2017 Q1 Form 10-Q Financial Statement

#000156459017010318 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $1.018M $852.0K
YoY Change 19.48% 4.54%
Cost Of Revenue $106.0K $147.0K
YoY Change -27.89% 162.5%
Gross Profit $912.0K $705.0K
YoY Change 29.36% -7.11%
Gross Profit Margin 89.59% 82.75%
Selling, General & Admin $3.052M $3.436M
YoY Change -11.18% 30.25%
% of Gross Profit 334.65% 487.38%
Research & Development $1.823M $2.202M
YoY Change -17.21% 20.2%
% of Gross Profit 199.89% 312.34%
Depreciation & Amortization $80.00K $70.00K
YoY Change 14.29% 0.0%
% of Gross Profit 8.77% 9.93%
Operating Expenses $4.981M $5.785M
YoY Change -13.9% 27.82%
Operating Profit -$3.963M -$4.933M
YoY Change -19.66% 32.93%
Interest Expense $339.0K $327.0K
YoY Change 3.67% -29.98%
% of Operating Profit
Other Income/Expense, Net $96.00K $76.00K
YoY Change 26.32% -105.44%
Pretax Income -$4.206M -$5.184M
YoY Change -18.87% -7.0%
Income Tax $10.00K $10.00K
% Of Pretax Income
Net Earnings -$4.216M -$5.190M
YoY Change -18.77% -10.56%
Net Earnings / Revenue -414.15% -609.15%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.901M -$2.348M
COMMON SHARES
Basic Shares Outstanding 44.51M 44.22M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.53M $50.19M
YoY Change -3.31% 344.95%
Cash & Equivalents $7.559M $29.54M
Short-Term Investments $40.97M $20.65M
Other Short-Term Assets $1.280M $1.330M
YoY Change -3.76% 432.0%
Inventory $240.0K $320.0K
Prepaid Expenses
Receivables $400.0K $690.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $50.44M $52.54M
YoY Change -4.0% 324.63%
LONG-TERM ASSETS
Property, Plant & Equipment $490.0K $660.0K
YoY Change -25.76% -0.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $14.91M
YoY Change -100.0% 2882.0%
Other Assets $1.720M $2.010M
YoY Change -14.43% -46.87%
Total Long-Term Assets $2.210M $17.57M
YoY Change -87.42% 149.33%
TOTAL ASSETS
Total Short-Term Assets $50.44M $52.54M
Total Long-Term Assets $2.210M $17.57M
Total Assets $52.65M $70.11M
YoY Change -24.9% 261.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.00K $10.00K
YoY Change 100.0% -87.5%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.083M
YoY Change
Total Short-Term Liabilities $5.170M $4.160M
YoY Change 24.28% -65.49%
LONG-TERM LIABILITIES
Long-Term Debt $23.09M $24.98M
YoY Change -7.55% 190.85%
Other Long-Term Liabilities $6.010M $5.490M
YoY Change 9.47% 83.0%
Total Long-Term Liabilities $23.09M $24.98M
YoY Change -7.55% -6.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.170M $4.160M
Total Long-Term Liabilities $23.09M $24.98M
Total Liabilities $34.28M $34.63M
YoY Change -1.01% -10.69%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.37M $35.48M
YoY Change
Total Liabilities & Shareholders Equity $52.65M $70.11M
YoY Change -24.9% 261.02%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$4.216M -$5.190M
YoY Change -18.77% -10.56%
Depreciation, Depletion And Amortization $80.00K $70.00K
YoY Change 14.29% 0.0%
Cash From Operating Activities -$4.530M -$4.860M
YoY Change -6.79% 86.92%
INVESTING ACTIVITIES
Capital Expenditures $57.00K $137.0K
YoY Change -58.39% 1857.14%
Acquisitions
YoY Change
Other Investing Activities $10.12M $10.47M
YoY Change -3.34%
Cash From Investing Activities $10.06M $10.33M
YoY Change -2.61% -103400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 90.00K
YoY Change -77.78% -103.35%
NET CHANGE
Cash From Operating Activities -4.530M -4.860M
Cash From Investing Activities 10.06M 10.33M
Cash From Financing Activities 20.00K 90.00K
Net Change In Cash 5.550M 5.560M
YoY Change -0.18% -204.91%
FREE CASH FLOW
Cash From Operating Activities -$4.530M -$4.860M
Capital Expenditures $57.00K $137.0K
Free Cash Flow -$4.587M -$4.997M
YoY Change -8.2% 91.68%

Facts In Submission

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Both the Company and Bioceres incur expenses in support of specific agreed activities, as defined by joint work plans, which apply fair market value to each partner’s activities. Unequal contributions of services are equalized by the partners through cash payments. Verdeca is not the primary obligor for these activities performed by the Company or Bioceres. An agreement executed in conjunction with the formation of Verdeca specified that if Bioceres determines it requires cash to fund its contributed services (subject to certain annual limits), Bioceres, S.A. may elect to sell shares of its common stock to the Company for an amount not exceeding $5.0 million in the aggregate over a four-year period.
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