2019 Q4 Form 10-Q Financial Statement

#000074621019000060 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $5.420M $2.370M $2.931M
YoY Change 89.51% -19.14% -15.8%
Cost Of Revenue $2.530M $1.582M $1.804M
YoY Change 47.09% -12.31% -9.35%
Gross Profit $2.900M $788.0K $1.127M
YoY Change 154.39% -30.08% -24.36%
Gross Profit Margin 53.51% 33.25% 38.45%
Selling, General & Admin $4.290M $1.073M $1.228M
YoY Change 182.24% -12.62% 18.19%
% of Gross Profit 147.93% 136.17% 108.96%
Research & Development $1.370M $190.0K $215.0K
YoY Change 495.65% -11.63% -27.36%
% of Gross Profit 47.24% 24.11% 19.08%
Depreciation & Amortization $860.0K $140.0K $180.0K
YoY Change 437.5% -22.22% -60.0%
% of Gross Profit 29.66% 17.77% 15.97%
Operating Expenses $5.656M $1.263M $1.443M
YoY Change 196.13% -12.47% 8.09%
Operating Profit -$2.756M -$640.0K -$1.470M
YoY Change 257.92% -56.46% -26.5%
Interest Expense -$100.0K $0.00 $0.00
YoY Change -200.0% -100.0%
% of Operating Profit
Other Income/Expense, Net -$90.00K $0.00 $0.00
YoY Change -66.67% -100.0%
Pretax Income -$5.650M -$640.0K -$1.470M
YoY Change 108.49% -56.46% -121.55%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.650M -$640.0K -$1.470M
YoY Change 107.72% -56.46% -120.69%
Net Earnings / Revenue -104.24% -27.0% -50.15%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$1.119M -$123.6K -$0.03
COMMON SHARES
Basic Shares Outstanding 5.141M shares 5.092M shares 48.85M shares
Diluted Shares Outstanding 5.184M shares 48.85M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.600M $1.300M $2.600M
YoY Change 130.0% -50.0% 85.71%
Cash & Equivalents $4.602M $1.271M $2.578M
Short-Term Investments
Other Short-Term Assets $209.0K $400.0K $500.0K
YoY Change -20.0% -37.5%
Inventory $1.816M
Prepaid Expenses
Receivables $2.543M $1.089M $1.386M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.926M $2.736M $4.430M
YoY Change 152.89% -38.24% 23.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.316M $359.0K $969.0K
YoY Change 80.77% -62.95% -27.63%
Goodwill $7.908M $2.342M $4.600M
YoY Change 182.93% -49.09% -40.65%
Intangibles $12.57M $404.0K $531.0K
YoY Change 2419.44% -23.92% -19.3%
Long-Term Investments
YoY Change
Other Assets $70.00K $37.00K $8.000K
YoY Change 366.67% 362.5% -20.0%
Total Long-Term Assets $24.98M $3.142M $6.108M
YoY Change 518.85% -48.56% -37.4%
TOTAL ASSETS
Total Short-Term Assets $9.926M $2.736M $4.430M
Total Long-Term Assets $24.98M $3.142M $6.108M
Total Assets $34.91M $5.878M $10.54M
YoY Change 338.45% -44.22% -20.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $647.0K $424.0K $360.0K
YoY Change 191.44% 17.78% 78.22%
Accrued Expenses $1.752M $744.0K $520.0K
YoY Change 102.08% 43.08% -38.53%
Deferred Revenue $1.901M $49.00K
YoY Change 4320.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.664M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $8.258M $1.168M $1.075M
YoY Change 629.51% 8.65% -62.63%
LONG-TERM LIABILITIES
Long-Term Debt $2.843M $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $3.000K
YoY Change
Total Long-Term Liabilities $4.866M $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.258M $1.168M $1.075M
Total Long-Term Liabilities $4.866M $0.00 $0.00
Total Liabilities $13.12M $1.200M $1.075M
YoY Change 1059.36% 11.63% -68.07%
SHAREHOLDERS EQUITY
Retained Earnings -$185.4M -$179.8M -$174.9M
YoY Change 4.37% 2.76% 2.64%
Common Stock $207.4M $184.7M $184.9M
YoY Change 12.1% -0.13% 2.35%
Preferred Stock
YoY Change
Treasury Stock (at cost) $165.0K $165.0K $495.0K
YoY Change -66.73% -66.67% 40.23%
Treasury Stock Shares 105.0K shares 98.40K shares 1.324M shares
Shareholders Equity $21.79M $4.710M $9.463M
YoY Change
Total Liabilities & Shareholders Equity $34.91M $5.878M $10.54M
YoY Change 338.45% -44.22% -20.95%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$5.650M -$640.0K -$1.470M
YoY Change 107.72% -56.46% -120.69%
Depreciation, Depletion And Amortization $860.0K $140.0K $180.0K
YoY Change 437.5% -22.22% -60.0%
Cash From Operating Activities -$2.580M $300.0K $80.00K
YoY Change 369.09% 275.0% -92.31%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00 -$90.00K
YoY Change 0.0% -100.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities $2.190M
YoY Change
Cash From Investing Activities $2.170M $0.00 -$90.00K
YoY Change -7333.33% -100.0% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.750M -10.00K -90.00K
YoY Change -88.89% -86.57%
NET CHANGE
Cash From Operating Activities -2.580M 300.0K 80.00K
Cash From Investing Activities 2.170M 0.000 -90.00K
Cash From Financing Activities 3.750M -10.00K -90.00K
Net Change In Cash 3.340M 290.0K -100.0K
YoY Change -675.86% -390.0% -129.41%
FREE CASH FLOW
Cash From Operating Activities -$2.580M $300.0K $80.00K
Capital Expenditures -$30.00K $0.00 -$90.00K
Free Cash Flow -$2.550M $300.0K $170.0K
YoY Change 390.38% 76.47% -84.11%

Facts In Submission

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CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
547000 USD
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
376000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
359000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1832000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
215000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
690000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
190000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
652000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-177673000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-179786000 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
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2370000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7403000 USD
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
58000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
278000 USD
CY2019Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
38000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
111000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
270000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
67000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
118003 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
107525 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.90
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
440 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10038 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
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
107525.000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.90
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.64
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
13.18
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
22.79
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
382000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
CY2018Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1527000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2018Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2019Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 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
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
9463000 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
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
4710000 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
132500 shares
CY2019Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
98400 shares
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
496000 USD
CY2019Q3 us-gaap Treasury Stock Value
TreasuryStockValue
165000 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
CY2018Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
91000 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
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
16000 USD
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4885000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4749000 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5184000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5128000 shares

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