2024 Q2 Form 10-Q Financial Statement

#000137763024000077 Filed on May 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $54.70M $37.40M
YoY Change 269.59% 7.16%
Cost Of Revenue $3.700M $3.600M
YoY Change -26.0% -36.84%
Gross Profit $51.00M $33.80M
YoY Change 420.41% 15.75%
Gross Profit Margin 93.24% 90.37%
Selling, General & Admin $23.00M $23.50M
YoY Change 69.12% -22.44%
% of Gross Profit 45.1% 69.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.60M $10.50M
YoY Change 863.64% 40.0%
% of Gross Profit 20.78% 31.07%
Operating Expenses $23.00M $23.50M
YoY Change 56.46% -22.44%
Operating Profit -$9.300M -$22.70M
YoY Change 89.8% -25.82%
Interest Expense $700.0K -$400.0K
YoY Change -122.58% -98.33%
% of Operating Profit
Other Income/Expense, Net $600.0K -$12.00M
YoY Change -250.0% -48.72%
Pretax Income -$8.700M -$34.70M
YoY Change -101.6% -35.74%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.700M -$34.70M
YoY Change -101.6% -23.74%
Net Earnings / Revenue -15.9% -92.78%
Basic Earnings Per Share -$0.09 -$0.36
Diluted Earnings Per Share -$0.09 -$0.36
COMMON SHARES
Basic Shares Outstanding 96.57M shares 97.02M shares
Diluted Shares Outstanding 96.41M 96.92M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.80M $57.10M
YoY Change 226.06% -18.08%
Cash & Equivalents $53.80M $57.10M
Short-Term Investments
Other Short-Term Assets $11.90M $11.70M
YoY Change 67.61% -8.59%
Inventory
Prepaid Expenses
Receivables $50.70M $48.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $116.4M $117.4M
YoY Change 389.08% -3.53%
LONG-TERM ASSETS
Property, Plant & Equipment $15.80M $15.90M
YoY Change -6.51% 30.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000M $1.000M
YoY Change -94.9% -23.08%
Other Assets $17.30M $17.80M
YoY Change -202.37% -19.46%
Total Long-Term Assets $410.8M $421.2M
YoY Change 1995.92% -31.9%
TOTAL ASSETS
Total Short-Term Assets $116.4M $117.4M
Total Long-Term Assets $410.8M $421.2M
Total Assets $527.2M $538.6M
YoY Change 1114.75% -27.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.30M $16.20M
YoY Change 579.17% -32.5%
Accrued Expenses $1.700M $1.700M
YoY Change -32.0% -93.66%
Deferred Revenue $12.60M $13.00M
YoY Change 231.58% 41.3%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.50M $42.50M
YoY Change 384.69% -96.47%
LONG-TERM LIABILITIES
Long-Term Debt $10.00M $10.00M
YoY Change
Other Long-Term Liabilities $11.50M $83.80M
YoY Change -78.26% 381.61%
Total Long-Term Liabilities $91.80M $93.80M
YoY Change 73.53% 39.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.50M $42.50M
Total Long-Term Liabilities $91.80M $93.80M
Total Liabilities $139.3M $136.3M
YoY Change 122.17% -89.28%
SHAREHOLDERS EQUITY
Retained Earnings $263.8M $281.8M
YoY Change 137.02% -167.76%
Common Stock $2.500M $2.500M
YoY Change 47.06% 47.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $387.9M $402.3M
YoY Change
Total Liabilities & Shareholders Equity $527.2M $538.6M
YoY Change 1114.75% -27.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$8.700M -$34.70M
YoY Change -101.6% -23.74%
Depreciation, Depletion And Amortization $10.60M $10.50M
YoY Change 863.64% 40.0%
Cash From Operating Activities $7.700M $24.10M
YoY Change -230.51% 131.73%
INVESTING ACTIVITIES
Capital Expenditures $1.300M $1.500M
YoY Change 1200.0% 50.0%
Acquisitions
YoY Change
Other Investing Activities $200.0K $200.0K
YoY Change -33.33%
Cash From Investing Activities -$1.100M -$1.300M
YoY Change 1000.0% 85.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.60
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.900M -$300.0K
YoY Change -80.04% -87.5%
NET CHANGE
Cash From Operating Activities 7.700M $24.10M
Cash From Investing Activities -1.100M -$1.300M
Cash From Financing Activities -9.900M -$300.0K
Net Change In Cash -3.300M $22.50M
YoY Change -94.06% 208.22%
FREE CASH FLOW
Cash From Operating Activities $7.700M $24.10M
Capital Expenditures $1.300M $1.500M
Free Cash Flow $6.400M $22.60M
YoY Change -206.67% 140.43%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:6pt;text-indent:29.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those related to the reserve for uncollectible accounts receivable, share-based compensation and income taxes. Actual results could differ from estimates.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:29.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reverse Stock Split</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—On August 3, 2023, the Company effected a one-for-ten (1:10) reverse stock split of its common stock, par value $0.01 per share. The reverse stock split, which was authorized by its Board of Directors, was approved by the Company’s stockholders on August 2, 2023. The reverse stock split reduced the number of outstanding shares of the Company’s common stock from 174,112,385 shares as of August 3, 2023, to 17,411,323 shares outstanding post-split. The primary purpose of the reverse stock split was to comply with the Company’s obligations under a settlement reached between the Company, NCM LLC and certain lender parties thereto in connection with the Chapter 11 Case (the “NCMI 9019 Settlement”) and so that the Plan may become effective as well as to increase the per share market price of the Company’s common stock in an effort to maintain compliance with applicable Nasdaq continued listing standards with respect to the closing price of the Company’s common stock. The number of shares of common stock issued and outstanding for the three months ended March 30, 2023 prior to the reverse stock split have been retroactively adjusted by the one-for-ten reverse stock split.</span></div>
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CY2024Q1 ncminc Consolidation Lessthan Wholly Owned Subsidiary Parent Ownership Interest Changes Income Tax And Other Impacts Of Subsidiary Ownership Change
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CY2023Q1 us-gaap Variable Lease Cost
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CY2024Q1 us-gaap Lease Cost
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CY2024Q1 us-gaap Guarantee Obligations Maximum Exposure
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CY2023Q4 ncminc Guarantor Obligations Maximum Exposure Undiscounted Additional Amount Accrued
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CY2024Q2 us-gaap Stock Repurchased And Retired During Period Shares
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CY2024Q2 us-gaap Payments For Repurchase Of Common Stock
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2.6 usd

Files In Submission

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