2020 Q1 Form 10-Q Financial Statement
#000162828020005340 Filed on April 23, 2020
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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3446778 | USD |
CY2020Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
2882143 | USD |
CY2020Q1 | us-gaap |
Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
|
2020-04-30 | |
CY2020Q1 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
250000 | USD |
CY2020Q1 | us-gaap |
Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
|
0 | USD |
CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
106122 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
0 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
0 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
453457 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
420366 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-763178 | USD |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
2050507 | USD |
CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-657371 | USD |
CY2019Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
2050507 | USD |
CY2020Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-657371 | USD |
CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
4499859 | USD |
CY2020Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
2209715 | USD |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-3701155 | USD |
CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-657869 | USD |
CY2019Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
588546 | USD |
CY2020Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
591370 | USD |
CY2019Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
916674 | USD |
CY2020Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
810235 | USD |
CY2019Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1159774 | USD |
CY2020Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1048937 | USD |
CY2020Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.15 | |
CY2020Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3Y4M24D | |
CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
333952 | USD |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
0 | USD |
CY2019Q1 | us-gaap |
Other Income
OtherIncome
|
16813 | USD |
CY2020Q1 | us-gaap |
Other Income
OtherIncome
|
498 | USD |
CY2019Q1 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
5751662 | USD |
CY2020Q1 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
498 | USD |
CY2020Q1 | us-gaap |
Payments For Legal Settlements
PaymentsForLegalSettlements
|
4000000 | USD |
CY2019Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
1 | USD |
CY2020Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
1 | USD |
CY2019Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
652919 | USD |
CY2020Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
340369 | USD |
CY2019Q4 | us-gaap |
Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
|
29650 | USD |
CY2020Q1 | us-gaap |
Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
|
29650 | USD |
CY2019Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
0 | USD |
CY2020Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
453457 | USD |
CY2019Q4 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
75300 | USD |
CY2020Q1 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
63700 | USD |
CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
2050507 | USD |
CY2020Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-657371 | USD |
CY2019Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
273448 | USD |
CY2020Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
250041 | USD |
CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
855081 | USD |
CY2020Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
533620 | USD |
CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-195446976 | USD |
CY2019 | us-gaap |
Restructuring Charges
RestructuringCharges
|
2300000 | USD |
CY2020Q1 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
400000 | USD |
CY2019Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-194789605 | USD |
CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-195400000 | USD |
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;"> </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> |