2020 Q2 Form 10-Q Financial Statement

#000162828020012181 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $8.480M $10.29M
YoY Change -17.58% -41.38%
Cost Of Revenue $3.700M $6.240M
YoY Change -40.71% -51.93%
Gross Profit $4.780M $4.050M
YoY Change 18.02% -115.62%
Gross Profit Margin 56.37% 39.36%
Selling, General & Admin $1.970M $2.030M
YoY Change -2.96% -7.31%
% of Gross Profit 41.21% 50.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.803M $2.176M
YoY Change 28.81% -8.95%
Operating Profit $1.977M $1.874M
YoY Change 5.5% -106.62%
Interest Expense $3.696M $6.242M
YoY Change -40.79% -51.91%
% of Operating Profit 186.95% 333.08%
Other Income/Expense, Net -$171.0K -$274.0K
YoY Change -37.59% -98.84%
Pretax Income $1.810M $1.600M
YoY Change 13.13% -107.45%
Income Tax -$68.27K $203.0K
% Of Pretax Income -3.77% 12.69%
Net Earnings $1.879M $1.394M
YoY Change 34.77% -106.49%
Net Earnings / Revenue 22.15% 13.55%
Basic Earnings Per Share
Diluted Earnings Per Share $75.38K $58.67K
COMMON SHARES
Basic Shares Outstanding 24.94M shares 23.68M shares
Diluted Shares Outstanding 24.94M shares 23.69M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.900M $7.200M
YoY Change 23.61% -90.19%
Cash & Equivalents $8.857M $7.164M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $34.90M $9.800M
YoY Change 256.12% -89.77%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.400M $43.00M
YoY Change -82.79% 430.86%
Total Long-Term Assets $620.8M $647.6M
YoY Change -4.14% 78.03%
TOTAL ASSETS
Total Short-Term Assets $34.90M $9.800M
Total Long-Term Assets $620.8M $647.6M
Total Assets $655.7M $657.4M
YoY Change -0.26% 43.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $400.0K
YoY Change 50.0% 100.0%
Accrued Expenses $400.0K $900.0K
YoY Change -55.56% 80.0%
Deferred Revenue
YoY Change
Short-Term Debt $498.3M $504.9M
YoY Change -1.31% 75.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $502.1M $509.2M
YoY Change -1.39% 75.83%
LONG-TERM LIABILITIES
Long-Term Debt $39.50M $39.20M
YoY Change 0.77% 101.03%
Other Long-Term Liabilities $600.0K $400.0K
YoY Change 50.0% 33.33%
Total Long-Term Liabilities $39.50M $39.20M
YoY Change 0.77% 97.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $502.1M $509.2M
Total Long-Term Liabilities $39.50M $39.20M
Total Liabilities $541.6M $548.5M
YoY Change -1.26% 77.22%
SHAREHOLDERS EQUITY
Retained Earnings $5.841M -$969.8K
YoY Change -702.27% -84.12%
Common Stock $249.4K $236.8K
YoY Change 5.3% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.0M $108.8M
YoY Change
Total Liabilities & Shareholders Equity $655.7M $657.4M
YoY Change -0.26% 43.05%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $1.879M $1.394M
YoY Change 34.77% -106.49%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $2.780M -$170.0K
YoY Change -1735.29% -104.34%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $5.740M -$14.00M
YoY Change -141.0% -101.16%
Cash From Investing Activities $5.740M -$14.00M
YoY Change -141.0% -101.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.49M -1.790M
YoY Change 486.03% -99.85%
NET CHANGE
Cash From Operating Activities 2.780M -170.0K
Cash From Investing Activities 5.740M -14.00M
Cash From Financing Activities -10.49M -1.790M
Net Change In Cash -1.970M -15.96M
YoY Change -87.66% -158.25%
FREE CASH FLOW
Cash From Operating Activities $2.780M -$170.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
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<div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;">The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. On March 11, 2020, the World Health Organization ("WHO") declared COVID-19 a global pandemic, which continues to spread throughout the United States and around the world. The outbreak has adversely impacted, and continues to adversely impact economic and market conditions globally, nationally and locally. Actions taken around the world to help mitigate the spread of COVID-19 include imposition of quarantines, "stay-at-home" orders, restrictions on travel and forced closures for certain types of public places, businesses and schools. The prolonged duration of the COVID-19 pandemic and its impact on our borrowers and their tenants, cash flows and future results of operations could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted. We believe the estimates and </span></div>assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2020, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from its estimates and the differences may be material.
CY2020Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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ReimbursableOperatingExpenseWaived
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ReimbursableOperatingExpense
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Dividends
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Dividends
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CY2020Q2 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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4199 USD
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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23683164 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4203 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24939575 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23687664 shares
us-gaap Net Income Loss
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3430374 USD
us-gaap Net Income Loss
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2868937 USD
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3741170 USD
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3434711 USD
us-gaap Dividends Preferred Stock
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us-gaap Dividends Preferred Stock
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484264 USD
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DeemedPreferredStockDividendOnRelatedRedemptions
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24925529 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Dividends
Dividends
3748670 USD
us-gaap Dividends
Dividends
7012003 USD
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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24921177 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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24921177 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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23683164 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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23683164 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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4500 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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4500 shares
CY2018Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
1960000 USD

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