2021 Q1 Form 10-Q Financial Statement

#000074621021000034 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.918M $5.328M
YoY Change -64.0% 105.4%
Cost Of Revenue $1.290M $2.390M
YoY Change -46.03% 42.26%
Gross Profit $628.0K $2.954M
YoY Change -78.74% 221.44%
Gross Profit Margin 32.74% 55.44%
Selling, General & Admin $2.594M $3.248M
YoY Change -20.14% 183.67%
% of Gross Profit 413.06% 109.95%
Research & Development $692.0K $1.327M
YoY Change -47.85% 523.0%
% of Gross Profit 110.19% 44.92%
Depreciation & Amortization $722.0K $815.0K
YoY Change -11.41% 412.58%
% of Gross Profit 114.97% 27.59%
Operating Expenses $3.286M $4.560M
YoY Change -27.94% 235.79%
Operating Profit -$3.411M -$2.977M
YoY Change 14.58% 397.83%
Interest Expense -$20.00K -$140.0K
YoY Change -85.71%
% of Operating Profit
Other Income/Expense, Net -$22.00K -$152.0K
YoY Change -85.53%
Pretax Income -$3.433M -$3.129M
YoY Change 9.72% 421.5%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.433M -$3.129M
YoY Change 9.72% 423.24%
Net Earnings / Revenue -178.99% -58.73%
Basic Earnings Per Share -$0.23
Diluted Earnings Per Share -$0.23 -$598.5K
COMMON SHARES
Basic Shares Outstanding 17.76M shares
Diluted Shares Outstanding 17.76M shares 5.204M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.000M $2.100M
YoY Change 90.48% 31.25%
Cash & Equivalents $4.025M $2.059M
Short-Term Investments
Other Short-Term Assets $1.200M $1.100M
YoY Change 9.09% 83.33%
Inventory $1.494M $1.439M
Prepaid Expenses
Receivables $1.779M $4.209M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.445M $8.805M
YoY Change -4.09% 141.23%
LONG-TERM ASSETS
Property, Plant & Equipment $430.0K $1.091M
YoY Change -60.59% 78.85%
Goodwill $7.367M $7.366M
YoY Change 0.01% 163.54%
Intangibles $9.543M $11.96M
YoY Change -20.22% 2461.24%
Long-Term Investments
YoY Change
Other Assets $113.0K $128.0K
YoY Change -11.72% 43.82%
Total Long-Term Assets $18.23M $23.15M
YoY Change -21.26% 484.4%
TOTAL ASSETS
Total Short-Term Assets $8.445M $8.805M
Total Long-Term Assets $18.23M $23.15M
Total Assets $26.67M $31.95M
YoY Change -16.53% 319.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.079M $921.0K
YoY Change 17.16% 344.93%
Accrued Expenses $1.533M $1.262M
YoY Change 21.47% 8.89%
Deferred Revenue $930.0K $2.673M
YoY Change -65.21%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.417M $3.550M
YoY Change -31.92%
Total Short-Term Liabilities $6.756M $9.700M
YoY Change -30.35% 610.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.991M
YoY Change -100.0%
Other Long-Term Liabilities $1.000M $0.00
YoY Change
Total Long-Term Liabilities $984.0K $3.478M
YoY Change -71.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.756M $9.700M
Total Long-Term Liabilities $984.0K $3.478M
Total Liabilities $7.740M $13.18M
YoY Change -41.27% 841.29%
SHAREHOLDERS EQUITY
Retained Earnings -$196.3M -$188.6M
YoY Change 4.1% 5.77%
Common Stock $215.4M $207.5M
YoY Change 3.8% 12.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $181.0K $172.0K
YoY Change 5.23% -65.39%
Treasury Stock Shares 113.3K shares 105.3K shares
Shareholders Equity $18.93M $18.78M
YoY Change
Total Liabilities & Shareholders Equity $26.67M $31.95M
YoY Change -16.53% 319.83%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$3.433M -$3.129M
YoY Change 9.72% 423.24%
Depreciation, Depletion And Amortization $722.0K $815.0K
YoY Change -11.41% 412.58%
Cash From Operating Activities -$1.235M -$2.536M
YoY Change -51.3% 521.57%
INVESTING ACTIVITIES
Capital Expenditures $17.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$17.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $7.000K
YoY Change -100.0% 600.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$7.000K
YoY Change -100.0% 600.0%
NET CHANGE
Cash From Operating Activities -$1.235M -$2.536M
Cash From Investing Activities -$17.00K $0.00
Cash From Financing Activities $0.00 -$7.000K
Net Change In Cash -$1.252M -$2.543M
YoY Change -50.77% 508.37%
FREE CASH FLOW
Cash From Operating Activities -$1.235M -$2.536M
Capital Expenditures $17.00K $0.00
Free Cash Flow -$1.252M -$2.536M
YoY Change -50.63% 508.15%

Facts In Submission

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<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates made. We continually evaluate estimates used in the preparation of our financial statements for reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include </span></div>determining the allowance for doubtful accounts, the estimated lives and recoverability of property and equipment, and intangible assets, the inputs used in the valuation of goodwill and intangible assets in connection with our impairment tests, and the inputs used in the fair value of equity based awards as well as the values ascribed to assets acquired and liabilities assumed in the business combination.
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CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Preferred Stock Conversions Inducements
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300000 USD
CY2020Q1 us-gaap Preferred Stock Conversions Inducements
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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65000 USD
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