2016 Q3 Form 10-Q Financial Statement

#000162828016018315 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $204.0K $483.0K $3.834M
YoY Change -89.06% -87.4% 420.92%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.840M $3.660M $5.810M
YoY Change 13.88% -37.01% 96.95%
% of Gross Profit
Research & Development $14.55M $18.01M $19.20M
YoY Change 32.73% -6.22% 77.87%
% of Gross Profit
Depreciation & Amortization $660.0K $510.0K $410.0K
YoY Change 73.68% 24.39% 17.14%
% of Gross Profit
Operating Expenses $19.40M $21.67M $25.02M
YoY Change 27.52% -13.37% 81.94%
Operating Profit -$19.19M -$21.19M -$21.18M
YoY Change 43.81% 0.03% 62.77%
Interest Expense $560.0K $90.00K $7.000K
YoY Change 9233.33% 1185.71% -30.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$19.52M -$21.10M -$21.04M
YoY Change 49.93% 0.29% 75.7%
Income Tax $4.000K -$8.000K -$2.000K
% Of Pretax Income
Net Earnings -$19.52M -$21.09M -$21.04M
YoY Change 50.15% 0.26% 75.69%
Net Earnings / Revenue -9568.14% -4366.46% -548.64%
Basic Earnings Per Share -$0.37 -$0.40 -$0.41
Diluted Earnings Per Share -$4.436M -$4.793M -$0.41
COMMON SHARES
Basic Shares Outstanding 52.82M shares 52.78M shares 51.07M shares
Diluted Shares Outstanding 51.07M shares

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.60M $107.5M $139.4M
YoY Change -29.7% -22.88% 34.69%
Cash & Equivalents $14.71M $27.04M $21.08M
Short-Term Investments $76.90M $80.50M $118.3M
Other Short-Term Assets $267.0K $522.0K $4.100M
YoY Change -95.69% -87.27% -6.82%
Inventory
Prepaid Expenses $10.61M $7.565M
Receivables $300.0K $100.0K $600.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $102.8M $116.2M $144.1M
YoY Change -24.84% -19.33% 33.56%
LONG-TERM ASSETS
Property, Plant & Equipment $12.04M $12.32M $3.310M
YoY Change 245.24% 272.27% -16.16%
Goodwill
YoY Change
Intangibles $1.051M $1.062M $1.072M
YoY Change -1.96% -0.93% -3.6%
Long-Term Investments
YoY Change
Other Assets $343.0K $310.0K $1.794M
YoY Change -83.49% -82.72% 83.62%
Total Long-Term Assets $13.44M $13.69M $6.176M
YoY Change 102.44% 121.73% 2.3%
TOTAL ASSETS
Total Short-Term Assets $102.8M $116.2M $144.1M
Total Long-Term Assets $13.44M $13.69M $6.176M
Total Assets $116.3M $129.9M $150.3M
YoY Change -18.95% -13.53% 31.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.724M $3.504M $2.407M
YoY Change 68.75% 45.58% -20.25%
Accrued Expenses $5.066M $5.472M $6.834M
YoY Change -31.62% -19.93% 54.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $13.15M $11.10M $14.55M
YoY Change -11.19% -23.72% 29.11%
LONG-TERM LIABILITIES
Long-Term Debt $19.80M $19.80M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $8.631M $8.570M $804.0K
YoY Change 1145.45% 965.92% -36.19%
Total Long-Term Liabilities $8.631M $8.570M $804.0K
YoY Change 1145.45% 965.92% -36.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.15M $11.10M $14.55M
Total Long-Term Liabilities $8.631M $8.570M $804.0K
Total Liabilities $43.58M $41.48M $17.64M
YoY Change 147.83% 135.19% -44.6%
SHAREHOLDERS EQUITY
Retained Earnings -$253.3M -$233.8M -$171.3M
YoY Change 37.46% 36.5% 65.02%
Common Stock $326.1M $322.3M $304.1M
YoY Change 5.11% 6.01% 707041.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.69M $88.45M $132.6M
YoY Change
Total Liabilities & Shareholders Equity $116.3M $129.9M $150.3M
YoY Change -18.95% -13.53% 31.9%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$19.52M -$21.09M -$21.04M
YoY Change 50.15% 0.26% 75.69%
Depreciation, Depletion And Amortization $660.0K $510.0K $410.0K
YoY Change 73.68% 24.39% 17.14%
Cash From Operating Activities -$15.50M -$17.35M -$9.770M
YoY Change 31.36% 77.58% -2.5%
INVESTING ACTIVITIES
Capital Expenditures -$480.0K $130.0K -$170.0K
YoY Change 4.35% -176.47% -73.85%
Acquisitions
YoY Change
Other Investing Activities $3.410M $5.170M $10.50M
YoY Change -42.79% -50.76% -13.93%
Cash From Investing Activities $2.940M $5.300M $10.33M
YoY Change -46.45% -48.69% -10.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 230.0K 19.83M 920.0K
YoY Change -93.5% 2055.43% 2966.67%
NET CHANGE
Cash From Operating Activities -15.50M -17.35M -9.770M
Cash From Investing Activities 2.940M 5.300M 10.33M
Cash From Financing Activities 230.0K 19.83M 920.0K
Net Change In Cash -12.33M 7.780M 1.480M
YoY Change 345.13% 425.68% -3.9%
FREE CASH FLOW
Cash From Operating Activities -$15.50M -$17.35M -$9.770M
Capital Expenditures -$480.0K $130.0K -$170.0K
Free Cash Flow -$15.02M -$17.48M -$9.600M
YoY Change 32.45% 82.08% 2.45%

Facts In Submission

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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
410000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
266000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
46281000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
30231000 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8159000 USD
CY2016Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7565000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
257000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
363000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
49645000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
47522000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1655000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
265000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5400000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12322000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
75000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
83000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19201000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
32628000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18007000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34772000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1256000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
462000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
500000 USD
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1400000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-191515000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-233811000 USD
CY2015Q2 us-gaap Revenues
Revenues
3834000 USD
us-gaap Revenues
Revenues
8034000 USD
CY2016Q2 us-gaap Revenues
Revenues
483000 USD
us-gaap Revenues
Revenues
972000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8972000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5986000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
507000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
10.47
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
2375000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5126000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6937798 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6938000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.91
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.04
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.76
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.62
CY2015Q1 us-gaap Share Price
SharePrice
18.58
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
98103000 USD
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
80502000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
56000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
124078000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
88446000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51073488 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50575096 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52782643 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52746657 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our condensed financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements and accompanying notes. An estimated loss contingency is accrued in our financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions.</font></div></div>

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