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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vicon Industrial Inc (CE) | USOTC:VCON | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 65.00 | 1 | 01:00:00 |
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2016
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¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from to
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New York
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11-2160665
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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135 Fell Court, Hauppauge, New York
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11788
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
x
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(Do not check if a smaller reporting company)
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Page Number
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Three Months Ended
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Six Months Ended
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||||||||||||
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3/31/2016
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3/31/2015
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3/31/2016
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3/31/2015
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||||||||
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Net sales
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$
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7,998,124
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$
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10,269,129
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$
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18,878,680
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$
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20,445,575
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Cost of sales
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5,359,153
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6,364,110
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11,968,535
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12,769,865
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Gross profit
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2,638,971
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3,905,019
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6,910,145
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7,675,710
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Operating expenses:
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Selling, general and administrative expense
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3,726,200
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4,084,681
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7,656,350
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8,382,570
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Engineering and development expense
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1,339,658
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1,225,405
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2,658,054
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2,531,982
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||||
Goodwill writedown
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6,016,469
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—
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6,016,469
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—
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Restructuring charges
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—
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224,127
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—
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572,913
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||||
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11,082,327
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5,534,213
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16,330,873
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11,487,465
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||||||||
Operating loss
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(8,443,356
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)
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(1,629,194
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)
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(9,420,728
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)
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(3,811,755
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)
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||||||||
Other income (expense):
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Gain on sale of building
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784,896
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—
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784,896
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—
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Interest income
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160
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247
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324
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1,373
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Other expense
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—
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(140,853
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)
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—
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(140,853
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)
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Loss before income taxes
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(7,658,300
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)
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(1,769,800
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)
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(8,635,508
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)
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(3,951,235
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)
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Income tax expense
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—
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—
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—
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—
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||||||||
Net loss
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$
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(7,658,300
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)
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$
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(1,769,800
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)
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$
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(8,635,508
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)
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$
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(3,951,235
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)
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Loss per share:
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Basic
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$
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(.82
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)
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$
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(.19
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$
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(.92
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$
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(.43
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Diluted
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$
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(.82
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$
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(.19
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$
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(.92
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)
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$
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(.43
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)
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Weighted average shares outstanding:
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Basic
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9,341,038
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9,153,651
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9,335,880
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9,126,581
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Diluted
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9,341,038
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9,153,651
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9,335,880
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9,126,581
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Three Months Ended
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Six Months Ended
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||||||||||||
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3/31/2016
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3/31/2015
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3/31/2016
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3/31/2015
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Net loss
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$
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(7,658,300
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)
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$
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(1,769,800
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)
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$
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(8,635,508
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)
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$
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(3,951,235
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)
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Other comprehensive income (loss):
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Unrealized gain on securities
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159
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1,645
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74
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2,994
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Foreign currency translation adjustment
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(184,391
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)
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(62,518
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(27,082
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)
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(207,747
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)
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Other comprehensive loss
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(184,232
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(60,873
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(27,008
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(204,753
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Comprehensive loss
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$
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(7,842,532
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$
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(1,830,673
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$
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(8,662,516
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$
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(4,155,988
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)
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Six Months Ended
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3/31/2016
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3/31/2015
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Cash flows from operating activities:
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Net loss
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$
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(8,635,508
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)
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$
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(3,951,235
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)
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Adjustments to reconcile net loss to net cash used in
operating activities:
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Goodwill impairment
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6,016,469
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—
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Gain on sale of building
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(784,896
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)
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—
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Depreciation and amortization
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425,565
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313,089
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Amortization of deferred compensation
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742
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2,170
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Stock compensation expense
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298,778
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311,345
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Change in assets and liabilities:
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Accounts receivable, net
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4,407,978
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(189,953
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)
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Inventories, net
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(623,947
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)
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(519,285
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)
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Prepaid expenses and other current assets
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(271,183
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)
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(297,793
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)
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Other assets
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(23,840
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)
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185,103
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Accounts payable
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(1,073,879
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)
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(939,806
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)
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Accrued compensation and employee benefits
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(796,443
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)
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(361,711
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)
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Accrued expenses
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(233,268
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)
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(467,230
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)
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Unearned revenue
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(507,389
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)
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487,204
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Other liabilities
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11,443
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23,575
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Net cash used in operating activities
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(1,789,378
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)
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(5,404,527
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)
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Cash flows from investing activities:
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|
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Proceeds from sale of building, net
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1,512,320
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|
3,325,000
|
|
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Net decrease (increase) in marketable securities
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(173
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)
|
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110,311
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Capital expenditures
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(112,619
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)
|
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(105,272
|
)
|
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Net cash provided by investing activities
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1,399,528
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3,330,039
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Cash flows from financing activities:
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Proceeds from exercise of stock options
|
5,184
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48,106
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Net cash provided by financing activities
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5,184
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48,106
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Effect of exchange rate changes on cash
|
165,767
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(114,266
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)
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|
||||
Net decrease in cash
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(218,899
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)
|
|
(2,140,648
|
)
|
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Cash and cash equivalents at beginning of year
|
2,390,409
|
|
|
4,751,270
|
|
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Cash and cash equivalents at end of period
|
$
|
2,171,510
|
|
|
$
|
2,610,622
|
|
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Three Months Ended
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Six Months Ended
|
||||||||||||
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March 31,
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March 31,
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||||||||||||
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2016
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2015
|
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2016
|
|
2015
|
||||||||
Basic EPS Computation
|
|
|
|
|
|
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|
||||||||
Net loss
|
$
|
(7,658,300
|
)
|
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$
|
(1,769,800
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)
|
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$
|
(8,635,508
|
)
|
|
$
|
(3,951,235
|
)
|
Weighted average shares outstanding
|
9,341,038
|
|
|
9,153,651
|
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|
9,335,880
|
|
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9,126,581
|
|
||||
Basic loss per share
|
$
|
(.82
|
)
|
|
$
|
(.19
|
)
|
|
$
|
(.92
|
)
|
|
$
|
(.43
|
)
|
|
Three Months Ended
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Six Months Ended
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||||||||||||
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March 31,
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March 31,
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||||||||||||
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2016
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2015
|
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2016
|
|
2015
|
||||||||
Diluted EPS Computation
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(7,658,300
|
)
|
|
$
|
(1,769,800
|
)
|
|
$
|
(8,635,508
|
)
|
|
$
|
(3,951,235
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
9,341,038
|
|
|
9,153,651
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|
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9,335,880
|
|
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9,126,581
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Stock options
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—
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—
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—
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—
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Stock compensation arrangements
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—
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—
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—
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—
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||||
Diluted shares outstanding
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9,341,038
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9,153,651
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9,335,880
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9,126,581
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Diluted loss per share
|
$
|
(.82
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)
|
|
$
|
(.19
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)
|
|
$
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(.92
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)
|
|
$
|
(.43
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)
|
|
March 31, 2016
|
|
September 30, 2015
|
||||
Foreign currency translation adjustment
|
$
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(304,080
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)
|
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$
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(276,998
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)
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Unrealized loss on marketable securities
|
(234
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)
|
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(308
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)
|
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Accumulated other comprehensive loss
|
$
|
(304,314
|
)
|
|
$
|
(277,306
|
)
|
|
March 31, 2016
|
|
September 30, 2015
|
|
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||||||||||||
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Gross Amount
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Accumulated Amortization
|
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Gross Amount
|
|
Accumulated Amortization
|
|
Estimated Useful Life
|
||||||||
Definite-lived intangibles:
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Technology
|
$
|
2,500,000
|
|
|
$
|
395,833
|
|
|
$
|
2,500,000
|
|
|
$
|
270,833
|
|
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10 years
|
Customer relationships
|
910,000
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|
|
260,333
|
|
|
910,000
|
|
|
148,833
|
|
|
7 years
|
||||
Tradenames
|
660,000
|
|
|
69,667
|
|
|
660,000
|
|
|
47,667
|
|
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15 years
|
||||
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$
|
4,070,000
|
|
|
$
|
725,833
|
|
|
$
|
4,070,000
|
|
|
$
|
467,333
|
|
|
|
Balance at October 1, 2013
|
$
|
—
|
|
Acquisition of IQinVision
|
6,016,469
|
|
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Balance at September 30, 2014
|
6,016,469
|
|
|
Changes in Goodwill
|
—
|
|
|
Balance at September 30, 2015
|
6,016,469
|
|
|
Goodwill impairment
|
(6,016,469
|
)
|
|
Balance at March 31, 2016
|
$
|
—
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|
Fiscal Year
|
Amount
|
|
|
Remainder of 2016
|
$
|
258,500
|
|
2017
|
518,000
|
|
|
2018
|
427,000
|
|
|
2019
|
373,000
|
|
|
2020
|
341,000
|
|
|
Thereafter
|
$
|
1,426,667
|
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Balance at beginning of period
|
|
$
|
650,000
|
|
|
$
|
837,000
|
|
|
$
|
650,000
|
|
|
$
|
849,000
|
|
Provision for warranties
|
|
110,000
|
|
|
121,000
|
|
|
218,000
|
|
|
249,000
|
|
||||
Expenses incurred
|
|
(110,000
|
)
|
|
(122,000
|
)
|
|
(218,000
|
)
|
|
(262,000
|
)
|
||||
Balance at end of period
|
|
$
|
650,000
|
|
|
$
|
836,000
|
|
|
$
|
650,000
|
|
|
$
|
836,000
|
|
/s/ Eric S. Fullerton
|
/s/ John M. Badke
|
Eric S. Fullerton
|
John M. Badke
|
Chief Executive Officer
|
Senior Vice President, Finance and
|
|
Chief Financial Officer
|
1 Year Vicon Industrial (CE) Chart |
1 Month Vicon Industrial (CE) Chart |
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