2017 Q2 Form 10-Q Financial Statement

#000162828017006370 Filed on June 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $5.924M $6.667M
YoY Change -11.15% 8.07%
Cost Of Revenue $566.1K $745.5K
YoY Change -24.07% 2.57%
Gross Profit $5.358M $5.922M
YoY Change -9.53% 8.8%
Gross Profit Margin 90.44% 88.82%
Selling, General & Admin $3.374M $3.599M
YoY Change -6.26% -20.14%
% of Gross Profit 62.97% 60.77%
Research & Development $1.557M $1.722M
YoY Change -9.6% -22.57%
% of Gross Profit 29.06% 29.08%
Depreciation & Amortization $202.8K $320.7K
YoY Change -36.76% 2.02%
% of Gross Profit 3.78% 5.42%
Operating Expenses $4.930M $5.321M
YoY Change -7.34% -20.94%
Operating Profit -$1.875M -$1.380M
YoY Change 35.83% -61.82%
Interest Expense $127.3K $162.0K
YoY Change -21.45% -33.59%
% of Operating Profit
Other Income/Expense, Net -$38.04K $66.22K
YoY Change -157.45% -96.67%
Pretax Income -$2.040M -$1.476M
YoY Change 38.21% -21.07%
Income Tax $2.608K $1.701K
% Of Pretax Income
Net Earnings -$2.043M -$1.478M
YoY Change 38.23% -20.82%
Net Earnings / Revenue -34.48% -22.16%
Basic Earnings Per Share -$0.10 -$0.10
Diluted Earnings Per Share -$0.10 -$0.10
COMMON SHARES
Basic Shares Outstanding 19.70M shares 19.00M shares
Diluted Shares Outstanding 19.70M shares 19.00M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.580M $6.520M
YoY Change -45.09% 23.72%
Cash & Equivalents $3.577M $6.516M
Short-Term Investments
Other Short-Term Assets $110.9K $28.27K
YoY Change 292.35% -75.22%
Inventory
Prepaid Expenses
Receivables $3.721M $4.054M
Other Receivables $430.0K $100.0K
Total Short-Term Assets $9.154M $12.68M
YoY Change -27.81% -10.95%
LONG-TERM ASSETS
Property, Plant & Equipment $1.710M $2.144M
YoY Change -20.25% -23.52%
Goodwill $15.54M $16.18M
YoY Change -4.0% 0.0%
Intangibles $6.664M $7.830M
YoY Change -14.9% -14.55%
Long-Term Investments
YoY Change
Other Assets $590.0K $730.0K
YoY Change -19.18% -36.52%
Total Long-Term Assets $28.91M $32.79M
YoY Change -11.85% -13.14%
TOTAL ASSETS
Total Short-Term Assets $9.154M $12.68M
Total Long-Term Assets $28.91M $32.79M
Total Assets $38.06M $45.47M
YoY Change -16.3% -12.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $876.1K $569.3K
YoY Change 53.9% -66.88%
Accrued Expenses $1.380M $940.0K
YoY Change 46.81% -27.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $655.8K $2.468M
YoY Change -73.43% 85.72%
Total Short-Term Liabilities $11.28M $12.79M
YoY Change -11.8% -1.06%
LONG-TERM LIABILITIES
Long-Term Debt $4.738M $5.704M
YoY Change -16.94% -41.27%
Other Long-Term Liabilities $3.160M $3.940M
YoY Change -19.8% -13.02%
Total Long-Term Liabilities $7.895M $9.647M
YoY Change -18.16% -33.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.28M $12.79M
Total Long-Term Liabilities $7.895M $9.647M
Total Liabilities $19.17M $22.44M
YoY Change -14.54% -18.07%
SHAREHOLDERS EQUITY
Retained Earnings -$71.07M -$65.34M
YoY Change 8.76% 6.35%
Common Stock $81.10M $80.02M
YoY Change 1.35% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.03M $14.68M
YoY Change
Total Liabilities & Shareholders Equity $38.06M $45.47M
YoY Change -16.3% -12.54%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$2.043M -$1.478M
YoY Change 38.23% -20.82%
Depreciation, Depletion And Amortization $202.8K $320.7K
YoY Change -36.76% 2.02%
Cash From Operating Activities -$1.455M -$2.459M
YoY Change -40.83% 132.26%
INVESTING ACTIVITIES
Capital Expenditures $8.719K $11.65K
YoY Change -25.18% -25.21%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$395.2K -$509.6K
YoY Change -22.45% 3170.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$226.7K -$397.3K
YoY Change -42.94% 122.48%
NET CHANGE
Cash From Operating Activities -$1.455M -$2.459M
Cash From Investing Activities -$395.2K -$509.6K
Cash From Financing Activities -$226.7K -$397.3K
Net Change In Cash -$2.077M -$3.366M
YoY Change -38.3% 168.65%
FREE CASH FLOW
Cash From Operating Activities -$1.455M -$2.459M
Capital Expenditures $8.719K $11.65K
Free Cash Flow -$1.464M -$2.471M
YoY Change -40.76% 129.97%

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NetIncomeLossAvailableToCommonStockholdersBasic
-2042508 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1380116 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1874588 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4280000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
521000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
515000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
978000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1050000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
445000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
771000 USD
CY2016Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
319000 USD
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
313000 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
484391 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
989689 USD
CY2016Q2 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
43000 USD
CY2017Q2 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
83000 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
439 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
110899 USD
CY2016Q2 us-gaap Other Cost Of Services
OtherCostOfServices
638764 USD
CY2017Q2 us-gaap Other Cost Of Services
OtherCostOfServices
715215 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
66222 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-38044 USD
CY2017Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
732496 USD
CY2017Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
541280 USD
CY2016Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11702 USD
CY2017Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
28927 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11654 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8719 USD
CY2016Q2 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
497988 USD
CY2016Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
384719 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5350707 USD
CY2017Q2 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
386498 USD
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5331294 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1903509 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1710166 USD
CY2016Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
71907 USD
CY2017Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
187134 USD
CY2016Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
217110 USD
CY2017Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
33811 USD
CY2016Q2 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
168451 USD
CY2017Q2 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
163951 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1722187 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1556938 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-69025851 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71068359 USD
CY2017Q1 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
2351000 USD
CY2017Q1 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
2350754 USD
CY2017Q2 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
2392000 USD
CY2017Q2 us-gaap Royalty Guarantees Commitments Amount
RoyaltyGuaranteesCommitmentsAmount
2391563 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
511267 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
378723 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
6667221 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5923681 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3598841 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3373528 USD
CY2017Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
4883286 USD
CY2017Q2 us-gaap Senior Long Term Notes
SeniorLongTermNotes
4737069 USD
CY2016Q2 us-gaap Severance Costs1
SeveranceCosts1
117000 USD
CY2017Q2 us-gaap Severance Costs1
SeveranceCosts1
55000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
477000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
477212 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
267174 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
267000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
11838874 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
10034613 USD
CY2017Q1 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
9000 USD
CY2017Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
37000 USD
CY2017Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
8849985 USD
CY2017Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
8849985 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
263000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
263000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18995289 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19695390 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18995289 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19695390 shares
CY2017Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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