2017 Q4 Form 10-Q Financial Statement

#000159075017000010 Filed on November 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $1.192M $1.631M $936.0K
YoY Change 134.18% 74.25% -29.89%
Cost Of Revenue $599.0K
YoY Change 3.81%
Gross Profit $337.0K
YoY Change -55.54%
Gross Profit Margin 36.0%
Selling, General & Admin $2.550M $2.500M $2.426M
YoY Change 1.19% 3.05% -13.33%
% of Gross Profit 719.88%
Research & Development $4.998M $5.018M $2.965M
YoY Change 27.96% 69.24% 1071.94%
% of Gross Profit 879.82%
Depreciation & Amortization $80.00K $100.0K $100.0K
YoY Change -60.0% 0.0% 100.0%
% of Gross Profit 29.67%
Operating Expenses $4.998M $7.520M $5.018M
YoY Change 27.96% 49.86% 38.28%
Operating Profit -$5.889M -$4.082M
YoY Change 44.27% 30.5%
Interest Expense -$30.00K $60.00K $23.00K
YoY Change -50.0% 160.87% -4.17%
% of Operating Profit
Other Income/Expense, Net -$32.00K $113.0K $7.000K
YoY Change -46.67% 1514.29%
Pretax Income -$6.390M -$5.830M -$4.150M
YoY Change 7.04% 40.48% 31.75%
Income Tax
% Of Pretax Income
Net Earnings -$6.386M -$5.834M -$4.153M
YoY Change 6.9% 40.48% 31.76%
Net Earnings / Revenue -535.74% -357.69% -443.7%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.289M -$4.049M -$103.8M
COMMON SHARES
Basic Shares Outstanding 22.31M shares 21.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.40M $42.80M $5.400M
YoY Change 114.48% 692.59% -55.37%
Cash & Equivalents $47.44M $42.81M $24.60M
Short-Term Investments
Other Short-Term Assets $3.000M $3.000M $400.0K
YoY Change 66.67% 650.0% -33.33%
Inventory $62.00K
Prepaid Expenses
Receivables $1.456M $635.0K $733.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $51.87M $46.42M $6.512M
YoY Change 117.23% 612.85% -52.14%
LONG-TERM ASSETS
Property, Plant & Equipment $563.0K $610.0K $1.014M
YoY Change -9.92% -39.84% -13.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.00K $50.00K $0.00
YoY Change -80.62%
Total Long-Term Assets $613.0K $660.0K $1.029M
YoY Change -30.58% -35.86% -13.67%
TOTAL ASSETS
Total Short-Term Assets $51.87M $46.42M $6.512M
Total Long-Term Assets $613.0K $660.0K $1.029M
Total Assets $52.48M $47.08M $7.541M
YoY Change 111.96% 524.33% -49.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $906.0K $409.0K $51.00K
YoY Change -10.03% 701.96% -73.85%
Accrued Expenses $2.991M $4.142M $1.649M
YoY Change -23.48% 151.18% 131.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.100M
YoY Change -100.0% 0.0%
Long-Term Debt Due $0.00 $2.000M
YoY Change -100.0%
Total Short-Term Liabilities $3.897M $6.534M $2.853M
YoY Change -43.4% 129.02% 34.96%
LONG-TERM LIABILITIES
Long-Term Debt $9.900M $1.400M $0.00
YoY Change 253.57%
Other Long-Term Liabilities $152.0K $171.0K $2.000K
YoY Change 8450.0% -96.0%
Total Long-Term Liabilities $152.0K $171.0K $2.000K
YoY Change 8450.0% -96.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.897M $6.534M $2.853M
Total Long-Term Liabilities $152.0K $171.0K $2.000K
Total Liabilities $13.97M $8.096M $2.855M
YoY Change 43.96% 183.57% 31.93%
SHAREHOLDERS EQUITY
Retained Earnings -$93.59M -$87.21M -$25.07M
YoY Change 39.53% 247.83% 67.28%
Common Stock $226.0K $219.0K $108.0K
YoY Change 2725.0% 102.78% 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.51M $38.99M $4.686M
YoY Change
Total Liabilities & Shareholders Equity $52.48M $47.08M $7.541M
YoY Change 111.96% 524.33% -49.04%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$6.386M -$5.834M -$4.153M
YoY Change 6.9% 40.48% 31.76%
Depreciation, Depletion And Amortization $80.00K $100.0K $100.0K
YoY Change -60.0% 0.0% 100.0%
Cash From Operating Activities -$7.250M -$5.660M -$1.120M
YoY Change -22.95% 405.36% -51.3%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$60.00K $0.00
YoY Change -84.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$40.00K -$60.00K $0.00
YoY Change -84.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.91M 2.200M -20.00K
YoY Change -25.52% -11100.0% -100.5%
NET CHANGE
Cash From Operating Activities -7.250M -5.660M -1.120M
Cash From Investing Activities -40.00K -60.00K 0.000
Cash From Financing Activities 11.91M 2.200M -20.00K
Net Change In Cash 4.620M -3.520M -1.140M
YoY Change -27.01% 208.77% -167.46%
FREE CASH FLOW
Cash From Operating Activities -$7.250M -$5.660M -$1.120M
Capital Expenditures -$40.00K -$60.00K $0.00
Free Cash Flow -$7.210M -$5.600M -$1.120M
YoY Change -21.29% 400.0% -50.66%

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CY2016Q4 us-gaap Notes Payable
NotesPayable
4789000 USD
CY2017Q3 us-gaap Notes Payable
NotesPayable
3374000 USD
CY2016Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1969000 USD
CY2017Q3 us-gaap Notes Payable Current
NotesPayableCurrent
1983000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
5018000 USD
us-gaap Operating Expenses
OperatingExpenses
14041000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
7520000 USD
us-gaap Operating Expenses
OperatingExpenses
22989000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4082000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-11073000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5889000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-20178000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1167000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
277000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
404000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
391000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
95000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
60000 USD
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
74000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
258000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
50000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
171000 USD
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1500000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
1010000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
240000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
212000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1693000 USD
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
204000 USD
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
5000 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1753000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2981000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
40700000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
16091000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
0 USD
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
0 USD
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
110000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
220000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3183000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3386000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
625000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
610000 USD
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
0 USD
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
76981000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1500000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2965000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9786000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5018000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14625000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67076000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-87207000 USD
CY2016Q3 us-gaap Revenue From Grants
RevenueFromGrants
221000 USD
us-gaap Revenue From Grants
RevenueFromGrants
489000 USD
CY2017Q3 us-gaap Revenue From Grants
RevenueFromGrants
138000 USD
us-gaap Revenue From Grants
RevenueFromGrants
820000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
936000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2968000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
1631000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2811000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
129000 USD
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
110000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
220000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-61921000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
38985000 USD
CY2016Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
13000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
37000 USD
CY2017Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
5000 USD
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
601667 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
601667 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21572498 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18215857 shares
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 the Company to concentrations of credit risk consist primarily of cash equivalents, which include short-term investments that have maturities of less than three months. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts. The Company invests its excess cash primarily in deposits and money market funds held with two financial institutions.</font></div></div>
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;">The Company&#8217;s consolidated financial statements are prepared in accordance with U.S.&#160;GAAP, which requires it 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 the Company&#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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