$USIO
Usio, Inc.

2016 Q4 Form 10-K Financial Statement

#000108803418000004 Filed on March 30, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $2.890M $12.08M $3.660M
YoY Change -21.04% -16.02% -2.66%
Cost Of Revenue $2.000M $8.293M $2.280M
YoY Change -12.28% -11.94% -2.56%
Gross Profit $890.0K $3.783M $1.380M
YoY Change -35.51% -23.78% -3.5%
Gross Profit Margin 30.8% 31.33% 37.7%
Selling, General & Admin $480.0K $1.310M $310.0K
YoY Change 54.84% 2.34% 342.86%
% of Gross Profit 53.93% 34.63% 22.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $230.0K $738.5K $230.0K
YoY Change 0.0% 58.26% 2200.0%
% of Gross Profit 25.84% 19.52% 16.67%
Operating Expenses $1.390M $13.44M $1.250M
YoY Change 11.2% 0.02% 155.1%
Operating Profit -$500.0K -$1.361M $130.0K
YoY Change -484.62% -243.69% -86.17%
Interest Expense $20.00K $100.0K $20.00K
YoY Change 0.0% 25.0%
% of Operating Profit 15.38%
Other Income/Expense, Net $0.00 $196.6K $10.00K
YoY Change -100.0% 36.06% -83.33%
Pretax Income -$260.0K -$1.164M $160.0K
YoY Change -262.5% -206.65% -83.84%
Income Tax -$10.00K $32.67K $0.00
% Of Pretax Income 0.0%
Net Earnings -$240.0K -$1.197M $160.0K
YoY Change -250.0% -217.77% -93.6%
Net Earnings / Revenue -8.3% -9.91% 4.37%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$29.70K -$0.15 $13.58K
COMMON SHARES
Basic Shares Outstanding 7.838M shares 12.37M
Diluted Shares Outstanding 7.838M shares

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.120M $4.120M $4.060M
YoY Change 1.48% 1.48% 45.0%
Cash & Equivalents $4.121M $4.120M $4.060M
Short-Term Investments
Other Short-Term Assets $59.79M $59.79M $57.92M
YoY Change 3.23% 3.23% 10.7%
Inventory
Prepaid Expenses $142.0K $149.1K
Receivables $907.8K $1.110M $1.135M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.03M $65.03M $63.11M
YoY Change 3.03% 3.04% 12.39%
LONG-TERM ASSETS
Property, Plant & Equipment $2.495M $2.490M $3.077M
YoY Change -18.94% -19.16% 13.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.8K $1.820M $202.8K
YoY Change -1.01% 0.0% -0.62%
Total Long-Term Assets $1.995M $4.480M $2.166M
YoY Change -7.89% -14.67% -3.21%
TOTAL ASSETS
Total Short-Term Assets $65.03M $65.03M $63.11M
Total Long-Term Assets $1.995M $4.480M $2.166M
Total Assets $69.51M $69.51M $68.36M
YoY Change 1.69% 1.68% 11.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.0K $150.0K $143.2K
YoY Change 1.3% 7.14% 278.7%
Accrued Expenses $703.3K $700.0K $1.329M
YoY Change -47.07% -47.37% -28.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.50M $60.50M $59.24M
YoY Change 2.13% 2.13% 9.55%
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 $60.50M $60.50M $59.24M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $60.50M $60.50M $59.24M
YoY Change 2.13% 2.13% 9.54%
SHAREHOLDERS EQUITY
Retained Earnings -$50.25M -$49.05M
YoY Change 2.44% -2.03%
Common Stock $181.8K $185.5K
YoY Change -2.0% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $718.1K $286.4K
YoY Change 150.76% 20.25%
Treasury Stock Shares 596.3K shares $349.6K
Shareholders Equity $9.011M $9.010M $9.115M
YoY Change
Total Liabilities & Shareholders Equity $69.51M $69.51M $68.36M
YoY Change 1.69% 1.68% 11.88%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$240.0K -$1.197M $160.0K
YoY Change -250.0% -217.77% -93.6%
Depreciation, Depletion And Amortization $230.0K $738.5K $230.0K
YoY Change 0.0% 58.26% 2200.0%
Cash From Operating Activities $260.0K $848.4K $4.160M
YoY Change -93.75% -59.4% -171.85%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K $155.6K -$60.00K
YoY Change -83.33% -80.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$200.0K
YoY Change
Cash From Investing Activities -$10.00K -$355.6K -$60.00K
YoY Change -83.33% -54.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $431.8K
YoY Change 795.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -430.0K -$431.8K -20.00K
YoY Change 2050.0% 795.07%
NET CHANGE
Cash From Operating Activities 260.0K $848.4K 4.160M
Cash From Investing Activities -10.00K -$355.6K -60.00K
Cash From Financing Activities -430.0K -$431.8K -20.00K
Net Change In Cash -180.0K $61.13K 4.080M
YoY Change -104.41% -95.13% -170.47%
FREE CASH FLOW
Cash From Operating Activities $260.0K $848.4K $4.160M
Capital Expenditures -$10.00K $155.6K -$60.00K
Free Cash Flow $270.0K $692.9K $4.220M
YoY Change -93.6% -46.88% -172.88%

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CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
28000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
72000 USD
CY2017Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
41300000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
192769 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-431755 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2612430 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-355551 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1822337 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
848438 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-110277 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
387882 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
200808 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
157565 USD
CY2016 us-gaap Other General Expense
OtherGeneralExpense
3188407 USD
CY2017 us-gaap Other General Expense
OtherGeneralExpense
4378969 USD
CY2016 us-gaap Other Nonoperating Income Expense
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99277 USD
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1583 USD
CY2016 us-gaap Payments For Proceeds From Loans Receivable
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200000 USD
CY2017 us-gaap Payments For Proceeds From Loans Receivable
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-50000 USD
CY2016 us-gaap Net Income Loss
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NetIncomeLoss
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CY2016 us-gaap Payments For Repurchase Of Common Stock
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431755 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
112910 USD
CY2016 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2017 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
900000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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155551 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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372337 USD
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NonoperatingIncomeExpense
196599 USD
CY2017 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
102547 USD
CY2016Q4 us-gaap Notes Receivable Net
NotesReceivableNet
200000 USD
CY2017Q4 us-gaap Notes Receivable Net
NotesReceivableNet
150000 USD
CY2016 us-gaap Operating Expenses
OperatingExpenses
13436931 USD
CY2017 us-gaap Operating Expenses
OperatingExpenses
17408174 USD
CY2017 us-gaap Interest Paid
InterestPaid
0 USD
CY2016 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
51700 USD
CY2017 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
40200 USD
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142029 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
176945 USD
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0 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2725340 USD
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4744326 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
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69514686 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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67435803 USD
CY2016 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5116662 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
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2494510 USD
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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8995883 shares
CY2017 us-gaap Stock Issued1
StockIssued1
3500000 USD
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
51700 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
40200 USD
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
399874 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2105186 USD
CY2016 us-gaap Provision For Doubtful Accounts
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0 USD
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
71667 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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15803641 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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14977468 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50251641 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-53260426 USD
CY2016 us-gaap Revenues
Revenues
12076358 USD
CY2017 us-gaap Revenues
Revenues
14571158 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
1314778 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
968141 USD
CY2017Q4 us-gaap Share Price
SharePrice
2.53
CY2016 us-gaap Stock Issued1
StockIssued1
0 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
184971 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
9115276 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
9011368 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
13123353 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
596349 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
672601 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
718149 USD
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
831059 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
431755 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
112910 USD
CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
172832 USD
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
172832 USD
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7838197 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7838197 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8995883 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8995883 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7838197 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7838197 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8995883 shares
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk: </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">Financial instruments that potentially expose the Company to credit risk consist of cash and cash equivalents, and accounts receivable. The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC (</font><font style="font-family:inherit;font-size:10pt;font-style:normal;">$250,000</font><font style="font-family:inherit;font-size:10pt;font-style:normal;">). Accounts receivables potentially subject the Company to concentrations of credit risk. The Company&#8217;s customer base operates in a variety of industries and is geographically dispersed although the relatively small number of customers increases the risk. The Company closely monitors extensions of credit. Estimated credit losses have been recorded in the consolidated financial statements. Recent credit losses have been within management's expectations. No customer accounted for more than 10% of revenues in </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">2017</font><font style="font-family:inherit;font-size:10pt;font-style:normal;"> or </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">2016</font><font style="font-family:inherit;font-size:10pt;font-style:normal;">.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates: </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. Actual results could differ from those estimates.</font></div></div>

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