$WYY
WIDEPOINT CORP

2015 Q2 Form 10-Q Financial Statement

#000114420415047824 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $17.43M $12.39M
YoY Change 40.65% 9.26%
Cost Of Revenue $14.13M $8.780M
YoY Change 60.93% 12.28%
Gross Profit $3.306M $3.614M
YoY Change -8.51% 2.46%
Gross Profit Margin 18.97% 29.16%
Selling, General & Admin $4.616M $4.704M
YoY Change -1.88% 43.99%
% of Gross Profit 139.61% 130.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.95K $143.2K
YoY Change -35.8% 95.54%
% of Gross Profit 2.78% 3.96%
Operating Expenses $4.708M $4.848M
YoY Change -2.89% 45.12%
Operating Profit -$1.401M -$1.234M
YoY Change 13.59% -760.84%
Interest Expense $36.15K $46.33K
YoY Change -21.99% -17.17%
% of Operating Profit
Other Income/Expense, Net $37.04K -$35.81K
YoY Change -203.42% -27.19%
Pretax Income -$1.364M -$1.270M
YoY Change 7.47% -1023.29%
Income Tax $45.20K -$600.3K
% Of Pretax Income
Net Earnings -$1.410M -$669.2K
YoY Change 110.63% -580.25%
Net Earnings / Revenue -8.09% -5.4%
Basic Earnings Per Share -$0.02 -$0.01
Diluted Earnings Per Share -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 82.14M shares 73.00M shares
Diluted Shares Outstanding 82.12M shares 73.00M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.690M $4.100M
YoY Change 136.34% 64.0%
Cash & Equivalents $9.690M $4.103M
Short-Term Investments
Other Short-Term Assets $620.0K $550.0K
YoY Change 12.73% -33.73%
Inventory $20.00K $35.87K
Prepaid Expenses
Receivables $17.73M $6.177M
Other Receivables $0.00 $0.00
Total Short-Term Assets $28.07M $13.73M
YoY Change 104.5% 35.71%
LONG-TERM ASSETS
Property, Plant & Equipment $1.550M $1.837M
YoY Change -15.62% 24.53%
Goodwill $20.84M
YoY Change 25.4%
Intangibles $4.081M
YoY Change
Long-Term Investments
YoY Change
Other Assets $139.5K $118.2K
YoY Change 17.96% 59.91%
Total Long-Term Assets $25.89M $32.37M
YoY Change -20.02% 24.31%
TOTAL ASSETS
Total Short-Term Assets $28.07M $13.73M
Total Long-Term Assets $25.89M $32.37M
Total Assets $53.96M $46.10M
YoY Change 17.05% 27.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.660M $3.550M
YoY Change 143.91% -5.02%
Accrued Expenses $5.945M $4.222M
YoY Change 40.81% 45.64%
Deferred Revenue
YoY Change
Short-Term Debt $160.0K $30.00K
YoY Change 433.33% -62.5%
Long-Term Debt Due $869.3K $2.164M
YoY Change -59.83% 373.06%
Total Short-Term Liabilities $17.47M $11.67M
YoY Change 49.75% 54.42%
LONG-TERM LIABILITIES
Long-Term Debt $887.4K $1.830M
YoY Change -51.51% -57.64%
Other Long-Term Liabilities $200.0K $90.00K
YoY Change 122.22% 200.0%
Total Long-Term Liabilities $887.4K $1.920M
YoY Change -53.78% -55.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.47M $11.67M
Total Long-Term Liabilities $887.4K $1.920M
Total Liabilities $19.06M $13.59M
YoY Change 40.24% 13.2%
SHAREHOLDERS EQUITY
Retained Earnings -$58.38M
YoY Change
Common Stock $93.53M $81.56M
YoY Change 14.68% 16.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.90M $32.51M
YoY Change
Total Liabilities & Shareholders Equity $53.96M $46.10M
YoY Change 17.05% 27.5%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.410M -$669.2K
YoY Change 110.63% -580.25%
Depreciation, Depletion And Amortization $91.95K $143.2K
YoY Change -35.8% 95.54%
Cash From Operating Activities -$670.0K -$1.220M
YoY Change -45.08% -306.78%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$160.0K
YoY Change 81.25% 14.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.080M
YoY Change -100.0%
Cash From Investing Activities -$290.0K -$4.230M
YoY Change -93.14% 2921.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -890.0K -560.0K
YoY Change 58.93% 16.67%
NET CHANGE
Cash From Operating Activities -670.0K -1.220M
Cash From Investing Activities -290.0K -4.230M
Cash From Financing Activities -890.0K -560.0K
Net Change In Cash -1.850M -6.010M
YoY Change -69.22% 19933.33%
FREE CASH FLOW
Cash From Operating Activities -$670.0K -$1.220M
Capital Expenditures -$290.0K -$160.0K
Free Cash Flow -$380.0K -$1.060M
YoY Change -64.15% -245.21%

Facts In Submission

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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: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt 0.05in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.3in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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 the timing of 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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q2 us-gaap Depreciation
Depreciation
117800 USD
CY2014Q2 us-gaap Depreciation
Depreciation
125000 USD
CY2015Q2 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
262500 USD
CY2014Q2 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
353000 USD
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P5Y9M18D
CY2015Q2 us-gaap Deferred Tax Assets Gross Current
DeferredTaxAssetsGrossCurrent
5000000 USD
CY2015Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5000000 USD
CY2015Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-262022 USD
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
0 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
0 USD
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
503511 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1147115 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
595709 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1154805 shares
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
17570 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1102 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-4510 USD
wyy Increase Decrease In Accounts Receivable And Unbilled Accounts Receivable
IncreaseDecreaseInAccountsReceivableAndUnbilledAccountsReceivable
3459035 USD
wyy Increase Decrease In Accounts Receivable And Unbilled Accounts Receivable
IncreaseDecreaseInAccountsReceivableAndUnbilledAccountsReceivable
-1459732 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-14828 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-76051 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
189426 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-141598 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-16711 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2910 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2189639 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1006496 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
51065 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-184780 USD
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
1106513 USD
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
-112747 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1956817 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1268249 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
196235 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
176543 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
186354 USD
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
138781 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 Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-382589 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4394952 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-34856 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-96937 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-34856 USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1392058 USD
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-704095 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2664324 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1630793 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3663 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1098027 USD
us-gaap Depreciation
Depreciation
243186 USD
us-gaap Depreciation
Depreciation
224128 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-23127 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-244 USD
us-gaap Cost Of Services Amortization
CostOfServicesAmortization
530770 USD
us-gaap Cost Of Services Amortization
CostOfServicesAmortization
655441 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
5819 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4728 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
8649307 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
4266689 USD
wyy Principal Repayments Of Bank Line Of Credit
PrincipalRepaymentsOfBankLineOfCredit
8526780 USD
wyy Principal Repayments Of Bank Line Of Credit
PrincipalRepaymentsOfBankLineOfCredit
5183352 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1755076 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
736261 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
31128 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
22922 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11425118 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
670458 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-993219 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9783272 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-134742 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-16760 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3467367 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4103311 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4103311 USD
us-gaap Interest Paid Net
InterestPaidNet
101279 USD
us-gaap Interest Paid Net
InterestPaidNet
99677 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
60295 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
91527 USD
CY2015Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
186400 USD
CY2014Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
138800 USD

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