2017 Q3 Form 10-Q Financial Statement

#000114420417057924 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $5.723M $5.160M $4.257M
YoY Change 34.43% 35.43% 45.4%
Cost Of Revenue $1.573M $1.510M $1.162M
YoY Change 35.41% 49.5% 38.87%
Gross Profit $4.150M $3.650M $3.095M
YoY Change 34.06% 30.36% 48.02%
Gross Profit Margin 72.51% 70.74% 72.71%
Selling, General & Admin $980.0K $800.0K $760.0K
YoY Change 28.95% 26.98% 52.0%
% of Gross Profit 23.62% 21.92% 24.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $322.5K $300.0K $282.3K
YoY Change 14.23% 25.0% 22.42%
% of Gross Profit 7.77% 8.22% 9.12%
Operating Expenses $2.300M $1.960M $1.590M
YoY Change 44.65% 38.03% 35.9%
Operating Profit $1.502M $1.690M $1.171M
YoY Change 28.28% 22.46% 95.0%
Interest Expense $351.1K -$350.0K $339.7K
YoY Change 3.36% 2.94% 7.46%
% of Operating Profit 23.38% -20.71% 29.02%
Other Income/Expense, Net $7.108K $0.00 -$857.00
YoY Change -929.4% -74.73%
Pretax Income $1.509M $1.340M $1.170M
YoY Change 28.98% 28.85% 95.96%
Income Tax $437.00 $0.00 $866.00
% Of Pretax Income 0.03% 0.0% 0.07%
Net Earnings $1.056M $920.0K $813.1K
YoY Change 29.87% 29.58% 104.92%
Net Earnings / Revenue 18.45% 17.83% 19.1%
Basic Earnings Per Share
Diluted Earnings Per Share $63.47K $55.09K $48.50K
COMMON SHARES
Basic Shares Outstanding 13.92M shares 13.92M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $890.0K $600.0K
YoY Change 66.67% 154.29% 27.66%
Cash & Equivalents $999.6K $890.7K $597.0K
Short-Term Investments
Other Short-Term Assets $880.0K $580.0K $540.0K
YoY Change 62.96% 123.08% 315.38%
Inventory $1.080M $801.2K $810.0K
Prepaid Expenses $518.7K
Receivables $4.010M $3.336M $2.400M
Other Receivables $3.650M $1.555K $1.580M
Total Short-Term Assets $10.62M $7.418M $5.930M
YoY Change 79.09% 76.29% 117.22%
LONG-TERM ASSETS
Property, Plant & Equipment $26.26M $23.27M $24.38M
YoY Change 7.71% 3.68% 7.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $940.0K $1.010M $1.070M
YoY Change -12.15% -6.48% 5.94%
Total Long-Term Assets $27.21M $24.28M $25.44M
YoY Change 6.96% 3.22% 7.03%
TOTAL ASSETS
Total Short-Term Assets $10.62M $7.418M $5.930M
Total Long-Term Assets $27.21M $24.28M $25.44M
Total Assets $37.83M $31.70M $31.37M
YoY Change 20.59% 14.3% 18.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.510M $743.7K $910.0K
YoY Change 65.93% 110.79% 160.0%
Accrued Expenses $60.00K $50.00K $50.00K
YoY Change 20.0% 25.0% 25.0%
Deferred Revenue
YoY Change
Short-Term Debt $590.0K $0.00 $434.8K
YoY Change 35.7% -14.75%
Long-Term Debt Due $1.210M $2.310M $2.170M
YoY Change -44.24% 22.87% 28.4%
Total Short-Term Liabilities $4.120M $3.218M $3.639M
YoY Change 13.21% 30.77% 38.9%
LONG-TERM LIABILITIES
Long-Term Debt $17.03M $16.80M $16.91M
YoY Change 0.71% -5.94% -2.48%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $17.03M $16.80M $16.91M
YoY Change 0.71% -5.94% -2.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.120M $3.218M $3.639M
Total Long-Term Liabilities $17.03M $16.80M $16.91M
Total Liabilities $27.72M $20.02M $20.55M
YoY Change 34.86% -1.52% -12.16%
SHAREHOLDERS EQUITY
Retained Earnings $6.274M $5.350M
YoY Change 123.9%
Common Stock $1.146M $1.146M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.11M $6.634M $6.041M
YoY Change
Total Liabilities & Shareholders Equity $37.83M $31.70M $31.37M
YoY Change 20.58% 14.3% 18.39%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $1.056M $920.0K $813.1K
YoY Change 29.87% 29.58% 104.92%
Depreciation, Depletion And Amortization $322.5K $300.0K $282.3K
YoY Change 14.23% 25.0% 22.42%
Cash From Operating Activities $2.280M $1.080M $490.0K
YoY Change 365.31% -1.82% -43.68%
INVESTING ACTIVITIES
Capital Expenditures -$1.670M -$130.0K -$480.0K
YoY Change 247.92% -90.71% -64.18%
Acquisitions
YoY Change
Other Investing Activities -$570.0K $430.0K
YoY Change -5800.0% -23.21%
Cash From Investing Activities -$540.0K -$690.0K -$50.00K
YoY Change 980.0% -50.36% -93.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.370M -30.00K -710.0K
YoY Change 92.96% -108.57% 173.08%
NET CHANGE
Cash From Operating Activities 2.280M 1.080M 490.0K
Cash From Investing Activities -540.0K -690.0K -50.00K
Cash From Financing Activities -1.370M -30.00K -710.0K
Net Change In Cash 370.0K 360.0K -270.0K
YoY Change -237.04% 500.0% 58.82%
FREE CASH FLOW
Cash From Operating Activities $2.280M $1.080M $490.0K
Capital Expenditures -$1.670M -$130.0K -$480.0K
Free Cash Flow $3.950M $1.210M $970.0K
YoY Change 307.22% -51.6% -56.11%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<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: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><i> C.</i></font></div> </td> <td> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><i>Use of estimates</i></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities&#160;at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation allowances for receivables and recoverability of carrying amount and the estimated useful lives of long-lived assets. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable.&#160;Actual results could differ from these estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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: 0px; FONT: 10pt Times New Roman, Times, Serif" align="left"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><i> E.</i></font></div> </td> <td> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><i> Concentration of Credit Risk</i></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company has a diversified customer base. The majority of sales are either cash receipt in advance or cash receipt upon delivery. For the three months ended September 30, 2017 and 2016, no customer accounted for more than <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>% of net revenue. As of September 30, 2017 and December 31, 2016, 3 and 2 customers, respectively, accounted for more than <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>% of net accounts receivable, respectively. For those credit sales, the Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q3 jrss Consulting Fee
ConsultingFee
16903 USD
CY2017Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
5877 USD
CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
0 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
5877 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
0 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
171214 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
774296 USD
CY2016Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
0 USD
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
0 USD
CY2016 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
0 USD

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