2020 Q2 Form 10-Q Financial Statement

#000145368720000096 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $0.00 $13.00K
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.640M $4.110M
YoY Change 37.23% -5.73%
% of Gross Profit
Research & Development $10.73M $12.13M
YoY Change -11.57% -15.78%
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K
YoY Change 0.0% -50.0%
% of Gross Profit
Operating Expenses $16.37M $16.25M
YoY Change 0.73% -13.43%
Operating Profit -$16.37M -$16.24M
YoY Change 0.81% -13.5%
Interest Expense $205.0K $400.0K
YoY Change -48.75% 9.59%
% of Operating Profit
Other Income/Expense, Net $59.00K $5.000K
YoY Change 1080.0% -37.5%
Pretax Income -$24.08M -$16.39M
YoY Change 46.92% -12.82%
Income Tax
% Of Pretax Income
Net Earnings -$24.08M -$16.39M
YoY Change 46.89% -12.78%
Net Earnings / Revenue -126107.69%
Basic Earnings Per Share -$0.25
Diluted Earnings Per Share -$0.25 -$365.4K
COMMON SHARES
Basic Shares Outstanding 96.79M shares 44.79M shares
Diluted Shares Outstanding 96.79M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.70M $41.70M
YoY Change 43.17% -37.01%
Cash & Equivalents $59.73M $30.20M
Short-Term Investments $11.50M
Other Short-Term Assets $1.300M $2.800M
YoY Change -53.57% 7.69%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $61.05M $44.45M
YoY Change 37.35% -35.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.301M $1.620M
YoY Change -19.69% -24.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.400M $0.00
YoY Change -100.0%
Total Long-Term Assets $14.15M $2.498M
YoY Change 466.61% -45.72%
TOTAL ASSETS
Total Short-Term Assets $61.05M $44.45M
Total Long-Term Assets $14.15M $2.498M
Total Assets $75.21M $46.95M
YoY Change 60.19% -36.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.242M $2.463M
YoY Change -49.57% 37.67%
Accrued Expenses $9.308M $5.789M
YoY Change 60.79% -43.16%
Deferred Revenue $1.928M $1.023M
YoY Change 88.47% -46.66%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.400M $21.50M
YoY Change -60.93%
Total Short-Term Liabilities $22.51M $31.91M
YoY Change -29.45% 129.7%
LONG-TERM LIABILITIES
Long-Term Debt $6.400M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $59.30M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $65.70M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.51M $31.91M
Total Long-Term Liabilities $65.70M $0.00
Total Liabilities $88.26M $46.89M
YoY Change 88.22% -4.64%
SHAREHOLDERS EQUITY
Retained Earnings -$379.5M -$308.9M
YoY Change 22.86% 24.96%
Common Stock $10.00K $5.000K
YoY Change 100.0% 66.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.05M $56.00K
YoY Change
Total Liabilities & Shareholders Equity $75.21M $46.95M
YoY Change 60.19% -36.07%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$24.08M -$16.39M
YoY Change 46.89% -12.78%
Depreciation, Depletion And Amortization $200.0K $200.0K
YoY Change 0.0% -50.0%
Cash From Operating Activities -$11.81M -$7.200M
YoY Change 64.03% -57.57%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$10.00K
YoY Change 1800.0% -96.3%
Acquisitions
YoY Change
Other Investing Activities $50.00K $4.850M
YoY Change -98.97% -74.41%
Cash From Investing Activities -$150.0K $4.850M
YoY Change -103.09% -74.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -960.0K 370.0K
YoY Change -359.46% 19.35%
NET CHANGE
Cash From Operating Activities -11.81M -7.200M
Cash From Investing Activities -150.0K 4.850M
Cash From Financing Activities -960.0K 370.0K
Net Change In Cash -12.92M -1.980M
YoY Change 552.53% -198.02%
FREE CASH FLOW
Cash From Operating Activities -$11.81M -$7.200M
Capital Expenditures -$190.0K -$10.00K
Free Cash Flow -$11.62M -$7.190M
YoY Change 61.61% -56.95%

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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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<div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company’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’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, the valuation of its warrant liabilities 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.</span></div>
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us-gaap Concentration Risk Credit Risk
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<div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk and Off‑Balance Sheet Risk</span></div>Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, short-term deposits and investments, 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’s deposits are financially creditworthy 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.
us-gaap Impairment Of Intangible Assets Finitelived
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5373000 USD
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6003000 USD
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4072000 USD
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341000 USD
us-gaap Depreciation
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400000 USD
selb Plant Property And Equipment Accelerated Depreciation
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VariableLeaseCost
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2112000 USD
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492000 USD
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us-gaap Short Term Lease Cost
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1980000 USD
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us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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selb Debt Instrument Event Of Default Minimum Assets Trigger
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300000 USD
selb Debt Instrument Event Of Default Minimum Amount In Excess Of Indebtedness Trigger
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300000 USD
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
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1.12
selb Stock Issued During Period Shares Warrants Exercised
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16585148000 shares
us-gaap Warrant Exercise Price Increase
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CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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1.56
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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100847810 shares
CY2020Q2 selb Votes Per Shareof Common Stock
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1 vote
us-gaap Dividends Common Stock
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0 USD
CY2020Q2 selb Contractwith Customer Liability Deferred Revenue
ContractwithCustomerLiabilityDeferredRevenue
18340000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
16354000 USD
selb Contractwith Customer Liability Increase From Cash Receipts
ContractwithCustomerLiabilityIncreaseFromCashReceipts
2000000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14000 USD
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18340000 USD
CY2020Q2 selb Share Based Goods And Non Employee Services Transaction Compensation Not Yet Recognized Stock Options
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0 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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1481000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1251000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2890000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2431000 USD
CY2016Q4 selb License And Option Agreement Number Of Additional Targets For Which Other Party May Exercise Options For Additional Licenses
LicenseAndOptionAgreementNumberOfAdditionalTargetsForWhichOtherPartyMayExerciseOptionsForAdditionalLicenses
4 target
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
18300000 USD
CY2019Q4 selb Contractwith Customer Liability Deferred Revenue
ContractwithCustomerLiabilityDeferredRevenue
16354000 USD
selb Contractwith Customer Liability Deferred Revenue Increase From Cash Receipts
ContractwithCustomerLiabilityDeferredRevenueIncreaseFromCashReceipts
2000000 USD
selb Contractwith Customer Liability Deferred Revenue Revenue Recognized
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14000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
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0 USD
selb Defined Contribution Plan Employers Matching Contribution Vesting Period
DefinedContributionPlanEmployersMatchingContributionVestingPeriod
P4Y
CY2020Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000 USD

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