2016 Q1 Form 10-Q Financial Statement

#000117184316010081 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $2.050M $1.317M
YoY Change 55.66% 20.83%
Cost Of Revenue $629.0K $760.0K
YoY Change -17.24% 4.11%
Gross Profit $1.421M $557.0K
YoY Change 155.12% 54.72%
Gross Profit Margin 69.32% 42.29%
Selling, General & Admin $1.502M $2.397M
YoY Change -37.34% 389.18%
% of Gross Profit 105.7% 430.34%
Research & Development $3.466M $100.0K
YoY Change 3366.0% 150.0%
% of Gross Profit 243.91% 17.95%
Depreciation & Amortization $100.0K $45.00K
YoY Change 122.22% 12.5%
% of Gross Profit 7.04% 8.08%
Operating Expenses $4.458M $3.257M
YoY Change 36.87% 514.53%
Operating Profit -$3.541M -$2.612M
YoY Change 35.57% 1436.47%
Interest Expense $23.00K $22.00K
YoY Change 4.55% -104.07%
% of Operating Profit
Other Income/Expense, Net $7.000K
YoY Change
Pretax Income -$3.620M -$2.630M
YoY Change 37.64% 270.42%
Income Tax
% Of Pretax Income
Net Earnings -$3.623M -$2.634M
YoY Change 37.55% 270.99%
Net Earnings / Revenue -176.73% -200.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$90.50M -$87.67M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.600M $13.30M
YoY Change -35.34% 13200.0%
Cash & Equivalents $16.96M $13.27M
Short-Term Investments
Other Short-Term Assets $400.0K $300.0K
YoY Change 33.33% 50.0%
Inventory $269.0K $300.0K
Prepaid Expenses
Receivables $490.0K $600.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.672M $14.50M
YoY Change -33.3% 806.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.109M $1.200M
YoY Change -7.58% 33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $1.124M $1.200M
YoY Change -6.33% -36.84%
TOTAL ASSETS
Total Short-Term Assets $9.672M $14.50M
Total Long-Term Assets $1.124M $1.200M
Total Assets $10.80M $15.70M
YoY Change -31.24% 348.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.0K $400.0K
YoY Change -74.5%
Accrued Expenses $1.149M $800.0K
YoY Change 43.63%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $1.100M
YoY Change 0.0% -95.96%
Long-Term Debt Due $200.0K
YoY Change -50.0%
Total Short-Term Liabilities $2.443M $2.500M
YoY Change -2.28% -91.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $14.00K $100.0K
YoY Change -86.0%
Total Long-Term Liabilities $14.00K $100.0K
YoY Change -86.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.443M $2.500M
Total Long-Term Liabilities $14.00K $100.0K
Total Liabilities $2.457M $2.600M
YoY Change -5.5% -90.75%
SHAREHOLDERS EQUITY
Retained Earnings -$20.73M
YoY Change
Common Stock $107.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.339M $13.10M
YoY Change
Total Liabilities & Shareholders Equity $10.80M $15.70M
YoY Change -31.24% 348.57%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$3.623M -$2.634M
YoY Change 37.55% 270.99%
Depreciation, Depletion And Amortization $100.0K $45.00K
YoY Change 122.22% 12.5%
Cash From Operating Activities -$4.170M -$1.109M
YoY Change 276.01% -1332.22%
INVESTING ACTIVITIES
Capital Expenditures $105.0K $44.00K
YoY Change 138.64%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$105.0K -$44.00K
YoY Change 138.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $7.800M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 9.302M
YoY Change -100.0% -4995.79%
NET CHANGE
Cash From Operating Activities -$4.170M -1.109M
Cash From Investing Activities -$105.0K -44.00K
Cash From Financing Activities $0.00 9.302M
Net Change In Cash -$4.275M 8.149M
YoY Change -152.46% -8249.0%
FREE CASH FLOW
Cash From Operating Activities -$4.170M -$1.109M
Capital Expenditures $105.0K $44.00K
Free Cash Flow -$4.275M -$1.153M
YoY Change 270.77%

Facts In Submission

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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=" font-size: 10pt; margin: 0pt 0"><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; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. 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. The Company invests excess cash in money market funds under the custodianship of a major financial institution. This diversification of risk is consistent with the Company's policy to ensure safety of principal and maintain liquidity.</div><div style="page-break-before: always; margin-top: 6pt"> &nbsp; </div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">During the three months ended March 31, 2016, the Company had three major customers, including UAMS. Revenue sourced either from or through UAMS as a percentage of net revenue during the three months ended March 31, 2016 and 2015 are 26% and 77%, respectively. Revenue sourced either from or through the other two major customers as a percentage of net revenue during the three months ended March 31, 2016 and 2015 are 25% and 0%, and 12% and 5%, respectively.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">Accounts receivable from UAMS as a percentage of total accounts receivable as of March 31, 2016 and December 31, 2015 are 11% and 19%, respectively. The Company has no accounts receivable from the other two major customers as of March 31, 2016 or December 31, 2015 since revenue sourced through them is billed to various third-party payors, depending on a patient&#x2019;s medical insurance policy.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">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>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.18
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
580960
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.18
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.76
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.53
CY2015Q1 us-gaap Share Price
SharePrice
2.80
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y73D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y73D
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3214285
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10410000
CY2016Q1 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=" font-size: 10pt; margin: 0pt 0"><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; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">The accompanying 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 financial statements and accompanying notes. Significant estimates in the financial statements have been made for revenue, accounts receivable and allowance for doubtful accounts, accounting for income taxes, depreciation of property and equipment and stock-based compensation. Actual results could differ materially from those estimates.</div></div></div></div></div>
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10740530
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5793082

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