2022 Q1 Form 10-Q Financial Statement

#000074621022000031 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.532M $1.918M
YoY Change -20.13% -64.0%
Cost Of Revenue $1.033M $1.290M
YoY Change -19.92% -46.03%
Gross Profit $499.0K $628.0K
YoY Change -20.54% -78.74%
Gross Profit Margin 32.57% 32.74%
Selling, General & Admin $2.252M $2.594M
YoY Change -13.18% -20.14%
% of Gross Profit 451.3% 413.06%
Research & Development $1.004M $692.0K
YoY Change 45.09% -47.85%
% of Gross Profit 201.2% 110.19%
Depreciation & Amortization $627.0K $722.0K
YoY Change -13.16% -11.41%
% of Gross Profit 125.65% 114.97%
Operating Expenses $3.256M $3.286M
YoY Change -0.91% -27.94%
Operating Profit -$4.522M -$3.411M
YoY Change 32.57% 14.58%
Interest Expense -$6.000K -$20.00K
YoY Change -70.0% -85.71%
% of Operating Profit
Other Income/Expense, Net -$6.000K -$22.00K
YoY Change -72.73% -85.53%
Pretax Income -$4.528M -$3.433M
YoY Change 31.9% 9.72%
Income Tax $11.00K $0.00
% Of Pretax Income
Net Earnings -$4.539M -$3.433M
YoY Change 32.22% 9.72%
Net Earnings / Revenue -296.28% -178.99%
Basic Earnings Per Share -$0.15 -$0.23
Diluted Earnings Per Share -$0.15 -$0.23
COMMON SHARES
Basic Shares Outstanding 30.82M shares 17.76M shares
Diluted Shares Outstanding 30.82M shares 17.76M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.525M $4.000M
YoY Change 63.13% 90.48%
Cash & Equivalents $6.586M $4.025M
Short-Term Investments
Other Short-Term Assets $1.502M $1.200M
YoY Change 25.17% 9.09%
Inventory $1.718M $1.494M
Prepaid Expenses
Receivables $555.0K $1.779M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.30M $8.445M
YoY Change 21.97% -4.09%
LONG-TERM ASSETS
Property, Plant & Equipment $122.0K $430.0K
YoY Change -71.63% -60.59%
Goodwill $6.229M $7.367M
YoY Change -15.45% 0.01%
Intangibles $6.982M $9.543M
YoY Change -26.84% -20.22%
Long-Term Investments
YoY Change
Other Assets $64.00K $113.0K
YoY Change -43.36% -11.72%
Total Long-Term Assets $13.93M $18.23M
YoY Change -23.58% -21.26%
TOTAL ASSETS
Total Short-Term Assets $10.30M $8.445M
Total Long-Term Assets $13.93M $18.23M
Total Assets $24.23M $26.67M
YoY Change -9.16% -16.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $553.0K $1.079M
YoY Change -48.75% 17.16%
Accrued Expenses $1.147M $1.533M
YoY Change -25.18% 21.47%
Deferred Revenue $736.0K $930.0K
YoY Change -20.86% -65.21%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.417M
YoY Change -31.92%
Total Short-Term Liabilities $2.831M $6.756M
YoY Change -58.1% -30.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $472.0K $1.000M
YoY Change -52.8%
Total Long-Term Liabilities $472.0K $984.0K
YoY Change -52.03% -71.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.831M $6.756M
Total Long-Term Liabilities $472.0K $984.0K
Total Liabilities $3.303M $7.740M
YoY Change -57.33% -41.27%
SHAREHOLDERS EQUITY
Retained Earnings -$206.4M -$196.3M
YoY Change 5.17% 4.1%
Common Stock $227.6M $215.4M
YoY Change 5.64% 3.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $181.0K $181.0K
YoY Change 0.0% 5.23%
Treasury Stock Shares 113.3K shares 113.3K shares
Shareholders Equity $20.93M $18.93M
YoY Change
Total Liabilities & Shareholders Equity $24.23M $26.67M
YoY Change -9.16% -16.53%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$4.539M -$3.433M
YoY Change 32.22% 9.72%
Depreciation, Depletion And Amortization $627.0K $722.0K
YoY Change -13.16% -11.41%
Cash From Operating Activities -$2.404M -$1.235M
YoY Change 94.66% -51.3%
INVESTING ACTIVITIES
Capital Expenditures $11.00K $17.00K
YoY Change -35.29%
Acquisitions
YoY Change
Other Investing Activities $1.000K
YoY Change
Cash From Investing Activities -$10.00K -$17.00K
YoY Change -41.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$2.404M -$1.235M
Cash From Investing Activities -$10.00K -$17.00K
Cash From Financing Activities $0.00 $0.00
Net Change In Cash -$2.414M -$1.252M
YoY Change 92.81% -50.77%
FREE CASH FLOW
Cash From Operating Activities -$2.404M -$1.235M
Capital Expenditures $11.00K $17.00K
Free Cash Flow -$2.415M -$1.252M
YoY Change 92.89% -50.63%

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 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 consolidated 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 consolidated financial statements for reasonableness. Appropriate </span></div>adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. The significant areas of estimation include 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.
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