2016 Q2 Form 10-Q Financial Statement
#000156459016022075 Filed on August 02, 2016
Income Statement
| Concept | 2016 Q2 | 2015 Q4 | 2015 Q2 |
|---|---|---|---|
| Revenue | $182.0K | $226.0K | $110.0K |
| YoY Change | 65.45% | -75.8% | -45.27% |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $2.670M | $2.370M | $2.300M |
| YoY Change | 16.09% | 10.75% | -19.58% |
| % of Gross Profit | |||
| Research & Development | $12.08M | $8.950M | $5.146M |
| YoY Change | 134.69% | 63.92% | 13.35% |
| % of Gross Profit | |||
| Depreciation & Amortization | $70.00K | $140.0K | $120.0K |
| YoY Change | -41.67% | -22.22% | -42.86% |
| % of Gross Profit | |||
| Operating Expenses | $14.82M | $11.32M | $5.146M |
| YoY Change | 188.01% | 48.95% | -30.37% |
| Operating Profit | -$14.64M | -$11.09M | -$7.889M |
| YoY Change | 85.56% | 66.32% | 9.69% |
| Interest Expense | $1.000K | $20.00K | -$45.00K |
| YoY Change | -102.22% | -105.0% | -25.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $1.000K | $10.00K | -$1.680M |
| YoY Change | -100.06% | -101.54% | 1020.0% |
| Pretax Income | -$14.62M | -$11.06M | -$10.41M |
| YoY Change | 40.41% | 43.26% | 40.68% |
| Income Tax | $0.00 | $0.00 | |
| % Of Pretax Income | |||
| Net Earnings | -$4.457M | -$3.169M | -$10.41M |
| YoY Change | -57.19% | -58.92% | 40.63% |
| Net Earnings / Revenue | -2448.9% | -1402.21% | -9465.45% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$466.5K | -$345.3K | -$317.3K |
| COMMON SHARES | |||
| Basic Shares Outstanding | |||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q2 | 2015 Q4 | 2015 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $63.80M | $88.00M | $2.400M |
| YoY Change | 2558.33% | 6185.71% | |
| Cash & Equivalents | $63.84M | $88.00M | $2.397M |
| Short-Term Investments | |||
| Other Short-Term Assets | $400.0K | $1.100M | $300.0K |
| YoY Change | 33.33% | 450.0% | |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $0.00 | $69.00K | $0.00 |
| Other Receivables | $0.00 | $0.00 | |
| Total Short-Term Assets | $64.26M | $89.19M | $2.700M |
| YoY Change | 2280.15% | 5436.06% | |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $561.0K | $624.0K | $3.500M |
| YoY Change | -83.97% | -83.48% | |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $1.934M | $1.722M | $5.200M |
| YoY Change | -62.81% | 1465.45% | |
| Total Long-Term Assets | $2.519M | $2.346M | $16.30M |
| YoY Change | -84.55% | -79.31% | |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $64.26M | $89.19M | $2.700M |
| Total Long-Term Assets | $2.519M | $2.346M | $16.30M |
| Total Assets | $66.78M | $91.53M | $19.00M |
| YoY Change | 251.49% | 606.76% | |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $9.800M | $3.262M | $11.50M |
| YoY Change | -14.78% | 59.75% | |
| Accrued Expenses | |||
| YoY Change | |||
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $46.60M |
| YoY Change | -100.0% | -100.0% | |
| Long-Term Debt Due | $0.00 | $2.200M | |
| YoY Change | -100.0% | ||
| Total Short-Term Liabilities | $9.823M | $7.726M | $63.00M |
| YoY Change | -84.41% | 12.56% | |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $6.700M |
| YoY Change | -100.0% | -100.0% | |
| Other Long-Term Liabilities | $200.0K | $245.0K | $30.20M |
| YoY Change | -99.34% | -94.47% | |
| Total Long-Term Liabilities | $200.0K | $245.0K | $36.90M |
| YoY Change | -99.46% | -96.26% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $9.823M | $7.726M | $63.00M |
| Total Long-Term Liabilities | $200.0K | $245.0K | $36.90M |
| Total Liabilities | $10.05M | $7.971M | $99.90M |
| YoY Change | -89.94% | -89.18% | |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$202.0M | -$196.0M | |
| YoY Change | |||
| Common Stock | $122.1M | $117.7M | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$79.52M | -$77.97M | -$80.90M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $66.78M | $91.53M | $19.00M |
| YoY Change | 251.49% | 606.76% |
Cashflow Statement
| Concept | 2016 Q2 | 2015 Q4 | 2015 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$4.457M | -$3.169M | -$10.41M |
| YoY Change | -57.19% | -58.92% | 40.63% |
| Depreciation, Depletion And Amortization | $70.00K | $140.0K | $120.0K |
| YoY Change | -41.67% | -22.22% | -42.86% |
| Cash From Operating Activities | -$11.56M | -$8.970M | -$8.780M |
| YoY Change | 31.66% | 28.51% | 21.27% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$90.00K | -$60.00K | -$30.00K |
| YoY Change | 200.0% | -700.0% | 200.0% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $30.00K | |
| YoY Change | -84.21% | ||
| Cash From Investing Activities | -$80.00K | -$40.00K | -$30.00K |
| YoY Change | 166.67% | -120.0% | 200.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -20.00K | 0.000 | 10.44M |
| YoY Change | -100.19% | -100.0% | 19.86% |
| NET CHANGE | |||
| Cash From Operating Activities | -11.56M | -8.970M | -8.780M |
| Cash From Investing Activities | -80.00K | -40.00K | -30.00K |
| Cash From Financing Activities | -20.00K | 0.000 | 10.44M |
| Net Change In Cash | -11.66M | -9.010M | 1.630M |
| YoY Change | -815.34% | -2750.0% | 11.64% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$11.56M | -$8.970M | -$8.780M |
| Capital Expenditures | -$90.00K | -$60.00K | -$30.00K |
| Free Cash Flow | -$11.47M | -$8.910M | -$8.750M |
| YoY Change | 31.09% | 27.47% | 21.02% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Minority Interest Change In Redemption Value
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|
2308000 | ||
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69000 | |
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Prepaid Expense And Other Assets Current
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Assets Current
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Property Plant And Equipment Net
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624000 | |
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182000 | |
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Net Income Loss
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Depreciation
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Commitments And Contingencies
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Redeemable Noncontrolling Interest Equity Carrying Amount
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Additional Paid In Capital Common Stock
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Increase Decrease In Deferred Charges
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Increase Decrease In Deferred Revenue
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Increase Decrease In Other Operating Liabilities
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Net Cash Provided By Used In Operating Activities Continuing Operations
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Proceeds From Sales Of Assets Investing Activities
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Payments To Acquire Property Plant And Equipment
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Net Cash Provided By Used In Investing Activities Continuing Operations
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Net Cash Provided By Used In Financing Activities Continuing Operations
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Cash And Cash Equivalents Period Increase Decrease
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1013000 | ||
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Cash And Cash Equivalents At Carrying Value
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1384000 | |
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Cash And Cash Equivalents At Carrying Value
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2397000 | |
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Conversion Of Stock Amount Converted1
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Non Cash Deferred Offering Costs
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Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On an ongoing basis, the Company evaluates its estimates, including those related to the grant date fair value of equity awards, the fair value of the Class B Common Stock, the useful lives of property and equipment, the fair value of the Company’s membership units, the fair value of redeemable preferred units, the fair value of derivative liabilities, and the fair value of the Company’s debt, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</p></div> | ||
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions. The balances of these cash accounts frequently exceed insured limits.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There were no accounts receivable balances outstanding as of June 30, 2016. Accounts receivable at December 31, 2015 were $0.1 million with one customer representing 100% of this balance. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Two customers represented 100% of the revenue earned during the three and six months ended June 30, 2016. One customer represented 100% of the revenue during the three and six months ended June 30, 2015.</p></div> | ||
| CY2016Q2 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
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5600000 | |
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Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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|
P2Y2M12D | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.87 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
4.06 | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
22000 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | ||
| CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
971934 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
122500 | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1094434 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
16732 | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P9Y1M6D | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
|
1046316 | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P9Y2M12D | ||
| CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
11.31 | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
5.81 | ||
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
10.70 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
14.16 | |
| CY2016Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
10.77 | |
| CY2016Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
699000 | |
| us-gaap |
Common Stock Voting Rights
CommonStockVotingRights
|
Holders of Class A Common Stock and Class B Common Stock are entitled to one vote for each share held on all matters submitted to stockholders for their vote or approval. | ||
| CY2016Q2 | vtvt |
Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
|
136300000 | |
| CY2016Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | ||
| us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.34 | ||
| vtvt |
Percentage Of Amount Of Cash Savings
PercentageOfAmountOfCashSavings
|
0.85 |
