2019 Q3 Form 10-Q Financial Statement

#000074621019000038 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $2.370M $2.439M $2.860M
YoY Change -19.14% -25.93% -15.38%
Cost Of Revenue $1.582M $1.640M $1.720M
YoY Change -12.31% -15.03% -9.95%
Gross Profit $788.0K $795.0K $1.140M
YoY Change -30.08% -41.54% -22.45%
Gross Profit Margin 33.25% 32.6% 39.86%
Selling, General & Admin $1.073M $810.0K $1.520M
YoY Change -12.62% -26.83% 74.71%
% of Gross Profit 136.17% 101.89% 133.33%
Research & Development $190.0K $249.0K $230.0K
YoY Change -11.63% 10.67% -14.81%
% of Gross Profit 24.11% 31.32% 20.18%
Depreciation & Amortization $140.0K $160.0K $160.0K
YoY Change -22.22% -15.79% -36.0%
% of Gross Profit 17.77% 20.13% 14.04%
Operating Expenses $1.263M $1.059M $1.910M
YoY Change -12.47% -20.5% 37.41%
Operating Profit -$640.0K -$874.0K -$770.0K
YoY Change -56.46% -47.95% -1062.5%
Interest Expense $0.00 $0.00 $100.0K
YoY Change -100.0% -200.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.000K -$270.0K
YoY Change -90.0% 575.0%
Pretax Income -$640.0K -$880.0K -$2.710M
YoY Change -56.46% -47.9% 4416.67%
Income Tax $10.00K
% Of Pretax Income
Net Earnings -$640.0K -$875.0K -$2.720M
YoY Change -56.46% -48.19% 4433.33%
Net Earnings / Revenue -27.0% -35.88% -95.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$123.6K -$170.5K -$551.7K
COMMON SHARES
Basic Shares Outstanding 5.092M shares 5.092M shares 49.81M shares
Diluted Shares Outstanding 5.184M shares 5.163M shares

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $1.000M $2.000M
YoY Change -50.0% -62.96% -48.72%
Cash & Equivalents $1.271M $987.0K $2.007M
Short-Term Investments
Other Short-Term Assets $400.0K $500.0K $0.00
YoY Change -20.0% 0.0% -100.0%
Inventory $0.00
Prepaid Expenses
Receivables $1.089M $1.474M $1.371M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.736M $2.934M $3.925M
YoY Change -38.24% -37.55% -33.26%
LONG-TERM ASSETS
Property, Plant & Equipment $359.0K $492.0K $728.0K
YoY Change -62.95% -52.09% -37.19%
Goodwill $2.342M $2.342M $2.795M
YoY Change -49.09% -57.99% -63.94%
Intangibles $404.0K $437.0K $499.0K
YoY Change -23.92% -22.24% -20.29%
Long-Term Investments
YoY Change
Other Assets $37.00K $63.00K $15.00K
YoY Change 362.5% 687.5% 87.5%
Total Long-Term Assets $3.142M $3.334M $4.037M
YoY Change -48.56% -53.51% -57.7%
TOTAL ASSETS
Total Short-Term Assets $2.736M $2.934M $3.925M
Total Long-Term Assets $3.142M $3.334M $4.037M
Total Assets $5.878M $6.268M $7.962M
YoY Change -44.22% -47.19% -48.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $424.0K $308.0K $222.0K
YoY Change 17.78% 1.65% -34.12%
Accrued Expenses $744.0K $604.0K $867.0K
YoY Change 43.08% 35.12% -31.3%
Deferred Revenue $43.00K
YoY Change -89.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.168M $912.0K $1.132M
YoY Change 8.65% -4.4% -59.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.168M $912.0K $1.132M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.200M $900.0K $1.132M
YoY Change 11.63% -5.66% -64.2%
SHAREHOLDERS EQUITY
Retained Earnings -$179.8M -$179.1M -$177.7M
YoY Change 2.76% 3.27% 4.2%
Common Stock $184.7M $184.7M $185.0M
YoY Change -0.13% -0.08% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $165.0K $149.0K $496.0K
YoY Change -66.67% -63.12% 40.91%
Treasury Stock Shares 98.40K shares 81.80K shares 132.5K shares
Shareholders Equity $4.710M $5.356M $6.830M
YoY Change
Total Liabilities & Shareholders Equity $5.878M $6.268M $7.962M
YoY Change -44.22% -47.19% -48.38%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$640.0K -$875.0K -$2.720M
YoY Change -56.46% -48.19% 4433.33%
Depreciation, Depletion And Amortization $140.0K $160.0K $160.0K
YoY Change -22.22% -15.79% -36.0%
Cash From Operating Activities $300.0K -$560.0K -$550.0K
YoY Change 275.0% 154.55% -201.85%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$30.00K
YoY Change -100.0% -94.12% -25.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K -$30.00K
YoY Change -100.0% -94.12% -25.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K -40.00K 0.000
YoY Change -88.89% -100.0%
NET CHANGE
Cash From Operating Activities 300.0K -560.0K -550.0K
Cash From Investing Activities 0.000 -10.00K -30.00K
Cash From Financing Activities -10.00K -40.00K 0.000
Net Change In Cash 290.0K -610.0K -580.0K
YoY Change -390.0% 56.41% -123.11%
FREE CASH FLOW
Cash From Operating Activities $300.0K -$560.0K -$550.0K
Capital Expenditures $0.00 -$10.00K -$30.00K
Free Cash Flow $300.0K -$550.0K -$520.0K
YoY Change 76.47% 1000.0% -189.66%

Facts In Submission

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ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
1527000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
728000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
492000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
14000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1832000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
225000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
475000 USD
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
249000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
462000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-177673000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-179146000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3293000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6767000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2439000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5033000 USD
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
43000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
220000 USD
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
40000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
73000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
159000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
53000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
118003 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
117751 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.90
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
252 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
118003 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
117751.000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.90
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.28
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
382000 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1527000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
12262000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
12498000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
10916000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
6830000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
6245000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
5356000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
132500 shares
CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
81800 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
496000 USD
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
149000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
53000 USD
CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
-1000 USD
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1000 USD
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
34000 USD
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4736000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4681000 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5163000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5134000 shares

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