10-Q Filing

ICAD INC CIK: 749660 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001193125-22-147484`
Period End Date	20220331
Filing Date	20220511
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	d342342d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 37 Cash Flow Statement 58 Stockholders Equity 19

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$573.00K	USD	Point-in-time
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$268.00K	USD	Point-in-time
Property and equipment, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.80M	USD	Point-in-time
Property and equipment, accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$7.19M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.78M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $573 in 2022 and $268 in 2021	`AccountsReceivableNetCurrent`	$8.89M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $573 in 2022 and $268 in 2021	`AccountsReceivableNetCurrent`	$10.31M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.72M	USD	Point-in-time
Inventory, net	`InventoryNet`	$4.17M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventory, net	`InventoryNet`	$4.74M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.96M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.31M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.93M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $7,192 in 2022 and $7,106 in 2021	`PropertyPlantAndEquipmentNet`	$882.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $7,192 in 2022 and $7,106 in 2021	`PropertyPlantAndEquipmentNet`	$947.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$1.06M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$859.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$104.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.33M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$899.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.36M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $8,776 in 2022 and $8,724 in 2021	`IntangibleAssetsNetExcludingGoodwill`	$683.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $8,776 in 2022 and $8,724 in 2021	`IntangibleAssetsNetExcludingGoodwill`	$640.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.14M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.17M	shares	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
Goodwill	`Goodwill`	$8.36M	USD	Point-in-time
Total assets	`Assets`	$62.19M	USD	Point-in-time
Total assets	`Assets`	$58.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.78M	USD	Point-in-time
Accrued and other expenses	`AccruedLiabilitiesCurrent`	$5.13M	USD	Point-in-time
Accrued and other expenses	`AccruedLiabilitiesCurrent`	$5.64M	USD	Point-in-time
Lease payablecurrent portion	`LeaseLiabilityCurrent`	$889.00K	USD	Point-in-time
Lease payablecurrent portion	`LeaseLiabilityCurrent`	$887.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.65M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$5.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$14.46M	USD	Point-in-time
Lease payable, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$54.00K	USD	Point-in-time
Lease payable, long-term portion	`OperatingLeaseLiabilityNoncurrent`	$266.00K	USD	Point-in-time
Deferred revenue, long-term portion	`DeferredRevenueNoncurrent`	$571.00K	USD	Point-in-time
Deferred revenue, long-term portion	`DeferredRevenueNoncurrent`	$441.00K	USD	Point-in-time
Deferred tax	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$6.00K	USD	Point-in-time
Deferred tax	`DeferredTaxAndOtherLiabilitiesNoncurrent`	$5.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$15.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.67M	USD	Point-in-time
Commitments and Contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 13)	`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 60,000,000 shares; issued 25,359,175 as of March 31, 2022 and 25,326,086 as of December 31, 2021.	`CommonStockValue`	$253.00K	USD	Point-in-time
Common stock, $0.01 par value: authorized 60,000,000 shares; issued 25,359,175 as of March 31, 2022 and 25,326,086 as of December 31, 2021.	`CommonStockValue`	$253.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$300.86M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$301.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-256.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-253.18M	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`	$43.75M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.36M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$62.19M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$58.84M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$8.64M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.52M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$2.35M	USD	1 Quarter
Total cost of revenue	`CostOfGoodsAndServicesSold`	$2.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.29M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.31M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.19M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.27M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$3.42M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$3.56M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.93M	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$63.00K	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$55.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.82M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.83M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.53M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.52M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$112.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-13.00K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-110.00K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-22.00K	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.54M	USD	1 Quarter
Loss before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.64M	USD	1 Quarter
Tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	25.16M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	23.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.16M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	23.93M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-3.54M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.64M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$53.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$58.00K	USD	1 Quarter
Depreciation	`Depreciation`	$76.00K	USD	1 Quarter
Depreciation	`Depreciation`	$86.00K	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	$305.00K	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$935.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$655.00K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxesAndTaxCredits`	$1.00K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxesAndTaxCredits`	-	USD	1 Quarter
Amortization of debt discount and debt costs	`AmortizationAccretionOfDiscountsAndPremiums`	-	USD	1 Quarter
Amortization of debt discount and debt costs	`AmortizationAccretionOfDiscountsAndPremiums`	$12.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$622.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.72M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-647.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$565.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$89.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-653.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-98.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.62M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.31M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-514.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-7.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$243.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.92M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-904.00K	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.56M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.45M	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	$10.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$262.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$151.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-262.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-161.00K	USD	1 Quarter
Proceeds from option exercises pursuant to stock option plans	`ProceedsFromStockOptionsExercised`	$270.00K	USD	1 Quarter
Proceeds from option exercises pursuant to stock option plans	`ProceedsFromStockOptionsExercised`	$66.00K	USD	1 Quarter
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plans	`ProceedsFromStockPlans`	$47.00K	USD	1 Quarter
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plans	`ProceedsFromStockPlans`	$60.00K	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$23.23M	USD	1 Quarter
Proceeds from issuance of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$23.55M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$126.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.72M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.48M	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`	$46.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$34.28M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.80M	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`	$46.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$34.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.80M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$9.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$92.00K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Taxes paid	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$43.75M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$30.52M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$46.52M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$53.36M	USD	Point-in-time
Issuance of common stock relative to vesting of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock relative to vesting of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$23.23M	USD	1 Quarter
Issuance of common stock pursuant to stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$66.00K	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 common stock pursuant Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$60.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$655.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$935.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.64M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$43.75M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$30.52M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$46.52M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$53.36M	USD	Point-in-time

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