2019 Q1 Form 10-Q Financial Statement

#000101008619000011 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $10.46M $1.748M
YoY Change 498.34% -66.4%
Cost Of Revenue $915.0K $0.00
YoY Change
Gross Profit $9.544M $1.748M
YoY Change 446.0%
Gross Profit Margin 91.25% 100.0%
Selling, General & Admin $3.167M $3.057M
YoY Change 3.58% 6.52%
% of Gross Profit 33.18% 174.89%
Research & Development $3.997M $3.008M
YoY Change 32.89% -52.7%
% of Gross Profit 41.88% 172.08%
Depreciation & Amortization $137.7K $29.79K
YoY Change 362.32% -17.25%
% of Gross Profit 1.44% 1.7%
Operating Expenses $8.267M $6.283M
YoY Change 31.58% -33.66%
Operating Profit $2.192M -$4.535M
YoY Change -148.33% 6.23%
Interest Expense $3.928M $3.749M
YoY Change 4.79% 3.88%
% of Operating Profit 179.22%
Other Income/Expense, Net $736.1K $2.235K
YoY Change 32836.42% -49.42%
Pretax Income $2.136M -$11.58M
YoY Change -118.44% -236.29%
Income Tax $506.2K -$2.352K
% Of Pretax Income 23.7%
Net Earnings $1.630M -$11.58M
YoY Change -114.07% 34.44%
Net Earnings / Revenue 15.58% -662.59%
Basic Earnings Per Share $0.02 -$0.15
Diluted Earnings Per Share -$0.02 -$0.15
COMMON SHARES
Basic Shares Outstanding 80.91M 79.04M shares
Diluted Shares Outstanding 82.14M 79.04M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.1M $13.90M
YoY Change 634.53% -53.82%
Cash & Equivalents $102.1M $13.93M
Short-Term Investments
Other Short-Term Assets $15.40M $12.80M
YoY Change 20.31% 16.36%
Inventory $2.017M $2.983M
Prepaid Expenses
Receivables $4.100M $1.264M
Other Receivables $0.00 $0.00
Total Short-Term Assets $123.5M $30.93M
YoY Change 299.38% -52.54%
LONG-TERM ASSETS
Property, Plant & Equipment $2.987M $108.9K
YoY Change 2644.54% -58.66%
Goodwill $898.3K $898.3K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $993.0K $702.2K
YoY Change 41.41% 9.36%
Total Long-Term Assets $82.90M $102.2M
YoY Change -18.89% 6.85%
TOTAL ASSETS
Total Short-Term Assets $123.5M $30.93M
Total Long-Term Assets $82.90M $102.2M
Total Assets $206.4M $133.1M
YoY Change 55.06% -17.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.150M $432.2K
YoY Change 397.36% -80.87%
Accrued Expenses $9.958M $3.586M
YoY Change 177.67% 21.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.11M $4.018M
YoY Change 201.3% -68.01%
LONG-TERM LIABILITIES
Long-Term Debt $76.70M $72.20M
YoY Change 6.23% 6.65%
Other Long-Term Liabilities $11.60M $391.6M
YoY Change -97.04% 4.04%
Total Long-Term Liabilities $88.30M $463.8M
YoY Change -80.96% 4.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.11M $4.018M
Total Long-Term Liabilities $88.30M $463.8M
Total Liabilities $100.4M $467.8M
YoY Change -78.54% 2.36%
SHAREHOLDERS EQUITY
Retained Earnings -$114.2M $200.0K
YoY Change -57180.74% -100.04%
Common Stock $220.2M $214.6M
YoY Change 2.64% 0.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.1M -$334.6M
YoY Change
Total Liabilities & Shareholders Equity $206.4M $133.1M
YoY Change 55.06% -17.21%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $1.630M -$11.58M
YoY Change -114.07% 34.44%
Depreciation, Depletion And Amortization $137.7K $29.79K
YoY Change 362.32% -17.25%
Cash From Operating Activities $9.379K -$8.562M
YoY Change -100.11% 817.68%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$8.951K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -56.59K $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 9.379K -$8.562M
Cash From Investing Activities -8.951K $0.00
Cash From Financing Activities -56.59K $0.00
Net Change In Cash -56.16K -$8.562M
YoY Change -99.34% 660.35%
FREE CASH FLOW
Cash From Operating Activities $9.379K -$8.562M
Capital Expenditures -$10.00K
Free Cash Flow $19.38K
YoY Change

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CY2019Q1 us-gaap Long Term Debt
LongTermDebt
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-56590 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8951 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8561703 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9379 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-11582256 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
1629777 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-11582256 USD
CY2019Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-1506488 USD
CY2018Q1 us-gaap Nonoperating Income Expense
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2235 USD
CY2019Q1 us-gaap Nonoperating Income Expense
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CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
6282845 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
8267130 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4534911 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2191954 USD
CY2018Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3200281 USD
CY2018Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0453
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M22D
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3019928 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
541376 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
352000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
320774 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
304000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
304000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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1197778 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1277984 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1058880 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
992966 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
1263113 USD
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
3534054 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
0 USD
CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8951 USD
CY2019Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
87875 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
56590 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4317615 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3875130 USD
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1172801 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3416135 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6324473 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
171274 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2987432 USD
CY2018Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
200000 USD
CY2019Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
50000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3007827 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3997281 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
11452078 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
11461290 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
68292023 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
66794243 USD
CY2017Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
10701305 USD
CY2018Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
10850136 USD
CY2018Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
11452078 USD
CY2019Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
11461290 USD
CY2017Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
6542448 USD
CY2018Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3754940 USD
CY2018Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
68292023 USD
CY2019Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
66794243 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
9189 USD
CY2018Q4 us-gaap Restructuring Reserve
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509937 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
431251 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-115791261 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-114161484 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1747934 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10459084 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
60000000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
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3056546 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3166566 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
327360 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
408894 USD
CY2018Q1 us-gaap Stock Issued1
StockIssued1
0 USD
CY2019Q1 us-gaap Stock Issued1
StockIssued1
118500 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-323138291 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-334616500 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
102914687 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
106069569 USD
CY2018Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
12380939 USD
CY2019Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
8071873 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79039000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82139108 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79039000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80913320 shares

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