2019 Q3 Form 10-Q Financial Statement

#000162828019010478 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $18.00K $18.00K $18.00K
YoY Change 0.0% 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.570M $2.850M $3.350M
YoY Change -14.05% -14.93% -52.55%
% of Gross Profit
Research & Development $2.440M $1.836M $10.01M
YoY Change -64.53% -81.66% -29.87%
% of Gross Profit
Depreciation & Amortization $130.0K $170.0K $560.0K
YoY Change -76.36% -69.64% -15.15%
% of Gross Profit
Operating Expenses $5.011M $4.686M $13.36M
YoY Change -49.24% -64.93% -37.37%
Operating Profit -$4.993M -$4.668M -$13.34M
YoY Change -49.33% -65.02% -37.4%
Interest Expense $517.0K $538.0K $621.0K
YoY Change -16.61% -13.37% 2.99%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.423M -$5.015M -$13.85M
YoY Change -47.21% -63.78% -36.29%
Income Tax $0.00 $1.000K $0.00
% Of Pretax Income
Net Earnings -$5.423M -$5.016M -$13.85M
YoY Change -47.21% -63.78% -35.92%
Net Earnings / Revenue -30127.78% -27866.67% -76927.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$260.0K -$300.4K -$1.594M
COMMON SHARES
Basic Shares Outstanding 20.82M shares 20.55M shares 104.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.60M $19.60M $32.90M
YoY Change -28.78% -40.43% -17.96%
Cash & Equivalents $14.65M $19.57M $13.49M
Short-Term Investments $19.40M
Other Short-Term Assets $358.0K $556.0K $1.536M
YoY Change -50.07% -63.8% -49.11%
Inventory
Prepaid Expenses $3.826M $3.826M $4.655M
Receivables $700.0K $300.0K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.53M $24.28M $39.23M
YoY Change -23.24% -38.1% -21.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.042M $974.0K $8.906M
YoY Change -87.48% -89.06% -17.18%
Goodwill
YoY Change
Intangibles $303.0K $406.0K $705.0K
YoY Change -55.18% -42.41% -14.34%
Long-Term Investments
YoY Change
Other Assets $536.0K $27.00K $328.0K
YoY Change 63.91% -91.77% -3.53%
Total Long-Term Assets $1.881M $1.407M $9.939M
YoY Change -79.83% -85.84% -16.59%
TOTAL ASSETS
Total Short-Term Assets $19.53M $24.28M $39.23M
Total Long-Term Assets $1.881M $1.407M $9.939M
Total Assets $21.41M $25.69M $49.17M
YoY Change -38.42% -47.75% -20.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.521M $1.602M $5.468M
YoY Change 23.16% -70.7% 11.57%
Accrued Expenses $1.212M $1.152M $2.090M
YoY Change -34.7% -44.88% -55.69%
Deferred Revenue $24.00K $42.00K
YoY Change -66.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.90M $14.90M $19.90M
YoY Change -21.99% -25.13%
Total Short-Term Liabilities $21.00M $20.49M $30.80M
YoY Change -18.13% -33.48% 176.89%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $200.0K $0.00
YoY Change -100.0%
Other Long-Term Liabilities $549.0K $461.0K $437.0K
YoY Change 47.18% 5.49% 54.42%
Total Long-Term Liabilities $549.0K $461.0K $437.0K
YoY Change 47.18% 5.49% 54.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.00M $20.49M $30.80M
Total Long-Term Liabilities $549.0K $461.0K $437.0K
Total Liabilities $21.55M $20.95M $38.74M
YoY Change -35.06% -45.92% -7.47%
SHAREHOLDERS EQUITY
Retained Earnings -$406.4M -$401.0M -$373.9M
YoY Change 5.79% 7.25% 18.48%
Common Stock $406.3M $405.7M $384.4M
YoY Change 5.31% 5.55% 14.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$143.0K $4.743M $10.43M
YoY Change
Total Liabilities & Shareholders Equity $21.41M $25.69M $49.17M
YoY Change -38.42% -47.75% -20.51%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$5.423M -$5.016M -$13.85M
YoY Change -47.21% -63.78% -35.92%
Depreciation, Depletion And Amortization $130.0K $170.0K $560.0K
YoY Change -76.36% -69.64% -15.15%
Cash From Operating Activities -$4.720M -$5.690M -$12.21M
YoY Change -58.78% -53.4% -29.54%
INVESTING ACTIVITIES
Capital Expenditures -$160.0K $0.00
YoY Change 700.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $30.00K $110.0K $15.71M
YoY Change -99.77% -99.3% 5.01%
Cash From Investing Activities -$140.0K $110.0K $15.71M
YoY Change -101.08% -99.3% 4.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 14.83M -70.00K
YoY Change -92.13% -21285.71%
NET CHANGE
Cash From Operating Activities -4.720M -5.690M -12.21M
Cash From Investing Activities -140.0K 110.0K 15.71M
Cash From Financing Activities -70.00K 14.83M -70.00K
Net Change In Cash -4.930M 9.250M 3.430M
YoY Change -935.59% 169.68% -245.96%
FREE CASH FLOW
Cash From Operating Activities -$4.720M -$5.690M -$12.21M
Capital Expenditures -$160.0K $0.00
Free Cash Flow -$4.560M -$12.21M
YoY Change -60.1% -29.63%

Facts In Submission

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1200000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1200000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2984000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1278000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
600000 USD
CY2015Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P96M
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P51M
CY2018Q4 us-gaap Liabilities
Liabilities
33781000 USD
CY2019Q2 us-gaap Liabilities
Liabilities
20948000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
27927000 USD
CY2019Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
25691000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
26646000 USD
CY2019Q2 us-gaap Liabilities Current
LiabilitiesCurrent
20487000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
626000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15486000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
27151000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
274000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-27811000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10124000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-16025000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-13847000 USD
us-gaap Net Income Loss
NetIncomeLoss
-29873000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-3260000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-5016000 USD
us-gaap Net Income Loss
NetIncomeLoss
-8276000 USD
CY2015Q3 us-gaap Net Rentable Area
NetRentableArea
59248 sqft
CY2019Q1 us-gaap Net Rentable Area
NetRentableArea
24562 sqft
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
306000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
6000 USD
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
13362000 USD
us-gaap Operating Expenses
OperatingExpenses
28963000 USD
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
4686000 USD
us-gaap Operating Expenses
OperatingExpenses
14202000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-13344000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-28927000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4668000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-7406000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
249000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
575000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11300000 USD
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
0 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
651000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3300000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1140000 USD
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
556000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
326000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
27000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
47000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
54000 USD
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2559000 USD
CY2019Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2241000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
309000 USD
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
461000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
109000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
151000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
8000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
415898 shares
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
415898 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
415898 shares
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
415898 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
415898 shares
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
415898 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4194000 USD
CY2019Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3826000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
208000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2086000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
15505000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
27151000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
282000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7806000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
974000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
0 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1977000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10013000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
21841000 USD
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1836000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7819000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-392723000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-400999000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
306000 shares
CY2018Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
603058 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8681311 shares
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6796000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-5854000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-6069000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
4743000 USD
CY2018Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.0833
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8693788 shares
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
207000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2084000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
35216000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
22876000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
10433000 USD
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16705587 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13560183 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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