$TRXDW
CELLULAR TECHNICAL SERVICES CO INC

2017 Q3 Form 10-Q Financial Statement

#000156459017023301 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $183.0K $53.00K $1.466M
YoY Change -87.52%
Cost Of Revenue $921.0K $38.00K $1.031M
YoY Change -10.67%
Gross Profit -$738.0K $15.00K $435.0K
YoY Change -269.66%
Gross Profit Margin -403.28% 28.3% 29.67%
Selling, General & Admin $7.448M $6.470M $5.367M
YoY Change 38.77% 65.05% 146.76%
% of Gross Profit 43133.33% 1233.79%
Research & Development $4.889M $7.510M $7.011M
YoY Change -30.27% -12.27% -0.52%
% of Gross Profit 50066.67% 1611.72%
Depreciation & Amortization $678.0K $2.100M $446.0K
YoY Change 52.02% 2.44% -28.06%
% of Gross Profit 14000.0% 102.53%
Operating Expenses $12.34M $14.42M $12.38M
YoY Change -0.33% 5.49% 34.21%
Operating Profit -$15.67M -$14.41M -$13.55M
YoY Change 15.62% 5.38% -0.09%
Interest Expense $563.0K -$420.0K $432.0K
YoY Change 30.32% -30.0% -0.92%
% of Operating Profit
Other Income/Expense, Net -$23.58M -$420.0K -$462.0K
YoY Change 5004.33% -30.46% 5.96%
Pretax Income -$39.25M -$14.81M -$14.01M
YoY Change 180.08% 2.1% 0.1%
Income Tax -$738.0K -$816.0K -$1.070M
% Of Pretax Income
Net Earnings -$38.51M -$13.99M -$12.94M
YoY Change 197.54% 3.04% -6.88%
Net Earnings / Revenue -21045.36% -26400.0% -882.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.35 -$1.58 -$1.46
COMMON SHARES
Basic Shares Outstanding 115.1M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.50M $24.20M $42.50M
YoY Change -42.35% -36.98% -19.66%
Cash & Equivalents $24.48M $24.17M $42.52M
Short-Term Investments
Other Short-Term Assets $8.245M $5.335M $8.149M
YoY Change 1.18% 33.81% 49.52%
Inventory $11.27M $7.883M $2.250M
Prepaid Expenses $1.379M $2.186M $2.060M
Receivables $253.0K $621.0K $616.0K
Other Receivables $139.0K $1.343M $375.0K
Total Short-Term Assets $44.27M $38.02M $53.55M
YoY Change -17.32% -22.64% -13.44%
LONG-TERM ASSETS
Property, Plant & Equipment $7.197M $5.772M $4.614M
YoY Change 55.98% 30.94% 5.15%
Goodwill $71.04M $68.70M $69.95M
YoY Change 1.56% -47.51% -39.73%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $279.0K $63.00K $63.00K
YoY Change 342.86% -1.56% 6.78%
Total Long-Term Assets $139.5M $138.2M $143.5M
YoY Change -2.81% -30.7% -30.54%
TOTAL ASSETS
Total Short-Term Assets $44.27M $38.02M $53.55M
Total Long-Term Assets $139.5M $138.2M $143.5M
Total Assets $183.7M $176.2M $197.0M
YoY Change -6.75% -29.1% -26.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.625M $3.984M $2.596M
YoY Change 1.12% -10.47% -40.92%
Accrued Expenses $8.926M $8.206M $7.246M
YoY Change 23.19% 10.97% 17.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M $7.800M
YoY Change 19.4% 62.5%
Total Short-Term Liabilities $18.51M $30.69M $28.99M
YoY Change -36.16% -1.23% 89.08%
LONG-TERM LIABILITIES
Long-Term Debt $12.80M $5.000M $7.100M
YoY Change 80.28% -61.54% -52.35%
Other Long-Term Liabilities $42.60M $12.30M $13.90M
YoY Change 206.47% 11.82% -42.8%
Total Long-Term Liabilities $55.40M $17.30M $21.00M
YoY Change 163.81% -27.92% -46.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.51M $30.69M $28.99M
Total Long-Term Liabilities $55.40M $17.30M $21.00M
Total Liabilities $83.16M $58.38M $61.90M
YoY Change 34.35% -18.15% -18.27%
SHAREHOLDERS EQUITY
Retained Earnings -$371.5M -$302.8M -$288.9M
YoY Change 28.61% 65.61% 70.63%
Common Stock $468.3M $426.7M $425.2M
YoY Change 10.15% 17.43% 17.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000K $241.0K $203.0K
YoY Change -99.01% 230.14% 6666.67%
Treasury Stock Shares $2.136K $93.68K $71.55K
Shareholders Equity $100.6M $117.9M $135.1M
YoY Change
Total Liabilities & Shareholders Equity $183.7M $176.2M $197.0M
YoY Change -6.75% -29.1% -26.6%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$38.51M -$13.99M -$12.94M
YoY Change 197.54% 3.04% -6.88%
Depreciation, Depletion And Amortization $678.0K $2.100M $446.0K
YoY Change 52.02% 2.44% -28.06%
Cash From Operating Activities -$12.03M -$15.12M -$9.730M
YoY Change 23.64% 8.54% 15.15%
INVESTING ACTIVITIES
Capital Expenditures $110.0K $480.0K $360.0K
YoY Change -69.44% -4.0% -14.29%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$110.0K -$480.0K -$360.0K
YoY Change -69.44% -4.0% -98.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.170M -2.760M -1.890M
YoY Change -479.37% 9100.0% -112.08%
NET CHANGE
Cash From Operating Activities -12.03M -15.12M -9.730M
Cash From Investing Activities -110.0K -480.0K -360.0K
Cash From Financing Activities 7.170M -2.760M -1.890M
Net Change In Cash -4.970M -18.36M -11.98M
YoY Change -58.51% 26.97% -34.25%
FREE CASH FLOW
Cash From Operating Activities -$12.03M -$15.12M -$9.730M
Capital Expenditures $110.0K $480.0K $360.0K
Free Cash Flow -$12.14M -$15.60M -$10.09M
YoY Change 20.32% 8.11% 13.75%

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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:8pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include identifiable intangible assets and goodwill, contingent consideration, warrant liabilities, stock compensation expense, restructuring and other charges, excess and obsolete inventory reserves, and deferred tax asset valuation allowances.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentrations and Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s principal financial instruments subject to potential concentration of credit risk are cash and cash equivalents and investments held in money market accounts. The Company places cash deposits with a federally insured financial institution. The Company maintains its cash at banks and financial institutions it considers to be of high credit quality; however, the Company&#8217;s cash deposits may at times exceed the FDIC insured limit. Balances in excess of federally insured limitations may not be insured. The Company has not experienced losses on these accounts, and management believes that the Company is not exposed to significant risks on such accounts.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s accounts receivable are derived from net revenue to customers located throughout the world. The Company evaluates its customers&#8217; financial condition and, generally, requires no collateral from its customers. The Company provides reserves for potential credit losses but has not experienced significant losses to date. The Company had six customers who constituted 100% of the Company&#8217;s net accounts receivable at September 30, 2017 and three customers who constituted 100% of the Company&#8217;s net accounts receivable at December&#160;31, 2016.</p></div>
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
trxc Period Of Free Service Sale Arrangement
PeriodOfFreeServiceSaleArrangement
P1Y
CY2017Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
25940000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2015Q3 trxc Securities Consideration Held In Escrow Percentage
SecuritiesConsiderationHeldInEscrowPercentage
0.10
CY2015Q3 trxc Escrow And Security Interest Term
EscrowAndSecurityInterestTerm
P24M
CY2015Q3 trxc Escrow And Security Interest Expiration Date
EscrowAndSecurityInterestExpirationDate
2017-09-21
CY2017Q3 trxc Fair Value Assets Transfers Between Level1 Level2 And Level3 Amount
FairValueAssetsTransfersBetweenLevel1Level2AndLevel3Amount
0
CY2017Q3 trxc Fair Value Liabilities Transfers Between Level1 Level2 And Level3 Amount
FairValueLiabilitiesTransfersBetweenLevel1Level2AndLevel3Amount
0
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
6386000
CY2017Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
30869000
us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
18404000
CY2017Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
49560000
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10425000
CY2016Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
34590000
CY2016 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
22800000
CY2016Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
22800000
CY2017Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
24900000
CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
CY2017Q3 us-gaap Fair Value Assumptions Expected Dividend Payments
FairValueAssumptionsExpectedDividendPayments
0
us-gaap Fair Value Assumptions Expected Dividend Payments
FairValueAssumptionsExpectedDividendPayments
0
CY2017Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
326000
CY2016Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
960000
CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
73000
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
73000
CY2017Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
253000
CY2016Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
887000
CY2017Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2777000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4698000
CY2017Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
8496000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3185000
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1379000
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2186000
CY2017Q3 trxc Advance To Vendors
AdvanceToVendors
6727000
CY2016Q4 trxc Advance To Vendors
AdvanceToVendors
1806000
CY2017Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
139000
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1343000
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15717000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12345000
CY2017Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8520000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6573000
CY2017Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
1000000
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Depreciation
Depreciation
1820000
us-gaap Depreciation
Depreciation
1498000
CY2017Q3 us-gaap Depreciation
Depreciation
678000
CY2016Q3 us-gaap Depreciation
Depreciation
446000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2341000
CY2017Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
61800000
CY2016Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
61800000
CY2017Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
trxc Estimated Annual Effective Income Tax Rate Continuing Operations
EstimatedAnnualEffectiveIncomeTaxRateContinuingOperations
0.041
trxc Deferred Income Taxes Expense Benefit
DeferredIncomeTaxesExpenseBenefit
-2300000
trxc Deferred Income Taxes Expense Benefit
DeferredIncomeTaxesExpenseBenefit
-4700000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.033
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.043
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2017Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
3319000
CY2016Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2676000
CY2017Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3620000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2328000
CY2017Q3 us-gaap Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
163000
CY2016Q4 us-gaap Interest And Dividends Payable Current
InterestAndDividendsPayableCurrent
1000000
CY2017Q3 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
635000
CY2016Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
323000
CY2017Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
305000
CY2017Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
273000
CY2016Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
1428000
CY2017Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
271000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
243000
CY2017Q3 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
128000
CY2016Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
159000
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
212000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49000
CY2014Q3 trxc Warrant Expiration Period
WarrantExpirationPeriod
P7Y
CY2013Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1200000
CY2017Q2 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
24900000
CY2017Q2 trxc Proceeds From Issuance Of Equity Net
ProceedsFromIssuanceOfEquityNet
23200000
CY2017Q2 trxc Warrants Exercised During Period
WarrantsExercisedDuringPeriod
0
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2017Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
0
CY2016Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
0

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