2020 Q4 Form 10-K Financial Statement

#000143774921005031 Filed on March 04, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2018
Revenue $37.70M $4.264M $477.1M
YoY Change 784.15% 171.77% 3788.3%
Cost Of Revenue $4.300M $130.0K $95.27M
YoY Change 3207.69% 26.21%
Gross Profit $33.40M $4.134M $381.8M
YoY Change 707.93% 181.99% 3011.79%
Gross Profit Margin 88.59% 96.95% 80.03%
Selling, General & Admin $3.400M $3.497M $12.88M
YoY Change -2.77% -8.65% 4.69%
% of Gross Profit 10.18% 84.59% 3.37%
Research & Development $3.000M $3.924M $13.02M
YoY Change -23.55% 31.99% -21.96%
% of Gross Profit 8.98% 94.92% 3.41%
Depreciation & Amortization $130.0K $130.0K $69.63K
YoY Change 0.0% 550.0% -47.33%
% of Gross Profit 0.39% 3.14% 0.02%
Operating Expenses $6.600M $7.421M $122.0M
YoY Change -11.06% 9.12% 291.91%
Operating Profit $26.80M -$3.470M $355.1M
YoY Change -872.33% -37.38% -1983.9%
Interest Expense -$600.0K -$3.600M $15.48M
YoY Change -83.33% -35.71% 4.88%
% of Operating Profit -2.24% 4.36%
Other Income/Expense, Net $100.0K $600.0K $78.94M
YoY Change -83.33% -99.24% 470122.69%
Pretax Income $26.30M -$6.500M $411.6M
YoY Change -504.62% -109.62% -1173.96%
Income Tax $6.100M -$2.000M -$10.17M
% Of Pretax Income 23.19% -2.47%
Net Earnings $20.20M -$4.503M $421.8M
YoY Change -548.59% -108.59% -1264.07%
Net Earnings / Revenue 53.58% -105.61% 88.42%
Basic Earnings Per Share -$0.06 $5.28
Diluted Earnings Per Share $260.3K -$0.06 $5.18
COMMON SHARES
Basic Shares Outstanding 77.40M 80.94M shares 79.92M
Diluted Shares Outstanding 82.71M

Balance Sheet

Concept 2020 Q4 2019 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.9M $65.20M $100.7M
YoY Change 80.83% -35.25% 406.03%
Cash & Equivalents $117.9M $65.25M $100.7M
Short-Term Investments
Other Short-Term Assets $2.100M $100.9M $15.80M
YoY Change -97.92% 538.61% 24.41%
Inventory $20.27M $9.653M $2.900M
Prepaid Expenses
Receivables $3.340M $4.168M $2.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $143.6M $180.0M $121.3M
YoY Change -20.24% 48.44% 224.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.104M $2.618M $200.0K
YoY Change -19.64% 1428.72% 100.0%
Goodwill $898.3K $898.3K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $676.9K $856.8K $81.10M
YoY Change -20.99% -19.09% -23.71%
Total Long-Term Assets $6.223M $18.52M $82.10M
YoY Change -66.4% -77.45% -23.49%
TOTAL ASSETS
Total Short-Term Assets $143.6M $180.0M $121.3M
Total Long-Term Assets $6.223M $18.52M $82.10M
Total Assets $149.8M $198.6M $203.4M
YoY Change -24.54% -2.4% 40.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.278M $3.054M $1.700M
YoY Change -58.15% 80.87% 30.77%
Accrued Expenses $8.286M $8.637M $5.500M
YoY Change -4.07% -10.49% 30.95%
Deferred Revenue $3.281M $2.298M
YoY Change 42.75%
Short-Term Debt $0.00 $80.04M $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $80.00M
YoY Change -100.0%
Total Short-Term Liabilities $10.48M $91.74M $11.30M
YoY Change -88.57% 709.14% 66.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $75.50M
YoY Change -100.0% 6.19%
Other Long-Term Liabilities $9.600M $9.000M $13.60M
YoY Change 6.67% -33.82% -96.51%
Total Long-Term Liabilities $9.600M $9.000M $89.10M
YoY Change 6.67% -89.9% -80.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.48M $91.74M $11.30M
Total Long-Term Liabilities $9.600M $9.000M $89.10M
Total Liabilities $20.04M $100.8M $100.5M
YoY Change -80.12% 0.25% -78.52%
SHAREHOLDERS EQUITY
Retained Earnings -$95.19M -$123.0M
YoY Change -22.63% 6.25%
Common Stock $225.0M $220.8M
YoY Change 1.89% 0.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.8M $97.78M $102.9M
YoY Change
Total Liabilities & Shareholders Equity $149.8M $198.6M $203.4M
YoY Change -24.54% -2.4% 40.57%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2018
OPERATING ACTIVITIES
Net Income $20.20M -$4.503M $421.8M
YoY Change -548.59% -108.59% -1264.07%
Depreciation, Depletion And Amortization $130.0K $130.0K $69.63K
YoY Change 0.0% 550.0% -47.33%
Cash From Operating Activities $45.95M -$14.26M $68.87M
YoY Change -422.23% 297.21% -474.57%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $102.3K
YoY Change -100.0% 2.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $78.34M
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $78.24M
YoY Change -100.0% -78239.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -6.720M -980.0K -$3.813M
YoY Change 585.71% -58.3% 551.09%
NET CHANGE
Cash From Operating Activities 45.95M -14.26M $68.87M
Cash From Investing Activities 0.000 0.000 $78.24M
Cash From Financing Activities -6.720M -980.0K -$3.813M
Net Change In Cash 39.23M -15.24M $143.3M
YoY Change -357.41% -121.07% -851.32%
FREE CASH FLOW
Cash From Operating Activities $45.95M -$14.26M $68.87M
Capital Expenditures $0.00 $0.00 $102.3K
Free Cash Flow $45.95M -$14.26M $68.77M
YoY Change -422.23% 305.11% -471.99%

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CY2020 us-gaap Increase Decrease In Deferred Revenue
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Use of Estimates</b></i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. The most significant estimates include the variables used in the calculation of fair value of warrants granted or issued by the Company, reported amounts of revenue, and the valuation of deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. Actual results could differ from these estimates.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </p>
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CY2020 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><i><b>Concentration of Credit Risk</b></i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has cash in bank accounts that exceeds the Federal Deposit Insurance Corporation insured limits. The Company has <em style="font: inherit;">not</em> experienced any losses on its cash accounts and <em style="font: inherit;">no</em> allowance has been provided for potential credit losses because management believes the potential for losses is remote.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"> </p>
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1 pure
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1 pure
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5.18
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation Deductions
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0.005 pure
CY2019 us-gaap Operating Lease Payments
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0.210 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.013 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.008 pure
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0.010 pure
CY2019 siga Effective Income Tax Rate Reconciliation Loss From Fair Value Of Common Warrants
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0.105 pure
CY2018 siga Effective Income Tax Rate Reconciliation Loss From Fair Value Of Common Warrants
EffectiveIncomeTaxRateReconciliationLossFromFairValueOfCommonWarrants
0.004 pure
CY2019 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
-0.060 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.003 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002 pure
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.021 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.003 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0 pure
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.247 pure
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234 pure
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.289 pure
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.025 pure
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5649188 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5738964 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
5738964 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
57601 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
89776 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
-0 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
-0 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
-0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
-0 USD
CY2020 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
-0 USD
CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
-0 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
-0 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5591587 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5649188 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5738964 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
5600000 USD
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
65000 USD
CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
38000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
700000 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
600000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
600000 USD
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M12D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0453 pure
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
550904 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
368467 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
402078 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
404258 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
406994 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
575887 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2708588 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
359467 USD
CY2020Q4 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
12500000 USD

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