2017 Q1 Form 10-Q Financial Statement

#000139047817000036 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1 2015 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.287M $3.525M $2.895M
YoY Change -35.12% 14.19% -18.27%
% of Gross Profit
Research & Development $2.184M $5.443M $5.740M
YoY Change -59.88% -6.56% -18.29%
% of Gross Profit
Depreciation & Amortization $26.00K $6.000K -$520.0K
YoY Change 333.33% -93.88% 333.33%
% of Gross Profit
Operating Expenses $4.471M $8.968M $8.635M
YoY Change -50.14% 0.63% -18.28%
Operating Profit -$5.088M -$8.968M -$8.635M
YoY Change -43.26% 0.63% -18.28%
Interest Expense -$130.0K -$3.960M $1.980M
YoY Change -96.72% -525.81% -69.25%
% of Operating Profit
Other Income/Expense, Net $0.00 -$170.0K $307.0K
YoY Change -100.0% -47.04% -104.97%
Pretax Income -$4.600M -$13.10M -$6.350M
YoY Change -64.89% 57.64% 79.89%
Income Tax
% Of Pretax Income
Net Earnings -$4.601M -$16.49M -$18.03M
YoY Change -72.1% 56.52% 192.01%
Net Earnings / Revenue
Basic Earnings Per Share -$0.45 -$1.84 -$0.11
Diluted Earnings Per Share -$153.3M -$1.649B -$1.803B
COMMON SHARES
Basic Shares Outstanding 26.41M shares 8.969M shares 161.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.60M $34.70M $34.80M
YoY Change -20.46% -34.4% 41.46%
Cash & Equivalents $18.10M $34.71M $34.71M
Short-Term Investments
Other Short-Term Assets $14.40M $3.300M $19.40M
YoY Change 336.36% 17.86% 870.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $42.05M $37.95M $54.19M
YoY Change 10.8% -33.8% 89.99%
LONG-TERM ASSETS
Property, Plant & Equipment $173.0K $299.0K $288.0K
YoY Change -42.14% -43.37% -51.1%
Goodwill $5.898M $5.898M $5.898M
YoY Change 0.0% -2.82% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $200.0K
YoY Change 0.0% -98.78% -97.44%
Total Long-Term Assets $28.29M $28.42M $28.48M
YoY Change -0.46% -44.59% -44.12%
TOTAL ASSETS
Total Short-Term Assets $42.05M $37.95M $54.19M
Total Long-Term Assets $28.29M $28.42M $28.48M
Total Assets $70.33M $66.37M $82.67M
YoY Change 5.98% -38.89% 4.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.163M $1.019M $1.238M
YoY Change 14.13% -69.06% -63.15%
Accrued Expenses $3.189M $4.042M $7.329M
YoY Change -21.1% -66.73% -52.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.60M $3.740M $4.166M
YoY Change 236.82% -6.36% 0.07%
Total Short-Term Liabilities $36.27M $42.22M $37.09M
YoY Change -14.1% 24.31% 17.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.526M
YoY Change -100.0% -70.06%
Other Long-Term Liabilities $1.200M $6.300M $6.600M
YoY Change -80.95% -10.0% -4.35%
Total Long-Term Liabilities $1.200M $6.300M $1.526M
YoY Change -80.95% 78.27% -70.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.27M $42.22M $37.09M
Total Long-Term Liabilities $1.200M $6.300M $1.526M
Total Liabilities $43.14M $53.95M $50.25M
YoY Change -20.04% 8.94% 3.33%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $345.7M $312.1M $296.0M
YoY Change 10.75% 8.02% 22.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.849M $3.849M $3.849M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 675.0K shares 675.0K shares 675.0K shares
Shareholders Equity $27.19M $12.41M $32.42M
YoY Change
Total Liabilities & Shareholders Equity $70.33M $66.37M $82.67M
YoY Change 5.98% -38.89% 4.0%

Cashflow Statement

Concept 2017 Q1 2016 Q1 2015 Q3
OPERATING ACTIVITIES
Net Income -$4.601M -$16.49M -$18.03M
YoY Change -72.1% 56.52% 192.01%
Depreciation, Depletion And Amortization $26.00K $6.000K -$520.0K
YoY Change 333.33% -93.88% 333.33%
Cash From Operating Activities -$3.803M -$13.22M -$9.460M
YoY Change -71.22% 14.36% -14.93%
INVESTING ACTIVITIES
Capital Expenditures $6.000K -$10.00K
YoY Change -66.67% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$1.050M -$240.0K
YoY Change -92.16%
Cash From Investing Activities -$18.00K -$1.056M -$250.0K
YoY Change -98.3% 103.86% -91.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.52M $20.19M
YoY Change -23.11% -52.07%
Debt Paid & Issued, Net $0.00 $1.030M
YoY Change -100.0% 8.76%
Cash From Financing Activities $0.00 $19.25M -760.0K
YoY Change -100.0% -53.37% 130.3%
NET CHANGE
Cash From Operating Activities -$3.803M -$13.22M -9.460M
Cash From Investing Activities -$18.00K -$1.056M -250.0K
Cash From Financing Activities $0.00 $19.25M -760.0K
Net Change In Cash -$3.803M $4.979M -10.47M
YoY Change -176.38% -82.95% -27.94%
FREE CASH FLOW
Cash From Operating Activities -$3.803M -$13.22M -$9.460M
Capital Expenditures $6.000K -$10.00K
Free Cash Flow -$13.22M -$9.450M
YoY Change 14.24% -14.86%

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CY2017Q1 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
0 USD
CY2016Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-20000000 USD
CY2017Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
0 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-418000 USD
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-132000 USD
CY2017Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
18000 USD
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CY2016Q1 us-gaap Interest Paid
InterestPaid
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CY2016Q4 us-gaap Liabilities
Liabilities
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43138000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
65811000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
70332000 USD
CY2016Q4 us-gaap Liabilities Current
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30398000 USD
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LiabilitiesCurrent
36269000 USD
CY2016Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
6059000 USD
CY2017Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
10045000 USD
CY2016Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
950000 USD
CY2017Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
950000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
16397000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
16397030 USD
CY2017Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
12597000 USD
CY2017Q1 us-gaap Long Term Debt Current
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12597000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19251000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
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19979000 USD
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-6000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-18000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-5400000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-16493000 USD
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NetIncomeLoss
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CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8968000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5088000 USD
CY2016Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-4134000 USD
CY2017Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2806000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
581000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
449000 USD
CY2016Q1 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
21000 USD
CY2017Q1 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
42000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
20189000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15524000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4450000 USD
CY2016Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
78000 USD
CY2017Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
5000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
14000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
199000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
173000 USD
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1030000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5443000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2362000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
18022000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
13590000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3525000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2726000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
656000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
228000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7524
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.0855
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0141
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0201
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
356000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
52.96
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
73000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
70000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.20
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.45
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
561000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
558000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
41.50
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
37.68
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0 USD
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
32.59
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.75
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M17D
CY2017Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P10Y
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2017Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
4814000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
5000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
41000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Other
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15524000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
28657000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
27194000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28657000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
27194000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
675000 shares
CY2017Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
675000 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
3849000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
3849000 USD
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8968616 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26406356 shares

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