2014 Q3 Form 10-Q Financial Statement

#000114420414049468 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $6.027M $4.912M $5.750M
YoY Change -7.57% -12.4% 395.69%
Cost Of Revenue $4.718M $3.345M $4.340M
YoY Change 1.54% -19.08% 463.64%
Gross Profit $1.309M $1.567M $1.420M
YoY Change -30.16% 6.33% 255.0%
Gross Profit Margin 21.72% 31.9% 24.7%
Selling, General & Admin $2.590M -$290.0K $19.25M
YoY Change -24.93% -103.13% 186.46%
% of Gross Profit 197.84% -18.51% 1355.63%
Research & Development -$20.00K $30.00K
YoY Change -200.0%
% of Gross Profit -1.53% 2.11%
Depreciation & Amortization $684.5K $624.8K $790.0K
YoY Change -14.11% 1.27% 464.29%
% of Gross Profit 52.29% 39.87% 55.63%
Operating Expenses $7.972M $4.975M $20.07M
YoY Change -10.52% -80.28% 192.99%
Operating Profit -$1.945M -$62.98K -$18.65M
YoY Change -18.56% -99.68% 189.15%
Interest Expense -$790.0K $3.800M -$940.0K
YoY Change -181.17% 335.54% -1666.67%
% of Operating Profit
Other Income/Expense, Net -$57.60K -$6.394K $10.00K
YoY Change -28.01% 62.24% -97.83%
Pretax Income -$4.970M $1.335M -$21.05M
YoY Change 44.42% -106.5% 254.38%
Income Tax $0.00 $0.00 $210.0K
% Of Pretax Income 0.0%
Net Earnings -$4.960M $1.348M -$20.97M
YoY Change 28.19% -106.66% 180.35%
Net Earnings / Revenue -82.3% 27.44% -364.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.839K $1.140K -$16.07K
COMMON SHARES
Basic Shares Outstanding 38.35M shares 32.42M shares 28.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $1.300M $100.0K
YoY Change -64.1% -35.0% -97.14%
Cash & Equivalents $1.405M $1.272M $126.3K
Short-Term Investments
Other Short-Term Assets $1.000M $800.0K $1.900M
YoY Change -23.08% 60.0% -74.67%
Inventory
Prepaid Expenses
Receivables $3.959M $4.374M $10.62M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.400M $6.481M $12.69M
YoY Change -57.74% -40.87% -54.69%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $63.23K $137.3K
YoY Change -100.0% -76.61% -47.56%
Goodwill $6.672M $6.672M
YoY Change -60.75%
Intangibles $2.964M
YoY Change 2554.63%
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $100.0K $308.3K $0.00
YoY Change
Total Long-Term Assets $9.382M $10.10M $9.820M
YoY Change -19.92% -21.73% 2529.56%
TOTAL ASSETS
Total Short-Term Assets $6.400M $6.481M $12.69M
Total Long-Term Assets $9.382M $10.10M $9.820M
Total Assets $15.78M $16.58M $22.51M
YoY Change -41.24% -30.52% -20.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M $2.610M $3.190M
YoY Change 33.58% 4.88% 540.06%
Accrued Expenses $2.400M $2.714M $3.485M
YoY Change -9.3% -24.94% 282.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $256.4K $8.479M
YoY Change -100.0% -90.02% -9.8%
Long-Term Debt Due $100.0K -$98.49K $3.816M
YoY Change -105.96% -94.05%
Total Short-Term Liabilities $5.600M $6.155M $20.66M
YoY Change -69.25% -40.94% 83.91%
LONG-TERM LIABILITIES
Long-Term Debt $3.200M $16.64M $17.26M
YoY Change -83.2% -18.49%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.200M $16.64M $17.26M
YoY Change -83.2% -18.49% 17155.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.600M $6.155M $20.66M
Total Long-Term Liabilities $3.200M $16.64M $17.26M
Total Liabilities $8.600M $22.79M $37.92M
YoY Change -76.92% -26.55% 233.47%
SHAREHOLDERS EQUITY
Retained Earnings -$121.2M -$118.9M
YoY Change 9.81% 68.41%
Common Stock $116.5M $103.5M
YoY Change 10.51% 18.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.100M -$6.000M -$15.30M
YoY Change
Total Liabilities & Shareholders Equity $15.80M $16.58M $22.51M
YoY Change -41.17% -30.52% -20.68%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$4.960M $1.348M -$20.97M
YoY Change 28.19% -106.66% 180.35%
Depreciation, Depletion And Amortization $684.5K $624.8K $790.0K
YoY Change -14.11% 1.27% 464.29%
Cash From Operating Activities -$420.0K $2.640M -$4.440M
YoY Change -81.9% -16.46% -72.34%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$100.0K $380.0K
YoY Change -150.0% -600.0% 123.53%
Acquisitions
YoY Change
Other Investing Activities -$80.00K -$1.310M -$30.00K
YoY Change -500.0% 122.03% -99.57%
Cash From Investing Activities -$80.00K -$1.210M -$410.0K
YoY Change -300.0% 98.36% -94.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.010M -3.790M 860.0K
YoY Change -75.18% 58.58% -96.39%
NET CHANGE
Cash From Operating Activities -420.0K 2.640M -4.440M
Cash From Investing Activities -80.00K -1.210M -410.0K
Cash From Financing Activities 1.010M -3.790M 860.0K
Net Change In Cash 510.0K -2.360M -3.990M
YoY Change -71.51% -1575.0% -754.1%
FREE CASH FLOW
Cash From Operating Activities -$420.0K $2.640M -$4.440M
Capital Expenditures $10.00K -$100.0K $380.0K
Free Cash Flow -$430.0K $2.740M -$4.820M
YoY Change -81.3% -12.74% -70.28%

Facts In Submission

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dei Entity Registrant Name
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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dei Entity Filer Category
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us-gaap Goodwill Impairment Loss
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us-gaap Goodwill Impairment Loss
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us-gaap Embedded Derivative Gain On Embedded Derivative
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us-gaap Gains Losses On Restructuring Of Debt
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0 USD
nete Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities From Discontinued Operations
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesFromDiscontinuedOperations
-18118 USD
nete Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities From Discontinued Operations
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesFromDiscontinuedOperations
0 USD
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
19417259 USD
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
5629607 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
200000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
-35410 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
4505255 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1261280 USD
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-36947 USD
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
0 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-1157242 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-1793423 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2758445 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3700208 USD
us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
973871 USD
us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
0 USD
nete Non Cash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Shares Issued And Outstanding
NonCashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueSharesIssuedAndOutstanding
609000 USD
nete Non Cash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Shares Issued And Outstanding
NonCashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueSharesIssuedAndOutstanding
0 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
20631000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 USD
nete Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Total
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueTotal
21240000 USD
nete Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Total
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueTotal
0 USD
nete Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Restricted Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueRestrictedSharesIssued1
718750 USD
nete Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Value Restricted Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueRestrictedSharesIssued1
0 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
0 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2675228 USD
nete Stock Issued In Noncash Or Part Non Cash Acquisition Percentage1
StockIssuedInNoncashOrPartNonCashAcquisitionPercentage1
0.1 pure
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1644626 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-22841066 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2245559 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-19978177 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><strong> Reclassification of Prior Period Presentation</strong> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain prior period amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
0 USD
us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
-81386 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-28320 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
0 USD
us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
1260339 USD
nete Proceeds From Indebtedness
ProceedsFromIndebtedness
0 USD
nete Proceeds From Indebtedness
ProceedsFromIndebtedness
8879898 USD
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
0 USD
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
10637092 USD
CY2014Q2 nete Contingent Consideration Payable On Redemption Of Warants
ContingentConsiderationPayableOnRedemptionOfWarants
500000 USD
nete Warants Expiration Date
WarantsExpirationDate
2017-10-02
nete Warrants Redemption Price
WarrantsRedemptionPrice
0.01
nete Warrant Redemption Subject To Conditions
WarrantRedemptionSubjectToConditions
if, and only if, the last reported sale price of our common stock on The NASDAQ Capital Market equals or exceeds $15.00 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to Warrant holders.

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