2018 Q3 Form 10-Q Financial Statement

#000145368718000052 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $0.00 $0.00 $26.00K
YoY Change -100.0% -100.0% -98.71%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.060M $4.360M $4.900M
YoY Change -7.31% -11.02% 102.48%
% of Gross Profit
Research & Development $11.89M $14.41M $10.99M
YoY Change 25.05% 31.04% 83.23%
% of Gross Profit
Depreciation & Amortization $200.0K $400.0K $200.0K
YoY Change 0.0% 100.0% 0.0%
% of Gross Profit
Operating Expenses $15.94M $18.77M $15.90M
YoY Change 14.84% 18.07% 88.85%
Operating Profit -$15.94M -$18.77M -$15.87M
YoY Change 15.06% 18.26% 147.95%
Interest Expense $384.0K $365.0K $279.0K
YoY Change 43.28% 30.82% -10.0%
% of Operating Profit
Other Income/Expense, Net $3.000K $8.000K $0.00
YoY Change -118.75% -100.0%
Pretax Income -$16.00M -$18.80M -$15.97M
YoY Change 8.99% 17.72% 130.78%
Income Tax
% Of Pretax Income
Net Earnings -$16.00M -$18.80M -$15.97M
YoY Change 9.03% 17.72% 130.64%
Net Earnings / Revenue -61411.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$714.3K -$840.8K -$849.0K
COMMON SHARES
Basic Shares Outstanding 22.40M shares 22.35M shares 18.58M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.50M $66.20M $112.7M
YoY Change -51.63% -41.26% 33.37%
Cash & Equivalents $50.49M $60.24M $82.63M
Short-Term Investments $0.00 $6.000M $30.00M
Other Short-Term Assets $5.100M $2.600M $1.900M
YoY Change 70.0% 36.84% -24.0%
Inventory
Prepaid Expenses
Receivables $1.000K
Other Receivables $0.00
Total Short-Term Assets $55.57M $68.84M $114.6M
YoY Change -48.24% -39.92% 28.74%
LONG-TERM ASSETS
Property, Plant & Equipment $2.109M $2.137M $2.131M
YoY Change 2.63% 0.28% 6.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $2.500M $0.00
YoY Change -100.0%
Total Long-Term Assets $4.755M $4.602M $2.447M
YoY Change 100.55% 88.07% 6.39%
TOTAL ASSETS
Total Short-Term Assets $55.57M $68.84M $114.6M
Total Long-Term Assets $4.755M $4.602M $2.447M
Total Assets $60.32M $73.44M $117.0M
YoY Change -45.02% -37.25% 28.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.252M $1.789M $4.280M
YoY Change -17.58% -58.2% 375.56%
Accrued Expenses $10.22M $10.18M $8.595M
YoY Change 56.07% 18.49% 95.34%
Deferred Revenue $1.863M $1.918M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.30M $4.600M
YoY Change 155.56%
Total Short-Term Liabilities $34.63M $13.89M $20.05M
YoY Change 205.88% -30.73% 125.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $21.20M $5.700M
YoY Change -100.0% 271.93% -43.56%
Other Long-Term Liabilities $1.800M $1.104M $1.250M
YoY Change 44.0% -11.68% -64.29%
Total Long-Term Liabilities $1.800M $1.104M $1.250M
YoY Change 44.0% -11.68% -90.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.63M $13.89M $20.05M
Total Long-Term Liabilities $1.800M $1.104M $1.250M
Total Liabilities $50.32M $49.18M $38.84M
YoY Change 12.71% 26.6% 72.64%
SHAREHOLDERS EQUITY
Retained Earnings -$263.2M -$247.2M -$182.7M
YoY Change 33.37% 35.32%
Common Stock $3.000K $3.000K $1.000K
YoY Change 50.0% 200.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.402M $21.66M $78.18M
YoY Change
Total Liabilities & Shareholders Equity $60.32M $73.44M $117.0M
YoY Change -45.02% -37.25% 28.18%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$16.00M -$18.80M -$15.97M
YoY Change 9.03% 17.72% 130.64%
Depreciation, Depletion And Amortization $200.0K $400.0K $200.0K
YoY Change 0.0% 100.0% 0.0%
Cash From Operating Activities -$16.03M -$16.97M -$8.610M
YoY Change 3.82% 97.1% 53.75%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$270.0K -$400.0K
YoY Change -50.0% -32.5% 566.67%
Acquisitions
YoY Change
Other Investing Activities $6.070M $18.95M $11.09M
YoY Change -370.98% 70.87% 60.03%
Cash From Investing Activities $6.020M $18.68M $10.70M
YoY Change -352.94% 74.58% 55.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 260.0K 310.0K 53.94M
YoY Change -96.46% -99.43% -15.97%
NET CHANGE
Cash From Operating Activities -16.03M -16.97M -8.610M
Cash From Investing Activities 6.020M 18.68M 10.70M
Cash From Financing Activities 260.0K 310.0K 53.94M
Net Change In Cash -9.750M 2.020M 56.03M
YoY Change -6.97% -96.39% -14.41%
FREE CASH FLOW
Cash From Operating Activities -$16.03M -$16.97M -$8.610M
Capital Expenditures -$60.00K -$270.0K -$400.0K
Free Cash Flow -$15.97M -$16.70M -$8.210M
YoY Change 4.24% 103.41% 48.19%

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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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10000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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25000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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12000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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15000 USD
CY2018Q2 us-gaap Other Liabilities
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2100000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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1201000 USD
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1104000 USD
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0 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
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8000 USD
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1201000 USD
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10994000 USD
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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0 USD
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0 USD
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk and Off&#8209;Balance Sheet Risk</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and accounts receivable. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. Management believes that the financial institutions that hold the Company&#8217;s deposits are financially credit worthy and, accordingly, minimal risk exists with respect to those balances. Generally, these deposits may be redeemed upon demand and therefore bear minimal interest rate risk. As an integral part of operating its Russian subsidiary, the Company also maintains cash in Russian bank accounts in denominations of both Russian rubles and U.S. dollars. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company maintained approximately </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> in Russian bank accounts, of which </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> was held in U.S. dollars.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company did not have any off-balance sheet arrangements as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company&#8217;s management considers many factors in selecting appropriate financial accounting policies and controls, and bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. In preparing these consolidated financial statements, management used significant estimates in the following areas, among others: revenue recognition, accounting for stock-based compensation and estimating accrued research and development expenses. The Company assesses the above estimates on an ongoing basis; however, actual results could materially differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>

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