2023 Q1 Form 10-Q Financial Statement

#000137647423000057 Filed on January 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $12.80M $7.402M $6.720M
YoY Change 90.45% 17.66% 14.67%
Cost Of Revenue $2.529M $1.478M $1.564M
YoY Change 61.68% 6.74% 23.18%
Gross Profit $10.27M $5.923M $5.155M
YoY Change 99.19% 20.74% 12.31%
Gross Profit Margin 80.24% 80.03% 76.72%
Selling, General & Admin $752.7K $403.5K $247.4K
YoY Change 204.21% 48.24% -14.68%
% of Gross Profit 7.33% 6.81% 4.8%
Research & Development $611.5K $700.6K $813.2K
YoY Change -24.81% 17.45% 2.94%
% of Gross Profit 5.96% 11.83% 15.78%
Depreciation & Amortization $69.83K $28.93K $66.15K
YoY Change 5.56% -66.98% -55.9%
% of Gross Profit 0.68% 0.49% 1.28%
Operating Expenses $1.364M $1.104M $1.061M
YoY Change 28.62% 27.1% -1.79%
Operating Profit $8.904M $4.819M $4.095M
YoY Change 117.47% 19.37% 16.65%
Interest Expense $408.1K $406.1K $302.6K
YoY Change 34.87% 43.02% -8.3%
% of Operating Profit 4.58% 8.43% 7.39%
Other Income/Expense, Net
YoY Change
Pretax Income $9.312M $5.225M $4.397M
YoY Change 111.78% 20.93% 14.21%
Income Tax $1.080M $994.0K $581.1K
% Of Pretax Income 11.59% 19.02% 13.22%
Net Earnings $8.233M $4.231M $3.816M
YoY Change 115.74% 22.1% 21.92%
Net Earnings / Revenue 64.33% 57.17% 56.79%
Basic Earnings Per Share $0.88
Diluted Earnings Per Share $1.70 $0.88 $789.2K
COMMON SHARES
Basic Shares Outstanding 4.831M shares 4.831M 4.834M
Diluted Shares Outstanding 4.832M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.18M $12.37M $31.29M
YoY Change -45.08% -60.68% 72.87%
Cash & Equivalents $1.670M $2.030M $10.45M
Short-Term Investments $15.51M $10.34M $20.84M
Other Short-Term Assets $663.5K $924.2K $420.5K
YoY Change 57.77% 0.25% 5.13%
Inventory $6.417M $6.459M $5.089M
Prepaid Expenses $663.5K $924.2K $420.5K
Receivables $6.523M $2.097M $4.705M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.79M $21.85M $41.50M
YoY Change -25.82% -45.08% 70.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.771M $1.853M $606.4K
YoY Change 192.1% 680.15% 80.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.13M $41.17M $24.31M
YoY Change 48.58% 51.46% -48.27%
Other Assets $572.0K $862.4K $483.5K
YoY Change 18.32% 231.53% 383.47%
Total Long-Term Assets $1.345M $1.394M $25.96M
YoY Change -94.82% -95.07% -46.06%
TOTAL ASSETS
Total Short-Term Assets $30.79M $21.85M $41.50M
Total Long-Term Assets $1.345M $1.394M $25.96M
Total Assets $69.26M $65.73M $67.47M
YoY Change 2.65% -3.41% -6.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $281.7K $470.9K $943.5K
YoY Change -70.14% 323.33% 180.32%
Accrued Expenses $1.375M $1.245M $1.513M
YoY Change -9.09% 29.01% 116.12%
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 $1.833M $1.878M $2.456M
YoY Change -25.39% 74.41% 139.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $342.9K $397.3K $446.0K
YoY Change -23.12% -17.71% -25.66%
Total Long-Term Liabilities $342.9K $397.3K $446.0K
YoY Change -23.12% -17.71% -25.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.833M $1.878M $2.456M
Total Long-Term Liabilities $342.9K $397.3K $446.0K
Total Liabilities $2.176M $2.275M $2.902M
YoY Change -25.04% 45.89% 80.41%
SHAREHOLDERS EQUITY
Retained Earnings $48.95M $45.55M $45.58M
YoY Change 7.4% -2.25% -9.57%
Common Stock $48.31K $48.31K $19.30M
YoY Change -99.75% -99.75% -0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.08M $63.46M $64.57M
YoY Change
Total Liabilities & Shareholders Equity $69.26M $65.73M $67.47M
YoY Change 2.65% -3.41% -6.94%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income $8.233M $4.231M $3.816M
YoY Change 115.74% 22.1% 21.92%
Depreciation, Depletion And Amortization $69.83K $28.93K $66.15K
YoY Change 5.56% -66.98% -55.9%
Cash From Operating Activities $4.343M $5.398M $3.405M
YoY Change 27.52% 104.45% -29.5%
INVESTING ACTIVITIES
Capital Expenditures $28.18K -$883.1K -$426.3K
YoY Change -106.61% -5760.96% 752.52%
Acquisitions
YoY Change
Other Investing Activities $177.3K -$1.238M $3.500M
YoY Change -94.93% -199.72%
Cash From Investing Activities $149.1K -$2.121M $3.074M
YoY Change -95.15% -13694.04% -186.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.852M -4.831M -4.997M
YoY Change -2.92% -0.05% 3.25%
NET CHANGE
Cash From Operating Activities 4.343M 5.398M 3.405M
Cash From Investing Activities 149.1K -2.121M 3.074M
Cash From Financing Activities -4.852M -4.831M -4.997M
Net Change In Cash -359.8K -1.554M 1.482M
YoY Change -124.28% -28.64% -141.39%
FREE CASH FLOW
Cash From Operating Activities $4.343M $5.398M $3.405M
Capital Expenditures $28.18K -$883.1K -$426.3K
Free Cash Flow $4.314M $6.281M $3.832M
YoY Change 12.6% 139.31% -21.48%

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<p style="font:10pt Times New Roman;margin:0"><b>NOTE 1. DESCRIPTION OF BUSINESS</b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:9pt">We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. </p>
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<p style="font:10pt Times New Roman;margin:0"><b>NOTE 1. DESCRIPTION OF BUSINESS</b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:9pt">We develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. </p>
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CY2022Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
3598519 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
1 pure
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.03 pure
CY2022Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
21484 usd
CY2022Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 usd
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
4419 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
89450 usd
CY2022Q4 us-gaap Variable Lease Cost
VariableLeaseCost
33460 usd
us-gaap Variable Lease Cost
VariableLeaseCost
94775 usd
CY2022Q4 us-gaap Lease Cost
LeaseCost
37879 usd
us-gaap Lease Cost
LeaseCost
184225 usd
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
43578 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
130735 usd
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P39M
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.035 pure
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
44433 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
178640 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
182271 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
558574 usd
CY2009Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
2500000 usd
CY2022Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
3598519 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
73661 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
76995 usd
CY2021Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
21579 usd
CY2023Q1 us-gaap Subsequent Events Date
SubsequentEventsDate
2023-01-25
CY2023Q1 us-gaap Subsequent Event Description
SubsequentEventDescription
we announced that our Board of Directors had declared a quarterly cash dividend
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.00
CY2023Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2023-02-28
CY2023Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2023-01-30
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
1 pure
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.03 pure
CY2022Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
21484 usd
CY2021Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
21579 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
73661 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
76995 usd
CY2023Q1 us-gaap Subsequent Events Date
SubsequentEventsDate
2023-01-25
CY2023Q1 us-gaap Subsequent Event Description
SubsequentEventDescription
we announced that our Board of Directors had declared a quarterly cash dividend
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.00
CY2023Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2023-02-28
CY2023Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2023-01-30

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