2017 Q2 Form 10-Q Financial Statement

#000080786317000015 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $11.80M $9.105M
YoY Change 29.58% 41.38%
Cost Of Revenue $1.182M $793.0K
YoY Change 49.05% 34.18%
Gross Profit $10.62M $8.312M
YoY Change 27.72% 42.11%
Gross Profit Margin 89.98% 91.29%
Selling, General & Admin $6.850M $5.122M
YoY Change 33.74% 48.47%
% of Gross Profit 64.53% 61.62%
Research & Development $2.652M $1.940M
YoY Change 36.7% 43.35%
% of Gross Profit 24.98% 23.34%
Depreciation & Amortization $190.0K $260.0K
YoY Change -26.92% 100.0%
% of Gross Profit 1.79% 3.13%
Operating Expenses $10.13M $7.618M
YoY Change 33.0% 37.53%
Operating Profit $484.0K $694.0K
YoY Change -30.26% 123.87%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $149.0K $45.00K
YoY Change 231.11% 50.0%
Pretax Income $633.0K $739.0K
YoY Change -14.34% 117.88%
Income Tax $17.00K $0.00
% Of Pretax Income 2.69% 0.0%
Net Earnings $616.0K $739.0K
YoY Change -16.64% -19.5%
Net Earnings / Revenue 5.22% 8.12%
Basic Earnings Per Share $0.02 $0.02
Diluted Earnings Per Share $0.02 $0.02
COMMON SHARES
Basic Shares Outstanding 33.02M shares 31.82M shares
Diluted Shares Outstanding 35.61M shares 34.53M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.30M $24.90M
YoY Change 53.82% 3.75%
Cash & Equivalents $9.299M $5.009M
Short-Term Investments $29.00M $19.90M
Other Short-Term Assets $1.323M $1.400M
YoY Change -5.5% 68.2%
Inventory
Prepaid Expenses
Receivables $6.405M $4.600M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.03M $31.00M
YoY Change 48.48% 8.42%
LONG-TERM ASSETS
Property, Plant & Equipment $546.0K $800.0K
YoY Change -31.75% -24.93%
Goodwill $2.914M
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.600M $8.300M
YoY Change -44.58% 937.5%
Other Assets $62.00K $100.0K
YoY Change -38.0% 8.64%
Total Long-Term Assets $10.51M $14.90M
YoY Change -29.45% 78.44%
TOTAL ASSETS
Total Short-Term Assets $46.03M $31.00M
Total Long-Term Assets $10.51M $14.90M
Total Assets $56.54M $45.90M
YoY Change 23.18% 24.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.828M $1.100M
YoY Change 66.18% -53.02%
Accrued Expenses $3.400M $2.400M
YoY Change 41.67% 60.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.519M $8.000M
YoY Change 18.99% 2.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $789.0K $1.000M
YoY Change -21.1% 32.99%
Total Long-Term Liabilities $789.0K $1.000M
YoY Change -21.1% 32.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.519M $8.000M
Total Long-Term Liabilities $789.0K $1.000M
Total Liabilities $10.40M $9.000M
YoY Change 15.52% 2.5%
SHAREHOLDERS EQUITY
Retained Earnings -$30.32M
YoY Change
Common Stock $76.49M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.14M $37.00M
YoY Change
Total Liabilities & Shareholders Equity $56.54M $45.90M
YoY Change 23.18% 24.24%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $616.0K $739.0K
YoY Change -16.64% -19.5%
Depreciation, Depletion And Amortization $190.0K $260.0K
YoY Change -26.92% 100.0%
Cash From Operating Activities $2.820M $100.0K
YoY Change 2720.0% -93.98%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K -$30.00K
YoY Change 266.67% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$6.690M -$9.530M
YoY Change -29.8% 100.63%
Cash From Investing Activities -$6.800M -$9.560M
YoY Change -28.87% 100.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 350.0K 1.280M
YoY Change -72.66% 1063.64%
NET CHANGE
Cash From Operating Activities 2.820M 100.0K
Cash From Investing Activities -6.800M -9.560M
Cash From Financing Activities 350.0K 1.280M
Net Change In Cash -3.630M -8.180M
YoY Change -55.62% 172.67%
FREE CASH FLOW
Cash From Operating Activities $2.820M $100.0K
Capital Expenditures -$110.0K -$30.00K
Free Cash Flow $2.930M $130.0K
YoY Change 2153.85% -92.31%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-98000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
318000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
22000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
26000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
33000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-5000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-23000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
355000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
370000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
314000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
789000 USD
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
CY2017Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
28946000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
28156000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
140000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
360000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
24549000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
21300000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
440000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
546000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
17000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1940000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5460000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2652000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7504000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-31542000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-30316000 USD
CY2016Q2 us-gaap Revenues
Revenues
9105000 USD
us-gaap Revenues
Revenues
25031000 USD
CY2017Q2 us-gaap Revenues
Revenues
11798000 USD
us-gaap Revenues
Revenues
32486000 USD
CY2016Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
3345000 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
8985000 USD
CY2017Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
4334000 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
11242000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2940000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7956000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3487000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11029000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3108000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3945000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0175
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0192
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0143
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0168
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2800000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
46377 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
107800 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.98
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11500000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13900000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3015374 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2956683 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.95
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.05
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.17
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M26D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
24863000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
29001000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
120114 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33461787 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35609724 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35033374 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31823386 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31477723 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33023622 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32732323 shares
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
39485000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
46143000 USD
CY2017Q2 us-gaap Tenant Improvements
TenantImprovements
300000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2708578 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1984064 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2586102 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2301051 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34531964 shares
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the ordinary course of business, the Company is not subject to potential obligations under guarantees that fall within the scope of FASB ASC Topic 460, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Guarantees</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 460&#8221;), except for standard indemnification and warranty provisions that are contained within many of the Company&#8217;s customer license and service agreements and certain supplier agreements, and give rise only to the disclosure requirements prescribed by ASC 460. Indemnification and warranty provisions contained within the Company&#8217;s customer license and service agreements and certain supplier agreements are generally consistent with those prevalent in the Company&#8217;s industry.&#160;&#160;The Company has not previously incurred significant costs to settle claims or pay awards under these indemnification or warranty obligations. The Company accounts for these obligations in accordance with FASB ASC Topic 450, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Contingencies</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 450&#8221;), and records a liability for these obligations when a loss is probable and reasonably estimable.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, management reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. These estimates include, but are not limited to, assessing the collectability of accounts receivable, estimation of the value of stock-based compensation awards, fair value of assets and liabilities acquired, impairment of goodwill, useful lives of intangible assets, vendor specific objective evidence (&#8220;VSOE&#8221;) of fair value related to revenue recognition, contingent consideration and income taxes.</font></div></div>

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