2019 Q2 Form 10-Q Financial Statement

#000082932319000067 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $14.05M $19.00M
YoY Change -26.08% 4.02%
Cost Of Revenue $5.674M $6.991M
YoY Change -18.84% -8.26%
Gross Profit $8.374M $12.01M
YoY Change -30.3% 12.8%
Gross Profit Margin 59.61% 63.21%
Selling, General & Admin $2.214M $1.983M
YoY Change 11.63% -8.42%
% of Gross Profit 26.43% 16.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $431.6K $447.8K
YoY Change -3.62% 30.52%
% of Gross Profit 5.15% 3.73%
Operating Expenses $10.48M $12.75M
YoY Change -17.84% 6.63%
Operating Profit -$2.104M -$739.1K
YoY Change 184.63% -43.57%
Interest Expense $148.8K $94.56K
YoY Change 57.36% 30.13%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$1.955M -$833.7K
YoY Change 134.5% -39.69%
Income Tax $0.00 -$980.00
% Of Pretax Income
Net Earnings -$1.955M -$832.7K
YoY Change 134.78% -39.76%
Net Earnings / Revenue -13.92% -4.38%
Basic Earnings Per Share
Diluted Earnings Per Share -$60.02K -$27.12K
COMMON SHARES
Basic Shares Outstanding 32.57M shares 30.61M shares
Diluted Shares Outstanding 32.57M shares 30.61M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $995.5K $4.100M
YoY Change -75.72% 10.81%
Cash & Equivalents $995.5K $4.117M
Short-Term Investments
Other Short-Term Assets $227.7K $400.0K
YoY Change -43.08% 0.0%
Inventory
Prepaid Expenses $227.7K $380.1K
Receivables $5.052M $7.587M
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.275M $12.08M
YoY Change -48.08% 2.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.569M $2.360M
YoY Change -33.53% 40.72%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.81%
Intangibles $8.766M $10.12M
YoY Change -13.35% -13.66%
Long-Term Investments
YoY Change
Other Assets $35.17K $35.17K
YoY Change 0.0% -67.25%
Total Long-Term Assets $19.80M $20.01M
YoY Change -1.02% -7.38%
TOTAL ASSETS
Total Short-Term Assets $6.275M $12.08M
Total Long-Term Assets $19.80M $20.01M
Total Assets $27.64M $34.45M
YoY Change -19.76% -1.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.525M $10.26M
YoY Change -7.19% 8.79%
Accrued Expenses $3.036M $2.973M
YoY Change 2.11% -7.45%
Deferred Revenue
YoY Change
Short-Term Debt $3.106M $4.000M
YoY Change -22.34% 60.0%
Long-Term Debt Due $174.8K $200.0K
YoY Change -12.59%
Total Short-Term Liabilities $15.67M $17.24M
YoY Change -9.1% 13.8%
LONG-TERM LIABILITIES
Long-Term Debt $2.253M $200.0K
YoY Change 1026.73% -92.0%
Other Long-Term Liabilities $93.39K $306.2K
YoY Change -69.5% 57.95%
Total Long-Term Liabilities $5.223M $2.638M
YoY Change 97.98% -58.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.67M $17.24M
Total Long-Term Liabilities $5.223M $2.638M
Total Liabilities $20.89M $19.87M
YoY Change 5.11% -7.9%
SHAREHOLDERS EQUITY
Retained Earnings -$130.9M -$122.8M
YoY Change 6.57% 1.84%
Common Stock $32.99K $32.50K
YoY Change 1.5% 12.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.397M $1.397M
YoY Change 0.0% 9.89%
Treasury Stock Shares 376.5K shares 376.5K shares
Shareholders Equity $8.666M $14.58M
YoY Change
Total Liabilities & Shareholders Equity $27.64M $34.45M
YoY Change -19.76% -1.78%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.955M -$832.7K
YoY Change 134.78% -39.76%
Depreciation, Depletion And Amortization $431.6K $447.8K
YoY Change -3.62% 30.52%
Cash From Operating Activities $338.0K -$780.0K
YoY Change -143.33% -32.76%
INVESTING ACTIVITIES
Capital Expenditures -$271.6K -$430.0K
YoY Change -36.83% -8.51%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$271.6K -$430.0K
YoY Change -36.83% -6.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 680.7K 1.180M
YoY Change -42.31% -14.49%
NET CHANGE
Cash From Operating Activities 338.0K -780.0K
Cash From Investing Activities -271.6K -430.0K
Cash From Financing Activities 680.7K 1.180M
Net Change In Cash 747.1K -30.00K
YoY Change -2590.23% -87.5%
FREE CASH FLOW
Cash From Operating Activities $338.0K -$780.0K
Capital Expenditures -$271.6K -$430.0K
Free Cash Flow $609.6K -$350.0K
YoY Change -274.17% -49.28%

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<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, valuation of long-lived 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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