2019 Q4 Form 10-Q Financial Statement

#000162828019013991 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
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 $2.360M $2.570M $2.750M
YoY Change -14.18% -14.05% -15.64%
% of Gross Profit
Research & Development $1.970M $2.440M $5.260M
YoY Change -62.55% -64.53% -49.76%
% of Gross Profit
Depreciation & Amortization $130.0K $130.0K $590.0K
YoY Change -77.97% -76.36% 1.72%
% of Gross Profit
Operating Expenses $4.453M $5.011M $8.000M
YoY Change -44.34% -49.24% -41.71%
Operating Profit -$4.993M
YoY Change -49.33%
Interest Expense -$460.0K $517.0K -$520.0K
YoY Change -11.54% -16.61% -35.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.890M -$5.423M -$8.500M
YoY Change -42.47% -47.21% -41.42%
Income Tax $0.00 $0.00 $60.00K
% Of Pretax Income
Net Earnings -$4.893M -$5.423M -$8.563M
YoY Change -42.86% -47.21% -40.73%
Net Earnings / Revenue -27183.33% -30127.78% -47572.22%
Basic Earnings Per Share
Diluted Earnings Per Share -$233.0K -$260.0K -$971.6K
COMMON SHARES
Basic Shares Outstanding 20.93M shares 20.82M shares 8.750M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.10M $14.60M $13.90M
YoY Change 145.32% -28.78% -76.87%
Cash & Equivalents $34.12M $14.65M $13.94M
Short-Term Investments $0.00
Other Short-Term Assets $1.221M $358.0K $1.140M
YoY Change 7.11% -50.07% -24.3%
Inventory
Prepaid Expenses $3.924M $3.826M $4.194M
Receivables $1.100M $700.0K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $40.41M $19.53M $19.30M
YoY Change 109.42% -23.24% -71.09%
LONG-TERM ASSETS
Property, Plant & Equipment $921.0K $1.042M $7.806M
YoY Change -88.2% -87.48% -19.59%
Goodwill
YoY Change
Intangibles $266.0K $303.0K $500.0K
YoY Change -46.8% -55.18% -35.48%
Long-Term Investments
YoY Change
Other Assets $487.0K $536.0K $326.0K
YoY Change 49.39% 63.91% -44.75%
Total Long-Term Assets $1.674M $1.881M $8.632M
YoY Change -80.61% -79.83% -22.04%
TOTAL ASSETS
Total Short-Term Assets $40.41M $19.53M $19.30M
Total Long-Term Assets $1.674M $1.881M $8.632M
Total Assets $42.08M $21.41M $27.93M
YoY Change 50.68% -38.42% -64.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.321M $1.521M $1.714M
YoY Change -22.93% 23.16% -70.15%
Accrued Expenses $770.0K $1.212M $1.625M
YoY Change -52.62% -34.7% -67.11%
Deferred Revenue $6.000K $24.00K $2.572M
YoY Change -99.77% -66.67% 3472.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.90M $14.90M $16.60M
YoY Change -10.24% -21.99% -16.58%
Total Short-Term Liabilities $21.60M $21.00M $26.65M
YoY Change -18.94% -18.13% -18.26%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $0.00
YoY Change
Other Long-Term Liabilities $468.0K $549.0K $309.0K
YoY Change 51.46% 47.18%
Total Long-Term Liabilities $468.0K $549.0K $309.0K
YoY Change 51.46% 47.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.60M $21.00M $26.65M
Total Long-Term Liabilities $468.0K $549.0K $309.0K
Total Liabilities $22.07M $21.55M $33.78M
YoY Change -34.68% -35.06% -20.69%
SHAREHOLDERS EQUITY
Retained Earnings -$411.3M -$406.4M -$392.7M
YoY Change 4.73% 5.79% 13.55%
Common Stock $431.3M $406.3M $386.9M
YoY Change 11.49% 5.31% 1.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.02M -$143.0K -$5.854M
YoY Change
Total Liabilities & Shareholders Equity $42.08M $21.41M $27.93M
YoY Change 50.68% -38.42% -64.11%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$4.893M -$5.423M -$8.563M
YoY Change -42.86% -47.21% -40.73%
Depreciation, Depletion And Amortization $130.0K $130.0K $590.0K
YoY Change -77.97% -76.36% 1.72%
Cash From Operating Activities -$4.980M -$4.720M -$4.010M
YoY Change 24.19% -58.78% -63.87%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$160.0K $0.00
YoY Change 700.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $30.00K $6.440M
YoY Change -100.0% -99.77% 43.75%
Cash From Investing Activities -$60.00K -$140.0K $6.440M
YoY Change -100.93% -101.08% 46.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.51M -70.00K -2.570M
YoY Change -1053.7% -92.13%
NET CHANGE
Cash From Operating Activities -4.980M -4.720M -4.010M
Cash From Investing Activities -60.00K -140.0K 6.440M
Cash From Financing Activities 24.51M -70.00K -2.570M
Net Change In Cash 19.47M -4.930M -140.0K
YoY Change -14007.14% -935.59% -97.91%
FREE CASH FLOW
Cash From Operating Activities -$4.980M -$4.720M -$4.010M
Capital Expenditures -$60.00K -$160.0K $0.00
Free Cash Flow -$4.920M -$4.560M -$4.010M
YoY Change 22.69% -60.1% -63.61%

Facts In Submission

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CY2018Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
201000 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
483000 USD
CY2019Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
87000 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
332000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
620000 USD
us-gaap Interest Expense
InterestExpense
1848000 USD
CY2019Q3 us-gaap Interest Expense
InterestExpense
517000 USD
us-gaap Interest Expense
InterestExpense
1631000 USD
us-gaap Interest Paid Net
InterestPaidNet
1573000 USD
us-gaap Interest Paid Net
InterestPaidNet
1263000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
122000 USD
us-gaap Lease Cost
LeaseCost
801000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
977000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
442000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
429000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
106000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
116000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
306000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
61000 USD
CY2015Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P96M
CY2015Q3 us-gaap Net Rentable Area
NetRentableArea
59248 sqft
CY2018Q4 us-gaap Liabilities
Liabilities
33781000 USD
CY2019Q3 us-gaap Liabilities
Liabilities
21553000 USD
us-gaap Net Income Loss
NetIncomeLoss
-40146000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-3260000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-5016000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-5423000 USD
us-gaap Net Income Loss
NetIncomeLoss
-13699000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
27927000 USD
CY2019Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
21410000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
26646000 USD
CY2019Q3 us-gaap Liabilities Current
LiabilitiesCurrent
21004000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-258000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15422000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
40079000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
133000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-39256000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14844000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-16025000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-13847000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-10273000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
9872000 USD
us-gaap Operating Expenses
OperatingExpenses
38835000 USD
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
5011000 USD
us-gaap Operating Expenses
OperatingExpenses
19213000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9854000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-38781000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4993000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-12399000 USD
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
70000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
645000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
861000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11300000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
349000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
512000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
0 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
651000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
510000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3300000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.109
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1140000 USD
CY2019Q3 us-gaap Other Assets Current
OtherAssetsCurrent
358000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
326000 USD
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
536000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
16000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
70000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q3 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
CY2019Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2696000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
309000 USD
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
549000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
182000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
262000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
23000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
162000 USD
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
415898 shares
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
415898 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
415898 shares
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
415898 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
415898 shares
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
415898 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4194000 USD
CY2019Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3826000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
219000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2087000 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 Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
40101000 USD
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7806000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1042000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
833000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1977000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6879000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28720000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2440000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10259000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-392723000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-406422000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
54000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6814000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
861000 USD
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
509000 shares
CY2018Q4 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
603058 shares
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
207000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
12000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1000 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
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 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
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1578000 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
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
-143000 USD
CY2018Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.0833
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8703626 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8688831 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20849083 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16016515 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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