$XWEL
XWELL Inc

2015 Q4 Form 10-Q Financial Statement

#000114420415063762 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $22.54M $0.00 $150.0K
YoY Change 9917.78% -100.0%
Cost Of Revenue $4.010M $0.00 $8.870M
YoY Change -29.03% -100.0% 31.9%
Gross Profit $18.53M $0.00 -$8.720M
YoY Change -441.88% -100.0% 29.67%
Gross Profit Margin 82.21% -5813.33%
Selling, General & Admin $2.990M $2.095M $4.148M
YoY Change -16.01% -49.49% 9.13%
% of Gross Profit 16.14%
Research & Development $230.0K
YoY Change -57.56%
% of Gross Profit
Depreciation & Amortization $860.0K $820.0K $2.330M
YoY Change -64.81% 170.93%
% of Gross Profit 4.64%
Operating Expenses $3.850M $2.095M $4.148M
YoY Change 17.02% -49.49% -4.49%
Operating Profit $14.68M -$9.690M -$15.20M
YoY Change -119.36% -36.23% 44.46%
Interest Expense $710.0K $1.708M $0.00
YoY Change -3650.0% -100.0%
% of Operating Profit 4.84%
Other Income/Expense, Net -$40.00K -$2.181M $35.00K
YoY Change -33.33% -6331.43% 16.67%
Pretax Income $15.23M -$11.87M -$12.38M
YoY Change -120.07% -4.08% 25.66%
Income Tax -$870.0K $0.00 $0.00
% Of Pretax Income -5.71%
Net Earnings $16.20M -$11.87M -$12.38M
YoY Change -121.28% -4.08% 17.2%
Net Earnings / Revenue 71.87% -8250.67%
Basic Earnings Per Share -$1.16 -$0.13
Diluted Earnings Per Share $81.00M -$1.16 -$0.16
COMMON SHARES
Basic Shares Outstanding 112.7M shares 10.25M shares 92.62M shares
Diluted Shares Outstanding 10.25M shares 92.65M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.00M $14.40M $24.30M
YoY Change 56.25% -40.74% -40.88%
Cash & Equivalents $24.95M $14.40M $24.29M
Short-Term Investments
Other Short-Term Assets $1.396M $2.900M $3.600M
YoY Change 173.73% -19.44% 414.29%
Inventory $379.0K
Prepaid Expenses $674.0K
Receivables $246.0K
Other Receivables $0.00
Total Short-Term Assets $28.28M $17.30M $27.90M
YoY Change 52.03% -37.99% -33.35%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $240.0K
YoY Change -100.0% -3.61%
Goodwill $0.00 $65.76M
YoY Change -0.32%
Intangibles $16.48M $18.49M
YoY Change -6.52% -39.1%
Long-Term Investments
YoY Change
Other Assets $916.0K $1.100M $1.034M
YoY Change -24.3% 6.38%
Total Long-Term Assets $22.26M $16.30M $85.50M
YoY Change 18.16% -80.93% -11.51%
TOTAL ASSETS
Total Short-Term Assets $28.28M $17.30M $27.90M
Total Long-Term Assets $22.26M $16.30M $85.50M
Total Assets $50.53M $33.60M $113.4M
YoY Change 34.99% -70.37% -18.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.278M $9.900M $7.600M
YoY Change 18.9% 30.26% 90.0%
Accrued Expenses $607.0K
YoY Change 30.54%
Deferred Revenue
YoY Change
Short-Term Debt $3.100M $4.100M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.141M $14.10M $7.558M
YoY Change 93.17% 86.61% 77.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $386.0K $2.800M $607.0K
YoY Change -71.39% 361.29% -85.2%
Total Long-Term Liabilities $386.0K $2.800M $607.0K
YoY Change -71.39% 361.29% -85.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.141M $14.10M $7.558M
Total Long-Term Liabilities $386.0K $2.800M $607.0K
Total Liabilities $9.943M $16.90M $8.165M
YoY Change 63.51% 106.98% -2.8%
SHAREHOLDERS EQUITY
Retained Earnings -$196.9M -$213.1M -$109.6M
YoY Change 6.01% 94.47%
Common Stock $132.0K $1.106M
YoY Change 41.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.52M $16.70M $104.9M
YoY Change
Total Liabilities & Shareholders Equity $50.46M $33.63M $113.4M
YoY Change 34.79% -70.34% -18.11%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $16.20M -$11.87M -$12.38M
YoY Change -121.28% -4.08% 17.2%
Depreciation, Depletion And Amortization $860.0K $820.0K $2.330M
YoY Change -64.81% 170.93%
Cash From Operating Activities $10.98M -$5.840M -$7.260M
YoY Change -234.56% -19.56% 13.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$100.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $170.0K $20.00K $0.00
YoY Change -270.0% -100.0%
Cash From Investing Activities $170.0K $20.00K -$100.0K
YoY Change -270.0% -120.0% -104.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -610.0K 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 10.98M -5.840M -7.260M
Cash From Investing Activities 170.0K 20.00K -100.0K
Cash From Financing Activities -610.0K 0.000 0.000
Net Change In Cash 10.54M -5.820M -7.360M
YoY Change -227.6% -20.92% 167.64%
FREE CASH FLOW
Cash From Operating Activities $10.98M -$5.840M -$7.260M
Capital Expenditures $0.00 $0.00 -$100.0K
Free Cash Flow $10.98M -$5.840M -$7.160M
YoY Change -234.56% -18.44% 11.7%

Facts In Submission

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The patented fliCharge technology consists of a wire-free charging solution that can simultaneously charge multiple battery operated devices on the same charging pad regardless of their power requirement or position on the pad; users simply place their enabled device onto a fliCharge pad.</font> fliCharge is currently commercializing, partnering or developing products in numerous markets including automotive, education, office, healthcare, power tools and vaporizers.</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"><b><u></u></b>&#160;</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"><b><u>Group Mobile</u></b></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;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Founded in 2002, Group Mobile is a supplier of built-to-order rugged computers, mobile devices and accessories. Group Mobile provides a high touch sales experience with full service technical and customer support in the rugged mobile computer market. Group Mobile&#8217;s customers include large corporations, military suppliers, small businesses and individuals. Rugged products sold by Group Mobile can be found in military helicopters, police cruisers and ambulance fleets as well as on construction sites, oil rigs and manufacturing facilities. Vringo intends to expand this business through expanding available product lines and further augmenting sales and marketing.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><u><font style="FONT-SIZE: 10pt">Search Patents</font></u></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On September 15, 2011, the Company&#8217;s wholly-owned subsidiary, I/P Engine, Inc. (&#8220;I/P Engine&#8221;), initiated litigation against AOL Inc., Google, Inc., IAC Search &amp; Media, Inc., Gannett Company, Inc., and Target Corporation (collectively, the &#8220;Defendants&#8221;) for infringement of claims of certain of its owned patents. Trial commenced during 2012, and, on November 6, 2012, the jury ruled in favor of I/P Engine and against the Defendants. On August 15, 2014, the Court of Appeals for the Federal Circuit (&#8220;Federal Circuit&#8221;) held that the claims of the patents-in-suit asserted by I/P Engine against the Defendants are invalid for obviousness. The Company sought review by the Supreme Court of the United States (&#8220;Supreme Court&#8221;) of the Federal Circuit&#8217;s opinion, and, on October 5, 2015, the Supreme Court denied Vringo&#8217;s petition for a writ of certiorari.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><i><font style="FONT-SIZE: 10pt">Financial condition</font></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of September 30, 2015, the Company had a cash balance of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14,402</font>. The Company&#8217;s average monthly cash spent in operations for the nine month periods ended September 30, 2015 and 2014 was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,500</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,200</font>, respectively. In addition, the Company holds $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,970</font> in deposits with courts related to proceedings in Germany, Brazil, Romania, and Malaysia. As of September 30, 2015 and December 31, 2014, the Company&#8217;s total stockholders' equity was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">16,702</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">31,180</font>, respectively. The decrease in stockholders&#8217; equity since December 31, 2014 is due to the operating loss during the nine month period ended September 30, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On May 4, 2015 (the &#8220;Closing Date&#8221;), the Company entered into a securities purchase agreement with certain institutional investors in a registered direct offering of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,500</font> of Senior Secured Convertible Notes (the &#8220;Notes&#8221;) and warrants to purchase up to 5,375,000 shares of the Company&#8217;s common stock. On the Closing Date, the Company issued the Notes, which are convertible into shares of the Company&#8217;s common stock at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.00</font> per share, bear <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8</font>% interest and mature in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">21</font> months from the date of issuance, unless earlier converted. In addition, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,375,000</font> warrants to purchase shares of the Company&#8217;s common stock, which are exercisable at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.00</font> per share and are exercisable for a period of five years. In connection with the issuance of the Notes and warrants, the Company received net cash proceeds of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,425</font>. The Company&#8217;s obligations under the outstanding Notes are secured by a first priority perfected security interest in substantially all of the Company&#8217;s U.S. assets. In addition, stock of certain subsidiaries of the Company has been pledged. The outstanding Notes contain customary events of default, as well as covenants which include restrictions on the assumption of new debt by the Company.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The principal amount of the outstanding Notes is being&#160;repaid monthly, and the Company may make such payments and related interest payments in cash or, subject to certain conditions, in registered shares of the Company&#8217;s common stock, at its election. If the Company chooses to repay the Notes in shares of its common stock, the shares are issued at a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15</font>% discount, based on the then-current market price data of the Company&#8217;s common stock. The Company may also repay the Notes in advance of the maturity schedule subject to early repayment penalties.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></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">During August 2015, the holders of the Notes accelerated six principal installments in exchange for common stock as permitted under the securities purchase agreement.&#160;The debt is now expected to mature in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">July 2016</font>.&#160;&#160;</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"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s operating plans include efforts to increase revenue through the licensing of its intellectual property, strategic partnerships, and litigation, when required, which may be resolved through a settlement or collection, and generation of revenue from sales of wire-free charging stations, rugged computers and mobile devices. Disputes regarding the assertion of patents and other intellectual property rights are highly complex and technical. The majority of the Company&#8217;s expenditures consist of costs related to the Company&#8217;s litigation campaigns. In the cases against ZTE and ASUS, the Company incurred costs during the nine month period ended September 30, 2015 related to the preparation and filing of briefs and other court documents, as well as case preparation and management. A large percentage of these costs were incurred in the UK and the U.S. In civil law jurisdictions, such as Germany, France, Spain, and others, the majority of costs are incurred in the early stages of litigation. With respect to the Company&#8217;s litigation in such countries, the respective campaigns are currently in the later stages and therefore the Company has already incurred the large majority of the related anticipated costs. As such, based on the Company&#8217;s plans, costs in these jurisdictions are projected to be lower in the remainder of 2015 and other future periods.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Despite the Company&#8217;s plans, its legal proceedings may continue for several years and may require significant expenditures for legal fees and other expenses. Further, should the Company be deemed the losing party in certain of its litigations, it may be liable for some or all of its opponents&#8217; legal fees.&#160;In addition, in connection with litigation, the Company has made several affirmative financial guarantees to courts around the world, and might face the need to make additional guarantees in the future.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In addition, the Company&#8217;s plans to continue to expand its planned operations through acquisitions may be time consuming, complex and costly to consummate. The Company may utilize many different transaction structures in its acquisitions and the terms of such acquisition agreements tend to be heavily negotiated. The Company&#8217;s future ability to raise capital, if necessary, may be limited. Even if the Company is able to acquire other businesses, there is no guarantee that it will generate sufficient revenue related to those assets to offset the acquisition costs. Therefore, no assurance can be given at this time as to whether the Company will be able to achieve its objectives or whether it will have the sources of liquidity for follow through with its operating plans.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In addition, until the Company generates sufficient revenue, the Company may need to raise additional funds, which may be achieved through the issuance of additional equity or debt, or through loans from financial institutions. There can be no assurance, however, that any such opportunities will materialize.&#160;The Company may also be able to raise additional funds through the exercise of its outstanding warrants and options, however, substantially all of such outstanding equity instruments are currently &#8220;out of the money.&#8221;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As a result of the events and circumstances described above, including the cash proceeds received in connection with the May 2015 financing transaction and the Company&#8217;s operating plans, which include paying the principal and interest related to the Notes in shares of the Company&#8217;s common stock, the Company believes that it currently has sufficient cash to continue its current operations for at least the next twelve months.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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