2015 Q1 Form 10-Q Financial Statement

#000101749115000054 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $475.0K $0.00
YoY Change -100.0%
Cost Of Revenue $233.0K $0.00
YoY Change -100.0%
Gross Profit $242.0K $0.00
YoY Change -100.0%
Gross Profit Margin 50.95%
Selling, General & Admin $3.100M $3.060M
YoY Change 1.31% -20.1%
% of Gross Profit 1280.99%
Research & Development $3.268M $1.444M
YoY Change 126.32% 2.19%
% of Gross Profit 1350.41%
Depreciation & Amortization $74.00K $20.00K
YoY Change 270.0% -4.76%
% of Gross Profit 30.58%
Operating Expenses $6.364M $3.543M
YoY Change 79.62% -32.37%
Operating Profit -$6.122M -$3.543M
YoY Change 72.79% -42.49%
Interest Expense -$158.0K -$107.0K
YoY Change 47.66% -53.68%
% of Operating Profit
Other Income/Expense, Net -$290.0K $281.0K
YoY Change -203.2% -135.61%
Pretax Income -$6.410M -$3.260M
YoY Change 96.63% -53.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.412M -$3.262M
YoY Change 96.57% -62.39%
Net Earnings / Revenue -1349.89%
Basic Earnings Per Share -$0.13 -$0.09
Diluted Earnings Per Share -$0.13 -$0.09
COMMON SHARES
Basic Shares Outstanding 47.63M shares 37.90M shares
Diluted Shares Outstanding 47.63M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.16M $22.49M
YoY Change -28.15% 59.5%
Cash & Equivalents $16.16M $22.49M
Short-Term Investments
Other Short-Term Assets $1.150M $620.0K
YoY Change 85.48% -36.73%
Inventory $217.0K $364.0K
Prepaid Expenses
Receivables $513.0K $69.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.04M $23.54M
YoY Change -23.39% 51.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.449M $1.360M
YoY Change 6.54% 121.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $153.0K $93.00K
YoY Change 64.52% -5.1%
Total Long-Term Assets $1.602M $1.453M
YoY Change 10.25% 39.04%
TOTAL ASSETS
Total Short-Term Assets $18.04M $23.54M
Total Long-Term Assets $1.602M $1.453M
Total Assets $19.64M $24.99M
YoY Change -21.43% 50.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $880.0K $990.0K
YoY Change -11.11% -46.49%
Accrued Expenses $5.016M $1.979M
YoY Change 153.46% -47.0%
Deferred Revenue
YoY Change
Short-Term Debt $530.0K $2.660M
YoY Change -80.08% 88.65%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.158M $14.58M
YoY Change -50.91% 43.38%
LONG-TERM LIABILITIES
Long-Term Debt $4.300M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $302.0K $80.00K
YoY Change 277.5% -63.3%
Total Long-Term Liabilities $302.0K $80.00K
YoY Change 277.5% -63.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.158M $14.58M
Total Long-Term Liabilities $302.0K $80.00K
Total Liabilities $17.97M $14.66M
YoY Change 22.56% -14.95%
SHAREHOLDERS EQUITY
Retained Earnings -$296.3M -$271.3M
YoY Change 9.19% 4.44%
Common Stock $297.9M $280.2M
YoY Change 6.32% 8.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.670M $8.890M
YoY Change
Total Liabilities & Shareholders Equity $19.64M $24.99M
YoY Change -21.43% 50.31%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$6.412M -$3.262M
YoY Change 96.57% -62.39%
Depreciation, Depletion And Amortization $74.00K $20.00K
YoY Change 270.0% -4.76%
Cash From Operating Activities -$6.127M -$192.0K
YoY Change 3091.15% -97.16%
INVESTING ACTIVITIES
Capital Expenditures $165.0K $355.0K
YoY Change -53.52% 859.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $50.00K
YoY Change -100.0% -98.97%
Cash From Investing Activities -$165.0K -$305.0K
YoY Change -45.9% -106.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.96M $1.641M
YoY Change 567.7% 107.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $11.05M $1.583M
YoY Change 597.92% 100.38%
NET CHANGE
Cash From Operating Activities -$6.127M -$192.0K
Cash From Investing Activities -$165.0K -$305.0K
Cash From Financing Activities $11.05M $1.583M
Net Change In Cash $4.756M $1.086M
YoY Change 337.94% -194.43%
FREE CASH FLOW
Cash From Operating Activities -$6.127M -$192.0K
Capital Expenditures $165.0K $355.0K
Free Cash Flow -$6.292M -$547.0K
YoY Change 1050.27% -91.96%

Facts In Submission

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165000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
646000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
869000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1641000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10957000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
10900000 USD
CY2014Q1 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
50000 USD
CY2015Q1 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
0 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
83000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1358000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1449000 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
8000 USD
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1444000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3268000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
290000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
280000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-289852000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-296264000 USD
CY2014Q1 us-gaap Royalty Revenue
RoyaltyRevenue
0 USD
CY2015Q1 us-gaap Royalty Revenue
RoyaltyRevenue
88000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
37000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
475000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
491000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
289000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8075
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0196
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0167
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0158
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0139
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
0 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
3021977 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
6859682 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
9881659 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
500000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1300000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1200000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.48
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.05
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
40000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1919000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1670000 USD
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37872179 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47632760 shares

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