2016 Q4 Form 10-Q Financial Statement

#000101749116000234 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $0.00 $4.317M $1.273M
YoY Change -100.0% 239.12% -32.93%
Cost Of Revenue $111.0K $142.0K
YoY Change -21.83%
Gross Profit $826.0K $1.131M
YoY Change -26.97% -19.96%
Gross Profit Margin 19.13% 88.85%
Selling, General & Admin $1.900M $1.550M $2.410M
YoY Change -18.8% -35.68% -11.4%
% of Gross Profit 187.65% 213.09%
Research & Development $610.0K $170.0K $4.611M
YoY Change -83.33% -96.31% 145.79%
% of Gross Profit 20.58% 407.69%
Depreciation & Amortization -$110.0K $70.00K $70.00K
YoY Change -237.5% 0.0% 16.67%
% of Gross Profit 8.47% 6.19%
Operating Expenses $2.510M $1.720M $7.023M
YoY Change -58.17% -75.51% 52.84%
Operating Profit -$1.720M -$5.892M
YoY Change -70.81% 85.17%
Interest Expense $2.200M -$234.0K -$267.0K
YoY Change -25.42% -12.36% 506.82%
% of Operating Profit
Other Income/Expense, Net $0.00 $124.0K $858.0K
YoY Change -100.0% -85.55% 1616.0%
Pretax Income -$320.0K -$1.600M -$5.030M
YoY Change -86.27% -68.19% 60.7%
Income Tax $1.000K $0.00
% Of Pretax Income
Net Earnings -$300.0K -$1.291M -$5.034M
YoY Change -87.14% -74.35% 61.71%
Net Earnings / Revenue -29.91% -395.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.154M -$5.864M -$29.59M
COMMON SHARES
Basic Shares Outstanding 7.733M shares 66.35M shares 50.41M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.090M $5.610M $5.810M
YoY Change -46.27% -3.44% -63.94%
Cash & Equivalents $2.087M $5.614M $5.809M
Short-Term Investments
Other Short-Term Assets $1.550M $420.0K $1.640M
YoY Change 15.67% -74.39% 47.75%
Inventory $764.0K $800.0K $142.0K
Prepaid Expenses
Receivables $530.0K $398.0K $575.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.634M $7.236M $8.165M
YoY Change -41.55% -11.38% -55.55%
LONG-TERM ASSETS
Property, Plant & Equipment $164.0K $1.091M $1.294M
YoY Change -87.29% -15.69% -1.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.00K $83.00K $141.0K
YoY Change -78.1% -41.13% 33.02%
Total Long-Term Assets $1.066M $1.174M $1.435M
YoY Change -31.84% -18.19% 0.7%
TOTAL ASSETS
Total Short-Term Assets $3.634M $7.236M $8.165M
Total Long-Term Assets $1.066M $1.174M $1.435M
Total Assets $4.700M $8.410M $9.600M
YoY Change -39.6% -12.4% -51.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $760.0K $1.430M $420.0K
YoY Change -51.9% 240.48% -65.57%
Accrued Expenses $1.333M $3.144M $2.869M
YoY Change -60.13% 9.59% 57.21%
Deferred Revenue
YoY Change
Short-Term Debt $6.650M $7.370M $2.680M
YoY Change -29.26% 175.0% 123.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.29M $12.61M $6.855M
YoY Change -27.99% 83.89% 7.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $7.190M
YoY Change -100.0%
Other Long-Term Liabilities $76.00K $80.00K $190.0K
YoY Change -62.0% -57.89% 227.59%
Total Long-Term Liabilities $76.00K $80.00K $190.0K
YoY Change -62.0% -57.89% 227.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.29M $12.61M $6.855M
Total Long-Term Liabilities $76.00K $80.00K $190.0K
Total Liabilities $12.22M $15.95M $17.51M
YoY Change -31.08% -8.93% 124.5%
SHAREHOLDERS EQUITY
Retained Earnings -$316.3M -$316.0M -$306.5M
YoY Change 2.41% 3.09% 12.47%
Common Stock $308.8M $308.5M $298.6M
YoY Change 3.3% 3.3% 4.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.516M -$7.537M -$7.911M
YoY Change
Total Liabilities & Shareholders Equity $4.700M $8.410M $9.600M
YoY Change -39.6% -12.4% -51.51%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$300.0K -$1.291M -$5.034M
YoY Change -87.14% -74.35% 61.71%
Depreciation, Depletion And Amortization -$110.0K $70.00K $70.00K
YoY Change -237.5% 0.0% 16.67%
Cash From Operating Activities -$2.710M -$860.0K -$6.590M
YoY Change 106.87% -86.95% 61.52%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$30.00K
YoY Change -100.0% -100.0% -57.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0%
Cash From Investing Activities $10.00K $0.00 -$20.00K
YoY Change -108.33% -100.0% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -830.0K 3.750M 4.990M
YoY Change 69.39% -24.85% 75.7%
NET CHANGE
Cash From Operating Activities -2.710M -860.0K -6.590M
Cash From Investing Activities 10.00K 0.000 -20.00K
Cash From Financing Activities -830.0K 3.750M 4.990M
Net Change In Cash -3.530M 2.890M -1.620M
YoY Change 83.85% -278.4% 24.62%
FREE CASH FLOW
Cash From Operating Activities -$2.710M -$860.0K -$6.590M
Capital Expenditures $0.00 $0.00 -$30.00K
Free Cash Flow -$2.710M -$860.0K -$6.560M
YoY Change 127.73% -86.89% 63.59%

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-1398000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-10925000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
471000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
234000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
274000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
83000 USD
CY2015Q4 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
0 USD
CY2016Q3 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
1147000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
200000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
80000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-68000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-64000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-11000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-16000 USD
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
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
216000 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
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1062000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
424000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10869000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14144000 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
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10986000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
409000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6002000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
280000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-308875000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-316009000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
9600000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
5000000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 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
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1091000 USD
CY2015Q3 us-gaap Recapitalization Costs
RecapitalizationCosts
0 USD
us-gaap Recapitalization Costs
RecapitalizationCosts
0 USD
CY2016Q3 us-gaap Recapitalization Costs
RecapitalizationCosts
256000 USD
us-gaap Recapitalization Costs
RecapitalizationCosts
461000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2311000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4611000 USD
CY2015Q3 us-gaap Royalty Revenue
RoyaltyRevenue
188000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
351000 USD
CY2016Q3 us-gaap Royalty Revenue
RoyaltyRevenue
195000 USD
us-gaap Royalty Revenue
RoyaltyRevenue
866000 USD
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
85000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
509000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
172000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
541000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1273000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2210000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4317000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
5407000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
912000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1427000 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
0.0187
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
0.0137
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0136
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
82000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
167000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.23
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
405000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
490000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.46
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.82
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
17.16
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.57
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
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-7537000 USD
CY2016Q3 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1700000 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5042000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4950000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6632000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6108000 shares

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