2016 Q1 Form 10-Q Financial Statement

#000112170216000061 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $157.0K $645.0K
YoY Change -75.66% 5.22%
Cost Of Revenue $117.0K $84.00K
YoY Change 39.29% -49.4%
Gross Profit $40.00K $561.0K
YoY Change -92.87% 25.5%
Gross Profit Margin 25.48% 86.98%
Selling, General & Admin $2.272M $2.466M
YoY Change -7.87% -21.26%
% of Gross Profit 5680.0% 439.57%
Research & Development $1.430M $3.930M
YoY Change -63.61% -18.3%
% of Gross Profit 3575.0% 700.53%
Depreciation & Amortization $122.0K $55.00K
YoY Change 121.82% -71.2%
% of Gross Profit 305.0% 9.8%
Operating Expenses $2.272M $2.466M
YoY Change -7.87% -21.26%
Operating Profit -$3.543M -$5.830M
YoY Change -39.23% -22.17%
Interest Expense $3.000K $1.000K
YoY Change 200.0% -80.0%
% of Operating Profit
Other Income/Expense, Net $3.000K -$13.00K
YoY Change -123.08% -316.67%
Pretax Income -$3.540M -$5.840M
YoY Change -39.38% -22.03%
Income Tax
% Of Pretax Income
Net Earnings -$6.500M -$5.843M
YoY Change 11.24% -28.34%
Net Earnings / Revenue -4140.13% -905.89%
Basic Earnings Per Share
Diluted Earnings Per Share -$92.86M -$97.33M
COMMON SHARES
Basic Shares Outstanding 27.37M shares 135.4M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.300M $13.30M
YoY Change -60.15% 27.88%
Cash & Equivalents $5.271M $13.26M
Short-Term Investments
Other Short-Term Assets $1.900M $800.0K
YoY Change 137.5% -27.27%
Inventory $420.0K $555.0K
Prepaid Expenses
Receivables $272.0K $139.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.099M $25.47M
YoY Change -68.2% 59.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.352M $743.0K
YoY Change 81.97% 62.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $717.0K $95.00K
YoY Change 654.74% 0.0%
Total Long-Term Assets $2.501M $1.457M
YoY Change 71.65% 3.04%
TOTAL ASSETS
Total Short-Term Assets $8.099M $25.47M
Total Long-Term Assets $2.501M $1.457M
Total Assets $10.60M $26.93M
YoY Change -60.63% 54.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $181.0K $384.0K
YoY Change -52.86% -23.96%
Accrued Expenses $2.654M $3.184M
YoY Change -16.65% 21.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.102M $3.814M
YoY Change -18.67% -2.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $322.0K $150.0K
YoY Change 114.67% 1.35%
Total Long-Term Liabilities $322.0K $150.0K
YoY Change 114.67% 1.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.102M $3.814M
Total Long-Term Liabilities $322.0K $150.0K
Total Liabilities $3.424M $3.964M
YoY Change -13.62% -2.2%
SHAREHOLDERS EQUITY
Retained Earnings -$332.3M -$314.0M
YoY Change 5.82% 11.86%
Common Stock $339.5M $337.0M
YoY Change 0.74% 96467.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.176M $22.96M
YoY Change
Total Liabilities & Shareholders Equity $10.60M $26.93M
YoY Change -60.63% 54.49%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$6.500M -$5.843M
YoY Change 11.24% -28.34%
Depreciation, Depletion And Amortization $122.0K $55.00K
YoY Change 121.82% -71.2%
Cash From Operating Activities -$6.526M -$6.661M
YoY Change -2.03% -25.7%
INVESTING ACTIVITIES
Capital Expenditures $161.0K $127.0K
YoY Change 26.77% 27.0%
Acquisitions
YoY Change
Other Investing Activities -$310.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$468.0K -$130.0K
YoY Change 260.0% -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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$6.526M -$6.661M
Cash From Investing Activities -$468.0K -130.0K
Cash From Financing Activities 0.000
Net Change In Cash -$6.994M -$6.661M
YoY Change 5.0% -25.7%
FREE CASH FLOW
Cash From Operating Activities -$6.526M -$6.661M
Capital Expenditures $161.0K $127.0K
Free Cash Flow -$6.687M -$6.788M
YoY Change -1.49% -25.12%

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RevenueFromGrants
157000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
72000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
321000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
645000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
675000 USD
CY2016Q1 us-gaap Security Deposit
SecurityDeposit
307 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2466000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2727000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
313000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
591000 USD
CY2015Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
300000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
13028000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
7176000 USD
CY2015Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.1667
CY2015Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
150000 USD
CY2016Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
53000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q1 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;">March&#160;31, 2016</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>
CY2016Q1 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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