2019 Form 10-K Financial Statement

#000108803420000003 Filed on March 30, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $28.20M $6.420M $25.02M
YoY Change 12.69% 14.23% 71.74%
Cost Of Revenue $22.25M $4.900M $19.45M
YoY Change 14.38% 13.43% 80.09%
Gross Profit $5.949M $1.520M $5.570M
YoY Change 6.82% 16.92% 47.8%
Gross Profit Margin 21.1% 23.68% 22.26%
Selling, General & Admin $1.290M $290.0K $1.250M
YoY Change 3.2% -6.45% 28.87%
% of Gross Profit 21.68% 19.08% 22.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.023M $490.0K $875.6K
YoY Change 16.77% 0.0% 14.96%
% of Gross Profit 17.19% 32.24% 15.72%
Operating Expenses $11.01M $2.380M $9.344M
YoY Change 17.85% 0.0% 41.46%
Operating Profit -$5.063M -$860.0K -$3.775M
YoY Change 34.14% -20.37% 33.05%
Interest Expense $80.00K $30.00K $80.00K
YoY Change 0.0% 200.0% -20.0%
% of Operating Profit
Other Income/Expense, Net $49.14K $0.00 $76.47K
YoY Change -35.75% -25.43%
Pretax Income -$5.014M -$830.0K -$3.698M
YoY Change 35.58% -21.7% 35.24%
Income Tax $101.9K $40.00K $77.78K
% Of Pretax Income
Net Earnings -$5.116M -$880.0K -$3.776M
YoY Change 35.49% -32.31% 25.49%
Net Earnings / Revenue -18.14% -13.71% -15.09%
Basic Earnings Per Share -$0.39 -$0.31
Diluted Earnings Per Share -$0.39 -$72.01K -$0.31
COMMON SHARES
Basic Shares Outstanding 12.96M 15.94M shares 12.13M shares
Diluted Shares Outstanding 12.96M 12.13M shares

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.140M $2.700M $2.700M
YoY Change -20.74% -43.75% -43.75%
Cash & Equivalents $2.140M $2.160M $2.700M
Short-Term Investments
Other Short-Term Assets $49.63M $56.89M $56.89M
YoY Change -12.76% 6.96% 6.96%
Inventory
Prepaid Expenses $101.7K
Receivables $1.270M $1.214M $1.320M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $53.05M $60.91M $60.91M
YoY Change -12.9% 3.05% 3.06%
LONG-TERM ASSETS
Property, Plant & Equipment $4.040M $1.933M $1.930M
YoY Change 109.33% -8.2% -8.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.800M $5.377M $1.700M
YoY Change 5.88% 3312.68% 9.68%
Total Long-Term Assets $8.510M $5.377M $7.310M
YoY Change 16.42% -13.66% -12.35%
TOTAL ASSETS
Total Short-Term Assets $53.05M $60.91M $60.91M
Total Long-Term Assets $8.510M $5.377M $7.310M
Total Assets $61.56M $68.22M $68.22M
YoY Change -9.76% 1.16% 1.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $420.0K $308.2K $310.0K
YoY Change 35.48% 2.47% 3.33%
Accrued Expenses $1.110M $852.7K $930.0K
YoY Change 19.35% -15.26% -7.92%
Deferred Revenue $20.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $51.71M $58.50M $58.50M
YoY Change -11.61% 7.71% 7.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.280M $80.00K $80.00K
YoY Change 2750.0%
Total Long-Term Liabilities $2.280M $80.00K $80.00K
YoY Change 2750.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.71M $58.50M $58.50M
Total Long-Term Liabilities $2.280M $80.00K $80.00K
Total Liabilities $53.99M $58.58M $58.58M
YoY Change -7.84% 7.86% 7.86%
SHAREHOLDERS EQUITY
Retained Earnings -$57.04M
YoY Change 7.09%
Common Stock $185.6K
YoY Change -0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.814M
YoY Change 118.22%
Treasury Stock Shares 1.086M shares
Shareholders Equity $7.570M $9.634M $9.630M
YoY Change
Total Liabilities & Shareholders Equity $61.56M $68.22M $68.22M
YoY Change -9.76% 1.16% 1.16%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$5.116M -$880.0K -$3.776M
YoY Change 35.49% -32.31% 25.49%
Depreciation, Depletion And Amortization $1.023M $490.0K $875.6K
YoY Change 16.77% 0.0% 14.96%
Cash From Operating Activities -$3.733M -$850.0K -$2.756M
YoY Change 35.42% 962.5% 194.35%
INVESTING ACTIVITIES
Capital Expenditures $647.4K -$120.0K $703.1K
YoY Change -7.93% 300.0% 88.84%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -100.69%
Cash From Investing Activities -$647.4K -$120.0K -$698.1K
YoY Change -7.27% -700.0% -61.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.722M $982.5K
YoY Change -275.27% -137.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.722M -10.00K -$982.5K
YoY Change -275.27% -100.37% -137.61%
NET CHANGE
Cash From Operating Activities -3.733M -850.0K -$2.756M
Cash From Investing Activities -647.4K -120.0K -$698.1K
Cash From Financing Activities 1.722M -10.00K -$982.5K
Net Change In Cash -2.658M -980.0K -$4.437M
YoY Change -40.09% -136.84% 2931.66%
FREE CASH FLOW
Cash From Operating Activities -$3.733M -$850.0K -$2.756M
Capital Expenditures $647.4K -$120.0K $703.1K
Free Cash Flow -$4.380M -$730.0K -$3.460M
YoY Change 26.61% 1360.0% 164.33%

Facts In Submission

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CY2018 us-gaap Increase Decrease In Accounts Receivable
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CY2019 us-gaap Increase Decrease In Accounts Receivable
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CY2018 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2018 us-gaap Increase Decrease In Deferred Liabilities
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CY2019 us-gaap Increase Decrease In Other Current Assets
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97298 USD
CY2018 us-gaap Increase Decrease In Prepaid Expense
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CY2019 us-gaap Increase Decrease In Prepaid Expense
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CY2019 us-gaap Interest Paid
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0 USD
CY2018 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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7911 USD
CY2019 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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0 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3234565 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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1469679 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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356184 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
356250 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
357695 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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351334 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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343423 USD
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598768 USD
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CY2019Q4 us-gaap Liabilities
Liabilities
53991844 USD
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CY2019Q4 us-gaap Liabilities And Stockholders Equity
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CY2019Q4 us-gaap Liabilities Current
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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-647383 USD
CY2019 us-gaap Operating Income Loss
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-5062996 USD
CY2019 us-gaap Operating Lease Expense
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450000 USD
CY2019Q4 us-gaap Operating Lease Liability
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2635797 USD
CY2019Q4 us-gaap Operating Lease Liability Current
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356184 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018 us-gaap Net Income Loss
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-3775815 USD
CY2019 us-gaap Net Income Loss
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-5115747 USD
CY2018 us-gaap Nonoperating Income Expense
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CY2019 us-gaap Nonoperating Income Expense
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49137 USD
CY2018Q4 us-gaap Notes Receivable Net
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108750 USD
CY2018 us-gaap Operating Expenses
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9344022 USD
CY2019 us-gaap Operating Expenses
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CY2018 us-gaap Operating Income Loss
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0453
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y0M16D
CY2018 us-gaap Operating Leases Rent Expense Net
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350000 USD
CY2019Q4 us-gaap Operating Loss Carryforwards
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51200000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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CY2018Q4 us-gaap Other Assets Miscellaneous Noncurrent
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CY2019Q4 us-gaap Other Assets Miscellaneous Noncurrent
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CY2018Q4 us-gaap Other Assets Noncurrent
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5377184 USD
CY2019Q4 us-gaap Other Assets Noncurrent
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CY2018 us-gaap Other General Expense
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6216605 USD
CY2019 us-gaap Other General Expense
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7697267 USD
CY2018 us-gaap Other Nonoperating Income Expense
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-77 USD
CY2019 us-gaap Other Nonoperating Income Expense
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-32653 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
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982487 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
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71906 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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703112 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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647383 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2018Q4 us-gaap Preferred Stock Value
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0 USD
CY2019 us-gaap Proceeds From Issuance Of Common Stock
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1793905 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2019Q4 us-gaap Preferred Stock Value
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0 USD
CY2018Q4 us-gaap Prepaid Expense Current
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CY2019Q4 us-gaap Prepaid Expense Current
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183575 USD
CY2018 us-gaap Proceeds From Collection Of Loans Receivable
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5000 USD
CY2019 us-gaap Proceeds From Collection Of Loans Receivable
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0 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
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5819775 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
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6458645 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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1932660 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
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1557521 USD
CY2018 us-gaap Provision For Doubtful Accounts
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36250 USD
CY2019 us-gaap Provision For Doubtful Accounts
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108750 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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14977468 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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12645803 USD
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10016904 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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-57036241 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-62151988 USD
CY2018 us-gaap Revenues
Revenues
25024124 USD
CY2019 us-gaap Revenues
Revenues
28200535 USD
CY2018 us-gaap Share Based Compensation
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1251779 USD
CY2019 us-gaap Share Based Compensation
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1292419 USD
CY2019Q4 us-gaap Share Price
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1.56
CY2018 us-gaap Stock Issued During Period Value New Issues
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7911 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
355760 USD
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
398156 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
13123353 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9633726 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
7568335 USD
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1086050 shares
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1119579 shares
CY2019 us-gaap Treasury Stock Shares Acquired
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33529 shares
CY2018Q4 us-gaap Treasury Stock Value
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1813546 USD
CY2019Q4 us-gaap Treasury Stock Value
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1885452 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
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982487 USD
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
71906 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
374153 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
506153 USD
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12128816 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12958067 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12128816 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12958067 shares
CY2019 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>
CY2019 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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