2018 Q2 Form 10-Q Financial Statement

#000080786318000043 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $16.11M $11.80M
YoY Change 36.54% 29.58%
Cost Of Revenue $2.678M $1.182M
YoY Change 126.57% 49.05%
Gross Profit $13.43M $10.62M
YoY Change 26.52% 27.72%
Gross Profit Margin 83.38% 89.98%
Selling, General & Admin $8.979M $6.850M
YoY Change 31.08% 33.74%
% of Gross Profit 66.85% 64.53%
Research & Development $4.161M $2.652M
YoY Change 56.9% 36.7%
% of Gross Profit 30.98% 24.98%
Depreciation & Amortization $1.220M $190.0K
YoY Change 542.11% -26.92%
% of Gross Profit 9.08% 1.79%
Operating Expenses $16.29M $10.13M
YoY Change 60.82% 33.0%
Operating Profit -$2.863M $484.0K
YoY Change -691.53% -30.26%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.351M $149.0K
YoY Change -1006.71% 231.11%
Pretax Income -$4.214M $633.0K
YoY Change -765.72% -14.34%
Income Tax -$1.430M $17.00K
% Of Pretax Income 2.69%
Net Earnings -$2.784M $616.0K
YoY Change -551.95% -16.64%
Net Earnings / Revenue -17.28% 5.22%
Basic Earnings Per Share -$0.08 $0.02
Diluted Earnings Per Share -$0.08 $0.02
COMMON SHARES
Basic Shares Outstanding 36.19M shares 33.02M shares
Diluted Shares Outstanding 36.19M shares 35.61M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $38.30M
YoY Change -53.0% 53.82%
Cash & Equivalents $8.634M $9.299M
Short-Term Investments $9.400M $29.00M
Other Short-Term Assets $4.562M $1.323M
YoY Change 244.82% -5.5%
Inventory
Prepaid Expenses
Receivables $12.12M $6.405M
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.70M $46.03M
YoY Change -24.62% 48.48%
LONG-TERM ASSETS
Property, Plant & Equipment $3.847M $546.0K
YoY Change 604.58% -31.75%
Goodwill $31.24M $2.914M
YoY Change 971.89%
Intangibles
YoY Change
Long-Term Investments $0.00 $4.600M
YoY Change -100.0% -44.58%
Other Assets $1.679M $62.00K
YoY Change 2608.06% -38.0%
Total Long-Term Assets $89.43M $10.51M
YoY Change 750.7% -29.45%
TOTAL ASSETS
Total Short-Term Assets $34.70M $46.03M
Total Long-Term Assets $89.43M $10.51M
Total Assets $124.1M $56.54M
YoY Change 119.53% 23.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.853M $1.828M
YoY Change 110.78% 66.18%
Accrued Expenses $6.600M $3.400M
YoY Change 94.12% 41.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.44M $9.519M
YoY Change 104.2% 18.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.981M $789.0K
YoY Change 151.08% -21.1%
Total Long-Term Liabilities $1.981M $789.0K
YoY Change 151.08% -21.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.44M $9.519M
Total Long-Term Liabilities $1.981M $789.0K
Total Liabilities $29.90M $10.40M
YoY Change 187.57% 15.52%
SHAREHOLDERS EQUITY
Retained Earnings -$18.88M -$30.32M
YoY Change -37.74%
Common Stock $113.3M $76.49M
YoY Change 48.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $94.22M $46.14M
YoY Change
Total Liabilities & Shareholders Equity $124.1M $56.54M
YoY Change 119.53% 23.18%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$2.784M $616.0K
YoY Change -551.95% -16.64%
Depreciation, Depletion And Amortization $1.220M $190.0K
YoY Change 542.11% -26.92%
Cash From Operating Activities $560.0K $2.820M
YoY Change -80.14% 2720.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.440M -$110.0K
YoY Change 1209.09% 266.67%
Acquisitions
YoY Change
Other Investing Activities -$16.03M -$6.690M
YoY Change 139.61% -29.8%
Cash From Investing Activities -$17.46M -$6.800M
YoY Change 156.76% -28.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 330.0K 350.0K
YoY Change -5.71% -72.66%
NET CHANGE
Cash From Operating Activities 560.0K 2.820M
Cash From Investing Activities -17.46M -6.800M
Cash From Financing Activities 330.0K 350.0K
Net Change In Cash -16.57M -3.630M
YoY Change 356.47% -55.62%
FREE CASH FLOW
Cash From Operating Activities $560.0K $2.820M
Capital Expenditures -$1.440M -$110.0K
Free Cash Flow $2.000M $2.930M
YoY Change -31.74% 2153.85%

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CY2018Q2 us-gaap Other Liabilities Noncurrent
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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0 USD
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OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Property Plant And Equipment
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360000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3176000 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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PreferredStockParOrStatedValuePerShare
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CY2017Q3 us-gaap Preferred Stock Shares Authorized
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PreferredStockSharesAuthorized
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PreferredStockValue
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
21300000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
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CY2017Q2 us-gaap Revenues
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y1M24D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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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:16px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Guarantees</font></div><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&#160;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&#160;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. The Company has not historically incurred significant obligations under customer indemnification or warranty provisions and does not expect to incur significant obligations in the future. Accordingly, the Company does not maintain accruals for potential customer indemnification or warranty-related obligations.</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:16px;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><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, deferred taxes, 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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