2013 Q4 Form 10-Q Financial Statement

#000110465913083914 Filed on November 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $4.566M $12.56M $1.491M
YoY Change -6.43% 742.45%
Cost Of Revenue $11.21M $3.480M $1.020M
YoY Change 499.47% 241.18%
Gross Profit $6.440M $11.07M $870.0K
YoY Change 113.95% 1172.41%
Gross Profit Margin 141.04% 88.13% 58.35%
Selling, General & Admin $7.900M $4.430M $1.420M
YoY Change 390.68% 211.97%
% of Gross Profit 122.67% 40.02% 163.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit 0.0% 0.0%
Operating Expenses $7.900M $4.440M $1.420M
YoY Change 387.65% 212.68%
Operating Profit -$1.460M $6.630M -$550.0K
YoY Change -205.04% -1305.45%
Interest Expense $4.700M -$1.650M
YoY Change -1616.13%
% of Operating Profit -24.89%
Other Income/Expense, Net
YoY Change
Pretax Income $2.970M $7.380M -$554.0K
YoY Change 175.0% -1432.13%
Income Tax -$320.0K $496.0K $0.00
% Of Pretax Income -10.77% 6.72%
Net Earnings $3.290M $6.884M -$554.0K
YoY Change 204.35% -1342.6%
Net Earnings / Revenue 72.05% 54.8% -37.16%
Basic Earnings Per Share
Diluted Earnings Per Share $115.1K $245.5K -$59.72K
COMMON SHARES
Basic Shares Outstanding 28.48M shares 27.98M shares 9.205M shares
Diluted Shares Outstanding 28.03M shares 9.205M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.10M $12.60M $24.00M
YoY Change -14.1% -47.5%
Cash & Equivalents $14.44M $12.55M $23.98M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $900.0K
Other Receivables $0.00
Total Short-Term Assets $20.10M $12.60M $24.90M
YoY Change -19.92% -49.4%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.107B $777.7M $190.5M
YoY Change 213.27% 308.24%
Other Assets $17.00M $21.90M $4.300M
YoY Change 102.38% 409.3%
Total Long-Term Assets $1.157B $827.2M $195.4M
YoY Change 218.89% 323.44%
TOTAL ASSETS
Total Short-Term Assets $20.10M $12.60M $24.90M
Total Long-Term Assets $1.157B $827.2M $195.4M
Total Assets $1.177B $839.8M $220.3M
YoY Change 203.44% 281.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00
YoY Change
Accrued Expenses $800.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.900M $10.10M $2.600M
YoY Change 83.33% 288.46%
LONG-TERM LIABILITIES
Long-Term Debt $727.3M $375.5M $48.80M
YoY Change 243.88% 669.47%
Other Long-Term Liabilities $33.50M $43.60M $2.100M
YoY Change 830.56% 1976.19%
Total Long-Term Liabilities $760.8M $419.1M $50.90M
YoY Change 253.7% 723.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.900M $10.10M $2.600M
Total Long-Term Liabilities $760.8M $419.1M $50.90M
Total Liabilities $770.7M $429.2M $53.57M
YoY Change 246.5% 701.12%
SHAREHOLDERS EQUITY
Retained Earnings -$13.47M -$8.888M -$2.619M
YoY Change 249.58% 239.37%
Common Stock $419.7M $419.5M $169.3M
YoY Change 147.91% 147.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $406.2M $410.6M $166.7M
YoY Change
Total Liabilities & Shareholders Equity $1.177B $839.8M $220.3M
YoY Change 203.44% 281.21%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $3.290M $6.884M -$554.0K
YoY Change 204.35% -1342.6%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities $20.10M $3.300M $1.000M
YoY Change 1082.35% 230.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$350.5M -$223.0M -$112.3M
YoY Change 115.29% 98.58%
Cash From Investing Activities -$350.5M -$223.0M -$112.2M
YoY Change 115.29% 98.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.700M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 337.9M 192.0M 47.80M
YoY Change 110.53% 301.67%
NET CHANGE
Cash From Operating Activities 20.10M 3.300M 1.000M
Cash From Investing Activities -350.5M -223.0M -112.2M
Cash From Financing Activities 337.9M 192.0M 47.80M
Net Change In Cash 7.500M -27.70M -63.40M
YoY Change -1350.0% -56.31%
FREE CASH FLOW
Cash From Operating Activities $20.10M $3.300M $1.000M
Capital Expenditures $0.00 $0.00
Free Cash Flow $20.10M $3.300M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
acre Number Of Subsequent Taxable Years Subject To Disqualification
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Concentration of Credit Risk</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans held for investment, mortgage servicing rights (&#8220;MSR&#8221;), loans held for sale, interest receivable, derivative financial instruments and allowance for loss sharing. The Company places its cash and cash equivalents with financial institutions and, at times, cash held may exceed the FDIC-insured limit. The Company has exposure to credit risk on its loans held for investment and through its subsidiary ACRE Capital, the Company has exposure on credit risk on loans held for sale and the servicing portfolio whereby ACRE Capital shares in the risk of loss (see Note 7). The Company&#8217;s Manager will seek to manage credit risk by performing credit fundamental analysis of potential collateral assets.</font></p> </div>
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acre General And Administrative Expenses Reimbursed To Affiliate
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216000 USD
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BusinessAcquisitionsProFormaRevenue
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3334000 USD
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2315000 USD
us-gaap Proceeds From Issuance Of Common Stock
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250687000 USD
CY2013Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0 USD
CY2013Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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CY2013Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
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CY2013Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
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CY2012Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0 USD
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us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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acre Business Combination Maximum Measurement Period After Transaction Date For Subsequent Adjustments
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CY2013Q3 acre Income Loss From Continuing Operations Before Income Taxes Minority Interest Income Loss From Equity Method Investments And Gain On Bargain Purchase
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acre Income Loss From Continuing Operations Before Income Taxes Minority Interest Income Loss From Equity Method Investments And Gain On Bargain Purchase
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269000 USD
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CY2013Q3 us-gaap Effective Income Tax Rate Reconciliation Deductions
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CY2013Q3 us-gaap Loans Held For Sale Fair Value Disclosure
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19530000 USD
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496000 USD
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301000 USD
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7512000 USD
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ServicingAssetAdditionsAcquiredInBusinessCombination
61200000 USD

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