$VISL
Vislink Technologies Inc

2014 Q2 Form 10-Q Financial Statement

#000114420414031195 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $163.0K $250.0K $0.00
YoY Change
Cost Of Revenue $40.00K $60.00K
YoY Change
Gross Profit $120.0K $190.0K
YoY Change
Gross Profit Margin 73.62% 76.0%
Selling, General & Admin $1.600M $1.890M $1.490M
YoY Change 26.85% 22.13%
% of Gross Profit 1333.33% 994.74%
Research & Development $2.056M $2.453M $1.650M
YoY Change 52.07% 48.67% 55.66%
% of Gross Profit 1713.33% 1291.05%
Depreciation & Amortization $960.0K $52.00K $88.00K
YoY Change 10.34% -40.91% -82.75%
% of Gross Profit 800.0% 27.37%
Operating Expenses $2.056M $2.453M $3.570M
YoY Change 52.07% -31.29% 27.96%
Operating Profit -$4.487M -$5.107M
YoY Change 42.63%
Interest Expense -$40.00K -$50.00K -$610.0K
YoY Change -91.8% 577.78%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$4.530M -$5.153M -$4.180M
YoY Change 26.89% 23.28% 45.14%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.530M -$5.153M -$4.181M
YoY Change 26.89% 23.25% 45.17%
Net Earnings / Revenue -2779.14% -2061.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$14.29B -$19.78B -$42.88B
COMMON SHARES
Basic Shares Outstanding 24.12M shares 18.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.960M $690.0K
YoY Change 16433.33%
Cash & Equivalents $4.960M $686.0K $291.0K
Short-Term Investments
Other Short-Term Assets $70.00K $70.00K
YoY Change -89.06%
Inventory $4.200M $3.878M
Prepaid Expenses
Receivables $996.0K $890.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.22M $5.520M
YoY Change 812.77%
LONG-TERM ASSETS
Property, Plant & Equipment $806.0K $840.0K
YoY Change -48.33%
Goodwill
YoY Change
Intangibles $16.97M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $17.77M $18.34M
YoY Change -11.92%
TOTAL ASSETS
Total Short-Term Assets $10.22M $5.520M
Total Long-Term Assets $17.77M $18.34M
Total Assets $28.00M $23.86M
YoY Change 31.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $795.0K $1.190M
YoY Change -63.36%
Accrued Expenses $1.005M $1.010M
YoY Change -79.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $130.0K $130.0K
YoY Change
Total Short-Term Liabilities $3.660M $4.090M
YoY Change -78.92%
LONG-TERM LIABILITIES
Long-Term Debt $2.060M $2.090M
YoY Change 3.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.060M $2.090M
YoY Change 3.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.660M $4.090M
Total Long-Term Liabilities $2.060M $2.090M
Total Liabilities $5.716M $6.170M
YoY Change -70.48%
SHAREHOLDERS EQUITY
Retained Earnings -$161.2M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.00K
YoY Change
Treasury Stock Shares 2.284K shares 2.284K shares
Shareholders Equity $22.28M $17.68M
YoY Change
Total Liabilities & Shareholders Equity $28.00M $23.86M
YoY Change 31.46%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$4.530M -$5.153M -$4.181M
YoY Change 26.89% 23.25% 45.17%
Depreciation, Depletion And Amortization $960.0K $52.00K $88.00K
YoY Change 10.34% -40.91% -82.75%
Cash From Operating Activities -$4.110M -$4.520M
YoY Change 28.44%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K $84.00K $12.00K
YoY Change -76.74% 600.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$400.0K -$280.0K
YoY Change -76.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.780M -30.00K
YoY Change 88.01%
NET CHANGE
Cash From Operating Activities -4.110M -4.520M
Cash From Investing Activities -400.0K -280.0K
Cash From Financing Activities 8.780M -30.00K
Net Change In Cash 4.270M -4.830M
YoY Change -1808.0%
FREE CASH FLOW
Cash From Operating Activities -$4.110M -$4.520M
Capital Expenditures -$400.0K $84.00K $12.00K
Free Cash Flow -$3.710M -$4.604M
YoY Change 150.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q1 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
3878000 USD
CY2013Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
2916000 USD
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1281000 USD
CY2013Q4 us-gaap Due To Affiliate Current
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1526000 USD
CY2014Q1 xgti Deferred Revenue Related Party
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480000 USD
CY2013Q4 xgti Deferred Revenue Related Party
DeferredRevenueRelatedParty
480000 USD
CY2014Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" align="justify"><b>NOTE 12-&#160;CONTINGENCIES</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" align="justify">The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company&#8217;s liquidity, financial condition and cash flows. We are currently not aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results, other than as described below:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" align="justify"><i>Litigation with former banker</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-TRANSFORM: none; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt 'Times New Roman', Times, serif; WHITE-SPACE: normal; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px" align="justify">The Company is defending a lawsuit brought by their former <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> banker</font>. The suit alleges that the Company breached the underwriting agreement signed in November 2013. The plaintiff has alleged damages in excess of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">75,000</font>. The Company believes it has substantial defenses to this lawsuit and intends to vigorously defend it. The lawsuit is in the early stages of pleadings, and the outcome of this case is uncertain at this time. The Company has incurred no significant legal fees to date in this case.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q1 us-gaap Increase Decrease In Other Current Assets
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0 USD
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CY2014Q1 us-gaap Income Tax Expense Benefit
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CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2014Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q1 xgti Stock Issued During Period Non Convertible Debt
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CY2014Q1 us-gaap Inventory Finished Goods And Work In Process
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CY2013Q4 us-gaap Inventory Finished Goods And Work In Process
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CY2013Q1 us-gaap Employee Benefits And Share Based Compensation
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CY2013Q4 us-gaap Inventory Net
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CY2014Q1 us-gaap Accounts Receivable Related Parties Current
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CY2014Q1 us-gaap Employee Benefits And Share Based Compensation
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CY2014Q1 us-gaap Costs And Expenses
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CY2014Q1 us-gaap Interest Income Expense Net
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CY2013Q1 us-gaap Revenues
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CY2014Q1 us-gaap Revenues
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CY2014Q1 us-gaap General And Administrative Expense
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CY2013Q1 us-gaap Depreciation
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88000 USD
CY2014Q1 us-gaap Depreciation
Depreciation
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CY2014Q1 us-gaap Indefinitelived Intangible Assets Acquired
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CY2014Q1 us-gaap Amortization Of Intangible Assets
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897000 USD
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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3593000 USD
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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3481000 USD
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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3068000 USD
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3030000 USD
CY2014Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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3920000 USD
CY2014Q1 xgti Finite Lived Intangible Assets Amortization Expenses
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CY2014Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
26900000 USD
CY2014Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
27300000 USD
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
346000 USD
CY2014Q1 xgti Amortization Of Intangible Assets Accumulated Amortization
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400000 USD
CY2014Q1 us-gaap Capital Leases Future Minimum Payments Due Current
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129000 USD
CY2014Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
96000 USD
CY2014Q1 us-gaap Capital Leases Future Minimum Payments Net Minimum Payments1
CapitalLeasesFutureMinimumPaymentsNetMinimumPayments1
225000 USD
CY2014Q1 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
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9000 USD
CY2014Q1 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
216000 USD
CY2014Q1 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
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129000 USD
CY2014Q1 xgti Interest Rate On Capital Leases
InterestRateOnCapitalLeases
0.04 pure
CY2014Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000 USD
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1971000 USD
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
350000 USD
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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45000 USD
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due
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CY2013 us-gaap Operating Leases Rent Expense Net
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79000 USD
CY2014Q1 us-gaap Operating Leases Rent Expense Net
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86000 USD
CY2014Q1 xgti Operating Leases Expiration Term
OperatingLeasesExpirationTerm
2014 through 2016
CY2014Q1 us-gaap Other Commitments Description
OtherCommitmentsDescription
The Company has an employment agreement with its CEO, John Coleman, for a term of three years with automatic renewals unless terminated. Mr. Coleman&#8217;s agreement was effective on August 1, 2011. It provides that he will receive a salary of no less than $250,000 per year, subject to annual increases as determined by the Board. In addition, he is entitled to incentive compensation not to exceed two (2) times his base salary. The incentive compensation is payable in shares of common stock at the Company&#8217;s discretion. He is also entitled to participate in all other benefits that the Company may provide to other senior executives. The agreement contains a non-compete and non-solicitation agreement.
CY2013 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
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CY2014Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
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CY2013Q1 us-gaap Share Based Compensation
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135000 USD
CY2014Q1 us-gaap Share Based Compensation
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214000 USD
CY2013Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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17000 USD
CY2014Q1 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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38000 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
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0 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
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2000 USD
CY2013Q1 us-gaap Accretion Expense
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44000 USD
CY2014Q1 us-gaap Accretion Expense
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0 USD
CY2014Q1 xgti Other Noncash Interest Expense
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45000 USD
CY2013Q1 us-gaap Increase Decrease In Accounts Receivable
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0 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2013Q1 us-gaap Increase Decrease In Inventories
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0 USD
CY2014Q1 us-gaap Increase Decrease In Inventories
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962000 USD
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26000 USD
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424000 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
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CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
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17000 USD
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596000 USD
CY2014Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
0 USD
CY2013Q1 us-gaap Increase Decrease In Due To Related Parties
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653000 USD
CY2014Q1 us-gaap Increase Decrease In Due To Related Parties
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1105000 USD
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CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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84000 USD
CY2013Q1 us-gaap Payments To Acquire Intangible Assets
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688000 USD
CY2014Q1 us-gaap Payments To Acquire Intangible Assets
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193000 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2013Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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31000 USD
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450000 USD
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0 USD
CY2013Q1 us-gaap Proceeds From Convertible Debt
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2632000 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-31000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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20000 USD
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-4831000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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271000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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291000 USD
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15000000 USD
CY2014Q1 us-gaap Debt Conversion Converted Instrument Amount1
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0 USD
CY2013Q1 xgti Other Debt Conversion Converted Instrument
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4041000 USD
CY2014Q1 xgti Other Debt Conversion Converted Instrument
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0 USD
CY2013Q1 xgti Due To Related Party Refinanced Under Bridge Loan
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262000 USD
CY2014Q1 xgti Due To Related Party Refinanced Under Bridge Loan
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0 USD
CY2014Q1 us-gaap Proceeds From Related Party Debt
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1732000 USD
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0 USD
CY2014Q1 us-gaap Stock Issued1
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168000 USD
CY2014Q1 us-gaap Accounts Receivable Gross Current
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424000 USD
CY2013Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
324000 USD
CY2014Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
904000 USD
CY2013Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
804000 USD
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Trading Symbol
TradingSymbol
XGTI
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
24124451 shares
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
xG TECHNOLOGY, INC.
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001565228
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2013 us-gaap Loss Contingency Damages Sought
LossContingencyDamagesSought
75,000

Files In Submission

Name View Source Status
0001144204-14-031195-index-headers.html Edgar Link pending
0001144204-14-031195-index.html Edgar Link pending
0001144204-14-031195.txt Edgar Link pending
0001144204-14-031195-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
v377279_10-q.htm Edgar Link pending
v377279_ex31-1.htm Edgar Link pending
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v377279_ex32-1.htm Edgar Link pending
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xgti-20140331.xml Edgar Link completed
xgti-20140331.xsd Edgar Link pending
xgti-20140331_cal.xml Edgar Link unprocessable
xgti-20140331_def.xml Edgar Link unprocessable
xgti-20140331_lab.xml Edgar Link unprocessable
xgti-20140331_pre.xml Edgar Link unprocessable