Attached files
| file | filename |
|---|---|
| EX-99 - EXHIBIT 99.1 - SOCKET MOBILE, INC. | exhibit99_1.htm |
| 8-K - FORM 8-K - SOCKET MOBILE, INC. | form-8k0215.htm |
Exhibit 99.2
Socket Mobile, Inc.
Condensed Summary Statements of Operations
(Amounts in thousands except per share amounts)
| Year ended Dec 31, | Three Months ended Dec 31, | |||||||||||||||
(Unaudited) 2017 | 2016* | (Unaudited) 2017 | 2016* | |||||||||||||
| Revenue | $ | 21,286 | $ | 20,788 | $ | 4,383 | $ | 5,430 | ||||||||
| Cost of revenue | 9,896 | 10,354 | 2,062 | 2,711 | ||||||||||||
| Gross profit | 11,390 | 10,434 | 2,321 | 2,719 | ||||||||||||
| Gross profit percent | 53.5 | % | 50.2 | % | 53.0 | % | 50.1 | % | ||||||||
| Research and development | 3,473 | 2,889 | 944 | 787 | ||||||||||||
| Sales and marketing | 2,953 | 2,775 | 715 | 711 | ||||||||||||
| General and administrative | 2,546 | 2,207 | 596 | 555 | ||||||||||||
| Total operating expenses | 8,972 | 7,871 | 2,255 | 2,053 | ||||||||||||
| Interest income (expense), net | (80 | ) | (131 | ) | 2 | (29 | ) | |||||||||
| Net income before income taxes | 2,338 | 2,432 | 68 | 637 | ||||||||||||
| Income taxes - current | (51 | ) | (82 | ) | 3 | (21 | ) | |||||||||
| Deferred taxes | (1,071 | ) | 9,797 | (145 | ) | 9,797 | ||||||||||
| Deferred taxes revaluation | (2,647 | ) | — | (2,647 | ) | — | ||||||||||
| Net income (loss) | $ | (1,431 | ) | $ | 12,147 | $ | (2,721 | ) | $ | 10,413 | ||||||
| Net income (loss) per share: Basic Fully diluted | $ $ |
(0.23 (0.23 | ) ) | $ $ |
2.10 1.80 | $ $ |
(0.39 (0.39 | ) ) | $ $ |
1.78 1.40 | ||||||
| Weighted average shares outstanding: Basic Fully diluted |
6,293 6,293 |
5,793 6,820 |
7,008 7,008 |
5,863 7,437 | ||||||||||||
*Derived from audited financial statements.
Reconciliation of GAAP Net Income to Income Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Unaudited)
| Year
ended Dec 31, | Three
months ended Dec 31, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Net income (loss) GAAP | $ | (1,431 | ) | $ | 12,147 | $ | (2,721 | ) | $ | 10,413 | ||||||
| Interest expense (income), net | 80 | 131 | (2 | ) | 29 | |||||||||||
| Income tax expense (benefit) | 3,769 | (9,715 | ) | 2,789 | (9,776 | ) | ||||||||||
| Depreciation | 314 | 279 | 78 | 70 | ||||||||||||
| Stock compensation expense | 427 | 343 | 112 | 99 | ||||||||||||
| Net income EBITDA | $ | 3,159 | $ | 3,185 | $ | 256 | $ | 835 | ||||||||
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Socket Mobile, Inc.
Condensed Summary Balance Sheets
(Amounts in Thousands)
| December 31, | ||||||||
| (Unaudited) 2017 |
2016* | |||||||
| Cash | $ | 3,380 | $ | 1,319 | ||||
| Accounts receivable | 2,687 | 2,867 | ||||||
| Inventories | 2,198 | 1,537 | ||||||
| Deferred costs on shipments to distributors | 204 | 948 | ||||||
| Other current assets | 386 | 260 | ||||||
| Deferred tax assets | 5,637 | 9,589 | ||||||
| Property and equipment, net | 663 | 564 | ||||||
| Goodwill | 4,427 | 4,427 | ||||||
| Other assets | 272 | 76 | ||||||
| Total Assets | $ | 19,854 | $ | 21,587 | ||||
| Accounts payable and accrued liabilities | $ | 1,743 | $ | 2,214 | ||||
| Convertible notes payable | — | 753 | ||||||
| Deferred revenue on shipments to distributors | 493 | 2,010 | ||||||
| Deferred service revenue | 61 | 73 | ||||||
| Other liabilities | 327 | 367 | ||||||
| Total liabilities | $ | 2,624 | $ | 5,417 | ||||
| Common stock | 64,784 | 62,896 | ||||||
| Accumulated deficit | (47,554 | ) | (46,726 | ) | ||||
| Total stockholder equity | $ | 17,230 | $ | 16,170 | ||||
| Total Liabilities and Equity | $ | 19,854 | $ | 21,587 | ||||
*Derived from audited financial statements.
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