2017 Q4 Form 10-K Financial Statement

#000108803419000010 Filed on March 27, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4
Revenue $5.620M $14.57M $2.890M
YoY Change 94.46% 20.66% -21.04%
Cost Of Revenue $4.320M $10.80M $2.000M
YoY Change 116.0% 30.26% -12.28%
Gross Profit $1.300M $3.768M $890.0K
YoY Change 46.07% -0.39% -35.51%
Gross Profit Margin 23.13% 25.86% 30.8%
Selling, General & Admin $310.0K $970.0K $480.0K
YoY Change -35.42% -25.95% 54.84%
% of Gross Profit 23.85% 25.74% 53.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $490.0K $761.7K $230.0K
YoY Change 113.04% 3.14% 0.0%
% of Gross Profit 37.69% 20.21% 25.84%
Operating Expenses $2.380M $6.605M $1.390M
YoY Change 71.22% -50.84% 11.2%
Operating Profit -$1.080M -$2.837M -$500.0K
YoY Change 116.0% 108.52% -484.62%
Interest Expense $10.00K $100.0K $20.00K
YoY Change -50.0% 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $102.5K $0.00
YoY Change -47.84% -100.0%
Pretax Income -$1.060M -$2.734M -$260.0K
YoY Change 307.69% 134.93% -262.5%
Income Tax $860.0K $274.3K -$10.00K
% Of Pretax Income
Net Earnings -$1.300M -$3.009M -$240.0K
YoY Change 441.67% 151.44% -250.0%
Net Earnings / Revenue -23.13% -20.65% -8.3%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$129.1K -$0.33 -$29.70K
COMMON SHARES
Basic Shares Outstanding 13.62M shares 8.996M shares
Diluted Shares Outstanding 8.996M shares

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.800M $4.800M $4.120M
YoY Change 16.5% 16.5% 1.48%
Cash & Equivalents $4.612M $4.800M $4.121M
Short-Term Investments
Other Short-Term Assets $53.19M $53.19M $59.79M
YoY Change -11.04% -11.04% 3.23%
Inventory
Prepaid Expenses $176.9K $142.0K
Receivables $969.7K $1.120M $907.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $59.10M $59.10M $65.03M
YoY Change -9.11% -9.12% 3.03%
LONG-TERM ASSETS
Property, Plant & Equipment $2.105M $2.110M $2.495M
YoY Change -15.61% -15.26% -18.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $157.6K $1.550M $200.8K
YoY Change -21.53% -14.84% -1.01%
Total Long-Term Assets $6.228M $8.340M $1.995M
YoY Change 212.23% 86.16% -7.89%
TOTAL ASSETS
Total Short-Term Assets $59.10M $59.10M $65.03M
Total Long-Term Assets $6.228M $8.340M $1.995M
Total Assets $67.44M $67.44M $69.51M
YoY Change -2.99% -2.98% 1.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.7K $300.0K $145.0K
YoY Change 107.34% 100.0% 1.3%
Accrued Expenses $1.006M $1.010M $703.3K
YoY Change 43.07% 44.29% -47.07%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.31M $54.31M $60.50M
YoY Change -10.23% -10.23% 2.13%
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 $54.31M $54.31M $60.50M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $54.31M $54.31M $60.50M
YoY Change -10.23% -10.23% 2.13%
SHAREHOLDERS EQUITY
Retained Earnings -$53.26M -$50.25M
YoY Change 5.99% 2.44%
Common Stock $186.3K $181.8K
YoY Change 2.46% -2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $831.1K $718.1K
YoY Change 15.72% 150.76%
Treasury Stock Shares 672.6K shares 596.3K shares
Shareholders Equity $13.12M $13.12M $9.011M
YoY Change
Total Liabilities & Shareholders Equity $67.44M $67.44M $69.51M
YoY Change -2.99% -2.98% 1.69%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4
OPERATING ACTIVITIES
Net Income -$1.300M -$3.009M -$240.0K
YoY Change 441.67% 151.44% -250.0%
Depreciation, Depletion And Amortization $490.0K $761.7K $230.0K
YoY Change 113.04% 3.14% 0.0%
Cash From Operating Activities -$80.00K -$936.5K $260.0K
YoY Change -130.77% -210.37% -93.75%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $372.3K -$10.00K
YoY Change 200.0% 139.37% -83.33%
Acquisitions
YoY Change
Other Investing Activities $50.00K -$1.450M $0.00
YoY Change 625.0%
Cash From Investing Activities $20.00K -$1.822M -$10.00K
YoY Change -300.0% 412.54% -83.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$2.612M
YoY Change -705.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.720M $2.612M -430.0K
YoY Change -732.56% -705.07% 2050.0%
NET CHANGE
Cash From Operating Activities -80.00K -$936.5K 260.0K
Cash From Investing Activities 20.00K -$1.822M -10.00K
Cash From Financing Activities 2.720M $2.612M -430.0K
Net Change In Cash 2.660M -$146.4K -180.0K
YoY Change -1577.78% -339.41% -104.41%
FREE CASH FLOW
Cash From Operating Activities -$80.00K -$936.5K $260.0K
Capital Expenditures -$30.00K $372.3K -$10.00K
Free Cash Flow -$50.00K -$1.309M $270.0K
YoY Change -118.52% -288.89% -93.6%

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CY2017 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-43243 USD
CY2018 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
149192 USD
CY2017 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
34916 USD
CY2018 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-75223 USD
CY2017 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
100964 USD
CY2018 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
76551 USD
CY2017 us-gaap Interest Paid
InterestPaid
0 USD
CY2018 us-gaap Interest Paid
InterestPaid
0 USD
CY2017 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
40200 USD
CY2018 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
7911 USD
CY2017Q4 us-gaap Liabilities
Liabilities
54312450 USD
CY2018Q4 us-gaap Liabilities
Liabilities
58581786 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
67435803 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
68215512 USD
CY2017 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
600000 USD
CY2018 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
54312450 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
58502038 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2612430 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-982487 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1822337 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-698112 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-936450 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2756443 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
-3008785 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-3775815 USD
CY2017 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
102547 USD
CY2018 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
76474 USD
CY2017Q4 us-gaap Notes Receivable Net
NotesReceivableNet
150000 USD
CY2018Q4 us-gaap Notes Receivable Net
NotesReceivableNet
108750 USD
CY2017 us-gaap Operating Expenses
OperatingExpenses
6605242 USD
CY2018 us-gaap Operating Expenses
OperatingExpenses
9344022 USD
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
-2837016 USD
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-3774509 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
314000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
345000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
338000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
338000 USD
CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
45300000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
387882 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
306757 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
157565 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
582720 USD
CY2017 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
-50000 USD
CY2018 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
-5000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
112910 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
982487 USD
CY2017 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
900000 USD
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-77 USD
CY2017 us-gaap Other General Expense
OtherGeneralExpense
4378969 USD
CY2018 us-gaap Other General Expense
OtherGeneralExpense
6216605 USD
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1583 USD
CY2018 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
372337 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
703112 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
176945 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
101722 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2725340 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5116662 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5819775 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2105186 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1932660 USD
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
71667 USD
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
36250 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
14977468 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
12645803 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-53260426 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57036241 USD
CY2017 us-gaap Revenues
Revenues
14571158 USD
CY2018 us-gaap Revenues
Revenues
25024124 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
968141 USD
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
1251779 USD
CY2018Q4 us-gaap Share Price
SharePrice
1.66
CY2017 us-gaap Stock Issued1
StockIssued1
3500000 USD
CY2018 us-gaap Stock Issued1
StockIssued1
0 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
40200 USD
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7911 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
9011368 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
13123353 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9633726 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
672601 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1086050 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
831059 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
184971 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
355760 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1813546 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
112910 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
982487 USD
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
172832 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
374153 USD
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8995883 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12128816 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8995883 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12128816 shares
CY2018 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, which is </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. 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.</font></div></div>
CY2018 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<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;">Deferred Revenues: </font><font style="font-family:inherit;font-size:10pt;font-style:normal;">The Company records deferred revenues when it receives payments or issues invoices in advance of transferring control of promised goods or services to a customer. The advance consideration received from a customer is deferred until the Company provides the customer that product or service.</font></div></div>
CY2018 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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