2013 Q2 Form 10-Q Financial Statement

#000114420413042077 Filed on July 31, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $553.8K $414.6K
YoY Change 33.59% 21.93%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $200.0K $200.0K
YoY Change 0.0% 5.26%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $210.0K $200.0K
YoY Change 5.0% 5.26%
Operating Profit $247.0K $157.9K
YoY Change 56.46%
Interest Expense -$100.0K -$60.00K
YoY Change 66.67% 50.0%
% of Operating Profit -40.48% -38.0%
Other Income/Expense, Net $10.00K $10.00K
YoY Change 0.0% -66.67%
Pretax Income $253.9K $164.8K
YoY Change 54.1% 17.7%
Income Tax $96.00K $84.70K
% Of Pretax Income 37.81% 51.4%
Net Earnings $157.9K $80.08K
YoY Change 97.22% -11.02%
Net Earnings / Revenue 28.52% 19.32%
Basic Earnings Per Share $0.04 $0.02
Diluted Earnings Per Share $0.04 $0.02
COMMON SHARES
Basic Shares Outstanding 4.275M shares 4.324M shares
Diluted Shares Outstanding 4.289M shares 4.331M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.090M $170.0K
YoY Change 541.18% 1600.0%
Cash & Equivalents $1.094M $166.5K
Short-Term Investments
Other Short-Term Assets $51.11K $50.00K
YoY Change 2.21% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.10M $6.870M
YoY Change 76.07% -25.41%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $250.0K $250.0K
YoY Change 0.0% -67.95%
Other Assets $20.00K $70.00K
YoY Change -71.43% -36.36%
Total Long-Term Assets $3.665M $4.850M
YoY Change -24.44% 400.0%
TOTAL ASSETS
Total Short-Term Assets $12.10M $6.870M
Total Long-Term Assets $3.665M $4.850M
Total Assets $15.76M $11.72M
YoY Change 34.47% 15.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.00K $20.00K
YoY Change 0.0% -60.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.159M $2.640M
YoY Change -56.08% 94.12%
Long-Term Debt Due $5.500M
YoY Change
Total Short-Term Liabilities $7.038M $2.930M
YoY Change 140.21% 71.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $500.0K
YoY Change -100.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $500.0K
YoY Change -100.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.038M $2.930M
Total Long-Term Liabilities $0.00 $500.0K
Total Liabilities $7.040M $3.430M
YoY Change 105.25% 55.2%
SHAREHOLDERS EQUITY
Retained Earnings -$654.3K
YoY Change
Common Stock $9.723M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $346.0K
YoY Change
Treasury Stock Shares 163.0K shares
Shareholders Equity $8.722M $8.290M
YoY Change
Total Liabilities & Shareholders Equity $15.76M $11.72M
YoY Change 34.47% 15.13%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $157.9K $80.08K
YoY Change 97.22% -11.02%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities $270.0K $50.00K
YoY Change 440.0% -68.75%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.650M -$1.130M
YoY Change 46.02% 34.52%
Cash From Investing Activities -$1.650M -$1.130M
YoY Change 46.02% 34.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.230M 1.210M
YoY Change 84.3% 163.04%
NET CHANGE
Cash From Operating Activities 270.0K 50.00K
Cash From Investing Activities -1.650M -1.130M
Cash From Financing Activities 2.230M 1.210M
Net Change In Cash 850.0K 130.0K
YoY Change 553.85% -159.09%
FREE CASH FLOW
Cash From Operating Activities $270.0K $50.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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270428 shares
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
344319 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
The options may vest over a period not to exceed ten years. Stock options under our stock option plan may be awarded to officers, key-employees, consultants and non-employee directors of the Company. Under our stock option plan, every non-employee director of the Company is granted 7,000 options upon first taking office, and then 7,000 upon each additional year in office.
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013Q2 loan Share Based Compensation Expense
ShareBasedCompensationExpense
5102 USD
CY2012Q2 loan Share Based Compensation Expense
ShareBasedCompensationExpense
4313 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.61
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
28000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
285000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
28000 shares
CY2013Q2 loan Share Based Compensation Arrangement By Share Based Payment Award Vested And Non Vested Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestedAndNonVestedOptionsOutstandingIntrinsicValue
147656 USD
CY2013Q2 loan Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableAggregateIntrinsicValue
145858 USD
CY2013Q2 loan Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableNumber
282000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.92
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.01
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.97
CY2013Q2 loan Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExercisableWeightedAverageExercisePrice
0.97
loan Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Remaining Contractual Term Outstanding Option
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermOutstandingOption
P1Y11M5D
loan Share Based Compensation Arrangement By Share Based Payment Award Option Weighted Average Remaining Contractual Term For Vested And Exercisable Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionWeightedAverageRemainingContractualTermForVestedAndExercisableOptions
P1Y10M28D
CY2011Q3 loan Market Price Per Share On Date Of Restricted Shares Grant
MarketPricePerShareOnDateOfRestrictedSharesGrant
1.21
CY2011Q3 loan Restriction On Exercise Of Additional Options Held By Ceo Below Prescribed Exercise Price Limit
RestrictionOnExerciseOfAdditionalOptionsHeldByCeoBelowPrescribedExercisePriceLimit
210000 shares
CY2011Q3 loan Description Of Terms Of Restricted Shares Agreement
DescriptionOfTermsOfRestrictedSharesAgreement
Until their expiration, Mr. Ran will be required to forfeit approximately 4.76 Restricted Shares for each share of Common Stock issued upon any exercise of the Remaining Options.
CY2013Q2 loan Amount Of Personal Guarantee Provided By Related Party For Debt Borrowed
AmountOfPersonalGuaranteeProvidedByRelatedPartyForDebtBorrowed
5000000 USD
CY2010Q4 loan Senior Long Term Notes Under Private Placement
SeniorLongTermNotesUnderPrivatePlacement
500000 USD
CY2010Q4 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
750000 USD
CY2010Q4 loan Private Placement Offering
PrivatePlacementOffering
5000000 USD
CY2010 loan Number Of Warrants Issued To Underwriter
NumberOfWarrantsIssuedToUnderwriter
20000 shares
CY2010Q4 loan Exercise Price Of Warrants Issued To Underwriter
ExercisePriceOfWarrantsIssuedToUnderwriter
2.50
CY2010 loan Common Stock Issued To Underwriter Value
CommonStockIssuedToUnderwriterValue
11683 USD
CY2010 loan Maturity Term Of Warrants
MaturityTermOfWarrants
P5Y
CY2010 loan Senior Notes Maturity Date
SeniorNotesMaturityDate
Dec 31 2013
CY2010 loan Expiration Date Of Raising Of Capital
ExpirationDateOfRaisingOfCapital
Mar 31 2011
CY2013Q2 loan Amortization Of Senior Secured Notes Issuance Cost
AmortizationOfSeniorSecuredNotesIssuanceCost
9099 USD
CY2011 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
80000 USD
CY2011Q4 loan Amount Of Personal Guarantee Commitment Provided By Defendant
AmountOfPersonalGuaranteeCommitmentProvidedByDefendant
5000000 USD
us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
80000 USD
CY2011 loan Operating Leases Term Of Lease
OperatingLeasesTermOfLease
P5Y2M

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