2015 Q1 Form 10-K Financial Statement

#000158095715000051 Filed on June 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2015 2014 Q1
Revenue $560.0K $2.901M $707.1K
YoY Change -20.81% 56.33% 54.29%
Cost Of Revenue $290.0K $1.591M $350.0K
YoY Change -17.14% 74.44% 75.0%
Gross Profit $270.0K $1.311M $360.0K
YoY Change -25.0% 38.85% 56.52%
Gross Profit Margin 48.21% 45.17% 50.91%
Selling, General & Admin $510.0K $2.180M $480.0K
YoY Change 6.25% 29.76% 23.08%
% of Gross Profit 188.89% 166.34% 133.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $31.25K $10.00K
YoY Change 0.0% 34.98% 0.0%
% of Gross Profit 3.7% 2.38% 2.78%
Operating Expenses $510.0K $2.210M $490.0K
YoY Change 4.08% 30.21% 25.64%
Operating Profit -$240.0K -$899.1K -$130.0K
YoY Change 84.62% 19.39% -18.75%
Interest Expense -$90.00K $561.0K -$70.00K
YoY Change 28.57% 215.83% 16.67%
% of Operating Profit
Other Income/Expense, Net $10.00K -$548.7K $0.00
YoY Change 209.04%
Pretax Income -$320.0K -$1.450M -$200.0K
YoY Change 60.0% 55.91% -13.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$320.0K -$1.448M -$202.5K
YoY Change 58.05% 50.62% -22.2%
Net Earnings / Revenue -57.14% -49.91% -28.63%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.01 -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 73.75M shares 61.07M shares 52.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2015 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.0K $130.0K $30.00K
YoY Change 333.33% 333.33% -88.0%
Cash & Equivalents $130.2K $27.86K
Short-Term Investments
Other Short-Term Assets $110.0K $110.0K $70.00K
YoY Change 57.14% 57.14% 16.67%
Inventory $250.0K $250.0K $190.0K
Prepaid Expenses $112.7K $68.91K
Receivables $358.0K $360.0K $490.0K
Other Receivables $3.236K $0.00 $3.424K
Total Short-Term Assets $855.3K $860.0K $777.3K
YoY Change 10.03% 10.26% 55.67%
LONG-TERM ASSETS
Property, Plant & Equipment $25.85K $30.00K $19.46K
YoY Change 32.84% 50.0% -49.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $20.00K $20.00K
YoY Change 0.0% 0.0% -33.33%
Total Long-Term Assets $47.05K $40.00K $41.50K
YoY Change 13.37% 0.0% -35.81%
TOTAL ASSETS
Total Short-Term Assets $855.3K $860.0K $777.3K
Total Long-Term Assets $47.05K $40.00K $41.50K
Total Assets $902.3K $900.0K $818.8K
YoY Change 10.2% 9.76% 45.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $310.0K $310.0K $470.0K
YoY Change -34.04% -34.04% 9.3%
Accrued Expenses $102.9K $130.0K $124.8K
YoY Change -17.49% -18.75% -8.51%
Deferred Revenue
YoY Change
Short-Term Debt $1.565M $1.640M $780.0K
YoY Change 100.7% 110.26% 110.81%
Long-Term Debt Due $20.00K
YoY Change
Total Short-Term Liabilities $2.169M $2.260M $1.485M
YoY Change 46.04% 52.7% 33.2%
LONG-TERM LIABILITIES
Long-Term Debt $407.1K $320.0K $550.0K
YoY Change -25.98% -41.82% 30.95%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $407.1K $320.0K $553.8K
YoY Change -26.49% -41.82% 31.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.169M $2.260M $1.485M
Total Long-Term Liabilities $407.1K $320.0K $553.8K
Total Liabilities $2.576M $2.580M $2.039M
YoY Change 26.34% 26.47% 32.65%
SHAREHOLDERS EQUITY
Retained Earnings -$39.62M -$38.17M
YoY Change 3.79% 2.58%
Common Stock $37.92M $36.92M
YoY Change 2.72% 1.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.673M -$1.670M -$1.220M
YoY Change
Total Liabilities & Shareholders Equity $902.3K $900.0K $818.8K
YoY Change 10.2% 9.76% 45.19%

Cashflow Statement

Concept 2015 Q1 2015 2014 Q1
OPERATING ACTIVITIES
Net Income -$320.0K -$1.448M -$202.5K
YoY Change 58.05% 50.62% -22.2%
Depreciation, Depletion And Amortization $10.00K $31.25K $10.00K
YoY Change 0.0% 34.98% 0.0%
Cash From Operating Activities -$390.0K -$904.5K -$590.0K
YoY Change -33.9% -19.44% 742.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $33.33K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$33.33K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K $1.040M 620.0K
YoY Change -19.35% 14.68% 121.43%
NET CHANGE
Cash From Operating Activities -390.0K -$904.5K -590.0K
Cash From Investing Activities 0.000 -$33.33K 0.000
Cash From Financing Activities 500.0K $1.040M 620.0K
Net Change In Cash 110.0K $102.3K 30.00K
YoY Change 266.67% -147.39% -85.71%
FREE CASH FLOW
Cash From Operating Activities -$390.0K -$904.5K -$590.0K
Capital Expenditures $0.00 $33.33K $0.00
Free Cash Flow -$390.0K -$937.8K -$590.0K
YoY Change -33.9% -16.48% 742.86%

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CY2014 us-gaap Increase Decrease In Deferred Revenue
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CY2015 us-gaap Net Cash Provided By Used In Operating Activities
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CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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33328 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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USD
CY2015 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2014 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2015 us-gaap Proceeds From Notes Payable
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80000 USD
CY2014 us-gaap Proceeds From Notes Payable
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CY2015 us-gaap Proceeds From Related Party Debt
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1299387 USD
CY2014 us-gaap Proceeds From Related Party Debt
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CY2015 us-gaap Repayments Of Related Party Debt
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CY2014 us-gaap Repayments Of Related Party Debt
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302956 USD
CY2015 pcsv Proceeds From Related Party Convertible Debt
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200000 USD
CY2014 pcsv Proceeds From Related Party Convertible Debt
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CY2015 us-gaap Net Cash Provided By Used In Financing Activities
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1040097 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
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906925 USD
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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USD
CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
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102302 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
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27860 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
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247246 USD
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
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130162 USD
CY2015 pcsv Common Stock Issued For Services Stock Payable
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2080 USD
CY2014 pcsv Common Stock Issued For Services Stock Payable
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1640 USD
CY2015 pcsv Cash Flow Noncash Investing And Financing Activities Common Stock Issued For Restricted Units Conversion
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20000 USD
CY2014 pcsv Cash Flow Noncash Investing And Financing Activities Common Stock Issued For Restricted Units Conversion
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21250 USD
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2015 us-gaap Conversion Of Stock Amount Issued1
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696373 USD
CY2014 us-gaap Conversion Of Stock Amount Issued1
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100000 USD
CY2015 pcsv Adjustments To Additional Paid In Capital Related Party Debt Forgiveness
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CY2014 pcsv Adjustments To Additional Paid In Capital Related Party Debt Forgiveness
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530000 USD
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CY2014 us-gaap Income Taxes Paid
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3424 USD
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3424 USD
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25000 USD
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CY2015 us-gaap Use Of Estimates
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1150 USD
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5167 USD
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CY2015 us-gaap Concentration Risk Credit Risk
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font-size: 10pt;"><font>29</font>%</font></td> <td style="vertical-align: bottom; text-align: right; font-family: 'times new roman'; padding: 0px; white-space: nowrap; padding-right: 5px; padding-left: 5px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></td> <td style="vertical-align: bottom; padding: 0px; text-align: left; font-family: 'Times New Roman'; font-size: 10pt; padding-right: 10px; white-space: nowrap;"><font style="font-family: 'times new roman', times; font-size: 10pt;">$</font></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; text-align: center;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">340,130</font></font></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; text-align: center;"><font><font style="font-family: 'times new roman', times; font-size: 10pt;">&#160;</font></font></td> <td style="vertical-align: bottom; padding: 0px; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font>69</font>%</font></td> </tr> </table> </div> </div> </div> </div> </div>
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