2019 Form 10-K Financial Statement

#000086389419000014 Filed on December 12, 2019

View on sec.gov

Income Statement

Concept 2019 2018 Q3 2018
Revenue $31.80M $5.200M $15.86M
YoY Change 100.47% 40.92% 16.18%
Cost Of Revenue $10.15M $2.010M $7.092M
YoY Change 43.07% 5.79% 6.87%
Gross Profit $21.66M $3.190M $8.783M
YoY Change 146.59% 78.21% 25.12%
Gross Profit Margin 68.1% 61.35% 55.36%
Selling, General & Admin $14.35M $3.940M $14.81M
YoY Change -3.1% 82.41% 28.74%
% of Gross Profit 66.26% 123.51% 168.6%
Research & Development $13.74M $3.030M $10.85M
YoY Change 26.66% 106.12% 252.72%
% of Gross Profit 63.46% 94.98% 123.55%
Depreciation & Amortization $470.0K $120.0K $176.8K
YoY Change 165.86% 20.0% -47.07%
% of Gross Profit 2.17% 3.76% 2.01%
Operating Expenses $28.09M $6.970M $29.64M
YoY Change -5.24% 92.01% 91.09%
Operating Profit -$6.436M -$3.780M -$20.87M
YoY Change -69.17% 105.43% 145.73%
Interest Expense $4.706M $60.00K $2.951M
YoY Change 59.5% -300.0% -2782.27%
% of Operating Profit
Other Income/Expense, Net -$5.885M $0.00 -$2.200M
YoY Change 167.53% -100.0% 1929.82%
Pretax Income -$12.32M -$3.710M -$23.07M
YoY Change -46.6% 32.03% 168.2%
Income Tax -$303.9K $4.210M $866.1K
% Of Pretax Income
Net Earnings -$12.02M -$7.920M -$23.94M
YoY Change -49.8% 195.52% 262.04%
Net Earnings / Revenue -37.79% -152.31% -150.89%
Basic Earnings Per Share
Diluted Earnings Per Share -$189.8K -$143.6K -$444.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 2018 Q3 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.300M $3.800M $3.760M
YoY Change 67.55% 15.15% 14.63%
Cash & Equivalents $3.760M
Short-Term Investments
Other Short-Term Assets $1.840M $1.100M $1.150M
YoY Change 60.0% 57.14% 64.29%
Inventory $3.650M $2.302M $2.300M
Prepaid Expenses
Receivables $5.070M $3.973M $3.970M
Other Receivables -$50.00K $0.00 $0.00
Total Short-Term Assets $16.81M $11.18M $11.18M
YoY Change 50.36% 8.59% 8.54%
LONG-TERM ASSETS
Property, Plant & Equipment $350.0K $404.6K $400.0K
YoY Change -12.5% -27.18% -28.57%
Goodwill $6.879M
YoY Change 0.0%
Intangibles $20.48M
YoY Change -1.33%
Long-Term Investments
YoY Change
Other Assets $9.420M $965.2K $9.510M
YoY Change -0.95% 417.7% 5.9%
Total Long-Term Assets $36.82M $37.27M $37.27M
YoY Change -1.21% -17.25% -17.2%
TOTAL ASSETS
Total Short-Term Assets $16.81M $11.18M $11.18M
Total Long-Term Assets $36.82M $37.27M $37.27M
Total Assets $53.63M $48.45M $48.45M
YoY Change 10.69% -12.44% -12.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.120M $3.226M $3.230M
YoY Change -3.41% 20.12% 20.07%
Accrued Expenses $5.510M $3.400M $3.430M
YoY Change 60.64% 88.89% 91.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.390M $6.700M $6.690M
YoY Change -19.43%
Total Short-Term Liabilities $14.02M $13.55M $13.55M
YoY Change 3.47% 146.97% 146.81%
LONG-TERM LIABILITIES
Long-Term Debt $6.730M $1.754M $4.460M
YoY Change 50.9%
Other Long-Term Liabilities $250.0K $30.00K $120.0K
YoY Change 108.33% -97.86% -91.24%
Total Long-Term Liabilities $6.980M $1.784M $4.580M
YoY Change 52.4% 27.41% 234.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.02M $13.55M $13.55M
Total Long-Term Liabilities $6.980M $1.784M $4.580M
Total Liabilities $21.30M $18.97M $18.97M
YoY Change 12.28% 175.62% 176.93%
SHAREHOLDERS EQUITY
Retained Earnings -$58.20M
YoY Change 69.87%
Common Stock $574.7K
YoY Change 3.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.807M
YoY Change 0.0%
Treasury Stock Shares $2.184M
Shareholders Equity $32.33M $29.48M $29.48M
YoY Change
Total Liabilities & Shareholders Equity $53.63M $48.45M $48.45M
YoY Change 10.69% -12.44% -12.4%

Cashflow Statement

Concept 2019 2018 Q3 2018
OPERATING ACTIVITIES
Net Income -$12.02M -$7.920M -$23.94M
YoY Change -49.8% 195.52% 262.04%
Depreciation, Depletion And Amortization $470.0K $120.0K $176.8K
YoY Change 165.86% 20.0% -47.07%
Cash From Operating Activities -$5.485M -$2.820M -$11.55M
YoY Change -52.49% -594.74% -1274.72%
INVESTING ACTIVITIES
Capital Expenditures $108.5K $0.00 $50.65K
YoY Change 114.23% -100.0% -62.05%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$108.5K $0.00 -$50.65K
YoY Change 114.23% -100.0% -43.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.600M $3.000M
YoY Change 20.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.129M 1.000M 12.08M
YoY Change -32.7%
NET CHANGE
Cash From Operating Activities -5.485M -2.820M -11.55M
Cash From Investing Activities -108.5K 0.000 -50.65K
Cash From Financing Activities 8.129M 1.000M 12.08M
Net Change In Cash 2.536M -1.820M 481.9K
YoY Change 426.17% -403.33% -46.01%
FREE CASH FLOW
Cash From Operating Activities -$5.485M -$2.820M -$11.55M
Capital Expenditures $108.5K $0.00 $50.65K
Free Cash Flow -$5.594M -$2.820M -$11.60M
YoY Change -51.77% -586.21% -1465.3%

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150
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Reclassifications:</font><font style="display: inline;">&nbsp;</font><font style="display: inline;"> Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform with the current period presentation. </font><font style="display: inline;">These reclassifications had no effect on </font><font style="display: inline;color:#000000;">the results of operations or financial position for any period presented.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2019 us-gaap Proceeds From Issuance Initial Public Offering
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3
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4305970
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CY2018 us-gaap Provision For Doubtful Accounts
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CY2018 us-gaap Repayments Of Long Term Lines Of Credit
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CY2019 us-gaap Repayments Of Long Term Lines Of Credit
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CY2018 us-gaap Research And Development Expense
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10850958
CY2019 us-gaap Research And Development Expense
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135000
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CY2018 us-gaap Revenues
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CY2018 us-gaap Selling General And Administrative Expense
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CY2018 us-gaap Share Based Compensation
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CY2019 us-gaap Share Based Compensation
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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44000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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274000
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CY2018 us-gaap Stock Issued During Period Value Issued For Services
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CY2019 us-gaap Stock Issued During Period Value New Issues
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1638505
CY2018 us-gaap Stock Issued During Period Value Stock Options Exercised
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66000
CY2019 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q3 us-gaap Treasury Stock Shares
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2183704
CY2019Q3 us-gaap Treasury Stock Shares
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2183704
CY2019Q3 us-gaap Treasury Stock Value
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CY2018Q3 us-gaap Unrecognized Tax Benefits
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0
CY2019Q3 us-gaap Unrecognized Tax Benefits
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0
CY2019 us-gaap Use Of Estimates
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;text-decoration:underline;">Use of estimates:</font><font style="display: inline;"> &nbsp;The preparation of financial statements in conformity with </font><font style="display: inline;color:#000000;">accounting principles generally accepted in the United States (&#x201C;U.S. GAAP&#x201D;)</font><font style="display: inline;"> requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018 us-gaap Valuation Allowances And Reserves Period Increase Decrease
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5500000
CY2019 us-gaap Valuation Allowances And Reserves Period Increase Decrease
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2200000
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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53861981
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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63323127
CY2018 veru Allowance For Doubtful Accounts Receivable Net Write Offs And Recoveries
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17960
CY2019 veru Allowance For Doubtful Accounts Receivable Net Write Offs And Recoveries
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3058
CY2018Q3 veru Allowance For Sales And Payment Term Discounts
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CY2019Q3 veru Allowance For Sales And Payment Term Discounts
AllowanceForSalesAndPaymentTermDiscounts
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CY2018 veru Amortization Of Deferred Stock Issuance Costs
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84984
CY2019 veru Amortization Of Deferred Stock Issuance Costs
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101981
CY2019 veru Common Stock Voting Rights Per Share
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1
CY2018Q3 veru Deferred Tax Assets Foreign Capital Allowance
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102098
CY2019Q3 veru Deferred Tax Assets Foreign Capital Allowance
DeferredTaxAssetsForeignCapitalAllowance
103400
CY2018Q3 veru Deferred Tax Liabilities Developed Technology
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CY2019Q3 veru Deferred Tax Liabilities Developed Technology
DeferredTaxLiabilitiesDevelopedTechnology
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CY2019Q3 veru Deferred Tax Liabilities Foreign Other
DeferredTaxLiabilitiesForeignOther
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CY2018Q3 veru Deferred Tax Liabilities In Process R And D
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CY2019Q3 veru Deferred Tax Liabilities In Process R And D
DeferredTaxLiabilitiesInProcessRAndD
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CY2018 veru Depreciation And Other Amortization
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176786
CY2019 veru Depreciation And Other Amortization
DepreciationAndOtherAmortization
162187
CY2018 veru Income Tax Reconciliation Effect Of Deemed Dividend And Repatriation Tax
IncomeTaxReconciliationEffectOfDeemedDividendAndRepatriationTax
402760
CY2019 veru Income Tax Reconciliation Effect Of Deemed Dividend And Repatriation Tax
IncomeTaxReconciliationEffectOfDeemedDividendAndRepatriationTax
99514
CY2018 veru Income Tax Reconciliation Recharacterization Of Foreign Income Tax Credits
IncomeTaxReconciliationRecharacterizationOfForeignIncomeTaxCredits
1311429
CY2019Q3 veru Number Of Countries In Which Entity Marketed Directly To Consumers
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25
CY2019 veru Payments Of Stock Issuance Costs For Initial Public Offering
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268033
CY2019Q3 veru Product Liability Insurance Coverage Amount
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10000000
CY2018 veru Provision Charges To Expenses
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16058
CY2019 veru Provision Charges To Expenses
ProvisionChargesToExpenses
CY2018 veru Shares Issued In Connection With Common Stock Purchase
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347081
CY2018 veru Stock Issuance Costs Incurred
StockIssuanceCostsIncurred
190000
CY2018 veru Stock Issued During Period Value Common Stock Purchase Agreement
StockIssuedDuringPeriodValueCommonStockPurchaseAgreement
3000000
CY2019 veru Stock Issued During Period Value Common Stock Purchase Agreement
StockIssuedDuringPeriodValueCommonStockPurchaseAgreement
3600000
CY2018 veru Total Lease Cost Including Real Estate Taxes Common Area Maintenance And Insurance Charges Net
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717000
CY2019 veru Total Lease Cost Including Real Estate Taxes Common Area Maintenance And Insurance Charges Net
TotalLeaseCostIncludingRealEstateTaxesCommonAreaMaintenanceAndInsuranceChargesNet
683000

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