$SINT
Sintx Technologies, Inc.

2014 Q2 Form 10-Q Financial Statement

#000156459014002254 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $5.836M $5.780M $5.253M
YoY Change -3.54% 10.03%
Cost Of Revenue $1.603M $1.649M $1.946M
YoY Change 20.62% -15.26%
Gross Profit $4.233M $4.131M $3.307M
YoY Change -10.32% 24.92%
Gross Profit Margin 72.53% 71.47% 62.95%
Selling, General & Admin $11.82M $7.596M $5.024M
YoY Change 89.03% 51.19%
% of Gross Profit 279.23% 183.88% 151.92%
Research & Development $3.041M $591.0K $1.056M
YoY Change 164.43% -44.03%
% of Gross Profit 71.84% 14.31% 31.93%
Depreciation & Amortization $590.0K $433.0K $510.0K
YoY Change 18.0% -15.1%
% of Gross Profit 13.94% 10.48% 15.42%
Operating Expenses $14.86M $8.187M $6.080M
YoY Change 100.88% 34.65%
Operating Profit -$10.63M -$4.056M -$2.773M
YoY Change 297.46% 46.27%
Interest Expense $554.0K $530.0K $447.0K
YoY Change 24.49% 18.57%
% of Operating Profit
Other Income/Expense, Net -$2.611M -$657.0K -$761.0K
YoY Change 566.07% -13.67%
Pretax Income -$13.24M -$4.713M -$3.534M
YoY Change 331.8% 33.36%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.24M -$4.713M -$3.534M
YoY Change 331.8% 33.36%
Net Earnings / Revenue -226.85% -81.54% -67.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.758B -$2.240B -$1.680B
COMMON SHARES
Basic Shares Outstanding 12.36M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.55M $13.26M
YoY Change 320.0%
Cash & Equivalents $11.55M $13.26M $2.149M
Short-Term Investments
Other Short-Term Assets $1.460M $2.010M
YoY Change 165.45%
Inventory $12.67M $11.63M
Prepaid Expenses
Receivables $3.060M $2.566M
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.75M $29.46M
YoY Change 93.96%
LONG-TERM ASSETS
Property, Plant & Equipment $3.949M $3.624M
YoY Change 35.7%
Goodwill $6.163M $6.163M
YoY Change
Intangibles $4.438M $4.563M
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.00K $35.00K
YoY Change -12.5%
Total Long-Term Assets $14.59M $14.39M
YoY Change 3.81%
TOTAL ASSETS
Total Short-Term Assets $28.75M $29.46M
Total Long-Term Assets $14.59M $14.39M
Total Assets $43.33M $43.85M
YoY Change 50.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.584M $2.275M
YoY Change 71.13%
Accrued Expenses $2.366M $3.964M
YoY Change 14.85%
Deferred Revenue
YoY Change
Short-Term Debt $18.90M $16.13M
YoY Change -1.46%
Long-Term Debt Due $18.90M $16.13M
YoY Change
Total Short-Term Liabilities $23.85M $22.37M
YoY Change 4.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.216M $0.00
YoY Change
Other Long-Term Liabilities $3.400M $134.0K
YoY Change -20.93%
Total Long-Term Liabilities $1.216M $134.0K
YoY Change -71.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.85M $22.37M
Total Long-Term Liabilities $1.216M $134.0K
Total Liabilities $25.07M $22.51M
YoY Change -7.37%
SHAREHOLDERS EQUITY
Retained Earnings -$144.6M
YoY Change
Common Stock $124.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.86M $20.46M
YoY Change
Total Liabilities & Shareholders Equity $43.33M $43.85M
YoY Change 50.09%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$13.24M -$4.713M -$3.534M
YoY Change 331.8% 33.36%
Depreciation, Depletion And Amortization $590.0K $433.0K $510.0K
YoY Change 18.0% -15.1%
Cash From Operating Activities -$6.410M -$2.000M -$1.120M
YoY Change 152.36% 78.57%
INVESTING ACTIVITIES
Capital Expenditures -$820.0K $548.0K $310.0K
YoY Change 70.83% 76.77%
Acquisitions
YoY Change
Other Investing Activities $450.0K -$40.00K $530.0K
YoY Change -39.19% -107.55%
Cash From Investing Activities -$370.0K -$590.0K $220.0K
YoY Change -242.31% -368.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$15.37M
YoY Change
Debt Paid & Issued, Net $1.800M
YoY Change
Cash From Financing Activities 5.060M 13.57M 310.0K
YoY Change 298.43% 4277.42%
NET CHANGE
Cash From Operating Activities -6.410M -2.000M -1.120M
Cash From Investing Activities -370.0K -590.0K 220.0K
Cash From Financing Activities 5.060M 13.57M 310.0K
Net Change In Cash -1.720M 10.98M -590.0K
YoY Change 70.3% -1961.02%
FREE CASH FLOW
Cash From Operating Activities -$6.410M -$2.000M -$1.120M
Capital Expenditures -$820.0K $548.0K $310.0K
Free Cash Flow -$5.590M -$2.548M -$1.430M
YoY Change 171.36% 78.18%

Facts In Submission

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CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
501000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
501000
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1800000
CY2014Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
841000
CY2013Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
989000
CY2014Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
817000
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
645000
CY2014Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
283000
CY2013Q4 amda Accrued Offering Costs Current
AccruedOfferingCostsCurrent
323000
CY2014Q1 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
37000
CY2013Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
32000
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Organization </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amedica Corporation (&#8220;Amedica&#8221; or &#8220;the Company&#8221;) was incorporated in the state of Delaware on December&#160;10, 1996. Amedica is a commercial-stage biomaterials company focused on using its silicon nitride technology platform to develop, manufacture, and commercialize a broad range of medical devices. The Company believes it is the first and only manufacturer to use silicon nitride in medical applications. The Company acquired US Spine, Inc. (&#8220;US Spine&#8221;), a Delaware spinal products corporation with operations in Florida, on September&#160;20, 2010. The Company&#8217;s products are primarily sold in the U.S. </font></p></div>
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-style:italic;;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP 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, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants. </font></p></div>
CY2013Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
277000
CY2014Q1 us-gaap Interest Payable Current
InterestPayableCurrent
100000
CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.0387
CY2014Q1 us-gaap Contractual Obligation
ContractualObligation
16200000
CY2013Q4 us-gaap Interest Payable Current
InterestPayableCurrent
119000
CY2014Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
292000
CY2014Q1 amda Accrued Final Loan Payment Fees Current
AccruedFinalLoanPaymentFeesCurrent
1532000
CY2013Q4 amda Accrued Final Loan Payment Fees Current
AccruedFinalLoanPaymentFeesCurrent
1281000
CY2014Q1 amda Accrued Offering Costs Current
AccruedOfferingCostsCurrent
0
CY2014Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
62000
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
45000
CY2014Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2016-05-31
CY2014Q1 amda Accrued Amendment Fees
AccruedAmendmentFees
1400000
CY2013Q4 amda Accrued Amendment Fees
AccruedAmendmentFees
1100000
CY2014Q1 amda Minimum Denominator To Calculate Conversion Ratio
MinimumDenominatorToCalculateConversionRatio
8.00
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
106544
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
170392
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
276936
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
201401
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
271483
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.90
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.12
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.88
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
17.48
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
15.04
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0278
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.45
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1404000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
11428000

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