$PEN
Penumbra Inc

2015 Q3 Form 10-Q Financial Statement

#000162828015008696 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $50.42M $32.46M
YoY Change 55.3%
Cost Of Revenue $16.92M $11.67M
YoY Change 45.02%
Gross Profit $33.50M $20.80M
YoY Change 61.07%
Gross Profit Margin 66.44% 64.06%
Selling, General & Admin $26.76M $16.59M
YoY Change 61.28%
% of Gross Profit 79.87% 79.77%
Research & Development $4.560M $3.897M
YoY Change 17.01%
% of Gross Profit 13.61% 18.74%
Depreciation & Amortization $500.0K $200.0K
YoY Change 150.0%
% of Gross Profit 1.49% 0.96%
Operating Expenses $31.32M $20.49M
YoY Change 52.86%
Operating Profit $2.182M $311.0K
YoY Change 601.61%
Interest Expense $17.00K $144.0K
YoY Change -88.19%
% of Operating Profit 0.78% 46.3%
Other Income/Expense, Net -$115.0K -$56.00K
YoY Change 105.36%
Pretax Income $2.084M $399.0K
YoY Change 422.31%
Income Tax $1.183M $227.0K
% Of Pretax Income 56.77% 56.89%
Net Earnings $901.0K $172.0K
YoY Change 423.84%
Net Earnings / Revenue 1.79% 0.53%
Basic Earnings Per Share $0.04 -$0.25
Diluted Earnings Per Share $0.03 -$0.25
COMMON SHARES
Basic Shares Outstanding 7.854M shares 4.688M shares
Diluted Shares Outstanding 10.19M shares 4.688M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.1M
YoY Change
Cash & Equivalents $159.1M $8.188M
Short-Term Investments $0.00
Other Short-Term Assets $177.0K
YoY Change
Inventory $50.32M
Prepaid Expenses $5.772M
Receivables $26.06M
Other Receivables $300.0K
Total Short-Term Assets $249.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $8.646M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $293.0K
YoY Change
Total Long-Term Assets $10.25M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $249.1M
Total Long-Term Assets $10.25M
Total Assets $259.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.024M
YoY Change
Accrued Expenses $24.25M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.28M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.458M
YoY Change
Total Long-Term Liabilities $2.458M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $28.28M
Total Long-Term Liabilities $2.458M
Total Liabilities $30.74M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$19.11M
YoY Change
Common Stock $30.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $228.6M
YoY Change
Total Liabilities & Shareholders Equity $259.3M
YoY Change

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $901.0K $172.0K
YoY Change 423.84%
Depreciation, Depletion And Amortization $500.0K $200.0K
YoY Change 150.0%
Cash From Operating Activities -$4.300M -$2.980M
YoY Change 44.3%
INVESTING ACTIVITIES
Capital Expenditures -$1.440M -$980.0K
YoY Change 46.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$35.91M
YoY Change -100.0%
Cash From Investing Activities -$1.440M -$36.89M
YoY Change -96.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 128.2M -7.700M
YoY Change -1764.42%
NET CHANGE
Cash From Operating Activities -4.300M -2.980M
Cash From Investing Activities -1.440M -36.89M
Cash From Financing Activities 128.2M -7.700M
Net Change In Cash 122.4M -47.57M
YoY Change -357.35%
FREE CASH FLOW
Cash From Operating Activities -$4.300M -$2.980M
Capital Expenditures -$1.440M -$980.0K
Free Cash Flow -$2.860M -$2.000M
YoY Change 43.0%

Facts In Submission

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543000 USD
CY2015Q3 us-gaap Inventory Work In Process Net Of Reserves
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1244000 USD
CY2014Q3 us-gaap Inventory Write Down
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us-gaap Inventory Write Down
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1398000 USD
CY2015Q3 us-gaap Inventory Write Down
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400000 USD
us-gaap Inventory Write Down
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CY2014Q3 us-gaap Lease And Rental Expense
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400000 USD
us-gaap Lease And Rental Expense
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CY2015Q3 us-gaap Lease And Rental Expense
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us-gaap Lease And Rental Expense
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CY2014Q4 us-gaap Liabilities
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CY2015Q3 us-gaap Liabilities
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q3 us-gaap Liabilities And Stockholders Equity
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CY2014Q4 us-gaap Liabilities Current
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CY2015Q3 us-gaap Liabilities Current
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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43584000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2014Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2015Q3 us-gaap Net Income Loss
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901000 USD
us-gaap Net Income Loss
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CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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276000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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175000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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276000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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175000 USD
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31315000 USD
us-gaap Operating Expenses
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85241000 USD
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311000 USD
us-gaap Operating Income Loss
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2687000 USD
CY2015Q3 us-gaap Operating Income Loss
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2182000 USD
us-gaap Operating Income Loss
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3223000 USD
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3141000 USD
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CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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CY2015Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2014Q3 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0 USD
CY2015Q3 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0 USD
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2525000 USD
us-gaap Payments To Acquire Available For Sale Securities
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48771000 USD
us-gaap Payments To Acquire Available For Sale Securities
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4069000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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1798000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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4507000 USD
CY2014Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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6344000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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6344000 USD
CY2015Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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0 shares
CY2015Q3 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
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0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q3 us-gaap Preferred Stock Value
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0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
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5115000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2014Q4 us-gaap Prepaid Expense Current
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3130000 USD
CY2015Q3 us-gaap Prepaid Expense Current
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5772000 USD
us-gaap Proceeds From Issuance Initial Public Offering
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0 USD
us-gaap Proceeds From Issuance Initial Public Offering
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125916000 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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57212000 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
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12737000 USD
CY2014Q4 us-gaap Product Warranty Accrual
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314000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
618000 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
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314000 USD
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
618000 USD
CY2014 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
158000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
241000 USD
CY2014 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
149000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
545000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
26000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1809400 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.69
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2900676 shares
us-gaap Product Warranty Expense
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299000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8670000 USD
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13254000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5181000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8646000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
172000 USD
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
150000 USD
us-gaap Provision For Doubtful Accounts
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CY2015Q3 us-gaap Purchase Obligation
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11700000 USD
CY2014Q4 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
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117000 USD
CY2015Q3 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
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26000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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6000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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0 USD
CY2014Q3 us-gaap Research And Development Expense
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3897000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11435000 USD
CY2015Q3 us-gaap Research And Development Expense
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4560000 USD
us-gaap Research And Development Expense
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12543000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
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306000 USD
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412000 USD
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us-gaap Sales Revenue Net
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CY2015Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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CY2014Q3 us-gaap Selling General And Administrative Expense
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16589000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44829000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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5126000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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5526 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3766094 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.66
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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11.14
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.47
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Stock Issued During Period Value Share Based Compensation
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CY2014Q2 us-gaap Stock Repurchase Program Authorized Amount1
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us-gaap Stock Repurchased And Retired During Period Value
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CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8494651 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4688045 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4577725 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7853730 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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111467000 USD
CY2015Q3 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0 USD
CY2014Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
149361000 USD
CY2014Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Temporary Equity Shares Authorized
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25000000 shares
CY2015Q3 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
0 shares
CY2014Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
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CY2015Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0 shares
CY2014Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
19510410 shares
CY2015Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2014Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-4980000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-3582000 USD
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
625000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
557000 USD
CY2014Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
625000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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557000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4688045 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4577725 shares
us-gaap Advertising Cost Policy Expensed Advertising Cost
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Advertising Costs </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">Advertising costs are included in selling, general and administrative expenses and are expensed as incurred. Advertising costs consist primarily of trade show and booth costs, product demonstration, and marketing materials.</font></div></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Concentration of Credit Risk</font><font style="font-family:Arial;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, marketable investments and accounts receivable. The majority of the Company&#8217;s cash is held by </font><font style="font-family:Times New Roman;font-size:10pt;">one</font><font style="font-family:Times New Roman;font-size:10pt;"> financial institution in the United States in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the year ended </font><font style="font-family:Times New Roman;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:Times New Roman;font-size:10pt;"> and held cash in foreign banks of approximately </font><font style="font-family:Times New Roman;font-size:10pt;">$2.3 million</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">$0.8 million</font><font style="font-family:Times New Roman;font-size:10pt;"> at </font><font style="font-family:Times New Roman;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:Times New Roman;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively, that was not federally insured. The Company has not experienced any losses on its deposits of cash and cash equivalents. </font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">All of the Company&#8217;s revenue has been derived from sales of its products in the United States and international markets. The Company uses both its own salesforce and independent distributors to sell its products. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of entities comprising the Company&#8217;s customer base. The Company performs ongoing credit evaluations of its customers, including its distributors, does not require collateral, and maintains allowances for potential credit losses on customer accounts when deemed necessary. </font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Organization and Description of Business </font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Penumbra, Inc. (the &#8220;Company&#8221;) is a global interventional therapies company that designs, develops, manufactures and markets innovative medical devices. The Company has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs across </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> major markets, neuro and peripheral vascular. The conditions that the Company&#8217;s products address include, among others, ischemic stroke, hemorrhagic stroke and various peripheral vascular conditions that can be treated through thrombectomy and embolization procedures.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:normal;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and equity accounts; 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. On an ongoing basis, the Company evaluates its estimates, including those related to provisions for doubtful accounts, sales return reserve, warranty reserves, valuation of inventories, useful lives of property and equipment, income taxes, the valuation of equity instruments and contingencies, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other data. Actual results could differ from those estimates.</font></div></div>

Files In Submission

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0001628280-15-008696-index-headers.html Edgar Link pending
0001628280-15-008696-index.html Edgar Link pending
0001628280-15-008696.txt Edgar Link pending
0001628280-15-008696-xbrl.zip Edgar Link pending
echibit102formofstockoptio.htm Edgar Link pending
exhibit101formofrestricted.htm Edgar Link pending
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