2015 Q4 Form 10-Q Financial Statement

#000126902615000066 Filed on November 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $5.100M $4.835M $5.150M
YoY Change -0.97% -19.39% -9.81%
Cost Of Revenue $1.730M $1.640M $2.720M
YoY Change -36.4% -15.42% 78.95%
Gross Profit $3.370M $3.195M $2.430M
YoY Change 38.68% -21.29% -42.0%
Gross Profit Margin 66.08% 66.08% 47.18%
Selling, General & Admin $4.690M $4.325M $5.140M
YoY Change -8.75% -44.02% -13.61%
% of Gross Profit 139.17% 135.37% 211.52%
Research & Development $1.320M $1.676M $1.140M
YoY Change 15.79% -14.92% 93.22%
% of Gross Profit 39.17% 52.46% 46.91%
Depreciation & Amortization $500.0K $560.0K $590.0K
YoY Change -15.25% -6.67% 9.26%
% of Gross Profit 14.84% 17.53% 24.28%
Operating Expenses $6.000M $6.001M $6.280M
YoY Change -4.46% -38.11% -4.12%
Operating Profit -$2.630M -$2.806M -$3.850M
YoY Change -31.69% -50.22% 63.14%
Interest Expense $320.0K $1.147M -$3.030M
YoY Change -110.56% 3.61% -183.7%
% of Operating Profit
Other Income/Expense, Net $10.00K -$7.327M -$2.220M
YoY Change -100.45% -1139.29% 2366.67%
Pretax Income -$2.470M -$10.13M -$9.700M
YoY Change -74.54% 105.45% -1569.7%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.470M -$10.13M -$9.700M
YoY Change -74.54% 105.48% -1569.7%
Net Earnings / Revenue -48.43% -209.51% -188.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$123.5M -$1.013B -$2.941B
COMMON SHARES
Basic Shares Outstanding 129.0M shares 65.76M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.49M $11.27M $18.25M
YoY Change -37.03% 8.78% 700.66%
Cash & Equivalents $11.49M $11.27M $18.25M
Short-Term Investments $0.00
Other Short-Term Assets $230.0K $1.170M $1.250M
YoY Change -81.6% -28.22% -73.63%
Inventory $9.130M $9.700M $11.68M
Prepaid Expenses
Receivables $2.660M $2.376M $2.513M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.51M $24.52M $33.68M
YoY Change -30.2% -11.78% 69.17%
LONG-TERM ASSETS
Property, Plant & Equipment $2.470M $2.668M $3.515M
YoY Change -29.73% -34.12% -0.45%
Goodwill $6.163M $6.163M
YoY Change 0.0%
Intangibles $3.812M $4.188M
YoY Change -10.67%
Long-Term Investments
YoY Change
Other Assets $40.00K $35.00K $35.00K
YoY Change 14.29% -12.5% 0.0%
Total Long-Term Assets $12.35M $12.68M $13.90M
YoY Change -11.16% -12.93% -3.58%
TOTAL ASSETS
Total Short-Term Assets $23.51M $24.52M $33.68M
Total Long-Term Assets $12.35M $12.68M $13.90M
Total Assets $35.86M $37.19M $47.58M
YoY Change -24.64% -12.18% 38.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $640.0K $912.0K $778.0K
YoY Change -17.74% -31.43% -76.96%
Accrued Expenses $3.420M $3.114M $3.146M
YoY Change 8.71% -13.5% -15.23%
Deferred Revenue
YoY Change
Short-Term Debt $16.37M $19.97M $19.07M
YoY Change -14.16% 5.22% 6.36%
Long-Term Debt Due $19.97M $19.07M
YoY Change 6.39%
Total Short-Term Liabilities $20.43M $24.00M $22.99M
YoY Change -11.15% 0.16% -8.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $3.061M
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.200M $174.0K $134.0K
YoY Change 795.52% -93.58% 0.0%
Total Long-Term Liabilities $1.200M $174.0K $3.195M
YoY Change -62.44% -97.29% 2284.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.43M $24.00M $22.99M
Total Long-Term Liabilities $1.200M $174.0K $3.195M
Total Liabilities $21.63M $24.17M $26.19M
YoY Change -17.41% -20.46% 4.14%
SHAREHOLDERS EQUITY
Retained Earnings -$194.1M -$172.5M
YoY Change 23.29%
Common Stock $789.0K $179.4M
YoY Change -1465.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $14.23M -$1.720M $6.910M
YoY Change
Total Liabilities & Shareholders Equity $35.86M $37.19M $47.58M
YoY Change -24.64% -12.18% 38.62%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$2.470M -$10.13M -$9.700M
YoY Change -74.54% 105.48% -1569.7%
Depreciation, Depletion And Amortization $500.0K $560.0K $590.0K
YoY Change -15.25% -6.67% 9.26%
Cash From Operating Activities -$1.990M -$1.750M -$3.090M
YoY Change -35.6% -42.05% -30.72%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$80.00K -$140.0K
YoY Change 42.86% -87.88% -81.58%
Acquisitions
YoY Change
Other Investing Activities $10.00K $20.00K $20.00K
YoY Change -50.0% 100.0% -140.0%
Cash From Investing Activities -$190.0K -$60.00K -$130.0K
YoY Change 46.15% -90.77% -84.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.400M 680.0K 11.11M
YoY Change -78.4% -72.69%
NET CHANGE
Cash From Operating Activities -1.990M -1.750M -3.090M
Cash From Investing Activities -190.0K -60.00K -130.0K
Cash From Financing Activities 2.400M 680.0K 11.11M
Net Change In Cash 220.0K -1.130M 7.890M
YoY Change -97.21% -4.24% -249.43%
FREE CASH FLOW
Cash From Operating Activities -$1.990M -$1.750M -$3.090M
Capital Expenditures -$200.0K -$80.00K -$140.0K
Free Cash Flow -$1.790M -$1.670M -$2.950M
YoY Change -39.32% -29.24% -20.27%

Facts In Submission

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1167000 USD
us-gaap Interest Paid
InterestPaid
1845000 USD
CY2014Q4 us-gaap Interest Payable Current
InterestPayableCurrent
333000 USD
CY2015Q3 us-gaap Interest Payable Current
InterestPayableCurrent
313000 USD
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
10350000 USD
CY2015Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8695000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
11675000 USD
CY2015Q3 us-gaap Inventory Net
InventoryNet
9700000 USD
CY2014Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
839000 USD
CY2015Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
867000 USD
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
486000 USD
CY2015Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
138000 USD
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
3000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
11000 USD
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
47583000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
37193000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
22994000 USD
CY2015Q3 us-gaap Liabilities Current
LiabilitiesCurrent
23999000 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
22131000 USD
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
19973000 USD
CY2014Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
19070000 USD
CY2015Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
19973000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
3061000 USD
CY2015Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21119000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
559000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1605000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-473000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11433000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7065000 USD
us-gaap Net Income Loss
NetIncomeLoss
-22884000 USD
us-gaap Net Income Loss
NetIncomeLoss
-21447000 USD
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
705000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2563000 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7327000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-12039000 USD
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
9696000 USD
us-gaap Operating Expenses
OperatingExpenses
32744000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
6001000 USD
us-gaap Operating Expenses
OperatingExpenses
19241000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5637000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-20321000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2806000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-9408000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
145000 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
184000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35000 USD
CY2014Q4 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
3000000 USD
CY2015Q3 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
3500000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
134000 USD
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
174000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-78000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-112000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-19000 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
2500000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1315000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2027000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
501000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1247000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1171000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15369000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4337000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
25800000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2015Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
5000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
30000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
28000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3515000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2668000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
38000 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
1158000 USD
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1970000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5602000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1676000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5072000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-172505000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-194072000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5998000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
17614000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4835000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
14358000 USD
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4783000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14844000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2893000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9376000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10851000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
780000 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
0.0266
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.44
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
593090 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
360533 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
997014 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1684759 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1383479 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1710691 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.78
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1665095 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.83
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
2.88
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.85
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.90
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
11589000 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
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-1717000 USD
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12689307 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10383228 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68629528 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50155457 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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