Press Release
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Management Commentary
“During the third quarter, we transitioned over to a new management team, implemented reductions to our overhead expenses and renewed our focus on growing the business for the long term,” said
Q3 2021 Financial Summary
During the third quarter of 2021, the Company generated
Cost of goods sold was
Selling, marketing, general and administrative expense was
Research and development expenses were
As of
For a more detailed and complete analysis of the Company’s financial results, please refer to the Company’s
About
Forward-Looking Statement
This press release contains "forward-looking statements," including but not limited to statements regarding the advantages of
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||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands, except par value and share data) |
||||||||
|
|
|||||||
2021 |
2020 |
|||||||
(Unaudited) |
(Audited) |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
5,233 |
|
$ |
1,514 |
|
||
Restricted cash |
|
5 |
|
|
5 |
|
||
Investments in debt securities- short term |
|
11,631 |
|
|
14,720 |
|
||
Trade accounts receivable, net of allowance for doubtful accounts |
|
353 |
|
|
271 |
|
||
Inventory |
|
22 |
|
|
43 |
|
||
Prepaid expenses and other current assets |
|
597 |
|
|
465 |
|
||
Total current assets |
$ |
17,841 |
|
$ |
17,018 |
|
||
Investments in debt securities- long term |
|
10,398 |
|
|
12,768 |
|
||
Property and equipment, net |
|
8,375 |
|
|
8,614 |
|
||
Patents and trademarks, net |
|
112 |
|
|
158 |
|
||
Other assets |
|
293 |
|
|
251 |
|
||
Total assets |
$ |
37,019 |
|
$ |
38,809 |
|
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LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable |
$ |
194 |
|
$ |
205 |
|
||
Accrued liabilities |
|
917 |
|
|
315 |
|
||
Deferred revenue |
|
41 |
|
|
- |
|
||
Total current liabilities |
$ |
1,152 |
|
$ |
520 |
|
||
Long-term liabilities | ||||||||
Other long-term liabilities |
|
899 |
|
|
899 |
|
||
Total liabilities |
$ |
2,051 |
|
$ |
1,419 |
|
||
Shareholders' equity: | ||||||||
Preferred Stock, |
|
- |
|
|
- |
|
||
Common stock, |
|
914 |
|
|
914 |
|
||
Warrants |
|
18,179 |
|
|
18,179 |
|
||
Additional paid-in capital |
|
287,585 |
|
|
287,183 |
|
||
Accumulated deficit |
|
(271,644 |
) |
|
(268,926 |
) |
||
Accumulated other comprehensive income |
|
11 |
|
|
116 |
|
||
Non-controlling interest in subsidiary |
|
(77 |
) |
|
(76 |
) |
||
Total shareholders' equity |
$ |
34,968 |
|
$ |
37,390 |
|
||
Total liabilities and shareholders' equity |
$ |
37,019 |
|
$ |
38,809 |
|
|
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CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Revenue | ||||||||||||||||
Products |
$ |
406 |
|
$ |
288 |
|
$ |
700 |
|
$ |
367 |
|
||||
Licensing and royalties |
|
- |
|
|
39 |
|
|
21 |
|
|
64 |
|
||||
Total revenue |
$ |
406 |
|
$ |
327 |
|
$ |
721 |
|
$ |
431 |
|
||||
Cost of sales |
|
319 |
|
|
171 |
|
|
528 |
|
|
242 |
|
||||
Gross profit |
$ |
87 |
|
$ |
156 |
|
$ |
193 |
|
$ |
189 |
|
||||
Operating expenses | ||||||||||||||||
Selling, marketing, general and administrative |
|
1,643 |
|
|
1,096 |
|
|
3,372 |
|
|
2,953 |
|
||||
Research and development |
|
14 |
|
|
30 |
|
|
74 |
|
|
86 |
|
||||
Gain on disposal of long-lived assets |
|
- |
|
|
- |
|
|
- |
|
|
(35 |
) |
||||
Total operating expenses |
$ |
1,657 |
|
$ |
1,126 |
|
$ |
3,446 |
|
$ |
3,004 |
|
||||
Operating loss |
|
(1,570 |
) |
|
(970 |
) |
|
(3,253 |
) |
|
(2,815 |
) |
||||
Lease income |
|
132 |
|
|
132 |
|
|
396 |
|
|
352 |
|
||||
Interest and investment income |
|
35 |
|
|
61 |
|
|
138 |
|
|
297 |
|
||||
Loss before income taxes |
$ |
(1,403 |
) |
$ |
(777 |
) |
$ |
(2,719 |
) |
$ |
(2,166 |
) |
||||
Income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
Net loss |
$ |
(1,403 |
) |
$ |
(777 |
) |
$ |
(2,719 |
) |
$ |
(2,166 |
) |
||||
Net loss attributable to non-controlling interest |
|
- |
|
|
1 |
|
|
1 |
|
|
1 |
|
||||
Net loss attributable to |
$ |
(1,403 |
) |
$ |
(776 |
) |
$ |
(2,718 |
) |
$ |
(2,165 |
) |
||||
Per common share basic and diluted: | ||||||||||||||||
Net loss per common share attributable to |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
$ |
(0.00 |
) |
||||
Number of weighted average shares - basic and diluted |
|
914,449,957 |
|
|
914,449,957 |
|
|
914,449,957 |
|
|
914,449,957 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211115006207/en/
949-635-2123
isaac.bresnick@liquidmetal.com
Source: