$SINT
Sintx Technologies, Inc.

2014 Q2 Form 10-Q Financial Statement

#000156459014003428 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $5.836M $6.050M
YoY Change -3.54%
Cost Of Revenue $1.603M $1.329M
YoY Change 20.62%
Gross Profit $4.233M $4.720M
YoY Change -10.32%
Gross Profit Margin 72.53% 78.02%
Selling, General & Admin $11.82M $6.253M
YoY Change 89.03%
% of Gross Profit 279.23% 132.48%
Research & Development $3.041M $1.150M
YoY Change 164.43%
% of Gross Profit 71.84% 24.36%
Depreciation & Amortization $590.0K $500.0K
YoY Change 18.0% -74.75%
% of Gross Profit 13.94% 10.59%
Operating Expenses $14.86M $7.398M
YoY Change 100.88%
Operating Profit -$10.63M -$2.674M
YoY Change 297.46%
Interest Expense $554.0K $445.0K
YoY Change 24.49%
% of Operating Profit
Other Income/Expense, Net -$2.611M -$392.0K
YoY Change 566.07%
Pretax Income -$13.24M -$3.066M
YoY Change 331.8%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.24M -$3.066M
YoY Change 331.8%
Net Earnings / Revenue -226.85% -50.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.758B -$1.457B
COMMON SHARES
Basic Shares Outstanding 12.36M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.55M $2.750M
YoY Change 320.0%
Cash & Equivalents $11.55M $1.136M
Short-Term Investments $1.620M
Other Short-Term Assets $1.460M $550.0K
YoY Change 165.45%
Inventory $12.67M $8.630M
Prepaid Expenses
Receivables $3.060M $2.890M
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.75M $14.82M
YoY Change 93.96%
LONG-TERM ASSETS
Property, Plant & Equipment $3.949M $2.910M
YoY Change 35.7%
Goodwill $6.163M
YoY Change
Intangibles $4.438M
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.00K $40.00K
YoY Change -12.5%
Total Long-Term Assets $14.59M $14.05M
YoY Change 3.81%
TOTAL ASSETS
Total Short-Term Assets $28.75M $14.82M
Total Long-Term Assets $14.59M $14.05M
Total Assets $43.33M $28.87M
YoY Change 50.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.584M $1.510M
YoY Change 71.13%
Accrued Expenses $2.366M $2.060M
YoY Change 14.85%
Deferred Revenue
YoY Change
Short-Term Debt $18.90M $19.18M
YoY Change -1.46%
Long-Term Debt Due $18.90M
YoY Change
Total Short-Term Liabilities $23.85M $22.76M
YoY Change 4.79%
LONG-TERM LIABILITIES
Long-Term Debt $1.216M $0.00
YoY Change
Other Long-Term Liabilities $3.400M $4.300M
YoY Change -20.93%
Total Long-Term Liabilities $1.216M $4.300M
YoY Change -71.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.85M $22.76M
Total Long-Term Liabilities $1.216M $4.300M
Total Liabilities $25.07M $27.06M
YoY Change -7.37%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.86M $1.810M
YoY Change
Total Liabilities & Shareholders Equity $43.33M $28.87M
YoY Change 50.09%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$13.24M -$3.066M
YoY Change 331.8%
Depreciation, Depletion And Amortization $590.0K $500.0K
YoY Change 18.0% -74.75%
Cash From Operating Activities -$6.410M -$2.540M
YoY Change 152.36% -20.13%
INVESTING ACTIVITIES
Capital Expenditures -$820.0K -$480.0K
YoY Change 70.83% -233.33%
Acquisitions
YoY Change
Other Investing Activities $450.0K $740.0K
YoY Change -39.19% -154.01%
Cash From Investing Activities -$370.0K $260.0K
YoY Change -242.31% -125.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.060M 1.270M
YoY Change 298.43% -73.87%
NET CHANGE
Cash From Operating Activities -6.410M -2.540M
Cash From Investing Activities -370.0K 260.0K
Cash From Financing Activities 5.060M 1.270M
Net Change In Cash -1.720M -1.010M
YoY Change 70.3% -253.03%
FREE CASH FLOW
Cash From Operating Activities -$6.410M -$2.540M
Capital Expenditures -$820.0K -$480.0K
Free Cash Flow -$5.590M -$2.060M
YoY Change 171.36% -41.81%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Income Loss
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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amda Reclassification Of Warrant Liability
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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Organization </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;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 sold primarily in the United States. </p></div>
us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;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 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, stock-based compensation, long-lived and intangible assets and the liability for preferred stock and common stock warrants. </p></div>
CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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us-gaap Liquidity Disclosure Sufficient Cash And Waivers Note
LiquidityDisclosureSufficientCashAndWaiversNote
As discussed further in Note 7, the Company refinanced its long-term debt and entered into a term loan with Hercules Technology Growth Capital, Inc. (“Hercules Technology”), as administrative and collateral agent for the lenders thereunder and as lender, and Hercules Technology III, LP, as lender (the “Hercules Term Loan”). The Hercules Term Loan has a financial and liquidity covenant that requires the Company to maintain a cash balance in excess of $6.0 million prior to August 15th and a cash balance of $9.0 million thereafter.
CY2014Q2 us-gaap Cash
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CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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501000
CY2014Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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AccruedFinalLoanPaymentFeesCurrent
1281000
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
80000
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
45000
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2016-05-31
CY2013Q4 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
0
CY2014Q2 amda Annual Management Fee
AnnualManagementFee
15000
us-gaap Debt Instrument Frequency Of Fee
DebtInstrumentFrequencyOfFee
annual management fee of $15,000 per year
CY2014Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
14400000
CY2014Q2 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
43000
CY2013Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
32000
CY2014Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
110000
CY2013Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
18000000
CY2014Q2 amda Debt Instrument Face Amount Current
DebtInstrumentFaceAmountCurrent
20000000
CY2013Q4 amda Debt Instrument Face Amount Current
DebtInstrumentFaceAmountCurrent
18000000
CY2014Q2 amda Debt Instrument Face Amount Noncurrent
DebtInstrumentFaceAmountNoncurrent
2900000
CY2014Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2784000
CY2013Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
75000
CY2014Q2 amda Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
1100000
CY2013Q4 amda Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
75000
CY2014Q2 amda Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
1684000
CY2014Q2 us-gaap Long Term Debt
LongTermDebt
20116000
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
17925000
amda Minimum Denominator To Calculate Conversion Ratio
MinimumDenominatorToCalculateConversionRatio
8.00
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
50583
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
50000
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
106544
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
205392
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
10447
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
301489
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
193225
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
295448
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.90
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.25
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.54
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.17
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
18.07
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
14.33
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0269
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P9Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.45
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7420000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
297000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8824000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
343000
CY2014Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3803000

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