2013 Q3 Form 10-K Financial Statement

#000114420413054988 Filed on October 11, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 2012 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $700.0K $3.550M $630.0K
YoY Change -18.6% 47.3% 10.53%
% of Gross Profit
Research & Development $314.9K $1.136M $70.00K
YoY Change 266.93% 275.66% 40.0%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $1.019M $4.688M $700.0K
YoY Change 7.34% 73.0% 11.11%
Operating Profit -$1.019M -$4.688M
YoY Change 7.34% 73.0%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.019M -$4.688M -$700.0K
YoY Change 7.34% 73.0% 12.9%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.019M -$4.688M -$700.0K
YoY Change 7.34% 73.0% 12.9%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$6.546K -$36.04K -$6.780K
COMMON SHARES
Basic Shares Outstanding 147.7M shares 118.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.0K $800.0K $890.0K
YoY Change -73.77% -10.11% 229.63%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $660.0K $800.0K $750.0K
YoY Change -25.84% 6.67% -21.05%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $821.3K $1.600M $1.639M
YoY Change -45.24% -2.44% 34.32%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.500K $10.00K $3.375K
YoY Change -66.25%
TOTAL ASSETS
Total Short-Term Assets $821.3K $1.600M $1.639M
Total Long-Term Assets $1.500K $10.00K $3.375K
Total Assets $822.8K $1.610M $1.642M
YoY Change -45.14% -1.83% 33.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $190.0K $260.0K $130.0K
YoY Change 18.75% 100.0% 62.5%
Accrued Expenses $60.00K $60.00K $80.00K
YoY Change -14.29% -25.0% -68.0%
Deferred Revenue
YoY Change
Short-Term Debt $20.00K $20.00K $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $633.6K $560.0K $1.142M
YoY Change -47.64% -50.88% -23.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $633.6K $560.0K $1.142M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $630.0K $560.0K $1.140M
YoY Change -47.93% -50.88% -24.0%
SHAREHOLDERS EQUITY
Retained Earnings -$16.98M -$11.28M
YoY Change
Common Stock $158.2K $119.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.3K $1.040M $499.8K
YoY Change
Total Liabilities & Shareholders Equity $822.8K $1.610M $1.642M
YoY Change -45.14% -1.83% 33.51%

Cashflow Statement

Concept 2013 Q3 2013 2012 Q2
OPERATING ACTIVITIES
Net Income -$1.019M -$4.688M -$700.0K
YoY Change 7.34% 73.0% 12.9%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$906.1K -$1.805M -$360.0K
YoY Change 76.17% 14.21% -76.32%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $123.5K $2.407M
YoY Change -28.11% 8.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $262.9K $1.720M 430.0K
YoY Change 11.77% -21.74% -64.75%
NET CHANGE
Cash From Operating Activities -$906.1K -$1.805M -360.0K
Cash From Investing Activities $0.00 $0.00 0.000
Cash From Financing Activities $262.9K $1.720M 430.0K
Net Change In Cash -$643.2K -$85.33K 70.00K
YoY Change 130.46% -113.83% -123.33%
FREE CASH FLOW
Cash From Operating Activities -$906.1K -$1.805M -$360.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$906.1K -$360.0K
YoY Change 76.17% -76.32%

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0 USD
CY2013 smme Shares Issued Of Common Stock For Services Rendered
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CY2013 us-gaap Stock Issued During Period Value New Issues
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2438223 USD
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CY2005Q2 us-gaap Stockholders Equity
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CY2013 us-gaap Related Party Transaction Rate
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0.0500 pure
CY2013 us-gaap Lease And Rental Expense
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103814 USD
CY2013 smme Lease Agreement Initiation Date
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February 2012
CY2013 us-gaap Lease Expiration Date1
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2015-01-31
CY2013 smme License Agreement Initiation Date
LicenseAgreementInitiationDate
2004-08-01
CY2013 smme Percentage Of Revenue To Be Paid As License Fee
PercentageOfRevenueToBePaidAsLicenseFee
0.02 pure
CY2013 us-gaap Prior Period Reclassification Adjustment Description
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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in"> <strong><u>Reclassifications</u></strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in"> Certain amounts in the 2012 consolidated financial statements have been reclassified for comparative purposes to conform to the presentation in the current year consolidated financial statements. These reclassifications had no effect on previously reported results.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013 us-gaap Property Plant And Equipment Depreciation Methods
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straight line basis
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594358 USD
CY2012Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
0 USD
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
46918 USD
CY2013 smme License Fee Periodic Payment Description
LicenseFeePeriodicPaymentDescription
The license fee is to be paid within 45 days of the end of each quarter.
CY2013Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
21572 USD
CY2013 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2002-12-18
CY2013 us-gaap Description Of Activities Of Parent Company
DescriptionOfActivitiesOfParentCompany
SmartMetrics main product is a fingerprint sensor-activated card with a finger sensor onboard the card and a built-in rechargeable battery for portable biometric identification. This card may be referred to as a biometric card or the SmartMetric Biometric Datacard. SmartMetric has completed development of its card along with pre mass manufacturing cards but has not yet begun to mass manufacture the biometric fingerprint activated cards.
CY2013 dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
State of Nevada
CY2013 us-gaap Use Of Estimates
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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in"> <strong><u>Use of Estimates</u></strong></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> &#160;</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.75in"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenues and expenses during the reporting period.&#160;&#160;On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to income taxes and contingencies.&#160;&#160;The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.&#160;&#160;Actual results could differ from those estimates.</div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2012Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1422 USD
CY2012 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.0500 pure
CY2013 smme Lease Initiation Date
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2012-03-01
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
80931 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
48558 USD
CY2013Q2 us-gaap Operating Leases Future Minimum Payments Due
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129489 USD
CY2013Q2 smme Preferred Stock Par Value Per Share
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0.001
CY2009Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
500000 shares
CY2007 smme Number Of Stock Units Authorized For Issuance For Services Rendered
NumberOfStockUnitsAuthorizedForIssuanceForServicesRendered
82893 shares
CY2010 smme Proceeds From Stock Subscriptions
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154004 USD
CY2010Q2 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
1540040 shares
CY2011 smme Number Of Stock Units Sold During Period
NumberOfStockUnitsSoldDuringPeriod
34030 shares
CY2011 smme Adjustments To Additional Paid In Capital Share Purchased For Selling Of Warrants And Common Stock
AdjustmentsToAdditionalPaidInCapitalSharePurchasedForSellingOfWarrantsAndCommonStock
2279028 shares
CY2011Q2 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
0.28273
CY2012Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
5575000 shares
CY2012Q4 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1115000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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21757578 shares
CY2011Q3 smme Number Of Stock Units Sold During Period
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66.894 shares
CY2011Q3 smme Stock Units Sold Per Unit Amount
StockUnitsSoldPerUnitAmount
0.80
CY2011Q3 smme Proceeds From Issuance Of Stock Units Net
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668113 USD
CY2011Q4 smme Number Of Stock Units Sold During Period
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11.5 shares
CY2011Q4 smme Stock Units Sold Per Unit Amount
StockUnitsSoldPerUnitAmount
0.80
CY2011Q4 smme Proceeds From Issuance Of Stock Units Net
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114800 USD
CY2012Q1 smme Number Of Stock Units Sold During Period
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149.96 shares
CY2012Q1 smme Stock Units Sold Per Unit Amount
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0.80
CY2012Q1 smme Proceeds From Issuance Of Stock Units Net
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999059 USD
CY2012Q2 us-gaap Sale Of Stock Price Per Share
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0.20
CY2012Q4 smme Proceeds From Issuance Of Common Stock Gross
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60041 USD
CY2009 smme Stock Units Sold Per Unit Amount
StockUnitsSoldPerUnitAmount
0.10
CY2011Q3 smme Description Of Stock Units Sold
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Each unit was offered at $10,000 and consisted of 50,000 shares and one twelve month warrant to buy an additional 50,000 shares at $0.80 per share.
CY2011Q4 smme Description Of Stock Units Sold
DescriptionOfStockUnitsSold
Each unit was offered at $10,000 and consisted of 50,000 shares and one twelve month warrant to buy an additional 50,000 shares at $0.80 per share.
CY2012Q1 smme Description Of Stock Units Sold
DescriptionOfStockUnitsSold
Units were offered at $5,000 and $10,000 and consisted of 50,000 shares and one twelve month warrant to purchase an additional 50,000 shares at $0.80 per share.
CY2012Q2 smme Proceeds From Issuance Of Stock Units Net
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426487 USD
CY2013Q2 smme Stock Units Sold Per Unit Amount
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0.50
CY2013Q2 us-gaap Operating Loss Carryforwards
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13221763 USD
CY2013 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
available to offset future taxable income through 2032, which will begin to expire in 2022.
CY2013Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4495399 USD
CY2012Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3610256 USD
CY2013Q2 smme Deferred Tax Assets Warrant Issuances
DeferredTaxAssetsWarrantIssuances
171374 USD
CY2012Q2 smme Deferred Tax Assets Warrant Issuances
DeferredTaxAssetsWarrantIssuances
171374 USD
CY2013Q2 us-gaap Deferred Tax Assets Other
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22604 USD
CY2012Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
23775 USD
CY2013Q2 us-gaap Deferred Tax Assets Valuation Allowance
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4689377 USD
CY2012Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3805405 USD
CY2013Q2 us-gaap Deferred Tax Assets Liabilities Net
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0 USD
CY2012Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2012Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
164869 USD
CY2011Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
114835 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
50034 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits
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164869 USD
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.3400 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3400 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0066 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0104 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.1448 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.00 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.1886 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3296 pure
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2013 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
13400000000 USD

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