2017 Q3 Form 10-Q Financial Statement

#000162828017008339 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $8.781M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.590M $3.120M $1.400M
YoY Change 63.92% 122.86% 77.22%
% of Gross Profit
Research & Development $11.17M $12.01M $5.696M
YoY Change 100.83% 110.8% 147.98%
% of Gross Profit
Depreciation & Amortization $110.0K $90.00K $90.00K
YoY Change 37.5% 0.0% 80.0%
% of Gross Profit
Operating Expenses $13.76M $15.13M $7.091M
YoY Change 92.79% 113.38% 130.0%
Operating Profit -$4.980M -$15.13M -$7.091M
YoY Change -30.23% 113.38% 130.0%
Interest Expense $160.0K $150.0K $30.00K
YoY Change 220.0% 400.0% -121.43%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$34.00K
YoY Change -100.0%
Pretax Income -$4.830M -$14.98M -$7.100M
YoY Change -31.78% 110.99% 120.5%
Income Tax
% Of Pretax Income
Net Earnings -$4.825M -$14.98M -$7.098M
YoY Change -31.89% 111.03% 120.5%
Net Earnings / Revenue -54.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$285.6K -$887.4K -$484.3K
COMMON SHARES
Basic Shares Outstanding 16.90M shares 16.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.60M $64.50M $20.20M
YoY Change -4.97% 219.31%
Cash & Equivalents $50.40M $10.37M $13.77M
Short-Term Investments $43.20M $54.10M $6.400M
Other Short-Term Assets $2.700M $1.700M $500.0K
YoY Change 50.0% 240.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $97.70M $69.13M $22.42M
YoY Change -4.44% 208.36%
LONG-TERM ASSETS
Property, Plant & Equipment $945.0K $903.0K $599.0K
YoY Change 67.55% 50.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.30M $0.00
YoY Change
Other Assets $0.00 $0.00 $34.00K
YoY Change -100.0% -100.0%
Total Long-Term Assets $12.71M $1.353M $2.099M
YoY Change 2025.59% -35.54%
TOTAL ASSETS
Total Short-Term Assets $97.70M $69.13M $22.42M
Total Long-Term Assets $12.71M $1.353M $2.099M
Total Assets $110.4M $70.48M $24.52M
YoY Change 7.36% 187.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.267M $2.639M $1.441M
YoY Change -2.91% 83.14%
Accrued Expenses $8.241M $6.727M $2.669M
YoY Change 173.42% 152.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.25M $9.366M $4.110M
YoY Change 876.76% 127.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $100.0K
YoY Change
Total Long-Term Liabilities $300.0K $100.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $52.25M $9.366M $4.110M
Total Long-Term Liabilities $300.0K $100.0K $0.00
Total Liabilities $52.58M $9.449M $4.110M
YoY Change 882.97% 129.9%
SHAREHOLDERS EQUITY
Retained Earnings -$98.50M -$93.67M -$46.26M
YoY Change 84.64% 102.49%
Common Stock $156.2M $154.7M $158.0K
YoY Change 3.56% 97811.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.84M $61.03M -$46.20M
YoY Change
Total Liabilities & Shareholders Equity $110.4M $70.48M $24.52M
YoY Change 7.36% 187.48%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$4.825M -$14.98M -$7.098M
YoY Change -31.89% 111.03% 120.5%
Depreciation, Depletion And Amortization $110.0K $90.00K $90.00K
YoY Change 37.5% 0.0% 80.0%
Cash From Operating Activities $40.70M -$12.32M -$8.070M
YoY Change -683.09% 52.66% 133.91%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$370.0K -$30.00K
YoY Change 280.0% 1133.33% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$580.0K $13.46M -$6.010M
YoY Change -114.76% -323.96%
Cash From Investing Activities -$770.0K $13.09M -$6.040M
YoY Change -119.79% -316.72% 9966.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 90.00K -750.0K
YoY Change -99.96% -112.0% -1350.0%
NET CHANGE
Cash From Operating Activities 40.70M -12.32M -8.070M
Cash From Investing Activities -770.0K 13.09M -6.040M
Cash From Financing Activities 30.00K 90.00K -750.0K
Net Change In Cash 39.96M 860.0K -14.86M
YoY Change -51.38% -105.79% 330.72%
FREE CASH FLOW
Cash From Operating Activities $40.70M -$12.32M -$8.070M
Capital Expenditures -$190.0K -$370.0K -$30.00K
Free Cash Flow $40.89M -$11.95M -$8.040M
YoY Change -690.04% 48.63% 137.17%

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OperatingLeasesFutureMinimumPaymentsDueThereafter
5228000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
495000 USD
CY2016Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
5272000 USD
CY2017Q2 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
6727000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
120000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
171000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
34000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
0 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
4000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
11000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-3000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
14000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
251000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
7788000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-34000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-34000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
770000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
6396000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
8002000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
279000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
420000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3394000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1743000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
22508000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
0 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
20265000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
143000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
461000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
562000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
903000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5696000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11321000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12007000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
23289000 USD
CY2016Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
10000 USD
CY2016Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
10000 USD
CY2017Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
10000 USD
CY2016Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 USD
CY2016Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 USD
CY2017Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
450000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-64593000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93700000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93673000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
162000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1845000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M17D
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
87555000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
61030000 USD
CY2016Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.0689655
CY2016Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
225000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
265000 USD
CY2017Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
383910 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
335855 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16875627 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16821225 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.625
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0138
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.26
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk</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-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and available-for-sale securities. Substantially all of the Company&#8217;s cash is held by two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The primary focus of the Company&#8217;s investment strategy is to preserve capital and to meet liquidity requirements. The Company&#8217;s cash equivalents and available-for-sale securities are managed by external managers within the guidelines of the Company&#8217;s investment policy. The Company&#8217;s investment policy addresses the level of credit exposure by limiting concentration in any one corporate issuer and establishing a minimum allowable credit rating. To manage its credit risk exposure, the Company maintains its portfolio of cash equivalents and available-for-sale securities in fixed income securities denominated and payable in U.S. dollars. Permissible investments of fixed income securities include obligations of the U.S. government and its agencies, money market instruments including commercial paper and negotiable certificates of deposit, and highly rated corporate debt obligations and money market funds. The Company has not experienced any material credit losses on its investments. </font></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">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-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accruals for research and development activities, stock-based compensation and income taxes. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results may differ from those estimates.</font></div></div>

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