2022 Q1 Form 10-Q Financial Statement

#000137633922000058 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $58.89M $59.97M
YoY Change -1.79% -2.87%
Cost Of Revenue $9.936M $9.641M
YoY Change 3.06% -3.83%
Gross Profit $48.96M $50.33M
YoY Change -2.72% -2.68%
Gross Profit Margin 83.13% 83.92%
Selling, General & Admin $49.57M $45.40M
YoY Change 9.18% -3.28%
% of Gross Profit 101.25% 90.22%
Research & Development $5.964M $4.339M
YoY Change 37.45% 63.74%
% of Gross Profit 12.18% 8.62%
Depreciation & Amortization $860.0K $1.161M
YoY Change -25.93% -22.91%
% of Gross Profit 1.76% 2.31%
Operating Expenses $55.53M $49.74M
YoY Change 11.64% 0.3%
Operating Profit -$9.300M -$6.852M
YoY Change 35.73% -50.15%
Interest Expense -$1.126M -$1.470M
YoY Change -23.4% -38.49%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$10.43M -$8.324M
YoY Change 25.25% -48.38%
Income Tax $63.00K $58.00K
% Of Pretax Income
Net Earnings -$10.49M -$8.382M
YoY Change 25.14% 73.86%
Net Earnings / Revenue -17.81% -13.98%
Basic Earnings Per Share -$0.11 -$0.09
Diluted Earnings Per Share -$0.11 -$0.09
COMMON SHARES
Basic Shares Outstanding 111.6M shares 109.4M shares
Diluted Shares Outstanding 111.6M shares 109.4M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.68M $84.70M
YoY Change -10.65% 58.32%
Cash & Equivalents $75.68M $84.75M
Short-Term Investments
Other Short-Term Assets $2.571M $3.530M
YoY Change -27.17% -32.32%
Inventory $13.17M $11.58M
Prepaid Expenses $6.136M
Receivables $37.67M $35.42M
Other Receivables $680.0K $10.00M
Total Short-Term Assets $135.9M $150.0M
YoY Change -9.37% 29.39%
LONG-TERM ASSETS
Property, Plant & Equipment $13.12M $11.04M
YoY Change 18.82% -6.67%
Goodwill $19.98M $19.98M
YoY Change 0.0% 0.0%
Intangibles $5.265M $5.918M
YoY Change -11.03% -21.94%
Long-Term Investments
YoY Change
Other Assets $172.0K $344.0K
YoY Change -50.0% -31.2%
Total Long-Term Assets $38.54M $40.85M
YoY Change -5.66% -5.02%
TOTAL ASSETS
Total Short-Term Assets $135.9M $150.0M
Total Long-Term Assets $38.54M $40.85M
Total Assets $174.4M $190.8M
YoY Change -8.58% 20.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.120M $6.925M
YoY Change 17.26% -29.34%
Accrued Expenses $9.812M $30.68M
YoY Change -68.01% 0.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $36.59M $55.41M
YoY Change -33.96% -13.01%
LONG-TERM LIABILITIES
Long-Term Debt $48.24M $47.80M
YoY Change 0.92% -22.45%
Other Long-Term Liabilities $4.553M $3.624M
YoY Change 25.63% 12.06%
Total Long-Term Liabilities $52.79M $51.42M
YoY Change 2.66% -20.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.59M $55.41M
Total Long-Term Liabilities $52.79M $51.42M
Total Liabilities $89.38M $106.8M
YoY Change -16.33% -16.91%
SHAREHOLDERS EQUITY
Retained Earnings -$172.2M -$159.8M
YoY Change 7.75% 49.41%
Common Stock $114.0K $113.0K
YoY Change 0.88% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $840.0K $5.091M
YoY Change -83.5% -59.52%
Treasury Stock Shares 172.8K shares 1.083M shares
Shareholders Equity -$7.434M -$8.051M
YoY Change
Total Liabilities & Shareholders Equity $174.4M $190.8M
YoY Change -8.58% 20.08%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$10.49M -$8.382M
YoY Change 25.14% 73.86%
Depreciation, Depletion And Amortization $860.0K $1.161M
YoY Change -25.93% -22.91%
Cash From Operating Activities -$10.22M -$6.679M
YoY Change 53.06% -45.62%
INVESTING ACTIVITIES
Capital Expenditures $118.0K $1.941M
YoY Change -93.92% -278.07%
Acquisitions
YoY Change
Other Investing Activities $24.00K $20.00K
YoY Change 20.0%
Cash From Investing Activities -$148.0K -$2.079M
YoY Change -92.88% 91.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.036M -$2.308M
YoY Change -55.11% 6.02%
NET CHANGE
Cash From Operating Activities -$10.22M -$6.679M
Cash From Investing Activities -$148.0K -$2.079M
Cash From Financing Activities -$1.036M -$2.308M
Net Change In Cash -$11.41M -$11.07M
YoY Change 3.08% -28.81%
FREE CASH FLOW
Cash From Operating Activities -$10.22M -$6.679M
Capital Expenditures $118.0K $1.941M
Free Cash Flow -$10.34M -$8.620M
YoY Change 19.97% -22.97%

Facts In Submission

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<div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP. Conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported unaudited condensed consolidated statements of operations during the reporting period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment and intangible assets, estimates regarding asset retirement obligations, estimates for contingent liabilities, the measurement of right of use assets and lease liabilities, management’s assessment of the Company’s ability to continue as a going concern, estimates of fair value of share-based payments, estimates of sales returns and allowances, and valuation of deferred tax assets.</span></div>
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P1Y4M20D
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380000 USD
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462000 USD
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300000 USD
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400000 USD
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2 classAction
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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59967000 USD

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