2018 Q4 Form 10-Q Financial Statement

#000121390018015823 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $2.260M $2.083M $1.395M
YoY Change 9.71% 49.31% 335.92%
Cost Of Revenue $2.140M $1.858M $1.297M
YoY Change 17.58% 43.25% 398.87%
Gross Profit $120.0K $224.8K $97.90K
YoY Change -50.0% 129.67% 63.16%
Gross Profit Margin 5.31% 10.79% 7.02%
Selling, General & Admin $1.900M $690.5K $381.1K
YoY Change 45.04% 81.16% -11.36%
% of Gross Profit 1583.33% 307.09% 389.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $160.0K $150.0K $150.0K
YoY Change 6.67% 0.0% 0.0%
% of Gross Profit 133.33% 66.71% 153.22%
Operating Expenses $1.890M $1.302M $381.1K
YoY Change 44.27% 241.7% -11.36%
Operating Profit -$1.770M -$1.078M -$1.044M
YoY Change 65.42% 3.18% 182.24%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$960.00 $1.003K
YoY Change -195.71%
Pretax Income -$1.780M -$1.078M -$1.043M
YoY Change 66.36% 3.37% 93.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.830M -$1.026M -$1.043M
YoY Change 71.03% -1.65% 93.2%
Net Earnings / Revenue -80.97% -49.26% -74.79%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.714M -$4.905M -$4.952M
COMMON SHARES
Basic Shares Outstanding 4.260M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.370M $2.910M $6.130M
YoY Change -72.04% -52.53% 1513.16%
Cash & Equivalents $1.368M $2.913M $6.098M
Short-Term Investments $0.00 $0.00 $30.00K
Other Short-Term Assets $97.70M $200.0K $400.0K
YoY Change 40608.33% -50.0% 566.67%
Inventory $0.00
Prepaid Expenses
Receivables $1.746M $2.758M $360.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.362M $5.981M $6.890M
YoY Change -46.49% -13.19% 710.59%
LONG-TERM ASSETS
Property, Plant & Equipment $71.34K $72.71K $10.00K
YoY Change 949.69% 627.07%
Goodwill $4.162M $4.162M
YoY Change 0.0%
Intangibles $2.444M $2.591M
YoY Change -19.3%
Long-Term Investments $10.00K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $6.677M $6.833M $7.340M
YoY Change -7.22% -6.91% -7.21%
TOTAL ASSETS
Total Short-Term Assets $4.362M $5.981M $6.890M
Total Long-Term Assets $6.677M $6.833M $7.340M
Total Assets $11.04M $12.81M $14.23M
YoY Change -28.08% -9.95% 62.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.620M $1.990M $930.0K
YoY Change 21.86% 113.98% 165.71%
Accrued Expenses
YoY Change
Deferred Revenue $1.335M
YoY Change -20.21%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.959M $4.069M $1.730M
YoY Change 3.61% 135.22% 67.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.959M $4.069M $1.730M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.960M $4.020M $1.730M
YoY Change 3.66% 132.37% -37.09%
SHAREHOLDERS EQUITY
Retained Earnings -$10.66M -$8.832M
YoY Change 83.24%
Common Stock $2.130K $42.60K
YoY Change -95.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.080M $8.745M $12.50M
YoY Change
Total Liabilities & Shareholders Equity $11.04M $12.81M $14.23M
YoY Change -28.08% -9.95% 62.44%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$1.830M -$1.026M -$1.043M
YoY Change 71.03% -1.65% 93.2%
Depreciation, Depletion And Amortization $160.0K $150.0K $150.0K
YoY Change 6.67% 0.0% 0.0%
Cash From Operating Activities -$1.540M -$30.00K $230.0K
YoY Change 25.2% -113.04% -141.07%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$70.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.00K -$10.00K $0.00
YoY Change
Cash From Investing Activities $0.00 -$80.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 230.0K
YoY Change -100.0% -100.0% -560.0%
NET CHANGE
Cash From Operating Activities -1.540M -30.00K 230.0K
Cash From Investing Activities 0.000 -80.00K 0.000
Cash From Financing Activities 0.000 0.000 230.0K
Net Change In Cash -1.540M -110.0K 460.0K
YoY Change 26.23% -123.91% -175.41%
FREE CASH FLOW
Cash From Operating Activities -$1.540M -$30.00K $230.0K
Capital Expenditures -$10.00K -$70.00K $0.00
Free Cash Flow -$1.530M $40.00K $230.0K
YoY Change 24.39% -82.61%

Facts In Submission

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Intangible assets consist of $2,766,000 of proprietary knowledge and technology, which is being amortized over 20 years, and $1,113,000 of customer contracts, which is being amortized over 2.5 years. In addition, intangible assets include trademarks of $28,820 and website of $5,000, which are being amortized over 5 years.
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sgbx Conversion Of Preferred Stock To Common Stock
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CY2018Q3 us-gaap Payments Of Distributions To Affiliates
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0 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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sgbx Warranty Offered On Completed Contracts
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CY2018Q3 us-gaap Revenue Remaining Performance Obligation
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CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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100 pure
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RevenueFromContractWithCustomerExcludingAssessedTax
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100 pure
CY2018Q3 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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sgbx Revenue From Contract With Customer Excluding Assessed Tax Percentage
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100 pure
us-gaap Property Plant And Equipment Useful Life
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P5Y
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CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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732257 USD
CY2018Q3 us-gaap Adjustment For Amortization
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CY2017Q3 us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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145064 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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145064 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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145064 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
140741 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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1867717 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
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CY2017Q4 us-gaap Short Term Investments
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CY2018Q3 us-gaap Accounts Receivable Gross Current
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CY2017Q4 us-gaap Accounts Receivable Gross Current
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3040110 USD
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
34235 USD
CY2018Q3 us-gaap Accounts Receivable Net Current
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CY2017Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
CostsInExcessOfBillingsOnUncompletedContractsOrPrograms
-1611873 USD
CY2017Q4 us-gaap Accounts Receivable Net Current
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3005875 USD
CY2017Q4 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
AccountsReceivableBilledForLongTermContractsOrPrograms
-5622111 USD
CY2018Q3 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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-1974051 USD
CY2017Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
CostsInExcessOfBillingsOnUncompletedContractsOrPrograms
-1611873 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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384461 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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sgbx Change In Fair Value Related To Conversion Of Convertible Debentures
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-288134 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
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-96327 USD
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
USD
CY2018Q3 sgbx Estimated Income Loss On Uncompleted Contracts
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CY2017Q4 sgbx Estimated Income Loss On Uncompleted Contracts
EstimatedIncomeLossOnUncompletedContracts
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CY2018Q3 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
9902751 USD
CY2017Q4 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
4010238 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Concentrations of credit risk</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> – </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents. The Company places its cash with high credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limits. The Company has not experienced any losses in its account and believes that it is not exposed to any significant credit risk on the account.</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">With respect to receivables, concentrations of credit risk are limited to a few customers in the construction industry. The Company performs ongoing credit evaluations of its customers’ financial condition and, generally, requires no collateral from its customers other than normal lien rights. At <span id="fs_RE8L5TFEXC00000000000000000000FM">September 30, 2018</span> and <span id="fs_SMNWWADYPS00000000000000000000FM">December 31, 2017</span>, 67% and 81%, respectively, of the Company’s accounts receivable were due from two customers.</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Revenue relating to four customers represented approximately 11%, <span>14%, 29%</span> and 26%, respectively, of the Company’s total revenue for the <span id="fs_G5OTP1JKWG00000000000000000000FM">three months ended September 30, 2018</span>. Revenue relating to one customer represented approximately 83% of the Company’s total revenue for the <span id="fs_1RXBFY2ILS00000000000000000000FM">three months ended September 30, 2017</span>. Revenue relating to one customer represented approximately 41% of the Company’s total revenue for the <span id="fs_TLRVIOIKW000000000000000000000FM">nine months ended September 30, 2018</span>. Revenue relating to two customers represented approximately 51% and 25%, respectively, of the Company’s total revenue for the <span id="fs_I0ZNVSDCM800000000000000000000FM">nine months ended September 30, 2017</span>.</span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p> <p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">Cost of revenue relating to <span>four</span> and one vendors represented approximately 85% and 59%, respectively, of the Company’s total cost of revenue for the <span id="fs_40EYB0R13K00000000000000000000FM">three months ended September 30, 2018</span> and <span id="fs_T8HU3IJ94W00000000000000000000fs">2017</span>. Cost of revenue relating to one and two vendors represented approximately 52% and 77%, respectively, of the Company’s total cost of revenue for the <span id="fs_X8GWRESF2800000000000000000000FM">nine months ended September 30, 2018</span> and <span id="fs_UNKF3P0ICG00000000000000000000fs">2017</span>. The Company believes it has access to alternative suppliers, with limited disruption to the business, should circumstances change with its existing suppliers.</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></p>
CY2018Q3 us-gaap Accounts Receivable Billed For Long Term Contracts Or Programs
AccountsReceivableBilledForLongTermContractsOrPrograms
-11876802 USD
CY2018Q3 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs Expected To Be Collected Within One Year
CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear
107689 USD
CY2017Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs Expected To Be Collected Within One Year
CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear
61175 USD
CY2018Q3 us-gaap Billings In Excess Of Cost Current
BillingsInExcessOfCostCurrent
2081740 USD
CY2017Q4 us-gaap Billings In Excess Of Cost Current
BillingsInExcessOfCostCurrent
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CY2018Q3 sgbx Costs Incurred On Uncompleted Contracts
CostsIncurredOnUncompletedContracts
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CY2017Q4 sgbx Costs Incurred On Uncompleted Contracts
CostsIncurredOnUncompletedContracts
3681965 USD
CY2017Q3 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0 USD
CY2018Q3 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0 USD
us-gaap Amortization Of Financing Costs And Discounts
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330388 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-1026037 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-1043301 USD
us-gaap Net Income Loss
NetIncomeLoss
-3013042 USD
us-gaap Net Income Loss
NetIncomeLoss
-3439303 USD
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
277934 USD
sgbx Share Based Non Vested Stock Options Weighted Average Term One
ShareBasedNonVestedStockOptionsWeightedAverageTermOne
P1Y2M26D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.00
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4177890 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4260041 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1647916 shares
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.71
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.09
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4260041 shares
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
2583334 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
645833 USD
CY2017 sgbx Loss On Conversion Of Convertible Debentures
LossOnConversionOfConvertibleDebentures
1018475 USD
CY2017Q4 sgbx Construction Contracts Backlog
ConstructionContractsBacklog
76659029 USD
CY2016Q4 sgbx Construction Contracts Backlog
ConstructionContractsBacklog
541291 USD
sgbx New Contracts Received During Year
NewContractsReceivedDuringYear
32112767 USD
CY2017 sgbx New Contracts Received During Year
NewContractsReceivedDuringYear
81179323 USD
CY2017 sgbx Construction Backlog Gross
ConstructionBacklogGross
81720614 USD
sgbx Contract Revenue
ContractRevenue
5932150 USD
CY2017 sgbx Contract Revenue
ContractRevenue
5061585 USD
CY2018Q3 sgbx Construction Contracts Backlog
ConstructionContractsBacklog
102839646 USD
CY2017Q4 sgbx Construction Contracts Backlog
ConstructionContractsBacklog
76659029 USD
sgbx Number Of Large Contracts
NumberOfLargeContracts
2 Number
CY2018Q1 sgbx Number Of Large Contracts
NumberOfLargeContracts
1 Number
sgbx Construction Backlog Contract Revenue
ConstructionBacklogContractRevenue
55000000 USD
CY2017Q3 sgbx Construction Backlog Contract Revenue
ConstructionBacklogContractRevenue
15000000 USD
CY2018Q1 sgbx Construction Backlog Contract Revenue
ConstructionBacklogContractRevenue
27000000 USD
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
500000 USD

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