10-Q Filing

ICAD INC CIK: 749660 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001193125-19-147969`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	icad-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 41 Cash Flow Statement 58 Stockholders Equity 15 Comprehensive Income 1

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$177.00K	USD	Point-in-time
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$177.00K	USD	Point-in-time
Property and equipment, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$6.21M	USD	Point-in-time
Property and equipment, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$6.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.19M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.31M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $177 in 2019 and $177 in 2018	`AccountsReceivableNetCurrent`	$6.40M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $177 in 2019 and $177 in 2018	`AccountsReceivableNetCurrent`	$7.39M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.90M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.81M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventory, net	`InventoryNet`	$1.99M	USD	Point-in-time
Inventory, net	`InventoryNet`	$1.59M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.39M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$22.08M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$21.22M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $6,283 in 2019 and $6,214 in 2018	`PropertyPlantAndEquipmentNet`	$511.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $6,283 in 2019 and $6,214 in 2018	`PropertyPlantAndEquipmentNet`	$552.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$731.00K	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$907.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$53.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.07M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.50M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$53.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $7,903 in 2019 and $7,809 in 2018	`IntangibleAssetsNetExcludingGoodwill`	$1.55M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.88M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	17.31M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $7,903 in 2019 and $7,809 in 2018	`IntangibleAssetsNetExcludingGoodwill`	$1.46M	USD	Point-in-time
Goodwill	`Goodwill`	$8.36M	USD	Point-in-time
Goodwill	`Goodwill`	$8.36M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	185,831.00	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	185,831.00	shares	Point-in-time
Total assets	`Assets`	$33.20M	USD	Point-in-time
Total assets	`Assets`	$31.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.15M	USD	Point-in-time
Accrued and other expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.42M	USD	Point-in-time
Accrued and other expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.06M	USD	Point-in-time
Notes payable - current portion	`NotesPayableCurrent`	$2.25M	USD	Point-in-time
Notes payable - current portion	`NotesPayableCurrent`	$1.85M	USD	Point-in-time
Lease payable - current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$806.00K	USD	Point-in-time
Lease payable - current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$15.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.10M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.06M	USD	Point-in-time
Lease payable, long-term portion	`CapitalLeaseObligationsNoncurrent`	$38.00K	USD	Point-in-time
Lease payable, long-term portion	`CapitalLeaseObligationsNoncurrent`	$32.00K	USD	Point-in-time
Notes payable, long-term portion	`LongTermNotesPayable`	$3.69M	USD	Point-in-time
Notes payable, long-term portion	`LongTermNotesPayable`	$4.25M	USD	Point-in-time
Convertible debentures payable to non-related parties, at fair value	`ConvertibleDebenturesPayableToNonRelatedPartiesAtFairValue`	$6.30M	USD	Point-in-time
Convertible debentures payable to non-related parties, at fair value	`ConvertibleDebenturesPayableToNonRelatedPartiesAtFairValue`	$8.64M	USD	Point-in-time
Convertible debentures payable to related parties, at fair value	`ConvertibleDebenturesPayableToRelatedPartiesAtFairValue`	$670.00K	USD	Point-in-time
Convertible debentures payable to related parties, at fair value	`ConvertibleDebenturesPayableToRelatedPartiesAtFairValue`	$858.00K	USD	Point-in-time
Deferred revenue, long-term portion	`DeferredRevenueNoncurrent`	$331.00K	USD	Point-in-time
Deferred revenue, long-term portion	`DeferredRevenueNoncurrent`	$346.00K	USD	Point-in-time
Deferred tax	`DeferredTaxLiabilitiesNoncurrent`	$3.00K	USD	Point-in-time
Deferred tax	`DeferredTaxLiabilitiesNoncurrent`	$3.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$24.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$28.63M	USD	Point-in-time
Commitments and Contingencies (Note 5, 6 and 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 5, 6 and 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $ .01 par value: authorized 1,000,000 shares; none issued.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $ .01 par value: authorized 1,000,000 shares; none issued.	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $ .01 par value: authorized 30,000,000 shares; issued 17,500,265 in 2019 and 17,066,510 in 2018; outstanding 17,314,434 in 2019 and 16,880,679 in 2018	`CommonStockValue`	$171.00K	USD	Point-in-time
Common stock, $ .01 par value: authorized 30,000,000 shares; issued 17,500,265 in 2019 and 17,066,510 in 2018; outstanding 17,314,434 in 2019 and 16,880,679 in 2018	`CommonStockValue`	$175.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$218.91M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$220.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-214.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-210.77M	USD	Point-in-time
Treasury stock at cost, 185,831 shares in 2019 and 2018	`TreasuryStockValue`	$1.42M	USD	Point-in-time
Treasury stock at cost, 185,831 shares in 2019 and 2018	`TreasuryStockValue`	$1.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.90M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.57M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.44M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$31.74M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$33.20M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.77M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.31M	USD	1 Quarter
Amortization and depreciation	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$94.00K	USD	1 Quarter
Amortization and depreciation	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$105.00K	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$1.81M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$1.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.50M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$3.34M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.13M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$2.17M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$2.57M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.55M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.06M	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$83.00K	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$70.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.32M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.65M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.03M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.15M	USD	1 Quarter
Interest expense	`InterestExpense`	$209.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$142.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$59.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$22.00K	USD	1 Quarter
Loss on fair value of convertible debentures	`InducedConversionOfConvertibleDebtExpense`	$2.52M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-2.67M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-120.00K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.71M	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.27M	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$13.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-3.28M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-3.72M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.22	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.20	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.22	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.20	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	17.20M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	16.58M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.58M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	17.20M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-3.72M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.28M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$92.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$95.00K	USD	1 Quarter
Depreciation	`Depreciation`	$69.00K	USD	1 Quarter
Depreciation	`Depreciation`	$96.00K	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	$85.00K	USD	1 Quarter
Inventory obsolesence reserve	`InventoryWriteDown`	$-2.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$212.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$391.00K	USD	1 Quarter
Amortization of debt discount and debt costs	`AmortizationAccretionOfDiscountsAndPremiums`	$39.00K	USD	1 Quarter
Amortization of debt discount and debt costs	`AmortizationAccretionOfDiscountsAndPremiums`	$64.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxesAndTaxCredits`	$-8.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-12.00K	USD	1 Quarter
Change in fair value of convertible debentures	`ChangeInFairValueOfConvertibleDebentures`	$2.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$984.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.26M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$403.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$72.00K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$347.00K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-59.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$177.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$330.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$414.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$186.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$298.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-46.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$1.90M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.64M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.81M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-641.00K	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	$1.00K	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	$2.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-24.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.00K	USD	1 Quarter
Stock option exercises	`ProceedsFromStockOptionsExercised`	$1.18M	USD	1 Quarter
Taxes paid related to restricted stock issuance	`TaxesPaidRelatedToRestrictedStockIssuance`	$57.00K	USD	1 Quarter
Principal payments of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$3.00K	USD	1 Quarter
Principal payments of capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$3.00K	USD	1 Quarter
Principal repayment of debt financing, net	`RepaymentsOfDebt`	$200.00K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$972.00K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-60.00K	USD	1 Quarter
Decrease in cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-725.00K	USD	1 Quarter
Decrease in cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-870.00K	USD	1 Quarter
Cash and equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.31M	USD	Point-in-time
Cash and equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.39M	USD	Point-in-time
Cash and equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.19M	USD	Point-in-time
Cash and equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.66M	USD	Point-in-time
Cash and equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.31M	USD	Point-in-time
Cash and equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.39M	USD	Point-in-time
Cash and equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.19M	USD	Point-in-time
Cash and equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.66M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$67.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$82.00K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaid`	$23.00K	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$907.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$6.90M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$14.28M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$4.57M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$11.44M	USD	Point-in-time
Cumulative impact from the adoption of ASC 606 (see Note 1)	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$107.00K	USD	Point-in-time
Issuance of common stock relative to vesting of restricted stock shares forfeited for tax obligations	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-57.00K	USD	1 Quarter
Issuance of common stock pursuant to stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.18M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$212.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$391.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.28M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.72M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$6.90M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$14.28M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$4.57M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$11.44M	USD	Point-in-time

Comprehensive Income 1 line items

Line Item	Tag	Value	Unit	Period
Shares forfeited for tax obligations	`StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited`	18,385.00	shares	1 Quarter

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