2017 Q4 Form 10-Q Financial Statement

#000104396117000021 Filed on November 20, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $950.0K $270.0K $360.0K
YoY Change 163.89% -39.33% -12.2%
Cost Of Revenue $620.0K $347.0K $290.0K
YoY Change 113.79% 50.22% -49.12%
Gross Profit $330.0K -$77.00K $70.00K
YoY Change 371.43% -157.46% -143.75%
Gross Profit Margin 34.74% -28.52% 19.44%
Selling, General & Admin $2.510M $2.541M $1.800M
YoY Change 39.44% 411.27% 8.43%
% of Gross Profit 760.61% 2571.43%
Research & Development $360.0K
YoY Change -25.0%
% of Gross Profit 514.29%
Depreciation & Amortization $340.0K $100.0K $160.0K
YoY Change 112.5% 0.0% 6.67%
% of Gross Profit 103.03% 228.57%
Operating Expenses $2.500M $3.556M $2.150M
YoY Change 16.28% 615.49% 0.47%
Operating Profit -$2.170M -$3.633M -$2.080M
YoY Change 4.33% 900.83% -9.57%
Interest Expense -$910.0K -$1.880M $180.0K
YoY Change -605.56% 1242.86% -151.43%
% of Operating Profit
Other Income/Expense, Net $0.00 -$2.647M $0.00
YoY Change -100.0%
Pretax Income -$9.980M -$6.280M -$2.110M
YoY Change 372.99% 1158.52% -20.08%
Income Tax -$1.040M $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.980M -$6.280M -$1.430M
YoY Change 597.9% 1158.52% -92.61%
Net Earnings / Revenue -1050.53% -2325.93% -397.22%
Basic Earnings Per Share
Diluted Earnings Per Share -$14.90M -$12.56M -$23.83M
COMMON SHARES
Basic Shares Outstanding 10.03M shares 6.408M shares 24.79M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $420.0K $380.0K $50.00K
YoY Change 740.0% 442.86% -88.64%
Cash & Equivalents $421.0K $381.0K $51.00K
Short-Term Investments
Other Short-Term Assets $430.0K $100.0K $13.00K
YoY Change 3207.69% -68.15% -97.58%
Inventory $161.0K $99.00K $100.0K
Prepaid Expenses $100.0K $100.0K
Receivables $730.0K $505.0K $388.0K
Other Receivables $0.00 $100.0K $0.00
Total Short-Term Assets $1.742M $1.112M $552.0K
YoY Change 215.58% 28.41% -83.18%
LONG-TERM ASSETS
Property, Plant & Equipment $353.0K $255.0K $280.0K
YoY Change 26.07% 48.26% 8.11%
Goodwill $4.685M $12.82M
YoY Change
Intangibles $20.46M $20.78M $0.00
YoY Change 2015.99% -100.0%
Long-Term Investments
YoY Change
Other Assets $22.00K $14.00K $10.00K
YoY Change 120.0% -75.86% -90.48%
Total Long-Term Assets $25.52M $33.87M $290.0K
YoY Change 8699.31% 2694.14% -81.1%
TOTAL ASSETS
Total Short-Term Assets $1.742M $1.112M $552.0K
Total Long-Term Assets $25.52M $33.87M $290.0K
Total Assets $27.26M $34.98M $842.0K
YoY Change 3137.53% 1583.21% -82.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.103M $10.03M $1.084M
YoY Change 370.76% 59.96% -71.33%
Accrued Expenses $1.248M $1.872M $700.0K
YoY Change 78.29% -30.77% -81.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $700.0K
YoY Change -100.0%
Long-Term Debt Due $587.0K $42.00K $395.0K
YoY Change 48.61% -99.46% -94.8%
Total Short-Term Liabilities $10.04M $13.74M $3.012M
YoY Change 233.2% -24.78% -82.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.829M $0.00 $4.127M
YoY Change -31.45%
Other Long-Term Liabilities $67.00K $92.00K $0.00
YoY Change -56.6% -100.0%
Total Long-Term Liabilities $2.896M $92.00K $4.127M
YoY Change -29.83% -56.6% 1253.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.04M $13.74M $3.012M
Total Long-Term Liabilities $2.896M $92.00K $4.127M
Total Liabilities $14.24M $14.57M $7.302M
YoY Change 94.95% -26.79% -58.6%
SHAREHOLDERS EQUITY
Retained Earnings -$31.54M -$21.57M -$10.85M
YoY Change 190.76% -90.18% -94.92%
Common Stock $102.0K $94.00K $4.000K
YoY Change 2450.0% -61.0% -97.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.03M $20.41M -$6.460M
YoY Change
Total Liabilities & Shareholders Equity $27.26M $34.98M $842.0K
YoY Change 3137.53% 1583.21% -82.52%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income -$9.980M -$6.280M -$1.430M
YoY Change 597.9% 1158.52% -92.61%
Depreciation, Depletion And Amortization $340.0K $100.0K $160.0K
YoY Change 112.5% 0.0% 6.67%
Cash From Operating Activities -$2.210M -$3.580M -$2.910M
YoY Change -24.05% 1332.0% -1.02%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$20.00K
YoY Change 600.0% -125.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.030M
YoY Change -100.0% 1044.44%
Cash From Investing Activities -$140.0K $0.00 $1.010M
YoY Change -113.86% 494.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.390M 3.000M 1.730M
YoY Change 38.15% 2207.69%
NET CHANGE
Cash From Operating Activities -2.210M -3.580M -2.910M
Cash From Investing Activities -140.0K 0.000 1.010M
Cash From Financing Activities 2.390M 3.000M 1.730M
Net Change In Cash 40.00K -580.0K -170.0K
YoY Change -123.53% 383.33% -93.86%
FREE CASH FLOW
Cash From Operating Activities -$2.210M -$3.580M -$2.910M
Capital Expenditures -$140.0K -$20.00K
Free Cash Flow -$2.070M -$2.890M
YoY Change -28.37% -4.3%

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CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
0 USD
CY2017Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
20779000 USD
us-gaap Interest Paid
InterestPaid
48000 USD
us-gaap Interest Paid
InterestPaid
65000 USD
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
495000 USD
CY2017Q3 us-gaap Interest Payable Current
InterestPayableCurrent
20000 USD
CY2016Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
61073 USD
CY2016Q4 us-gaap Inventory Net
InventoryNet
100000 USD
CY2017Q3 us-gaap Inventory Net
InventoryNet
99000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
7302000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
14571000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
842000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
34977000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3012000 USD
CY2017Q3 us-gaap Liabilities Current
LiabilitiesCurrent
13735000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
395000 USD
CY2017Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
42000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4127000 USD
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
475000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4710000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
101000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-642000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4481000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-499000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1251000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-6280000 USD
us-gaap Net Income Loss
NetIncomeLoss
-10719000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-499000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3106000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10128000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19815000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
49000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0 USD
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
497000 USD
us-gaap Operating Expenses
OperatingExpenses
1573000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
3556000 USD
us-gaap Operating Expenses
OperatingExpenses
4996000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-363000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-876000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3633000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-5031000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
50000 USD
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1323000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
13000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
127000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
100000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
0 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1528000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
92000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
CY2017Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
100000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
10000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
25000 USD
CY2016Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08
CY2016Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1855000 USD
CY2017Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3848000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
9096000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1294434 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
780105 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
3641 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
780105 shares
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
3641 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
8000 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
100000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
175000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
315000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
5380000 USD
CY2017Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
7000000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
455000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1365000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
25000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
280000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
255000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
309000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
168000 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
1500000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
29000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
34000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
116000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
816000 USD
us-gaap Restricted Stock Expense
RestrictedStockExpense
28000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10848000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-21567000 USD
CY2016Q3 us-gaap Revenues
Revenues
445000 USD
us-gaap Revenues
Revenues
1716000 USD
CY2017Q3 us-gaap Revenues
Revenues
327000 USD
us-gaap Revenues
Revenues
946000 USD
CY2016Q3 us-gaap Sales Allowances Services
SalesAllowancesServices
80000 USD
us-gaap Sales Allowances Services
SalesAllowancesServices
309000 USD
CY2017Q3 us-gaap Sales Allowances Services
SalesAllowancesServices
57000 USD
us-gaap Sales Allowances Services
SalesAllowancesServices
168000 USD
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
365000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
1407000 USD
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
270000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
778000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
497000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1573000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2541000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3981000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
33000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P3Y10M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
487000 USD
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
20098000 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
2189000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5380000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-6460000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
20406000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
85000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
CY2017Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
64593 shares
CY2016Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1421738 USD
CY2017Q3 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
211000 USD
CY2017Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
211000 USD
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
435060 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
429851 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7430741 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2846221 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. In addition, estimates and assumptions associated with the determination of the fair value of certain assets and related impairments require considerable judgment by management. Actual results could differ from the estimates and assumptions used in preparing these condensed consolidated financial statements.</font></div></div>

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