2022 Q3 Form 10-Q Financial Statement

#000162828022019259 Filed on July 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.968M $2.138M $2.302M
YoY Change -4.67% -3.4% 6.82%
Cost Of Revenue $693.6K $686.1K $508.9K
YoY Change 11.9% 22.91% -11.7%
Gross Profit $1.274M $1.452M $1.794M
YoY Change -11.78% -12.27% 13.57%
Gross Profit Margin 64.76% 67.91% 77.9%
Selling, General & Admin $1.912M $1.747M $2.045M
YoY Change 35.83% 13.0% 45.43%
% of Gross Profit 150.06% 120.28% 114.02%
Research & Development $1.075M $915.8K $710.6K
YoY Change 48.36% 42.75% 204.61%
% of Gross Profit 84.35% 63.06% 39.62%
Depreciation & Amortization $12.89K $13.40K $12.88K
YoY Change -46.47% -77.48% -41.95%
% of Gross Profit 1.01% 0.92% 0.72%
Operating Expenses $2.987M $2.662M $2.756M
YoY Change 40.09% 21.73% 68.08%
Operating Profit -$1.713M -$1.210M -$962.0K
YoY Change 148.99% 127.52% 1498.12%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $106.7K $50.40K $3.430K
YoY Change 12029.55% 13163.16%
Pretax Income -$1.606M -$1.160M -$958.6K
YoY Change 133.78% 118.2% 1497.6%
Income Tax
% Of Pretax Income
Net Earnings -$1.606M -$1.160M -$958.6K
YoY Change 133.78% 118.2% 1503.4%
Net Earnings / Revenue -81.62% -54.25% -41.63%
Basic Earnings Per Share -$0.23 -$0.17 -$0.14
Diluted Earnings Per Share -$0.23 -$0.17 -$0.14
COMMON SHARES
Basic Shares Outstanding 7.130M shares 7.010M shares 6.893M shares
Diluted Shares Outstanding 7.025M shares 7.010M shares 6.893M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.83M $22.97M $23.77M
YoY Change -10.28% 174.6% 361.54%
Cash & Equivalents $1.772M $6.002M $23.80M
Short-Term Investments $19.05M $16.97M
Other Short-Term Assets $845.7K $241.7K $422.6K
YoY Change 19.08% 33.63% 17.39%
Inventory $1.057M $869.4K $711.9K
Prepaid Expenses
Receivables $702.5K $547.8K $683.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.43M $24.63M $25.59M
YoY Change -8.33% 145.5% 267.35%
LONG-TERM ASSETS
Property, Plant & Equipment $175.8K $179.0K $184.3K
YoY Change -14.2% -4.42% 0.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.40K $26.40K $26.40K
YoY Change -9.87% -6.65% -12.0%
Total Long-Term Assets $600.4K $630.1K $661.1K
YoY Change -18.12% -14.58% -12.49%
TOTAL ASSETS
Total Short-Term Assets $23.43M $24.63M $25.59M
Total Long-Term Assets $600.4K $630.1K $661.1K
Total Assets $24.03M $25.26M $26.25M
YoY Change -8.6% 134.54% 239.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $539.4K $400.6K $360.9K
YoY Change 70.17% 38.24% -5.35%
Accrued Expenses $1.135M $1.031M $1.207M
YoY Change 10.34% 30.39% 99.34%
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 $1.832M $1.588M $1.727M
YoY Change 5.52% 0.3% -17.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $233.7K $258.9K $283.2K
YoY Change -29.01% -26.22% -23.46%
Total Long-Term Liabilities $233.7K $258.9K $283.2K
YoY Change -29.01% -26.22% -23.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.832M $1.588M $1.727M
Total Long-Term Liabilities $233.7K $258.9K $283.2K
Total Liabilities $2.066M $1.846M $2.010M
YoY Change 0.02% -4.51% -18.27%
SHAREHOLDERS EQUITY
Retained Earnings -$202.9M -$201.3M -$200.1M
YoY Change 2.39% 1.93% 1.64%
Common Stock $714.00 $713.00 $701.00
YoY Change 7.37% 41.19% 84.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.97M $23.41M $24.24M
YoY Change
Total Liabilities & Shareholders Equity $24.03M $25.26M $26.25M
YoY Change -8.6% 134.54% 239.97%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.606M -$1.160M -$958.6K
YoY Change 133.78% 118.2% 1503.4%
Depreciation, Depletion And Amortization $12.89K $13.40K $12.88K
YoY Change -46.47% -77.48% -41.95%
Cash From Operating Activities -$2.228M -$838.3K -$740.4K
YoY Change 124.46% 55.6% 2091.12%
INVESTING ACTIVITIES
Capital Expenditures -$9.750K -$8.030K $5.395K
YoY Change -76.66% -87.31% -74.85%
Acquisitions
YoY Change
Other Investing Activities -$1.993M -$16.93M
YoY Change
Cash From Investing Activities -$2.003M -$16.94M -$5.395K
YoY Change 4694.33% 26668.72% -74.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 7.830K $1.943M
YoY Change -100.0% -99.8% -7630.33%
NET CHANGE
Cash From Operating Activities -2.228M -838.3K -$740.4K
Cash From Investing Activities -2.003M -16.94M -$5.395K
Cash From Financing Activities 0.000 7.830K $1.943M
Net Change In Cash -4.230M -17.77M $1.197M
YoY Change -128.49% -652.12% -1577.28%
FREE CASH FLOW
Cash From Operating Activities -$2.228M -$838.3K -$740.4K
Capital Expenditures -$9.750K -$8.030K $5.395K
Free Cash Flow -$2.218M -$830.3K -$745.8K
YoY Change 133.29% 74.62% 1249.99%

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16569775 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3137984 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22572104 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5226213 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6002329 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8364197 usd
nuro Stock Issuance Settle Incentive Compensation Obligation
StockIssuanceSettleIncentiveCompensationObligation
189398 usd
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
23000000 usd
nuro Stock Issuance Settle Incentive Compensation Obligation
StockIssuanceSettleIncentiveCompensationObligation
0 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
25000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
25000 usd
CY2022Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
16796840 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7009775 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7009775 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4169764 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4169764 shares
us-gaap Use Of Estimates
UseOfEstimates
<div><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="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="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 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.</span></div>
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1159923 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-531584 usd
us-gaap Net Income Loss
NetIncomeLoss
-2118485 usd
us-gaap Net Income Loss
NetIncomeLoss
-591367 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6951792 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6951792 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3990844 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3990844 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
804664 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
575511 shares
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
453610 usd
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
422093 usd
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
415768 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
284460 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
869378 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
706553 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
224000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
109000 usd
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
543075 usd
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
440474 usd
CY2022Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
21700 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
28400 usd
CY2022Q2 nuro Accrued Leaseholds Current
AccruedLeaseholdsCurrent
0 usd
CY2021Q4 nuro Accrued Leaseholds Current
AccruedLeaseholdsCurrent
60000 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
127828 usd
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
108788 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
114004 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
67493 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1030607 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
814155 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
70856 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
82892 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
165785 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
165785 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
117431 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
531893 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.15
CY2022Q2 nuro Operating Lease Discount
OperatingLeaseDiscount
124590 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
148391 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
258912 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
531893 usd
CY2022Q1 nuro Rent Expense Reduction
RentExpenseReduction
60000 usd
us-gaap Sublease Income
SubleaseIncome
22795 usd
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
57453 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
46102 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
224357 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y2M12D
CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
20000 shares
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
104200 usd
CY2022Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
76000 shares
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
326000 usd
CY2022Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
161764 shares
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
550000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
7829 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1183449 usd
CY2021Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
18950 usd
CY2021Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
21404 shares

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