2022 Q1 Form 10-Q Financial Statement

#000144637122000016 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $734.0K $715.0K
YoY Change 2.66%
Cost Of Revenue $485.0K $506.0K
YoY Change -4.15%
Gross Profit $249.0K $209.0K
YoY Change 19.14%
Gross Profit Margin 33.92% 29.23%
Selling, General & Admin $437.0K $410.0K
YoY Change 6.59%
% of Gross Profit 175.5% 196.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $294.0K $357.0K
YoY Change -17.65%
% of Gross Profit 118.07% 170.81%
Operating Expenses $1.536M $1.586M
YoY Change -3.15% 19.34%
Operating Profit -$802.0K -$871.0K
YoY Change -7.92% 66.86%
Interest Expense $320.0K $313.0K
YoY Change 2.24% 83.04%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$802.0K -$871.0K
YoY Change -7.92% -303.98%
Income Tax
% Of Pretax Income
Net Earnings -$787.0K -$854.0K
YoY Change -7.85% -304.8%
Net Earnings / Revenue -107.22% -119.44%
Basic Earnings Per Share -$0.07 -$0.08
Diluted Earnings Per Share -$0.07 -$0.08
COMMON SHARES
Basic Shares Outstanding 10.75M shares 10.74M shares
Diluted Shares Outstanding 10.75M shares 10.74M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.117M $714.0K
YoY Change 196.5%
Cash & Equivalents $2.117M $714.0K
Short-Term Investments
Other Short-Term Assets $192.0K $258.0K
YoY Change -25.58%
Inventory
Prepaid Expenses
Receivables $904.0K $718.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.213M $1.690M
YoY Change 90.12%
LONG-TERM ASSETS
Property, Plant & Equipment $66.00M $71.67M
YoY Change -7.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $709.0K $4.000M
YoY Change -82.28%
Total Long-Term Assets $67.16M $76.86M
YoY Change -12.62%
TOTAL ASSETS
Total Short-Term Assets $3.213M $1.690M
Total Long-Term Assets $67.16M $76.86M
Total Assets $70.37M $78.55M
YoY Change -10.41% -15.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $481.0K $762.0K
YoY Change -36.88%
Accrued Expenses
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 $481.0K $762.0K
YoY Change -36.88%
LONG-TERM LIABILITIES
Long-Term Debt $41.49M $38.60M
YoY Change 7.5%
Other Long-Term Liabilities $293.0K $405.0K
YoY Change -27.65%
Total Long-Term Liabilities $41.78M $39.00M
YoY Change 7.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $481.0K $762.0K
Total Long-Term Liabilities $41.78M $39.00M
Total Liabilities $42.26M $39.76M
YoY Change 6.29% 5.1%
SHAREHOLDERS EQUITY
Retained Earnings -$67.09M -$56.63M
YoY Change 18.49% 41.02%
Common Stock $110.0K $110.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.66M $38.09M
YoY Change
Total Liabilities & Shareholders Equity $70.37M $78.55M
YoY Change -10.41% -15.92%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$787.0K -$854.0K
YoY Change -7.85% -304.8%
Depreciation, Depletion And Amortization $294.0K $357.0K
YoY Change -17.65%
Cash From Operating Activities -$824.0K -$679.0K
YoY Change 21.35% 65.61%
INVESTING ACTIVITIES
Capital Expenditures -$505.0K -$414.0K
YoY Change 21.98%
Acquisitions
YoY Change
Other Investing Activities -$5.000K -$48.00K
YoY Change -89.58%
Cash From Investing Activities -$510.0K -$462.0K
YoY Change 10.39% -106.46%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.502M $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$824.0K -$679.0K
Cash From Investing Activities -$510.0K -$462.0K
Cash From Financing Activities $1.502M $0.00
Net Change In Cash $168.0K -$1.141M
YoY Change -114.72% 22.03%
FREE CASH FLOW
Cash From Operating Activities -$824.0K -$679.0K
Capital Expenditures -$505.0K -$414.0K
Free Cash Flow -$319.0K -$265.0K
YoY Change 20.38%

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CY2022Q1 us-gaap Net Rentable Area
NetRentableArea
27000 sqft
CY2022Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
1
CY2022Q1 srtr Percentof Real Estate Properties Leased
PercentofRealEstatePropertiesLeased
0.86
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2100000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
500000 USD
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
4000000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2117000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
714000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
458000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
767000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2575000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1481000 USD
CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform with current period’s presentation. The reclassifications had no effect on the Company’s condensed consolidated financial condition, results of operations, or cash flows.</span></div>
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2021Q4 us-gaap Security Deposit
SecurityDeposit
100000 USD
CY2022Q1 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P10Y4M24D
CY2022Q1 us-gaap Security Deposit
SecurityDeposit
100000 USD
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
577000 USD
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
594000 USD
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
157000 USD
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
121000 USD
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
734000 USD
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
715000 USD
CY2022Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
200000 USD
CY2022Q1 srtr Deferred Accounts Receivable
DeferredAccountsReceivable
0 USD
CY2022Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
327000 USD
CY2022Q1 us-gaap Notes Payable
NotesPayable
41434000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
1619000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
2373000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
2413000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
2276000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
1973000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
7922000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
18576000 USD
CY2022Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
388000 USD
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
388000 USD
CY2022Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
263000 USD
CY2021Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
258000 USD
CY2022Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
125000 USD
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
130000 USD
CY2022Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
5000 USD
CY2021Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
9000 USD
CY2022Q1 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
341000 USD
CY2021Q4 us-gaap Deferred Costs Leasing Gross
DeferredCostsLeasingGross
350000 USD
CY2022Q1 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
90000 USD
CY2021Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
80000 USD
CY2022Q1 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
251000 USD
CY2021Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
270000 USD
CY2022Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
11000 USD
CY2021Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
5000 USD
CY2022Q1 us-gaap Secured Debt
SecuredDebt
18000000 USD
CY2022Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
2400000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
23761000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18000000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
41761000 USD
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
108000 USD
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
103000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
320000 USD
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
212000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
210000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
313000 USD
CY2022Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
200000 USD
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
200000 USD
CY2022Q1 srtr Common Stock Outstanding Percentage
CommonStockOutstandingPercentage
0.05
CY2022Q1 srtr Redemption Pricefor Shares Percentage
RedemptionPriceforSharesPercentage
1
CY2022Q1 srtr Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-802000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-871000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-15000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-17000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-787000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-854000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10752966 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10739729 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10752966 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10739729 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
204323 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
217475 shares
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
4000000 USD
CY2022Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.070
CY2022Q1 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
2400000 USD

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