2023 Q3 Form 10-Q Financial Statement

#000095017023042371 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.410M $7.129M
YoY Change -10.06% 4.06%
% of Gross Profit
Research & Development $16.70M $19.78M
YoY Change 19.26% -14.68%
% of Gross Profit
Depreciation & Amortization $588.0K $703.0K
YoY Change 34.25% -2.63%
% of Gross Profit
Operating Expenses $23.11M $26.84M
YoY Change 9.38% -14.92%
Operating Profit -$23.11M -$26.84M
YoY Change 9.38% 5.76%
Interest Expense $1.860M $1.949M
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.134M $2.214M
YoY Change 195.57% 663.45%
Pretax Income -$20.98M -$24.63M
YoY Change 2.79% -1.85%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.98M -$24.63M
YoY Change 2.79% -1.85%
Net Earnings / Revenue
Basic Earnings Per Share -$1.05 -$1.25
Diluted Earnings Per Share -$1.05 -$1.25
COMMON SHARES
Basic Shares Outstanding 20.06M 19.60M
Diluted Shares Outstanding 20.06M 19.66M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.9M $160.2M
YoY Change 0.51% -1.65%
Cash & Equivalents $49.04M $91.57M
Short-Term Investments $93.85M $68.62M
Other Short-Term Assets $5.500M $7.283M
YoY Change 2.77% -3.61%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $148.3M $167.5M
YoY Change 0.57% -1.74%
LONG-TERM ASSETS
Property, Plant & Equipment $7.045M $7.391M
YoY Change 12.43% 7.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $315.0K $181.0K
YoY Change -25.36% -58.68%
Total Long-Term Assets $36.38M $37.25M
YoY Change -1.58% -2.13%
TOTAL ASSETS
Total Short-Term Assets $148.3M $167.5M
Total Long-Term Assets $36.38M $37.25M
Total Assets $184.7M $204.7M
YoY Change 0.14% -1.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.898M $2.968M
YoY Change -63.15% -41.91%
Accrued Expenses $11.47M $10.51M
YoY Change 11.59% -34.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $419.0K
YoY Change 13.31% 1.7%
Total Short-Term Liabilities $15.82M $15.87M
YoY Change -6.55% -26.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.400M $1.482M
YoY Change
Other Long-Term Liabilities $23.20M $23.65M
YoY Change -4.42% -3.66%
Total Long-Term Liabilities $24.60M $25.13M
YoY Change 1.34% 2.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.82M $15.87M
Total Long-Term Liabilities $24.60M $25.13M
Total Liabilities $40.37M $40.99M
YoY Change -2.02% -11.39%
SHAREHOLDERS EQUITY
Retained Earnings -$638.4M -$617.4M
YoY Change 16.59% 17.12%
Common Stock $782.8M $781.2M
YoY Change 13.27% 13.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.4M $163.7M
YoY Change
Total Liabilities & Shareholders Equity $184.7M $204.7M
YoY Change 0.14% -1.81%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$20.98M -$24.63M
YoY Change 2.79% -1.85%
Depreciation, Depletion And Amortization $588.0K $703.0K
YoY Change 34.25% -2.63%
Cash From Operating Activities -$17.90M -$27.47M
YoY Change -12.38% 72.98%
INVESTING ACTIVITIES
Capital Expenditures $390.0K $536.0K
YoY Change -146.48% -147.18%
Acquisitions
YoY Change
Other Investing Activities -$24.25M -$47.70M
YoY Change -253.99% -18.41%
Cash From Investing Activities -$24.64M -$48.23M
YoY Change -265.27% -19.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 2.617M
YoY Change -100.0% 3484.93%
NET CHANGE
Cash From Operating Activities -17.90M -27.47M
Cash From Investing Activities -24.64M -48.23M
Cash From Financing Activities 0.000 2.617M
Net Change In Cash -42.54M -73.08M
YoY Change 670.51% -3.08%
FREE CASH FLOW
Cash From Operating Activities -$17.90M -$27.47M
Capital Expenditures $390.0K $536.0K
Free Cash Flow -$18.29M -$28.00M
YoY Change -6.64% 89.94%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, the recognition of research and development expenses and equity-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from the Company’s estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company has made estimates of the impact of the recent COVID-19 pandemic within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates.</span></p>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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