We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
For the quarterly period ended March 31, 2018
|
|
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
|
New York
|
|
11-2160665
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
|
|
135 Fell Court, Hauppauge, New York
|
|
11788
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
¨
|
|
Accelerated filer
¨
|
Non-accelerated filer
¨
|
|
Smaller reporting company
x
|
(Do not check if a smaller reporting company)
|
|
Emerging growth company
¨
|
Page Number
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
3/31/2018
|
|
3/31/2017
|
|
3/31/2018
|
|
3/31/2017
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
7,321,573
|
|
|
$
|
6,003,382
|
|
|
$
|
15,068,709
|
|
|
$
|
12,608,360
|
|
Cost of sales
|
4,322,774
|
|
|
3,757,137
|
|
|
9,110,370
|
|
|
7,789,956
|
|
||||
Gross profit
|
2,998,799
|
|
|
2,246,245
|
|
|
5,958,339
|
|
|
4,818,404
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative expense
|
3,153,811
|
|
|
2,801,538
|
|
|
6,110,161
|
|
|
5,482,395
|
|
||||
Engineering and development expense
|
1,145,248
|
|
|
1,289,475
|
|
|
2,321,266
|
|
|
2,429,451
|
|
||||
|
4,299,059
|
|
|
4,091,013
|
|
|
8,431,427
|
|
|
7,911,846
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating loss
|
(1,300,260
|
)
|
|
(1,844,768
|
)
|
|
(2,473,088
|
)
|
|
(3,093,442
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
346
|
|
|
170
|
|
|
686
|
|
|
403
|
|
||||
Interest expense
|
(151,836
|
)
|
|
(58,503
|
)
|
|
(296,181
|
)
|
|
(112,071
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes
|
(1,451,750
|
)
|
|
(1,903,101
|
)
|
|
(2,768,583
|
)
|
|
(3,205,110
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income tax expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(1,451,750
|
)
|
|
$
|
(1,903,101
|
)
|
|
$
|
(2,768,583
|
)
|
|
$
|
(3,205,110
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
(.08
|
)
|
|
$
|
(.20
|
)
|
|
$
|
(.17
|
)
|
|
$
|
(.34
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted
|
$
|
(.08
|
)
|
|
$
|
(.20
|
)
|
|
$
|
(.17
|
)
|
|
$
|
(.34
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic
|
17,552,623
|
|
|
9,348,388
|
|
|
15,843,520
|
|
|
9,348,388
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted
|
17,552,623
|
|
|
9,348,388
|
|
|
15,843,520
|
|
|
9,348,388
|
|
||||
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
3/31/2018
|
|
3/31/2017
|
|
3/31/2018
|
|
3/31/2017
|
||||||||
Net loss
|
$
|
(1,451,750
|
)
|
|
$
|
(1,903,101
|
)
|
|
$
|
(2,768,583
|
)
|
|
$
|
(3,205,110
|
)
|
Other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on securities
|
(247
|
)
|
|
(38
|
)
|
|
(337
|
)
|
|
(449
|
)
|
||||
Foreign currency translation adjustment
|
100,073
|
|
|
140,932
|
|
|
109,351
|
|
|
276,170
|
|
||||
Other comprehensive income
|
99,826
|
|
|
140,894
|
|
|
109,014
|
|
|
275,721
|
|
||||
Comprehensive loss
|
$
|
(1,351,924
|
)
|
|
$
|
(1,762,207
|
)
|
|
$
|
(2,659,569
|
)
|
|
$
|
(2,929,389
|
)
|
|
Six Months Ended
|
||||||
|
3/31/2018
|
|
3/31/2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(2,768,583
|
)
|
|
$
|
(3,205,110
|
)
|
Adjustments to reconcile net loss to net cash used in
operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
103,723
|
|
|
259,511
|
|
||
Amortization of deferred warrant expense
|
116,546
|
|
|
—
|
|
||
Stock compensation expense
|
12,506
|
|
|
23,794
|
|
||
Change in assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable, net
|
(1,986,794
|
)
|
|
1,592,307
|
|
||
Inventories, net
|
975,732
|
|
|
(401,213
|
)
|
||
Prepaid expenses and other current assets
|
143,590
|
|
|
14,886
|
|
||
Other assets
|
(4,677
|
)
|
|
(7,593
|
)
|
||
Accounts payable
|
(739,411
|
)
|
|
707,076
|
|
||
Accrued compensation and employee benefits
|
44,015
|
|
|
70,627
|
|
||
Accrued expenses
|
(92,309
|
)
|
|
(163,235
|
)
|
||
Unearned revenue
|
62,365
|
|
|
(102,195
|
)
|
||
Other liabilities
|
21,947
|
|
|
40,327
|
|
||
Net cash used in operating activities
|
(4,111,350
|
)
|
|
(1,170,818
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Net increase in marketable securities
|
(193
|
)
|
|
(247
|
)
|
||
Capital expenditures
|
(35,344
|
)
|
|
(94,371
|
)
|
||
Net cash used in investing activities
|
(35,537
|
)
|
|
(94,618
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Revolving credit borrowings
|
350,000
|
|
|
1,000,000
|
|
||
Net proceeds from rights offering and investment agreement
|
3,056,981
|
|
|
—
|
|
||
Net cash provided by financing activities
|
3,406,981
|
|
|
1,000,000
|
|
||
Effect of exchange rate changes on cash
|
21,462
|
|
|
383,602
|
|
||
|
|
|
|
||||
Net increase (decrease) in cash
|
(718,444
|
)
|
|
118,166
|
|
||
Cash and cash equivalents at beginning of year
|
2,253,952
|
|
|
1,954,422
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,535,508
|
|
|
$
|
2,072,588
|
|
|
|
|
|
||||
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Basic EPS Computation
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(1,451,750
|
)
|
|
$
|
(1,903,101
|
)
|
|
$
|
(2,768,583
|
)
|
|
$
|
(3,205,110
|
)
|
Weighted average shares outstanding
|
17,552,623
|
|
|
9,348,388
|
|
|
15,843,520
|
|
|
9,348,388
|
|
||||
Basic loss per share
|
$
|
(.08
|
)
|
|
$
|
(.20
|
)
|
|
$
|
(.17
|
)
|
|
$
|
(.34
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Diluted EPS Computation
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(1,451,750
|
)
|
|
$
|
(1,903,101
|
)
|
|
$
|
(2,768,583
|
)
|
|
$
|
(3,205,110
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
17,552,623
|
|
|
9,348,388
|
|
|
15,843,520
|
|
|
9,348,388
|
|
||||
Stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Stock compensation arrangements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Warrants
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted shares outstanding
|
17,552,623
|
|
|
9,348,388
|
|
|
15,843,520
|
|
|
9,348,388
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share
|
$
|
(.08
|
)
|
|
$
|
(.20
|
)
|
|
$
|
(.17
|
)
|
|
$
|
(.34
|
)
|
|
March 31, 2018
|
|
September 30, 2017
|
||||
Foreign currency translation adjustment
|
$
|
(46,140
|
)
|
|
$
|
(155,491
|
)
|
Unrealized loss on marketable securities
|
(896
|
)
|
|
(559
|
)
|
||
Accumulated other comprehensive loss
|
$
|
(47,036
|
)
|
|
$
|
(156,050
|
)
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance at beginning of period
|
|
$
|
431,000
|
|
|
$
|
650,000
|
|
|
$
|
431,000
|
|
|
$
|
650,000
|
|
Provision for warranties
|
|
71,000
|
|
|
102,000
|
|
|
154,000
|
|
|
216,000
|
|
||||
Expenses incurred
|
|
(70,000
|
)
|
|
(102,000
|
)
|
|
(153,000
|
)
|
|
(216,000
|
)
|
||||
Balance at end of period
|
|
$
|
432,000
|
|
|
$
|
650,000
|
|
|
$
|
432,000
|
|
|
$
|
650,000
|
|
/s/ Saagar Govil
|
Saagar Govil
|
Chief Executive Officer
|
|
/s/ John M. Badke
|
John M. Badke
|
Chief Operating Officer and
|
Chief Financial Officer
|
1 Year Vicon Industrial (CE) Chart |
1 Month Vicon Industrial (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions