2020 Q2 Form 10-Q Financial Statement

#000162828020010566 Filed on July 23, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $1.360M $2.355M
YoY Change -42.24% -37.23%
Cost Of Revenue $495.1K $3.144M
YoY Change -84.25% 61.19%
Gross Profit $864.9K -$789.1K
YoY Change -209.6% -143.81%
Gross Profit Margin 63.6% -33.51%
Selling, General & Admin $1.058M $2.939M
YoY Change -64.01% -12.84%
% of Gross Profit 122.28%
Research & Development $660.3K $1.035M
YoY Change -36.2% -35.99%
% of Gross Profit 76.34%
Depreciation & Amortization $30.00K $80.00K
YoY Change -62.5% 0.0%
% of Gross Profit 3.47%
Operating Expenses $1.718M $3.973M
YoY Change -56.77% -20.35%
Operating Profit -$853.0K -$4.763M
YoY Change -82.09% 49.43%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.051K $1.400M
YoY Change -99.92% 13903.38%
Pretax Income -$850.0K -$3.360M
YoY Change -74.7% -689.47%
Income Tax
% Of Pretax Income
Net Earnings -$851.9K -$3.362M
YoY Change -74.66% -685.82%
Net Earnings / Revenue -62.64% -142.79%
Basic Earnings Per Share -$0.28 -$0.37
Diluted Earnings Per Share -$0.28 -$0.37
COMMON SHARES
Basic Shares Outstanding 3.015M shares 904.8K shares
Diluted Shares Outstanding 3.015M shares 904.8K shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.430M $4.960M
YoY Change 9.48% -30.24%
Cash & Equivalents $5.435M $4.958M
Short-Term Investments
Other Short-Term Assets $190.0K $1.100M
YoY Change -82.73% 59.42%
Inventory $1.192M $2.063M
Prepaid Expenses
Receivables $407.7K $726.7K
Other Receivables $180.0K $0.00
Total Short-Term Assets $7.404M $8.849M
YoY Change -16.34% -21.96%
LONG-TERM ASSETS
Property, Plant & Equipment $238.4K $289.5K
YoY Change -17.66% -32.79%
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 $1.202M $1.965M
YoY Change -38.84% 319.15%
TOTAL ASSETS
Total Short-Term Assets $7.404M $8.849M
Total Long-Term Assets $1.202M $1.965M
Total Assets $8.606M $10.81M
YoY Change -20.42% -8.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $190.8K $1.017M
YoY Change -81.24% 27.17%
Accrued Expenses $1.036M $3.081M
YoY Change -66.38% 56.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.419M $4.840M
YoY Change -50.02% 18.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $700.0K $1.120M
YoY Change -37.5%
Total Long-Term Liabilities $700.0K $1.120M
YoY Change -37.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.419M $4.840M
Total Long-Term Liabilities $700.0K $1.120M
Total Liabilities $3.117M $5.957M
YoY Change -47.67% 45.76%
SHAREHOLDERS EQUITY
Retained Earnings -$196.3M -$192.3M
YoY Change 2.08% 1.58%
Common Stock $378.00 $978.00
YoY Change -61.35% 32.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.489M $4.858M
YoY Change
Total Liabilities & Shareholders Equity $8.606M $10.81M
YoY Change -20.42% -8.42%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$851.9K -$3.362M
YoY Change -74.66% -685.82%
Depreciation, Depletion And Amortization $30.00K $80.00K
YoY Change -62.5% 0.0%
Cash From Operating Activities -$1.070M -$2.240M
YoY Change -52.23% -300.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K
YoY Change 0.0% -90.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$10.00K
YoY Change 0.0% -90.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.700M 10.00K
YoY Change 36900.0%
NET CHANGE
Cash From Operating Activities -1.070M -2.240M
Cash From Investing Activities -10.00K -10.00K
Cash From Financing Activities 3.700M 10.00K
Net Change In Cash 2.620M -2.240M
YoY Change -216.96% -319.61%
FREE CASH FLOW
Cash From Operating Activities -$1.070M -$2.240M
Capital Expenditures -$10.00K -$10.00K
Free Cash Flow -$1.060M -$2.230M
YoY Change -52.47% -282.79%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2019Q2 us-gaap Other Nonoperating Income
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CY2020Q2 us-gaap Other Nonoperating Income
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us-gaap Other Nonoperating Income
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CY2020Q1 us-gaap Payments For Legal Settlements
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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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10500 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
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652919 USD
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
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187710 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
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CY2020Q2 us-gaap Prepaid Expense And Other Assets Noncurrent
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2019Q4 us-gaap Product Warranty Accrual Classified Current
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75300 USD
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2019Q4 us-gaap Property Plant And Equipment Net
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us-gaap Repayments Of Debt
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CY2019Q2 us-gaap Research And Development Expense
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1034921 USD
us-gaap Research And Development Expense
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1890002 USD
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660278 USD
us-gaap Research And Development Expense
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CY2019 us-gaap Restructuring Charges
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CY2020Q2 us-gaap Restructuring Reserve
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CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q2 us-gaap Selling And Marketing Expense
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1373949 USD
us-gaap Selling And Marketing Expense
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CY2020Q2 us-gaap Selling And Marketing Expense
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us-gaap Selling And Marketing Expense
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224773 USD
us-gaap Share Based Compensation
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64026 USD
us-gaap Share Based Compensation
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272909 USD
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2020Q1 us-gaap Stock Issued During Period Value New Issues
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CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
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CY2019Q2 us-gaap Stockholders Equity
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4857650 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
2514118 USD
CY2020Q2 us-gaap Stockholders Equity
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5488616 USD
CY2019Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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0.1
us-gaap Substantial Doubt About Going Concern Within One Year
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true
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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904824 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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839625 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3014523 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2235874 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
839625 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3014523 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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2235874 shares
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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