2020 Q1 Form 10-Q Financial Statement

#000082932320000048 Filed on May 15, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $14.93M $15.46M
YoY Change -3.44% -24.58%
Cost Of Revenue $3.440M $6.681M
YoY Change -48.52% -23.9%
Gross Profit $11.49M $8.784M
YoY Change 30.85% -25.09%
Gross Profit Margin 76.97% 56.8%
Selling, General & Admin $2.059M $2.377M
YoY Change -13.39% 11.79%
% of Gross Profit 17.91% 27.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $835.7K $823.8K
YoY Change 1.45% 4.06%
% of Gross Profit 7.27% 9.38%
Operating Expenses $14.03M $10.73M
YoY Change 30.72% -17.72%
Operating Profit -$2.532M -$1.946M
YoY Change 30.16% 47.99%
Interest Expense -$152.5K $516.7K
YoY Change -129.52% 412.15%
% of Operating Profit
Other Income/Expense, Net -$140.3K $0.00
YoY Change
Pretax Income -$2.825M -$2.462M
YoY Change 14.74% 73.94%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.825M -$2.462M
YoY Change 14.74% 74.88%
Net Earnings / Revenue -18.92% -15.92%
Basic Earnings Per Share
Diluted Earnings Per Share -$52.67K -$76.01K
COMMON SHARES
Basic Shares Outstanding 53.64M shares 32.40M shares
Diluted Shares Outstanding 53.64M shares 32.40M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $470.8K $248.4K
YoY Change 89.54% -93.94%
Cash & Equivalents $470.8K $248.4K
Short-Term Investments
Other Short-Term Assets $353.8K $269.7K
YoY Change 31.16% -10.09%
Inventory
Prepaid Expenses $353.8K $269.7K
Receivables $5.797M $6.154M
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.621M $6.672M
YoY Change -0.77% -43.93%
LONG-TERM ASSETS
Property, Plant & Equipment $1.316M $1.728M
YoY Change -23.88% -27.37%
Goodwill $9.853M $9.853M
YoY Change 0.0% 0.0%
Intangibles $9.985M $9.104M
YoY Change 9.68% -12.92%
Long-Term Investments
YoY Change
Other Assets $20.89K $35.17K
YoY Change -40.61% 0.0%
Total Long-Term Assets $22.30M $20.29M
YoY Change 9.92% -0.28%
TOTAL ASSETS
Total Short-Term Assets $6.621M $6.672M
Total Long-Term Assets $22.30M $20.29M
Total Assets $28.92M $28.69M
YoY Change 0.81% -17.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.115M $8.509M
YoY Change -4.62% -23.45%
Accrued Expenses $3.759M $3.399M
YoY Change 10.6% 19.03%
Deferred Revenue
YoY Change
Short-Term Debt $1.503M $2.341M
YoY Change -35.8% -52.22%
Long-Term Debt Due $482.4K $518.3K
YoY Change -6.92% 159.13%
Total Short-Term Liabilities $14.31M $14.58M
YoY Change -1.86% -22.72%
LONG-TERM LIABILITIES
Long-Term Debt $143.0K $2.280M
YoY Change -93.73% 1039.78%
Other Long-Term Liabilities $520.8K $102.7K
YoY Change 407.08% -71.78%
Total Long-Term Liabilities $3.029M $5.435M
YoY Change -44.28% 101.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.31M $14.58M
Total Long-Term Liabilities $3.029M $5.435M
Total Liabilities $17.34M $20.02M
YoY Change -13.38% -7.18%
SHAREHOLDERS EQUITY
Retained Earnings -$133.8M -$128.9M
YoY Change 3.76% 5.69%
Common Stock $60.73K $32.95K
YoY Change 84.34% 12.93%
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 $13.49M $10.58M
YoY Change
Total Liabilities & Shareholders Equity $28.92M $28.69M
YoY Change 0.81% -17.15%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$2.825M -$2.462M
YoY Change 14.74% 74.88%
Depreciation, Depletion And Amortization $835.7K $823.8K
YoY Change 1.45% 4.06%
Cash From Operating Activities $821.5K -$1.048M
YoY Change -178.4% -266.56%
INVESTING ACTIVITIES
Capital Expenditures -$310.9K -$310.2K
YoY Change 0.2% -39.17%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$310.9K -$310.2K
YoY Change 0.2% -39.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.207M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$412.8K $1.377M
YoY Change -129.97% -2658.55%
NET CHANGE
Cash From Operating Activities $821.5K -$1.048M
Cash From Investing Activities -$310.9K -$310.2K
Cash From Financing Activities -$412.8K $1.377M
Net Change In Cash $97.82K $19.44K
YoY Change 403.15% -68.23%
FREE CASH FLOW
Cash From Operating Activities $821.5K -$1.048M
Capital Expenditures -$310.9K -$310.2K
Free Cash Flow $1.132M -$737.6K
YoY Change -253.52% -164.75%

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<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Use of estimates</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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’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, goodwill and purchased intangible asset valuations, valuation of long-lived assets and derivative liability. Actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements, and such differences could be material.</span></div>
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CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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688000 USD
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2 director
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3 client
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0.50
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15464569 USD
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821500 USD
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821500 USD
CY2020Q1 us-gaap Net Income Loss
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1377497 USD

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