VISION SCIENCES INC /DE/

CIK:0000894237|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 56,316,109	$ 51,851,159
Cost of goods sold	18,872,250	16,248,111
Gross profit	37,443,859	35,603,048
Operating expenses
General and administrative	8,293,814	6,778,010
Research and development	4,742,308	4,701,539
Selling and marketing	22,907,468	21,313,364
One-time costs	0	2,257,654
Amortization of intangible assets	2,389,743	2,363,432
Total operating expenses	38,333,333	37,413,999
Operating loss	(889,474)	(1,810,951)
Other income (expense)
Interest income	245,678	25,455
Interest expense	(29,034)	(1,298,253)
Debt conversion expense	0	(18,841,407)
Foreign currency exchange gain (loss)	48,479	(25,022)
Other	7,365	0
Total other income (expense)	272,488	(20,139,227)
Loss before income taxes	(616,986)	(21,950,178)
Income tax expense	137,124	144,769
Equity-method investment activity, net of tax	128,640	0
Net loss	$ (882,750)	$ (22,094,947)
Basic and diluted net loss per common share (in dollars per share)	$ (0.01)	$ (0.71)
Weighted average common shares outstanding:
Basic and diluted (in shares)	59,981,534	30,903,035

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (882,750)	$ (22,094,947)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,165,980	3,136,109
Debt conversion expense	0	18,841,407
Loss by equity method investee	128,640	0
Loss on disposal of equipment	1,997	5,640
Amortization of premium on marketable securities	104,757	8,003
Share-based compensation expense	1,452,911	748,119
Amortization of discount on related party debt	0	940,923
Long term incentive plan	0	(74,404)
Deferred income taxes	(80,048)	57,536
Deferred rent	(32,697)	3,777
Restricted stock exchanged for taxes	(17,690)	(57,343)
Changes in operating assets and liabilities:
Accounts receivable	(661,770)	1,359,056
Inventories	276,090	(2,655,221)
Other current assets	(279,327)	253,553
Accounts payable	(90,320)	484,237
Interest payable	0	292,049
Accrued compensation	(768,485)	1,609,281
Accrued liabilities, other	(108,111)	270,612
Accrued pension liability	(85,270)	(116,395)
Deferred revenue	182,804	288,329
Net cash provided by operating activities	2,306,711	3,300,321
Cash flows from investing activities:
Proceeds from maturity of available-for-sale-securities	15,020,000	0
Purchases of available-for-sale securities	(2,438,322)	(18,945,717)
Purchase of equity method investment	(2,000,000)	0
Purchases of property, plant and equipment	(856,875)	(355,145)
Acquisition of business, net of cash acquired	(181,261)	0
Net cash provided by (used in) investing activities	9,543,542	(19,300,862)
Cash flows from financing activities:
Borrowings from line of credit	3,033,385	2,646,500
Repayments of line of credit	(3,033,385)	(2,646,500)
Payments of note payable	(47,329)	0
Payments of secured borrowings	(238,984)	0
Proceeds from exercise of stock options	9,713	0
Proceeds from sale of common stock, net	0	23,428,900
Net cash provided by (used in) financing activities	(276,600)	23,428,900
Effect of exchange rates on cash and cash equivalents	(33,672)	(35,329)
Net increase in cash and cash equivalents	11,539,981	7,393,030
Cash and cash equivalents at beginning of period	9,369,624	1,976,594
Cash and cash equivalents at end of period	20,909,605	9,369,624
Supplemental disclosure of cash flow information:
Cash paid during the period for income tax	284,374	42,957
Cash paid during the period for interest	13,845	62,418
Non-cash financing activities:
Note payable issued in conjunction with acquisition of business	462,184	0
Non-cash debt and interest converted to equity	$ 0	$ 25,327,441

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 20,909,605	$ 9,369,624
Short-term investments	6,247,265	13,573,057
Accounts receivable, net	8,275,518	6,770,838
Inventories	7,176,695	7,235,043
Other	1,075,170	571,527
Total current assets	43,684,253	37,520,089
Property, plant, and equipment, net	2,427,479	2,115,316
Goodwill	19,153,554	18,749,888
Other intangibles, net	7,362,144	9,482,578
Long-term investments	0	5,344,004
Equity method investment	1,871,360	0
Deferred tax assets and other	245,078	163,427
Total assets	74,743,868	73,375,302
Current liabilities:
Accounts payable	2,983,899	2,689,035
Income taxes payable	87,441	113,191
Accrued liabilities:
Compensation	4,171,976	4,670,640
Deferred revenue	774,635	597,524
Other	1,360,743	838,272
Total current liabilities	9,378,694	8,908,662
Accrued pension liability	264,692	308,918
Deferred rent	586,296	639,019
Other	478,347	278,780
Total liabilities	10,708,029	10,135,379
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; none issued or outstanding at December 31, 2017 and 2016, respectively	0	0
Common stock $.01 par value; 100,000,000 shares authorized, 60,905,666 and 60,436,548 shares issued and outstanding at December 31, 2017 and 2016, respectively.	609,059	604,368
Additional paid-in capital	145,982,121	144,430,381
Accumulated deficit	(81,999,901)	(81,005,654)
Accumulated other comprehensive loss	(555,440)	(789,172)
Total shareholders' equity	64,035,839	63,239,923
Total liabilities and shareholders' equity	$ 74,743,868	$ 73,375,302