2016 Q3 Form 10-Q Financial Statement

#000136836516000060 Filed on August 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $15.14M $14.98M $821.0K
YoY Change 1755.64% 1724.0% 7.18%
Cost Of Revenue $2.864M $2.624M $82.00K
YoY Change 2005.88% 3100.0%
Gross Profit $12.28M $12.35M $739.0K
YoY Change 1705.59% 1571.31%
Gross Profit Margin 81.09% 82.48% 90.01%
Selling, General & Admin $12.81M $12.84M $3.520M
YoY Change 37.31% 264.89% -24.33%
% of Gross Profit 104.32% 103.99% 476.32%
Research & Development $1.066M $434.0K $68.00K
YoY Change 1647.54% 538.24%
% of Gross Profit 8.68% 3.51% 9.2%
Depreciation & Amortization $2.525M $2.479M $220.0K
YoY Change 2425.0% 1026.82% 37.5%
% of Gross Profit 20.57% 20.07% 29.77%
Operating Expenses $19.34M $18.48M $3.833M
YoY Change 90.99% 382.08% -27.98%
Operating Profit -$4.198M -$3.503M -$3.094M
YoY Change -54.91% 13.22% -32.09%
Interest Expense $1.224M $1.215M $211.0K
YoY Change 303.96% 475.83% 86.73%
% of Operating Profit
Other Income/Expense, Net -$11.06M -$1.929M -$56.00K
YoY Change 505.81% 3344.64% -92.45%
Pretax Income -$15.26M -$5.432M -$3.150M
YoY Change 37.03% 72.44% -40.54%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.26M -$5.432M -$3.150M
YoY Change 37.03% 72.44% -40.54%
Net Earnings / Revenue -100.78% -36.27% -383.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$749.5K -$270.6K -$226.6K
COMMON SHARES
Basic Shares Outstanding 20.71M shares 20.21M shares 13.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.300M $8.000M $800.0K
YoY Change -53.91% 900.0% -65.22%
Cash & Equivalents $5.307M $8.038M $844.0K
Short-Term Investments
Other Short-Term Assets $284.0K $255.0K $99.00K
YoY Change 68.05% 157.58% -75.25%
Inventory $539.0K $570.0K $526.0K
Prepaid Expenses $2.250M $1.908M $223.0K
Receivables $1.167M $930.0K $86.00K
Other Receivables $100.0K $200.0K $0.00
Total Short-Term Assets $19.28M $21.45M $1.778M
YoY Change -26.61% 1106.64% -56.87%
LONG-TERM ASSETS
Property, Plant & Equipment $16.31M $16.53M $2.193M
YoY Change 117.46% 653.53% 742.34%
Goodwill $26.61M $20.34M $5.293M
YoY Change 27.2% 284.22% -0.01%
Intangibles $40.17M $32.27M $6.124M
YoY Change -12.74% 426.99%
Long-Term Investments $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 400.0%
Other Assets $3.600M $3.600M $100.0K
YoY Change 620.0% 3500.0% 0.0%
Total Long-Term Assets $87.88M $74.00M $16.07M
YoY Change 15.73% 360.47% 25.87%
TOTAL ASSETS
Total Short-Term Assets $19.28M $21.45M $1.778M
Total Long-Term Assets $87.88M $74.00M $16.07M
Total Assets $107.2M $95.45M $17.85M
YoY Change 4.84% 434.81% 5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.60M $12.30M $1.487M
YoY Change 11.6% 727.03% 319.06%
Accrued Expenses $16.19M $16.26M $1.328M
YoY Change 6.63% 1124.4% 79.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $400.0K
YoY Change -100.0%
Long-Term Debt Due $100.0K $100.0K $6.100M
YoY Change -95.65% -98.36% 6000.0%
Total Short-Term Liabilities $42.97M $44.36M $9.614M
YoY Change -0.31% 361.36% 233.45%
LONG-TERM LIABILITIES
Long-Term Debt $37.84M $24.47M $3.400M
YoY Change 62.4% 619.59% -43.07%
Other Long-Term Liabilities $1.845M $1.825M $25.00K
YoY Change -85.7% 7200.0%
Total Long-Term Liabilities $39.68M $26.29M $25.00K
YoY Change 207.48% 105064.0% -99.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.97M $44.36M $9.614M
Total Long-Term Liabilities $39.68M $26.29M $25.00K
Total Liabilities $110.8M $86.50M $13.04M
YoY Change 39.66% 563.42% 45.48%
SHAREHOLDERS EQUITY
Retained Earnings -$184.5M -$169.2M -$136.2M
YoY Change 25.21% 24.25% 12.73%
Common Stock $21.00K $20.00K $14.00K
YoY Change 10.53% 42.86% 14.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.630M $8.949M $4.809M
YoY Change
Total Liabilities & Shareholders Equity $107.2M $95.45M $17.85M
YoY Change 4.84% 434.81% 5.68%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$15.26M -$5.432M -$3.150M
YoY Change 37.03% 72.44% -40.54%
Depreciation, Depletion And Amortization $2.525M $2.479M $220.0K
YoY Change 2425.0% 1026.82% 37.5%
Cash From Operating Activities -$3.910M -$2.730M -$2.740M
YoY Change -27.73% -0.36% 69.14%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$750.0K -$380.0K
YoY Change 66.67% 97.37% -860.0%
Acquisitions
YoY Change
Other Investing Activities -$7.330M $0.00
YoY Change 2719.23% -100.0%
Cash From Investing Activities -$8.330M -$750.0K -$380.0K
YoY Change 868.6% 97.37% -19.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.500M 1.320M 1.420M
YoY Change -43.82% -7.04% -52.03%
NET CHANGE
Cash From Operating Activities -3.910M -2.730M -2.740M
Cash From Investing Activities -8.330M -750.0K -380.0K
Cash From Financing Activities 9.500M 1.320M 1.420M
Net Change In Cash -2.740M -2.160M -1.700M
YoY Change -125.75% 27.06% -295.4%
FREE CASH FLOW
Cash From Operating Activities -$3.910M -$2.730M -$2.740M
Capital Expenditures -$1.000M -$750.0K -$380.0K
Free Cash Flow -$2.910M -$1.980M -$2.360M
YoY Change -39.5% -16.1% 41.32%

Facts In Submission

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CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
23616000 USD
CY2016Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
24466000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4683000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2128000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-850000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1469000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-4489000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1957000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-3150000 USD
us-gaap Net Income Loss
NetIncomeLoss
-6229000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-5432000 USD
us-gaap Net Income Loss
NetIncomeLoss
-7807000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-56000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-183000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1929000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
872000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
172000 USD
CY2016Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
181000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
371000 USD
us-gaap Operating Expenses
OperatingExpenses
7550000 USD
CY2016Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
190000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
3833000 USD
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
15854000 USD
us-gaap Operating Expenses
OperatingExpenses
32935000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3094000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-6046000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3503000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-8679000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
10600000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
247000 USD
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
255000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-25000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-25000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2015Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
22000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
47000 USD
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
97000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
429000 USD
CY2015Q4 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
6997000 USD
CY2016Q2 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
10901000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2904000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1825000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
30000 USD
CY2016Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-1000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-30000 USD
CY2015Q4 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
25000 USD
CY2016Q2 us-gaap Other Sundry Liabilities Noncurrent
OtherSundryLiabilitiesNoncurrent
25000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
850000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1469000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2637000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2899000 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1675000 USD
CY2016Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1908000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4459000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2300000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
300000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
838000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19230000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20699000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16525000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
76000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2250000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
2250000 USD
CY2015Q4 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
9416000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17338000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
68000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
172000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
434000 USD
CY2016Q2 us-gaap Restricted Cash And Investments Current
RestrictedCashAndInvestmentsCurrent
9406000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-161434000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-169241000 USD
CY2016Q2 us-gaap Revenues
Revenues
14975000 USD
us-gaap Revenues
Revenues
29229000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
821000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1624000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
14975000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
29229000 USD
CY2016Q1 us-gaap Security Deposit
SecurityDeposit
1250000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
178000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
376000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4934000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10462000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
12058000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
8949000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13903000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13395000 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20069000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19903000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We prepare our consolidated financial statements in conformity with GAAP. While preparing our financial statements, we make estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and accompanying notes. Accordingly, actual results could differ from those estimates. On an ongoing basis, we evaluate our estimates, including those related to accounts receivable, intangible assets, the useful lives of property and equipment, stock-based compensation, the fair value of the warrant liability and income taxes, among other items.</font></div></div>

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