2019 Q1 Form 10-Q Financial Statement

#000082932319000054 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $15.46M $20.50M
YoY Change -24.58% 19.1%
Cost Of Revenue $6.681M $8.779M
YoY Change -23.9% 11.24%
Gross Profit $8.784M $11.73M
YoY Change -25.09% 25.75%
Gross Profit Margin 56.8% 57.19%
Selling, General & Admin $2.377M $2.126M
YoY Change 11.79% 0.39%
% of Gross Profit 27.06% 18.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $823.8K $791.6K
YoY Change 4.06% 14.21%
% of Gross Profit 9.38% 6.75%
Operating Expenses $10.73M $13.04M
YoY Change -17.72% 18.84%
Operating Profit -$1.946M -$1.315M
YoY Change 47.99% -20.27%
Interest Expense $516.7K $100.9K
YoY Change 412.15% 134.93%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$2.462M -$1.416M
YoY Change 73.94% -16.33%
Income Tax $0.00 -$7.645K
% Of Pretax Income
Net Earnings -$2.462M -$1.408M
YoY Change 74.88% -16.84%
Net Earnings / Revenue -15.92% -6.87%
Basic Earnings Per Share
Diluted Earnings Per Share -$76.01K -$49.21K
COMMON SHARES
Basic Shares Outstanding 32.40M shares 28.65M shares
Diluted Shares Outstanding 32.40M shares 28.65M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.4K $4.100M
YoY Change -93.94% 5.13%
Cash & Equivalents $248.4K $4.146M
Short-Term Investments
Other Short-Term Assets $269.7K $300.0K
YoY Change -10.09% 0.0%
Inventory
Prepaid Expenses $269.7K $296.7K
Receivables $6.154M $7.458M
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.672M $11.90M
YoY Change -43.93% 4.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.728M $2.380M
YoY Change -27.37% 53.14%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.81%
Intangibles $9.104M $10.45M
YoY Change -12.92% -13.71%
Long-Term Investments
YoY Change
Other Assets $35.17K $35.17K
YoY Change 0.0% -59.34%
Total Long-Term Assets $20.29M $20.34M
YoY Change -0.28% -7.43%
TOTAL ASSETS
Total Short-Term Assets $6.672M $11.90M
Total Long-Term Assets $20.29M $20.34M
Total Assets $28.69M $34.62M
YoY Change -17.15% -0.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.509M $11.12M
YoY Change -23.45% 10.97%
Accrued Expenses $3.399M $2.856M
YoY Change 19.03% 8.43%
Deferred Revenue
YoY Change
Short-Term Debt $2.341M $4.900M
YoY Change -52.22% 345.45%
Long-Term Debt Due $518.3K $200.0K
YoY Change 159.13%
Total Short-Term Liabilities $14.58M $18.87M
YoY Change -22.72% 37.24%
LONG-TERM LIABILITIES
Long-Term Debt $2.280M $200.0K
YoY Change 1039.78% -92.0%
Other Long-Term Liabilities $102.7K $363.9K
YoY Change -71.78% 0.73%
Total Long-Term Liabilities $5.435M $2.696M
YoY Change 101.62% -59.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.58M $18.87M
Total Long-Term Liabilities $5.435M $2.696M
Total Liabilities $20.02M $21.57M
YoY Change -7.18% 5.98%
SHAREHOLDERS EQUITY
Retained Earnings -$128.9M -$122.0M
YoY Change 5.69% 2.33%
Common Stock $32.95K $29.17K
YoY Change 12.93% 0.94%
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 $10.58M $13.06M
YoY Change
Total Liabilities & Shareholders Equity $28.69M $34.62M
YoY Change -17.15% -0.89%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.462M -$1.408M
YoY Change 74.88% -16.84%
Depreciation, Depletion And Amortization $823.8K $791.6K
YoY Change 4.06% 14.21%
Cash From Operating Activities -$1.048M $629.1K
YoY Change -266.56% -137.34%
INVESTING ACTIVITIES
Capital Expenditures -$310.2K -$510.0K
YoY Change -39.17% 240.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$310.2K -$514.1K
YoY Change -39.65% -709.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.377M -$53.84K
YoY Change -2658.55% -103.41%
NET CHANGE
Cash From Operating Activities -$1.048M $629.1K
Cash From Investing Activities -$310.2K -$514.1K
Cash From Financing Activities $1.377M -$53.84K
Net Change In Cash $19.44K $61.19K
YoY Change -68.23% -362.77%
FREE CASH FLOW
Cash From Operating Activities -$1.048M $629.1K
Capital Expenditures -$310.2K -$510.0K
Free Cash Flow -$737.6K $1.139M
YoY Change -164.75% -174.22%

Facts In Submission

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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
NetCashProvidedByUsedInInvestingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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250000 USD
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250000 USD
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CY2019Q1 us-gaap Operating Expenses
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177000 USD
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-1314780 USD
CY2019Q1 us-gaap Operating Income Loss
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-1945685 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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1071580 USD
CY2019Q1 us-gaap Operating Lease Cost
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118000 USD
CY2019Q1 us-gaap Operating Lease Liability
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1100000 USD
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713225 USD
CY2019Q1 us-gaap Operating Lease Payments
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99986 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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1100000 USD
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0.0625
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P31M21DT7H
CY2018Q4 us-gaap Other Accrued Liabilities Current
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CY2019Q1 us-gaap Other Accrued Liabilities Current
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35170 USD
CY2019Q1 us-gaap Other Assets Noncurrent
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35170 USD
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193007 USD
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310221 USD
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CY2019Q1 us-gaap Preferred Stock Shares Authorized
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500000 shares
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0 shares
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0 shares
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0 USD
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1200000 USD
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0 USD
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1200000 USD
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2123672 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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1728472 USD
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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53839 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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20503985 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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15464569 USD
CY2019Q1 us-gaap Revenue From Related Parties
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10500 USD
CY2018Q1 us-gaap Salaries And Wages
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CY2019Q1 us-gaap Salaries And Wages
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CY2018Q1 us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Selling General And Administrative Expense
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CY2018Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1345145 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2177761 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
264246 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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2019 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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264246 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
264246 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.84
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.84
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y8M12D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y8M12D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y8M12D
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0 shares
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q4 us-gaap Treasury Stock Shares
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CY2019Q1 us-gaap Treasury Stock Shares
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CY2019Q1 us-gaap Treasury Stock Value
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1396559 USD
CY2019Q1 us-gaap Variable Lease Cost
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59000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32396998 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28652230 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32396998 shares
CY2019Q1 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 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 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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