2015 Q3 Form 10-Q Financial Statement

#000117184315004724 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $1.335M $1.457M $1.621M
YoY Change -28.69% -10.12% 47.36%
Cost Of Revenue $577.0K $678.0K $954.0K
YoY Change -35.89% -28.93% 59.0%
Gross Profit $758.0K $779.0K $667.0K
YoY Change -22.02% 16.79% 33.4%
Gross Profit Margin 56.78% 53.47% 41.15%
Selling, General & Admin $2.799M $2.352M $3.003M
YoY Change 45.1% -21.68% 456.11%
% of Gross Profit 369.26% 301.93% 450.22%
Research & Development $253.0K $194.0K $128.0K
YoY Change 140.95% 51.56% 540.0%
% of Gross Profit 33.38% 24.9% 19.19%
Depreciation & Amortization $50.00K $40.00K $30.00K
YoY Change 25.0% 33.33% 0.0%
% of Gross Profit 6.6% 5.13% 4.5%
Operating Expenses $3.629M $3.224M $4.085M
YoY Change 23.69% -21.08% 629.46%
Operating Profit -$3.128M -$2.490M -$2.811M
YoY Change 91.55% -11.42% 4585.0%
Interest Expense $24.00K $72.00K $478.0K
YoY Change 500.0% -84.94% -199.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.150M -$2.560M -$3.290M
YoY Change 92.07% -22.19% 509.26%
Income Tax
% Of Pretax Income
Net Earnings -$3.152M -$2.562M -$3.289M
YoY Change 92.55% -22.1% 509.07%
Net Earnings / Revenue -236.1% -175.84% -202.9%
Basic Earnings Per Share
Diluted Earnings Per Share -$78.75M -$85.33M -$164.5M
COMMON SHARES
Basic Shares Outstanding 7.868M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.10M $10.40M $7.700M
YoY Change 89.06% 35.06% 3750.0%
Cash & Equivalents $12.12M $10.45M $7.700M
Short-Term Investments
Other Short-Term Assets $600.0K $300.0K $600.0K
YoY Change 20.0% -50.0% 100.0%
Inventory $364.0K $536.0K $200.0K
Prepaid Expenses
Receivables $547.0K $581.0K $1.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.61M $11.86M $9.800M
YoY Change 56.38% 21.01% 476.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.177M $1.192M $900.0K
YoY Change 47.13% 32.44% -10.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $1.192M $1.235M $900.0K
YoY Change 49.0% 37.22% -10.0%
TOTAL ASSETS
Total Short-Term Assets $13.61M $11.86M $9.800M
Total Long-Term Assets $1.192M $1.235M $900.0K
Total Assets $14.80M $13.09M $10.70M
YoY Change 55.76% 22.37% 296.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.0K $332.0K $200.0K
YoY Change -2.5% 66.0%
Accrued Expenses $713.0K $477.0K $0.00
YoY Change 256.5%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $1.100M $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $100.0K $400.0K
YoY Change -100.0% -75.0% 300.0%
Total Short-Term Liabilities $2.114M $2.075M $2.100M
YoY Change 5.7% -1.19% -91.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0%
Other Long-Term Liabilities $50.00K $76.00K
YoY Change
Total Long-Term Liabilities $50.00K $76.00K $100.0K
YoY Change -24.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.114M $2.075M $2.100M
Total Long-Term Liabilities $50.00K $76.00K $100.0K
Total Liabilities $2.164M $2.151M $2.200M
YoY Change 8.2% -2.23% -91.09%
SHAREHOLDERS EQUITY
Retained Earnings -$14.99M -$11.84M
YoY Change
Common Stock $106.0K $78.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.63M $10.94M $8.500M
YoY Change
Total Liabilities & Shareholders Equity $14.80M $13.09M $10.70M
YoY Change 55.76% 22.37% 296.3%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$3.152M -$2.562M -$3.289M
YoY Change 92.55% -22.1% 509.07%
Depreciation, Depletion And Amortization $50.00K $40.00K $30.00K
YoY Change 25.0% 33.33% 0.0%
Cash From Operating Activities -$2.300M -$2.190M -$480.0K
YoY Change 177.11% 356.25% 242.86%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$30.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $30.00K $0.00
YoY Change -400.0% -100.0%
Cash From Investing Activities $0.00 -$30.00K $0.00
YoY Change -100.0% -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 3.990M -610.0K 8.070M
YoY Change -948.94% -107.56% 3935.0%
NET CHANGE
Cash From Operating Activities -2.300M -2.190M -480.0K
Cash From Investing Activities 0.000 -30.00K 0.000
Cash From Financing Activities 3.990M -610.0K 8.070M
Net Change In Cash 1.690M -2.830M 7.590M
YoY Change -229.01% -137.29% 10742.86%
FREE CASH FLOW
Cash From Operating Activities -$2.300M -$2.190M -$480.0K
Capital Expenditures -$30.00K -$30.00K $0.00
Free Cash Flow -$2.270M -$2.160M -$480.0K
YoY Change 173.49% 350.0% 242.86%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EntityRegistrantName
SIGNAL GENETICS, INC.
dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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dei Document Type
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dei Entity Filer Category
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0 0 6pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of Credit Risk, Major Customers and Suppliers</div></div></div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0 0 6pt">Cash is maintained at two financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0 0 6pt">During the three and six months ended June 30, 2015 and 2014, the Company had one major customer, UAMS. Revenue sourced either from or through UAMS accounted for 72% and 83% of net revenue during the three months ended June 30, 2015 and 2014, respectively, and 75% and 81% during the six months ended June 30, 2015 and 2014, respectively. Accounts receivable sourced either from or through UAMS at June 30, 2015 and December 31, 2014 accounted for 55% and 63% of total accounts receivable outstanding, respectively.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0 0 6pt">Inventory used in the Company&#x2019;s testing process is procured from one supplier. Any supply interruption or an increase in demand beyond such supplier&#x2019;s capabilities could have an adverse impact on the Company&#x2019;s business. Management believes it could identify alternative suppliers, if necessary, but it is possible such suppliers may not be identified in a timely manner to avoid an adverse impact on the Company&#x2019;s business.</div></div></div></div></div></div></div></div></div></div></div>
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 3.3pt 3.3pt 3.3pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0 0 6pt">Reclassifications of certain operating expenses in the consolidated statement of operations have been made as of and during the three and six months ended June 30, 2014 to conform to the 2015 presentation.</div></div></div></div></div></div></div></div></div></div></div>
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7800000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9074000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7113000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
795000
CY2015Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1837000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1769000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1192000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1214000
CY2015Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
28000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
36000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
32000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
194000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
128000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
293000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
162000
us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
366474
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11836000
CY2015Q2 us-gaap Revenues
Revenues
1457000
CY2014Q2 us-gaap Revenues
Revenues
1621000
us-gaap Sales Revenue Net
SalesRevenueNet
1378000
us-gaap Sales Revenue Net
SalesRevenueNet
2364000
us-gaap Revenues
Revenues
2754000
us-gaap Revenues
Revenues
3105000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6640000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
734000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
1274000
CY2015Q2 us-gaap Security Deposit
SecurityDeposit
43000
CY2014Q4 us-gaap Security Deposit
SecurityDeposit
43000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
574000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
66000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1008000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
132000
us-gaap Share Based Compensation
ShareBasedCompensation
1420000
us-gaap Share Based Compensation
ShareBasedCompensation
2875000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1157240
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
32500
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
179000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
152000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.53
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.17
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
179000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.17
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.37
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.35
us-gaap Share Based Goods And Nonemployee Services Transaction Stockholders Equity
ShareBasedGoodsAndNonemployeeServicesTransactionStockholdersEquity
330000
CY2015Q1 us-gaap Share Price
SharePrice
2.80
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y73D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y73D
CY2014Q2 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
2932629
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3214285
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3696427
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
8744000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
5991000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
10943000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0 0 6pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0 0 6pt">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#x201c;GAAP&#x201d;). The preparation of financial statements in conformity with GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in the Company&#x2019;s consolidated financial statements and accompanying notes. Significant estimates in the consolidated financial statements have been made for revenue, depreciation of property and equipment and stock-based compensation. Actual results could differ materially from those estimates.</div></div></div></div></div></div></div></div></div></div></div>
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7785670
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
695454
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6789376
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
447727

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