2018 Q4 Form 10-Q Financial Statement

#000074621018000060 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $2.860M $2.931M $3.481M
YoY Change -15.38% -15.8% -19.87%
Cost Of Revenue $1.720M $1.804M $1.990M
YoY Change -9.95% -9.35% -23.75%
Gross Profit $1.140M $1.127M $1.490M
YoY Change -22.45% -24.36% -14.37%
Gross Profit Margin 39.86% 38.45% 42.8%
Selling, General & Admin $1.520M $1.228M $1.039M
YoY Change 74.71% 18.19% -40.08%
% of Gross Profit 133.33% 108.96% 69.73%
Research & Development $230.0K $215.0K $296.0K
YoY Change -14.81% -27.36% 29.26%
% of Gross Profit 20.18% 19.08% 19.87%
Depreciation & Amortization $160.0K $180.0K $450.0K
YoY Change -36.0% -60.0% -2.17%
% of Gross Profit 14.04% 15.97% 30.2%
Operating Expenses $1.910M $1.443M $1.335M
YoY Change 37.41% 8.09% -31.99%
Operating Profit -$770.0K -$1.470M -$2.000M
YoY Change -1062.5% -26.5% 55.28%
Interest Expense $100.0K $0.00 $197.0K
YoY Change -200.0% -100.0% -45.58%
% of Operating Profit
Other Income/Expense, Net -$270.0K $0.00 $8.820M
YoY Change 575.0% -100.0% -2421.05%
Pretax Income -$2.710M -$1.470M $6.820M
YoY Change 4416.67% -121.55% -508.87%
Income Tax $10.00K $0.00 -$284.0K
% Of Pretax Income -4.16%
Net Earnings -$2.720M -$1.470M $7.104M
YoY Change 4433.33% -120.69% -516.66%
Net Earnings / Revenue -95.1% -50.15% 204.08%
Basic Earnings Per Share -$0.03 $0.19
Diluted Earnings Per Share -$551.7K -$0.03 $0.19
COMMON SHARES
Basic Shares Outstanding 49.81M shares 48.85M shares 36.90M shares
Diluted Shares Outstanding 48.85M shares 37.90M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.000M $2.600M $1.400M
YoY Change -48.72% 85.71% 7.69%
Cash & Equivalents $2.007M $2.578M
Short-Term Investments
Other Short-Term Assets $0.00 $500.0K $800.0K
YoY Change -100.0% -37.5% -11.11%
Inventory $0.00
Prepaid Expenses
Receivables $1.371M $1.386M $1.367M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.925M $4.430M $3.573M
YoY Change -33.26% 23.99% -10.16%
LONG-TERM ASSETS
Property, Plant & Equipment $728.0K $969.0K $1.339M
YoY Change -37.19% -27.63% -43.55%
Goodwill $2.795M $4.600M $7.750M
YoY Change -63.94% -40.65% -15.99%
Intangibles $499.0K $531.0K $658.0K
YoY Change -20.29% -19.3% -56.88%
Long-Term Investments
YoY Change
Other Assets $15.00K $8.000K $10.00K
YoY Change 87.5% -20.0% -9.09%
Total Long-Term Assets $4.037M $6.108M $9.757M
YoY Change -57.7% -37.4% -25.71%
TOTAL ASSETS
Total Short-Term Assets $3.925M $4.430M $3.573M
Total Long-Term Assets $4.037M $6.108M $9.757M
Total Assets $7.962M $10.54M $13.33M
YoY Change -48.38% -20.95% -22.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $222.0K $360.0K $202.0K
YoY Change -34.12% 78.22% 77.19%
Accrued Expenses $867.0K $520.0K $846.0K
YoY Change -31.3% -38.53% -40.21%
Deferred Revenue $43.00K $49.00K
YoY Change -89.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00 $1.298M
YoY Change -100.0% -100.0% -87.8%
Total Short-Term Liabilities $1.132M $1.075M $2.877M
YoY Change -59.47% -62.63% -77.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $490.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $490.0K
YoY Change -100.0% -100.0% 16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.132M $1.075M $2.877M
Total Long-Term Liabilities $0.00 $0.00 $490.0K
Total Liabilities $1.132M $1.075M $3.367M
YoY Change -64.2% -68.07% -74.18%
SHAREHOLDERS EQUITY
Retained Earnings -$177.7M -$174.9M -$170.4M
YoY Change 4.2% 2.64% -3.03%
Common Stock $185.0M $184.9M $180.7M
YoY Change 1.03% 2.35% 0.39%
Preferred Stock
YoY Change
Treasury Stock (at cost) $496.0K $495.0K $353.0K
YoY Change 40.91% 40.23% 61.19%
Treasury Stock Shares 132.5K shares 1.324M shares 652.0K shares
Shareholders Equity $6.830M $9.463M $9.963M
YoY Change
Total Liabilities & Shareholders Equity $7.962M $10.54M $13.33M
YoY Change -48.38% -20.95% -22.1%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$2.720M -$1.470M $7.104M
YoY Change 4433.33% -120.69% -516.66%
Depreciation, Depletion And Amortization $160.0K $180.0K $450.0K
YoY Change -36.0% -60.0% -2.17%
Cash From Operating Activities -$550.0K $80.00K $1.040M
YoY Change -201.85% -92.31% -2700.0%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$90.00K -$30.00K
YoY Change -25.0% 200.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$90.00K -$30.00K
YoY Change -25.0% 200.0% -66.67%
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 -90.00K -670.0K
YoY Change -100.0% -86.57%
NET CHANGE
Cash From Operating Activities -550.0K 80.00K 1.040M
Cash From Investing Activities -30.00K -90.00K -30.00K
Cash From Financing Activities 0.000 -90.00K -670.0K
Net Change In Cash -580.0K -100.0K 340.0K
YoY Change -123.11% -129.41% -361.54%
FREE CASH FLOW
Cash From Operating Activities -$550.0K $80.00K $1.040M
Capital Expenditures -$30.00K -$90.00K -$30.00K
Free Cash Flow -$520.0K $170.0K $1.070M
YoY Change -189.66% -84.11% 2040.0%

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CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2449000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1470000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-4029000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
188000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
23000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
88000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
77000 USD
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
74000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
221000 USD
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
75000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
223000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
257000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
145000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
1712000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
3150000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
213000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2325000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
143000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
170000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
45000 USD
CY2017Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
9000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
93000 USD
CY2018Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
9000 USD
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
715000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
466000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
2030000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
0 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
1527000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1159000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
969000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
341000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1832000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
296000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
875000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
215000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
690000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-170505000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-174949000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3481000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11417000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2931000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9698000 USD
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
69000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
369000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
58000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
278000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
377000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
270000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1202000 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1183000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.99
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
9000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1202000 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1183000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
12262000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
9463000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
651000 shares
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1324000 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
352000 USD
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
495000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.66
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
143000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37078000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37897000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38078000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48851000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47489000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36897000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48851000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47489000 shares

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