2016 Q1 Form 10-Q Financial Statement

#000101749116000164 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $626.0K $475.0K
YoY Change 31.79%
Cost Of Revenue $233.0K $233.0K
YoY Change 0.0%
Gross Profit $393.0K $242.0K
YoY Change 62.4%
Gross Profit Margin 62.78% 50.95%
Selling, General & Admin $2.220M $3.100M
YoY Change -28.39% 1.31%
% of Gross Profit 564.89% 1280.99%
Research & Development $2.602M $3.268M
YoY Change -20.38% 126.32%
% of Gross Profit 662.09% 1350.41%
Depreciation & Amortization $72.00K $74.00K
YoY Change -2.7% 270.0%
% of Gross Profit 18.32% 30.58%
Operating Expenses $4.826M $6.364M
YoY Change -24.17% 79.62%
Operating Profit -$4.826M -$6.122M
YoY Change -21.17% 72.79%
Interest Expense -$279.0K -$158.0K
YoY Change 76.58% 47.66%
% of Operating Profit
Other Income/Expense, Net $2.312M -$290.0K
YoY Change -897.24% -203.2%
Pretax Income -$2.510M -$6.410M
YoY Change -60.84% 96.63%
Income Tax $4.000K $0.00
% Of Pretax Income
Net Earnings -$2.505M -$6.412M
YoY Change -60.93% 96.57%
Net Earnings / Revenue -400.16% -1349.89%
Basic Earnings Per Share -$0.46 -$0.13
Diluted Earnings Per Share -$0.95 -$0.13
COMMON SHARES
Basic Shares Outstanding 5.505M shares 47.63M shares
Diluted Shares Outstanding 5.602M shares 47.63M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.910M $16.16M
YoY Change -57.24% -28.15%
Cash & Equivalents $6.907M $16.16M
Short-Term Investments
Other Short-Term Assets $1.120M $1.150M
YoY Change -2.61% 85.48%
Inventory $405.0K $217.0K
Prepaid Expenses
Receivables $688.0K $513.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.119M $18.04M
YoY Change -49.44% -23.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.235M $1.449M
YoY Change -14.77% 6.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.00K $153.0K
YoY Change -49.02% 64.52%
Total Long-Term Assets $1.313M $1.602M
YoY Change -18.04% 10.25%
TOTAL ASSETS
Total Short-Term Assets $9.119M $18.04M
Total Long-Term Assets $1.313M $1.602M
Total Assets $10.43M $19.64M
YoY Change -46.88% -21.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.100M $880.0K
YoY Change 25.0% -11.11%
Accrued Expenses $2.902M $5.016M
YoY Change -42.15% 153.46%
Deferred Revenue
YoY Change
Short-Term Debt $8.750M $530.0K
YoY Change 1550.94% -80.08%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.25M $7.158M
YoY Change 85.08% -50.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.300M
YoY Change -100.0%
Other Long-Term Liabilities $179.0K $302.0K
YoY Change -40.73% 277.5%
Total Long-Term Liabilities $179.0K $302.0K
YoY Change -40.73% 277.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.25M $7.158M
Total Long-Term Liabilities $179.0K $302.0K
Total Liabilities $17.28M $17.97M
YoY Change -3.85% 22.56%
SHAREHOLDERS EQUITY
Retained Earnings -$311.4M -$296.3M
YoY Change 5.1% 9.19%
Common Stock $304.5M $297.9M
YoY Change 2.22% 6.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.843M $1.670M
YoY Change
Total Liabilities & Shareholders Equity $10.43M $19.64M
YoY Change -46.88% -21.43%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$2.505M -$6.412M
YoY Change -60.93% 96.57%
Depreciation, Depletion And Amortization $72.00K $74.00K
YoY Change -2.7% 270.0%
Cash From Operating Activities -$6.122M -$6.127M
YoY Change -0.08% 3091.15%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $165.0K
YoY Change -96.36% -53.52%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$6.000K -$165.0K
YoY Change -96.36% -45.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.947M $10.96M
YoY Change -9.22% 567.7%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.148M $11.05M
YoY Change -17.2% 597.92%
NET CHANGE
Cash From Operating Activities -$6.122M -$6.127M
Cash From Investing Activities -$6.000K -$165.0K
Cash From Financing Activities $9.148M $11.05M
Net Change In Cash $3.020M $4.756M
YoY Change -36.5% 337.94%
FREE CASH FLOW
Cash From Operating Activities -$6.122M -$6.127M
Capital Expenditures $6.000K $165.0K
Free Cash Flow -$6.128M -$6.292M
YoY Change -2.61% 1050.27%

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CY2016Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
6364000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
5210000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6122000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4817000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
465000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
215000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
274000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
78000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
200000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
179000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
165000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1062000 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
939000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10957000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9804000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
10900000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
2200000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
7800000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
83000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1290000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1235000 USD
CY2015Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2000 USD
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1000 USD
CY2015Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
755000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3268000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2806000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
280000 USD
CY2016Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
180000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-308875000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-311380000 USD
CY2015Q1 us-gaap Royalty Revenue
RoyaltyRevenue
88000 USD
CY2016Q1 us-gaap Royalty Revenue
RoyaltyRevenue
367000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
37000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
259000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
475000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
626000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
289000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
355000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0167
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0178
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0139
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0157
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55050000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
0 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
5681818 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
8837351 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
14519169 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
27437 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1502000 shares
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
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.76
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4053605 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5528168 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.95
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.71
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.89
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.11
CY2016Q1 us-gaap Share Price
SharePrice
0.58
CY2016Q1 us-gaap Share Price
SharePrice
1.35
CY2015Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2016Q1 us-gaap Stock Issued1
StockIssued1
249000 USD
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
249000 USD
CY2016Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
5000000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
-9944000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
-6843000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
971000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47633000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56021000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47633000 shares

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