2024 Q3 Form 10-Q Financial Statement

#000070928324000017 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $70.47M $71.34M
YoY Change -6.89% -22.27%
Cost Of Revenue $41.20M $45.21M
YoY Change -4.06% -20.48%
Gross Profit $29.27M $26.14M
YoY Change -10.59% -25.19%
Gross Profit Margin 41.53% 36.63%
Selling, General & Admin $27.56M $34.36M
YoY Change 6.15% 20.4%
% of Gross Profit 94.15% 131.47%
Research & Development $8.264M $8.308M
YoY Change -9.7% -23.87%
% of Gross Profit 28.24% 31.79%
Depreciation & Amortization $1.567M $1.780M
YoY Change -35.32%
% of Gross Profit 5.35% 6.81%
Operating Expenses $36.20M $43.86M
YoY Change -0.67% 7.55%
Operating Profit -$6.934M -$17.73M
YoY Change 86.8% 203.15%
Interest Expense -$6.131M -$3.790M
YoY Change -218.4%
% of Operating Profit
Other Income/Expense, Net -$1.334M -$41.00K
YoY Change -463.49% -95.89%
Pretax Income -$13.16M -$20.59M
YoY Change 370.23% 104.91%
Income Tax $370.0K $235.0K
% Of Pretax Income
Net Earnings -$13.53M -$20.82M
YoY Change 306.09% 96.86%
Net Earnings / Revenue -19.2% -29.18%
Basic Earnings Per Share -$2.82 -$0.22
Diluted Earnings Per Share -$2.82 -$0.22
COMMON SHARES
Basic Shares Outstanding 95.85M shares 95.85M shares
Diluted Shares Outstanding 4.793M shares 95.85M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.72M $17.29M
YoY Change -32.11%
Cash & Equivalents $16.72M $17.29M
Short-Term Investments
Other Short-Term Assets $9.195M $8.965M
YoY Change 70.63% 49.32%
Inventory $27.99M $26.98M
Prepaid Expenses $3.632M $3.880M
Receivables $51.07M $61.36M
Other Receivables $0.00 $0.00
Total Short-Term Assets $108.9M $118.7M
YoY Change -18.81% -20.66%
LONG-TERM ASSETS
Property, Plant & Equipment $11.33M $10.99M
YoY Change -22.48% -29.49%
Goodwill $13.00M $13.00M
YoY Change 0.24% 0.0%
Intangibles $742.0K $1.207M
YoY Change -73.68% -68.25%
Long-Term Investments
YoY Change
Other Assets $20.08M $19.85M
YoY Change -1.91% 7.51%
Total Long-Term Assets $54.29M $54.36M
YoY Change -10.6% -10.65%
TOTAL ASSETS
Total Short-Term Assets $108.9M $118.7M
Total Long-Term Assets $54.29M $54.36M
Total Assets $163.1M $173.1M
YoY Change -16.25% -17.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.79M $31.51M
YoY Change 14.26% 3.11%
Accrued Expenses $16.50M $25.04M
YoY Change 40.75% 96.96%
Deferred Revenue $69.37M $74.80M
YoY Change -1.88% -6.13%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.579M $5.000M
YoY Change -98.09% 0.0%
Total Short-Term Liabilities $134.6M $155.6M
YoY Change -41.81% 8.93%
LONG-TERM LIABILITIES
Long-Term Debt $123.0M $100.9M
YoY Change 5.56%
Other Long-Term Liabilities $12.37M $11.58M
YoY Change -1.2% -5.04%
Total Long-Term Liabilities $12.37M $11.58M
YoY Change -1.2% -5.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.6M $155.6M
Total Long-Term Liabilities $12.37M $11.58M
Total Liabilities $316.5M $314.3M
YoY Change 9.44% 3.21%
SHAREHOLDERS EQUITY
Retained Earnings -$861.7M -$848.2M
YoY Change 7.91% 3.51%
Common Stock $709.7M $709.0M
YoY Change 0.5% -2.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$153.4M -$141.3M
YoY Change
Total Liabilities & Shareholders Equity $163.1M $173.1M
YoY Change -16.25% -17.77%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$13.53M -$20.82M
YoY Change 306.09% 96.86%
Depreciation, Depletion And Amortization $1.567M $1.780M
YoY Change -35.32%
Cash From Operating Activities -$15.30M -$1.896M
YoY Change -82.21%
INVESTING ACTIVITIES
Capital Expenditures $1.608M $1.620M
YoY Change -29.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.608M -$1.620M
YoY Change -29.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.32M -$4.798M
YoY Change -138.55%
NET CHANGE
Cash From Operating Activities -15.30M -$1.896M
Cash From Investing Activities -1.608M -$1.620M
Cash From Financing Activities 16.32M -$4.798M
Net Change In Cash -583.0K -$8.317M
YoY Change 1530.78%
FREE CASH FLOW
Cash From Operating Activities -$15.30M -$1.896M
Capital Expenditures $1.608M $1.620M
Free Cash Flow -$16.91M -$3.516M
YoY Change -72.86%

Facts In Submission

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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates and assumptions due to risks and uncertainties. Such estimates include, but are not limited to, the determination of standalone selling price for revenue arrangements with multiple performance obligations, inventory adjustments, useful lives of intangible assets and property and equipment, stock-based compensation, fair value of warrants, and provision for income taxes including related reserves. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</span></div>
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CY2023Q2 us-gaap Operating Lease Cost
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CY2023Q2 us-gaap Variable Lease Cost
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122000 usd
CY2024Q2 us-gaap Lease Cost
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782000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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2227000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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1733000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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1533000 usd
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1213000 usd
CY2024Q2 qtm Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
12089000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20804000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P10Y3M10D
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P10Y6M10D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2024Q2 us-gaap Operating Lease Payments
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700000 usd
CY2023Q2 us-gaap Operating Lease Payments
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CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
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12064000 shares
CY2024Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
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CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
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CY2024Q2 us-gaap Dilutive Securities
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38000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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95850000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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93711000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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7042000 shares
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.011
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0.062
CY2024Q2 us-gaap Unrecognized Tax Benefits
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90000000.0 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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77600000 usd
CY2024Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
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1300000 usd
CY2024Q2 us-gaap Deferred Tax Assets Gross
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12700000 usd
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11800000 usd
CY2024Q2 us-gaap Deferred Tax Assets Net
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900000 usd
CY2024Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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exhibit311q1fy25.htm Edgar Link pending
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