2017 Q2 Form 10-Q Financial Statement

#000119312517166522 Filed on May 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $718.0K $462.0K $2.050M
YoY Change -65.96% -77.46% 55.66%
Cost Of Revenue $629.0K
YoY Change -17.24%
Gross Profit $1.421M
YoY Change 155.12%
Gross Profit Margin 69.32%
Selling, General & Admin $2.580M $3.280M $1.502M
YoY Change 46.18% 118.38% -37.34%
% of Gross Profit 105.7%
Research & Development $5.487M $4.120M $3.466M
YoY Change 63.55% 18.87% 3366.0%
% of Gross Profit 243.91%
Depreciation & Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 122.22%
% of Gross Profit 7.04%
Operating Expenses $8.068M $7.401M $4.458M
YoY Change 76.74% 66.02% 36.87%
Operating Profit -$7.350M -$6.939M -$3.541M
YoY Change 113.04% 95.96% 35.57%
Interest Expense $40.00K -$40.00K $23.00K
YoY Change 73.91% -273.91% 4.55%
% of Operating Profit
Other Income/Expense, Net $102.0K $30.00K $7.000K
YoY Change 1033.33% 328.57%
Pretax Income -$7.310M -$6.980M -$3.620M
YoY Change 107.67% 92.82% 37.64%
Income Tax
% Of Pretax Income
Net Earnings -$7.312M -$6.980M -$3.623M
YoY Change 107.49% 92.66% 37.55%
Net Earnings / Revenue -1018.38% -1510.82% -176.73%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.112M -$9.065M -$90.50M
COMMON SHARES
Basic Shares Outstanding 21.40M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.30M $54.30M $8.600M
YoY Change 612.31% 531.4% -35.34%
Cash & Equivalents $46.34M $46.34M $16.96M
Short-Term Investments
Other Short-Term Assets $2.500M $2.400M $400.0K
YoY Change 316.67% 500.0% 33.33%
Inventory $269.0K
Prepaid Expenses
Receivables $539.0K $277.0K $490.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $49.35M $56.94M $9.672M
YoY Change 519.51% 488.7% -33.3%
LONG-TERM ASSETS
Property, Plant & Equipment $626.0K $597.0K $1.109M
YoY Change -41.0% -46.17% -7.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.00K $258.0K $0.00
YoY Change
Total Long-Term Assets $676.0K $855.0K $1.124M
YoY Change -37.17% -23.93% -6.33%
TOTAL ASSETS
Total Short-Term Assets $49.35M $56.94M $9.672M
Total Long-Term Assets $676.0K $855.0K $1.124M
Total Assets $50.03M $57.79M $10.80M
YoY Change 453.26% 435.33% -31.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $632.0K $1.125M $102.0K
YoY Change 572.34% 1002.94% -74.5%
Accrued Expenses $4.019M $4.180M $1.149M
YoY Change 201.95% 263.79% 43.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.100M
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due $2.000M $2.000M
YoY Change
Total Short-Term Liabilities $6.630M $7.279M $2.443M
YoY Change 155.29% 197.95% -2.28%
LONG-TERM LIABILITIES
Long-Term Debt $1.900M $2.300M $0.00
YoY Change
Other Long-Term Liabilities $189.0K $174.0K $14.00K
YoY Change 2262.5% 1142.86% -86.0%
Total Long-Term Liabilities $189.0K $174.0K $14.00K
YoY Change 2262.5% 1142.86% -86.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.630M $7.279M $2.443M
Total Long-Term Liabilities $189.0K $174.0K $14.00K
Total Liabilities $8.690M $9.800M $2.457M
YoY Change 233.59% 298.86% -5.5%
SHAREHOLDERS EQUITY
Retained Earnings -$81.37M -$74.06M -$20.73M
YoY Change 250.25% 257.33%
Common Stock $215.0K $214.0K $107.0K
YoY Change 99.07% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.34M $47.99M $8.339M
YoY Change
Total Liabilities & Shareholders Equity $50.03M $57.79M $10.80M
YoY Change 453.26% 435.33% -31.24%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$7.312M -$6.980M -$3.623M
YoY Change 107.49% 92.66% 37.55%
Depreciation, Depletion And Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 122.22%
Cash From Operating Activities -$7.080M -$8.183M -$4.170M
YoY Change 252.24% 96.24% 276.01%
INVESTING ACTIVITIES
Capital Expenditures -$110.0K $44.00K $105.0K
YoY Change -58.1% 138.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.280M
YoY Change
Cash From Investing Activities -$110.0K $1.236M -$105.0K
YoY Change -1277.14% 138.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $40.70M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -760.0K $39.12M $0.00
YoY Change 1420.0% -100.0%
NET CHANGE
Cash From Operating Activities -7.080M -$8.183M -$4.170M
Cash From Investing Activities -110.0K $1.236M -$105.0K
Cash From Financing Activities -760.0K $39.12M $0.00
Net Change In Cash -7.950M $32.17M -$4.275M
YoY Change 285.92% -852.49% -152.46%
FREE CASH FLOW
Cash From Operating Activities -$7.080M -$8.183M -$4.170M
Capital Expenditures -$110.0K $44.00K $105.0K
Free Cash Flow -$6.970M -$8.227M -$4.275M
YoY Change 246.77% 92.44% 270.77%

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CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
30000 USD
CY2016Q4 us-gaap Notes Payable
NotesPayable
4789000 USD
CY2017Q1 us-gaap Notes Payable
NotesPayable
4321000 USD
CY2016Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1969000 USD
CY2017Q1 us-gaap Notes Payable Current
NotesPayableCurrent
1974000 USD
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1753000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2389000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
40700000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
40703000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
89000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3183000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3224000 USD
CY2017Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
500000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3466000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4120000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
625000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
597000 USD
CY2016Q1 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
0 USD
CY2017Q1 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
76981000 USD
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67076000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-74061000 USD
CY2016Q1 us-gaap Revenue From Grants
RevenueFromGrants
0 USD
CY2017Q1 us-gaap Revenue From Grants
RevenueFromGrants
452000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
917000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
462000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
42000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
419000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
204000 USD
CY2017Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
39156000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
89000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-61921000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
47994000 USD
CY2016Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-12000 USD
CY2017Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-5000 USD
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
651041 shares
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11555286 shares
CY2017Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of Credit Risk</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject Miragen to concentrations of credit risk consist primarily of cash equivalents, which include short-term investments that have maturities of less than three months. Miragen maintains deposits in federally insured financial institutions in excess of federally insured limits. Miragen has not experienced any losses in such accounts. Miragen invests its excess cash primarily in deposits and money market funds held with two financial institutions.</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Miragen&#8217;s consolidated financial statements are prepared in accordance with U.S.&#160;GAAP, which requires Miragen to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Miragen&#8217;s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.</font></div></div>

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