2018 Q1 Form 10-K Financial Statement

#000101749118000026 Filed on March 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017
Revenue $0.00 $0.00 $511.0K
YoY Change -91.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.140M $2.410M $7.210M
YoY Change 48.61% 26.84% -7.33%
% of Gross Profit
Research & Development $217.0K $240.0K $3.463M
YoY Change -47.33% -60.66% -41.11%
% of Gross Profit
Depreciation & Amortization $13.00K $20.00K $117.0K
YoY Change -76.79% -118.18% 10.38%
% of Gross Profit
Operating Expenses $2.352M $2.650M $10.68M
YoY Change 26.93% 5.58% -21.92%
Operating Profit -$2.352M -$10.68M
YoY Change 26.93% -21.92%
Interest Expense $0.00 -$50.00K -$83.00K
YoY Change -100.0% -102.27% -91.56%
% of Operating Profit
Other Income/Expense, Net $81.00K $100.0K -$1.074M
YoY Change -105.22% -117.86%
Pretax Income -$2.270M -$2.600M -$11.75M
YoY Change -33.24% 712.5% 53.39%
Income Tax
% Of Pretax Income
Net Earnings -$2.271M -$2.450M $321.0K
YoY Change -128.13% 716.67% -104.32%
Net Earnings / Revenue 62.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.283M -$4.804M $800.0K
COMMON SHARES
Basic Shares Outstanding 16.34M shares 15.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.680M $6.330M $6.330M
YoY Change 51.06% 202.87% 202.87%
Cash & Equivalents $5.678M $6.331M $6.330M
Short-Term Investments
Other Short-Term Assets $240.0K $260.0K $260.0K
YoY Change -82.61% -83.23% -83.23%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.918M $6.592M $6.590M
YoY Change 15.0% 81.4% 81.54%
LONG-TERM ASSETS
Property, Plant & Equipment $66.00K $79.00K $80.00K
YoY Change -53.52% -51.83% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.00K $35.00K $40.00K
YoY Change -44.62% -41.67% -95.56%
Total Long-Term Assets $102.0K $114.0K $120.0K
YoY Change -50.72% -89.31% -88.79%
TOTAL ASSETS
Total Short-Term Assets $5.918M $6.592M $6.590M
Total Long-Term Assets $102.0K $114.0K $120.0K
Total Assets $6.020M $6.706M $6.710M
YoY Change 12.46% 42.68% 42.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $340.0K $60.00K $60.00K
YoY Change -30.61% -92.11% -92.11%
Accrued Expenses $929.0K $650.0K $1.510M
YoY Change 70.46% -51.24% -22.56%
Deferred Revenue $12.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.690M $1.583M $1.580M
YoY Change -34.75% -85.98% -86.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $42.00K $58.00K $750.0K
YoY Change -37.31% -23.68% -18.48%
Total Long-Term Liabilities $42.00K $58.00K $750.0K
YoY Change -37.31% -23.68% -18.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.690M $1.583M $1.580M
Total Long-Term Liabilities $42.00K $58.00K $750.0K
Total Liabilities $1.732M $2.335M $2.340M
YoY Change -61.6% -80.89% -80.85%
SHAREHOLDERS EQUITY
Retained Earnings -$318.3M -$316.0M
YoY Change 3.25% -0.1%
Common Stock $322.5M $320.4M
YoY Change 4.36% 3.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.288M $4.371M $4.370M
YoY Change
Total Liabilities & Shareholders Equity $6.020M $6.706M $6.710M
YoY Change 12.46% 42.68% 42.77%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017
OPERATING ACTIVITIES
Net Income -$2.271M -$2.450M $321.0K
YoY Change -128.13% 716.67% -104.32%
Depreciation, Depletion And Amortization $13.00K $20.00K $117.0K
YoY Change -76.79% -118.18% 10.38%
Cash From Operating Activities -$310.0K -$2.480M -$10.47M
YoY Change -88.52% -8.49% -19.88%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $210.0K $12.21M
YoY Change 4260.71%
Cash From Investing Activities $210.0K $12.21M
YoY Change 2000.0% 4507.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.73M
YoY Change -27.29%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K 130.0K 2.500M
YoY Change -100.98% -115.66% -77.28%
NET CHANGE
Cash From Operating Activities -310.0K -2.480M -10.47M
Cash From Investing Activities 210.0K 12.21M
Cash From Financing Activities 70.00K 130.0K 2.500M
Net Change In Cash -240.0K -2.140M 4.240M
YoY Change -114.37% -39.38% -335.56%
FREE CASH FLOW
Cash From Operating Activities -$310.0K -$2.480M -$10.47M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$2.480M -$10.47M
YoY Change -8.49% -19.99%

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0 USD
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279000 USD
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270000 USD
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0 USD
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32000 USD
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374000 USD
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300000 USD
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58000 USD
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77000 USD
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400000 USD
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641000 USD
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1392000 USD
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18000 USD
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0 USD
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0.001
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164000 USD
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79000 USD
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461000 USD
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0 USD
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5000 USD
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10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
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10000000.0 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
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0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2016Q4 us-gaap Preferred Stock Value
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0 USD
CY2017Q4 us-gaap Preferred Stock Value
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0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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177000 USD
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261000 USD
CY2017Q1 us-gaap Proceeds From Divestiture Of Businesses
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11500000 USD
CY2017Q1 us-gaap Proceeds From Divestiture Of Businesses
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11500000 USD
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14762000 USD
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10733000 USD
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2200000 USD
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7800000 USD
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3000 USD
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
CY2016 us-gaap Proceeds From Warrant Exercises
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0 USD
CY2017 us-gaap Proceeds From Warrant Exercises
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289000 USD
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530000 USD
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521000 USD
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0 USD
CY2016 us-gaap Repayments Of Notes Payable
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3113000 USD
CY2017 us-gaap Repayments Of Notes Payable
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7129000 USD
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5880000 USD
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3463000 USD
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5763000 USD
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511000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.8002
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7235
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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0.0178
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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0.0136
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
186000 shares
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247000 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
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2318000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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7084000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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228392 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
293296 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
18.91
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
46398 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.23
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
414865 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
369000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.23
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.37
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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355559 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
17.61
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
16.08
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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0 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y4M12D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M20D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M6D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M6D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1300000 USD
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
800000 USD
CY2016 us-gaap Stock Issued1
StockIssued1
249000 USD
CY2017 us-gaap Stock Issued1
StockIssued1
0 USD
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0 shares
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0 shares
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
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249000 USD
CY2015Q4 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity
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4371000 USD
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0.1
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2882000 USD
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3047000 USD
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713000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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2368000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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68000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
34000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
97000 USD
CY2017Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
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800000 USD
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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6517000 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11892000 shares
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of these consolidated financial statements in conformity with generally accepted accounting principles (&#8220;GAAP&#8221;) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company&#8217;s most significant estimates relate to the valuation of stock based compensation, the valuation of its warrant liabilities, the impairment of long-lived assets and valuation allowances for the Company&#8217;s deferred tax assets.&#160;The Company&#8217;s actual results may differ from these estimates under different assumptions or conditions. </font></div></div>

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