2015 Q3 Form 10-Q Financial Statement

#000114420415049256 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q4
Revenue $823.4K $775.6K $970.0K
YoY Change 68.38% 120.79% -29.2%
Cost Of Revenue $633.9K $634.9K $690.0K
YoY Change 59.61% 102.27% -34.91%
Gross Profit $189.4K $140.7K $280.0K
YoY Change 106.28% 276.26% -9.68%
Gross Profit Margin 23.01% 18.14% 28.87%
Selling, General & Admin $1.250M
YoY Change -80.97%
% of Gross Profit 446.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.33K $52.18K $60.00K
YoY Change -34.45% -13.04% 20.0%
% of Gross Profit 20.76% 37.08% 21.43%
Operating Expenses $854.6K $967.8K $1.260M
YoY Change -29.96% -36.79% -38.54%
Operating Profit -$665.2K -$827.1K -$980.0K
YoY Change -41.05% -44.63% -43.68%
Interest Expense -$293.3K $28.89K -$150.0K
YoY Change -309.4% -75.91% -400.0%
% of Operating Profit
Other Income/Expense, Net -$40.41K
YoY Change -48.97%
Pretax Income -$953.8K -$867.5K -$1.460M
YoY Change -20.6% -44.85% -42.29%
Income Tax -$120.00 $12.85K $0.00
% Of Pretax Income
Net Earnings -$953.7K -$880.3K -$1.460M
YoY Change -20.62% -44.59% -40.65%
Net Earnings / Revenue -115.83% -113.51% -150.52%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$34.45K -$32.15K -$53.46K
COMMON SHARES
Basic Shares Outstanding 27.45M shares 27.31M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.8K $684.6K $250.0K
YoY Change -13.29% 2.17% -55.36%
Cash & Equivalents $242.8K $684.6K $87.90K
Short-Term Investments $160.0K
Other Short-Term Assets $1.141M $1.107M $647.7K
YoY Change -32.49% -13.54% 301.61%
Inventory $350.0K $420.8K $387.9K
Prepaid Expenses
Receivables $539.6K $1.295M $358.8K
Other Receivables $0.00 $0.00 $110.0K
Total Short-Term Assets $2.273M $3.507M $2.461M
YoY Change -16.72% 18.89% -4.81%
LONG-TERM ASSETS
Property, Plant & Equipment $331.1K $365.7K $532.5K
YoY Change -40.87% -37.48% 13.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.00K
YoY Change
Other Assets $191.1K $212.4K $364.3K
YoY Change -52.23% -48.18% -23.41%
Total Long-Term Assets $633.9K $694.8K $1.023M
YoY Change -41.85% -38.98% -6.4%
TOTAL ASSETS
Total Short-Term Assets $2.273M $3.507M $2.461M
Total Long-Term Assets $633.9K $694.8K $1.023M
Total Assets $2.907M $4.202M $3.485M
YoY Change -23.89% 2.77% -5.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.958M $2.225M $2.166M
YoY Change -9.79% 6.44% -8.16%
Accrued Expenses $970.0K
YoY Change -41.26%
Deferred Revenue
YoY Change
Short-Term Debt $203.9K $1.037M $1.081M
YoY Change -78.98% 125.37% 1692.14%
Long-Term Debt Due $0.00 $34.61K
YoY Change -100.0% -78.92%
Total Short-Term Liabilities $3.020M $3.761M $3.968M
YoY Change -18.59% 30.58% 45.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $558.2K $463.1K $270.0K
YoY Change 248.85% 189.42% 285.71%
Total Long-Term Liabilities $558.2K $463.1K $0.00
YoY Change -84.32% -86.66% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.020M $3.761M $3.968M
Total Long-Term Liabilities $558.2K $463.1K $0.00
Total Liabilities $3.579M $4.224M $3.968M
YoY Change -50.78% -33.59% 28.54%
SHAREHOLDERS EQUITY
Retained Earnings -$27.49M
YoY Change 26.09%
Common Stock $30.02M $27.26M
YoY Change 21.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$671.3K -$21.83K -$756.4K
YoY Change
Total Liabilities & Shareholders Equity $2.907M $4.202M $3.485M
YoY Change -23.89% 2.77% -5.28%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income -$953.7K -$880.3K -$1.460M
YoY Change -20.62% -44.59% -40.65%
Depreciation, Depletion And Amortization $39.33K $52.18K $60.00K
YoY Change -34.45% -13.04% 20.0%
Cash From Operating Activities -$242.1K -$1.147M -$800.0K
YoY Change -75.79% -33.31% 3.9%
INVESTING ACTIVITIES
Capital Expenditures -$2.400K -$5.060K -$20.00K
YoY Change -94.0% -92.77% -71.43%
Acquisitions
YoY Change
Other Investing Activities $5.980K $5.350K
YoY Change
Cash From Investing Activities $3.570K $300.00 -$30.00K
YoY Change -111.9% -100.43% -57.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -196.6K 251.8K 640.0K
YoY Change -131.2% -83.76% 93.94%
NET CHANGE
Cash From Operating Activities -242.1K -1.147M -800.0K
Cash From Investing Activities 3.570K 300.0 -30.00K
Cash From Financing Activities -196.6K 251.8K 640.0K
Net Change In Cash -435.1K -895.0K -190.0K
YoY Change 8.77% 272.9% -62.75%
FREE CASH FLOW
Cash From Operating Activities -$242.1K -$1.147M -$800.0K
Capital Expenditures -$2.400K -$5.060K -$20.00K
Free Cash Flow -$239.7K -$1.142M -$780.0K
YoY Change -75.03% -30.79% 11.43%

Facts In Submission

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6017894 shares
CY2015Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1.01
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y
CY2015Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
6083019 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.1835 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0199 pure
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
212444 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
364320 USD
CY2015Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-29454 USD
CY2014Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-29454 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5353 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1961 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
2956 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
0 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 0.25in" align="justify"><strong><u><font style="FONT-SIZE: 10pt"> Concentrations</font></u></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><font style="FONT-SIZE: 10pt">Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.7pt; MARGIN: 0in 0in 0pt 54.6pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><font style="FONT-SIZE: 10pt">Substantially all cash is deposited in two financial institutions, one in the United States and one in Taiwan. At times, amounts on deposit in the United States may be in excess of the FDIC insurance limit. Deposits in Taiwan financial institutions are insured by CDIC (&#8220;Central Deposit Insurance Corporation&#8221;) with maximum coverage of NTD <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3</font> million. At times, amounts on deposit in Taiwan may be in excess of the CDIC insurance limit.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.7pt; MARGIN: 0in 0in 0pt 54.6pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><font style="FONT-SIZE: 10pt">Accounts receivable are unsecured, and we are at risk to the extent such amount becomes uncollectible. We perform periodic credit evaluations of our customers&#8217; financial condition and generally do not require collateral. U.S.-based segment revenue from two customers represented approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 31</font>% of total revenue for the six months ended June 30, 2015, and two customers represented approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 83</font>% of the total U.S.-based segment accounts receivable at June 30, 2015. Taiwan-based segment revenue from two customers represented approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 72</font>% of total revenue for the six months ended June 30, 2015, and two customers represented approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 51</font>% of total Taiwan-based segment accounts receivable at June 30, 2015.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><strong><u><font style="FONT-SIZE: 10pt"> Reclassification</font></u></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in" align="justify"><font style="FONT-SIZE: 10pt">Certain amounts in 2014 may have been reclassified to conform to the 2015 presentation.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
584883 USD
CY2015Q2 us-gaap Inventory Gross
InventoryGross
420823 USD
CY2014Q2 us-gaap Inventory Gross
InventoryGross
525322 USD
CY2014Q2 us-gaap Assets
Assets
4088646 USD
ivda Cash Cdic Insured Limit
CashCdicInsuredLimit
3000000 TWD
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
0.10
us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
1.75
ivda Warrants To Purchase Common Stock Value
WarrantsToPurchaseCommonStockValue
7883303 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22127032 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11807271 shares
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27451690 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
27451690 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27308357 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
27308357 shares
us-gaap Interest Paid
InterestPaid
37422 USD
us-gaap Interest Paid
InterestPaid
18339 USD
ivda Warrants Issued For Interest Expense
WarrantsIssuedForInterestExpense
7327 USD
ivda Warrants Issued For Interest Expense
WarrantsIssuedForInterestExpense
0 USD
ivda Common Stock Warrants Issued As Deferred Finance Costs
CommonStockWarrantsIssuedAsDeferredFinanceCosts
0 USD
ivda Common Stock Warrants Issued As Deferred Finance Costs
CommonStockWarrantsIssuedAsDeferredFinanceCosts
13430 USD
ivda Discount On Convertible Debt
DiscountOnConvertibleDebt
0 USD
ivda Discount On Convertible Debt
DiscountOnConvertibleDebt
112784 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
126214 USD
us-gaap Stock Issued1
StockIssued1
7500 USD
us-gaap Stock Issued1
StockIssued1
0 USD
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
52178 USD
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
915610 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1874424 USD
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
-5055 USD
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
214378 USD

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