2022 Q1 Form 10-Q Financial Statement

#000143774922006504 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $16.92M $10.00M
YoY Change 69.15% -19.43%
Cost Of Revenue $12.83M $7.396M
YoY Change 73.53% -19.27%
Gross Profit $4.084M $2.606M
YoY Change 56.72% -19.89%
Gross Profit Margin 24.14% 26.05%
Selling, General & Admin $3.992M $2.764M
YoY Change 44.43% 4.07%
% of Gross Profit 97.75% 106.06%
Research & Development $454.0K $431.0K
YoY Change 5.34% -27.68%
% of Gross Profit 11.12% 16.54%
Depreciation & Amortization $180.0K $237.0K
YoY Change -24.05% -7.06%
% of Gross Profit 4.41% 9.09%
Operating Expenses $4.446M $3.195M
YoY Change 39.15% -1.75%
Operating Profit -$362.0K -$589.0K
YoY Change -38.54% -59000.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $5.000K -$8.000K
YoY Change -162.5% -172.73%
Pretax Income -$357.0K -$597.0K
YoY Change -40.2% -5075.0%
Income Tax -$80.00K -$194.0K
% Of Pretax Income
Net Earnings -$277.0K -$403.0K
YoY Change -31.27% -1650.0%
Net Earnings / Revenue -1.64% -4.03%
Basic Earnings Per Share -$0.03 -$0.04
Diluted Earnings Per Share -$0.03 -$0.04
COMMON SHARES
Basic Shares Outstanding 10.07M 9.865M
Diluted Shares Outstanding 10.07M 9.865M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.51M $15.49M
YoY Change -12.8% 7.64%
Cash & Equivalents $13.51M $15.49M
Short-Term Investments
Other Short-Term Assets $3.586M $2.139M
YoY Change 67.65% 193.01%
Inventory $13.48M $9.019M
Prepaid Expenses $779.0K $591.0K
Receivables $10.51M $5.155M
Other Receivables $0.00 $0.00
Total Short-Term Assets $41.08M $31.80M
YoY Change 29.19% 8.72%
LONG-TERM ASSETS
Property, Plant & Equipment $727.0K $846.0K
YoY Change -14.07% -70.73%
Goodwill $2.467M $2.467M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $70.00K $70.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $8.652M $8.833M
YoY Change -2.05% -16.53%
TOTAL ASSETS
Total Short-Term Assets $41.08M $31.80M
Total Long-Term Assets $8.652M $8.833M
Total Assets $49.74M $40.64M
YoY Change 22.4% 2.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.382M $1.510M
YoY Change 123.97% 23.77%
Accrued Expenses $5.659M $2.617M
YoY Change 116.24% -20.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.103M
YoY Change
Total Short-Term Liabilities $9.739M $7.315M
YoY Change 33.14% 33.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $685.0K
YoY Change -100.0%
Other Long-Term Liabilities $545.0K
YoY Change
Total Long-Term Liabilities $545.0K $685.0K
YoY Change -20.44% -71.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.739M $7.315M
Total Long-Term Liabilities $545.0K $685.0K
Total Liabilities $10.28M $8.477M
YoY Change 21.32% 7.44%
SHAREHOLDERS EQUITY
Retained Earnings $14.92M $8.617M
YoY Change 73.19%
Common Stock $24.53M $23.54M
YoY Change 4.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.45M $32.16M
YoY Change
Total Liabilities & Shareholders Equity $49.74M $40.64M
YoY Change 22.4% 2.02%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$277.0K -$403.0K
YoY Change -31.27% -1650.0%
Depreciation, Depletion And Amortization $180.0K $237.0K
YoY Change -24.05% -7.06%
Cash From Operating Activities $557.0K -$577.0K
YoY Change -196.53% -110.29%
INVESTING ACTIVITIES
Capital Expenditures $103.0K $116.0K
YoY Change -11.21% 118.87%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$103.0K -$116.0K
YoY Change -11.21% -97.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $0.00 $385.0K
YoY Change -100.0% 94.44%
NET CHANGE
Cash From Operating Activities $557.0K -$577.0K
Cash From Investing Activities -$103.0K -$116.0K
Cash From Financing Activities $0.00 $385.0K
Net Change In Cash $454.0K -$308.0K
YoY Change -247.4% -116.65%
FREE CASH FLOW
Cash From Operating Activities $557.0K -$577.0K
Capital Expenditures $103.0K $116.0K
Free Cash Flow $454.0K -$693.0K
YoY Change -165.51% -112.48%

Facts In Submission

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CY2021Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
366000 USD
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
3586000 USD
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2893000 USD
CY2022Q1 rfil Accrued Receipts Current
AccruedReceiptsCurrent
2458000 USD
CY2021Q4 rfil Accrued Receipts Current
AccruedReceiptsCurrent
1711000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1284000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
716000 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5659000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5034000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
370000 USD
CY2022Q1 rfil Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Change In Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityChangeInValue
0 USD
CY2021Q1 rfil Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Change In Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityChangeInValue
-74000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
296000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10067186
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9864689
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10067186
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9864689
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0123 pure
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0039 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5335 pure
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5194 pure
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
618858
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.33
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
106001
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.11
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
724859
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.59
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
363067
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.94
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
723008
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.60
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M1D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M1D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y8M1D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1372439 USD
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
639653 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1363724 USD
CY2022Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
12300000 USD
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 pure
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
16918000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10002000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
16918000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-357000 USD
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
180000 USD
CY2022Q1 us-gaap Assets
Assets
49736000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10002000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-597000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
237000 USD
CY2021Q1 us-gaap Assets
Assets
40635000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-80000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-194000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223 pure
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.324 pure
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
174000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
141000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
168000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2644000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2739000 USD
CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1174000 USD
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
1174000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
95000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
442000 USD
CY2022Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P7Y7M13D
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
261000 USD
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1204000 USD
CY2021Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1453000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P23M27D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P25M7D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0354 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0354 pure
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
613000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
478000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
234000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7000 USD
CY2022Q1 rfil Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1345000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
102000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1243000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
545000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1243000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1200000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1200000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0 USD

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