Fiscal year is September-

August. All values USD

Thousands. 2019 2018 2017
Sales/Revenue $ 2,703.00 $ 2,449.00 $ 2,456.00

Sales Growth 10.37% -0.29% 283.15%

Cost of Goods Sold (COGS) $ 90.00 $ (80.00) $ 187.00
incl. D&A
COGS excluding D&A $ 82.00 $ (86.00) $ 182.00 Gross Incom
Depreciation & $ 8.00 $ 6.00 $ 5.00
Amortization Expense
Depreciation $ 8.00 $ 6.00 $ 5.00
Gross Income $ 2,613.00 $ 2,529.00 $ 2,269.00
Gross Income Growth 3.32% 11.46% 1402.65%
SG&A Expense $ 17,244.00 $ 16,056.00 $ 13,040.00

Research & Development $ 13,522.00 $ 11,979.00 $ 10,281.00

Other SG&A $ 3,722.00 $ 4,077.00 $ 2,759.00

3.32% 11.46%
SGA Growth 7.40% 23.13% 28.33%
Gross
EBIT $ (14,631.0) $ (13,527.0) $ (10,771.0) 2019 Incom 2018
Non Operating $ (485.0) $ (97.0) $ (88.0) e
Income/Expense Grow
Non-Operating Interest
Income $ 1,061.0 $ 903.0 $ 785.0 th
Interest Expense $ - $ 6.0 $ 6.0
SGA Gro
SGA Growt
Interest Expense Growth 0.00% 0.00% -45.45%
30%
Gross Interest Expense - $ 6.0 $ 6.0
25%
Pretax Income $ (14,055.0) $ (12,727.0) $ (10,080.0)
20%

Pretax Income Growth -10.43% -26.26% -4.68% 15%

Pretax Margin -519.98% - - 10%

5%
Income Tax $ 300.0 - $ 400.0
0%
2019 2018
Income Tax - Current - - -
Domestic
Income Tax - Current
Foreign $ 300.0 - $ 400.0
Consolidated Net Income $ (14,355.0) $ (12,727.0) $ (10,480.0)
Net Income $ (14,355.0) $ (12,727.0) $ (10,480.0)
Net Income Growth -12.79% -21.44% 4.41%

Net Margin -531.08% - -

EPS

10.00%
 Net Margin -531.08% - -
EPS
Net Income After
$ (14,355.0) $ (12,727.0) $ (10,480.0)
Extraordinaries
10.00%
Net Income Available to
$ (14,355.0) $ (12,727.0) $ (10,480.0)
Common 8.00%
6.00% 3.83%
EPS (Basic) $ (0.8) $ (0.9) $ (0.8) 4.00%
2.00%
EPS (Basic) Growth 4.37% -8.86% 9.20% 0.00%
2019
-2.00%
Basic Shares Outstanding $ 17,454.50 $ 14,882.40 $ 13,309.40 -4.00%

EPS (Diluted) $ (0.82) $ (0.86) $ (0.79) -6.00%

-8.00%
-10.00% EPS Growt
EPS (Diluted) Growth 3.83% -8.61% 9.33%

Diluted Shares Outstanding $ 17,454.5 $ 14,882.4 $ 13,309.4

EBITDA $ (14,623.0) $ (13,521.0) $ (10,766.0)

EBITDA Growth -8.15% -25.59% -7.60%

EBITDA Margin -540.99% - -

EBIT $ (14,631.0) $ (13,527.0) $ (10,771.0)
 2019 2018 2017
Sales
Growt 10.37% -0.29% 283.15%
h Company Sales Growth
Sales Growth Row 3
Gross Income Growth 283.15%

1402.65%

10.37%

2019 -0.29%
2018 2017

% 11.46%

2019
2018 2018 2017
2017
3.32% 11.46% 1402.65%

SGA Growth
2019 2018 2017
7% 23% 28%

19 2018 2017

EPS Growth
9.33%
 EPS Growth
9.33%

3.83%

2019 2018 2017

2019 2018 2017

3.83% -8.61%
-8.61% 9.33%
Assets
Fiscal year is September-August. All
values USD Thousands. 2019 2018 2017
Cash & Short Term Investments $ 32,282.00 $ 30,463.00 $ 20,097.00
Cash Only $ 3,329.00 $ 4,996.00 $ 3,985.00
Short-Term Investments $ 28,953.00 $ 25,467.00 $ 16,112.00
Cash & Short Term Investments Growth 5.97% 51.58% -35.24%

Cash & ST Investments / Total Assets 93.13% 64.27% 51.91%

Inventory $ 254.00 $ (7.00)

Total Accounts Receivable - - $ 41.00
Accounts Receivable Growth - $ - $ -
Accounts Receivable Turnover - - $ 59.90
Other Current Assets $ 1,042.00 $ 574.00 $ 159.00
Miscellaneous Current Assets $ 1,042.00 $ 574.00 $ 159.00
Total Current Assets $ 33,324.00 $ 31,037.00 $ 20,297.00
Net Property, Plant & Equipment $ 24.00 $ 17.00 $ 18.00
Property, Plant & Equipment - Gross - - -

Computer Software and Equipment - - -

Other Property, Plant & Equipment - - -

Accumulated Depreciation - - -
Total Investments and Advances $ 1,295.00 $ 16,327.00 $ 18,383.00
Other Long-Term Investments $ 1,295.00 $ 16,327.00 $ 18,383.00
Other Assets $ 20.00 $ 16.00 $ 14.00
Deferred Charges $ 19.00 $ 16.00 $ 14.00
Tangible Other Assets $ 1.00 - -
Total Assets $ 34,663.00 $ 47,397.00 $ 38,712.00
Assets - Total - Growth -26.87% 22.43% -9.61%
Asset Turnover 0.07 - -
Return On Average Assets -34.99% - -
Liabilities & Shareholders' Equity
All values USD Thousands. 2019 2018 2017
Accounts Payable $ 1,337.00 $ 1,135.00 $ 2,716.00
Accounts Payable Growth 17.80% -58.21% 86.15%
Other Current Liabilities $ 3,971.00 $ 3,418.00 $ 2,449.00
Accrued Payroll $ 25.00 $ 80.00 -
 Miscellaneous Current Liabilities $ 3,946.00 $ 3,338.00 $ 2,449.00
Total Current Liabilities $ 5,308.00 $ 4,553.00 $ 5,165.00
Provision for Risks & Charges $ 33.00 $ 31.00 $ 29.00
Other Liabilities $ 9,929.00 $ 11,701.00 $ 14,280.00
Other Liabilities (excl. Deferred
$ 271.00 $ 313.00 $ 443.00
Income)
Deferred Income $ 9,658.00 $ 11,388.00 $ 13,837.00
Total Liabilities $ 15,270.00 $ 16,285.00 $ 19,474.00
Total Liabilities / Total Assets 44.05% 34.36% 50.30%
Common Equity (Total) $ 19,393.0 $ 31,112.0 $ 19,238.0
Common Stock Par/Carry Value $ 208.0 $ 207.0 $ 163.0
Additional Paid-In Capital/Capital
Surplus $ 100,288.0 $ 99,426.0 $ 75,170.0

Retained Earnings $ (81,103.0) $ (69,223.0) $ (56,496.0)

Other Appropriated Reserves - $ 702.0 $ 401.0
Common Equity / Total Assets 55.95% 65.64% 49.70%
Total Shareholders' Equity $ 19,393.00 $ 31,112.00 $ 19,238.00
Total Shareholders' Equity / Total 55.95% 65.64% 49.70%
Assets
Total Equity $ 19,393.00 $ 31,112.00 $ 19,238.00
Liabilities & Shareholders' Equity $ 34,663.00 $ 47,397.00 $ 38,712.00
Operating Activities
Fiscal year is September-August. All
values USD Thousands. 2019 2018 2017
Net Income before Extraordinaries $ (14,355.0) $ (12,727.0) $ (10,480.0)

Net Income Growth -12.79% -21.44% 4.41%

Depreciation, Depletion & Amortization $ 8.0 $ 6.0 $ 5.0

Depreciation and Depletion $ 8.0 $ 6.0 $ 5.0

Other Funds $ 1,117.0 $ 1,668.0 $ 1,771.0

Funds from Operations $ (13,230.0) $ (11,053.0) $ (8,704.0)

Changes in Working Capital $ 290.0 $ (3,604.0) $ 2,873.0

Accounts Payable $ 501.0 $ (612.0) $ 1,257.0

Other Accruals - - -

Other Assets/Liabilities $ (211.0) $ (2,992.0) $ 1,616.0

Net Operating Cash Flow $ (12,940.0) $ (14,657.0) $ (5,831.0)

Net Operating Cash Flow Growth 11.71% -151.36% -225.26%

Net Operating Cash Flow / Sales -478.73% -598.49% -237.42%

Investing Activities
All values USD Thousands. 2019 2018 2017
Capital Expenditures $ (15.00) $ (5.00) $ (7.00)

Capital Expenditures (Fixed Assets) $ (15.00) $ (5.00) $ (7.00)

Capital Expenditures Growth -200.00% 28.57% 22.22%

Capital Expenditures / Sales -0.55% -0.20% -0.29%

Purchase/Sale of Investments $ 15,514.0 $ (6,997.0) $ 4,312.0

Purchase of Investments $ (26,347.0) $ (26,570.0) $ (24,656.0)

Sale/Maturity of Investments $ 41,861.0 $ 19,573.0 $ 28,968.0

Other Uses $ (4,240.0) $ (2.0) $ (3.0)

Net Investing Cash Flow $ 11,259.0 $ (7,004.0) $ 4,302.0

Net Investing Cash Flow Growth 260.75% -262.81% 126.87%

Net Investing Cash Flow / Sales 416.54% -285.99% 175.16%

Financing Activities
All values USD Thousands. 2019 2018 2017
Change in Capital Stock - $ 22,654.00 $ 1,586.00
Sale of Common & Preferred Stock - $ 22,654.00 $ 1,586.00
Proceeds from Stock Options - $ 21,657.00 $ 25.00

Other Proceeds from Sale of Stock - $ 997.00 $ 1,561.00

Net Financing Cash Flow - $ 22,654.00 $ 1,586.00

Net Financing Cash Flow Growth 0.00% 1328.37% -86.83%

Net Financing Cash Flow / Sales 0.00% 925.03% 64.58%

Exchange Rate Effect $ 14.0 $ 34.0 $ 5.0

Net Change in Cash $ (1,667.0) $ 1,027.0 $ 62.0

Free Cash Flow $ (12,955.0) $ (14,662.0) $ (5,838.0)

Free Cash Flow Growth 11.64% -151.15% -225.66%

Free Cash Flow Yield -22.36% - -

Ratios 2019 2018
Current Ratio = Current Assets/ Current Liabilities 6.2781 6.8168
Quick Ratio = (Current Assets – Inventory – Prepaid
Expenses)/ Current Liabilities 6.2781 6.8168
A/R Turnover = A/R Credit Revenue/ A/R 0.0000 0.0000
A/R Collection Period = Days in the Period/ A/R
Turnover 0.0000 0.0000
Net Return on Assets = Net Income After Tax/ Total
Assets -0.4141 -0.2685
Return on Equity = Net Income After Tax/
Shareholders’ Equity -0.7402 -0.4091
Inventory Turnover Ratio = COS/ Inventory 0.3543 11.4286
Inventory Holding Period = Operating Days in the
Period/ Inventory Turnover Ratio 759.1778 23.5375
Cash Conversion Cycle = 365/ Inventory Turnover +
365/ A/R Turnover – 365/ A/P Turnover

Debt/ Equity = Long-Term Debt/ Shareholders’ Equity 0.5120 0.3761

Interest Coverage Ratio = Earnings Before Interest and
Taxes/ Interest Expense -14631 -2255

EPS = (Net Income – Preferred Dividends)/ Weighted

Average Number of Common Shares Outstanding -0.8200 -0.8600
Debt to Equity ratio = Total Liabilities/ Shareholders’
Equity 0.7874 0.5234

Asset turnover ratio= Net sales/average total assets 0.0165 0.0142

Gross Margin Ratio= Gross Profit/Net Sales 97% 103%

Operating Margin Ratio= Operating Income/Net Sales -560% -535%

Account Payable Turnover Ratio 0.8489 2.3930
Debt Ratio= Total Liabilities/Total Assets 0.4405 0.3436
NOTE: 1. No value on inventory on ending period has been provided, hence