2015 Q3 Form 10-Q Financial Statement

#000101749115000069 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $1.273M $462.0K $5.454M
YoY Change -32.93% -91.53% 357.55%
Cost Of Revenue $142.0K $509.0K $75.00K
YoY Change 578.67% -89.32%
Gross Profit $1.131M -$47.00K $5.379M
YoY Change -19.96% -100.87% 997.76%
Gross Profit Margin 88.85% -10.17% 98.62%
Selling, General & Admin $2.410M $2.670M $2.880M
YoY Change -11.4% -7.29% -23.2%
% of Gross Profit 213.09% 53.54%
Research & Development $4.611M $3.107M $2.103M
YoY Change 145.79% 47.74% 37.0%
% of Gross Profit 407.69% 39.1%
Depreciation & Amortization $70.00K $80.00K $20.00K
YoY Change 16.67% 300.0% 0.0%
% of Gross Profit 6.19% 0.37%
Operating Expenses $7.023M $5.776M $4.134M
YoY Change 52.84% 39.72% -9.0%
Operating Profit -$5.892M -$5.823M $1.245M
YoY Change 85.17% -567.71% -130.72%
Interest Expense -$267.0K -$170.0K -$69.00K
YoY Change 506.82% 146.38% -67.61%
% of Operating Profit -5.54%
Other Income/Expense, Net $858.0K $578.0K -$40.00K
YoY Change 1616.0% -1545.0% 21.21%
Pretax Income -$5.030M -$5.250M $1.210M
YoY Change 60.7% -533.88% -129.58%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$5.034M -$5.245M $1.877M
YoY Change 61.71% -379.44% -147.7%
Net Earnings / Revenue -395.44% -1135.28% 34.42%
Basic Earnings Per Share -$0.10 $0.05
Diluted Earnings Per Share -$29.59M -$0.10 $0.05
COMMON SHARES
Basic Shares Outstanding 50.41M shares 50.41M shares 37.90M shares
Diluted Shares Outstanding 50.41M shares 37.91M shares

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.810M $7.430M $17.42M
YoY Change -63.94% -57.35% -29.64%
Cash & Equivalents $5.809M $7.433M $17.42M
Short-Term Investments
Other Short-Term Assets $1.640M $1.310M $990.0K
YoY Change 47.75% 32.32% 65.0%
Inventory $142.0K $411.0K $377.0K
Prepaid Expenses
Receivables $575.0K $664.0K $49.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.165M $9.816M $18.83M
YoY Change -55.55% -47.88% -28.44%
LONG-TERM ASSETS
Property, Plant & Equipment $1.294M $1.425M $1.347M
YoY Change -1.9% 5.79% 137.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $141.0K $149.0K $105.0K
YoY Change 33.02% 41.9% 176.32%
Total Long-Term Assets $1.435M $1.574M $1.452M
YoY Change 0.7% 8.4% 140.4%
TOTAL ASSETS
Total Short-Term Assets $8.165M $9.816M $18.83M
Total Long-Term Assets $1.435M $1.574M $1.452M
Total Assets $9.600M $11.39M $20.29M
YoY Change -51.51% -43.85% -24.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $420.0K $450.0K $1.130M
YoY Change -65.57% -60.18% -22.6%
Accrued Expenses $2.869M $2.532M $1.807M
YoY Change 57.21% 40.12% -33.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.680M $920.0K $1.180M
YoY Change 123.33% -22.03% -54.09%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.855M $4.974M $6.969M
YoY Change 7.34% -28.63% -36.66%
LONG-TERM LIABILITIES
Long-Term Debt $7.190M $3.960M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $190.0K $246.0K $69.00K
YoY Change 227.59% 256.52% -48.89%
Total Long-Term Liabilities $190.0K $246.0K $69.00K
YoY Change 227.59% 256.52% -48.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.855M $4.974M $6.969M
Total Long-Term Liabilities $190.0K $246.0K $69.00K
Total Liabilities $17.51M $14.64M $7.038M
YoY Change 124.5% 108.01% -47.98%
SHAREHOLDERS EQUITY
Retained Earnings -$306.5M -$301.5M -$269.5M
YoY Change 12.47% 11.9% 2.17%
Common Stock $298.6M $298.3M $281.3M
YoY Change 4.95% 6.03% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.911M -$3.250M $11.85M
YoY Change
Total Liabilities & Shareholders Equity $9.600M $11.39M $20.29M
YoY Change -51.51% -43.85% -24.65%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$5.034M -$5.245M $1.877M
YoY Change 61.71% -379.44% -147.7%
Depreciation, Depletion And Amortization $70.00K $80.00K $20.00K
YoY Change 16.67% 300.0% 0.0%
Cash From Operating Activities -$6.590M -$8.610M -$4.630M
YoY Change 61.52% 85.96% -9.22%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$20.00K -$70.00K
YoY Change -57.14% -71.43% -12.5%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00 $680.0K
YoY Change -100.0% 518.18%
Cash From Investing Activities -$20.00K -$20.00K $600.0K
YoY Change -66.67% -103.33% 1400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.990M -90.00K -1.040M
YoY Change 75.7% -91.35% -106.57%
NET CHANGE
Cash From Operating Activities -6.590M -8.610M -4.630M
Cash From Investing Activities -20.00K -20.00K 600.0K
Cash From Financing Activities 4.990M -90.00K -1.040M
Net Change In Cash -1.620M -8.720M -5.070M
YoY Change 24.62% 71.99% -147.03%
FREE CASH FLOW
Cash From Operating Activities -$6.590M -$8.610M -$4.630M
Capital Expenditures -$30.00K -$20.00K -$70.00K
Free Cash Flow -$6.560M -$8.590M -$4.560M
YoY Change 63.59% 88.38% -9.16%

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IncreaseDecreaseInDerivativeLiabilities
0 USD
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41000 USD
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136000 USD
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473000 USD
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384000 USD
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50000 USD
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InventoryRawMaterialsNetOfReserves
108000 USD
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InventoryWorkInProcessNetOfReserves
169000 USD
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InventoryWorkInProcessNetOfReserves
55000 USD
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5454000 USD
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0 USD
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350000 USD
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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-14738000 USD
CY2014Q2 us-gaap Net Income Loss
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1877000 USD
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NonoperatingIncomeExpense
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NonoperatingIncomeExpense
241000 USD
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NonoperatingIncomeExpense
578000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
288000 USD
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153000 USD
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919000 USD
us-gaap Number Of Operating Segments
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1 Segment
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OperatingExpenses
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us-gaap Operating Expenses
OperatingExpenses
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OperatingExpenses
5776000 USD
us-gaap Operating Expenses
OperatingExpenses
12140000 USD
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OperatingIncomeLoss
1245000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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290000 USD
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481000 USD
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OtherAssetsNoncurrent
162000 USD
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OtherAssetsNoncurrent
149000 USD
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OtherLiabilitiesNoncurrent
358000 USD
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OtherLiabilitiesNoncurrent
246000 USD
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OtherNoncashIncomeExpense
0 USD
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OtherNoncashIncomeExpense
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OtherNonoperatingIncomeExpense
29000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
417000 USD
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OtherNonoperatingIncomeExpense
735000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
591000 USD
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42000 USD
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0 USD
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100000 USD
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432000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188000 USD
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PreferredStockParOrStatedValuePerShare
0.001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
0 shares
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PreferredStockSharesOutstanding
0 shares
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PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
646000 USD
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PrepaidExpenseAndOtherAssetsCurrent
1028000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2176000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10869000 USD
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ProceedsFromIssuanceOfPrivatePlacement
10900000 USD
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ProceedsFromRepaymentsOfShortTermDebt
-1525000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
0 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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1430
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
40520 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0169
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0158
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
50000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
83000 USD
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1358000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1425000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
17000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2103000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3547000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3107000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6375000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
290000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
280000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-289852000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2014Q2 us-gaap Royalty Revenue
RoyaltyRevenue
0 USD
us-gaap Royalty Revenue
RoyaltyRevenue
0 USD
CY2015Q2 us-gaap Royalty Revenue
RoyaltyRevenue
75000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
163000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
387000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
424000 USD
CY2014Q2 us-gaap Sales Revenue Net
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5454000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
5454000 USD
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SalesRevenueNet
462000 USD
us-gaap Sales Revenue Net
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937000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1036000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
614000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8075
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0139
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
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CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3956000 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4475000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.58
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2050
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4060
CY2014Q4 us-gaap Stockholders Equity
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StockholdersEquity
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CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37886000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50414000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49031000 shares

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