10-Q Filing

GENASYS INC. CIK: 924383 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-20-002201`
Period End Date	20191231
Filing Date	20200211
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	lrad-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 28 Cash Flow Statement 67 Comprehensive Income 8

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.09M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.82M	USD	Point-in-time
Short-term marketable securities	`MarketableSecuritiesCurrent`	$4.18M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term marketable securities	`MarketableSecuritiesCurrent`	$3.70M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$263.14K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$269.83K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.64M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.94M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$5.84M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.06M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.78M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	32.95M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.02M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	33.03M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	32.95M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$34.57M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	33.03M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$34.04M	USD	Point-in-time
Long-term marketable securities	`MarketableSecuritiesNoncurrent`	$945.83K	USD	Point-in-time
Long-term marketable securities	`MarketableSecuritiesNoncurrent`	$1.38M	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$434.70K	USD	Point-in-time
Long-term restricted cash	`RestrictedCashNoncurrent`	$395.25K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$5.21M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$5.39M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.22M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.27M	USD	Point-in-time
Goodwill	`Goodwill`	$2.31M	USD	Point-in-time
Goodwill	`Goodwill`	$2.36M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.13M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.18M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$5.82M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$5.69M	USD	Point-in-time
Other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$124.36K	USD	Point-in-time
Other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$123.93K	USD	Point-in-time
Total assets	`Assets`	$47.12M	USD	Point-in-time
Total assets	`Assets`	$52.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$859.53K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$6.33M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$8.13M	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$286.70K	USD	Point-in-time
Notes payable, current portion	`NotesPayableCurrent`	$279.59K	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$715.86K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.27M	USD	Point-in-time
Notes payable, less current portion	`LongTermNotesPayable`	$32.90K	USD	Point-in-time
Notes payable, less current portion	`LongTermNotesPayable`	$33.74K	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$2.43M	USD	Point-in-time
Other liabilities, noncurrent	`OtherLiabilitiesNoncurrent`	$490.79K	USD	Point-in-time
Operating lease liabilities, noncurrent	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities, noncurrent	`OperatingLeaseLiabilityNoncurrent`	$6.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.26M	USD	Point-in-time
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.00001 par value; 50,000,000 shares authorized; 33,033,330 and 32,949,987 shares issued and outstanding, respectively	`CommonStockValue`	$330.00	USD	Point-in-time
Common stock, $0.00001 par value; 50,000,000 shares authorized; 33,033,330 and 32,949,987 shares issued and outstanding, respectively	`CommonStockValue`	$331.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$89.57M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$89.87M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-53.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-53.73M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-373.40K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-458.72K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$36.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$33.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$35.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$33.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$47.12M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$52.65M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$8.78M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$10.18M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$4.18M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$5.09M	USD	1 Quarter
Gross Profit	`GrossProfit`	$5.09M	USD	1 Quarter
Gross Profit	`GrossProfit`	$4.60M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.75M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.82M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.05M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.08M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.91M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.29M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$696.66K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$96.06K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$39.07K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$792.72K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.33M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$283.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$172.39K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$620.33K	USD	1 Quarter
Net income per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.02	USD	1 Quarter
Net income per common share - basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.90M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.98M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.57M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$620.33K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$208.54K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$201.27K	USD	1 Quarter
Warranty provision	`ProductWarrantyExpenseBenefit`	$20.62K	USD	1 Quarter
Warranty provision	`ProductWarrantyExpenseBenefit`	$-19.52K	USD	1 Quarter
Inventory obsolescence	`InventoryWriteDown`	$54.85K	USD	1 Quarter
Inventory obsolescence	`InventoryWriteDown`	$94.42K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$158.33K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$133.84K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$283.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$172.39K	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightofuseAssetAmortizationExpense`	-	USD	1 Quarter
Amortization of operating lease right of use asset	`OperatingLeaseRightofuseAssetAmortizationExpense`	$145.38K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.29M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$5.92M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$321.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$2.03M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpense`	$-760.82K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpense`	$-2.14M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$604.13K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-66.85K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.92M	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-957.20K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.09M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.78M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$874.35K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$639.79K	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$588.75K	USD	1 Quarter
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$982.83K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.81K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$86.16K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$69.67K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-137.20K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$144.21K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.53K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.62M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$144.21K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.62M	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCash`	$14.34K	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCash`	$-9.73K	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.65M	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.76M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.81M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.76M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.52M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.81M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.82M	USD	Point-in-time
Restricted cash, current portion	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$397.93K	USD	Point-in-time
Restricted cash, current portion	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$269.83K	USD	Point-in-time
Long-term restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$395.25K	USD	Point-in-time
Long-term restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$339.59K	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.15M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.52M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.81M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.76M	USD	Point-in-time
Change in unrealized loss on marketable securities	`NoncashOrPartNoncashunrealizedLossOnMarketableSecurities`	$-613.00	USD	1 Quarter
Change in unrealized loss on marketable securities	`NoncashOrPartNoncashunrealizedLossOnMarketableSecurities`	$-3.49K	USD	1 Quarter
Initial measurement of operating lease right of use assets and liabilities	`InitialMeasurementOfOperatingLeaseRightOfUseAssetsAndLiabilities`	-	USD	1 Quarter
Initial measurement of operating lease right of use assets and liabilities	`InitialMeasurementOfOperatingLeaseRightOfUseAssetsAndLiabilities`	$7.81M	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.05M	USD	1 Quarter
Net income	`NetIncomeLoss`	$620.33K	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-613.00	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-3.49K	USD	1 Quarter
Unrealized foreign currency gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-53.72K	USD	1 Quarter
Unrealized foreign currency gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$88.80K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$705.64K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$991.61K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.