2021 Q1 Form 10-Q Financial Statement

#000162828021009745 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $62.00K $340.0K $177.0K
YoY Change -64.97% 466.67%
Cost Of Revenue $0.00
YoY Change
Gross Profit $62.00K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $10.33M $7.960M
YoY Change 385.37%
% of Gross Profit 16661.29%
Research & Development $6.227M $5.420M $4.222M
YoY Change 47.49% 42.26%
% of Gross Profit 10043.55%
Depreciation & Amortization $500.0K $480.0K $300.0K
YoY Change 66.67% 128.57%
% of Gross Profit 806.45%
Operating Expenses $16.56M $13.38M $6.002M
YoY Change 175.91% 145.05%
Operating Profit -$16.50M -$5.825M
YoY Change 183.23%
Interest Expense $70.00K $110.0K
YoY Change -56.0%
% of Operating Profit
Other Income/Expense, Net $69.00K $0.00 $332.0K
YoY Change -79.22%
Pretax Income -$16.43M -$12.94M
YoY Change 151.26%
Income Tax
% Of Pretax Income
Net Earnings -$16.43M -$12.94M -$5.493M
YoY Change 199.09% 151.26%
Net Earnings / Revenue -26498.39% -3805.88% -3103.39%
Basic Earnings Per Share -$0.27 -$0.61
Diluted Earnings Per Share -$0.27 -$218.4K -$0.61
COMMON SHARES
Basic Shares Outstanding 59.89M shares 8.944M shares
Diluted Shares Outstanding 59.89M shares 8.944M shares

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $531.1M $431.9M
YoY Change
Cash & Equivalents $445.8M $333.6M $15.75M
Short-Term Investments $85.38M $98.28M
Other Short-Term Assets $3.000M $500.0K
YoY Change
Inventory $1.541M $551.0K
Prepaid Expenses $3.041M $452.0K
Receivables $0.00
Other Receivables $412.0K $163.0K
Total Short-Term Assets $536.2M $433.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $8.682M $8.441M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $377.0K $407.0K
YoY Change
Total Long-Term Assets $9.402M $9.191M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $536.2M $433.1M
Total Long-Term Assets $9.402M $9.191M
Total Assets $545.6M $442.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $2.100M
YoY Change
Accrued Expenses $4.201M $5.147M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.396M $8.094M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $589.0K $717.0K
YoY Change
Total Long-Term Liabilities $589.0K $717.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.396M $8.094M
Total Long-Term Liabilities $589.0K $717.0K
Total Liabilities $9.869M $10.71M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$71.80M -$55.36M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $535.8M $431.6M $83.33M
YoY Change
Total Liabilities & Shareholders Equity $545.6M $442.3M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$16.43M -$12.94M -$5.493M
YoY Change 199.09% 151.26%
Depreciation, Depletion And Amortization $500.0K $480.0K $300.0K
YoY Change 66.67% 128.57%
Cash From Operating Activities -$14.87M -$5.490M -$5.074M
YoY Change 193.1% 60.53%
INVESTING ACTIVITIES
Capital Expenditures $838.0K -$120.0K $1.063M
YoY Change -21.17% -64.71%
Acquisitions
YoY Change
Other Investing Activities $12.72M $5.400M
YoY Change -112.42%
Cash From Investing Activities $11.88M $5.270M $2.952M
YoY Change 302.54% -112.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$103.0M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $115.2M 316.1M $45.00K
YoY Change 255826.67% 479.13%
NET CHANGE
Cash From Operating Activities -$14.87M -5.490M -$5.074M
Cash From Investing Activities $11.88M 5.270M $2.952M
Cash From Financing Activities $115.2M 316.1M $45.00K
Net Change In Cash $112.2M 315.9M -$2.077M
YoY Change -5500.96% 4209.28%
FREE CASH FLOW
Cash From Operating Activities -$14.87M -$5.490M -$5.074M
Capital Expenditures $838.0K -$120.0K $1.063M
Free Cash Flow -$15.71M -$5.370M -$6.137M
YoY Change 155.99% 74.35%

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333928000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17828000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
446106000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15751000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
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1650000 shares
CY2021Q1 us-gaap Shares Issued Price Per Share
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67.00
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
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103000000.0 USD
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
7600000 USD
CY2021Q1 seer Cash Cash Equivalents Restricted Cash And Investments
CashCashEquivalentsRestrictedCashAndInvestments
531100000 USD
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71800000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the fair value of common stock, stock-based compensation, accrued research and development expenses, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</span></div>
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
445763000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
333585000 USD
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
343000 USD
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
343000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
446106000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
333928000 USD
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431863000 USD
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530019000 USD
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28000 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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0 USD
CY2021Q1 us-gaap Assets Fair Value Disclosure
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530047000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
431808000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
57000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
431863000 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
622000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
0 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
919000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
551000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
1541000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
551000 USD
CY2021Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
335000 USD
CY2020Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
120000 USD
CY2021Q1 seer Other Receivables Other Current
OtherReceivablesOtherCurrent
178000 USD
CY2020Q4 seer Other Receivables Other Current
OtherReceivablesOtherCurrent
142000 USD
CY2021Q1 seer Other Receivables Excluding Other Related Party Receivables Net Current
OtherReceivablesExcludingOtherRelatedPartyReceivablesNetCurrent
513000 USD
CY2020Q4 seer Other Receivables Excluding Other Related Party Receivables Net Current
OtherReceivablesExcludingOtherRelatedPartyReceivablesNetCurrent
262000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11515000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10792000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2833000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2351000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8682000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8441000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
500000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
300000 USD
CY2021Q1 seer Accrued Compensation
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1446000 USD
CY2020Q4 seer Accrued Compensation
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2866000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
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1314000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1074000 USD
CY2021Q1 seer Restricted Stock Liability
RestrictedStockLiability
483000 USD
CY2020Q4 seer Restricted Stock Liability
RestrictedStockLiability
484000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
958000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
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723000 USD
CY2021Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
4201000 USD
CY2020Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
5147000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
300000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
300000 USD
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
105000000 shares
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
61309349 shares
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
61309349 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
59261051 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
59261051 shares
CY2021Q1 seer Proceeds From Return On Profit
ProceedsFromReturnOnProfit
11400000 USD
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6153968 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9551105 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.55
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
768624 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
59.94
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
399174 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.44
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
81201 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.70
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9839354 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1616370 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.44
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1279000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6039000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
579000 USD
CY2020Q2 seer Operating Lease Annual Lease Base Rent Increase Decrease
OperatingLeaseAnnualLeaseBaseRentIncreaseDecrease
900000 USD
CY2020Q2 seer Lessee Operating Lease Abatement Period
LesseeOperatingLeaseAbatementPeriod
P9M
CY2020Q2 seer Operating Lease Lease Income Lease Payment At End Of Term
OperatingLeaseLeaseIncomeLeasePaymentAtEndOfTerm
1200000 USD
CY2020Q2 seer Operating Lease Lease Income Lease Payments Tenant Incentives
OperatingLeaseLeaseIncomeLeasePaymentsTenantIncentives
2400000 USD
CY2020Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000 USD
CY2020Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
596000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1783000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1833000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1884000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
13178000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
20553000 USD
CY2021Q1 us-gaap Purchase Obligation
PurchaseObligation
4600000 USD
CY2020Q4 us-gaap Purchase Obligation
PurchaseObligation
3100000 USD
CY2021Q1 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
100000 USD
CY2020Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
100000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-16429000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-5493000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59887842 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59887842 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8944284 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8944284 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.27
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.61
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11181256 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30711502 shares

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