2017 Q2 Form 10-Q Financial Statement
#000074621017000010 Filed on May 11, 2017
Income Statement
Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
---|---|---|---|
Revenue | $3.856M | $4.080M | $5.518M |
YoY Change | -24.21% | -26.06% | -22.97% |
Cost Of Revenue | $2.260M | $2.450M | $3.460M |
YoY Change | -27.56% | -29.19% | -12.41% |
Gross Profit | $1.600M | $1.630M | $2.060M |
YoY Change | -18.78% | -20.87% | -35.83% |
Gross Profit Margin | 41.49% | 39.95% | 37.33% |
Selling, General & Admin | $1.022M | $1.156M | $1.520M |
YoY Change | -23.1% | -23.95% | -28.0% |
% of Gross Profit | 63.88% | 70.92% | 73.79% |
Research & Development | $292.0K | $287.0K | $287.0K |
YoY Change | -3.31% | 0.0% | -4.33% |
% of Gross Profit | 18.25% | 17.61% | 13.93% |
Depreciation & Amortization | $460.0K | $459.0K | $547.0K |
YoY Change | -8.0% | -16.09% | -1.44% |
% of Gross Profit | 28.75% | 28.16% | 26.55% |
Operating Expenses | $1.314M | $1.443M | $1.807M |
YoY Change | -19.44% | -20.14% | -14.4% |
Operating Profit | -$179.0K | -$270.0K | -$295.0K |
YoY Change | -8.67% | -8.47% | -336.0% |
Interest Expense | -$350.0K | -$370.0K | -$380.0K |
YoY Change | 2.94% | -2.63% | -212.76% |
% of Operating Profit | |||
Other Income/Expense, Net | -$384.0K | -$371.0K | -$380.0K |
YoY Change | 2.4% | -2.37% | 5.85% |
Pretax Income | -$563.0K | -$641.0K | -$675.0K |
YoY Change | -1.4% | -5.04% | 193.48% |
Income Tax | $27.00K | $27.00K | $37.00K |
% Of Pretax Income | |||
Net Earnings | -$590.0K | -$668.0K | -$712.0K |
YoY Change | -2.48% | -6.18% | 204.27% |
Net Earnings / Revenue | -15.3% | -16.37% | -12.9% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | -$154.5K | -$185.1K | -$200.0K |
COMMON SHARES | |||
Basic Shares Outstanding | 36.54M shares | 36.53M shares | 35.86M shares |
Diluted Shares Outstanding | 35.46M shares |
Balance Sheet
Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $1.100M | $1.100M | $2.000M |
YoY Change | -26.67% | -45.0% | 5.26% |
Cash & Equivalents | |||
Short-Term Investments | |||
Other Short-Term Assets | $900.0K | $1.000M | $500.0K |
YoY Change | 0.0% | 100.0% | -28.57% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $1.696M | $1.642M | $2.743M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $3.729M | $3.788M | $5.292M |
YoY Change | -16.91% | -28.42% | -13.68% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $1.773M | $1.997M | $2.735M |
YoY Change | -29.78% | -26.98% | -18.63% |
Goodwill | $9.225M | $9.225M | $9.825M |
YoY Change | -6.11% | -6.11% | 0.0% |
Intangibles | $875.0K | $1.092M | $1.961M |
YoY Change | -49.83% | -44.31% | -30.71% |
Long-Term Investments | |||
YoY Change | |||
Other Assets | $10.00K | $10.00K | $13.00K |
YoY Change | -9.09% | -23.08% | -93.9% |
Total Long-Term Assets | $11.88M | $12.32M | $14.53M |
YoY Change | -15.75% | -15.21% | -10.44% |
TOTAL ASSETS | |||
Total Short-Term Assets | $3.729M | $3.788M | $5.292M |
Total Long-Term Assets | $11.88M | $12.32M | $14.53M |
Total Assets | $15.61M | $16.11M | $19.83M |
YoY Change | -16.03% | -18.73% | -11.33% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $111.0K | $156.0K | $423.0K |
YoY Change | 4.72% | -63.12% | -70.23% |
Accrued Expenses | $1.183M | $1.222M | $1.414M |
YoY Change | 0.17% | -13.58% | -5.29% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $400.0K |
YoY Change | -100.0% | -100.0% | 0.0% |
Long-Term Debt Due | $10.70M | $10.68M | $400.0K |
YoY Change | 20.95% | 2569.5% | 0.0% |
Total Short-Term Liabilities | $12.40M | $12.45M | $2.925M |
YoY Change | 14.03% | 325.5% | -23.97% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $10.61M |
YoY Change | -100.0% | -100.0% | -1.66% |
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $10.95M |
YoY Change | -100.0% | -100.0% | 0.23% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $12.40M | $12.45M | $2.925M |
Total Long-Term Liabilities | $0.00 | $0.00 | $10.95M |
Total Liabilities | $12.68M | $12.70M | $13.88M |
YoY Change | -2.72% | -8.46% | -6.07% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$177.5M | -$177.0M | -$173.5M |
YoY Change | 2.0% | 2.01% | 1.53% |
Common Stock | $180.6M | $180.5M | $179.5M |
YoY Change | 0.48% | 0.54% | 0.6% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $231.0K | $231.0K | $219.0K |
YoY Change | 5.48% | 5.48% | 6.83% |
Treasury Stock Shares | 247.0K shares | 247.0K shares | 204.0K shares |
Shareholders Equity | $2.932M | $3.409M | $5.949M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $15.61M | $16.11M | $19.83M |
YoY Change | -16.03% | -18.73% | -11.33% |
Cashflow Statement
Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$590.0K | -$668.0K | -$712.0K |
YoY Change | -2.48% | -6.18% | 204.27% |
Depreciation, Depletion And Amortization | $460.0K | $459.0K | $547.0K |
YoY Change | -8.0% | -16.09% | -1.44% |
Cash From Operating Activities | $10.00K | $18.00K | $360.0K |
YoY Change | -120.0% | -95.0% | -40.0% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$20.00K | $36.00K | $78.00K |
YoY Change | -80.0% | -53.85% | -85.37% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | ||
YoY Change | |||
Cash From Investing Activities | -$20.00K | -$36.00K | -$78.00K |
YoY Change | -80.0% | -53.85% | -85.28% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $12.00K | $13.00K | |
YoY Change | -7.69% | -90.65% | |
Debt Paid & Issued, Net | $0.00 | ||
YoY Change | |||
Cash From Financing Activities | 0.000 | -$12.00K | -$13.00K |
YoY Change | -100.0% | -7.69% | -90.65% |
NET CHANGE | |||
Cash From Operating Activities | 10.00K | $18.00K | 360.0K |
Cash From Investing Activities | -20.00K | -$36.00K | -$78.00K |
Cash From Financing Activities | 0.000 | -$12.00K | -$13.00K |
Net Change In Cash | -10.00K | -$30.00K | -$91.00K |
YoY Change | -98.18% | -67.03% | -86.4% |
FREE CASH FLOW | |||
Cash From Operating Activities | $10.00K | $18.00K | $360.0K |
Capital Expenditures | -$20.00K | $36.00K | $78.00K |
Free Cash Flow | $30.00K | -$18.00K | $282.0K |
YoY Change | -40.0% | -106.38% | 320.9% |
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|
-78000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-36000 | USD |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
358000 | USD |
CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
18000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-712000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-668000 | USD |
CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-715000 | USD |
CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-671000 | USD |
CY2016Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-380000 | USD |
CY2017Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-371000 | USD |
CY2017Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment |
CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-295000 | USD |
CY2017Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-270000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
645000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
23000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
88000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
308000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
226000 | USD |
CY2016Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
72000 | USD |
CY2017Q1 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
74000 | USD |
CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
374000 | USD |
CY2017Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
225000 | USD |
CY2016Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
10000 | USD |
CY2017Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
10000 | USD |
CY2016Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
13000 | USD |
CY2017Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
12000 | USD |
CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
78000 | USD |
CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
36000 | USD |
CY2016Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
3000 | USD |
CY2017Q1 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
3000 | USD |
CY2016Q4 | us-gaap |
Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
|
237000 | USD |
CY2017Q1 | us-gaap |
Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
|
237000 | USD |
CY2016Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2016Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
7500 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
7500 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
32 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
32 | shares |
CY2016Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
32 | shares |
CY2017Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
32 | shares |
CY2016Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
978000 | USD |
CY2017Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1036000 | USD |
CY2016Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2203000 | USD |
CY2017Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
1997000 | USD |
CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
287000 | USD |
CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
287000 | USD |
CY2016Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
18000 | USD |
CY2017Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
18000 | USD |
CY2016Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-176290000 | USD |
CY2017Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-176958000 | USD |
CY2016Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
5518000 | USD |
CY2017Q1 | us-gaap |
Sales Revenue Services Net
SalesRevenueServicesNet
|
4080000 | USD |
CY2016Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
280000 | USD |
CY2017Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
140000 | USD |
CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
312000 | USD |
CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
164000 | USD |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1198000 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1222000 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.99 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.99 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
0 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
0.00 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
0 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1222000 | shares |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1222000 | shares |
CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.99 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.99 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.00 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
0.00 | |
CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.00 | |
CY2017Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
CY2017Q1 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | USD |
CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3928000 | USD |
CY2017Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3409000 | USD |
CY2016Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
204000 | shares |
CY2017Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
247000 | shares |
CY2016Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
219000 | USD |
CY2017Q1 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
231000 | USD |
CY2017Q1 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
12000 | USD |
CY2016Q4 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
125000 | USD |
CY2017Q1 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
107000 | USD |
CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
35456000 | shares |
CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
36181000 | shares |
CY2017Q1 | us-gaap |
Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Taxes Billed to Customers and Remitted to Taxing Authorities</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize taxes billed to customers in revenue and taxes remitted to taxing authorities in our cost of revenue.</font></div></div> |