2015 Q1 Form 10-K Financial Statement

#000119312515091382 Filed on March 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 2013 Q4
Revenue $21.00K $1.012M $45.00K
YoY Change -12.51% 487.58% -78.67%
Cost Of Revenue $86.00K
YoY Change 56.36%
Gross Profit -$41.00K
YoY Change -126.28%
Gross Profit Margin -91.11%
Selling, General & Admin $2.690M $10.42M $3.650M
YoY Change 19.68% 17.95% 72.99%
% of Gross Profit
Research & Development $6.292M $21.50M $4.820M
YoY Change 35.91% 11.02% 2.99%
% of Gross Profit
Depreciation & Amortization $269.6K $1.307M $330.0K
YoY Change -19.73% 23.47% 43.48%
% of Gross Profit
Operating Expenses $8.981M $31.92M $9.341M
YoY Change 30.81% 12.94% 34.42%
Operating Profit -$8.960M -$30.91M -$9.382M
YoY Change 30.96% 10.03% 38.11%
Interest Expense $185.4K $1.295M $2.450M
YoY Change -51.28% 11.02% -39.21%
% of Operating Profit
Other Income/Expense, Net -$390.3K -$1.350M $2.508M
YoY Change -45.82% -164.12% -37.83%
Pretax Income -$9.350M $30.22M -$6.510M
YoY Change 23.19% 15.86% 135.87%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.351M -$32.74M -$6.962M
YoY Change 22.71% 23.84% 152.43%
Net Earnings / Revenue -44533.51% -3234.05% -15471.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$233.8M -$818.5M -$232.0M
COMMON SHARES
Basic Shares Outstanding 69.29M shares 54.97M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.15M $24.99M $30.59M
YoY Change -46.52% -18.31% 36.75%
Cash & Equivalents $14.15M $23.59M $30.59M
Short-Term Investments $0.00
Other Short-Term Assets $63.76K $1.100M $83.54K
YoY Change -23.82% 66.67% -89.82%
Inventory
Prepaid Expenses $970.6K $530.0K
Receivables $17.17K $160.0K $108.8K
Other Receivables $160.0K $260.0K $490.0K
Total Short-Term Assets $15.38M $26.51M $31.84M
YoY Change -43.49% -16.74% 32.44%
LONG-TERM ASSETS
Property, Plant & Equipment $5.160M $5.190M $5.305M
YoY Change -2.17% -2.08% 285.7%
Goodwill $2.139M
YoY Change 7.86%
Intangibles $336.0K $1.836M
YoY Change -80.97% 0.7%
Long-Term Investments
YoY Change
Other Assets $373.7K $370.0K $413.7K
YoY Change -9.67% -15.91% -56.33%
Total Long-Term Assets $5.870M $5.920M $9.717M
YoY Change -38.96% -39.09% 58.54%
TOTAL ASSETS
Total Short-Term Assets $15.38M $26.51M $31.84M
Total Long-Term Assets $5.870M $5.920M $9.717M
Total Assets $21.25M $32.43M $41.56M
YoY Change -42.31% -21.97% 37.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.678M $1.820M $1.152M
YoY Change -23.41% 58.26% 15.26%
Accrued Expenses $3.301M $4.870M $4.068M
YoY Change 47.98% 19.66% 50.25%
Deferred Revenue
YoY Change
Short-Term Debt $4.100M $4.690M $3.660M
YoY Change 9.33% 28.14%
Long-Term Debt Due $20.00K $20.00K $125.0K
YoY Change -71.93% -86.67% -39.39%
Total Short-Term Liabilities $9.211M $11.50M $9.132M
YoY Change 10.05% 25.96% 79.16%
LONG-TERM LIABILITIES
Long-Term Debt $9.280M $10.34M $9.270M
YoY Change -23.43% 11.54% 7316.0%
Other Long-Term Liabilities $5.100M $4.710M $8.200M
YoY Change -41.24% -42.56% -25.11%
Total Long-Term Liabilities $14.38M $15.05M $17.47M
YoY Change -30.87% -13.85% 13876.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.211M $11.50M $9.132M
Total Long-Term Liabilities $14.38M $15.05M $17.47M
Total Liabilities $23.60M $26.56M $26.60M
YoY Change -19.12% -0.15% 64.36%
SHAREHOLDERS EQUITY
Retained Earnings -$429.6M -$387.5M
YoY Change 8.72% 7.32%
Common Stock $427.2M $402.2M
YoY Change 6.14% 7.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.346M $5.870M $14.95M
YoY Change
Total Liabilities & Shareholders Equity $21.25M $32.43M $41.56M
YoY Change -42.31% -21.97% 37.74%

Cashflow Statement

Concept 2015 Q1 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$9.351M -$32.74M -$6.962M
YoY Change 22.71% 23.84% 152.43%
Depreciation, Depletion And Amortization $269.6K $1.307M $330.0K
YoY Change -19.73% 23.47% 43.48%
Cash From Operating Activities -$8.907M -$27.35M -$6.890M
YoY Change 36.88% 17.28% 40.04%
INVESTING ACTIVITIES
Capital Expenditures $221.8K $903.9K -$120.0K
YoY Change -3.86% -80.69% 140.0%
Acquisitions
YoY Change
Other Investing Activities $150.0K $480.0K -$120.0K
YoY Change -96.5% -98.48%
Cash From Investing Activities -$73.07K -$425.6K -$240.0K
YoY Change -68.33% -104.71% -96.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.95M
YoY Change -19.33%
Debt Paid & Issued, Net $1.682M
YoY Change 68.49%
Cash From Financing Activities -1.830M 22.20M 16.77M
YoY Change -169.96% -39.02% 198.93%
NET CHANGE
Cash From Operating Activities -8.907M -27.35M -6.890M
Cash From Investing Activities -73.07K -425.6K -240.0K
Cash From Financing Activities -1.830M 22.20M 16.77M
Net Change In Cash -10.81M -5.582M 9.640M
YoY Change 162.21% -125.24% -233.33%
FREE CASH FLOW
Cash From Operating Activities -$8.907M -$27.35M -$6.890M
Capital Expenditures $221.8K $903.9K -$120.0K
Free Cash Flow -$9.129M -$28.26M -$6.770M
YoY Change 35.48% 0.91% 39.01%

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InterestAndOtherIncomeExpenseNet
-380000
CY2014Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.15
CY2014Q3 us-gaap Revenues
Revenues
82000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
6462000
CY2014Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
4076000
CY2014Q3 stem Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-316000
CY2014Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2014Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-30000
CY2014Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-10108000
CY2014Q4 us-gaap Revenues
Revenues
883000
CY2014Q4 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-111000
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-66000
CY2013Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-7126000
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
10612000
CY2013Q3 us-gaap Revenues
Revenues
38000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
6628000
CY2013Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-144000
CY2013Q3 stem Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-392000
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.04
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-137000
CY2014Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2620000
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.00
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-115000
CY2013Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-6848000
CY2013Q4 us-gaap Revenues
Revenues
45000
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.13
CY2014Q4 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
400000
CY2014Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2327000
CY2014Q4 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
-2440000
CY2014Q4 stem Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
-266000

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