2015 Q3 Form 10-Q Financial Statement

#000126902615000019 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $4.835M $4.780M $5.836M
YoY Change -19.39% -18.09% -3.54%
Cost Of Revenue $1.640M $1.363M $1.603M
YoY Change -15.42% -14.97% 20.62%
Gross Profit $3.195M $3.417M $4.233M
YoY Change -21.29% -19.28% -10.32%
Gross Profit Margin 66.08% 71.49% 72.53%
Selling, General & Admin $4.325M $4.460M $11.82M
YoY Change -44.02% -62.27% 89.03%
% of Gross Profit 135.37% 130.52% 279.23%
Research & Development $1.676M $1.553M $3.041M
YoY Change -14.92% -48.93% 164.43%
% of Gross Profit 52.46% 45.45% 71.84%
Depreciation & Amortization $560.0K $530.0K $590.0K
YoY Change -6.67% -10.17% 18.0%
% of Gross Profit 17.53% 15.51% 13.94%
Operating Expenses $6.001M $6.013M $14.86M
YoY Change -38.11% -59.54% 100.88%
Operating Profit -$2.806M -$2.596M -$10.63M
YoY Change -50.22% -75.57% 297.46%
Interest Expense $1.147M $1.134M $554.0K
YoY Change 3.61% 104.69% 24.49%
% of Operating Profit
Other Income/Expense, Net -$7.327M -$3.337M -$2.611M
YoY Change -1139.29% 27.81% 566.07%
Pretax Income -$10.13M -$5.933M -$13.24M
YoY Change 105.45% -55.19% 331.8%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.13M -$5.930M -$13.24M
YoY Change 105.48% -55.21% 331.8%
Net Earnings / Revenue -209.51% -124.06% -226.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.013B -$593.0M -$5.758B
COMMON SHARES
Basic Shares Outstanding 65.76M shares 55.37M shares 12.36M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.27M $12.39M $11.55M
YoY Change 8.78% 7.27% 320.0%
Cash & Equivalents $11.27M $12.39M $11.55M
Short-Term Investments
Other Short-Term Assets $1.170M $1.310M $1.460M
YoY Change -28.22% -10.27% 165.45%
Inventory $9.700M $10.61M $12.67M
Prepaid Expenses
Receivables $2.376M $2.509M $3.060M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.52M $26.83M $28.75M
YoY Change -11.78% -6.68% 93.96%
LONG-TERM ASSETS
Property, Plant & Equipment $2.668M $3.009M $3.949M
YoY Change -34.12% -23.8% 35.7%
Goodwill $6.163M $6.163M $6.163M
YoY Change 0.0%
Intangibles $3.812M $3.938M $4.438M
YoY Change -11.27%
Long-Term Investments
YoY Change
Other Assets $35.00K $35.00K $35.00K
YoY Change -12.5% 0.0% -12.5%
Total Long-Term Assets $12.68M $13.15M $14.59M
YoY Change -12.93% -9.87% 3.81%
TOTAL ASSETS
Total Short-Term Assets $24.52M $26.83M $28.75M
Total Long-Term Assets $12.68M $13.15M $14.59M
Total Assets $37.19M $39.97M $43.33M
YoY Change -12.18% -7.75% 50.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $912.0K $831.0K $2.584M
YoY Change -31.43% -67.84% 71.13%
Accrued Expenses $3.114M $3.193M $2.366M
YoY Change -13.5% 34.95% 14.85%
Deferred Revenue
YoY Change
Short-Term Debt $19.97M $19.77M $18.90M
YoY Change 5.22% 4.6% -1.46%
Long-Term Debt Due $19.97M $19.77M $18.90M
YoY Change 4.58%
Total Short-Term Liabilities $24.00M $23.79M $23.85M
YoY Change 0.16% -0.25% 4.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.779M $1.216M
YoY Change -100.0% 128.54%
Other Long-Term Liabilities $174.0K $177.0K $3.400M
YoY Change -93.58% -94.79% -20.93%
Total Long-Term Liabilities $174.0K $2.956M $1.216M
YoY Change -97.29% 143.09% -71.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.00M $23.79M $23.85M
Total Long-Term Liabilities $174.0K $2.956M $1.216M
Total Liabilities $24.17M $26.75M $25.07M
YoY Change -20.46% 6.7% -7.37%
SHAREHOLDERS EQUITY
Retained Earnings -$194.1M -$183.9M
YoY Change
Common Stock $789.0K $658.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.720M $8.160M $14.86M
YoY Change
Total Liabilities & Shareholders Equity $37.19M $39.97M $43.33M
YoY Change -12.18% -7.75% 50.09%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$10.13M -$5.930M -$13.24M
YoY Change 105.48% -55.21% 331.8%
Depreciation, Depletion And Amortization $560.0K $530.0K $590.0K
YoY Change -6.67% -10.17% 18.0%
Cash From Operating Activities -$1.750M -$2.350M -$6.410M
YoY Change -42.05% -63.34% 152.36%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$140.0K -$820.0K
YoY Change -87.88% -82.93% 70.83%
Acquisitions
YoY Change
Other Investing Activities $20.00K $10.00K $450.0K
YoY Change 100.0% -97.78% -39.19%
Cash From Investing Activities -$60.00K -$140.0K -$370.0K
YoY Change -90.77% -62.16% -242.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 680.0K 0.000 5.060M
YoY Change -72.69% -100.0% 298.43%
NET CHANGE
Cash From Operating Activities -1.750M -2.350M -6.410M
Cash From Investing Activities -60.00K -140.0K -370.0K
Cash From Financing Activities 680.0K 0.000 5.060M
Net Change In Cash -1.130M -2.490M -1.720M
YoY Change -4.24% 44.77% 70.3%
FREE CASH FLOW
Cash From Operating Activities -$1.750M -$2.350M -$6.410M
Capital Expenditures -$80.00K -$140.0K -$820.0K
Free Cash Flow -$1.670M -$2.210M -$5.590M
YoY Change -29.24% -60.47% 171.36%

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CY2015Q2 us-gaap Inventory Work In Process
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CY2014Q2 us-gaap Investment Income Interest
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5000 USD
us-gaap Investment Income Interest
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8000 USD
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
us-gaap Investment Income Interest
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0 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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47583000 USD
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39971000 USD
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22994000 USD
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CY2014Q4 us-gaap Long Term Debt
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CY2015Q2 us-gaap Long Term Debt
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CY2015Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
19766000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3061000 USD
CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2779000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
18633000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-120000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-957000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-410000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-8405000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5323000 USD
us-gaap Net Income Loss
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-17952000 USD
us-gaap Net Income Loss
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-11314000 USD
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2611000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3268000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3337000 USD
us-gaap Nonoperating Income Expense
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-4712000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
14861000 USD
us-gaap Operating Expenses
OperatingExpenses
23048000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
6013000 USD
us-gaap Operating Expenses
OperatingExpenses
13240000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-10628000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-14684000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2596000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-6602000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
145000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
121000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35000 USD
CY2014Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
3000000 USD
CY2015Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
4000000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
134000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
177000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
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-18000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-34000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-35000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-38000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
120000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
735000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
301000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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3515000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8161000 USD
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12419110 shares
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1553000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3396000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1365000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
417000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1247000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1312000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15369000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3009000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
22300000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
16000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
4780000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-20000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-7000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
18000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3041000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3632000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-172505000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-183940000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5836000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
11616000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
9523000 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5540000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10061000 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3126000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6483000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8824000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
704000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0269
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.45
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
504121 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
359472 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
962015 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1510759 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1383479 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1572751 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.00
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1523604 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.06
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.86
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.90
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.95
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P9Y10M24D
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
206380 shares
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
11563000 USD
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
30000 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
853365 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
120000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6907000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9211077 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54337365 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
40765322 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Some of the more significant estimates relate to inventory, allowance for accounts receivable, stock-based compensation, long-lived and intangible assets and derivative liabilities. </font></div></div>

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