2013 Q3 Form 10-Q Financial Statement

#000101041213000226 Filed on August 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $310.0K $1.030M $0.00
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $310.8K $1.034M $3.515K
YoY Change 29312.94% -22.59%
Operating Profit -$310.8K -$1.034M -$3.515K
YoY Change 29312.94% -22.59%
Interest Expense $30.71K $30.07K $65.00
YoY Change 46166.15% 0.0%
% of Operating Profit
Other Income/Expense, Net -$30.71K -$30.05K -$65.00
YoY Change 46133.85% 0.0%
Pretax Income -$341.5K -$1.064M $0.00
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$341.5K -$1.064M -$3.580K
YoY Change 29618.35% -22.28%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$8.045K -$25.68K $0.00
COMMON SHARES
Basic Shares Outstanding 42.26M shares 40.80M shares 11.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $980.0K $1.260M $0.00
YoY Change
Cash & Equivalents $979.6K $1.259M $207.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $979.6K $1.259M $207.00
YoY Change 607884.06% -91.1%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.71M $12.10M
YoY Change
Other Assets $6.414M $8.573M
YoY Change
Total Long-Term Assets $12.71M $12.10M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $979.6K $1.259M $207.00
Total Long-Term Assets $12.71M $12.10M $0.00
Total Assets $13.69M $13.36M $207.00
YoY Change 6451700.48% -91.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.0K $250.0K $385.00
YoY Change 64835.06% -90.35%
Accrued Expenses $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $3.000M $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $3.150M $3.253M $19.37K
YoY Change 15650.1% 16691.56% 61.88%
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 $3.150M $3.253M $19.37K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.150M $3.253M $19.37K
YoY Change 15650.1% 16691.56% 61.88%
SHAREHOLDERS EQUITY
Retained Earnings -$1.510M -$1.169M -$508.2K
YoY Change 129.96% 1.91%
Common Stock $794.8K $11.28M $11.28K
YoY Change 99871.96% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.54M $10.10M -$19.16K
YoY Change
Total Liabilities & Shareholders Equity $13.69M $13.36M $207.00
YoY Change 6451700.48% -91.1%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$341.5K -$1.064M -$3.580K
YoY Change 29618.35% -22.28%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$910.0K -$6.239M -$4.990K
YoY Change 9000.0% 124923.35% 805.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.952M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 630.0K $6.952M $4.950K
YoY Change 6200.0% 140339.9% 147.5%
NET CHANGE
Cash From Operating Activities -910.0K -$6.239M -$4.990K
Cash From Investing Activities
Cash From Financing Activities 630.0K $6.952M $4.950K
Net Change In Cash -280.0K $713.1K -$40.00
YoY Change -1782875.0% -102.76%
FREE CASH FLOW
Cash From Operating Activities -$910.0K -$6.239M -$4.990K
Capital Expenditures $0.00
Free Cash Flow -$4.990K
YoY Change 805.63%

Facts In Submission

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CY2013Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Year Five
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInYearFive
-3707115 USD
CY2013Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Year Four
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInYearFour
-3949775 USD
CY2013Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Year Three
LifeSettlementContractsInvestmentMethodPremiumsToBePaidInYearThree
-4555000 USD
CY2013Q2 us-gaap Life Settlement Contracts Investment Method Premiums To Be Paid In Year Two
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6951775 USD
us-gaap Net Cash Provided By Used In Financing Activities
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10820515 USD
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NetCashProvidedByUsedInInvestingActivities
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-6238665 USD
us-gaap Net Cash Provided By Used In Operating Activities
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-9561988 USD
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NetIncomeLoss
-1063917 USD
us-gaap Net Income Loss
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-30052 USD
us-gaap Nonoperating Income Expense
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CY2013Q2 us-gaap Notes Payable Current
NotesPayableCurrent
2999000 USD
CY2013Q1 us-gaap Notes Payable Current
NotesPayableCurrent
2999000 USD
CY2013Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
3441 USD
CY2013Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
3441 USD
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
1033865 USD
us-gaap Operating Expenses
OperatingExpenses
1131939 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1033865 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-1131939 USD
CY2013Q2 us-gaap Other Assets Noncurrent
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5797700 USD
CY2013Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
USD
CY2013Q2 us-gaap Other Liabilities Current
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4000 USD
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4000 USD
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400000 USD
CY2012Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
USD
CY2013Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
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PreferredStockParOrStatedValuePerShare
0.001
CY2013Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
0 shares
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PreferredStockSharesOutstanding
0 shares
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PreferredStockSharesOutstanding
0 shares
CY2013Q2 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
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CY2013Q2 us-gaap Proceeds From Issuance Of Common Stock
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6951775 USD
us-gaap Proceeds From Issuance Of Common Stock
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10820515 USD
CY2013Q2 us-gaap Proceeds From Issuance Of Private Placement
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7320000 USD
CY2013Q2 us-gaap Professional Fees
ProfessionalFees
118790 USD
us-gaap Professional Fees
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162962 USD
CY2013Q2 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
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5735 USD
CY2013Q1 us-gaap Receivable From Shareholders Or Affiliates For Issuance Of Capital Stock
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37510 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
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-1168568 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
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-104651 USD
CY2013Q2 us-gaap Revenues
Revenues
USD
us-gaap Revenues
Revenues
USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.77
CY2013Q2 us-gaap Share Based Compensation
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625782 USD
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
USD
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
70000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.96
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.96
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y11M1D
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
70000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
shares
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4536675 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1072500 shares
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y9M18D
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue
463029
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1785000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.96
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7550550 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1785000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.77
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2013Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M18D
CY2013Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2013Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.77
CY2013Q2 us-gaap Share Price
SharePrice
5.00
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
10102534 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
3748894 USD
CY2013Q2 us-gaap Stock Issued1
StockIssued1
USD
CY2012Q2 us-gaap Stock Issued1
StockIssued1
USD
us-gaap Stock Issued1
StockIssued1
37510 USD
CY2013Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2013Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
625782 USD
CY2012Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
625782 USD

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