2018 Q1 Form 10-K Financial Statement

#000156459018005308 Filed on March 12, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q3
Revenue $1.422M $1.676M $676.0K
YoY Change 110.36% 147.93% 72.45%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.000M $6.890M $7.570M
YoY Change 36.75% 32.76% 92.13%
% of Gross Profit
Research & Development $29.20M $25.37M $20.10M
YoY Change 98.1% 81.21% 46.84%
% of Gross Profit
Depreciation & Amortization $1.175M $890.0K $600.0K
YoY Change 273.02% 256.0% 215.79%
% of Gross Profit
Operating Expenses $37.20M $32.26M $27.67M
YoY Change 80.66% 68.18% 56.98%
Operating Profit -$35.78M -$31.16M -$26.35M
YoY Change 77.04% 68.39% 52.92%
Interest Expense $7.000K $290.0K $1.000K
YoY Change 133.33% 11.54%
% of Operating Profit
Other Income/Expense, Net $706.0K -$120.0K $441.0K
YoY Change 219.46% 500.0% 451.25%
Pretax Income -$35.07M -$30.99M -$25.91M
YoY Change 75.47% 69.62% 51.08%
Income Tax $172.0K -$190.0K -$418.0K
% Of Pretax Income
Net Earnings -$35.24M -$30.79M -$25.49M
YoY Change 67.05% 66.86% 45.39%
Net Earnings / Revenue -2478.27% -1837.29% -3771.3%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.262M -$1.107M -$918.2K
COMMON SHARES
Basic Shares Outstanding 27.99M 27.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.5M $142.5M $168.5M
YoY Change -14.67% -5.19% -0.3%
Cash & Equivalents $114.1M $142.5M $168.5M
Short-Term Investments
Other Short-Term Assets $7.500M $7.000M $5.400M
YoY Change 127.27% 311.76% 800.0%
Inventory
Prepaid Expenses
Receivables $1.000M
Other Receivables $0.00
Total Short-Term Assets $118.0M $150.5M $173.8M
YoY Change -11.17% -0.99% 0.98%
LONG-TERM ASSETS
Property, Plant & Equipment $28.78M $27.33M $24.58M
YoY Change 101.24% 217.58% 267.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.700M $4.000M $3.700M
YoY Change -15.91% -4.76% 236.36%
Total Long-Term Assets $32.46M $31.36M $28.25M
YoY Change 73.58% 144.56% 260.68%
TOTAL ASSETS
Total Short-Term Assets $118.0M $150.5M $173.8M
Total Long-Term Assets $32.46M $31.36M $28.25M
Total Assets $150.4M $181.8M $202.1M
YoY Change -0.73% 10.33% 12.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.000M $7.598M $4.705M
YoY Change 8.11% 53.71% 23.01%
Accrued Expenses $6.500M $3.281M $7.000M
YoY Change 71.05% -25.43% 45.83%
Deferred Revenue $1.275M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $16.30M $18.19M $15.10M
YoY Change 15.6% 49.66% 32.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.20M $1.619M $13.20M
YoY Change 29.6% 103.39% 2428.74%
Total Long-Term Liabilities $16.20M $16.17M $13.20M
YoY Change 29.6% 63.0% 38.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.30M $18.19M $15.10M
Total Long-Term Liabilities $16.20M $16.17M $13.20M
Total Liabilities $32.50M $34.36M $28.40M
YoY Change 22.64% 55.65% 35.46%
SHAREHOLDERS EQUITY
Retained Earnings -$192.7M
YoY Change 113.0%
Common Stock $310.0M
YoY Change 43.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $110.0M $139.6M $173.7M
YoY Change
Total Liabilities & Shareholders Equity $150.4M $181.8M $202.1M
YoY Change -0.73% 10.33% 12.29%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$35.24M -$30.79M -$25.49M
YoY Change 67.05% 66.86% 45.39%
Depreciation, Depletion And Amortization $1.175M $890.0K $600.0K
YoY Change 273.02% 256.0% 215.79%
Cash From Operating Activities -$32.43M -$22.75M -$23.41M
YoY Change 86.14% 70.41% 97.89%
INVESTING ACTIVITIES
Capital Expenditures $1.164M -$4.080M -$5.610M
YoY Change -67.98% 49.45% 338.28%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.164M -$4.080M -$5.610M
YoY Change -68.02% 49.45% 341.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.537M 580.0K 60.00K
YoY Change 708.95% 5700.0% -68.42%
NET CHANGE
Cash From Operating Activities -32.43M -22.75M -23.41M
Cash From Investing Activities -1.164M -4.080M -5.610M
Cash From Financing Activities 1.537M 580.0K 60.00K
Net Change In Cash -32.01M -26.25M -28.96M
YoY Change 53.85% 63.35% 124.32%
FREE CASH FLOW
Cash From Operating Activities -$32.43M -$22.75M -$23.41M
Capital Expenditures $1.164M -$4.080M -$5.610M
Free Cash Flow -$33.59M -$18.67M -$17.80M
YoY Change 59.53% 75.8% 68.72%

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1
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<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;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents are financial instruments that potentially subject the Company to concentration of credit risk. The Company uses several financial institutions to maintain its cash and cash equivalents, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss.</p></div>
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323200000
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1
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6021000
CY2017 us-gaap Revenue Recognition Services Licensing Fees
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0
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0.00
CY2017 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
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The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.
CY2017Q4 us-gaap Property Plant And Equipment Gross
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31751000
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4417000
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6201000
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5600000
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OperatingLeasesRentExpenseNet
1500000
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OperatingLeasesRentExpenseNet
500000
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-102035000
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-55401000
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-19200000
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0.35
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800000
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CurrentIncomeTaxExpenseBenefit
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CurrentIncomeTaxExpenseBenefit
1180000
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CurrentIncomeTaxExpenseBenefit
8000
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DeferredIncomeTaxExpenseBenefit
774000
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DeferredIncomeTaxExpenseBenefit
-564000
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DeferredIncomeTaxExpenseBenefit
36000
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28913000
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16046000
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4522000
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449000
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1903000
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242000
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1921000
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1024000
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176000
CY2016Q4 us-gaap Deferred Tax Assets Other
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102000
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37435000
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17863000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
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36069000
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
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15999000
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1366000
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1864000
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1366000
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DeferredTaxLiabilitiesDepreciation
1090000
CY2017Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1366000
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DeferredIncomeTaxLiabilities
1090000
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7466000
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20595000
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DeferredTaxAssetsValuationAllowanceIncrease
8774000
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598000
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DeferredTaxAssetsValuationAllowanceReversal
282000
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-73000
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20100000
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1280000
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1025000
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1066000
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3864000
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2129000
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255000
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