2017 Q2 Form 10-Q Financial Statement

#000101749117000074 Filed on May 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $0.00 $0.00 $626.0K
YoY Change -100.0% -100.0% 31.79%
Cost Of Revenue $233.0K
YoY Change 0.0%
Gross Profit $393.0K
YoY Change 62.4%
Gross Profit Margin 62.78%
Selling, General & Admin $1.600M $1.440M $2.220M
YoY Change -24.53% -35.14% -28.39%
% of Gross Profit 564.89%
Research & Development $839.0K $412.0K $2.602M
YoY Change -66.48% -84.17% -20.38%
% of Gross Profit 662.09%
Depreciation & Amortization $20.00K $56.00K $72.00K
YoY Change -75.0% -22.22% -2.7%
% of Gross Profit 18.32%
Operating Expenses $2.441M $1.853M $4.826M
YoY Change -47.22% -61.6% -24.17%
Operating Profit -$2.441M -$1.853M -$4.826M
YoY Change -47.22% -61.6% -21.17%
Interest Expense $3.000K -$95.00K -$279.0K
YoY Change -101.16% -65.95% 76.58%
% of Operating Profit
Other Income/Expense, Net $719.0K -$1.551M $2.312M
YoY Change -47.59% -167.08% -897.24%
Pretax Income -$1.720M -$3.400M -$2.510M
YoY Change -47.08% 35.46% -60.84%
Income Tax $4.000K
% Of Pretax Income
Net Earnings -$1.474M $8.073M -$2.505M
YoY Change -55.84% -422.28% -60.93%
Net Earnings / Revenue -400.16%
Basic Earnings Per Share $1.04 -$0.46
Diluted Earnings Per Share -$3.868M $1.04 -$0.95
COMMON SHARES
Basic Shares Outstanding 12.77M shares 7.737M shares 5.505M shares
Diluted Shares Outstanding 7.737M shares 5.602M shares

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.820M $3.760M $6.910M
YoY Change 187.5% -45.59% -57.24%
Cash & Equivalents $7.821M $3.762M $6.907M
Short-Term Investments
Other Short-Term Assets $830.0K $1.380M $1.120M
YoY Change 12.16% 23.21% -2.61%
Inventory $405.0K
Prepaid Expenses
Receivables $688.0K
Other Receivables $0.00
Total Short-Term Assets $8.649M $5.146M $9.119M
YoY Change 75.61% -43.57% -49.44%
LONG-TERM ASSETS
Property, Plant & Equipment $121.0K $142.0K $1.235M
YoY Change -89.6% -88.5% -14.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.00K $65.00K $78.00K
YoY Change -42.31% -16.67% -49.02%
Total Long-Term Assets $166.0K $207.0K $1.313M
YoY Change -86.62% -84.23% -18.04%
TOTAL ASSETS
Total Short-Term Assets $8.649M $5.146M $9.119M
Total Long-Term Assets $166.0K $207.0K $1.313M
Total Assets $8.815M $5.353M $10.43M
YoY Change 42.96% -48.69% -46.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.0K $490.0K $1.100M
YoY Change -91.25% -55.45% 25.0%
Accrued Expenses $716.0K $545.0K $2.902M
YoY Change -73.99% -81.22% -42.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $8.750M
YoY Change -100.0% -100.0% 1550.94%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.844M $2.590M $13.25M
YoY Change -86.1% -80.45% 85.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $60.00K $67.00K $179.0K
YoY Change -54.2% -62.57% -40.73%
Total Long-Term Liabilities $60.00K $67.00K $179.0K
YoY Change -54.2% -62.57% -40.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.844M $2.590M $13.25M
Total Long-Term Liabilities $60.00K $67.00K $179.0K
Total Liabilities $2.243M $4.511M $17.28M
YoY Change -85.63% -73.89% -3.85%
SHAREHOLDERS EQUITY
Retained Earnings -$309.7M -$308.2M -$311.4M
YoY Change -1.59% -1.01% 5.1%
Common Stock $316.3M $309.1M $304.5M
YoY Change 3.6% 1.49% 2.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.572M $842.0K -$6.843M
YoY Change
Total Liabilities & Shareholders Equity $8.815M $5.353M $10.43M
YoY Change 42.96% -48.69% -46.88%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$1.474M $8.073M -$2.505M
YoY Change -55.84% -422.28% -60.93%
Depreciation, Depletion And Amortization $20.00K $56.00K $72.00K
YoY Change -75.0% -22.22% -2.7%
Cash From Operating Activities -$2.270M -$2.700M -$6.122M
YoY Change -29.72% -55.9% -0.08%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $6.000K
YoY Change -100.0% -100.0% -96.36%
Acquisitions
YoY Change
Other Investing Activities $250.0K $11.50M $100.0K
YoY Change 38.89% 11400.0%
Cash From Investing Activities $250.0K $11.50M -$6.000K
YoY Change 47.06% -191766.67% -96.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $9.947M
YoY Change -100.0% -9.22%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.080M -7.130M $9.148M
YoY Change -647.75% -177.94% -17.2%
NET CHANGE
Cash From Operating Activities -2.270M -2.700M -$6.122M
Cash From Investing Activities 250.0K 11.50M -$6.000K
Cash From Financing Activities 6.080M -7.130M $9.148M
Net Change In Cash 4.060M 1.670M $3.020M
YoY Change -197.36% -44.7% -36.5%
FREE CASH FLOW
Cash From Operating Activities -$2.270M -$2.700M -$6.122M
Capital Expenditures $0.00 $0.00 $6.000K
Free Cash Flow -$2.270M -$2.700M -$6.128M
YoY Change -29.5% -55.94% -2.61%

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NetCashProvidedByUsedInDiscontinuedOperations
9996000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
94000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
0 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5065000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-1192000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-2505000 USD
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NetIncomeLoss
8073000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
8100000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5314000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3404000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2312000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1551000 USD
CY2016Q4 us-gaap Notes Payable Current
NotesPayableCurrent
6650000 USD
CY2017Q1 us-gaap Notes Payable Current
NotesPayableCurrent
0 USD
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
4826000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
1853000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4826000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1853000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
177000 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
129000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
60000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
65000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
76000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
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67000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
400000 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100000 USD
CY2016Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3200000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
177000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
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181000 USD
CY2017Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
11500000 USD
CY2017Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
11500000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9947000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 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
CY2016Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
3700000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9600000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
164000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
142000 USD
CY2016Q1 us-gaap Recapitalization Costs
RecapitalizationCosts
205000 USD
CY2017Q1 us-gaap Recapitalization Costs
RecapitalizationCosts
0 USD
CY2016Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1000 USD
CY2017Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
755000 USD
CY2017Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7129000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2602000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
412000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-316308000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-308235000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
355000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
284000 USD
CY2016Q1 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 Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0178
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0157
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
246914 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
2317846 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
2070932 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
8000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.60
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
415000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
407000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.23
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.27
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.23
CY2016Q1 us-gaap Stock Issued1
StockIssued1
249000 USD
CY2017Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-7516000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
842000 USD
CY2016Q3 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1700000 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
97000 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5602000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7737000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5505000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7737000 shares

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