2019 Q2 Form 10-Q Financial Statement
#000143774919011785 Filed on June 11, 2019
Income Statement
Concept | 2019 Q2 | 2018 Q2 |
---|---|---|
Revenue | $18.96M | $26.89M |
YoY Change | -29.49% | 69.67% |
Cost Of Revenue | $13.65M | $17.93M |
YoY Change | -23.89% | 76.07% |
Gross Profit | $5.309M | $8.956M |
YoY Change | -40.72% | 58.15% |
Gross Profit Margin | 28.01% | 33.31% |
Selling, General & Admin | $5.777M | $7.401M |
YoY Change | -21.94% | 25.47% |
% of Gross Profit | 108.81% | 82.63% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $430.0K | $450.0K |
YoY Change | -4.44% | 50.0% |
% of Gross Profit | 8.1% | 5.02% |
Operating Expenses | $5.777M | $7.401M |
YoY Change | -21.94% | 25.47% |
Operating Profit | -$475.5K | $1.558M |
YoY Change | -130.51% | -655.47% |
Interest Expense | $129.3K | $152.5K |
YoY Change | -15.2% | 29.04% |
% of Operating Profit | 9.79% | |
Other Income/Expense, Net | -$136.7K | -$151.6K |
YoY Change | -9.8% | -407.82% |
Pretax Income | -$612.2K | $1.407M |
YoY Change | -143.52% | -708.19% |
Income Tax | $5.240K | $15.71K |
% Of Pretax Income | 1.12% | |
Net Earnings | -$617.4K | $1.391M |
YoY Change | -144.39% | -681.75% |
Net Earnings / Revenue | -3.26% | 5.17% |
Basic Earnings Per Share | ||
Diluted Earnings Per Share | -$84.70K | $181.0K |
COMMON SHARES | ||
Basic Shares Outstanding | 7.461M | |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2019 Q2 | 2018 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $310.0K | $280.0K |
YoY Change | 10.71% | -65.0% |
Cash & Equivalents | $310.7K | $278.4K |
Short-Term Investments | ||
Other Short-Term Assets | $430.0K | $580.0K |
YoY Change | -25.86% | 3.57% |
Inventory | $20.24M | $18.76M |
Prepaid Expenses | ||
Receivables | $11.72M | $20.68M |
Other Receivables | $50.00K | $20.00K |
Total Short-Term Assets | $32.75M | $40.32M |
YoY Change | -18.77% | 41.82% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $10.78M | $11.90M |
YoY Change | -9.44% | -5.54% |
Goodwill | ||
YoY Change | ||
Intangibles | $664.6K | $619.4K |
YoY Change | 7.29% | 5.73% |
Long-Term Investments | ||
YoY Change | ||
Other Assets | $93.45K | $96.97K |
YoY Change | -3.64% | -73.74% |
Total Long-Term Assets | $11.59M | $12.69M |
YoY Change | -8.66% | -6.43% |
TOTAL ASSETS | ||
Total Short-Term Assets | $32.75M | $40.32M |
Total Long-Term Assets | $11.59M | $12.69M |
Total Assets | $44.34M | $53.01M |
YoY Change | -16.35% | 26.25% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $8.230M | $9.890M |
YoY Change | -16.78% | 118.32% |
Accrued Expenses | $1.670M | $2.500M |
YoY Change | -33.2% | 85.19% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $1.680M |
YoY Change | -100.0% | |
Long-Term Debt Due | $265.5K | $255.8K |
YoY Change | 3.82% | 1.81% |
Total Short-Term Liabilities | $10.19M | $14.38M |
YoY Change | -29.13% | 133.57% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $6.025M | $6.290M |
YoY Change | -4.22% | -3.91% |
Other Long-Term Liabilities | $69.37K | $128.5K |
YoY Change | -46.02% | -17.07% |
Total Long-Term Liabilities | $6.094M | $6.419M |
YoY Change | -5.06% | -4.21% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $10.19M | $14.38M |
Total Long-Term Liabilities | $6.094M | $6.419M |
Total Liabilities | $21.44M | $27.80M |
YoY Change | -22.89% | 56.55% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $9.128M | $12.91M |
YoY Change | -29.29% | 0.74% |
Common Stock | $13.78M | $12.30M |
YoY Change | 12.01% | 7.73% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $22.90M | $25.21M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $44.34M | $53.01M |
YoY Change | -16.35% | 26.25% |
Cashflow Statement
Concept | 2019 Q2 | 2018 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$617.4K | $1.391M |
YoY Change | -144.39% | -681.75% |
Depreciation, Depletion And Amortization | $430.0K | $450.0K |
YoY Change | -4.44% | 50.0% |
Cash From Operating Activities | $700.0K | -$2.750M |
YoY Change | -125.45% | 539.53% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$160.0K | -$160.0K |
YoY Change | 0.0% | 23.08% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$160.0K | -$160.0K |
YoY Change | 0.0% | 23.08% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -660.0K | 2.660M |
YoY Change | -124.81% | 2116.67% |
NET CHANGE | ||
Cash From Operating Activities | 700.0K | -2.750M |
Cash From Investing Activities | -160.0K | -160.0K |
Cash From Financing Activities | -660.0K | 2.660M |
Net Change In Cash | -120.0K | -250.0K |
YoY Change | -52.0% | -43.18% |
FREE CASH FLOW | ||
Cash From Operating Activities | $700.0K | -$2.750M |
Capital Expenditures | -$160.0K | -$160.0K |
Free Cash Flow | $860.0K | -$2.590M |
YoY Change | -133.2% | 763.33% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2019Q2 | dei |
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|
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Allowance For Doubtful Accounts Receivable Current
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CY2019Q2 | us-gaap |
Preferred Stock Shares Authorized
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Gross Profit
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Selling General And Administrative Expense
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Amortization Of Intangible Assets
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Proceeds From Bank Debt
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Repayments Of Long Term Debt And Capital Securities
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Repayments Of Long Term Debt And Capital Securities
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Payments Of Financing Costs
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|
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Payments Of Financing Costs
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|
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Payments For Repurchase Of Common Stock
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|
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Payments For Repurchase Of Common Stock
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|
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Net Cash Provided By Used In Financing Activities
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|
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Income Tax Expense Benefit
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Net Income Loss
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CY2018Q2 | us-gaap |
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us-gaap |
Net Income Loss
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Net Income Loss
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Earnings Per Share Basic And Diluted
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|
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|
0.18 | |
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.53 | ||
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.13 | ||
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
26810837 | USD |
occ |
Impact Of Adoption Of Accounting Standards Update
ImpactOfAdoptionOfAccountingStandardsUpdate
|
61763 | USD | |
us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
-39158 | USD | |
us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
1257 | USD | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-3927445 | USD | |
CY2019Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
22904740 | USD |
CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23689522 | USD |
us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
537784 | USD | |
us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
47 | USD | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
980730 | USD | |
CY2018Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
25207989 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-3927445 | USD | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
980730 | USD | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
874272 | USD | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
858662 | USD | |
occ |
Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
|
42693 | USD | |
occ |
Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
|
4856 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
898704 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
702859 | USD | |
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-1435 | USD | |
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-6597 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-1072995 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
11747218 | USD | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-12002 | USD | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-50181 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
2768468 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1982126 | USD | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-128688 | USD | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
105049 | USD | |
occ |
Increase Decrease In Income Taxes Receivable Noncurrent
IncreaseDecreaseInIncomeTaxesReceivableNoncurrent
|
-0 | USD | |
occ |
Increase Decrease In Income Taxes Receivable Noncurrent
IncreaseDecreaseInIncomeTaxesReceivableNoncurrent
|
66127 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
5060548 | USD | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
7054110 | USD | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-1817695 | USD | |
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
1154677 | USD | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
2938 | USD | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
45404 | USD | |
us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-31777 | USD | |
us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-4649 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-451110 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3047093 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
448569 | USD | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
215946 | USD | |
occ |
Payments For Proceeds From Intangible Assets
PaymentsForProceedsFromIntangibleAssets
|
48438 | USD | |
occ |
Payments For Proceeds From Intangible Assets
PaymentsForProceedsFromIntangibleAssets
|
11458 | USD | |
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
133254 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-497007 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-227404 | USD | |
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-612788 | USD | |
CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
177413 | USD |
CY2017Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
891169 | USD |
CY2019Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
310667 | USD |
CY2018Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
64242 | USD |
CY2017Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
87446 | USD |
occ |
Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
|
42693 | USD | |
occ |
Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
|
4856 | USD | |
us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
24811 | USD | |
us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
3126 | USD | |
CY2019Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
82124 | USD |
CY2018Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
89176 | USD |
CY2018Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
278381 | USD |
CY2019Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
36450 | USD |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
898704 | USD | |
CY2018Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
589505 | USD |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
702859 | USD | |
CY2018Q2 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
195000 | USD |
CY2019Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
125893 | |
CY2019Q2 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
6238608 | USD |
CY2018Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
5454629 | USD |
CY2019Q2 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
4156203 | USD |
CY2018Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
3877670 | USD |
CY2019Q2 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
9538869 | USD |
CY2018Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
7871145 | USD |
CY2019Q2 | us-gaap |
Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
|
309543 | USD |
CY2018Q4 | us-gaap |
Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
|
271311 | USD |
CY2019Q2 | us-gaap |
Inventory Net
InventoryNet
|
20243223 | USD |
CY2018Q4 | us-gaap |
Inventory Net
InventoryNet
|
17474755 | USD |
CY2019Q2 | us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
48716 | USD |
us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
156554 | USD | |
CY2018Q2 | us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
92185 | USD |
us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
134181 | USD | |
CY2018Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
180000 | USD |
CY2017Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
180000 | USD |
us-gaap |
Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
|
153981 | USD | |
us-gaap |
Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
|
179494 | USD | |
us-gaap |
Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
176554 | USD | |
us-gaap |
Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
119181 | USD | |
us-gaap |
Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
|
2573 | USD | |
us-gaap |
Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
|
-45313 | USD | |
CY2019Q2 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
160000 | USD |
CY2019Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-617425 | USD |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
121039 | ||
CY2018Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1390865 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-3927445 | USD | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
980730 | USD | |
CY2019Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
7317516 | |
CY2018Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
7675129 | |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
7449864 | ||
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
7489843 | ||
CY2019Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.08 | |
CY2019Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
6290074 | USD |
CY2018Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
6419584 | USD |
CY2019Q2 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
265541 | USD |
CY2018Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
260954 | USD |
CY2019Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
6024533 | USD |
CY2018Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
6158630 | USD |
CY2018Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.18 | |
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.53 | ||
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.13 | ||
CY2019Q2 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
175946 | USD |
CY2018Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
123979 | USD |
CY2019Q2 | us-gaap |
Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
|
128957 | USD |
CY2018Q4 | us-gaap |
Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
|
298577 | USD |
CY2019Q2 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
18957175 | USD |
CY2018Q2 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
26887689 | USD |
us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
35707843 | USD | |
us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
44438729 | USD | |
us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>(<em style="font-weight: inherit; font-style: normal;">12</em>) </b></p> </td> <td> <p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><b>New Accounting Standards <em style="font-weight: inherit; font-style: normal;">Not</em> Yet Adopted</b></p> </td> </tr> </tbody> </table> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27pt;margin-right:0pt;margin-top:0pt;text-align:justify;">In <em style="font-weight: inherit; font-style: normal;"> February 2016, </em>the FASB issued Accounting Standards Update <em style="font-weight: inherit; font-style: normal;">2016</em>-<em style="font-weight: inherit; font-style: normal;">02,</em> <i>Leases</i>. The FASB has subsequently issued amendments to the initial guidance under ASU <em style="font-weight: inherit; font-style: normal;">2017</em>-<em style="font-weight: inherit; font-style: normal;">13,</em> ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">10,</em> ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">11,</em> ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">20</em> and ASU <em style="font-weight: inherit; font-style: normal;">2019</em>-<em style="font-weight: inherit; font-style: normal;">01</em> (collectively, “Topic <em style="font-weight: inherit; font-style: normal;">842”</em>). Topic <em style="font-weight: inherit; font-style: normal;">842</em> requires the recognition of a separate lease liability representing the required lease payments over the lease term and a separate lease asset representing the right to use the underlying asset during the same lease term. Additionally, Topic <em style="font-weight: inherit; font-style: normal;">842</em> provides clarification regarding the identification of certain components of contracts that would represent a lease as well as requires additional disclosures in the notes to the financial statements. Topic <em style="font-weight: inherit; font-style: normal;">842</em> is effective for fiscal years beginning after <em style="font-weight: inherit; font-style: normal;"> December 15, 2018, </em>including interim periods within that reporting period with early adoption permitted. The Company expects the adoption of this guidance <em style="font-weight: inherit; font-style: normal;"> may </em>result in an increase to its long-term assets and liabilities on its consolidated balance sheet depending on the resulting impact of any decision by the Company to renew, extend or replace its <em style="font-weight: inherit; font-style: normal;">two</em> existing real estate leases, as the current leases expire; however, the Company does <em style="font-weight: inherit; font-style: normal;">not</em> expect the adoption to have a material impact on its results of operations, financial position and liquidity and its related financial statement disclosures.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"/> <p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"/> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27.35pt;margin-right:0pt;margin-top:0pt;text-align:justify;">In <em style="font-weight: inherit; font-style: normal;"> June 2018, </em>the FASB issued Accounting Standards Update <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">07,</em> <i>Compensation – Stock Compensation (Topic <em style="font-weight: inherit; font-style: normal;">718</em>): Improvements to Nonemployee Share-Based Payment Accounting</i> (“ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">07”</em>). ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">07</em> expands the scope of Topic <em style="font-weight: inherit; font-style: normal;">718</em> to include share-based payment transactions for acquiring goods and services from nonemployees. ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">07</em> also clarifies that Topic <em style="font-weight: inherit; font-style: normal;">718</em> does <em style="font-weight: inherit; font-style: normal;">not</em> apply to share-based payments used to effectively provide (<em style="font-weight: inherit; font-style: normal;">1</em>) financing to the issuer or (<em style="font-weight: inherit; font-style: normal;">2</em>) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under <i>Revenue from Contracts with Customers</i> (Topic <em style="font-weight: inherit; font-style: normal;">606</em>). ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">07</em> is effective for fiscal years beginning after <em style="font-weight: inherit; font-style: normal;"> December 15, 2018, </em>including interim periods within that reporting period, with early adoption permitted. The adoption of ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">07</em> is <em style="font-weight: inherit; font-style: normal;">not</em> expected to have a material impact on the Company's results of operations, financial position or liquidity or its related financial statement disclosures.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27.35pt;margin-right:0pt;margin-top:0pt;text-align:justify;">In <em style="font-weight: inherit; font-style: normal;"> June 2018, </em>the FASB issued Accounting Standards Update <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">08,</em> <i>Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made</i> (“ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">08”</em>). ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">08</em> applies to entities that receive or make contributions, which primarily are <em style="font-weight: inherit; font-style: normal;">not</em>-for-profit entities but also affects business entities that make contributions. In the context of business entities that make contributions, the FASB clarified that a contribution is conditional if the arrangement includes both a barrier for the recipient to be entitled to the assets transferred and a right of return for the assets transferred (or a right of release of the business entity’s obligation to transfer assets). The recognition of contribution expense is deferred for conditional arrangements and is immediate for unconditional arrangements. ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">08</em> requires modified prospective transition to arrangements that have <em style="font-weight: inherit; font-style: normal;">not</em> been completed as of the effective date or that are entered into after the effective date, but full retrospective application to each period presented is permitted. ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">08</em> is effective for fiscal years beginning after <em style="font-weight: inherit; font-style: normal;"> December 15, 2018, </em>including interim periods within that reporting period, with early adoption permitted. The adoption of ASU <em style="font-weight: inherit; font-style: normal;">2018</em>-<em style="font-weight: inherit; font-style: normal;">08</em> is <em style="font-weight: inherit; font-style: normal;">not</em> expected to have a material impact on the Company's results of operations, financial position or liquidity or its related financial statement disclosures.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:27.35pt;margin-right:0pt;margin-top:0pt;text-align:justify;">There are <em style="font-weight: inherit; font-style: normal;">no</em> other new accounting standards issued, but <em style="font-weight: inherit; font-style: normal;">not</em> yet adopted by the Company, which are expected to materially impact the Company’s financial position, operating results or financial statement disclosures.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"/> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"/> |