2018 Q4 Form 10-Q Financial Statement

#000145368718000080 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $903.0K $0.00 $27.00K
YoY Change 5211.76% -100.0% -97.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.150M $4.060M $4.380M
YoY Change -9.17% -7.31% 75.2%
% of Gross Profit
Research & Development $10.26M $11.89M $9.504M
YoY Change -24.67% 25.05% 57.85%
% of Gross Profit
Depreciation & Amortization $190.0K $200.0K $200.0K
YoY Change 5.56% 0.0% 100.0%
% of Gross Profit
Operating Expenses $15.40M $15.94M $13.88M
YoY Change -20.17% 14.84% 63.0%
Operating Profit -$15.94M -$13.85M
YoY Change 15.06% 85.51%
Interest Expense -$150.0K $384.0K $268.0K
YoY Change 15.38% 43.28% -13.83%
% of Operating Profit
Other Income/Expense, Net $0.00 $3.000K -$16.00K
YoY Change -100.0% -118.75% -500.0%
Pretax Income -$14.65M -$16.00M -$14.68M
YoY Change -25.03% 8.99% 89.91%
Income Tax
% Of Pretax Income
Net Earnings -$14.65M -$16.00M -$14.68M
YoY Change -25.04% 9.03% 89.91%
Net Earnings / Revenue -1622.48% -54355.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$652.6K -$714.3K -$664.9K
COMMON SHARES
Basic Shares Outstanding 22.43M shares 22.40M shares 22.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.40M $50.50M $104.4M
YoY Change -61.28% -51.63% 31.65%
Cash & Equivalents $37.40M $50.49M $72.15M
Short-Term Investments $0.00 $0.00 $32.20M
Other Short-Term Assets $80.00K $5.100M $3.000M
YoY Change -96.19% 70.0% -16.67%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00
Total Short-Term Assets $42.08M $55.57M $107.4M
YoY Change -57.36% -48.24% 28.72%
LONG-TERM ASSETS
Property, Plant & Equipment $2.127M $2.109M $2.055M
YoY Change 1.72% 2.63% -0.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $2.600M $0.00
YoY Change
Total Long-Term Assets $2.406M $4.755M $2.371M
YoY Change -0.58% 100.55% -0.46%
TOTAL ASSETS
Total Short-Term Assets $42.08M $55.57M $107.4M
Total Long-Term Assets $2.406M $4.755M $2.371M
Total Assets $44.48M $60.32M $109.7M
YoY Change -56.0% -45.02% 27.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $1.252M $1.519M
YoY Change -31.51% -17.58% 46.06%
Accrued Expenses $11.70M $10.22M $6.547M
YoY Change 36.36% 56.07% 168.98%
Deferred Revenue $959.0K $1.863M
YoY Change 21.86%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.40M $21.30M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $35.14M $34.63M $11.32M
YoY Change 220.28% 205.88% 47.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $21.00M
YoY Change -100.0% -100.0% 130.77%
Other Long-Term Liabilities $938.0K $1.800M $1.250M
YoY Change -21.9% 44.0%
Total Long-Term Liabilities $938.0K $1.800M $1.250M
YoY Change -21.9% 44.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.14M $34.63M $11.32M
Total Long-Term Liabilities $938.0K $1.800M $1.250M
Total Liabilities $49.90M $50.32M $44.65M
YoY Change 1.25% 12.71% 119.55%
SHAREHOLDERS EQUITY
Retained Earnings -$280.4M -$263.2M -$197.4M
YoY Change 29.28% 33.37% 43.54%
Common Stock $3.000K $3.000K $2.000K
YoY Change 0.0% 50.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.418M $7.402M $65.08M
YoY Change
Total Liabilities & Shareholders Equity $44.48M $60.32M $109.7M
YoY Change -56.0% -45.02% 27.91%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$14.65M -$16.00M -$14.68M
YoY Change -25.04% 9.03% 89.91%
Depreciation, Depletion And Amortization $190.0K $200.0K $200.0K
YoY Change 5.56% 0.0% 100.0%
Cash From Operating Activities -$12.75M -$16.03M -$15.44M
YoY Change 0.63% 3.82% 182.27%
INVESTING ACTIVITIES
Capital Expenditures -$360.0K -$60.00K -$120.0K
YoY Change 140.0% -50.0% -57.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $6.070M -$2.240M
YoY Change -100.0% -370.98% -88.77%
Cash From Investing Activities -$380.0K $6.020M -$2.380M
YoY Change -106.22% -352.94% -88.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 260.0K 7.340M
YoY Change -98.41% -96.46% 211.02%
NET CHANGE
Cash From Operating Activities -12.75M -16.03M -15.44M
Cash From Investing Activities -380.0K 6.020M -2.380M
Cash From Financing Activities 80.00K 260.0K 7.340M
Net Change In Cash -13.05M -9.750M -10.48M
YoY Change 752.94% -6.97% -55.06%
FREE CASH FLOW
Cash From Operating Activities -$12.75M -$16.03M -$15.44M
Capital Expenditures -$360.0K -$60.00K -$120.0K
Free Cash Flow -$12.39M -$15.97M -$15.32M
YoY Change -1.04% 4.24% 195.18%

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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%;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;">September&#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;">$0.5 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;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> was held in U.S. dollars.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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;">September&#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%;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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