Socket Mobile, Inc.Summary Statements of Operations (Unaudited)(Amounts in Thousands)
Three months ended Sept 30,
Nine months ended Sept 30,
2018
2017
Revenue
$ 4,137
$ 5,475
$ 12,310
$ 16,903
Cost of revenue
1,960
2,429
5,937
7,834
Gross profit
2,177
3,046
6,373
9,069
Gross profit percent
52.6%
55.6%
51.8%
53.7%
Research and development
885
874
2,749
2,529
Sales and marketing
739
737
2,211
2,238
General and administrative
584
660
1,873
1,950
Total operating expenses
2,208
2,271
6,833
6,717
Operating income (loss)
(31)
775
(460)
2,352
Interest expense, net
32
21
100
81
Net income (loss) before income taxes
(63)
754
(560)
Income taxes - current
0
28
54
Income taxes (benefit) - deferred
(18)
312
(152)
927
Net income (loss)
$ (45)
$ 414
$ (408)
$ 1,290
Net income (loss) per share:
Basic
Fully Diluted
$ (0.01)
$ 0.07
$ 0.06
$ (0.07)
$ 0.21
$ 0.19
Weighted average shares outstanding:
Diluted
5,883
6,261
7,130
6,166
6,048
6,936
Reconciliation of GAAP Net Income to Income Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
Three months endedSept 30,
Nine months endedSep 30,
Net income (loss) GAAP
Income tax expense (benefit)
Depreciation
Stock option compensation expense
107
131
340
77
112
291
362
981
236
315
Net income EBITDA
$ 207
$ 964
$ 193
$ 2,903
Socket Mobile, Inc.Condensed Summary Balance Sheets(Amounts in Thousands)
September 30, 2018(Unaudited)
December 31, 2017*
Cash
Accounts receivable, net
Inventories, net
Deferred cost on shipments to distributors
Other current assets
$ 1,324
2,532
1,893
196
314
$ 3,380
2,687
2,198
204
386
Total current assets
Property and equipment, net
Goodwill
Deferred tax assets
Other assets
6,259
761
4,427
5,789
247
8,855
663
5,637
272
Accounts payable and accrued liabilities
Bank revolving line of credit
Bank term loan – current portion
Deferred revenue on shipments to distributors
Other current liabilities
$ 1,736
1,527
500
479
90
$ 1,743
--
493
87
Total current liabilities
Bank term loan – non-current portion
Other non-current liabilities
4,332
458
252
2,323
301
Total liabilities
5,042
2,624
Common stock
Accumulated deficit
60,404
(47,963)
64,784
(47,554)
Total stockholders’ equity
12,441
17,230
Total liabilities and equity
$ 17,483
$ 19,854
*Derived from audited financial statements.