2016 Q3 Form 10-Q Financial Statement

#000101749116000215 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue $4.317M $464.0K $462.0K
YoY Change 239.12% 0.43% -91.53%
Cost Of Revenue $111.0K $93.00K $509.0K
YoY Change -21.83% -81.73% 578.67%
Gross Profit $826.0K $371.0K -$47.00K
YoY Change -26.97% -889.36% -100.87%
Gross Profit Margin 19.13% 79.96% -10.17%
Selling, General & Admin $1.550M $2.120M $2.670M
YoY Change -35.68% -20.6% -7.29%
% of Gross Profit 187.65% 571.43%
Research & Development $170.0K $2.503M $3.107M
YoY Change -96.31% -19.44% 47.74%
% of Gross Profit 20.58% 674.66%
Depreciation & Amortization $70.00K $80.00K $80.00K
YoY Change 0.0% 0.0% 300.0%
% of Gross Profit 8.47% 21.56%
Operating Expenses $1.720M $4.625M $5.776M
YoY Change -75.51% -19.93% 39.72%
Operating Profit -$1.720M -$4.625M -$5.823M
YoY Change -70.81% -20.57% -567.71%
Interest Expense -$234.0K -$258.0K -$170.0K
YoY Change -12.36% 51.76% 146.38%
% of Operating Profit
Other Income/Expense, Net $124.0K $1.372M $578.0K
YoY Change -85.55% 137.37% -1545.0%
Pretax Income -$1.600M -$3.250M -$5.250M
YoY Change -68.19% -38.1% -533.88%
Income Tax $1.000K $2.000K $0.00
% Of Pretax Income
Net Earnings -$1.291M -$3.338M -$5.245M
YoY Change -74.35% -36.36% -379.44%
Net Earnings / Revenue -29.91% -719.4% -1135.28%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$5.864M -$15.90M -$0.10
COMMON SHARES
Basic Shares Outstanding 66.35M shares 47.10M shares 50.41M shares
Diluted Shares Outstanding 50.41M shares

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.610M $2.720M $7.430M
YoY Change -3.44% -63.39% -57.35%
Cash & Equivalents $5.614M $2.723M $7.433M
Short-Term Investments
Other Short-Term Assets $420.0K $740.0K $1.310M
YoY Change -74.39% -43.51% 32.32%
Inventory $800.0K $778.0K $411.0K
Prepaid Expenses
Receivables $398.0K $687.0K $664.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.236M $4.925M $9.816M
YoY Change -11.38% -49.83% -47.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.091M $1.163M $1.425M
YoY Change -15.69% -18.39% 5.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $83.00K $78.00K $149.0K
YoY Change -41.13% -47.65% 41.9%
Total Long-Term Assets $1.174M $1.241M $1.574M
YoY Change -18.19% -21.16% 8.4%
TOTAL ASSETS
Total Short-Term Assets $7.236M $4.925M $9.816M
Total Long-Term Assets $1.174M $1.241M $1.574M
Total Assets $8.410M $6.166M $11.39M
YoY Change -12.4% -45.86% -43.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.430M $1.600M $450.0K
YoY Change 240.48% 255.56% -60.18%
Accrued Expenses $3.144M $2.753M $2.532M
YoY Change 9.59% 8.73% 40.12%
Deferred Revenue
YoY Change
Short-Term Debt $7.370M $8.070M $920.0K
YoY Change 175.0% 777.17% -22.03%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.61M $13.27M $4.974M
YoY Change 83.89% 166.69% -28.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $3.960M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $80.00K $131.0K $246.0K
YoY Change -57.89% -46.75% 256.52%
Total Long-Term Liabilities $80.00K $131.0K $246.0K
YoY Change -57.89% -46.75% 256.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.61M $13.27M $4.974M
Total Long-Term Liabilities $80.00K $131.0K $246.0K
Total Liabilities $15.95M $15.61M $14.64M
YoY Change -8.93% 6.61% 108.01%
SHAREHOLDERS EQUITY
Retained Earnings -$316.0M -$314.7M -$301.5M
YoY Change 3.09% 4.38% 11.9%
Common Stock $308.5M $305.3M $298.3M
YoY Change 3.3% 2.35% 6.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.537M -$9.441M -$3.250M
YoY Change
Total Liabilities & Shareholders Equity $8.410M $6.166M $11.39M
YoY Change -12.4% -45.86% -43.85%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.291M -$3.338M -$5.245M
YoY Change -74.35% -36.36% -379.44%
Depreciation, Depletion And Amortization $70.00K $80.00K $80.00K
YoY Change 0.0% 0.0% 300.0%
Cash From Operating Activities -$860.0K -$3.230M -$8.610M
YoY Change -86.95% -62.49% 85.96%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$20.00K
YoY Change -100.0% -50.0% -71.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $180.0K $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00 $170.0K -$20.00K
YoY Change -100.0% -950.0% -103.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.750M -1.110M -90.00K
YoY Change -24.85% 1133.33% -91.35%
NET CHANGE
Cash From Operating Activities -860.0K -3.230M -8.610M
Cash From Investing Activities 0.000 170.0K -20.00K
Cash From Financing Activities 3.750M -1.110M -90.00K
Net Change In Cash 2.890M -4.170M -8.720M
YoY Change -278.4% -52.18% 71.99%
FREE CASH FLOW
Cash From Operating Activities -$860.0K -$3.230M -$8.610M
Capital Expenditures $0.00 -$10.00K -$20.00K
Free Cash Flow -$860.0K -$3.220M -$8.590M
YoY Change -86.89% -62.51% 88.38%

Facts In Submission

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OtherAccruedLiabilitiesCurrent
507000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
274000 USD
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
78000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
200000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
131000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-24000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1062000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
737000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10869000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9605000 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
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
83000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1290000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1163000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1526000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3107000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6375000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2787000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5593000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
280000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-308875000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-314718000 USD
CY2015Q2 us-gaap Royalty Revenue
RoyaltyRevenue
75000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
163000 USD
CY2016Q2 us-gaap Royalty Revenue
RoyaltyRevenue
304000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
671000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
387000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
424000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
110000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
369000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
462000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
937000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
464000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0136
us-gaap Sales Revenue Net
SalesRevenueNet
1090000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
614000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1094000 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 Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0169
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0178
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0139
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
796000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1667000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.72
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4054000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4925000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.95
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.68
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.71
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.06
CY2016Q2 us-gaap Share Price
SharePrice
0.5
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
249000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
249000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
-9944000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
-9441000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50414000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49031000 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
61817000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
58433000 shares

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