2019 Q4 Form 10-Q Financial Statement

#000159075019000059 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $880.0K $695.0K $476.0K
YoY Change 84.87% -26.38% -60.07%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.530M $2.900M $2.700M
YoY Change -6.3% 7.41% 5.88%
% of Gross Profit
Research & Development $8.417M $9.027M $8.234M
YoY Change 2.22% 22.0% 64.75%
% of Gross Profit
Depreciation & Amortization $70.00K $100.0K $70.00K
YoY Change 0.0% 0.0% -12.5%
% of Gross Profit
Operating Expenses $8.417M $11.93M $8.234M
YoY Change 2.22% 18.13% 64.75%
Operating Profit -$11.23M
YoY Change 22.72%
Interest Expense -$50.00K $0.00 $140.0K
YoY Change -135.71% -100.0% -566.67%
% of Operating Profit
Other Income/Expense, Net -$47.00K $204.0K $136.0K
YoY Change -134.56% -43.65% -525.0%
Pretax Income -$10.12M -$11.23M -$10.32M
YoY Change -1.94% 24.64% 61.5%
Income Tax
% Of Pretax Income
Net Earnings -$10.12M -$11.23M -$10.32M
YoY Change -1.93% 24.63% 61.56%
Net Earnings / Revenue -1149.77% -1615.83% -2167.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.685M -$5.425M -$5.010M
COMMON SHARES
Basic Shares Outstanding 31.79M shares 31.05M shares 30.84M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.80M $33.80M $62.50M
YoY Change -57.12% -52.06% 31.86%
Cash & Equivalents $24.85M $24.86M $32.61M
Short-Term Investments $2.000M $9.000M $29.90M
Other Short-Term Assets $2.800M $3.400M $2.900M
YoY Change -3.45% -10.53% -3.33%
Inventory
Prepaid Expenses
Receivables $108.0K $979.0K $24.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $29.74M $38.22M $65.37M
YoY Change -54.51% -49.55% 26.03%
LONG-TERM ASSETS
Property, Plant & Equipment $523.0K $596.0K $727.0K
YoY Change -28.06% -20.64% 29.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $50.00K
YoY Change -100.0% -100.0% 0.0%
Total Long-Term Assets $523.0K $596.0K $777.0K
YoY Change -32.69% -25.59% 26.75%
TOTAL ASSETS
Total Short-Term Assets $29.74M $38.22M $65.37M
Total Long-Term Assets $523.0K $596.0K $777.0K
Total Assets $30.26M $38.81M $66.15M
YoY Change -54.25% -49.3% 26.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.096M $1.556M $571.0K
YoY Change 91.94% 29.02% -36.98%
Accrued Expenses $5.108M $4.857M $3.868M
YoY Change 32.06% 12.02% 29.32%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $2.300M
YoY Change 73.91% 207.69%
Total Short-Term Liabilities $10.18M $10.39M $6.733M
YoY Change 51.2% 51.98% 72.77%
LONG-TERM LIABILITIES
Long-Term Debt $4.300M $5.300M $8.000M
YoY Change -46.25% -40.45% -19.19%
Other Long-Term Liabilities $0.00 $0.00 $66.00K
YoY Change -100.0% -100.0% -56.58%
Total Long-Term Liabilities $0.00 $0.00 $66.00K
YoY Change -100.0% -100.0% -56.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.18M $10.39M $6.733M
Total Long-Term Liabilities $0.00 $0.00 $66.00K
Total Liabilities $14.51M $15.64M $14.80M
YoY Change -1.99% -1.21% 5.96%
SHAREHOLDERS EQUITY
Retained Earnings -$168.2M -$158.1M -$126.3M
YoY Change 33.15% 36.32% 34.94%
Common Stock $23.00K $312.0K $308.0K
YoY Change -92.53% 1.3% 36.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.75M $23.17M $51.34M
YoY Change
Total Liabilities & Shareholders Equity $30.26M $38.81M $66.15M
YoY Change -54.25% -49.3% 26.04%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$10.12M -$11.23M -$10.32M
YoY Change -1.93% 24.63% 61.56%
Depreciation, Depletion And Amortization $70.00K $100.0K $70.00K
YoY Change 0.0% 0.0% -12.5%
Cash From Operating Activities -$7.810M -$9.270M -$8.170M
YoY Change -4.41% 36.32% 12.69%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$60.00K
YoY Change -100.0% -95.0% 50.0%
Acquisitions
YoY Change
Other Investing Activities $7.000M $11.04M $9.140M
YoY Change -23.41% -290.34%
Cash From Investing Activities $7.000M $11.02M $9.090M
YoY Change -22.99% -283.06% -22825.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 800.0K -910.0K -10.00K
YoY Change -8100.0% -181.25% -100.08%
NET CHANGE
Cash From Operating Activities -7.810M -9.270M -8.170M
Cash From Investing Activities 7.000M 11.02M 9.090M
Cash From Financing Activities 800.0K -910.0K -10.00K
Net Change In Cash -10.00K 840.0K 910.0K
YoY Change -101.1% -107.18% -80.3%
FREE CASH FLOW
Cash From Operating Activities -$7.810M -$9.270M -$8.170M
Capital Expenditures $0.00 -$10.00K -$60.00K
Free Cash Flow -$7.810M -$9.260M -$8.110M
YoY Change -3.7% 40.3% 12.48%

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NetCashProvidedByUsedInInvestingActivities
21226000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18669000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-28250000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-4661000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-8714000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-9011000 USD
us-gaap Net Income Loss
NetIncomeLoss
-22386000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-11629000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-8896000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-11230000 USD
us-gaap Net Income Loss
NetIncomeLoss
-31755000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9011000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22386000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-31755000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
362000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
890000 USD
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
204000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
818000 USD
CY2018Q4 us-gaap Notes Payable
NotesPayable
10298000 USD
CY2019Q3 us-gaap Notes Payable
NotesPayable
9231000 USD
CY2018Q4 us-gaap Notes Payable Current
NotesPayableCurrent
2294000 USD
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
11925000 USD
us-gaap Operating Expenses
OperatingExpenses
35489000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-9151000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-22631000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11230000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-31908000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
379000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
102000 USD
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
277000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
179000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
85000 USD
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3887000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
727000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3817000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
596000 USD
CY2018Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
CY2019Q3 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1333000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7399000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
174000 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
103000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
50000 USD
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
0 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
4000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-10000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-6000 USD
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
5000 USD
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
9000 USD
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-8000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
6000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
66000 USD
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
288000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
38604000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
32690000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
394000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
84000 USD
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2865000 USD
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3400000 USD
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
242000 USD
us-gaap Proceeds From Repayment Of Loans By Employee Stock Ownership Plans
ProceedsFromRepaymentOfLoansByEmployeeStockOwnershipPlans
110000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
54000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22187000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9027000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26377000 USD
CY2019Q3 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
1500000 USD
CY2019Q3 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
400000 USD
CY2019Q3 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
26 position
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1092000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1100000 USD
CY2019Q3 us-gaap Restructuring Charges
RestructuringCharges
1092000 USD
CY2019Q3 us-gaap Restructuring Charges
RestructuringCharges
1100000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
84000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
26000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
112000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
34000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
33000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
15000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
70000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
38510000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
72706000 USD
CY2019Q3 us-gaap Restructuring Reserve
RestructuringReserve
804000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-126296000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-158051000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-158100000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
944000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7910000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
695000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3581000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2742000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2967000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
902720 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
1233578 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4182404 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
29875000 USD
CY2019Q3 us-gaap Short Term Investments
ShortTermInvestments
8981000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
110000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
132000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
67671000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
60718000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
51344000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
40956000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
33437000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
23169000 USD
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30723704 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29182872 shares
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31081594 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30984582 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:justify;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 one financial institution.</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:justify;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:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s condensed consolidated financial statements are prepared in accordance with U.S. 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 revenue 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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