2015 Q1 Form 10-K Financial Statement

#000114420415051819 Filed on August 25, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2015 2014 Q4
Revenue $2.782M $9.892M $2.371M
YoY Change 5.51% -21.35% -36.59%
Cost Of Revenue $1.940M $7.563M $1.990M
YoY Change -21.77% -22.35% -23.75%
Gross Profit $840.8K $2.328M $382.3K
YoY Change 435.4% -18.05% -66.03%
Gross Profit Margin 30.22% 23.54% 16.13%
Selling, General & Admin $880.0K $4.176M $990.0K
YoY Change -16.19% -1.78% -8.08%
% of Gross Profit 104.67% 179.35% 258.94%
Research & Development $200.0K $776.8K $150.7K
YoY Change -9.09% 31.1% 2.91%
% of Gross Profit 23.79% 33.37% 39.4%
Depreciation & Amortization $10.00K $46.07K $20.00K
YoY Change 0.0% 4.83% 100.0%
% of Gross Profit 1.19% 1.98% 5.23%
Operating Expenses $1.080M $4.952M $150.7K
YoY Change -15.62% 2.24% -87.69%
Operating Profit -$239.2K -$2.624M -$760.6K
YoY Change -78.7% 31.03% 676.23%
Interest Expense -$560.0K -$1.129M -$340.0K
YoY Change 47.37% 706.11% 25.93%
% of Operating Profit
Other Income/Expense, Net $20.00K $22.83K
YoY Change
Pretax Income -$770.0K -$3.730M $5.958K
YoY Change -48.67% 74.35% -101.62%
Income Tax -$30.00K -$25.00K $0.00
% Of Pretax Income 0.0%
Net Earnings -$748.5K $3.705M -$1.101M
YoY Change -50.24% -16.75% 199.95%
Net Earnings / Revenue -26.9% 37.46% -46.45%
Basic Earnings Per Share -$0.32 -$0.48
Diluted Earnings Per Share -$0.32 -$1.602M -$0.48
COMMON SHARES
Basic Shares Outstanding 2.313M shares 2.313M shares
Diluted Shares Outstanding 2.313M shares 2.313M shares

Balance Sheet

Concept 2015 Q1 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.00K $49.43K $1.380M
YoY Change -97.56% -97.59% -28.13%
Cash & Equivalents $49.43K $1.382M
Short-Term Investments
Other Short-Term Assets $1.070M $1.071M $230.0K
YoY Change 160.98% 161.14% -11.54%
Inventory $3.852M $3.852M $3.710M
Prepaid Expenses $438.7K
Receivables $381.3K $517.0K $680.0K
Other Receivables $1.270M $1.271M $850.0K
Total Short-Term Assets $6.761M $6.761M $6.860M
YoY Change -24.38% -24.38% -28.98%
LONG-TERM ASSETS
Property, Plant & Equipment $104.6K $104.6K $110.0K
YoY Change -28.45% -30.25% -12.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.58M $12.94M $13.56M
YoY Change -3.01% -8.46% -6.76%
Other Assets $26.00K $26.00K $40.00K
YoY Change -31.82% -35.0% 4.89%
Total Long-Term Assets $13.15M $13.15M $13.78M
YoY Change -7.83% -8.71% -6.78%
TOTAL ASSETS
Total Short-Term Assets $6.761M $6.761M $6.860M
Total Long-Term Assets $13.15M $13.15M $13.78M
Total Assets $19.91M $19.91M $20.64M
YoY Change -14.21% -14.71% -15.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $668.8K $968.8K $800.0K
YoY Change 10.31% 51.38% 167.69%
Accrued Expenses $180.0K $180.2K $220.0K
YoY Change 20.0% 20.13% 46.67%
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 $1.149M $1.149M $1.030M
YoY Change 46.27% 45.45% 128.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% 20.0%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% 20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.149M $1.149M $1.030M
Total Long-Term Liabilities $0.00 $0.00 $30.00K
Total Liabilities $1.149M $1.149M $1.050M
YoY Change 41.76% 41.86% 120.57%
SHAREHOLDERS EQUITY
Retained Earnings $5.160M
YoY Change -37.78%
Common Stock $12.91M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.39M $18.76M $19.59M
YoY Change
Total Liabilities & Shareholders Equity $19.91M $19.91M $20.64M
YoY Change -14.21% -14.71% -15.56%

Cashflow Statement

Concept 2015 Q1 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$748.5K $3.705M -$1.101M
YoY Change -50.24% -16.75% 199.95%
Depreciation, Depletion And Amortization $10.00K $46.07K $20.00K
YoY Change 0.0% 4.83% 100.0%
Cash From Operating Activities -$700.0K -$1.370M -$1.410M
YoY Change -566.67% 60.77% -307.35%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$630.0K -$631.9K $0.00
YoY Change 950.0% -250.45% -100.0%
Cash From Investing Activities -$630.0K -$631.9K $0.00
YoY Change 530.0% -265.08% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -700.0K -$1.370M -1.410M
Cash From Investing Activities -630.0K -$631.9K 0.000
Cash From Financing Activities 0.000 $0.00
Net Change In Cash -1.330M -$2.002M -1.410M
YoY Change -1123.08% 416.0% -256.67%
FREE CASH FLOW
Cash From Operating Activities -$700.0K -$1.370M -$1.410M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$700.0K -$1.370M -$1.410M
YoY Change -488.89% 67.35% -307.35%

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CY2014 us-gaap Deferred Income Tax Expense Benefit
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CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-749936 USD
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-1193309 USD
CY2014 uuu Income Tax Reconciliation Non Repatriation Of Foreign Earnings
IncomeTaxReconciliationNonRepatriationOfForeignEarnings
218452 USD
CY2009Q1 uuu Operating Lease Rent Increment Percentage
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0.03 pure
CY2009Q1 us-gaap Description Of Lessor Leasing Arrangements Operating Leases
DescriptionOfLessorLeasingArrangementsOperatingLeases
During January 2009, the Company entered into an operating lease for its office and warehouse location in Owings Mills, Maryland which expires in March 2019.
CY2015 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
The Factoring Agreement provides for financing 80% of uncollected non-recourse receivables assigned to the factor, and 50% of qualifying inventory up to a maximum borrowing on inventory of $1,000,000.
CY2015 uuu Income Tax Reconciliation Non Repatriation Of Foreign Earnings
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346832 USD
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CY2015 uuu Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
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CY2015 us-gaap Income Tax Reconciliation Other Adjustments
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3.25
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CY2015Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
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CY2015Q1 us-gaap Deferred Tax Assets Inventory
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1516111 USD
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CY2014Q1 us-gaap Deferred Tax Assets In Process Research And Development
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61701 USD
CY2015Q1 us-gaap Deferred Tax Assets In Process Research And Development
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61701 USD
CY2014Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2015Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2014Q1 us-gaap Deferred Tax Assets Net
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0 USD
CY2015Q1 us-gaap Deferred Tax Assets Net
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0 USD
CY2014Q1 us-gaap Sales Revenue Services Net
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2636933 USD
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CY2015Q1 us-gaap Gross Profit
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CY2014Q2 us-gaap Gross Profit
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CY2013Q3 us-gaap Gross Profit
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809155 USD
CY2014Q3 us-gaap Gross Profit
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CY2013Q4 us-gaap Gross Profit
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CY2014Q4 us-gaap Gross Profit
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-19530 USD
CY2014Q2 us-gaap Net Income Loss
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CY2013Q4 us-gaap Net Income Loss
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CY2014Q4 us-gaap Net Income Loss
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CY2014Q1 us-gaap Earnings Per Share Basic
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-0.65
CY2015Q1 us-gaap Earnings Per Share Basic
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CY2013Q2 us-gaap Earnings Per Share Basic
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CY2014Q2 us-gaap Earnings Per Share Basic
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CY2014Q3 us-gaap Earnings Per Share Basic
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CY2014Q4 us-gaap Earnings Per Share Basic
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CY2014Q3 us-gaap Earnings Per Share Diluted
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CY2013Q4 us-gaap Earnings Per Share Diluted
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CY2014Q4 us-gaap Earnings Per Share Diluted
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-0.48
CY2015 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.04 pure
CY2014 us-gaap Defined Benefit Plan Contributions By Employer
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59027 USD
CY2015 us-gaap Defined Benefit Plan Contributions By Employer
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50963 USD
CY2015 uuu Capitalization Finite Lived Intangible Assets Legal Expenses
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89434 USD
CY2014 us-gaap Amortization Of Intangible Assets
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4472 USD
CY2015 us-gaap Amortization Of Intangible Assets
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4472 USD
CY2015Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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17887 USD
CY2014 us-gaap Proceeds From Stock Options Exercised
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81250 USD
CY2015 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2013Q1 us-gaap Allowance For Doubtful Accounts Receivable
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57012 USD
CY2014 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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0 USD
CY2015 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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0 USD
CY2014 us-gaap Provision For Doubtful Accounts
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0 USD
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2013Q1 us-gaap Deferred Tax Assets Valuation Allowance
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300000 USD
CY2014Q1 us-gaap Deferred Tax Assets Valuation Allowance
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3069578 USD
CY2014 uuu Deferred Tax Assets Valuation Allowance Charged To Cost And Expenses
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2769578 USD
CY2015 uuu Deferred Tax Assets Valuation Allowance Charged To Cost And Expenses
DeferredTaxAssetsValuationAllowanceChargedToCostAndExpenses
658330 USD
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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0 USD
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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0 USD
CY2015Q1 us-gaap Deferred Tax Assets Valuation Allowance
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3727908 USD
CY2014 uuu Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
expire in various amounts at dates from 2015 through 2031
CY2015 uuu Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
expire in various amounts at dates from 2015 through 2031
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-50658 USD
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-81738 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
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0.5773 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.003 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y
CY2015 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
631000 USD
CY2015Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
2312887 shares
CY2015 dei Trading Symbol
TradingSymbol
UUU
CY2014Q1 us-gaap Accounts Payable Related Parties Current
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28681 USD
CY2015Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
299985 USD
CY2014 us-gaap Proceeds From Related Party Debt
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0 USD
CY2015 us-gaap Proceeds From Related Party Debt
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0 USD
CY2015 uuu Increase Decrease In Working Capital
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2543227 USD
CY2014Q1 uuu Working Capital
WorkingCapital
8154779 USD
CY2015Q1 uuu Working Capital
WorkingCapital
5611552 USD
CY2015Q1 uuu Funds Held By Factor
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631906 USD
CY2014Q1 uuu Funds Held By Factor
FundsHeldByFactor
0 USD
CY2015 uuu Payments For Funds By Factor
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631906 USD
CY2014 uuu Payments For Funds By Factor
PaymentsForFundsByFactor
0 USD
CY2015 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Collected cash maintained on deposit with the factor earns interest at the factor&#8217;s prime rate of interest less two percentage points (effective rate of 1.25%) at March 31, 2015 and 2014.
CY2014 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Collected cash maintained on deposit with the factor earns interest at the factor&#8217;s prime rate of interest less two percentage points (effective rate of 1.25%) at March 31, 2015 and 2014.

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