2022 Q1 Form 10-Q Financial Statement

#000152828722000012 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $11.37M $11.22M
YoY Change 1.4% 12.45%
Cost Of Revenue $3.115M $2.724M
YoY Change 14.35% -6.65%
Gross Profit $8.259M $8.493M
YoY Change -2.76% 20.35%
Gross Profit Margin 72.61% 75.72%
Selling, General & Admin $12.44M $8.267M
YoY Change 50.53% 7.62%
% of Gross Profit 150.67% 97.34%
Research & Development $5.577M $4.100M
YoY Change 36.02% -15.17%
% of Gross Profit 67.53% 48.28%
Depreciation & Amortization $100.0K $100.0K
YoY Change 0.0% 0.0%
% of Gross Profit 1.21% 1.18%
Operating Expenses $18.02M $12.37M
YoY Change 45.72% -1.18%
Operating Profit -$9.762M -$3.874M
YoY Change 151.99% -29.02%
Interest Expense $1.830M $1.849M
YoY Change -1.03% -38.33%
% of Operating Profit
Other Income/Expense, Net -$3.000K -$3.113M
YoY Change -99.9% -281.52%
Pretax Income -$11.46M -$8.810M
YoY Change 30.09%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.46M -$8.810M
YoY Change 30.09% 30.69%
Net Earnings / Revenue -100.76% -78.54%
Basic Earnings Per Share -$0.47 -$32.73
Diluted Earnings Per Share -$0.47 -$32.73
COMMON SHARES
Basic Shares Outstanding 24.31M shares 269.2K shares
Diluted Shares Outstanding 24.31M shares 269.2K shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.2M $30.53M
YoY Change 237.95%
Cash & Equivalents $7.489M $13.84M
Short-Term Investments $95.69M $16.69M
Other Short-Term Assets $2.081M $1.314M
YoY Change 58.37%
Inventory $8.103M $7.042M
Prepaid Expenses
Receivables $9.061M $8.202M
Other Receivables $0.00 $0.00
Total Short-Term Assets $122.4M $47.09M
YoY Change 159.98%
LONG-TERM ASSETS
Property, Plant & Equipment $860.0K $476.0K
YoY Change 80.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $23.00K
YoY Change -8.7%
Total Long-Term Assets $6.562M $3.236M
YoY Change 102.78%
TOTAL ASSETS
Total Short-Term Assets $122.4M $47.09M
Total Long-Term Assets $6.562M $3.236M
Total Assets $129.0M $50.32M
YoY Change 156.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.228M $1.484M
YoY Change 50.13%
Accrued Expenses $6.961M $5.734M
YoY Change 21.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.590M
YoY Change
Total Short-Term Liabilities $12.06M $10.81M
YoY Change 11.56%
LONG-TERM LIABILITIES
Long-Term Debt $50.12M $49.56M
YoY Change 1.12%
Other Long-Term Liabilities $3.987M $274.0K
YoY Change 1355.11%
Total Long-Term Liabilities $50.12M $49.84M
YoY Change 0.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.06M $10.81M
Total Long-Term Liabilities $50.12M $49.84M
Total Liabilities $66.16M $65.34M
YoY Change 1.26%
SHAREHOLDERS EQUITY
Retained Earnings -$435.2M -$396.5M
YoY Change 9.76%
Common Stock $24.00K $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.82M -$156.4M
YoY Change
Total Liabilities & Shareholders Equity $129.0M $50.32M
YoY Change 156.3%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$11.46M -$8.810M
YoY Change 30.09% 30.69%
Depreciation, Depletion And Amortization $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$11.40M -$5.900M
YoY Change 93.22% -9.23%
INVESTING ACTIVITIES
Capital Expenditures $306.0K $35.00K
YoY Change 774.29% 118.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$5.000M
YoY Change -100.0%
Cash From Investing Activities -$306.0K -$5.035M
YoY Change -93.92% 969.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.000K -$1.578M
YoY Change -100.06% -112.6%
NET CHANGE
Cash From Operating Activities -$11.40M -$5.900M
Cash From Investing Activities -$306.0K -$5.035M
Cash From Financing Activities $1.000K -$1.578M
Net Change In Cash -$11.70M -$12.55M
YoY Change -6.78% -328.12%
FREE CASH FLOW
Cash From Operating Activities -$11.40M -$5.900M
Capital Expenditures $306.0K $35.00K
Free Cash Flow -$11.71M -$5.935M
YoY Change 97.24% -8.92%

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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited interim condensed financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. The Company uses significant judgment when making estimates related to the valuation of its common stock prior to the IPO, and related stock-based compensation, the valuation of deferred tax assets and related valuation allowances, provision for excess and obsolete inventories, and the valuation of redeemable convertible preferred stock warrant liability. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. </span></div>Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
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