2020 Q4 Form 10-K Financial Statement

#000143774921004835 Filed on March 03, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $4.228M $13.43M $4.960M
YoY Change -14.77% -23.76% 2.06%
Cost Of Revenue $2.734M $9.527M $3.420M
YoY Change -20.05% -22.05% 8.57%
Gross Profit $1.493M $3.905M $1.550M
YoY Change -3.67% -27.65% -8.82%
Gross Profit Margin 35.32% 29.07% 31.25%
Selling, General & Admin $1.057M $5.020M $1.420M
YoY Change -25.6% -8.46% 7.58%
% of Gross Profit 70.76% 128.54% 91.61%
Research & Development $150.0K $671.5K $200.0K
YoY Change -25.0% -22.84% 5.26%
% of Gross Profit 10.05% 17.2% 12.9%
Depreciation & Amortization $170.7K $661.6K $170.0K
YoY Change 0.42% 3.37% -5.56%
% of Gross Profit 11.43% 16.94% 10.97%
Operating Expenses $1.207M $5.691M $1.610M
YoY Change -25.05% -10.43% 5.92%
Operating Profit $286.5K -$1.786M -$60.00K
YoY Change -577.52% 86.69% -133.33%
Interest Expense -$15.86K $86.56K -$20.00K
YoY Change -20.7% -3.88% 0.0%
% of Operating Profit -5.54%
Other Income/Expense, Net $1.215M $1.223M $10.00K
YoY Change 12045.4% 1899.44% -50.0%
Pretax Income $1.485M -$649.3K -$80.00K
YoY Change -1956.49% -34.12% -144.44%
Income Tax $22.00K -$210.0K $0.00
% Of Pretax Income 1.48%
Net Earnings $1.463M -$439.3K -$80.00K
YoY Change -1928.99% -46.0% -153.33%
Net Earnings / Revenue 34.61% -3.27% -1.61%
Basic Earnings Per Share -$0.22
Diluted Earnings Per Share $740.3K -$0.22 -$0.04
COMMON SHARES
Basic Shares Outstanding 1.976M 1.976M
Diluted Shares Outstanding 1.976M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.694M $3.694M $3.200M
YoY Change 15.43% 16.57% -25.58%
Cash & Equivalents $3.694M $3.694M $963.6K
Short-Term Investments $0.00 $0.00 $2.200M
Other Short-Term Assets $126.0K $126.0K $900.0K
YoY Change -86.0% -86.11% 125.0%
Inventory $1.645M $1.645M $2.181M
Prepaid Expenses
Receivables $2.119M $2.119M $2.435M
Other Receivables $219.5K $219.5K $0.00
Total Short-Term Assets $7.803M $7.803M $8.692M
YoY Change -10.22% -10.22% -2.97%
LONG-TERM ASSETS
Property, Plant & Equipment $7.388M $7.388M $7.916M
YoY Change -6.67% -6.67% -2.09%
Goodwill
YoY Change
Intangibles $243.6K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.632M $7.632M $8.187M
YoY Change -6.78% -6.78% -3.24%
TOTAL ASSETS
Total Short-Term Assets $7.803M $7.803M $8.692M
Total Long-Term Assets $7.632M $7.632M $8.187M
Total Assets $15.44M $15.44M $16.88M
YoY Change -8.56% -8.56% -3.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $459.8K $459.8K $800.0K
YoY Change -42.52% -39.63% 33.33%
Accrued Expenses $447.8K $447.8K $1.000M
YoY Change -55.22% -56.92% 100.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.688M $2.688M $133.3K
YoY Change 1917.0% 1916.96% 3.1%
Total Short-Term Liabilities $3.596M $3.596M $1.934M
YoY Change 85.89% 85.89% 48.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.688M
YoY Change -100.0% -4.72%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $2.688M
YoY Change -100.0% -100.0% -10.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.596M $3.596M $1.934M
Total Long-Term Liabilities $0.00 $0.00 $2.688M
Total Liabilities $3.596M $3.596M $4.623M
YoY Change -22.21% -22.21% 7.3%
SHAREHOLDERS EQUITY
Retained Earnings $8.898M $9.337M
YoY Change -4.71% -8.37%
Common Stock $2.942M $2.920M
YoY Change 0.75% -0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.84M $11.84M $12.26M
YoY Change
Total Liabilities & Shareholders Equity $15.44M $15.44M $16.88M
YoY Change -8.56% -8.56% -3.1%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income $1.463M -$439.3K -$80.00K
YoY Change -1928.99% -46.0% -153.33%
Depreciation, Depletion And Amortization $170.7K $661.6K $170.0K
YoY Change 0.42% 3.37% -5.56%
Cash From Operating Activities $231.3K -$398.8K $140.0K
YoY Change 65.21% -16.39% -6.67%
INVESTING ACTIVITIES
Capital Expenditures -$1.940K $149.9K $150.0K
YoY Change -101.29% -68.66% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.223M $250.0K
YoY Change -100.0% 339.73%
Cash From Investing Activities -$1.940K $2.058M $100.0K
YoY Change -101.94% 27063.78% -300.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $143.9K
YoY Change 2.5%
Cash From Financing Activities -36.40K 1.071M -40.00K
YoY Change -9.0% -663.35% 0.0%
NET CHANGE
Cash From Operating Activities 231.3K -398.8K 140.0K
Cash From Investing Activities -1.940K 2.058M 100.0K
Cash From Financing Activities -36.40K 1.071M -40.00K
Net Change In Cash 192.9K 2.730M 200.0K
YoY Change -3.53% -513.99% 233.33%
FREE CASH FLOW
Cash From Operating Activities $231.3K -$398.8K $140.0K
Capital Expenditures -$1.940K $149.9K $150.0K
Free Cash Flow $233.2K -$548.7K -$10.00K
YoY Change -2432.3% -42.56% -110.0%

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CY2020 us-gaap Increase Decrease In Accounts Receivable
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CY2020 us-gaap Increase Decrease In Income Taxes Receivable
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CY2020 us-gaap Increase Decrease In Inventories
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-535561
CY2019 us-gaap Increase Decrease In Inventories
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133948
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531554
CY2020 us-gaap Interest Expense
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CY2020Q4 us-gaap Inventory Finished Goods
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CY2020Q4 us-gaap Inventory Net
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1323655
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CY2020Q4 us-gaap Inventory Valuation Reserves
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13000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
12000
CY2020Q4 us-gaap Inventory Work In Process
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428753
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InventoryWorkInProcess
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CY2020 us-gaap Inventory Write Down
InventoryWriteDown
116000
CY2019 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2020 us-gaap Investment Income Interest
InvestmentIncomeInterest
1223261
CY2019 us-gaap Investment Income Interest
InvestmentIncomeInterest
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CY2020Q4 us-gaap Liabilities
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3596053
CY2019Q4 us-gaap Liabilities
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CY2020Q4 us-gaap Liabilities And Stockholders Equity
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15435399
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
16879541
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3596053
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2773000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Income Loss
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CY2019 us-gaap Net Income Loss
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CY2020 us-gaap Number Of Reportable Segments
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4
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments To Acquire Intangible Assets
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14910
CY2019 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
19665
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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149916
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
478353
CY2020 us-gaap Payments To Acquire Short Term Investments
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CY2019 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
5635000
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.10
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0.10
CY2020Q4 us-gaap Preferred Stock Shares Authorized
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250000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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125969
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
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906916
CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1214500
CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
18297
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15596
CY2020 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
2205000
CY2019 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
6125000
CY2020 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
143947
CY2019 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
140440
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
671493
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
870279
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8897781
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9337101
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13432220
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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17618559
CY2020 us-gaap Selling General And Administrative Expense
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5019604
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5483586
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
21968
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
8821
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5332
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.19
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
11750
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
12.99
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3250
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19250
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
17500
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.32
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.97
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.67
CY2020Q4 us-gaap Short Term Investments
ShortTermInvestments
0
CY2019Q4 us-gaap Short Term Investments
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2205000
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2017Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
100000
CY2019Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
100000
CY2020Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
92801
CY2017 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
33500
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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CY2019 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
7199
CY2020 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2019 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
49595
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
11839346
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
12256698
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
13111030
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020 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="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-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: left;"><div style="display: inline; font-style: italic;">Use of Estimates</div> &#x2014; The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;&nbsp;Actual results could differ from those estimates.&nbsp;&nbsp;Significant estimates include the allowance for doubtful trade receivables, the reserve for inventory obsolescence, undiscounted cash flows generated from long-live assets&nbsp;and the valuation allowance for deferred tax assets.</div></div></div></div></div></div></div>
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-440000
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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-51000
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1976354
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1980253
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1976354
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1980253

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