2023 Q2 Form 10-Q Financial Statement

#000155837023008830 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.126M $4.137M
YoY Change 11.09% 66.75%
Cost Of Revenue $3.709M $3.723M
YoY Change 28.34% 90.53%
Gross Profit $400.0K $400.0K
YoY Change -51.46% -24.1%
Gross Profit Margin 9.69% 9.67%
Selling, General & Admin $7.455M $7.718M
YoY Change -12.92% -2.09%
% of Gross Profit 1863.75% 1929.5%
Research & Development $12.83M $12.41M
YoY Change 37.97% 58.96%
% of Gross Profit 3207.5% 3101.25%
Depreciation & Amortization $218.0K $236.0K
YoY Change -15.18% -10.27%
% of Gross Profit 54.5% 59.0%
Operating Expenses $20.29M $20.12M
YoY Change 13.58% 28.28%
Operating Profit -$19.87M -$19.71M
YoY Change 16.62% 30.01%
Interest Expense $2.310M $4.652M
YoY Change -98.08% 3.52%
% of Operating Profit
Other Income/Expense, Net -$555.0K $21.03M
YoY Change 967.31% -79.35%
Pretax Income -$20.42M $1.324M
YoY Change -119.59% -98.47%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$20.42M $1.324M
YoY Change -119.59% -98.47%
Net Earnings / Revenue -494.98% 32.0%
Basic Earnings Per Share -$0.04 $0.00
Diluted Earnings Per Share -$0.04 $0.00
COMMON SHARES
Basic Shares Outstanding 479.9M 479.8M
Diluted Shares Outstanding 567.1M 540.5M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.1M $136.6M
YoY Change -10.14% -18.16%
Cash & Equivalents $28.55M $45.09M
Short-Term Investments $96.52M $91.52M
Other Short-Term Assets $5.708M $6.163M
YoY Change -23.88% -15.47%
Inventory $9.194M $8.195M
Prepaid Expenses
Receivables $3.675M $3.404M
Other Receivables $2.034M $130.0K
Total Short-Term Assets $138.2M $146.3M
YoY Change -12.68% -8.87%
LONG-TERM ASSETS
Property, Plant & Equipment $925.0K $1.042M
YoY Change -26.76% -21.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.453M $8.157M
YoY Change -34.24% -67.56%
Other Assets $1.415M $2.998M
YoY Change -68.07% 184.17%
Total Long-Term Assets $15.13M $12.20M
YoY Change -11.13% -55.68%
TOTAL ASSETS
Total Short-Term Assets $138.2M $146.3M
Total Long-Term Assets $15.13M $12.20M
Total Assets $153.4M $158.5M
YoY Change -12.53% -15.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $975.0K $646.0K
YoY Change -43.77% -69.08%
Accrued Expenses $14.89M $13.56M
YoY Change 3.32% 10.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $15.86M $14.28M
YoY Change -49.6% -54.65%
LONG-TERM LIABILITIES
Long-Term Debt $39.11M $37.48M
YoY Change -22.79% -21.98%
Other Long-Term Liabilities $6.408M $2.576M
YoY Change -91.71% 664.39%
Total Long-Term Liabilities $6.408M $2.576M
YoY Change -94.99% 664.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.86M $14.28M
Total Long-Term Liabilities $6.408M $2.576M
Total Liabilities $63.17M $56.41M
YoY Change -60.37% -79.68%
SHAREHOLDERS EQUITY
Retained Earnings -$828.0M -$807.5M
YoY Change -6.57%
Common Stock $493.0K $480.0K
YoY Change 3.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.54M $64.46M
YoY Change
Total Liabilities & Shareholders Equity $153.4M $158.5M
YoY Change -12.53% -15.72%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$20.42M $1.324M
YoY Change -119.59% -98.47%
Depreciation, Depletion And Amortization $218.0K $236.0K
YoY Change -15.18% -10.27%
Cash From Operating Activities -$17.98M -$19.85M
YoY Change 26.81% -1.54%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $57.00K
YoY Change -100.0% -141.61%
Acquisitions
YoY Change
Other Investing Activities -$4.076M $30.00M
YoY Change -118.1% 51.51%
Cash From Investing Activities -$4.076M $29.95M
YoY Change -118.16% 52.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.526M -807.0K
YoY Change -399.35% -113.35%
NET CHANGE
Cash From Operating Activities -17.98M -19.85M
Cash From Investing Activities -4.076M 29.95M
Cash From Financing Activities 5.526M -807.0K
Net Change In Cash -16.53M 9.292M
YoY Change -357.78% 67.42%
FREE CASH FLOW
Cash From Operating Activities -$17.98M -$19.85M
Capital Expenditures $0.00 $57.00K
Free Cash Flow -$17.98M -$19.91M
YoY Change 27.47% -0.58%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period. In the accompanying unaudited consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, recoverability of long-lived assets, deferred taxes and valuation allowances, fair value of investments, derivative assets and liabilities, obsolete inventory, warranty obligations, variable consideration related to revenue, bad debts, depreciable lives of property and equipment, and accruals for clinical study costs, which are accrued based on estimates of work performed under contract. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable, including assumptions as to future events. These estimates form the basis for making judgments about the carrying values of assets and liabilities and recorded revenues and expenses. Actual results could differ from those estimates; however, management does not believe that such differences would be material.</p>
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