2019 Q1 Form 10-Q Financial Statement

#000143774919009487 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $13.45M $15.40M
YoY Change -12.69% -24.25%
Cost Of Revenue $5.811M $7.572M
YoY Change -23.26% -9.03%
Gross Profit $7.637M $7.830M
YoY Change -2.46% -34.8%
Gross Profit Margin 56.79% 50.84%
Selling, General & Admin $7.855M $10.76M
YoY Change -26.98% -0.88%
% of Gross Profit 102.85% 137.39%
Research & Development $4.895M $6.155M
YoY Change -20.47% -13.77%
% of Gross Profit 64.1% 78.61%
Depreciation & Amortization $1.249M $1.755M
YoY Change -28.83% -17.37%
% of Gross Profit 16.35% 22.41%
Operating Expenses $12.75M $16.91M
YoY Change -24.61% -5.99%
Operating Profit -$5.113M -$9.083M
YoY Change -43.71% 51.84%
Interest Expense -$20.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $540.0K $295.0K
YoY Change 83.05% -1.34%
Pretax Income -$4.573M -$8.788M
YoY Change -47.96% 53.64%
Income Tax $33.00K $324.0K
% Of Pretax Income
Net Earnings -$4.606M -$9.112M
YoY Change -49.45% 48.74%
Net Earnings / Revenue -34.25% -59.16%
Basic Earnings Per Share
Diluted Earnings Per Share -$774.8K -$1.587M
COMMON SHARES
Basic Shares Outstanding 5.944M 5.734M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $22.00M
YoY Change -65.91% -33.33%
Cash & Equivalents $7.464M $23.28M
Short-Term Investments
Other Short-Term Assets $6.500M $7.000M
YoY Change -7.14% 7.69%
Inventory
Prepaid Expenses
Receivables $10.54M $11.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.45M $39.90M
YoY Change -38.72% -28.11%
LONG-TERM ASSETS
Property, Plant & Equipment $11.03M $14.60M
YoY Change -24.49% -23.96%
Goodwill $1.911M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.946M $2.400M
YoY Change -18.92% 50.0%
Total Long-Term Assets $28.08M $37.60M
YoY Change -25.33% -19.49%
TOTAL ASSETS
Total Short-Term Assets $24.45M $39.90M
Total Long-Term Assets $28.08M $37.60M
Total Assets $52.53M $77.50M
YoY Change -32.22% -24.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $2.800M
YoY Change -17.86% 16.67%
Accrued Expenses $1.033M $2.147M
YoY Change -51.89% -65.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M
YoY Change 40.0%
Total Short-Term Liabilities $17.60M $12.70M
YoY Change 38.59% 4.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.300M
YoY Change -100.0% -38.1%
Other Long-Term Liabilities $2.496M $4.200M
YoY Change -40.57% -4.55%
Total Long-Term Liabilities $2.496M $5.500M
YoY Change -54.62% -15.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.60M $12.70M
Total Long-Term Liabilities $2.496M $5.500M
Total Liabilities $27.20M $18.20M
YoY Change 49.47% -3.19%
SHAREHOLDERS EQUITY
Retained Earnings -$269.3M $4.235M
YoY Change -6459.36%
Common Stock $295.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.32M $59.29M
YoY Change
Total Liabilities & Shareholders Equity $52.53M $77.50M
YoY Change -32.22% -24.17%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$4.606M -$9.112M
YoY Change -49.45% 48.74%
Depreciation, Depletion And Amortization $1.249M $1.755M
YoY Change -28.83% -17.37%
Cash From Operating Activities -$1.716M -$4.923M
YoY Change -65.14% 531.15%
INVESTING ACTIVITIES
Capital Expenditures $46.00K $98.00K
YoY Change -53.06% -42.01%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$528.0K -$791.0K
YoY Change -33.25% 11.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -374.0K -266.0K
YoY Change 40.6% 141.82%
NET CHANGE
Cash From Operating Activities -1.716M -4.923M
Cash From Investing Activities -528.0K -791.0K
Cash From Financing Activities -374.0K -266.0K
Net Change In Cash -2.637M -5.561M
YoY Change -52.58% 291.34%
FREE CASH FLOW
Cash From Operating Activities -$1.716M -$4.923M
Capital Expenditures $46.00K $98.00K
Free Cash Flow -$1.762M -$5.021M
YoY Change -64.91% 429.08%

Facts In Submission

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0
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-374000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-266000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-528000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-791000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1716000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4923000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-4606000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-41244000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-9112000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
12750000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
16913000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5113000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9083000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1996000
CY2018Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2119000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13441000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6335000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
7106000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2123000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11787000
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y219D
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1946000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2045000
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-71000
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
444000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
828000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
932000
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2496000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4090000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
540000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
295000
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
91000
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
26000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
46000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
98000
CY2019Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
482000
CY2018Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
693000
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5050000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4642000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2019Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
55000
CY2018Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
78000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
60421000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
60217000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11025000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11815000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4895000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6155000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1402000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1293000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-269319000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-264713000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13448000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15402000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13448000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
15402000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
421000
CY2019Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
50000
CY2018Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
244000
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4634000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7381000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
685000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1028000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
80000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
10.53
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
116000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.34
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
834000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
854000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.99
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.03
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
16000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
20.22
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.561
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0252
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
310000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
35.71
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
6000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
63.58
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
436000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
430000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.01
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.49
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
419000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
28.93
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y302D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y288D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y219D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y200D
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
25323000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
29371000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
62783000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
59286000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
570000
CY2018Q1 us-gaap Sublease Income
SubleaseIncome
277000
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5945000
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5736000

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