10-Q Filing

ICAD INC CIK: 749660 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001193125-21-149067`
Period End Date	20210331
Filing Date	20210504
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	d156213d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 42 Cash Flow Statement 61 Stockholders Equity 17

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$111.00K	USD	Point-in-time
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$111.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$46.91M	USD	Point-in-time
Property and equipment, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$6.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.19M	USD	Point-in-time
Property and equipment, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$6.85M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $111 in 2021 and $111 in 2020	`AccountsReceivableNetCurrent`	$10.03M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $111 in 2021 and $111 in 2020	`AccountsReceivableNetCurrent`	$10.65M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.55M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.49M	USD	Point-in-time
Inventory, net	`InventoryNet`	$3.14M	USD	Point-in-time
Inventory, net	`InventoryNet`	$2.50M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.19M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$42.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$62.24M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $6,854 in 2021 and $6,778 in 2020	`PropertyPlantAndEquipmentNet`	$930.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $6,854 in 2021 and $6,778 in 2020	`PropertyPlantAndEquipmentNet`	$744.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$1.56M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$1.76M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.69M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.14M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$1.56M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$1.53M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $8,552 in 2021 and $8,494 in 2020	`IntangibleAssetsNetExcludingGoodwill`	$889.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.51M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.96M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $8,552 in 2021 and $8,494 in 2020	`IntangibleAssetsNetExcludingGoodwill`	$831.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	185,831.00	shares	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
Total assets	`Assets`	$55.58M	USD	Point-in-time
Total assets	`Assets`	$75.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.87M	USD	Point-in-time
Accrued and other expenses	`AccruedLiabilitiesCurrent`	$7.04M	USD	Point-in-time
Accrued and other expenses	`AccruedLiabilitiesCurrent`	$5.82M	USD	Point-in-time
Notes payable - current portion	`NotesPayableCurrent`	-	USD	Point-in-time
Notes payable - current portion	`NotesPayableCurrent`	$269.00K	USD	Point-in-time
Lease payable - current portion	`LeaseLiabilityCurrent`	$847.00K	USD	Point-in-time
Lease payable - current portion	`LeaseLiabilityCurrent`	$726.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$6.12M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.14M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.75M	USD	Point-in-time
Lease payable, long-term portion	`CapitalLeaseObligationsNoncurrent`	$860.00K	USD	Point-in-time
Lease payable, long-term portion	`CapitalLeaseObligationsNoncurrent`	$1.07M	USD	Point-in-time
Notes payable, long-term portion	`LongTermNotesPayable`	$6.70M	USD	Point-in-time
Notes payable, long-term portion	`LongTermNotesPayable`	$6.96M	USD	Point-in-time
Deferred revenue, long-term portion	`DeferredRevenueNoncurrent`	$267.00K	USD	Point-in-time
Deferred revenue, long-term portion	`DeferredRevenueNoncurrent`	$420.00K	USD	Point-in-time
Deferred tax	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$4.00K	USD	Point-in-time
Deferred tax	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$4.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$22.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$25.06M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value: authorized 30,000,000 shares; issued 25,143,432 as of March 31, 2021 and 23,693,735 as of December 31, 2020 Outstanding 24,957,601 as of March 31, 2021 and 23,508,575 as of December 31, 2020	`CommonStockValue`	$251.00K	USD	Point-in-time
Common stock, $0.01 par value: authorized 30,000,000 shares; issued 25,143,432 as of March 31, 2021 and 23,693,735 as of December 31, 2020 Outstanding 24,957,601 as of March 31, 2021 and 23,508,575 as of December 31, 2020	`CommonStockValue`	$236.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$273.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$298.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-243.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-241.94M	USD	Point-in-time
Treasury stock at cost, 185,831 shares in 2021 and 2020	`TreasuryStockValue`	$1.42M	USD	Point-in-time
Treasury stock at cost, 185,831 shares in 2021 and 2020	`TreasuryStockValue`	$1.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.07M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$75.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$55.58M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.55M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$8.64M	USD	1 Quarter
Amortization and depreciation	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$97.00K	USD	1 Quarter
Amortization and depreciation	`CostOfGoodsAndServicesSoldDepreciationAndAmortization`	$79.00K	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$2.04M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$2.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.51M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.29M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.19M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.21M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$3.61M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$3.42M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.53M	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$55.00K	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$52.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.40M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.82M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.89M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.53M	USD	1 Quarter
Interest expense	`InterestExpense`	$130.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$112.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$2.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$42.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-341.00K	USD	1 Quarter
Loss on fair value of convertible debentures	`InducedConversionOfConvertibleDebtExpense`	$7.46M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-7.89M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-110.00K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.64M	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.79M	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	$26.00K	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-11.81M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.59	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.59	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	20.18M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	23.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.18M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.64M	USD	1 Quarter
Net loss	`ProfitLoss`	$-11.81M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$78.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$58.00K	USD	1 Quarter
Depreciation	`Depreciation`	$76.00K	USD	1 Quarter
Depreciation	`Depreciation`	$71.00K	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	$119.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$935.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$464.00K	USD	1 Quarter
Amortization of debt discount and debt costs	`AmortizationAccretionOfDiscountsAndPremiums`	$12.00K	USD	1 Quarter
Amortization of debt discount and debt costs	`AmortizationAccretionOfDiscountsAndPremiums`	$40.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-341.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxesAndTaxCredits`	$1.00K	USD	1 Quarter
Change in fair value of convertible debentures	`ChangeInFairValueOfConvertibleDebentures`	$7.46M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$622.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.61M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-647.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-149.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$89.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$72.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.62M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-317.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.31M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-439.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-113.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-7.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$10.40M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.92M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.42M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.56M	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	$1.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$155.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$262.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-156.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-262.00K	USD	1 Quarter
Issuance of common stock pursuant to stock option plans	`ProceedsFromStockOptionsExercised`	$196.00K	USD	1 Quarter
Issuance of common stock pursuant to stock option plans	`ProceedsFromStockOptionsExercised`	$270.00K	USD	1 Quarter
Issuance of common stock pursuant to Employee Stock Purchase Plan	`ProceedsFromStockPlans`	$47.00K	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$23.23M	USD	1 Quarter
Principal repayment of debt financing	`ProceedsFromRepaymentsOfSecuredDebt`	$-4.64M	USD	1 Quarter
Repayment on line of credit	`RepaymentsOfLinesOfCredit`	$2.00M	USD	1 Quarter
Repayment on line of credit	`RepaymentsOfLinesOfCredit`	$7.35B	USD	Point-in-time
Proceeds from notes payable	`ProceedsFromNotesPayable`	$7.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$43.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$23.55M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$515.00K	USD	1 Quarter
Increase (decrease) in cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.06M	USD	1 Quarter
Increase (decrease) in cash and equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.72M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.19M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.26M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.19M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.26M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$46.91M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$122.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$92.00K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaid`	$26.00K	USD	1 Quarter
Issuance of common stock upon conversion of debentures	`ConversionOfStockAmountConverted1`	$21.16M	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$69.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$15.08M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$53.36M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$30.52M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$5.07M	USD	Point-in-time
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$23.23M	USD	1 Quarter
Issuance of common stock pursuant to stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$196.00K	USD	1 Quarter
Issuance of common stock pursuant to stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$271.00K	USD	1 Quarter
Issuance of common stock pursuant Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$47.00K	USD	1 Quarter
Issuance of stock upon conversion of Debentures	`StockIssuedDuringPeriodValueConversionOfUnits`	$21.16M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$464.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$935.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$15.08M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$53.36M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$30.52M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$5.07M	USD	Point-in-time

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