And Wages
SalariesAndWages
1191057 USD
CY2016Q1 us-gaap Salaries And Wages
SalariesAndWages
1716880 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
13420947 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
18730449 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
987766 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1259626 USD
CY2016Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
8727 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
51924 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
359338 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1162820 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4969778 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
669917 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
284246 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10960444 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
11682104 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
376527 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
376527 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1396559 USD
CY2016Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1396559 USD
CY2015Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
16154 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24240258 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24566288 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24086705 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24381497 shares
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements, in accordance with accounting principles generally accepted in the United States ("GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management&#8217;s regular evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements. We regularly evaluate estimates and assumptions related to allowances for returns and redemptions, allowances for doubtful accounts, goodwill and purchased intangible asset valuations, lives of intangible assets, deferred income tax asset valuation allowances, contingent liabilities, including the Arkansas grant contingency, and stock compensation. Actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements, and such differences could be material.</font></div><div style="line-height:120%;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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