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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 | 0.00 | 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, 2017
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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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Emerging growth 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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3/31/2017
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3/31/2016
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3/31/2017
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3/31/2016
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||||||||
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Net sales
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$
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6,003,382
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$
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7,998,124
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$
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12,608,360
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$
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18,878,680
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Cost of sales
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3,757,137
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5,359,153
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7,789,956
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11,968,535
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Gross profit
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2,246,245
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2,638,971
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4,818,404
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6,910,145
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Operating expenses:
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Selling, general and administrative expense
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2,801,538
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3,726,200
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5,482,395
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7,656,350
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Engineering and development expense
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1,289,475
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1,339,658
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2,429,451
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2,658,054
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Goodwill writedown
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—
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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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4,091,013
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11,082,327
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7,911,846
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16,330,873
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Operating loss
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(1,844,768
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)
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(8,443,356
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)
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(3,093,442
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)
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(9,420,728
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)
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||||||||
Other income (expense):
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Gain on sale of building
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—
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784,896
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—
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784,896
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Interest income
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170
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160
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403
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324
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Interest expense
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(58,503
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)
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—
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(112,071
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)
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—
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Loss before income taxes
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(1,903,101
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)
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(7,658,300
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)
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(3,205,110
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)
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(8,635,508
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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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(1,903,101
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)
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$
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(7,658,300
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)
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$
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(3,205,110
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)
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$
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(8,635,508
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)
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Loss per share:
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Basic
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$
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(.20
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)
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$
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(.82
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)
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$
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(.34
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)
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$
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(.92
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)
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Diluted
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$
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(.20
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$
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(.82
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)
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$
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(.34
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)
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$
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(.92
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)
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Weighted average shares outstanding:
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Basic
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9,348,388
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9,341,038
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9,348,388
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9,335,880
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Diluted
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9,348,388
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9,341,038
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9,348,388
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9,335,880
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Three Months Ended
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Six Months Ended
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||||||||||||
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3/31/2017
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3/31/2016
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3/31/2017
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3/31/2016
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Net loss
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$
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(1,903,101
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)
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$
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(7,658,300
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)
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$
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(3,205,110
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)
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$
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(8,635,508
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)
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Other comprehensive income (loss):
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Unrealized gain (loss) on securities
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(38
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)
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159
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(449
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)
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74
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Foreign currency translation adjustment
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140,932
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(184,391
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)
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276,170
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(27,082
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)
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Other comprehensive income (loss)
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140,894
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(184,232
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)
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275,721
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(27,008
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Comprehensive loss
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$
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(1,762,207
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$
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(7,842,532
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$
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(2,929,389
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$
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(8,662,516
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)
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Six Months Ended
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3/31/2017
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3/31/2016
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Cash flows from operating activities:
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Net loss
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$
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(3,205,110
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)
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$
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(8,635,508
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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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—
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6,016,469
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Gain on sale of building
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—
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(784,896
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)
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Depreciation and amortization
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258,773
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425,565
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Amortization of deferred compensation
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738
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742
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Stock compensation expense
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23,794
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298,778
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Change in assets and liabilities:
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Accounts receivable, net
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1,592,307
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4,407,978
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Inventories, net
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(401,213
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)
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(623,947
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)
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Prepaid expenses and other current assets
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14,886
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(271,183
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)
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Other assets
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(7,593
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)
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(23,840
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)
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Accounts payable
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707,076
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(1,073,879
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)
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Accrued compensation and employee benefits
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70,627
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(796,443
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)
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Accrued expenses
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(163,235
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)
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(233,268
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)
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Unearned revenue
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(102,195
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)
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(507,389
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)
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Other liabilities
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40,327
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11,443
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Net cash used in operating activities
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(1,170,818
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)
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(1,789,378
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)
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Cash flows from investing activities:
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Proceeds from sale of building, net
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—
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1,512,320
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Net increase in marketable securities
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(247
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)
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(173
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)
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Capital expenditures
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(94,371
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)
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(112,619
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)
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Net cash provided by (used in) investing activities
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(94,618
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)
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1,399,528
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Cash flows from financing activities:
|
|
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|
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|
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Revolving credit borrowings
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1,000,000
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|
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—
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|
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Proceeds from exercise of stock options
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—
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5,184
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Net cash provided by financing activities
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1,000,000
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|
|
5,184
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Effect of exchange rate changes on cash
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383,602
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165,767
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Net increase (decrease) in cash
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118,166
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(218,899
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)
|
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Cash and cash equivalents at beginning of year
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1,954,422
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|
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2,390,409
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Cash and cash equivalents at end of period
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$
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2,072,588
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$
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2,171,510
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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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2017
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2016
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2017
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2016
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||||||||
Basic EPS Computation
|
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Net loss
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$
|
(1,903,101
|
)
|
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$
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(7,658,300
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)
|
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$
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(3,205,110
|
)
|
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$
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(8,635,508
|
)
|
Weighted average shares outstanding
|
9,348,388
|
|
|
9,341,038
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9,348,388
|
|
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9,335,880
|
|
||||
Basic loss per share
|
$
|
(.20
|
)
|
|
$
|
(.82
|
)
|
|
$
|
(.34
|
)
|
|
$
|
(.92
|
)
|
|
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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2017
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2016
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2017
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2016
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||||||||
Diluted EPS Computation
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(1,903,101
|
)
|
|
$
|
(7,658,300
|
)
|
|
$
|
(3,205,110
|
)
|
|
$
|
(8,635,508
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
9,348,388
|
|
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9,341,038
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|
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9,348,388
|
|
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9,335,880
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|
||||
Stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
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|
||||
Stock compensation arrangements
|
—
|
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—
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—
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—
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Diluted shares outstanding
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9,348,388
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9,341,038
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9,348,388
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9,335,880
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||||
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Diluted loss per share
|
$
|
(.20
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)
|
|
$
|
(.82
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)
|
|
$
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(.34
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)
|
|
$
|
(.92
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)
|
|
March 31, 2017
|
|
September 30, 2016
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||||
Foreign currency translation adjustment
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$
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(252,546
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)
|
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$
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(528,716
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)
|
Unrealized loss on marketable securities
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(584
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)
|
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(135
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)
|
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Accumulated other comprehensive loss
|
$
|
(253,130
|
)
|
|
$
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(528,851
|
)
|
|
March 31, 2017
|
|
September 30, 2016
|
|
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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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|
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|
||||||||
Customer relationships
|
$
|
910,000
|
|
|
$
|
483,833
|
|
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$
|
910,000
|
|
|
$
|
371,833
|
|
|
7 years
|
Tradenames
|
660,000
|
|
|
113,667
|
|
|
660,000
|
|
|
91,667
|
|
|
15 years
|
||||
|
$
|
1,570,000
|
|
|
$
|
597,500
|
|
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$
|
1,570,000
|
|
|
$
|
463,500
|
|
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Fiscal Year
|
Amount
|
|
|
Remainder of 2017
|
$
|
134,000
|
|
2018
|
177,000
|
|
|
2019
|
123,000
|
|
|
2020
|
91,000
|
|
|
2021
|
72,000
|
|
|
Thereafter
|
$
|
375,500
|
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance at beginning of period
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
Provision for warranties
|
|
102,000
|
|
|
110,000
|
|
|
216,000
|
|
|
218,000
|
|
||||
Expenses incurred
|
|
(102,000
|
)
|
|
(110,000
|
)
|
|
(216,000
|
)
|
|
(218,000
|
)
|
||||
Balance at end of period
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
/s/ John M. Badke
|
John M. Badke
|
Chief Executive Officer and
|
Chief Financial Officer
|
1 Year Vicon Industrial (CE) Chart |
1 Month Vicon Industrial (CE) Chart |
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