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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 June 30, 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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Nine Months Ended
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||||||||||||
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6/30/2017
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6/30/2016
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6/30/2017
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6/30/2016
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||||||||
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Net sales
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$
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7,382,367
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$
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9,526,764
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$
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19,990,727
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$
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28,405,444
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Cost of sales
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4,538,524
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5,718,851
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12,328,480
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17,687,386
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||||
Gross profit
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2,843,843
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3,807,913
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7,662,247
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10,718,058
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Operating expenses:
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Selling, general and administrative expense
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2,886,799
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3,333,045
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8,369,195
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10,989,395
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Engineering and development expense
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1,234,780
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1,292,446
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3,664,230
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3,950,500
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||||
Goodwill writedown
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—
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—
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—
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6,016,469
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||||
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4,121,579
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4,625,491
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12,033,425
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20,956,364
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||||||||
Operating loss
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(1,277,736
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)
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(817,578
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)
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(4,371,178
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)
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(10,238,306
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)
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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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—
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—
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784,896
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Interest income
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353
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164
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756
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488
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Interest expense
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(120,056
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)
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(25,403
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)
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(232,127
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)
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(25,403
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)
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Loss before income taxes
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(1,397,439
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)
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(842,817
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)
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(4,602,549
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)
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(9,478,325
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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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(1,397,439
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)
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$
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(842,817
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)
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$
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(4,602,549
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)
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$
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(9,478,325
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)
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Loss per share:
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Basic
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$
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(.15
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)
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$
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(.09
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)
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$
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(.49
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)
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$
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(1.01
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)
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Diluted
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$
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(.15
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$
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(.09
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)
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$
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(.49
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)
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$
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(1.01
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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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9,343,946
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9,348,388
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9,338,559
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Diluted
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9,348,388
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9,343,946
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9,348,388
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9,338,559
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Three Months Ended
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Nine Months Ended
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||||||||||||
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6/30/2017
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6/30/2016
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6/30/2017
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6/30/2016
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Net loss
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$
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(1,397,439
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)
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$
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(842,817
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)
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$
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(4,602,549
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)
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$
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(9,478,325
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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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12
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74
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(437
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)
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148
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Foreign currency translation adjustment
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19,532
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(249,648
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)
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295,702
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(276,730
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)
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Other comprehensive income (loss)
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19,544
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(249,574
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)
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295,265
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(276,582
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)
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Comprehensive loss
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$
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(1,377,895
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$
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(1,092,391
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$
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(4,307,284
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)
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$
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(9,754,907
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)
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Nine Months Ended
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||||||
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6/30/2017
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6/30/2016
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Cash flows from operating activities:
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Net loss
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$
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(4,602,549
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)
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$
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(9,478,325
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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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435,674
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636,306
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Amortization of deferred compensation
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1,107
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1,111
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Stock compensation expense
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34,585
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440,621
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Change in assets and liabilities:
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Accounts receivable, net
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1,234,503
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3,023,170
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Inventories, net
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191,202
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160,437
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Prepaid expenses and other current assets
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82,545
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(251,428
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)
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Other assets
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(18,209
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)
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(3,864
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)
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Accounts payable
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350,578
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(1,929,100
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)
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Accrued compensation and employee benefits
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178,871
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(944,254
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)
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Accrued expenses
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(85,454
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)
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(78,378
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)
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Unearned revenue
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44,284
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(468,034
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)
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Other liabilities
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63,235
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(10,918
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)
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Net cash used in operating activities
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(2,089,628
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)
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(3,671,083
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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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(340
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)
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(253
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)
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Capital expenditures
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(130,971
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)
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(159,643
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)
|
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Net cash provided by (used in) investing activities
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(131,311
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)
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1,352,424
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||||
Cash flows from financing activities:
|
|
|
|
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|
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Revolving credit borrowings
|
1,950,000
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1,750,000
|
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Proceeds from exercise of stock options
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—
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5,184
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|
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Net cash provided by financing activities
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1,950,000
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|
|
1,755,184
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Effect of exchange rate changes on cash
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315,483
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168,570
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Net increase (decrease) in cash
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44,544
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(394,905
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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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2,390,409
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Cash and cash equivalents at end of period
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$
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1,998,966
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$
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1,995,504
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||||
Non-cash investing and financing activities:
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||||
Issuance of warrants in connection with credit facility
|
$
|
438,000
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$
|
—
|
|
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Three Months Ended
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Nine Months Ended
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||||||||||||
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June 30,
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June 30,
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||||||||||||
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2017
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2016
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2017
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2016
|
||||||||
Basic EPS Computation
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Net loss
|
$
|
(1,397,439
|
)
|
|
$
|
(842,817
|
)
|
|
$
|
(4,602,549
|
)
|
|
$
|
(9,478,325
|
)
|
Weighted average shares outstanding
|
9,348,388
|
|
|
9,343,946
|
|
|
9,348,388
|
|
|
9,338,559
|
|
||||
Basic loss per share
|
$
|
(.15
|
)
|
|
$
|
(.09
|
)
|
|
$
|
(.49
|
)
|
|
$
|
(1.01
|
)
|
|
Three Months Ended
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Nine Months Ended
|
||||||||||||
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June 30,
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June 30,
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||||||||||||
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2017
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2016
|
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2017
|
|
2016
|
||||||||
Diluted EPS Computation
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(1,397,439
|
)
|
|
$
|
(842,817
|
)
|
|
$
|
(4,602,549
|
)
|
|
$
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(9,478,325
|
)
|
|
|
|
|
|
|
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|
||||||||
Weighted average shares outstanding
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9,348,388
|
|
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9,343,946
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9,348,388
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9,338,559
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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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—
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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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—
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|
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Warrants
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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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9,348,388
|
|
|
9,343,946
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9,348,388
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9,338,559
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||||
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|
||||||||
Diluted loss per share
|
$
|
(.15
|
)
|
|
$
|
(.09
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)
|
|
$
|
(.49
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)
|
|
$
|
(1.01
|
)
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
Foreign currency translation adjustment
|
$
|
(233,014
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)
|
|
$
|
(528,716
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)
|
Unrealized loss on marketable securities
|
(572
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)
|
|
(135
|
)
|
||
Accumulated other comprehensive loss
|
$
|
(233,586
|
)
|
|
$
|
(528,851
|
)
|
|
June 30, 2017
|
|
September 30, 2016
|
|
|
||||||||||||
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Gross Amount
|
|
Accumulated Amortization
|
|
Gross Amount
|
|
Accumulated Amortization
|
|
Estimated Useful Life
|
||||||||
Definite-lived intangibles:
|
|
|
|
|
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|
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Customer relationships
|
$
|
910,000
|
|
|
$
|
539,833
|
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$
|
910,000
|
|
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$
|
371,833
|
|
|
7 years
|
Tradenames
|
660,000
|
|
|
124,667
|
|
|
660,000
|
|
|
91,667
|
|
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15 years
|
||||
|
$
|
1,570,000
|
|
|
$
|
664,500
|
|
|
$
|
1,570,000
|
|
|
$
|
463,500
|
|
|
|
Fiscal Year
|
Amount
|
|
|
Remainder of 2017
|
$
|
67,000
|
|
2018
|
177,000
|
|
|
2019
|
123,000
|
|
|
2020
|
91,000
|
|
|
2021
|
72,000
|
|
|
Thereafter
|
$
|
375,500
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance at beginning of period
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
|
$
|
650,000
|
|
Provision for warranties
|
|
107,000
|
|
|
106,000
|
|
|
323,000
|
|
|
324,000
|
|
||||
Expenses incurred
|
|
(107,000
|
)
|
|
(106,000
|
)
|
|
(323,000
|
)
|
|
(324,000
|
)
|
||||
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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