2019 Q2 Form 10-Q Financial Statement

#000156459019030866 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2
Revenue $880.3K
YoY Change 39.21%
Cost Of Revenue $125.0K
YoY Change -37.64%
Gross Profit $755.3K
YoY Change 74.88%
Gross Profit Margin 85.8%
Selling, General & Admin $2.800M
YoY Change 6.59%
% of Gross Profit 370.71%
Research & Development $535.9K
YoY Change 10.05%
% of Gross Profit 70.95%
Depreciation & Amortization $23.45K
YoY Change 17.25%
% of Gross Profit 3.1%
Operating Expenses $3.336M
YoY Change 7.13%
Operating Profit -$2.581M
YoY Change -3.78%
Interest Expense $141.0K
YoY Change 182.93%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.565M
YoY Change -2.46%
Income Tax
% Of Pretax Income
Net Earnings -$2.565M
YoY Change -2.44%
Net Earnings / Revenue -291.4%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.500M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.669M
YoY Change -42.9%
Cash & Equivalents $6.669M
Short-Term Investments
Other Short-Term Assets $817.5K
YoY Change 77.71%
Inventory $349.2K
Prepaid Expenses
Receivables $331.0K
Other Receivables $0.00
Total Short-Term Assets $8.167M
YoY Change -36.09%
LONG-TERM ASSETS
Property, Plant & Equipment $192.6K
YoY Change 17.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.4K
YoY Change 52.83%
Total Long-Term Assets $376.0K
YoY Change 30.6%
TOTAL ASSETS
Total Short-Term Assets $8.167M
Total Long-Term Assets $376.0K
Total Assets $8.543M
YoY Change -34.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $429.5K
YoY Change 26.31%
Accrued Expenses $947.4K
YoY Change -10.62%
Deferred Revenue $40.00
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.436M
YoY Change -8.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.436M
Total Long-Term Liabilities $0.00
Total Liabilities $1.436M
YoY Change -11.13%
SHAREHOLDERS EQUITY
Retained Earnings -$50.58M
YoY Change 26.61%
Common Stock $57.69M
YoY Change 4648521.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $7.061M
YoY Change
Total Liabilities & Shareholders Equity $8.543M
YoY Change -34.63%

Cashflow Statement

Concept 2019 Q2
OPERATING ACTIVITIES
Net Income -$2.565M
YoY Change -2.44%
Depreciation, Depletion And Amortization $23.45K
YoY Change 17.25%
Cash From Operating Activities -$2.288M
YoY Change -2.24%
INVESTING ACTIVITIES
Capital Expenditures -$29.50K
YoY Change 47.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$29.50K
YoY Change 47.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -247.7K
YoY Change 395.3%
NET CHANGE
Cash From Operating Activities -2.288M
Cash From Investing Activities -29.50K
Cash From Financing Activities -247.7K
Net Change In Cash -2.565M
YoY Change 6.42%
FREE CASH FLOW
Cash From Operating Activities -$2.288M
Capital Expenditures -$29.50K
Free Cash Flow -$2.258M
YoY Change -2.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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dei Entity Address Address Line1
EntityAddressAddressLine1
One Broadway
dei Entity Address Address Line2
EntityAddressAddressLine2
14th Floor
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EntityAddressCityOrTown
Cambridge
dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
02142
dei City Area Code
CityAreaCode
617
dei Local Phone Number
LocalPhoneNumber
996-9058
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us-gaap Nature Of Operations
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1 &#8212; Description of Business</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Myomo Inc. (&#8220;Myomo&#8221; or the Company&#8221;) is a wearable medical robotics company that develops, designs, and produces myoelectric orthotics for people with neuromuscular disorders. The MyoPro &#174; myoelectric upper limb orthosis product is registered with the U.S. Food and Drug Administration as a Class&#160;II medical device. The Company sells its products to orthotics and prosthetics (O&amp;P) providers, the Veterans Health Administration, rehabilitation hospitals, and through distributors. Recently, the Company has begun providing devices directly to patients and billing their insurance companies directly, often utilizing the clinical services of O&amp;P providers for which they are paid a fee. The Company was incorporated in the State of Delaware on September&#160;1, 2004 and is headquartered in Cambridge, Massachusetts.</p>
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<p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior year amounts have been reclassified to conform with the current year presentation. </p>
us-gaap Use Of Estimates
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect certain reported amounts and disclosures. These estimates and assumptions are reviewed on an on-going basis and updated as appropriate. Actual results could differ from those estimates. The Company&#8217;s significant estimates include the allowance for doubtful accounts, deferred tax valuation allowances, warranty obligations and reserves for slow-moving and consigned inventory.</p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0217
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0294
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y7M6D
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y8M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y5M15D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y8M4D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.53
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.14
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
593353
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
492080
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
26000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
238500
CY2019Q2 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
0
CY2018Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
0
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
235000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
232000
CY2019Q2 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
42000
CY2018Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
54000

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