2020 Q1 Form 10-K Financial Statement

#000139770220000007 Filed on March 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019
Revenue $18.93M $18.63M $63.35M
YoY Change 48.31% 62.46% 83.33%
Cost Of Revenue $5.250M $4.720M $15.93M
YoY Change 57.23% 28.61% 46.47%
Gross Profit $13.68M $13.91M $47.43M
YoY Change 45.15% 78.3% 100.26%
Gross Profit Margin 72.27% 74.66% 74.86%
Selling, General & Admin $19.69M $18.16M $63.22M
YoY Change 42.02% 55.08% 81.56%
% of Gross Profit 143.92% 130.53% 133.3%
Research & Development $3.131M $3.260M $12.27M
YoY Change 15.66% -3.83% 19.63%
% of Gross Profit 22.88% 23.43% 25.88%
Depreciation & Amortization $184.0K $180.0K $712.0K
YoY Change 5.75% -5.26% 37.72%
% of Gross Profit 1.34% 1.29% 1.5%
Operating Expenses $22.82M $21.42M $75.49M
YoY Change 37.71% 41.85% 67.47%
Operating Profit -$9.140M -$7.507M -$28.07M
YoY Change 27.9% 2.88% 31.18%
Interest Expense $1.202M -$780.0K $4.952M
YoY Change -11.09% -33.33% 13.55%
% of Operating Profit
Other Income/Expense, Net -$3.000K -$10.00K -$21.05M
YoY Change -99.98% -99.86% 74.53%
Pretax Income -$9.940M -$8.290M -$52.42M
YoY Change -58.86% -46.93% 39.29%
Income Tax $8.000K
% Of Pretax Income
Net Earnings -$9.941M -$8.291M -$52.42M
YoY Change -58.85% -46.91% 39.29%
Net Earnings / Revenue -52.51% -44.49% -82.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$317.2K -$266.7K -$2.283M
COMMON SHARES
Basic Shares Outstanding 31.35M shares 30.87M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.60M $108.9M $90.70M
YoY Change 529.68% 262.8%
Cash & Equivalents $27.55M $39.18M $39.20M
Short-Term Investments $70.10M $69.73M $51.50M
Other Short-Term Assets $1.900M $2.900M $2.900M
YoY Change 35.71% 107.14%
Inventory $12.10M $10.32M $10.30M
Prepaid Expenses
Receivables $8.670M $8.601M $8.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $120.3M $112.5M $112.5M
YoY Change 314.03% 192.0% 192.21%
LONG-TERM ASSETS
Property, Plant & Equipment $2.707M $2.734M $6.100M
YoY Change -4.88% -5.07% 110.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $18.20M $18.20M
YoY Change
Other Assets $3.444M $3.644M $600.0K
YoY Change -13.51% 254.13% -53.85%
Total Long-Term Assets $6.461M $24.91M $24.90M
YoY Change -32.81% 490.47% 492.86%
TOTAL ASSETS
Total Short-Term Assets $120.3M $112.5M $112.5M
Total Long-Term Assets $6.461M $24.91M $24.90M
Total Assets $126.7M $137.4M $137.4M
YoY Change 227.78% 221.46% 221.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.194M $1.898M $1.900M
YoY Change 1.91% 51.6% 46.15%
Accrued Expenses $11.13M $15.03M $15.00M
YoY Change 1443.0% 59.12% 59.57%
Deferred Revenue $174.0K $304.0K
YoY Change 121.9%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.32M $16.93M $16.90M
YoY Change 32.68% 58.24% 57.94%
LONG-TERM LIABILITIES
Long-Term Debt $44.97M $44.88M $44.90M
YoY Change 0.84% 1.53% 1.58%
Other Long-Term Liabilities $3.497M $3.700M $3.700M
YoY Change -21.75% 246.12% -78.49%
Total Long-Term Liabilities $48.47M $48.58M $48.60M
YoY Change -1.22% 7.31% -20.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.32M $16.93M $16.90M
Total Long-Term Liabilities $48.47M $48.58M $48.60M
Total Liabilities $62.79M $65.51M $65.50M
YoY Change -31.36% -9.09% -9.15%
SHAREHOLDERS EQUITY
Retained Earnings -$201.5M -$191.5M
YoY Change 23.4% 37.68%
Common Stock $31.00K $31.00K
YoY Change 3000.0% 3000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.96M $71.89M $71.90M
YoY Change
Total Liabilities & Shareholders Equity $126.7M $137.4M $137.4M
YoY Change 227.78% 221.46% 221.78%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$9.941M -$8.291M -$52.42M
YoY Change -58.85% -46.91% 39.29%
Depreciation, Depletion And Amortization $184.0K $180.0K $712.0K
YoY Change 5.75% -5.26% 37.72%
Cash From Operating Activities -$11.80M -$5.260M -$29.61M
YoY Change 36.83% -2.41% 36.48%
INVESTING ACTIVITIES
Capital Expenditures $134.0K -$200.0K $535.0K
YoY Change 14.53% 81.82% -76.49%
Acquisitions
YoY Change
Other Investing Activities $30.00K -$69.42M -$69.42M
YoY Change -694300.0% -694300.0%
Cash From Investing Activities -$108.0K -$69.62M -$69.96M
YoY Change -7.69% 69520.0% 2981.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $274.0K $2.590M
YoY Change -26.93% 294.82%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 274.0K 1.790M 113.8M
YoY Change -136.83% -878.26% 637.53%
NET CHANGE
Cash From Operating Activities -11.80M -5.260M -29.61M
Cash From Investing Activities -108.0K -69.62M -69.96M
Cash From Financing Activities 274.0K 1.790M 113.8M
Net Change In Cash -11.63M -73.09M 14.19M
YoY Change 22.66% 1177.8% -266.15%
FREE CASH FLOW
Cash From Operating Activities -$11.80M -$5.260M -$29.61M
Capital Expenditures $134.0K -$200.0K $535.0K
Free Cash Flow -$11.93M -$5.060M -$30.15M
YoY Change 36.53% -4.17% 25.76%

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CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2019 us-gaap Provision For Doubtful Accounts
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CY2018 us-gaap Provision For Doubtful Accounts
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CY2018 us-gaap Inventory Write Down
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CY2018 us-gaap Increase Decrease In Inventories
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CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2018 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2019 us-gaap Increase Decrease In Accounts Payable
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615000 USD
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CY2019 us-gaap Increase Decrease In Accrued Liabilities
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CY2018 us-gaap Increase Decrease In Accrued Liabilities
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CY2018 us-gaap Increase Decrease In Other Operating Liabilities
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018 us-gaap Proceeds From Issuance Initial Public Offering
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CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2019 us-gaap Proceeds From Issuance Of Common Stock
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CY2018 us-gaap Proceeds From Issuance Of Common Stock
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2018 us-gaap Payments For Tenant Improvements
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CY2019 silk Stock Issuance Costs Incurred But Not Yet Paid
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CY2018 silk Stock Issuance Costs Incurred But Not Yet Paid
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CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019 us-gaap Conversion Of Stock Amount Issued1
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37121000 USD
CY2018 us-gaap Conversion Of Stock Amount Issued1
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0 USD
CY2019 us-gaap Conversion Of Stock Amount Converted1
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CY2018 us-gaap Conversion Of Stock Amount Converted1
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Management uses judgment when making estimates related to provisions for accounts receivable and excess and obsolete inventories, the valuation of deferred tax assets, the reserves for sales returns, stock-based compensation, and for periods prior to the Company's IPO, the valuation of common stock and redeemable convertible preferred stock warrants. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions.</span></div>
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CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2018 us-gaap Advertising Expense
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15000000 USD
CY2019 silk Debt Instrument Covenant Minimum Net Revenue Amount
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30000000 USD
CY2019 silk Debt Instrument Liquidity Covenant Term
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CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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4454000 USD
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2019Q4 silk Long Term Debt Gross Before Accretion Of Closing Fees
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CY2019Q4 us-gaap Long Term Debt
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CY2019 us-gaap Operating Lease Payments
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CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
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5230000 USD
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761000 USD
CY2019Q4 us-gaap Operating Lease Liability
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4469000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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1002000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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1002000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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1044000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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1920000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q4 us-gaap Purchase Obligation
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CY2018Q4 us-gaap Temporary Equity Shares Authorized
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0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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274000 USD
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2500000 USD
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2227000 USD
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CY2019Q4 us-gaap Deferred Income Tax Liabilities
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862000 USD
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0 USD
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0 USD
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615000 USD
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88000 USD
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118000 USD
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0 USD
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615000 USD
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1436000 USD
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1348000 USD
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17026000 USD
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