2017 Q3 Form 10-Q Financial Statement

#000162828017007796 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $18.00K $18.00K $483.0K
YoY Change -91.18% -96.27% -87.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.740M $7.060M $3.660M
YoY Change -43.39% 92.9% -37.01%
% of Gross Profit
Research & Development $12.70M $14.28M $18.01M
YoY Change -12.76% -20.71% -6.22%
% of Gross Profit
Depreciation & Amortization $580.0K $660.0K $510.0K
YoY Change -12.12% 29.41% 24.39%
% of Gross Profit
Operating Expenses $15.43M $21.34M $21.67M
YoY Change -20.43% -1.55% -13.37%
Operating Profit -$15.42M -$21.32M -$21.19M
YoY Change -19.68% 0.61% 0.03%
Interest Expense $580.0K $603.0K $90.00K
YoY Change 3.57% 570.0% 1185.71%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$15.84M -$21.74M -$21.10M
YoY Change -18.86% 3.02% 0.29%
Income Tax -$7.000K -$128.0K -$8.000K
% Of Pretax Income
Net Earnings -$15.83M -$21.61M -$21.09M
YoY Change -18.91% 2.46% 0.26%
Net Earnings / Revenue -87933.33% -120044.44% -4366.46%
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$2.108M -$4.878M -$4.793M
COMMON SHARES
Basic Shares Outstanding 103.8M shares 53.18M shares 52.78M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.40M $40.10M $107.5M
YoY Change -22.05% -62.7% -22.88%
Cash & Equivalents $20.22M $12.54M $27.04M
Short-Term Investments $51.10M $27.50M $80.50M
Other Short-Term Assets $1.752M $3.018M $522.0K
YoY Change 556.18% 478.16% -87.27%
Inventory
Prepaid Expenses $5.912M $6.149M $7.565M
Receivables $500.0K $700.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $79.57M $49.94M $116.2M
YoY Change -22.62% -57.03% -19.33%
LONG-TERM ASSETS
Property, Plant & Equipment $10.17M $10.75M $12.32M
YoY Change -15.53% -12.73% 272.27%
Goodwill
YoY Change
Intangibles $802.0K $823.0K $1.062M
YoY Change -23.69% -22.5% -0.93%
Long-Term Investments
YoY Change
Other Assets $307.0K $340.0K $310.0K
YoY Change -10.5% 9.68% -82.72%
Total Long-Term Assets $11.28M $11.92M $13.69M
YoY Change -16.04% -12.98% 121.73%
TOTAL ASSETS
Total Short-Term Assets $79.57M $49.94M $116.2M
Total Long-Term Assets $11.28M $11.92M $13.69M
Total Assets $90.85M $61.86M $129.9M
YoY Change -21.86% -52.39% -13.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.229M $4.901M $3.504M
YoY Change -8.65% 39.87% 45.58%
Accrued Expenses $4.770M $4.717M $5.472M
YoY Change -5.84% -13.8% -19.93%
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 $11.76M $11.12M $11.10M
YoY Change -10.6% 0.23% -23.72%
LONG-TERM LIABILITIES
Long-Term Debt $19.80M $19.80M $19.80M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $351.0K $283.0K $8.570M
YoY Change -95.93% -96.7% 965.92%
Total Long-Term Liabilities $351.0K $283.0K $8.570M
YoY Change -95.93% -96.7% 965.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.76M $11.12M $11.10M
Total Long-Term Liabilities $351.0K $283.0K $8.570M
Total Liabilities $42.27M $41.87M $41.48M
YoY Change -3.02% 0.92% 135.19%
SHAREHOLDERS EQUITY
Retained Earnings -$331.4M -$315.6M -$233.8M
YoY Change 30.82% 34.97% 36.5%
Common Stock $380.1M $335.7M $322.3M
YoY Change 16.55% 4.13% 6.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.58M $20.00M $88.45M
YoY Change
Total Liabilities & Shareholders Equity $90.85M $61.86M $129.9M
YoY Change -21.86% -52.39% -13.53%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$15.83M -$21.61M -$21.09M
YoY Change -18.91% 2.46% 0.26%
Depreciation, Depletion And Amortization $580.0K $660.0K $510.0K
YoY Change -12.12% 29.41% 24.39%
Cash From Operating Activities -$11.66M -$17.33M -$17.35M
YoY Change -24.77% -0.12% 77.58%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $20.00K $130.0K
YoY Change -79.17% -84.62% -176.47%
Acquisitions
YoY Change
Other Investing Activities -$23.70M $14.96M $5.170M
YoY Change -795.01% 189.36% -50.76%
Cash From Investing Activities -$23.80M $14.98M $5.300M
YoY Change -909.52% 182.64% -48.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.15M 0.000 19.83M
YoY Change 18660.87% -100.0% 2055.43%
NET CHANGE
Cash From Operating Activities -11.66M -17.33M -17.35M
Cash From Investing Activities -23.80M 14.98M 5.300M
Cash From Financing Activities 43.15M 0.000 19.83M
Net Change In Cash 7.690M -2.350M 7.780M
YoY Change -162.37% -130.21% 425.68%
FREE CASH FLOW
Cash From Operating Activities -$11.66M -$17.33M -$17.35M
Capital Expenditures -$100.0K $20.00K $130.0K
Free Cash Flow -$11.56M -$17.35M -$17.48M
YoY Change -23.04% -0.74% 82.08%

Facts In Submission

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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
16000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
266000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
124000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
30231000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
4453000 USD
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5552000 USD
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6149000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
363000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
265000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
19819000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
0 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
47522000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
37929000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
265000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11830000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10753000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10819000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10819036 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.70
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18007000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
34772000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14278000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
30030000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1300000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-273351000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-315582000 USD
CY2016Q2 us-gaap Revenues
Revenues
483000 USD
us-gaap Revenues
Revenues
972000 USD
CY2017Q2 us-gaap Revenues
Revenues
18000 USD
us-gaap Revenues
Revenues
36000 USD
CY2017Q2 us-gaap Severance Costs1
SeveranceCosts1
3200000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5986000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5247000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2359000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.86
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
4255000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8931000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.82
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.38
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.44
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
61170000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
27549000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8000 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
56075000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
19995000 USD
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
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53182330 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53086887 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-align:left;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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