2020 Q1 Form 10-Q Financial Statement

#000162828020005340 Filed on April 23, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $2.172M $3.123M
YoY Change -30.45% -36.82%
Cost Of Revenue $620.2K $2.324M
YoY Change -73.32% -21.35%
Gross Profit $1.552M $798.7K
YoY Change 94.3% -59.82%
Gross Profit Margin 71.45% 25.58%
Selling, General & Admin $1.676M $3.645M
YoY Change -54.01% -15.41%
% of Gross Profit 108.01% 456.34%
Research & Development $533.6K $855.1K
YoY Change -37.59% -33.17%
% of Gross Profit 34.39% 107.06%
Depreciation & Amortization $23.41K $31.78K
YoY Change -26.34% -42.68%
% of Gross Profit 1.51% 3.98%
Operating Expenses $2.210M $4.500M
YoY Change -50.89% -19.48%
Operating Profit -$657.9K -$3.701M
YoY Change -82.23% 2.79%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $20.00K
YoY Change -100.0% 100.0%
Pretax Income -$660.0K $2.050M
YoY Change -132.2% 75.21%
Income Tax
% Of Pretax Income
Net Earnings -$657.4K $2.051M
YoY Change -132.06% 75.82%
Net Earnings / Revenue -30.27% 65.66%
Basic Earnings Per Share -$0.45 $2.65
Diluted Earnings Per Share -$0.45 $1.47
COMMON SHARES
Basic Shares Outstanding 1.457M shares 774.1K shares
Diluted Shares Outstanding 1.457M shares 1.397M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.820M $7.200M
YoY Change -60.83% 18.03%
Cash & Equivalents $2.816M $7.201M
Short-Term Investments
Other Short-Term Assets $340.0K $960.0K
YoY Change -64.58% 1.05%
Inventory $1.154M $2.494M
Prepaid Expenses
Receivables $386.1K $972.4K
Other Receivables $180.0K $0.00
Total Short-Term Assets $4.878M $11.63M
YoY Change -58.06% 10.78%
LONG-TERM ASSETS
Property, Plant & Equipment $250.0K $375.6K
YoY Change -33.42% -13.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $30.00K
YoY Change 0.0% -25.0%
Total Long-Term Assets $1.329M $2.277M
YoY Change -41.64% 379.48%
TOTAL ASSETS
Total Short-Term Assets $4.878M $11.63M
Total Long-Term Assets $1.329M $2.277M
Total Assets $6.206M $13.91M
YoY Change -55.37% 26.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $623.2K $557.9K
YoY Change 11.71% 45.25%
Accrued Expenses $1.065M $3.036M
YoY Change -64.94% 28.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.882M $4.503M
YoY Change -35.99% 8.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $810.0K $1.210M
YoY Change -33.06%
Total Long-Term Liabilities $810.0K $1.210M
YoY Change -33.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.882M $4.503M
Total Long-Term Liabilities $810.0K $1.210M
Total Liabilities $3.692M $5.714M
YoY Change -35.38% 37.68%
SHAREHOLDERS EQUITY
Retained Earnings -$195.4M -$189.0M
YoY Change 3.4% -0.49%
Common Stock $168.00 $831.00
YoY Change -79.78% 16.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.514M $8.192M
YoY Change
Total Liabilities & Shareholders Equity $6.206M $13.91M
YoY Change -55.37% 26.74%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$657.4K $2.051M
YoY Change -132.06% 75.82%
Depreciation, Depletion And Amortization $23.41K $31.78K
YoY Change -26.34% -42.68%
Cash From Operating Activities -$763.2K $420.4K
YoY Change -281.55% -79.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $453.5K $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -$763.2K $420.4K
Cash From Investing Activities $0.00 $0.00
Cash From Financing Activities $453.5K $0.00
Net Change In Cash -$309.7K $420.4K
YoY Change -173.68% -79.54%
FREE CASH FLOW
Cash From Operating Activities -$763.2K $420.4K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$763.2K $420.4K
YoY Change -281.55% -79.54%

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CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3122935 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2172036 USD
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2025288 USD
CY2020Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
424349 USD
CY2019 us-gaap Severance Costs1
SeveranceCosts1
224773 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
44093 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
144047 USD
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
453457 USD
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
43751 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
6097811 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
8192411 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
2530234 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
2514118 USD
CY2019Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.1
CY2020Q1 us-gaap Substantial Doubt About Going Concern Within One Year
SubstantialDoubtAboutGoingConcernWithinOneYear
true
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1396866 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1457224 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
774146 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1457224 shares
CY2020Q1 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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