2022 Q3 Form 10-Q Financial Statement

#000162828022021350 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $20.35M $16.69M $14.20M
YoY Change 134.76% 96.92% 97.4%
Cost Of Revenue $10.12M $8.205M $6.505M
YoY Change 128.5% 67.69% 77.49%
Gross Profit $10.23M $8.486M $7.692M
YoY Change 141.3% 136.84% 118.09%
Gross Profit Margin 50.28% 50.84% 54.18%
Selling, General & Admin $24.75M $19.66M $18.39M
YoY Change 104.27% 59.81% 77.65%
% of Gross Profit 241.95% 231.62% 239.01%
Research & Development $7.582M $6.706M $5.011M
YoY Change 54.14% 49.82% 10.81%
% of Gross Profit 74.11% 79.02% 65.15%
Depreciation & Amortization $703.0K $717.0K $758.0K
YoY Change -11.68% -59.38% -17.16%
% of Gross Profit 6.87% 8.45% 9.85%
Operating Expenses $32.34M $26.36M $23.40M
YoY Change 89.8% 57.14% 57.33%
Operating Profit -$22.11M -$17.88M -$15.70M
YoY Change 72.74% 35.5% 38.43%
Interest Expense $1.455M $1.441M $1.421M
YoY Change -0.95% 0.35% -2.94%
% of Operating Profit
Other Income/Expense, Net -$59.00K
YoY Change 555.56%
Pretax Income -$22.61M -$19.18M -$17.19M
YoY Change 60.34% -29.99%
Income Tax
% Of Pretax Income
Net Earnings -$22.61M -$19.18M -$17.19M
YoY Change 60.34% 31.58% 34.03%
Net Earnings / Revenue -111.13% -114.94% -121.05%
Basic Earnings Per Share -$0.51 -$0.43 -$0.39
Diluted Earnings Per Share -$0.51 -$0.43 -$0.39
COMMON SHARES
Basic Shares Outstanding 44.59M shares 44.32M shares 43.86M shares
Diluted Shares Outstanding 44.64M shares 44.32M shares 43.86M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $249.2M $269.8M $284.3M
YoY Change -22.24% 69.45%
Cash & Equivalents $249.2M $269.8M $284.3M
Short-Term Investments
Other Short-Term Assets $4.519M $3.860M $3.531M
YoY Change 135.12% 175.52%
Inventory $22.36M $13.78M $12.63M
Prepaid Expenses
Receivables $12.84M $10.89M $6.992M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $288.9M $298.3M $308.0M
YoY Change -14.89% 69.02%
LONG-TERM ASSETS
Property, Plant & Equipment $5.120M $4.397M $4.560M
YoY Change -10.66% -58.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.0K $302.0K $3.814M
YoY Change -74.0% -82.01%
Total Long-Term Assets $35.11M $12.59M $12.93M
YoY Change 192.71% -10.47%
TOTAL ASSETS
Total Short-Term Assets $288.9M $298.3M $308.0M
Total Long-Term Assets $35.11M $12.59M $12.93M
Total Assets $324.0M $310.9M $320.9M
YoY Change -7.8% 63.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.331M $3.342M $2.628M
YoY Change 76.35% -0.15%
Accrued Expenses $12.76M $9.164M $8.615M
YoY Change 50.22% 10.06%
Deferred Revenue $2.342M $1.863M $1.368M
YoY Change 176.18%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $27.36M $18.63M $14.76M
YoY Change 92.95% 35.47%
LONG-TERM LIABILITIES
Long-Term Debt $50.69M $50.51M $50.25M
YoY Change 1.87% 2.05%
Other Long-Term Liabilities $200.0K $200.0K $200.0K
YoY Change 0.0% -96.06%
Total Long-Term Liabilities $50.89M $50.71M $50.45M
YoY Change 1.86% -7.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.36M $18.63M $14.76M
Total Long-Term Liabilities $50.89M $50.71M $50.45M
Total Liabilities $103.3M $71.74M $68.16M
YoY Change 51.54% 5.01%
SHAREHOLDERS EQUITY
Retained Earnings -$320.5M -$297.9M -$278.7M
YoY Change 31.78%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.8M $239.2M $252.8M
YoY Change
Total Liabilities & Shareholders Equity $324.0M $310.9M $320.9M
YoY Change -7.8% 63.15%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$22.61M -$19.18M -$17.19M
YoY Change 60.34% 31.58% 34.03%
Depreciation, Depletion And Amortization $703.0K $717.0K $758.0K
YoY Change -11.68% -59.38% -17.16%
Cash From Operating Activities -$19.85M -$17.13M -$18.23M
YoY Change 55.68% -39.07% 19.96%
INVESTING ACTIVITIES
Capital Expenditures -$1.514M -$218.0K $55.00K
YoY Change 1263.96% 46.31% 41.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.514M -$218.0K -$55.00K
YoY Change 1263.96% 46.31% 41.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 777.0K 2.862M $1.291M
YoY Change -99.55% -96.72% 5.39%
NET CHANGE
Cash From Operating Activities -19.85M -17.13M -$18.23M
Cash From Investing Activities -1.514M -218.0K -$55.00K
Cash From Financing Activities 777.0K 2.862M $1.291M
Net Change In Cash -20.59M -14.48M -$17.00M
YoY Change -112.77% -124.51% 21.29%
FREE CASH FLOW
Cash From Operating Activities -$19.85M -$17.13M -$18.23M
Capital Expenditures -$1.514M -$218.0K $55.00K
Free Cash Flow -$18.34M -$16.91M -$18.29M
YoY Change 45.07% -39.52% 20.01%

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us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed consolidated financial statements. Management uses significant judgment when making estimates related to its common stock valuation in periods before the Company’s IPO and related stock-based compensation expense, right-of-use lease asset, lease liability, and loan facility derivative liability, as well as certain accrued liabilities. Management 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. Actual results could differ from those estimates.
CY2021Q3 us-gaap Sale Of Stock Price Per Share
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25.00
CY2021Q3 us-gaap Payments For Underwriting Expense
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CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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29912264 shares
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2019Q1 us-gaap Payments To Acquire Intangible Assets
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2500000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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900000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
800000 usd
CY2021Q4 prct Finite Lived Intangible Asset Expected Annual Amortization Expense
FiniteLivedIntangibleAssetExpectedAnnualAmortizationExpense
300000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
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100000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
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CY2021 prct Line Of Credit Facility Gain Loss On Amendment Of Debt Terms
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5216000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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5216000 shares
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2676000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
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725000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4228000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1375000 usd
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
29912264 shares
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NetIncomeLoss
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NetIncomeLoss
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44324000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5597000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5597000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q2 us-gaap Operating Lease Expense
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CY2022Q2 us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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1400000 usd
us-gaap Operating Lease Expense
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q2 us-gaap Debt Instrument Carrying Amount
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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1238000 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2022Q2 prct Operating Lease Liability And Long Term Debt Maturity Remainder Of Fiscal Year
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2092000 usd
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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12500000 usd
CY2022Q2 prct Operating Lease Liability And Long Term Debt Maturity Year One
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q2 prct Operating Lease Liability And Long Term Debt Maturity Year Two
OperatingLeaseLiabilityAndLongTermDebtMaturityYearTwo
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CY2022Q2 prct Operating Lease Liability And Long Term Debt Maturity Gross
OperatingLeaseLiabilityAndLongTermDebtMaturityGross
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CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
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CY2022Q2 prct Operating Lease Liability And Long Term Debt Maturity Unamortized Debt Discount
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CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q2 us-gaap Long Term Debt
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CY2022Q2 prct Operating Lease Liability And Long Term Debt
OperatingLeaseLiabilityAndLongTermDebt
53594000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2258000 usd
CY2022Q2 us-gaap Long Term Debt Current
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CY2022Q2 prct Operating Lease Liability And Long Term Debt Current
OperatingLeaseLiabilityAndLongTermDebtCurrent
2258000 usd
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
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829000 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
50507000 usd
CY2022Q2 prct Operating Lease Liability And Long Term Debt Excluding Current Maturities
OperatingLeaseLiabilityAndLongTermDebtExcludingCurrentMaturities
51336000 usd

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