2020 Q1 Form 10-Q Financial Statement

#000156459020024550 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $14.72M $11.35M
YoY Change 29.65% 38.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $354.0K $680.0K $341.0K
YoY Change 3.81% 15.25% 37.5%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.924M
YoY Change 169.85%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.632M $3.930M $3.373M
YoY Change 37.33% 113.59% 16.87%
Income Tax $927.0K $1.160M $719.0K
% Of Pretax Income 20.01% 29.52% 21.32%
Net Earnings $3.705M $2.770M $2.654M
YoY Change 39.6% 84.67% 17.49%
Net Earnings / Revenue 25.17% 23.38%
Basic Earnings Per Share $0.57 $0.47
Diluted Earnings Per Share $0.56 $437.6K $0.46
COMMON SHARES
Basic Shares Outstanding 6.500M 6.481M 5.699M
Diluted Shares Outstanding 6.580M 5.792M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $31.58M $31.55M $29.10M
YoY Change 8.52% 17.62% 34.36%
Goodwill $27.82M
YoY Change 52.06%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $800.0K $800.0K
YoY Change -100.0% -33.33% -73.33%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.417B $1.364B $1.090B
YoY Change 29.99% 27.42% 32.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.500M $10.10M $7.500M
YoY Change 13.33% 90.57% 120.59%
Accrued Expenses $1.900M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $7.500M $8.700M $10.20M
YoY Change -26.47% 8.75% -22.14%
Long-Term Debt Due $3.400M $3.400M $3.300M
YoY Change 3.03% 6.25% 200.0%
Total Short-Term Liabilities $21.30M $22.20M $21.00M
YoY Change 1.43% 34.55% 19.32%
LONG-TERM LIABILITIES
Long-Term Debt $19.50M $20.40M $22.90M
YoY Change -14.85% -14.29% 472.5%
Other Long-Term Liabilities $1.800M $1.800M $1.300M
YoY Change 38.46% 38.46% 30.0%
Total Long-Term Liabilities $21.30M $22.20M $24.20M
YoY Change -11.98% -11.55% 384.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.30M $22.20M $21.00M
Total Long-Term Liabilities $21.30M $22.20M $24.20M
Total Liabilities $1.267B $1.217B $977.3M
YoY Change 29.62% 26.89% 33.56%
SHAREHOLDERS EQUITY
Retained Earnings $38.64M
YoY Change 31.17%
Common Stock $106.7M
YoY Change 25.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $93.00K
YoY Change -17.7%
Treasury Stock Shares $3.307K $4.209K
Shareholders Equity $150.6M $145.2M $113.1M
YoY Change
Total Liabilities & Shareholders Equity $1.417B $1.364B $1.090B
YoY Change 29.99% 27.42% 32.81%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income $3.705M $2.770M $2.654M
YoY Change 39.6% 84.67% 17.49%
Depreciation, Depletion And Amortization $354.0K $680.0K $341.0K
YoY Change 3.81% 15.25% 37.5%
Cash From Operating Activities $1.572M $7.560M $616.0K
YoY Change 155.19% 62.23% -77.83%
INVESTING ACTIVITIES
Capital Expenditures $380.0K -$330.0K $2.658M
YoY Change -85.7% 106.25% 2612.24%
Acquisitions
YoY Change
Other Investing Activities -$50.07M -$61.78M -$13.17M
YoY Change 280.18% -1013.91% -195.16%
Cash From Investing Activities -$50.45M -$62.12M -$15.83M
YoY Change 218.7% -1041.21% -215.2%
FINANCING ACTIVITIES
Cash Dividend Paid $2.343M $1.882M
YoY Change 24.5% 31.24%
Common Stock Issuance & Retirement, Net $492.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 45.25M 51.07M 13.05M
YoY Change 246.61% 142.5% -521.64%
NET CHANGE
Cash From Operating Activities 1.572M 7.560M 616.0K
Cash From Investing Activities -50.45M -62.12M -15.83M
Cash From Financing Activities 45.25M 51.07M 13.05M
Net Change In Cash -3.628M -3.490M -2.159M
YoY Change 68.04% -110.8% -116.08%
FREE CASH FLOW
Cash From Operating Activities $1.572M $7.560M $616.0K
Capital Expenditures $380.0K -$330.0K $2.658M
Free Cash Flow $1.192M $7.890M -$2.042M
YoY Change -158.37% 63.69% -176.17%

Facts In Submission

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93775
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WeightedAverageNumberOfDilutedSharesOutstanding
6580057
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5792409
CY2020Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
318508000
CY2020Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
8352000
CY2020Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
357000
CY2019Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3542000
CY2019Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1100000
CY2020Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
19396000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
106253000
CY2020Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
352000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
517000
CY2020Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
2584000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
42829000
CY2020Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
5000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
583000
CY2020Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
21980000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
149082000
CY2020Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
357000
CY2019Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
1100000
CY2019Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
54101000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
45938000
CY2020Q1 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
22
CY2019Q4 us-gaap Pledged Financial Instruments Not Separately Reported Securities For Federal Home Loan Bank
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesForFederalHomeLoanBank
71800000
CY2020Q1 ck0001641601 Available For Sale Debt Securities Amortized Cost Basis Before Residential Mortgage Backed Securities
AvailableForSaleDebtSecuritiesAmortizedCostBasisBeforeResidentialMortgageBackedSecurities
118311000
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
23102000
CY2019Q4 ck0001641601 Available For Sale Debt Securities Amortized Cost Basis Before Residential Mortgage Backed Securities
AvailableForSaleDebtSecuritiesAmortizedCostBasisBeforeResidentialMortgageBackedSecurities
111917000
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
6867000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
8458000
CY2020Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
62000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
334000
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
35517000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
38799000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
9599000
CY2020Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
4069000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
19739000
CY2020Q1 ck0001641601 Available For Sale Securities Before Residential Mortgage Backed Securities
AvailableForSaleSecuritiesBeforeResidentialMortgageBackedSecurities
122024000
CY2019Q4 ck0001641601 Available For Sale Securities Before Residential Mortgage Backed Securities
AvailableForSaleSecuritiesBeforeResidentialMortgageBackedSecurities
114492000
CY2020Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
943037000
CY2019Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
909856000
CY2020Q1 ck0001641601 Loans And Leases Receivable Net Discounts
LoansAndLeasesReceivableNetDiscounts
2067000
CY2019Q4 ck0001641601 Loans And Leases Receivable Net Discounts
LoansAndLeasesReceivableNetDiscounts
2647000
CY2020Q1 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscounts
1493000
CY2019Q4 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscounts
1425000
CY2020Q1 ck0001641601 Percentage Of Loans And Leases Receivable Gross Carrying Amount
PercentageOfLoansAndLeasesReceivableGrossCarryingAmount
1.015
CY2019Q4 ck0001641601 Percentage Of Loans And Leases Receivable Gross Carrying Amount
PercentageOfLoansAndLeasesReceivableGrossCarryingAmount
1.015
CY2020Q1 ck0001641601 Loans And Leases Receivable Allowance Percentage
LoansAndLeasesReceivableAllowancePercentage
0.011
CY2019Q4 ck0001641601 Loans And Leases Receivable Allowance Percentage
LoansAndLeasesReceivableAllowancePercentage
0.010
CY2020Q1 ck0001641601 Loans And Leases Receivable Net Discounts Percentage
LoansAndLeasesReceivableNetDiscountsPercentage
0.002
CY2019Q4 ck0001641601 Loans And Leases Receivable Net Discounts Percentage
LoansAndLeasesReceivableNetDiscountsPercentage
0.003
CY2020Q1 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts Percentage
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscountsPercentage
0.002
CY2019Q4 ck0001641601 Loans And Leases Receivable Net Deferred Loan Fees And Discounts Percentage
LoansAndLeasesReceivableNetDeferredLoanFeesAndDiscountsPercentage
0.002
CY2020Q1 ck0001641601 Percentage Of Loans And Leases Receivable Net Reported Amount
PercentageOfLoansAndLeasesReceivableNetReportedAmount
1.000
CY2019Q4 ck0001641601 Percentage Of Loans And Leases Receivable Net Reported Amount
PercentageOfLoansAndLeasesReceivableNetReportedAmount
1.000
CY2020Q1 ck0001641601 Number Of Primary Loan Portfolio Segments
NumberOfPrimaryLoanPortfolioSegments
3
CY2020Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
124000
CY2020Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
937376000
CY2020Q1 us-gaap Notes Receivable Net
NotesReceivableNet
1592000
CY2018Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
6577000
CY2019Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
118000
CY2019Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
129000
CY2019Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
7128000
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
879000
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
6249000
CY2019Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
5423000
CY2019Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
728053000
CY2019Q1 us-gaap Notes Receivable Net
NotesReceivableNet
565000
CY2019Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
734041000
CY2020Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
4133000
CY2020Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
3659000
CY2020Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
334000
CY2019Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
3833000
CY2019Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
3769000
CY2019Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
3062000
CY2019Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
707000
CY2019Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
329000
CY2020Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
3919000
CY2020Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
37000
CY2019Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
5102000
CY2020Q1 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
936595000
CY2020Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
2945000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
904601000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
2225000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1844000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1912000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssets
CY2019Q4 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssets
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1923000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1987000
CY2020Q1 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndOtherAccruedLiabilities
CY2019Q4 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndOtherAccruedLiabilities
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y11M1D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M2D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0600
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0600
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
380000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
355000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
355000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
355000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
213000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
709000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2367000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
444000

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