2022 Q2 Form 10-Q Financial Statement

#000143774922014951 Filed on June 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $21.51M $16.92M $21.11M
YoY Change 94.49% 69.15% 97.27%
Cost Of Revenue $15.43M $12.83M $15.78M
YoY Change 145.35% 73.53% 104.87%
Gross Profit $6.080M $4.084M $5.333M
YoY Change 27.46% 56.72% 77.77%
Gross Profit Margin 28.27% 24.14% 25.27%
Selling, General & Admin $4.477M $3.992M $3.775M
YoY Change 137.63% 44.43% 47.46%
% of Gross Profit 73.63% 97.75% 70.79%
Research & Development $857.0K $454.0K $435.0K
YoY Change 324.26% 5.34% -1.14%
% of Gross Profit 14.1% 11.12% 8.16%
Depreciation & Amortization $438.0K $180.0K $178.0K
YoY Change 151.72% -24.05% -28.8%
% of Gross Profit 7.2% 4.41% 3.34%
Operating Expenses $5.334M $4.446M $4.210M
YoY Change 155.7% 39.15% 40.8%
Operating Profit $746.0K -$362.0K $1.123M
YoY Change -72.21% -38.54% 11130.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$107.0K $5.000K -$1.000K
YoY Change -103.81% -162.5% -98.33%
Pretax Income $639.0K -$357.0K $1.122M
YoY Change -88.37% -40.2% -1970.0%
Income Tax $136.0K -$80.00K $309.0K
% Of Pretax Income 21.28% 27.54%
Net Earnings $503.0K -$277.0K $813.0K
YoY Change -89.62% -31.27% 408.13%
Net Earnings / Revenue 2.34% -1.64% 3.85%
Basic Earnings Per Share $0.05 -$0.03
Diluted Earnings Per Share $0.05 -$0.03 $79.52K
COMMON SHARES
Basic Shares Outstanding 10.11M 10.07M
Diluted Shares Outstanding 10.24M 10.07M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.752M $13.51M $13.05M
YoY Change -74.58% -12.8% -17.39%
Cash & Equivalents $3.752M $13.51M $13.05M
Short-Term Investments
Other Short-Term Assets $3.926M $3.586M $2.893M
YoY Change 7.95% 67.65% 255.84%
Inventory $19.17M $13.48M $11.18M
Prepaid Expenses $1.012M $779.0K $439.0K
Receivables $14.71M $10.51M $13.52M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.55M $41.08M $40.65M
YoY Change 21.01% 29.19% 31.7%
LONG-TERM ASSETS
Property, Plant & Equipment $981.0K $727.0K $708.0K
YoY Change 20.52% -14.07% -12.59%
Goodwill $7.457M $2.467M $2.467M
YoY Change 202.27% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $434.0K $70.00K $70.00K
YoY Change 520.0% 0.0% 0.0%
Total Long-Term Assets $28.10M $8.652M $9.000M
YoY Change 233.27% -2.05% -9.61%
TOTAL ASSETS
Total Short-Term Assets $41.55M $41.08M $40.65M
Total Long-Term Assets $28.10M $8.652M $9.000M
Total Assets $69.65M $49.74M $49.65M
YoY Change 62.85% 22.4% 21.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.008M $3.382M $3.504M
YoY Change 143.37% 123.97% 137.56%
Accrued Expenses $8.097M $5.659M $5.034M
YoY Change 149.91% 116.24% 95.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.424M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $14.60M $9.739M $9.370M
YoY Change 182.6% 33.14% 40.61%
LONG-TERM LIABILITIES
Long-Term Debt $14.34M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $524.0K $545.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $14.87M $545.0K $0.00
YoY Change -20.44% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.60M $9.739M $9.370M
Total Long-Term Liabilities $14.87M $545.0K $0.00
Total Liabilities $29.47M $10.28M $10.05M
YoY Change 433.2% 21.32% 14.7%
SHAREHOLDERS EQUITY
Retained Earnings $15.43M $14.92M $15.20M
YoY Change 14.6% 73.19% 68.53%
Common Stock $24.75M $24.53M $24.40M
YoY Change 4.09% 4.19% 5.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.18M $39.45M $39.60M
YoY Change
Total Liabilities & Shareholders Equity $69.65M $49.74M $49.65M
YoY Change 62.85% 22.4% 21.62%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $503.0K -$277.0K $813.0K
YoY Change -89.62% -31.27% 408.13%
Depreciation, Depletion And Amortization $438.0K $180.0K $178.0K
YoY Change 151.72% -24.05% -28.8%
Cash From Operating Activities -$2.196M $557.0K $470.0K
YoY Change 184.46% -196.53% 62.07%
INVESTING ACTIVITIES
Capital Expenditures -$165.0K $103.0K -$33.00K
YoY Change 243.75% -11.21% -72.5%
Acquisitions
YoY Change
Other Investing Activities -$24.22M $0.00
YoY Change
Cash From Investing Activities -$24.38M -$103.0K -$33.00K
YoY Change 50695.83% -11.21% -72.5%
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 16.82M $0.00 38.00K
YoY Change 17608.42% -100.0%
NET CHANGE
Cash From Operating Activities -2.196M $557.0K 470.0K
Cash From Investing Activities -24.38M -$103.0K -33.00K
Cash From Financing Activities 16.82M $0.00 38.00K
Net Change In Cash -9.755M $454.0K 475.0K
YoY Change 1245.52% -247.4% 179.41%
FREE CASH FLOW
Cash From Operating Activities -$2.196M $557.0K $470.0K
Capital Expenditures -$165.0K $103.0K -$33.00K
Free Cash Flow -$2.031M $454.0K $503.0K
YoY Change 180.52% -165.51% 22.68%

Facts In Submission

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5.70
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354141
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6.18
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P7Y
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P7Y
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0.5335 pure
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618858
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5.33
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106001
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7.11
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CY2022Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.45
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M13D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y10M2D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M13D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1001000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
427000 USD
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
993000 USD
CY2022Q2 us-gaap Cash Uninsured Amount
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2900000 USD
CY2021Q2 us-gaap Assets
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42767000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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38423000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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282000 USD
us-gaap Depreciation And Amortization
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618000 USD
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69647000 USD
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21059000 USD
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4896000 USD
us-gaap Depreciation And Amortization
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414000 USD
CY2021Q2 us-gaap Assets
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42767000 USD
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21505000 USD
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11057000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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38423000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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21059000 USD
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21505000 USD
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639000 USD
CY2022Q2 us-gaap Depreciation And Amortization
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438000 USD
CY2022Q2 us-gaap Assets
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69647000 USD
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11057000 USD
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5493000 USD
CY2021Q2 us-gaap Depreciation And Amortization
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177000 USD
CY2022Q2 us-gaap Income Tax Expense Benefit
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136000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
648000 USD
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.21 pure
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.242 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
454000 USD
us-gaap Effective Income Tax Rate Continuing Operations
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0.204 pure
us-gaap Effective Income Tax Rate Continuing Operations
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0.218 pure
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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194000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
141000 USD
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
189000 USD
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
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14456000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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2739000 USD
CY2022Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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2874000 USD
CY2022Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P5Y
CY2022Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P5Y
CY2021Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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1174000 USD
us-gaap Amortization Of Intangible Assets
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423000 USD
CY2021 us-gaap Amortization Of Intangible Assets
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442000 USD
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P9Y4M20D
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
755000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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275000 USD
CY2022Q2 us-gaap Operating Lease Cost
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313000 USD
us-gaap Operating Lease Cost
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571000 USD
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0 USD
us-gaap Short Term Lease Cost
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1000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1568000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1453000 USD
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P20M25D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P25M7D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0362 pure
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0.0354 pure
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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631000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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29000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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15000 USD
CY2022Q2 rfil Lessee Operating Lease Liability To Be Paid After Year Four
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0 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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1705000 USD
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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108000 USD
CY2022Q2 us-gaap Operating Lease Liability
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1597000 USD
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524000 USD
CY2022Q2 us-gaap Operating Lease Liability
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1597000 USD
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1600000 USD
CY2022Q2 us-gaap Operating Lease Liability
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1600000 USD
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
0 USD

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