2020 Q1 Form 10-Q Financial Statement

#000162828020007479 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $15.86M $15.56M
YoY Change 1.91% 4.08%
Cost Of Revenue $14.74M $14.55M
YoY Change 1.34% -7.15%
Gross Profit $1.113M $1.010M
YoY Change 10.16% -240.33%
Gross Profit Margin 7.02% 6.49%
Selling, General & Admin $7.346M $9.323M
YoY Change -21.2% 179.97%
% of Gross Profit 660.02% 922.7%
Research & Development $1.822M $497.3K
YoY Change 266.4% -70.22%
% of Gross Profit 163.7% 49.22%
Depreciation & Amortization $209.0K $187.5K
YoY Change 11.45% 44.25%
% of Gross Profit 18.78% 18.56%
Operating Expenses $9.168M $9.820M
YoY Change -6.64% 96.4%
Operating Profit -$8.055M -$8.810M
YoY Change -8.57% 54.02%
Interest Expense $102.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $71.00K $131.4K
YoY Change -45.97%
Pretax Income -$7.980M -$8.680M
YoY Change -8.06% 56.4%
Income Tax
% Of Pretax Income
Net Earnings -$7.984M -$8.679M
YoY Change -8.01% 56.38%
Net Earnings / Revenue -50.35% -55.78%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.12 -$152.0K
COMMON SHARES
Basic Shares Outstanding 67.52M shares
Diluted Shares Outstanding 67.52M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.90M $27.80M
YoY Change 75.9% -1.07%
Cash & Equivalents $37.40M $20.92M
Short-Term Investments $11.50M $6.880M
Other Short-Term Assets $1.760M $1.680M
YoY Change 4.76% 4.35%
Inventory $4.293M $4.000M
Prepaid Expenses
Receivables $4.587M $6.710M
Other Receivables $0.00 $0.00
Total Short-Term Assets $59.49M $40.19M
YoY Change 48.03% -2.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.430M $5.580M
YoY Change -56.45% 117.12%
Goodwill $920.7K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $560.6K $2.060M
YoY Change -72.79% -68.31%
Total Long-Term Assets $7.332M $8.560M
YoY Change -14.34% -14.4%
TOTAL ASSETS
Total Short-Term Assets $59.49M $40.19M
Total Long-Term Assets $7.332M $8.560M
Total Assets $66.83M $48.75M
YoY Change 37.08% -4.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.123M $4.520M
YoY Change -30.9% 12.72%
Accrued Expenses $6.160M $7.950M
YoY Change -22.52% 149.22%
Deferred Revenue $2.179M
YoY Change
Short-Term Debt $190.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.36M $15.73M
YoY Change -15.08% 61.83%
LONG-TERM LIABILITIES
Long-Term Debt $20.68M $0.00
YoY Change
Other Long-Term Liabilities $11.01M $12.85M
YoY Change -14.32% -7.29%
Total Long-Term Liabilities $20.68M $12.85M
YoY Change 60.96% -7.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.36M $15.73M
Total Long-Term Liabilities $20.68M $12.85M
Total Liabilities $45.05M $28.58M
YoY Change 57.63% 21.15%
SHAREHOLDERS EQUITY
Retained Earnings -$314.5M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.77M $20.16M
YoY Change
Total Liabilities & Shareholders Equity $66.83M $48.75M
YoY Change 37.08% -4.8%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$7.984M -$8.679M
YoY Change -8.01% 56.38%
Depreciation, Depletion And Amortization $209.0K $187.5K
YoY Change 11.45% 44.25%
Cash From Operating Activities -$6.538M -$5.424M
YoY Change 20.55% 17.65%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$120.0K
YoY Change 66.67% -25.0%
Acquisitions
YoY Change
Other Investing Activities $2.790M $3.700M
YoY Change -24.59% -1100.0%
Cash From Investing Activities $2.586M $3.577M
YoY Change -27.7% -787.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.000M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $29.56M $52.47K
YoY Change 56230.16%
NET CHANGE
Cash From Operating Activities -$6.538M -$5.424M
Cash From Investing Activities $2.586M $3.577M
Cash From Financing Activities $29.56M $52.47K
Net Change In Cash $25.61M -$1.794M
YoY Change -1526.89% -65.02%
FREE CASH FLOW
Cash From Operating Activities -$6.538M -$5.424M
Capital Expenditures -$200.0K -$120.0K
Free Cash Flow -$6.338M -$5.304M
YoY Change 19.5% 19.18%

Facts In Submission

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CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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CY2019Q1 us-gaap Other Nonoperating Income Expense
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CY2020Q1 us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Payments Of Stock Issuance Costs
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CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
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CY2020Q1 us-gaap Proceeds From Stock Options Exercised
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CY2020Q1 us-gaap Property Plant And Equipment Net
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CY2019Q1 us-gaap Research And Development Expense
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CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2020Q1 us-gaap Revenue Remaining Performance Obligation
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2019Q1 us-gaap Short Term Lease Cost
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CY2019Q1 us-gaap Stock Issued1
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CY2020Q1 us-gaap Stock Issued1
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CY2019 us-gaap Stock Issued During Period Shares New Issues
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CY2020Q1 us-gaap Stock Issued During Period Value New Issues
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CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Variable Lease Cost
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89844 USD
CY2020Q1 us-gaap Variable Lease Cost
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189283 USD
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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67518240 shares
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;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:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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