$MGTI
MGT Capital Investments Inc

2015 Q3 Form 10-Q Financial Statement

#000114420415049858 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $90.00K $261.0K $320.0K
YoY Change 8900.0% -18.44% 377.61%
Cost Of Revenue $5.000K $96.00K $167.0K
YoY Change -42.51% 735.0%
Gross Profit $85.00K $165.0K $153.0K
YoY Change 8400.0% 7.84% 225.53%
Gross Profit Margin 94.44% 63.22% 47.81%
Selling, General & Admin $640.0K $981.0K $1.536M
YoY Change -54.64% -36.13% -50.1%
% of Gross Profit 752.94% 594.55% 1003.92%
Research & Development $0.00 $0.00 $53.00K
YoY Change -100.0% -100.0%
% of Gross Profit 0.0% 0.0% 34.64%
Depreciation & Amortization -$140.0K $260.0K $190.0K
YoY Change -173.68% 36.84% 111.11%
% of Gross Profit -164.71% 157.58% 124.18%
Operating Expenses $642.0K $1.020M $1.680M
YoY Change -35.86% -39.29% -46.56%
Operating Profit -$557.0K -$855.0K -$1.527M
YoY Change -44.3% -44.01% -50.69%
Interest Expense $10.00K $10.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$392.0K $2.000K
YoY Change -19700.0% -100.06%
Pretax Income -$949.0K -$850.0K -$1.525M
YoY Change -4.91% -44.26% -77.14%
Income Tax $0.00 $0.00 -$1.000K
% Of Pretax Income
Net Earnings -$1.321M -$851.0K -$1.391M
YoY Change -4.34% -38.82% -78.86%
Net Earnings / Revenue -1467.78% -326.05% -434.69%
Basic Earnings Per Share
Diluted Earnings Per Share -$93.48K -$52.14K -$136.7K
COMMON SHARES
Basic Shares Outstanding 14.16M shares 14.04M shares 9.140M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $1.100M $2.400M
YoY Change -31.82% -54.17% -61.9%
Cash & Equivalents $428.0K $1.100M $2.425M
Short-Term Investments $1.000M
Other Short-Term Assets $0.00 $100.0K $200.0K
YoY Change -100.0% -50.0% 0.0%
Inventory
Prepaid Expenses
Receivables $12.00K $0.00 $0.00
Other Receivables $1.900M $300.0K $0.00
Total Short-Term Assets $3.405M $1.500M $2.700M
YoY Change 42.65% -44.44% -59.17%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $0.00 $0.00
YoY Change -89.58% -100.0%
Goodwill $1.496M
YoY Change -76.78%
Intangibles $1.259M
YoY Change -53.98%
Long-Term Investments $1.400M
YoY Change
Other Assets $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 4900.0%
Total Long-Term Assets $4.179M $8.600M $9.500M
YoY Change -55.4% -9.47% 17.01%
TOTAL ASSETS
Total Short-Term Assets $3.405M $1.500M $2.700M
Total Long-Term Assets $4.179M $8.600M $9.500M
Total Assets $7.584M $10.10M $12.20M
YoY Change -35.49% -17.21% -17.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.0K $300.0K $400.0K
YoY Change 19.14% -25.0% 15.27%
Accrued Expenses $189.0K $200.0K $100.0K
YoY Change 42.11% 100.0% 1.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $575.0K $1.200M $1.300M
YoY Change -53.63% -7.69% 37.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $575.0K $1.200M $1.300M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $575.0K $1.220M $2.900M
YoY Change -53.63% -57.93% 206.55%
SHAREHOLDERS EQUITY
Retained Earnings -$302.6M
YoY Change 1.64%
Common Stock $310.3M
YoY Change 0.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.766M $8.600M $9.300M
YoY Change
Total Liabilities & Shareholders Equity $7.584M $10.10M $12.20M
YoY Change -35.49% -17.21% -17.19%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.321M -$851.0K -$1.391M
YoY Change -4.34% -38.82% -78.86%
Depreciation, Depletion And Amortization -$140.0K $260.0K $190.0K
YoY Change -173.68% 36.84% 111.11%
Cash From Operating Activities $170.0K -$850.0K -$1.040M
YoY Change -114.53% -18.27% 0.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $20.00K
YoY Change -100.0% -109.52%
Acquisitions
YoY Change
Other Investing Activities -$30.00K $0.00 -$50.00K
YoY Change 200.0% -100.0% -102.66%
Cash From Investing Activities -$30.00K $0.00 -$40.00K
YoY Change 200.0% -100.0% -102.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 570.0K -1.150M
YoY Change -100.0% -149.57% -137.7%
NET CHANGE
Cash From Operating Activities 170.0K -850.0K -1.040M
Cash From Investing Activities -30.00K 0.000 -40.00K
Cash From Financing Activities 0.000 570.0K -1.150M
Net Change In Cash 140.0K -280.0K -2.230M
YoY Change -166.67% -87.44% -160.6%
FREE CASH FLOW
Cash From Operating Activities $170.0K -$850.0K -$1.040M
Capital Expenditures $0.00 $20.00K
Free Cash Flow -$850.0K -$1.060M
YoY Change -19.81% 27.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
952000 USD
CY2015Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
742000 USD
CY2015Q2 us-gaap Liabilities
Liabilities
1220000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
1379000 USD
CY2015Q2 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
251000 USD
CY2014Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
0 USD
us-gaap Profit Loss
ProfitLoss
-2231000 USD
us-gaap Profit Loss
ProfitLoss
-2816000 USD
us-gaap Depreciation
Depreciation
17000 USD
us-gaap Depreciation
Depreciation
21000 USD
us-gaap Amortization Of Intangible Assets
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300000 USD
us-gaap Amortization Of Intangible Assets
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300000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
179000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
243000 USD
us-gaap Increase Decrease In Accounts Receivable
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7000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-50000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
50000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
79000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
207000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-28000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-8000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
0 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
20000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1851000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2458000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1644000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
316000 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2425000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4642000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
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-358000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2217000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-151000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-75000 USD
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
210000 USD
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
406000 USD
mgt Proceeds From Issunace Of Common Stock Net Of Fees
ProceedsFromIssunaceOfCommonStockNetOfFees
1644000 USD
mgt Proceeds From Issunace Of Common Stock Net Of Fees
ProceedsFromIssunaceOfCommonStockNetOfFees
316000 USD
us-gaap Proceeds From Other Deposits
ProceedsFromOtherDeposits
99000 USD
us-gaap Proceeds From Other Deposits
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2000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
250000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
CY2015Q2 us-gaap Gross Profit
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165000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
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981000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1527000 USD
CY2014Q2 mgt Interest And Other Non Operating Income Expense
InterestAndOtherNonOperatingIncomeExpense
2000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-850000 USD
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-851000 USD
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9057867 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13578181 shares
CY2014Q2 mgt Sales Revenue Gaming Gross
SalesRevenueGamingGross
283000 USD
CY2015Q2 mgt Sales Revenue Gaming Gross
SalesRevenueGamingGross
249000 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
91000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
39000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1000 USD
CY2015Q2 us-gaap License And Services Revenue
LicenseAndServicesRevenue
12000 USD
CY2014Q2 us-gaap License And Services Revenue
LicenseAndServicesRevenue
37000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-850000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-1524000 USD
us-gaap Gross Profit
GrossProfit
189000 USD
us-gaap Gross Profit
GrossProfit
292000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
113000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
0 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2832000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2195000 USD
mgt Interest And Other Non Operating Income Expense
InterestAndOtherNonOperatingIncomeExpense
5000 USD
mgt Interest And Other Non Operating Income Expense
InterestAndOtherNonOperatingIncomeExpense
-36000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2827000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2231000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-303000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-109000 USD
us-gaap Net Income Loss
NetIncomeLoss
-2513000 USD
us-gaap Net Income Loss
NetIncomeLoss
-2122000 USD
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.28
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8921935 shares
mgt Sales Revenue Gaming Gross
SalesRevenueGamingGross
325000 USD
mgt Sales Revenue Gaming Gross
SalesRevenueGamingGross
466000 USD
mgt Cost Of Services Gaming
CostOfServicesGaming
216000 USD
mgt Cost Of Services Gaming
CostOfServicesGaming
186000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
108000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
118000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11000 USD
us-gaap License And Services Revenue
LicenseAndServicesRevenue
12000 USD
us-gaap License And Services Revenue
LicenseAndServicesRevenue
80000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1279000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Net
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2117000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-109000 USD
CY2015Q2 us-gaap Restricted Cash And Investments
RestrictedCashAndInvestments
1136000 USD
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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3155000 shares
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1695000 USD
CY2015Q2 us-gaap Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
5400000 USD
CY2015Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
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CY2014Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
9699 shares
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
29000 USD
CY2014Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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174000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P6M7D
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y2M16D
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
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us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
15000 USD
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
64000 USD
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
216000 USD
mgt Percentage Of Stockholder Incentive Stock Option Granted On Date Of Grant
PercentageOfStockholderIncentiveStockOptionGrantedOnDateOfGrant
0.1 pure
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
42000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
62000 USD
us-gaap Revenues
Revenues
478000 USD
us-gaap Revenues
Revenues
405000 USD
us-gaap Cost Of Revenue
CostOfRevenue
186000 USD
us-gaap Cost Of Revenue
CostOfRevenue
216000 USD
CY2014 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
41000 USD
CY2014 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
790000 USD
CY2014 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
CY2015Q2 us-gaap Revenues
Revenues
261000 USD
CY2014Q2 us-gaap Revenues
Revenues
320000 USD
CY2015Q2 us-gaap Cost Of Revenue
CostOfRevenue
96000 USD
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
167000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
MGT CAPITAL INVESTMENTS INC
dei Entity Central Index Key
EntityCentralIndexKey
0001001601
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
MGT
CY2015Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14157165 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14116999 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14116999 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10731160 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10731160 shares
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
1020000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
1680000 USD
us-gaap Operating Expenses
OperatingExpenses
2487000 USD
us-gaap Operating Expenses
OperatingExpenses
3021000 USD
mgt Warrant Expense
WarrantExpense
0 USD
mgt Warrant Expense
WarrantExpense
34000 USD
mgt Sale Of Stock Offering Price
SaleOfStockOfferingPrice
8500000 USD
CY2015Q2 mgt Asset Purchase Agreement Amount Receivable
AssetPurchaseAgreementAmountReceivable
4000000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><u>Use of estimates and assumptions and critical accounting estimates and assumptions &#160;</u></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 37.8pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with US 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(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 37.8pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 37.8pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company&#8217;s critical accounting estimates and assumptions affecting the financial statements were &#8220;Carrying Value of the Long&#150;lived Assets,&#8221; &#8220;Valuation Allowance for Deferred Tax Assets&#8221; and &#8220;Valuation of Equity Instruments.&#8221;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 37.8pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 37.8pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 37.8pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
547000 USD
us-gaap Business Combination Contingent Consideration Arrangements Description
BusinessCombinationContingentConsiderationArrangementsDescription
(i) a cash payment in the amount of $4,000,000 plus $10,000 per day for the period starting July 15, 2015 and ending on the closing date, (ii) shares of common stock representing up to 7% of RO, and (iii) a three&#150;year warrant to purchase 500,000 shares of RO common stock at an exercise price of $1.00, a three&#150;year warrant to purchase 500,000 shares of RO common stock at an exercise price of $1.33, and a three&#150;year warrant to purchase 500,000 shares of RO common stock at an exercise price of $1.66. In addition, shares of common stock representing 3% of RO will be placed in escrow for twelve months in order to support certain indemnification obligations under the Agreement.
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
600000 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
150000 USD
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
183000 USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
790000 USD
mgt Increase Decrease In Deposit Liability
IncreaseDecreaseInDepositLiability
0 USD
mgt Increase Decrease In Deposit Liability
IncreaseDecreaseInDepositLiability
-547000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2015Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
32000 USD
CY2014Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
123000 USD
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
23000 USD
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
32000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
33000 USD
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
790000 USD

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