$LEAT
Leatt Corp

2019 Q4 Form 10-Q Financial Statement

#000106299319004281 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $7.300M $9.649M $8.580M
YoY Change 32.39% 12.47% 57.13%
Cost Of Revenue $4.283M $5.153M $4.574M
YoY Change 39.99% 12.65% 57.19%
Gross Profit $3.017M $4.497M $4.005M
YoY Change 22.91% 12.27% 57.69%
Gross Profit Margin 41.33% 46.6% 46.68%
Selling, General & Admin $2.270M $2.204M $2.002M
YoY Change 12.0% 10.05% 17.1%
% of Gross Profit 75.22% 49.0% 49.99%
Research & Development $427.6K $357.3K $357.2K
YoY Change 20.96% 0.02% 11.62%
% of Gross Profit 14.17% 7.94% 8.92%
Depreciation & Amortization $190.5K $191.7K $172.3K
YoY Change -1.46% 11.28% 32.52%
% of Gross Profit 6.31% 4.26% 4.3%
Operating Expenses $2.874M $2.753M $2.534M
YoY Change 11.29% 8.62% 19.53%
Operating Profit $143.0K $1.761M $1.479M
YoY Change -211.71% 19.07% 252.24%
Interest Expense -$34.26K -$450.00
YoY Change -172.22%
% of Operating Profit -23.96% -0.03%
Other Income/Expense, Net -$449.00 -$2.393K
YoY Change -81.24%
Pretax Income $67.20K $1.761M $1.477M
YoY Change -183.44% 19.23% 251.67%
Income Tax $95.19K $440.3K $370.7K
% Of Pretax Income 141.65% 25.0% 25.1%
Net Earnings -$27.99K $1.321M $1.106M
YoY Change 3154.65% 19.38% 281.5%
Net Earnings / Revenue -0.38% 13.69% 12.9%
Basic Earnings Per Share $0.25 $0.21
Diluted Earnings Per Share -$5.196K $0.24 $0.20
COMMON SHARES
Basic Shares Outstanding 5.387M shares 5.387M shares 5.366M shares
Diluted Shares Outstanding 5.532M shares 5.505M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.131M $1.965M $1.741M
YoY Change 20.53% 12.88% 34.93%
Cash & Equivalents $2.073M $1.907M $1.682M
Short-Term Investments $58.24K $58.24K $58.23K
Other Short-Term Assets $1.577M $1.499M $1.234M
YoY Change -8.37% 21.52% 64.5%
Inventory $8.655M $6.968M $6.680M
Prepaid Expenses $447.5K
Receivables $2.956M $5.828M $4.142M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.32M $16.26M $13.80M
YoY Change 47.96% 17.86% 21.12%
LONG-TERM ASSETS
Property, Plant & Equipment $2.431M $2.338M $2.117M
YoY Change 4.9% 10.44% 4.31%
Goodwill
YoY Change
Intangibles $38.64K
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.64K $26.17K $25.27K
YoY Change 4.97% 3.56% -80.56%
Total Long-Term Assets $26.64K $64.81K $2.210M
YoY Change -59.54% -97.07% -0.91%
TOTAL ASSETS
Total Short-Term Assets $15.32M $16.26M $13.80M
Total Long-Term Assets $26.64K $64.81K $2.210M
Total Assets $18.19M $19.03M $16.01M
YoY Change 42.81% 18.91% 17.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.426M $6.931M $6.606M
YoY Change 95.23% 4.92% 17.75%
Accrued Expenses $190.8K $169.5K $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $576.5K $73.11K $64.31K
YoY Change -0.97% 13.68% 7.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.086M $7.953M $6.941M
YoY Change 106.48% 14.57% 19.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $381.2K $340.1K $0.00
YoY Change 376.49%
Total Long-Term Liabilities $381.2K $340.1K $0.00
YoY Change 376.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.086M $7.953M $6.941M
Total Long-Term Liabilities $381.2K $340.1K $0.00
Total Liabilities $7.467M $8.464M $6.980M
YoY Change 102.77% 21.26% 18.9%
SHAREHOLDERS EQUITY
Retained Earnings $3.038M $3.066M
YoY Change 82.77%
Common Stock $130.1K $130.1K
YoY Change 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.72M $10.57M $9.026M
YoY Change
Total Liabilities & Shareholders Equity $18.19M $19.03M $16.01M
YoY Change 42.81% 18.91% 17.52%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$27.99K $1.321M $1.106M
YoY Change 3154.65% 19.38% 281.5%
Depreciation, Depletion And Amortization $190.5K $191.7K $172.3K
YoY Change -1.46% 11.28% 32.52%
Cash From Operating Activities -$152.0K $768.9K $725.5K
YoY Change 57.31% 5.98% 9.93%
INVESTING ACTIVITIES
Capital Expenditures -$257.8K -$424.4K -$365.9K
YoY Change -35.91% 15.98% -34.66%
Acquisitions
YoY Change
Other Investing Activities $1.080K $10.00K $1.300K
YoY Change 669.23%
Cash From Investing Activities -$256.7K -$414.4K -$364.6K
YoY Change -36.18% 13.65% -34.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 453.4K 132.3K -193.8K
YoY Change -12.45% -168.25% -3.09%
NET CHANGE
Cash From Operating Activities -152.0K 768.9K 725.5K
Cash From Investing Activities -256.7K -414.4K -364.6K
Cash From Financing Activities 453.4K 132.3K -193.8K
Net Change In Cash 44.59K 486.8K 167.1K
YoY Change 135.8% 191.33% -267.08%
FREE CASH FLOW
Cash From Operating Activities -$152.0K $768.9K $725.5K
Capital Expenditures -$257.8K -$424.4K -$365.9K
Free Cash Flow $105.8K $1.193M $1.091M
YoY Change -65.39% 9.33% -10.54%

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166250 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1695 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
15000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-69591 USD
us-gaap Share Based Compensation
ShareBasedCompensation
166250 USD
us-gaap Share Based Compensation
ShareBasedCompensation
150332 USD
leat Bad Debts
BadDebts
137787 USD
leat Bad Debts
BadDebts
10921 USD
leat Inventory Reserve
InventoryReserve
35248 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1738669 USD
leat Inventory Reserve
InventoryReserve
92898 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1500 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1260 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3916510 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1731877 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2188013 USD
leat Increase Decrease In Payments In Advance
IncreaseDecreaseInPaymentsInAdvance
94 USD
leat Increase Decrease In Payments In Advance
IncreaseDecreaseInPaymentsInAdvance
-81592 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-221279 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-97197 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-130171 USD
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
787 USD
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-807 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4151748 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2171945 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
358814 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
271484 USD
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
60000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
997645 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1235514 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
616278 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
575909 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1308 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
4 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
9 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-606282 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-574610 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
350000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
0 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
509019 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
453822 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-144019 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-453822 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-50632 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-42842 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
196712 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
164240 USD
us-gaap Interest Paid Net
InterestPaidNet
16509 USD
us-gaap Interest Paid Net
InterestPaidNet
12321 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
111600 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
7121 USD
us-gaap Stock Issued1
StockIssued1
166250 USD
us-gaap Stock Issued1
StockIssued1
150332 USD
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1 pure
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1 pure
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
0 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><strong>Note 1 - Basis of presentation</strong></span></span></p><p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">The consolidated balance sheet as of December 31, 2018 was audited and appears in the Form 10-K filed by the Company with the Securities and Exchange Commission on March 27, 2019. The consolidated balance sheet as of September 30, 2019 and the consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2019 and 2018, changes in stockholders’ equity for the nine months ended September 30, 2019, cash flows for the nine months ended September 30, 2019 and 2018, and the related information contained in these notes have been prepared by management without audit. In the opinion of management, all adjustments (which include only normal recurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles as of September 30, 2019 and for all periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year.</span></span></p><p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. While management of the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these condensed consolidated financial statements be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2018 as filed with the Securities and Exchange Commission in the Company’s Form 10-K.</span></span></p><p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt"><i><span style="text-decoration:underline">Significant Accounting Policies</span></i></span></span></p><p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">There have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K, except for the policies described below in relation to the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), discussed in Note 11 “Recent Accounting Pronouncements”</span></span></p><p style="text-align:justify"><span style="font-family:Times New Roman,Times,serif"><span style="font-size:10pt">The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use assets (“ROU”), and lease liability obligations are included in the Company’s balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liability obligations represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asso includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Please refer to Note 4 for additional information.</span></span></p>
CY2019Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
117252 USD
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
83004 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
369608 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
128713 USD
leat Amount Paid Included In Measurement Of Lease Liabilities
AmountPaidIncludedInMeasurementOfLeaseLiabilities
137442 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
500956 USD
CY2018 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
0 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
228186 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
83399 USD
CY2019Q3 leat Likelihood Of Being Sustained
LikelihoodOfBeingSustained
0.50 pure
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0502 pure
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
45793 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
184831 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
136949 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
46070 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
413643 USD
CY2019Q3 leat Imputed Interest Operating
ImputedInterestOperating
44035 USD
leat Product Royalty Income Revenue Percentage
ProductRoyaltyIncomeRevenuePercentage
0.01 pure
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
862000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
120000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
169000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
573000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
250000 shares
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.30
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P10Y
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.30 pure
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
82530 USD
CY2019Q1 leat Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Percentage Of Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedPercentageOfOptions
0.70 pure
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
192570 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.1004
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0284 pure
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3235 pure
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
239370 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y

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