2017 Q3 Form 10-Q Financial Statement

#000114420417059065 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q4 2016 Q3
Revenue $18.46M $18.26M $22.11M
YoY Change -16.51% -2.43% 30.13%
Cost Of Revenue $15.09M $15.85M $18.08M
YoY Change -16.54% 2.39% 30.26%
Gross Profit $3.376M $2.410M $4.038M
YoY Change -16.39% -25.55% 29.45%
Gross Profit Margin 18.29% 13.2% 18.26%
Selling, General & Admin $3.579M $4.400M $4.076M
YoY Change -12.2% -12.87% -12.49%
% of Gross Profit 106.0% 182.57% 100.95%
Research & Development $11.34K $440.0K $2.648K
YoY Change 328.32% -34.33% -99.02%
% of Gross Profit 0.34% 18.26% 0.07%
Depreciation & Amortization $69.94K $400.0K $84.76K
YoY Change -17.49% -4.76% -8.83%
% of Gross Profit 2.07% 16.6% 2.1%
Operating Expenses $3.660M $4.930M $4.164M
YoY Change -12.09% -15.29% -12.37%
Operating Profit -$283.8K -$2.520M -$125.6K
YoY Change 125.94% 88.91% -92.3%
Interest Expense $13.99K -$10.00K $20.91K
YoY Change -33.12% -66.67% -32.26%
% of Operating Profit
Other Income/Expense, Net -$13.56K $0.00 -$14.12K
YoY Change -3.99% -77.1%
Pretax Income -$297.4K -$2.520M -$139.7K
YoY Change 112.81% 85.29% -91.75%
Income Tax $17.21K -$90.00K $8.295K
% Of Pretax Income
Net Earnings -$314.6K -$2.430M -$150.0K
YoY Change 109.73% 113.92% -91.49%
Net Earnings / Revenue -1.7% -13.31% -0.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.737K -$29.37K $0.00
COMMON SHARES
Basic Shares Outstanding 82.95M shares 82.73M shares 82.73M shares
Diluted Shares Outstanding 82.95M shares 82.73M shares

Balance Sheet

Concept 2017 Q3 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.420M $9.120M $5.590M
YoY Change 14.85% 15.01% -46.46%
Cash & Equivalents $6.420M $9.123M $5.586M
Short-Term Investments
Other Short-Term Assets $580.0K $551.6K $440.0K
YoY Change 31.82% 17.36% 4.76%
Inventory $310.0K $123.3K $370.0K
Prepaid Expenses
Receivables $7.942M $5.153M $18.38M
Other Receivables $0.00 $40.00K $0.00
Total Short-Term Assets $21.39M $22.94M $24.78M
YoY Change -13.69% -10.49% -8.04%
LONG-TERM ASSETS
Property, Plant & Equipment $970.0K $740.0K $1.322M
YoY Change -26.61% -51.1% -14.17%
Goodwill $18.56M $18.56M
YoY Change 0.0%
Intangibles $4.299M $4.761M
YoY Change -15.73%
Long-Term Investments
YoY Change
Other Assets $90.00K $52.46K $53.96K
YoY Change 66.8% -13.25% -60.49%
Total Long-Term Assets $23.51M $24.24M $24.69M
YoY Change -4.79% -3.93% -3.65%
TOTAL ASSETS
Total Short-Term Assets $21.39M $22.94M $24.78M
Total Long-Term Assets $23.51M $24.24M $24.69M
Total Assets $44.90M $47.18M $49.48M
YoY Change -9.25% -7.24% -5.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.830M $8.708M $9.027M
YoY Change -13.26% 11.47% 39.98%
Accrued Expenses $8.510M $7.835M $7.100M
YoY Change 19.86% 17.16% 9.39%
Deferred Revenue
YoY Change
Short-Term Debt $610.0K $130.0K $170.0K
YoY Change 258.82% 0.0% -91.75%
Long-Term Debt Due $20.00K $94.87K $242.5K
YoY Change -91.75% -89.38% -72.41%
Total Short-Term Liabilities $18.58M $18.00M $17.79M
YoY Change 4.46% 2.14% -1.05%
LONG-TERM LIABILITIES
Long-Term Debt $60.00K $0.00 $417.2K
YoY Change -85.62% -100.0% -37.1%
Other Long-Term Liabilities $110.0K $90.00K $140.0K
YoY Change -21.43% -40.0% -30.0%
Total Long-Term Liabilities $170.0K $0.00 $417.2K
YoY Change -59.25% -100.0% -37.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.58M $18.00M $17.79M
Total Long-Term Liabilities $170.0K $0.00 $417.2K
Total Liabilities $19.13M $18.90M $18.79M
YoY Change 1.81% 1.26% -2.62%
SHAREHOLDERS EQUITY
Retained Earnings -$68.19M -$65.42M -$62.99M
YoY Change 8.25% 6.75% 4.72%
Common Stock $94.09M $94.00M $93.90M
YoY Change 0.21% 0.28% 113684.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.77M $28.28M $30.69M
YoY Change
Total Liabilities & Shareholders Equity $44.90M $47.18M $49.48M
YoY Change -9.25% -7.24% -5.9%

Cashflow Statement

Concept 2017 Q3 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$314.6K -$2.430M -$150.0K
YoY Change 109.73% 113.92% -91.49%
Depreciation, Depletion And Amortization $69.94K $400.0K $84.76K
YoY Change -17.49% -4.76% -8.83%
Cash From Operating Activities $590.0K $3.920M -$2.190M
YoY Change -126.94% -5700.0% 151.72%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K $20.00K -$330.0K
YoY Change -27.27% -120.0% 175.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$230.0K $20.00K -$330.0K
YoY Change -30.3% -120.0% 175.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 540.0K -280.0K -240.0K
YoY Change -325.0% -87.56% -114.2%
NET CHANGE
Cash From Operating Activities 590.0K 3.920M -2.190M
Cash From Investing Activities -230.0K 20.00K -330.0K
Cash From Financing Activities 540.0K -280.0K -240.0K
Net Change In Cash 900.0K 3.660M -2.760M
YoY Change -132.61% -251.24% -494.29%
FREE CASH FLOW
Cash From Operating Activities $590.0K $3.920M -$2.190M
Capital Expenditures -$240.0K $20.00K -$330.0K
Free Cash Flow $830.0K $3.900M -$1.860M
YoY Change -144.62% 12900.0% 148.0%

Facts In Submission

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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2090668 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1857668 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3440000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
650000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1402334 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
392000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
30000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.86
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.59
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue
0.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageIntrinsicValue
0.62
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4098334 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2115668 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.60
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.87
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Common Stock Value
CommonStockValue
82947 USD
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
82730 USD
CY2017Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
78230 USD
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
344411 USD
CY2017Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
552739 USD
CY2016Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
887870 USD
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-81043 USD
CY2017Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1273615 USD
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1392097 USD
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
24500 USD
CY2017Q3 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
76763 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;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"></div> <i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"></font></i> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><i><font style="FONT-FAMILY:times new roman,times,serif"> Reclassifications</font></i></font></i></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt 0.05in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><i><font style="FONT-FAMILY:times new roman,times,serif"> &#160;</font></i></font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt 0.05in; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY:times new roman,times,serif">Upon the adoption of recent accounting standards as further described below the Company made certain reclassifications to the condensed consolidated balance sheets to comply with the standard and made similar reclassifications to conform to the current year presentation. At December 31, 2016, the Company reclassified deferred tax assets of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">48,826</font> against non-current deferred tax liabilities of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">447,811</font>. There was no impact on the condensed consolidated statement of operations or earnings per share as a result of adopting this standard.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> </div> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"> <i><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY:times new roman,times,serif">Use of Estimates</font></font></i></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.3in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY:times new roman,times,serif">&#160;</font></font></div> <div style="CLEAR:both;LINE-HEIGHT: normal; TEXT-INDENT: 0.3in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman',serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY:times new roman,times,serif">The preparation of condensed 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 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. There were no significant changes in accounting estimates used by management during the quarter.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
wyy Depreciated Equipment Historical Cost Gross
DepreciatedEquipmentHistoricalCostGross
398600 USD
CY2016Q3 wyy Depreciated Equipment Historical Cost Gross
DepreciatedEquipmentHistoricalCostGross
309100 USD
wyy Depreciated Equipment Historical Cost Gross
DepreciatedEquipmentHistoricalCostGross
309100 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2363668 shares
CY2017Q1 us-gaap Area Of Land
AreaOfLand
14382 acre
CY2017Q1 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
20700 USD
CY2017Q1 wyy Operating Leases Rent Expensecovers Base Minimum Rental
OperatingLeasesRentExpensecoversBaseMinimumRental
10200 USD
CY2017Q1 wyy Operating Leases Rent Expense Operating Expenses And Real Estate Taxes
OperatingLeasesRentExpenseOperatingExpensesAndRealEstateTaxes
10500 USD
CY2017Q1 wyy Escalation Of Base Minimum Lease Payment
EscalationOfBaseMinimumLeasePayment
0.035 pure
CY2017Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2027-09-30
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4223334 shares
us-gaap Interest Paid Net
InterestPaidNet
23656 USD
us-gaap Interest Paid Net
InterestPaidNet
58125 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
8787 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
4031 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
2674 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
50000 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
us-gaap Notes Issued1
NotesIssued1
68488 USD
us-gaap Notes Issued1
NotesIssued1
62352 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
93301 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
3614538 shares
wyy Share Based Compensation Arrangement By Share Based Payment Award Options Vested Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedVestOutstandingWeightedAverageExercisePrice
0.59
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1989739 shares
wyy Share Based Compensation Arrangement By Share Based Payment Award Options Vested Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedVestOutstandingWeightedAverageExercisePrice
0.88
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.73
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.82
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1183168 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
708334 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
82946847 shares
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
82730134 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
82878287 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
82673570 shares

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