2017 Q4 Form 10-Q Financial Statement

#000082932317000072 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $23.76M $20.31M $17.49M
YoY Change 20.79% 16.16% -9.19%
Cost Of Revenue $11.51M $9.649M $5.136M
YoY Change 44.42% 87.87% -12.6%
Gross Profit $12.25M $10.66M $12.35M
YoY Change 4.79% -13.66% -7.69%
Gross Profit Margin 51.56% 52.49% 70.63%
Selling, General & Admin $12.64M $2.025M $1.229M
YoY Change 6.31% 64.77% 17.31%
% of Gross Profit 103.18% 18.99% 9.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $790.0K $406.0K $325.2K
YoY Change 43.64% 24.84% 41.81%
% of Gross Profit 6.45% 3.81% 2.63%
Operating Expenses $12.63M $11.55M $12.80M
YoY Change 6.13% -9.76% 0.46%
Operating Profit -$380.0K -$888.9K -$452.2K
YoY Change 80.95% 96.56% -171.2%
Interest Expense -$110.0K $97.32K $25.73K
YoY Change 266.67% 278.24% 11.38%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$490.0K -$986.2K -$477.9K
YoY Change 113.04% 106.34% -178.09%
Income Tax $0.00 $0.00 -$43.01K
% Of Pretax Income
Net Earnings $1.000M -$986.2K -$263.1K
YoY Change -422.58% 274.87% -140.39%
Net Earnings / Revenue 4.21% -4.86% -1.5%
Basic Earnings Per Share
Diluted Earnings Per Share $35.05K -$34.68K -$10.53K
COMMON SHARES
Basic Shares Outstanding 28.48M shares 28.55M shares 24.69M shares
Diluted Shares Outstanding 28.55M shares 24.69M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.100M $2.900M $3.600M
YoY Change 5.13% -19.44% -7.69%
Cash & Equivalents $4.085M $2.902M $3.638M
Short-Term Investments
Other Short-Term Assets $400.0K $300.0K $400.0K
YoY Change 33.33% -25.0% 33.33%
Inventory
Prepaid Expenses $395.9K $347.7K $383.8K
Receivables $10.76M $9.977M $6.315M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.24M $13.23M $10.35M
YoY Change 28.9% 27.82% 0.71%
LONG-TERM ASSETS
Property, Plant & Equipment $2.306M $2.233M $1.752M
YoY Change 42.78% 27.47% 23.26%
Goodwill $9.853M $9.774M $5.761M
YoY Change 71.04% 69.66% 0.0%
Intangibles $10.81M $11.32M $8.575M
YoY Change 29.53% 32.0% -10.26%
Long-Term Investments
YoY Change
Other Assets $36.07K $96.07K $29.23K
YoY Change 137.52% 228.68% -87.03%
Total Long-Term Assets $20.70M $21.19M $14.36M
YoY Change 46.58% 47.5% -7.57%
TOTAL ASSETS
Total Short-Term Assets $15.24M $13.23M $10.35M
Total Long-Term Assets $20.70M $21.19M $14.36M
Total Assets $38.25M $36.65M $26.47M
YoY Change 38.77% 38.48% -2.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.61M $11.76M $7.873M
YoY Change 46.69% 49.39% -10.29%
Accrued Expenses $2.888M $2.936M $2.804M
YoY Change 7.37% 4.71% -33.66%
Deferred Revenue
YoY Change
Short-Term Debt $4.900M $5.000M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.40M $19.70M $10.68M
YoY Change 78.79% 84.49% -17.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $426.7K $485.4K $330.0K
YoY Change 30.73% 47.09% -40.07%
Total Long-Term Liabilities $2.759M $4.224M $4.130M
YoY Change -32.14% 2.28% 0.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.40M $19.70M $10.68M
Total Long-Term Liabilities $2.759M $4.224M $4.130M
Total Liabilities $24.16M $23.92M $14.81M
YoY Change 50.67% 61.56% -13.44%
SHAREHOLDERS EQUITY
Retained Earnings -$120.6M -$121.6M -$117.2M
YoY Change 2.6% 3.73% -0.13%
Common Stock $29.00K $29.04K $25.21K
YoY Change 14.61% 15.19% 2.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.397M $1.316M $1.397M
YoY Change 0.0% -5.79% 0.0%
Treasury Stock Shares 376.5K shares 325.1K shares 376.5K shares
Shareholders Equity $14.09M $12.73M $11.66M
YoY Change
Total Liabilities & Shareholders Equity $38.25M $36.65M $26.47M
YoY Change 38.77% 38.48% -2.84%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $1.000M -$986.2K -$263.1K
YoY Change -422.58% 274.87% -140.39%
Depreciation, Depletion And Amortization $790.0K $406.0K $325.2K
YoY Change 43.64% 24.84% 41.81%
Cash From Operating Activities $1.810M -$120.0K $40.00K
YoY Change 223.21% -400.0% -98.12%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$440.0K -$230.0K
YoY Change 163.16% 91.3% -51.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$490.0K -$450.0K -$230.0K
YoY Change 157.89% 95.65% -51.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -130.0K -220.0K -140.0K
YoY Change 85.71% 57.14% -90.73%
NET CHANGE
Cash From Operating Activities 1.810M -120.0K 40.00K
Cash From Investing Activities -490.0K -450.0K -230.0K
Cash From Financing Activities -130.0K -220.0K -140.0K
Net Change In Cash 1.190M -790.0K -330.0K
YoY Change 296.67% 139.39% -320.0%
FREE CASH FLOW
Cash From Operating Activities $1.810M -$120.0K $40.00K
Capital Expenditures -$500.0K -$440.0K -$230.0K
Free Cash Flow $2.310M $320.0K $270.0K
YoY Change 208.0% 18.52% -89.62%

Facts In Submission

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CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
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IntangibleAssetsNetExcludingGoodwill
11319044 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
25729 USD
us-gaap Interest Expense
InterestExpense
71784 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
97318 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
27561139 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
36648714 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
11970419 USD
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LiabilitiesCurrent
19698099 USD
CY2016Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
4064928 USD
CY2017Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
4223905 USD
CY2016Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
CY2017Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
5000000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
0 USD
CY2017Q3 us-gaap Long Term Debt
LongTermDebt
5000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-178295 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2744975 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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-827048 USD
us-gaap Net Cash Provided By Used In Operating Activities
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488582 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2962766 USD
CY2016 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
12801046 USD
us-gaap Operating Expenses
OperatingExpenses
39127889 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
11551060 USD
us-gaap Operating Expenses
OperatingExpenses
34484349 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-452201 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-656039 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-888853 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-3847565 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1860349 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
239090 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
402138 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
473851 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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466329 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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116235 USD
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42248 USD
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135635 USD
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109701 USD
us-gaap Operating Leases Rent Expense Net
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us-gaap Payments For Repurchase Of Equity
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44772 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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140742 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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97376 USD
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929380 USD
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us-gaap Payments For Repurchase Of Equity
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0 USD
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0 shares
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0 shares
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500000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
us-gaap Payments To Acquire Productive Assets
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1062811 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
293113 USD
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
347707 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
5000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-263073 USD
us-gaap Profit Loss
ProfitLoss
-463627 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
-986171 USD
us-gaap Profit Loss
ProfitLoss
-4061596 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7627832 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9333261 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1615223 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2233183 USD
us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
0 USD
us-gaap Repayments Of Assumed Debt
RepaymentsOfAssumedDebt
2015577 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-117521362 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-121582959 USD
CY2016Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
27141 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
77453 USD
CY2017Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
27576 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
91718 USD
CY2016Q3 us-gaap Salaries And Wages
SalariesAndWages
1650474 USD
us-gaap Salaries And Wages
SalariesAndWages
4973192 USD
CY2017Q3 us-gaap Salaries And Wages
SalariesAndWages
2363901 USD
us-gaap Salaries And Wages
SalariesAndWages
7053308 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
17485087 USD
us-gaap Sales Revenue Net
SalesRevenueNet
51864448 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
20311502 USD
us-gaap Sales Revenue Net
SalesRevenueNet
55798545 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1229177 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3759225 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2025254 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6308552 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
315596 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1002044 USD
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
336913 USD
us-gaap Share Based Compensation
ShareBasedCompensation
923072 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1171761 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
7545851 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2379019 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
264246 shares
us-gaap Stock Issued1
StockIssued1
300001 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2016Q4 us-gaap Stock Repurchase Program Authorized Amount1
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500000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
11525792 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
12726710 USD
CY2017Q3 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
0.97
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28030902 shares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
376527 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
325062 shares
CY2017Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
45900 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1396559 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1315730 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24694566 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24571271 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28553055 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24694566 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24571271 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28553055 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28030902 shares
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;">The preparation of financial statements, in accordance with 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 doubtful accounts, accrued sales reserve, 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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