2019 Q4 Form 10-Q Financial Statement

#000162828019012340 Filed on October 17, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $1.710M $2.088M $3.667M
YoY Change -54.16% -43.06% 3.39%
Cost Of Revenue $640.0K $914.3K $1.821M
YoY Change -67.68% -49.79% -10.77%
Gross Profit $1.060M $1.174M $1.846M
YoY Change -39.43% -36.41% 22.58%
Gross Profit Margin 61.99% 56.21% 50.33%
Selling, General & Admin $1.820M $2.111M $3.350M
YoY Change -48.15% -36.99% -19.82%
% of Gross Profit 171.7% 179.83% 181.5%
Research & Development $630.0K $475.1K $1.178M
YoY Change -40.57% -59.68% 40.2%
% of Gross Profit 59.43% 40.48% 63.85%
Depreciation & Amortization $20.00K -$10.00K $30.00K
YoY Change -133.33% -57.14%
% of Gross Profit 1.89% -0.85% 1.63%
Operating Expenses $2.460M $2.586M $4.528M
YoY Change -46.17% -42.9% -9.77%
Operating Profit -$1.400M -$1.412M -$2.683M
YoY Change -50.35% -47.36% -23.63%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $7.464K $20.00K
YoY Change -100.0% -62.68%
Pretax Income -$1.060M -$1.400M $1.090M
YoY Change -62.14% -228.44% -131.05%
Income Tax
% Of Pretax Income
Net Earnings -$1.060M -$1.405M $1.086M
YoY Change -62.14% -229.33% -130.95%
Net Earnings / Revenue -61.99% -67.27% 29.62%
Basic Earnings Per Share -$0.14 $0.15
Diluted Earnings Per Share -$1.093M -$0.14 $0.08
COMMON SHARES
Basic Shares Outstanding 9.782M shares 978.2K shares 7.365M shares
Diluted Shares Outstanding 978.2K shares 13.95M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.130M $3.190M $7.530M
YoY Change -53.83% -57.64% 89.67%
Cash & Equivalents $3.126M $3.187M $7.531M
Short-Term Investments
Other Short-Term Assets $650.0K $670.0K $830.0K
YoY Change -24.42% -19.28% -59.31%
Inventory $1.164M $1.079M $2.597M
Prepaid Expenses
Receivables $299.0K $524.0K $1.616M
Other Receivables $190.0K $1.180M $0.00
Total Short-Term Assets $5.431M $6.636M $12.57M
YoY Change -53.13% -47.22% 52.93%
LONG-TERM ASSETS
Property, Plant & Equipment $273.4K $299.3K $380.5K
YoY Change -32.87% -21.34% -8.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K $90.00K
YoY Change 0.0% -66.67% -30.77%
Total Long-Term Assets $1.463M $1.871M $466.7K
YoY Change -39.19% 300.86% -15.45%
TOTAL ASSETS
Total Short-Term Assets $5.431M $6.636M $12.57M
Total Long-Term Assets $1.463M $1.871M $466.7K
Total Assets $6.894M $8.507M $13.04M
YoY Change -50.73% -34.76% 48.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $725.7K $638.5K $1.151M
YoY Change -44.1% -44.53% 58.74%
Accrued Expenses $1.444M $2.613M $1.921M
YoY Change -12.99% 35.99% 0.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.447M $3.915M $4.179M
YoY Change -47.72% -6.31% -1.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $920.0K $1.020M
YoY Change -29.23%
Total Long-Term Liabilities $920.0K $1.020M $0.00
YoY Change -29.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.447M $3.915M $4.179M
Total Long-Term Liabilities $920.0K $1.020M $0.00
Total Liabilities $4.363M $4.933M $4.179M
YoY Change -44.72% 18.06% -1.8%
SHAREHOLDERS EQUITY
Retained Earnings -$194.8M -$193.7M -$188.2M
YoY Change 1.98% 2.94% -0.16%
Common Stock $140.00 $978.00 $737.00
YoY Change 89.19% 32.7% 242.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.530M $3.574M $8.860M
YoY Change
Total Liabilities & Shareholders Equity $6.894M $8.507M $13.04M
YoY Change -50.73% -34.76% 48.62%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$1.060M -$1.405M $1.086M
YoY Change -62.14% -229.33% -130.95%
Depreciation, Depletion And Amortization $20.00K -$10.00K $30.00K
YoY Change -133.33% -57.14%
Cash From Operating Activities -$60.00K -$1.740M $380.0K
YoY Change -91.67% -557.89% -113.24%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$30.00K $20.00K
YoY Change -66.67% -250.0% -166.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$30.00K $20.00K
YoY Change -66.67% -250.0% -166.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 0.000 10.00K
YoY Change 0.0% -100.0% -99.69%
NET CHANGE
Cash From Operating Activities -60.00K -1.740M 380.0K
Cash From Investing Activities -10.00K -30.00K 20.00K
Cash From Financing Activities 10.00K 0.000 10.00K
Net Change In Cash -60.00K -1.770M 410.0K
YoY Change -91.89% -531.71% 13.89%
FREE CASH FLOW
Cash From Operating Activities -$60.00K -$1.740M $380.0K
Capital Expenditures -$10.00K -$30.00K $20.00K
Free Cash Flow -$50.00K -$1.710M $360.0K
YoY Change -92.75% -575.0% -112.68%

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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2826238 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1404600 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2716284 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
4528297 USD
us-gaap Operating Expenses
OperatingExpenses
15105094 USD
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
2585743 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1018508 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1968062 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1541975 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.15
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M21D
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
133580 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
161203 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2018Q3 us-gaap Other Income
OtherIncome
18686 USD
us-gaap Other Income
OtherIncome
40965 USD
CY2019Q3 us-gaap Other Income
OtherIncome
7464 USD
us-gaap Other Income
OtherIncome
42797 USD
CY2018Q3 us-gaap Other Operating Income
OtherOperatingIncome
3768686 USD
us-gaap Other Operating Income
OtherOperatingIncome
12296669 USD
CY2019Q3 us-gaap Other Operating Income
OtherOperatingIncome
7464 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
860915 USD
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
672487 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
30314 USD
CY2019Q3 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
29650 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
9254 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7497 USD
CY2018Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
129837 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
299295 USD
us-gaap Provision For Lease Losses
ProvisionForLeaseLosses
125000 USD
CY2019Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
92000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
9254 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
9254 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
7497 USD
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
294264 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13863953 shares
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1178468 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4074895 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
475137 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2365139 USD
CY2019Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
11
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
2300000 USD
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
2300000 USD
CY2019Q3 us-gaap Restructuring Reserve
RestructuringReserve
125000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-191016591 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-193700000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-193732875 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3666780 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12361338 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2088001 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7565619 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2334340 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7039933 USD
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
647719 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4046956 USD
CY2019Q2 us-gaap Severance Costs1
SeveranceCosts1
224773 USD
us-gaap Severance Costs1
SeveranceCosts1
224773 USD
us-gaap Share Based Compensation
ShareBasedCompensation
414722 USD
us-gaap Share Based Compensation
ShareBasedCompensation
184486 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
7721608 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
8859725 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
6097811 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
4857650 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
3573510 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13949712 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9781755 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8863159 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7365038 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7016789 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9781755 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8863159 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform to the current period presentation. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make significant 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 revenue and expenses during reporting periods. Actual results could differ from those estimates.</font></div></div>

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