$VISL
Vislink Technologies Inc

2015 Q2 Form 10-Q Financial Statement

#000114420415049998 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $374.0K $163.0K
YoY Change 129.45%
Cost Of Revenue $250.0K $40.00K
YoY Change 525.0%
Gross Profit $130.0K $120.0K
YoY Change 8.33%
Gross Profit Margin 34.76% 73.62%
Selling, General & Admin $1.950M $1.600M
YoY Change 21.88%
% of Gross Profit 1500.0% 1333.33%
Research & Development $1.112M $2.056M
YoY Change -45.91% 52.07%
% of Gross Profit 855.38% 1713.33%
Depreciation & Amortization $960.0K $960.0K
YoY Change 0.0% 10.34%
% of Gross Profit 738.46% 800.0%
Operating Expenses $1.112M $2.056M
YoY Change -45.91% 52.07%
Operating Profit -$3.888M -$4.487M
YoY Change -13.35% 42.63%
Interest Expense -$70.00K -$40.00K
YoY Change 75.0%
% of Operating Profit
Other Income/Expense, Net $26.00K $0.00
YoY Change
Pretax Income -$3.957M -$4.530M
YoY Change -12.65% 26.89%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.957M -$4.530M
YoY Change -12.65% 26.89%
Net Earnings / Revenue -1058.02% -2779.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.376B -$14.29B
COMMON SHARES
Basic Shares Outstanding 24.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.0K $4.960M
YoY Change -96.77% 16433.33%
Cash & Equivalents $156.0K $4.960M
Short-Term Investments
Other Short-Term Assets $240.0K $70.00K
YoY Change 242.86% -89.06%
Inventory $3.560M $4.200M
Prepaid Expenses
Receivables $970.0K $996.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.920M $10.22M
YoY Change -51.87% 812.77%
LONG-TERM ASSETS
Property, Plant & Equipment $820.0K $806.0K
YoY Change 1.74% -48.33%
Goodwill
YoY Change
Intangibles $16.97M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $16.57M $17.77M
YoY Change -6.77% -11.92%
TOTAL ASSETS
Total Short-Term Assets $4.920M $10.22M
Total Long-Term Assets $16.57M $17.77M
Total Assets $21.49M $28.00M
YoY Change -23.24% 31.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.620M $795.0K
YoY Change 103.77% -63.36%
Accrued Expenses $440.0K $1.005M
YoY Change -56.22% -79.19%
Deferred Revenue
YoY Change
Short-Term Debt $1.170M $0.00
YoY Change -100.0%
Long-Term Debt Due $110.0K $130.0K
YoY Change -15.38%
Total Short-Term Liabilities $4.770M $3.660M
YoY Change 30.33% -78.92%
LONG-TERM LIABILITIES
Long-Term Debt $2.070M $2.060M
YoY Change 0.49% 3.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.070M $2.060M
YoY Change 0.49% 3.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.770M $3.660M
Total Long-Term Liabilities $2.070M $2.060M
Total Liabilities $6.840M $5.716M
YoY Change 19.66% -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 229.0 shares 2.284K shares
Shareholders Equity $14.65M $22.28M
YoY Change
Total Liabilities & Shareholders Equity $21.49M $28.00M
YoY Change -23.25% 31.46%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$3.957M -$4.530M
YoY Change -12.65% 26.89%
Depreciation, Depletion And Amortization $960.0K $960.0K
YoY Change 0.0% 10.34%
Cash From Operating Activities -$1.260M -$4.110M
YoY Change -69.34% 28.44%
INVESTING ACTIVITIES
Capital Expenditures -$540.0K -$400.0K
YoY Change 35.0% -76.74%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$540.0K -$400.0K
YoY Change 35.0% -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 1.740M 8.780M
YoY Change -80.18% 88.01%
NET CHANGE
Cash From Operating Activities -1.260M -4.110M
Cash From Investing Activities -540.0K -400.0K
Cash From Financing Activities 1.740M 8.780M
Net Change In Cash -60.00K 4.270M
YoY Change -101.41% -1808.0%
FREE CASH FLOW
Cash From Operating Activities -$1.260M -$4.110M
Capital Expenditures -$540.0K -$400.0K
Free Cash Flow -$720.0K -$3.710M
YoY Change -80.59% 150.68%

Facts In Submission

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CapitalLeasesFutureMinimumPaymentsDueInThreeYears
32000 USD
CY2015Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2023000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
81000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
84000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
87000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
22000 USD
us-gaap Adjustments To Additional Paid In Capital Other
AdjustmentsToAdditionalPaidInCapitalOther
483000 USD
CY2015Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.00
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-490000 USD
CY2015Q2 xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Outstanding Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsOutstandingWeightedAverageExercisePrice
58.29
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Exercisable Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsExercisableWeightedAverageExercisePrice
79.6
CY2014Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
270000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
772000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Issues
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationIssues
441000 USD
xgti Payment Made In Stock
PaymentMadeInStock
0 USD
CY2015Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
320000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
150000 USD
CY2015Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
1167000 USD
CY2014Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
0 USD
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
85000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
30000 USD
CY2015Q2 xgti Accounts Receivable Related Parties Net Current
AccountsReceivableRelatedPartiesNetCurrent
488000 USD
CY2014Q4 xgti Accounts Receivable Related Parties Net Current
AccountsReceivableRelatedPartiesNetCurrent
480000 USD
CY2015Q2 xgti Deferred Revenue Related Party
DeferredRevenueRelatedParty
24000 USD
CY2014Q4 xgti Deferred Revenue Related Party
DeferredRevenueRelatedParty
480000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent 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><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
7000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5029388 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2617622 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
229 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
229 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Concentrations of Credit Risk</font></i></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company does not have any off-balance-sheet concentrations of credit risk. Credit risk is the risk that counterparty will default on its contractual obligations resulting in financial loss to the company. The company&#8217;s credit risk is primarily attributable to its cash and accounts receivable. The Company&#8217;s policy is to maintain its cash with high credit quality financial institutions to limit its risk of loss exposure. During the year, the Company had cash balances in excess of the federally insured limits of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>. The funds are on deposit with Wells Fargo Bank, N.A. Consequently, the Company does not believe that there is a significant risk having these balances in one financial institution. The Company has not experienced any losses in its bank accounts through June 30, 2015. For customers, management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. The majority of trade receivables are those of related parties and management does not expect any losses from non-performance of these parties.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q2 us-gaap Other Expenses
OtherExpenses
26000 USD
CY2014Q2 us-gaap Other Expenses
OtherExpenses
0 USD
us-gaap Other Expenses
OtherExpenses
26000 USD
us-gaap Other Expenses
OtherExpenses
0 USD
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Warranty Reserve</font></i></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company established a warranty reserve policy effective for the fiscal year ending December 31, 2013. Although the Company tests its product in accordance with its quality programs and processes, its warranty obligation is affected by product failure rates and service delivery costs incurred in correcting a product failure. Should actual product failure rates or service costs differ from the Company&#8217;s estimates, which are based on limited historical data, where applicable, revisions to the estimated warranty liability would be required. The warranty reserve at June 30, 2015 and December 31, 2014 was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">9,000</font>, respectively.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
xgti Stock Issued During Period Value Exchange For Payment Of Interest On Convertible Debt
StockIssuedDuringPeriodValueExchangeForPaymentOfInterestOnConvertibleDebt
90000 USD
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000 shares
xgti Purchase Agreement Value
PurchaseAgreementValue
15000000 USD
xgti Stock Issued As Payment For Interest On Debt
StockIssuedAsPaymentForInterestOnDebt
90000 USD
xgti Stock Issued As Payment For Interest On Debt
StockIssuedAsPaymentForInterestOnDebt
90000 USD
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;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>NOTE 16 &#151; CONTINGENCIES</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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. As of June 30, 2015, the Company did not have any legal actions pending.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1167000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8816000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
150000 USD
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
15000000 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2297000 USD
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
1167000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
225000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
206000 USD
xgti Operating Leases Expiration Term
OperatingLeasesExpirationTerm
2016 through 2019
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
3526000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
12652000 USD
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2015Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
20.00
CY2015Q2 xgti Percentage Of Deffered Revenue
PercentageOfDefferedRevenue
0.2 pure
CY2014 xgti Percentage Of Deffered Revenue
PercentageOfDefferedRevenue
0.2 pure
CY2015Q2 us-gaap Deferred Revenue
DeferredRevenue
188000 USD
CY2014Q4 us-gaap Deferred Revenue
DeferredRevenue
0 USD
xgti Payment Made In Stock
PaymentMadeInStock
923000 USD
CY2013Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
16382000 USD
xgti Sharebased Compensation Arrangement By Sharebased Payment Award Options And Warrants Forfeitures And Expirations In Period
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndWarrantsForfeituresAndExpirationsInPeriod
17115 shares

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