2015 Q3 Form 10-Q Financial Statement

#000112170215000032 Filed on August 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2015 Q1
Revenue $327.0K $744.0K $645.0K
YoY Change -48.26% 6.44% 5.22%
Cost Of Revenue $347.0K $90.00K $84.00K
YoY Change -55.85% -78.57% -49.4%
Gross Profit -$20.00K $654.0K $561.0K
YoY Change -87.01% 134.41% 25.5%
Gross Profit Margin -6.12% 87.9% 86.98%
Selling, General & Admin $1.769M $2.464M $2.466M
YoY Change -28.44% -7.54% -21.26%
% of Gross Profit 376.76% 439.57%
Research & Development $1.660M -$560.0K $3.930M
YoY Change -59.41% -112.79% -18.3%
% of Gross Profit -85.63% 700.53%
Depreciation & Amortization $70.00K $40.00K $55.00K
YoY Change -30.0% -71.43% -71.2%
% of Gross Profit 6.12% 9.8%
Operating Expenses $1.769M $2.464M $2.466M
YoY Change -28.44% -7.54% -21.26%
Operating Profit -$3.106M -$6.129M -$5.830M
YoY Change -53.7% -9.36% -22.17%
Interest Expense $1.000K $1.000K $1.000K
YoY Change -75.0% -133.33% -80.0%
% of Operating Profit
Other Income/Expense, Net $1.000K $56.00K -$13.00K
YoY Change -83.33% 1300.0% -316.67%
Pretax Income -$3.105M -$380.0K -$5.840M
YoY Change -53.73% -94.38% -22.03%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.848M -$6.073M -$5.843M
YoY Change -25.91% -16.06% -28.34%
Net Earnings / Revenue -1788.38% -816.26% -905.89%
Basic Earnings Per Share
Diluted Earnings Per Share -$83.57M -$86.71M -$97.33M
COMMON SHARES
Basic Shares Outstanding 26.98M shares 135.5M shares 135.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.90M $22.70M $13.30M
YoY Change -29.8% 312.73% 27.88%
Cash & Equivalents $17.89M $22.71M $13.26M
Short-Term Investments
Other Short-Term Assets $1.400M $1.600M $800.0K
YoY Change 75.0% 128.57% -27.27%
Inventory $375.0K $600.0K $555.0K
Prepaid Expenses
Receivables $276.0K $600.0K $139.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.42M $25.50M $25.47M
YoY Change -26.0% 152.48% 59.04%
LONG-TERM ASSETS
Property, Plant & Equipment $908.0K $743.0K $743.0K
YoY Change 81.6% 23.83% 62.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $170.0K $700.0K $95.00K
YoY Change -75.71% 0.0% 0.0%
Total Long-Term Assets $1.697M $1.400M $1.457M
YoY Change 41.42% 7.69% 3.04%
TOTAL ASSETS
Total Short-Term Assets $20.42M $25.50M $25.47M
Total Long-Term Assets $1.697M $1.400M $1.457M
Total Assets $22.12M $26.90M $26.93M
YoY Change -23.19% 135.96% 54.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $448.0K $400.0K $384.0K
YoY Change 12.0% 0.0% -23.96%
Accrued Expenses $3.590M $3.184M $3.184M
YoY Change -0.28% -0.5% 21.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.192M $3.800M $3.814M
YoY Change -0.19% -13.64% -2.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $150.0K $200.0K $150.0K
YoY Change -25.0% 0.0% 1.35%
Total Long-Term Liabilities $150.0K $200.0K $150.0K
YoY Change -25.0% 0.0% 1.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.192M $3.800M $3.814M
Total Long-Term Liabilities $150.0K $200.0K $150.0K
Total Liabilities $4.342M $4.000M $3.964M
YoY Change -1.32% -11.11% -2.2%
SHAREHOLDERS EQUITY
Retained Earnings -$319.8M -$314.0M
YoY Change 11.86%
Common Stock $337.7M $337.0M
YoY Change 96467.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.78M $23.00M $22.96M
YoY Change
Total Liabilities & Shareholders Equity $22.12M $26.90M $26.93M
YoY Change -23.19% 135.96% 54.49%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income -$5.848M -$6.073M -$5.843M
YoY Change -25.91% -16.06% -28.34%
Depreciation, Depletion And Amortization $70.00K $40.00K $55.00K
YoY Change -30.0% -71.43% -71.2%
Cash From Operating Activities -$4.260M -$5.470M -$6.661M
YoY Change -11.06% 12.09% -25.7%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$80.00K $127.0K
YoY Change 480.0% 27.0%
Acquisitions
YoY Change
Other Investing Activities $40.00K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$250.0K -$80.00K -$130.0K
YoY Change 400.0% -101.17% -102.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -300.0K 15.00M 0.000
YoY Change -101.2% -100.0%
NET CHANGE
Cash From Operating Activities -4.260M -5.470M -$6.661M
Cash From Investing Activities -250.0K -80.00K -130.0K
Cash From Financing Activities -300.0K 15.00M 0.000
Net Change In Cash -4.810M 9.450M -$6.661M
YoY Change -123.97% 389.64% -25.7%
FREE CASH FLOW
Cash From Operating Activities -$4.260M -$5.470M -$6.661M
Capital Expenditures -$290.0K -$80.00K $127.0K
Free Cash Flow -$3.970M -$5.390M -$6.788M
YoY Change -16.24% 10.45% -25.12%

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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13366000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-12129000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7235000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15389000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6073000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
10000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
56000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
43000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6766000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-14263000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6129000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-11959000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
447000 USD
CY2014Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
50000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
756000 USD
CY2015Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
405000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
95000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
95000 USD
CY2014Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
55000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
41000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
450000 USD
CY2014Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
86000 USD
CY2015Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
297000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
100000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-30000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-6000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-5000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-32000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
209000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1508000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
150000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
150000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1631000 USD
CY2014Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
24914000 USD
CY2015Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
14703000 USD
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 USD
CY2014Q4 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
24913000 USD
CY2015Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
14703 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
456000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
743000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
743000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
619000 USD
us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
35000 USD
CY2014Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
624000 USD
CY2015Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
209000 USD
CY2015Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
619000 USD
CY2014Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
420000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-313988000 USD
CY2015Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
346000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q2 us-gaap Revenue From Grants
RevenueFromGrants
463000 USD
CY2015Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.1667
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-302072000 USD
us-gaap Revenue From Grants
RevenueFromGrants
911000 USD
CY2015Q2 us-gaap Revenue From Grants
RevenueFromGrants
470000 USD
us-gaap Revenue From Grants
RevenueFromGrants
922000 USD
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
211000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
313000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
113000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
185000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
699000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1312000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
744000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1389000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2665000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5797000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2464000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4930000 USD
us-gaap Share Based Compensation
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1379000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
894000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
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0 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
305000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
18796000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
22961000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5831490 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5816379 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23117539 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22838511 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents. The Company has historically invested its cash equivalents in highly rated money market funds, corporate debt, federal agency notes and U.S. treasury notes. Investments, when purchased, are acquired in accordance with the Company&#8217;s investment policy which establishes a concentration limit per issuer. At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company&#8217;s cash equivalents are invested solely in money market funds.</font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers&#8217; financial condition and limits the amount of credit extended when deemed necessary.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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