$OPTT
Ocean Power Technologies, Inc.

2016 Q2 Form 10-K Financial Statement

#000143774916035299 Filed on July 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2 2015
Revenue $100.0K $490.0K $4.105M
YoY Change -79.59% 32.43% 173.9%
Cost Of Revenue $60.00K $330.0K $4.671M
YoY Change -81.82% -15.38% 209.3%
Gross Profit $40.00K $160.0K -$566.0K
YoY Change -75.0% -900.0% 4845.64%
Gross Profit Margin 40.0% 32.65% -13.79%
Selling, General & Admin $1.330M $1.780M $9.571M
YoY Change -25.28% -44.89% 2.27%
% of Gross Profit 3325.0% 1112.5%
Research & Development $1.640M $1.920M $4.149M
YoY Change -14.58% 113.33% -9.1%
% of Gross Profit 4100.0% 1200.0%
Depreciation & Amortization $30.00K $240.0K $965.2K
YoY Change -87.5% 140.0% 128.8%
% of Gross Profit 75.0% 150.0%
Operating Expenses $2.970M $3.700M $13.72M
YoY Change -19.73% -10.63% 4.43%
Operating Profit -$2.930M -$3.540M -$14.29M
YoY Change -17.23% -14.9% 8.64%
Interest Expense $50.00K $20.00K -$490.0K
YoY Change 150.0% -60.0% -333.33%
% of Operating Profit
Other Income/Expense, Net $0.00 $230.0K $419.4K
YoY Change -100.0%
Pretax Income -$3.980M -$3.290M -$12.40M
YoY Change 20.97% -0.6% 30.11%
Income Tax $0.00 $0.00 -$1.138M
% Of Pretax Income
Net Earnings -$3.980M -$3.280M -$13.11M
YoY Change 21.34% 2.18% 19.56%
Net Earnings / Revenue -3980.0% -669.39% -319.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$44.22M -$36.44M -$145.7M
COMMON SHARES
Basic Shares Outstanding 18.35M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.800M $17.40M $17.40M
YoY Change -60.92% -38.73% -38.73%
Cash & Equivalents $6.730M $17.34M $17.30M
Short-Term Investments $100.0K $100.0K $100.0K
Other Short-Term Assets $117.0K $186.6K $400.0K
YoY Change -37.31% -67.16% -93.44%
Inventory
Prepaid Expenses
Receivables $103.5K $200.0K
Other Receivables $200.0K $200.0K $200.0K
Total Short-Term Assets $9.759M $18.22M $18.20M
YoY Change -46.44% -48.52% -48.59%
LONG-TERM ASSETS
Property, Plant & Equipment $273.0K $263.9K $300.0K
YoY Change 3.45% -16.89% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $319.0K $335.9K $400.0K
YoY Change -5.04% 3.26% -73.33%
Total Long-Term Assets $592.0K $649.8K $700.0K
YoY Change -8.9% -75.87% -74.07%
TOTAL ASSETS
Total Short-Term Assets $9.759M $18.22M $18.20M
Total Long-Term Assets $592.0K $649.8K $700.0K
Total Assets $10.35M $18.87M $18.90M
YoY Change -45.15% -50.45% -50.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $373.0K $352.8K $400.0K
YoY Change 5.72% -29.63% -20.0%
Accrued Expenses $2.675M $2.675M $2.500M
YoY Change 0.01% -8.75% -13.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $50.00K $100.0K $100.0K
YoY Change -50.0% 0.0% 0.0%
Total Short-Term Liabilities $6.168M $2.960M $3.000M
YoY Change 108.38% -67.95% -67.39%
LONG-TERM LIABILITIES
Long-Term Debt $50.00K $100.0K
YoY Change 0.0% -50.0%
Other Long-Term Liabilities $600.0K $600.0K $600.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $0.00 $50.00K $700.0K
YoY Change -100.0% 0.0% -12.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.168M $2.960M $3.000M
Total Long-Term Liabilities $0.00 $50.00K $700.0K
Total Liabilities $6.823M $3.610M $3.200M
YoY Change 89.01% -63.84% -66.67%
SHAREHOLDERS EQUITY
Retained Earnings -$177.9M -$164.8M
YoY Change 7.97% 8.65%
Common Stock $181.7M $180.8M
YoY Change 0.48% 0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $138.0K $132.0K
YoY Change 4.53% 1.0%
Treasury Stock Shares $6.894K $3.865K
Shareholders Equity $3.528M $15.69M $15.70M
YoY Change
Total Liabilities & Shareholders Equity $10.35M $18.87M $18.90M
YoY Change -45.15% -50.45% -50.39%

Cashflow Statement

Concept 2016 Q2 2015 Q2 2015
OPERATING ACTIVITIES
Net Income -$3.980M -$3.280M -$13.11M
YoY Change 21.34% 2.18% 19.56%
Depreciation, Depletion And Amortization $30.00K $240.0K $965.2K
YoY Change -87.5% 140.0% 128.8%
Cash From Operating Activities -$2.850M -$2.420M -$17.17M
YoY Change 17.77% -256.13% 164.34%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K -$80.00K
YoY Change -100.0% 200.0% 166.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K $21.25M
YoY Change -100.0% -100.24% -431.0%
Cash From Investing Activities $0.00 -$10.00K $21.17M
YoY Change -100.0% -99.88% -428.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $659.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.00K -20.00K -100.7K
YoY Change -550.0% -100.14% -100.49%
NET CHANGE
Cash From Operating Activities -2.850M -2.420M -17.17M
Cash From Investing Activities 0.000 -10.00K 21.17M
Cash From Financing Activities 90.00K -20.00K -100.7K
Net Change In Cash -2.760M -2.450M 3.897M
YoY Change 12.65% -130.86% -47.94%
FREE CASH FLOW
Cash From Operating Activities -$2.850M -$2.420M -$17.17M
Capital Expenditures $0.00 -$30.00K -$80.00K
Free Cash Flow -$2.850M -$2.390M -$17.09M
YoY Change 19.25% -253.21% 164.33%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 18pt; VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(j)</div></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of Credit Risk</div></div></div></div></div></div></div></td> </tr> </table><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 22.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally, short-term bank deposits, Treasury bills, Treasury notes and money market funds) and does not believe that it is exposed to any significant risks related to its cash accounts, money market funds or certificates of deposit. </div></div><div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The table below shows the percentage of the Company's revenues derived from customers whose revenues accounted for at least 10% of the Company's consolidated revenues for at least one of the periods indicated:</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 85%; MARGIN-RIGHT: 15%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colspan="6"><div style="display: inline; font-weight: bold;">Years Ended April 30,</div></td> <td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2016</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; MARGIN-LEFT: 0pt" colspan="2"> <div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2015</div></div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 64%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">European Union</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">58</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">%</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">23</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">%</td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">US Department of Energy</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">28</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">%</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">37</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">%</td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Mitsui Shipbuilding &amp; Engineering</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">14</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">%</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">40</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap">%</td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">UK Government's Technology Strategy Board</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">&#x2014;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&nbsp;</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 15%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">12</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap">%</td> </tr> </table> </div><div style=" TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 21.6pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The loss of, or a significant reduction in revenues from, any of the current customers could significantly impact the Company's financial position or results of operations. The Company does not require its customers to post collateral.&nbsp;</div></div></div></div></div></div></div></div></div>
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CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5750
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1309
CY2016 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
24144
CY2015 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
76390
CY2016 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
CY2015 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
13821959
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
288941
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
650
CY2016 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
CY2015 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
28240840
CY2016 us-gaap Profit Loss
ProfitLoss
-13083616
CY2015 us-gaap Profit Loss
ProfitLoss
-13223667
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1772530
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1684870
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
273049
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
263898
CY2016 us-gaap Repayments Of Debt
RepaymentsOfDebt
62519
CY2015 us-gaap Repayments Of Debt
RepaymentsOfDebt
100000
CY2016 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
7050828
CY2015 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
4149388
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
299543
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
438561
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
50000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-177884011
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
75133
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y292D
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8574
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8549
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.016
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6747506
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9571193
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
336342
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
332593
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
35.25
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
50425
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
24230
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
11591
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5138
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.58
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.72
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
147229
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
108395
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
89303
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
55.30
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
43.20
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.46
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
71.10
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
29.41
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.20
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.05
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y182D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y182D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y328D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
13000
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y328D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y255D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y219D
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
650
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
288941
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
153125
CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
194259
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
3528331
CY2016Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
37465
CY2015Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
81658
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
15688192
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3528331
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15260940
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28100697
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
6894
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
3865
CY2016 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3029
CY2015 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
80
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
137766
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
132016
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1309
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5750
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 18pt; VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">(b)</div></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div></div></div></div></div></td> </tr> </table><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount of property and equipment; valuation allowances for receivables and deferred income tax assets; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment, particularly the macroeconomic pressures in certain European countries, has increased the degree of uncertainty inherent in those estimates and assumptions.</div></div></div></div></div></div></div></div></div>
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1765000
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4032000
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1810173
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1749055

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