$WYY
WIDEPOINT CORP

2014 Q2 Form 10-Q Financial Statement

#000114420414050325 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $12.39M $11.34M
YoY Change 9.26% -9.33%
Cost Of Revenue $8.780M $7.820M
YoY Change 12.28% -18.8%
Gross Profit $3.614M $3.527M
YoY Change 2.46% 22.51%
Gross Profit Margin 29.16% 31.09%
Selling, General & Admin $4.704M $3.267M
YoY Change 43.99% -0.28%
% of Gross Profit 130.18% 92.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $143.2K $73.24K
YoY Change 95.54% -7.52%
% of Gross Profit 3.96% 2.08%
Operating Expenses $4.848M $3.340M
YoY Change 45.12% -0.46%
Operating Profit -$1.234M $186.7K
YoY Change -760.84% -139.16%
Interest Expense $46.33K $55.94K
YoY Change -17.17% -52.5%
% of Operating Profit 29.96%
Other Income/Expense, Net -$35.81K -$49.19K
YoY Change -27.19% -60.86%
Pretax Income -$1.270M $137.5K
YoY Change -1023.29% -122.82%
Income Tax -$600.3K -$1.845K
% Of Pretax Income -1.34%
Net Earnings -$669.2K $139.4K
YoY Change -580.25% -146.13%
Net Earnings / Revenue -5.4% 1.23%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 73.00M shares 63.75M shares
Diluted Shares Outstanding 73.00M shares 63.94M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.100M $2.500M
YoY Change 64.0% 792.86%
Cash & Equivalents $4.103M $2.504M
Short-Term Investments
Other Short-Term Assets $550.0K $830.0K
YoY Change -33.73% -31.97%
Inventory $35.87K $259.0K
Prepaid Expenses
Receivables $6.177M $5.229M
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.73M $10.11M
YoY Change 35.71% -9.77%
LONG-TERM ASSETS
Property, Plant & Equipment $1.837M $1.475M
YoY Change 24.53% -4.84%
Goodwill $20.84M $16.62M
YoY Change 25.4%
Intangibles $4.081M
YoY Change
Long-Term Investments
YoY Change
Other Assets $118.2K $73.94K
YoY Change 59.91% -97.97%
Total Long-Term Assets $32.37M $26.04M
YoY Change 24.31% -6.92%
TOTAL ASSETS
Total Short-Term Assets $13.73M $10.11M
Total Long-Term Assets $32.37M $26.04M
Total Assets $46.10M $36.16M
YoY Change 27.5% -7.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.550M $3.738M
YoY Change -5.02% -40.47%
Accrued Expenses $4.222M $2.899M
YoY Change 45.64% 97.19%
Deferred Revenue
YoY Change
Short-Term Debt $30.00K $80.00K
YoY Change -62.5% 14.29%
Long-Term Debt Due $2.164M $457.5K
YoY Change 373.06% -79.3%
Total Short-Term Liabilities $11.67M $7.557M
YoY Change 54.42% -25.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.830M $4.320M
YoY Change -57.64% -29.98%
Other Long-Term Liabilities $90.00K $30.00K
YoY Change 200.0% -72.73%
Total Long-Term Liabilities $1.920M $4.320M
YoY Change -55.55% -31.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.67M $7.557M
Total Long-Term Liabilities $1.920M $4.320M
Total Liabilities $13.59M $12.00M
YoY Change 13.2% -27.07%
SHAREHOLDERS EQUITY
Retained Earnings -$45.62M
YoY Change
Common Stock $81.56M $69.77M
YoY Change 16.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.51M $24.15M
YoY Change
Total Liabilities & Shareholders Equity $46.10M $36.16M
YoY Change 27.5% -7.74%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$669.2K $139.4K
YoY Change -580.25% -146.13%
Depreciation, Depletion And Amortization $143.2K $73.24K
YoY Change 95.54% -7.52%
Cash From Operating Activities -$1.220M $590.0K
YoY Change -306.78% -168.6%
INVESTING ACTIVITIES
Capital Expenditures -$160.0K -$140.0K
YoY Change 14.29% -22.22%
Acquisitions
YoY Change
Other Investing Activities -$4.080M $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.230M -$140.0K
YoY Change 2921.43% 40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -560.0K -480.0K
YoY Change 16.67% 152.63%
NET CHANGE
Cash From Operating Activities -1.220M 590.0K
Cash From Investing Activities -4.230M -140.0K
Cash From Financing Activities -560.0K -480.0K
Net Change In Cash -6.010M -30.00K
YoY Change 19933.33% -97.39%
FREE CASH FLOW
Cash From Operating Activities -$1.220M $590.0K
Capital Expenditures -$160.0K -$140.0K
Free Cash Flow -$1.060M $730.0K
YoY Change -245.21% -207.35%

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
1857614 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2504054 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.05in; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.05in; FONT: 10pt Times New Roman, Times, Serif"> <i>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.05in; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px 0pt 0.05in; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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. The more significant areas requiring use of estimates and judgment relate to revenue recognition, accounts receivable valuation reserves, ability to realize intangible assets and goodwill, ability to realize deferred income tax assets, fair value of assets and liabilities acquired in connection with a business combination, fair value of certain financial instruments and the evaluation of contingencies and litigation. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
6207066 USD
CY2013Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
7642438 USD
CY2014Q2 wyy Unbilled Accounts Receivable
UnbilledAccountsReceivable
2860011 USD
CY2013Q4 wyy Unbilled Accounts Receivable
UnbilledAccountsReceivable
1561030 USD
CY2013Q2 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
336900 USD
CY2014Q2 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
353000 USD
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P4Y
CY2014Q2 us-gaap Long Term Debt
LongTermDebt
3923686 USD
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
3659947 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Reclassifications</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.3in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company reclassified amounts representing short term insurance financing arrangements previously included in the caption &#8220;principal repayments of short-term notes payable&#8221; within the caption &#8220;accounts payable and accrued expenses&#8221; on the condensed consolidated statement of cash flows presentation to conform to the current year presentation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Accounting Standards Update</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.3in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company is evaluating the effect that ASU 2014-09 may have on our consolidated financial statements and related disclosures. The Company has neither selected a transition method nor determined the effect of the standard on its ongoing financial reporting.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
184750 shares
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
4220460 USD
CY2013Q2 us-gaap Goodwill
Goodwill
16618467 USD
CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-34856 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
0 USD
CY2013Q2 wyy Change In Fair Value Of Contingent Promissory Note
ChangeInFairValueOfContingentPromissoryNote
369000 USD
CY2014Q2 wyy Change In Fair Value Of Contingent Promissory Note
ChangeInFairValueOfContingentPromissoryNote
0 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3834309 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3319269 USD
CY2014Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1997444 USD
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1773318 USD
CY2014Q2 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
448100 USD
CY2013Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
408900 USD
CY2012Q4 us-gaap Goodwill
Goodwill
16618467 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
WIDEPOINT CORP
dei Entity Central Index Key
EntityCentralIndexKey
0001034760
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
WYY
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
73130328 shares
us-gaap Depreciation
Depreciation
188705 USD
us-gaap Depreciation
Depreciation
224128 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
57403 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-244 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-4510 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-118204 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-141598 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-676095 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9783272 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4079628 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
0 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-16760 USD
us-gaap Notes Issued1
NotesIssued1
50662 USD
us-gaap Notes Issued1
NotesIssued1
0 USD
CY2014Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
5500000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
4100000 USD
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
156895 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
63908752 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
69929300 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
63936607 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
72998461 shares
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8330729 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8253070 USD
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4232388 USD
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4301378 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
10000200 USD
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
8400497 USD
CY2013Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
4829980 USD
CY2014Q2 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
4604498 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4981139 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
5343233 USD
CY2013Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2281594 USD
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3488145 USD
us-gaap Officers Compensation
OfficersCompensation
260000 USD
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
0 USD
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-34856 USD
CY2014Q2 wyy Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Capital Lease Asset
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseAsset
70700 USD

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