2024 Q2 Form 10-Q Financial Statement

#000155837024007966 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $4.865M $5.047M
YoY Change 17.91% 22.0%
Cost Of Revenue $4.567M $4.712M
YoY Change 23.13% 26.56%
Gross Profit $298.0K $300.0K
YoY Change -25.5% -25.0%
Gross Profit Margin 6.13% 5.94%
Selling, General & Admin $8.991M $8.129M
YoY Change 20.6% 5.33%
% of Gross Profit 3017.11% 2709.67%
Research & Development $10.80M $10.44M
YoY Change -15.82% -15.86%
% of Gross Profit 3624.16% 3479.33%
Depreciation & Amortization $344.0K $169.0K
YoY Change 57.8% -28.39%
% of Gross Profit 115.44% 56.33%
Operating Expenses $19.79M $18.57M
YoY Change -2.44% -7.73%
Operating Profit -$19.49M -$18.23M
YoY Change -1.89% -7.49%
Interest Expense $2.085M $2.047M
YoY Change -9.74% -56.0%
% of Operating Profit
Other Income/Expense, Net -$794.0K -$645.0K
YoY Change 43.06% -103.07%
Pretax Income -$20.29M -$18.88M
YoY Change -0.67% -1525.76%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$20.29M -$18.88M
YoY Change -0.67% -1525.76%
Net Earnings / Revenue -417.0% -374.02%
Basic Earnings Per Share -$0.03 -$0.03
Diluted Earnings Per Share -$0.03 -$0.03
COMMON SHARES
Basic Shares Outstanding 530.9M 530.7M
Diluted Shares Outstanding 616.6M 614.6M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.63M $98.71M
YoY Change -32.34% -27.74%
Cash & Equivalents $34.85M $90.54M
Short-Term Investments $49.77M $8.169M
Other Short-Term Assets
YoY Change
Inventory $7.215M $7.963M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $103.0M $118.2M
YoY Change -25.48% -19.24%
LONG-TERM ASSETS
Property, Plant & Equipment $3.306M $1.436M
YoY Change 257.41% 37.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.547M $8.339M
YoY Change -43.52% -31.63%
TOTAL ASSETS
Total Short-Term Assets $103.0M $118.2M
Total Long-Term Assets $8.547M $8.339M
Total Assets $111.6M $126.5M
YoY Change -27.26% -20.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.331M $675.0K
YoY Change 36.51% 4.49%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.12M $29.82M
YoY Change 108.78% 108.86%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $6.010M $6.114M
YoY Change -6.21% 137.34%
Total Long-Term Liabilities $6.010M $6.114M
YoY Change -6.21% 137.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.12M $29.82M
Total Long-Term Liabilities $6.010M $6.114M
Total Liabilities $73.33M $69.90M
YoY Change 16.08% 23.9%
SHAREHOLDERS EQUITY
Retained Earnings -$908.4M -$888.1M
YoY Change 9.71% 9.98%
Common Stock $535.0K $530.0K
YoY Change 8.52% 10.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $578.0K $18.96M
YoY Change
Total Liabilities & Shareholders Equity $111.6M $126.5M
YoY Change -27.26% -20.2%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$20.29M -$18.88M
YoY Change -0.67% -1525.76%
Depreciation, Depletion And Amortization $344.0K $169.0K
YoY Change 57.8% -28.39%
Cash From Operating Activities -$11.14M -$20.26M
YoY Change -38.04% 2.09%
INVESTING ACTIVITIES
Capital Expenditures $2.092M $316.0K
YoY Change 454.39%
Acquisitions
YoY Change
Other Investing Activities -$41.44M $25.70M
YoY Change 916.61% -14.36%
Cash From Investing Activities -$43.53M $25.38M
YoY Change 967.93% -15.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.018M 10.03M
YoY Change -118.42% -1343.37%
NET CHANGE
Cash From Operating Activities -11.14M -20.26M
Cash From Investing Activities -43.53M 25.38M
Cash From Financing Activities -1.018M 10.03M
Net Change In Cash -55.69M 15.15M
YoY Change 236.82% 63.05%
FREE CASH FLOW
Cash From Operating Activities -$11.14M -$20.26M
Capital Expenditures $2.092M $316.0K
Free Cash Flow -$13.23M -$20.58M
YoY Change -26.41% 3.38%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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, allowance for credit losses, 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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