2019 Q2 Form 10-Q Financial Statement

#000121390019015652 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $1.710M $2.360M $1.876M
YoY Change -8.85% -28.05% -19.45%
Cost Of Revenue $71.00K $450.0K $89.00K
YoY Change -20.22% -73.53% -77.24%
Gross Profit $1.639M $1.920M $1.787M
YoY Change -8.28% 21.52% -7.79%
Gross Profit Margin 95.85% 81.36% 95.26%
Selling, General & Admin $1.501M $93.54M $1.586M
YoY Change -5.36% 5184.75% -13.62%
% of Gross Profit 91.58% 4871.88% 88.75%
Research & Development $1.452M $1.290M $1.362M
YoY Change 6.61% -28.33% 4.77%
% of Gross Profit 88.59% 67.19% 76.22%
Depreciation & Amortization $220.0K $220.0K $260.0K
YoY Change -15.38% -21.43% 8.33%
% of Gross Profit 13.42% 11.46% 14.55%
Operating Expenses $2.953M $94.82M $2.948M
YoY Change 0.17% 2563.48% -5.99%
Operating Profit -$1.314M -$92.90M -$1.161M
YoY Change 13.18% 4591.92% -3.09%
Interest Expense $9.000K $91.99M $13.00K
YoY Change -30.77% -460050.0% -27.78%
% of Operating Profit
Other Income/Expense, Net -$9.000K $0.00 -$13.00K
YoY Change -30.77% -27.78%
Pretax Income -$1.323M -$920.0K -$1.174M
YoY Change 12.69% -54.23% -3.45%
Income Tax $7.000K $0.00 $1.000K
% Of Pretax Income
Net Earnings -$1.264M -$915.0K -$964.0K
YoY Change 31.12% -46.8% -3.41%
Net Earnings / Revenue -73.92% -38.77% -51.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$143.2K -$98.99K -$163.8K
COMMON SHARES
Basic Shares Outstanding 8.801K shares 5.859M shares 5.859K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.640M $6.560M $3.690M
YoY Change 25.75% 13.1% 161.7%
Cash & Equivalents $4.638M $6.555M $3.693M
Short-Term Investments
Other Short-Term Assets $770.0K $230.0K $1.880M
YoY Change -59.04% -10.51% -18.26%
Inventory $1.166M $1.219M $1.114M
Prepaid Expenses
Receivables $1.784M $1.830M $1.793M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.358M $10.49M $8.484M
YoY Change -1.49% 7.11% 19.97%
LONG-TERM ASSETS
Property, Plant & Equipment $2.011M $2.484M $2.696M
YoY Change -25.41% -25.34% -27.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $250.0K $261.0K
YoY Change
Total Long-Term Assets $246.0K $261.0K $2.699M
YoY Change -90.89% -92.16% -27.6%
TOTAL ASSETS
Total Short-Term Assets $8.358M $10.49M $8.484M
Total Long-Term Assets $246.0K $261.0K $2.699M
Total Assets $11.35M $13.24M $11.18M
YoY Change 1.46% 0.88% 3.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $401.0K $501.0K $719.0K
YoY Change -44.23% -1.57% -54.58%
Accrued Expenses $93.00K $265.0K $126.0K
YoY Change -26.19% 49.72% -39.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $550.0K $570.0K $530.0K
YoY Change 3.77% 0.0% 0.0%
Total Short-Term Liabilities $2.646M $2.313M $2.931M
YoY Change -9.72% -35.45% -55.99%
LONG-TERM LIABILITIES
Long-Term Debt $810.0K $1.130M $1.280M
YoY Change -36.72% -32.74% -32.98%
Other Long-Term Liabilities $266.0K
YoY Change
Total Long-Term Liabilities $266.0K $0.00 $1.280M
YoY Change -79.22% -100.0% -32.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.646M $2.313M $2.931M
Total Long-Term Liabilities $266.0K $0.00 $1.280M
Total Liabilities $3.719M $3.446M $4.212M
YoY Change -11.7% -34.54% -50.84%
SHAREHOLDERS EQUITY
Retained Earnings -$187.1M -$185.2M -$183.8M
YoY Change 1.76% 0.8% 1.61%
Common Stock $9.000K $9.000K $59.00K
YoY Change -84.75% 50.0% 20.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.846M $11.84M $8.549M
YoY Change
Total Liabilities & Shareholders Equity $11.35M $13.24M $11.18M
YoY Change 1.46% 0.88% 3.55%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.264M -$915.0K -$964.0K
YoY Change 31.12% -46.8% -3.41%
Depreciation, Depletion And Amortization $220.0K $220.0K $260.0K
YoY Change -15.38% -21.43% 8.33%
Cash From Operating Activities -$1.020M -$580.0K -$870.0K
YoY Change 17.24% -34.83% -38.73%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$60.00K -$20.00K
YoY Change 50.0% 200.0% -96.08%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$30.00K -$50.00K -$20.00K
YoY Change 50.0% 150.0% -96.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -130.0K 4.480M -140.0K
YoY Change -7.14% -3300.0% -108.7%
NET CHANGE
Cash From Operating Activities -1.020M -580.0K -870.0K
Cash From Investing Activities -30.00K -50.00K -20.00K
Cash From Financing Activities -130.0K 4.480M -140.0K
Net Change In Cash -1.180M 3.850M -1.030M
YoY Change 14.56% -466.67% 221.88%
FREE CASH FLOW
Cash From Operating Activities -$1.020M -$580.0K -$870.0K
Capital Expenditures -$30.00K -$60.00K -$20.00K
Free Cash Flow -$990.0K -$520.0K -$850.0K
YoY Change 16.47% -40.23% -6.59%

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us-gaap General And Administrative Expense
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CY2018Q2 us-gaap General And Administrative Expense
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CY2019Q2 us-gaap General And Administrative Expense
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us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2018Q2 us-gaap Operating Income Loss
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CY2019Q2 us-gaap Operating Income Loss
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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2019Q2 us-gaap Interest Expense
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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CY2018Q2 us-gaap Nonoperating Income Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2018Q2 us-gaap Profit Loss
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CY2018Q4 us-gaap Profit Loss
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-915000 usd
CY2019Q2 us-gaap Profit Loss
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-1330000 usd
CY2018Q1 us-gaap Profit Loss
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-900000 usd
CY2019Q1 us-gaap Profit Loss
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-684000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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NetIncomeLossAttributableToNoncontrollingInterest
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CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Earnings Per Share Basic And Diluted
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-0.21
us-gaap Earnings Per Share Basic And Diluted
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CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5859 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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5859 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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8801 shares
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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60000 usd
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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26000 usd
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2019Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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false
CY2018Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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-211000 usd
CY2019Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2019Q2 us-gaap Comprehensive Income Net Of Tax
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CY2018Q1 neond Stock Option And Warrant Compensation Expense To Employees Directors And Vendors
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us-gaap Depreciation Depletion And Amortization
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439000 usd
us-gaap Depreciation Depletion And Amortization
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536000 usd
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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8000 usd
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224000 usd
us-gaap Increase Decrease In Inventories
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5000 usd
us-gaap Increase Decrease In Inventories
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56000 usd
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us-gaap Increase Decrease In Prepaid Expenses Other
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Net Cash Provided By Used In Financing Activities
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-93000 usd
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-250000 usd
us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Income Taxes Paid
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us-gaap Interest Paid Net
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19000 usd
us-gaap Interest Paid Net
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Cash Provided By Used In Operating Activities
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1116368 shares
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1830000 usd
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30000 usd
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20000 usd
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273000 usd
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137000 usd
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SensorModulesSales
85000 usd
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SensorModulesSales
223000 usd
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us-gaap Increase Decrease In Operating Liabilities
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4619000 usd
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Yes
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false
dei Entity File Number
EntityFileNumber
1-35526
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Yes
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DE
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us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The corporate income tax rate from 35% to 21% effective January 1, 2018, among other changes.
us-gaap Minority Interest Description
MinorityInterestDescription
We consolidate subsidiaries in which we hold, directly or indirectly, more than 50% of the voting rights, and variable interest entities (“VIEs”) in which Neonode is the primary beneficiary.
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
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us-gaap Lessor Operating Lease Description
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Our leases have remaining lease terms of one year to three years, and our two primary operating leases include options to extend the leases for one to three years; those operating leases also include options to terminate the leases within one year.
us-gaap Lessor Operating Lease Option To Extend
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Our corporate office lease is automatically renewed at a cost increase of 2% on a yearly basis, unless we provide written notice six months prior to expiration date.
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AmortizationOfOperatingLeaseRightofuseAssets
-189000 usd
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AmortizationOfOperatingLeaseRightofuseAssets
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BadDebtExpense
19000 usd
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BadDebtExpense
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75000 usd
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11000 usd
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2020-03-24
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us-gaap Short Term Lease Cost
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266000 usd
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132000 usd
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-185222000 usd
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-187059000 usd
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2 shares
CY2019Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2019Q2 us-gaap Stock Issued During Period Shares Period Increase Decrease
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15000000 shares
CY2019Q3 dei Entity Common Stock Shares Outstanding
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8811154 shares
neond Schedule Of Minimum Future Rentals On Noncancelable Finance Leases
ScheduleOfMinimumFutureRentalsOnNoncancelableFinanceLeases
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neond Projects In Process
ProjectsInProcess
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
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CY2019Q2 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
The Company implemented a conversion of all outstanding shares of Series B Preferred Stock into shares of common stock. Each share of Series B Preferred Stock was automatically converted into 132.07 shares of common stock. No fractional shares were issued. In lieu of any fractional shares, the resulting number of shares of common stock was rounded up to the nearest whole number. Accordingly, 10,577 shares of common stock were issued as a result of the conversion.

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