$AFCG
Advanced Flower Capital Inc.

2021 Q1 Form 10-Q Financial Statement

#000114036121016757 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1
Revenue $4.685M
YoY Change
Cost Of Revenue $880.0K
YoY Change
Gross Profit $3.810M
YoY Change
Gross Profit Margin 81.32%
Selling, General & Admin $2.200M
YoY Change
% of Gross Profit 57.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.074M
YoY Change
Operating Profit $736.3K
YoY Change
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net -$70.00K
YoY Change
Pretax Income $1.401M
YoY Change
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $1.401M
YoY Change
Net Earnings / Revenue 29.9%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share $0.19
COMMON SHARES
Basic Shares Outstanding 7.145M
Diluted Shares Outstanding 7.485M

Balance Sheet

Concept 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.8M
YoY Change
Cash & Equivalents $126.8M
Short-Term Investments
Other Short-Term Assets $1.100M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $128.9M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $92.61M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $128.9M
Total Long-Term Assets $92.61M
Total Assets $221.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K
YoY Change
Accrued Expenses $4.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.200M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $300.0K
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.200M
Total Long-Term Liabilities $0.00
Total Liabilities $5.174M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$306.4K
YoY Change
Common Stock $133.7K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.3M
YoY Change
Total Liabilities & Shareholders Equity $221.5M
YoY Change

Cashflow Statement

Concept 2021 Q1
OPERATING ACTIVITIES
Net Income $1.401M
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $2.371M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$6.890M
YoY Change
Cash From Investing Activities -$6.885M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid $2.225M
YoY Change
Common Stock Issuance & Retirement, Net $127.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.7M
YoY Change
NET CHANGE
Cash From Operating Activities 2.371M
Cash From Investing Activities -6.885M
Cash From Financing Activities 121.7M
Net Change In Cash 117.2M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $2.371M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Use of Estimates in the Preparation of Financial Statements</div><div>&#160;</div><div style="text-align: justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of investments.</div><div>&#160;</div><div style="text-align: justify; font-family: 'Times New Roman';"><div style="text-align: justify; font-size: 10pt;">The spread of a novel strain of coronavirus (&#8220;COVID-19&#8221;) has caused significant business disruptions in the United States beginning in the first quarter of 2020 and has resulted in governmental authorities implementing numerous measures to try to contain the virus, such as quarantines, shelter-in-place or total lock-down orders and business imitations and shutdowns (subject to exceptions for certain &#8220;essential&#8221; operations and businesses). Over the course of the COVID-19 pandemic, medical cannabis companies have been deemed &#8220;essential&#8221; by 29 states administering shelter-in-place orders and adult use cannabis has been deemed &#8220;essential&#8221; in eight of those states. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the period ended March 31, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although some of these measures have been lifted or scaled back, a recent resurgence of COVID-19 in certain parts of the world, including the United States, may lead to more restrictions to reduce the spread of COVID-19. The extent of any effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company&#8217;s loans, general business activity, and ability to generate revenue, which cannot be determined.</div></div></div>
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ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestmentCarryingValue
107717
CY2020Q4 afcg Number Of Portfolio Loans
NumberOfPortfolioLoans
1
CY2021Q1 afcg Number Of Portfolio Loans
NumberOfPortfolioLoans
1
CY2021Q1 afcg Contractual Obligation Loan Commitments
ContractualObligationLoanCommitments
130684459
CY2020Q4 afcg Contractual Obligation Loan Commitments
ContractualObligationLoanCommitments
107292176
CY2020Q4 afcg Contractual Obligation Drawn Loan Commitments
ContractualObligationDrawnLoanCommitments
87467057
CY2021Q1 afcg Contractual Obligation Drawn Loan Commitments
ContractualObligationDrawnLoanCommitments
97214795
CY2021Q1 afcg Loans Held For Investment At Carrying Value Aggregate Commitments
LoansHeldForInvestmentAtCarryingValueAggregateCommitments
65000000
CY2020Q4 afcg Loans Held For Investment At Carrying Value Aggregate Commitments
LoansHeldForInvestmentAtCarryingValueAggregateCommitments
44000000
CY2021Q1 afcg Loans Held For Investment At Carrying Value Outstanding Principal New Fundings
LoansHeldForInvestmentAtCarryingValueOutstandingPrincipalNewFundings
8863455
CY2021Q1 afcg Number Of Loans Held For Investments
NumberOfLoansHeldForInvestments
4
CY2020 afcg Number Of Loans Held For Investments
NumberOfLoansHeldForInvestments
3
CY2021Q1 afcg London Interbank Offered Rate Period
LondonInterbankOfferedRatePeriod
P30D
CY2021Q1 afcg Percentage Of Loans Held With Floating Interest Rates
PercentageOfLoansHeldWithFloatingInterestRates
0.49
CY2020Q4 afcg Percentage Of Loans Held With Floating Interest Rates
PercentageOfLoansHeldWithFloatingInterestRates
0.35
CY2021Q1 afcg Loans Held For Investment At Fair Value Unrealized Gains Losses Change In Unrealized Gains Losses On Loans At Fair Value Net
LoansHeldForInvestmentAtFairValueUnrealizedGainsLossesChangeInUnrealizedGainsLossesOnLoansAtFairValueNet
-144402
CY2021Q1 afcg Loans Held For Investment At Fair Value Unrealized Gains Losses New Fundings
LoansHeldForInvestmentAtFairValueUnrealizedGainsLossesNewFundings
0
CY2021Q1 afcg Loans Held For Investment At Fair Value Original Issue Discount Payment In Kind Interest
LoansHeldForInvestmentAtFairValueOriginalIssueDiscountPaymentInKindInterest
0
CY2021Q1 afcg Loans Held For Investment At Fair Value Original Issue Discount Accretion Of Original Issue Discount
LoansHeldForInvestmentAtFairValueOriginalIssueDiscountAccretionOfOriginalIssueDiscount
600009
CY2021Q1 afcg Loans Held For Investment At Fair Value Original Issue Discount Change In Unrealized Gains Losses On Loans At Fair Value Net
LoansHeldForInvestmentAtFairValueOriginalIssueDiscountChangeInUnrealizedGainsLossesOnLoansAtFairValueNet
0
CY2020Q4 afcg Loans Held For Investment At Fair Value Original Issue Discount
LoansHeldForInvestmentAtFairValueOriginalIssueDiscount
3836524
CY2021Q1 afcg Loans Held For Investment At Fair Value Original Issue Discount
LoansHeldForInvestmentAtFairValueOriginalIssueDiscount
3379497
CY2021Q1 afcg Loans Held For Investment At Fair Value Unrealized Gains Losses Accretion Of Original Issue Discount
LoansHeldForInvestmentAtFairValueUnrealizedGainsLossesAccretionOfOriginalIssueDiscount
0
CY2021Q1 afcg Loans Held For Investment At Fair Value New Fundings
LoansHeldForInvestmentAtFairValueNewFundings
849018
CY2021Q1 afcg Loans Held For Investment At Fair Value Unrealized Gains Losses Payment In Kind Interest
LoansHeldForInvestmentAtFairValueUnrealizedGainsLossesPaymentInKindInterest
0
CY2021Q1 afcg Loans Held For Investment At Fair Value Outstanding Principal Accretion Of Original Issue Discount
LoansHeldForInvestmentAtFairValueOutstandingPrincipalAccretionOfOriginalIssueDiscount
0
CY2021Q1 afcg Loans Held For Investment At Fair Value Principal Change In Unrealized Gains Losses On Loans At Fair Value Net
LoansHeldForInvestmentAtFairValuePrincipalChangeInUnrealizedGainsLossesOnLoansAtFairValueNet
0
CY2021Q1 afcg Loans Held For Investment At Fair Value Outstanding Principal Payment In Kind Interest
LoansHeldForInvestmentAtFairValueOutstandingPrincipalPaymentInKindInterest
389373
CY2020Q4 afcg Loans Held For Investment At Fair Value Unrealized Gains Losses
LoansHeldForInvestmentAtFairValueUnrealizedGainsLosses
1563340
CY2021Q1 afcg Loans Held For Investment At Fair Value Unrealized Gains Losses
LoansHeldForInvestmentAtFairValueUnrealizedGainsLosses
1418938
CY2021Q1 afcg Loans Held For Investment Cost
LoansHeldForInvestmentCost
48833111
CY2020Q4 afcg Loans Held For Investment Cost
LoansHeldForInvestmentCost
46994711
CY2020 afcg Loans Held For Investment At Fair Value Weighted Average Remaining Life
LoansHeldForInvestmentAtFairValueWeightedAverageRemainingLife
P3Y3M18D
CY2021Q1 afcg Loans Held For Investment At Fair Value Weighted Average Remaining Life
LoansHeldForInvestmentAtFairValueWeightedAverageRemainingLife
P3Y1M6D
CY2021Q1 afcg Receivable With Accretion Of Original Issue Discount Premium
ReceivableWithAccretionOfOriginalIssueDiscountPremium
107432
CY2021Q1 afcg Receivable With Imputed Interest New Funding Net Amount
ReceivableWithImputedInterestNewFundingNetAmount
7038841
CY2021Q1 afcg Receivable With Imputed Interest Discount On New Funding
ReceivableWithImputedInterestDiscountOnNewFunding
1824614
CY2021Q1 afcg Receivable With Paid In Kind Interest Face Amount
ReceivableWithPaidInKindInterestFaceAmount
169632
CY2021Q1 afcg Accretion Of Original Issue Discount Net Amount
AccretionOfOriginalIssueDiscountNetAmount
107432
CY2021Q1 afcg Receivable With Paid In Kind Interest Net Amount
ReceivableWithPaidInKindInterestNetAmount
169632
CY2021Q1 afcg Receivable With Imputed Interest New Funding Face Amount
ReceivableWithImputedInterestNewFundingFaceAmount
8863455
CY2020 afcg Loans Held For Investment Weighted Average Remaining Life
LoansHeldForInvestmentWeightedAverageRemainingLife
P4Y8M12D
CY2021Q1 afcg Loans Held For Investment Weighted Average Remaining Life
LoansHeldForInvestmentWeightedAverageRemainingLife
P4Y6M
CY2021Q1 afcg Payment In Kind Interest
PaymentInKindInterest
559004
CY2021Q1 afcg Increase Decrease In Interest Reserve
IncreaseDecreaseInInterestReserve
82266
CY2021Q1 afcg Interest Reserve Withheld From Funding Of Loan
InterestReserveWithheldFromFundingOfLoan
2000000
CY2021Q1 afcg Accrued Exchange Fee Rebate
AccruedExchangeFeeRebate
237743
CY2020Q4 afcg Accrued Direct Administrative Expenses
AccruedDirectAdministrativeExpenses
550671
CY2021Q1 afcg Accrued Direct Administrative Expenses
AccruedDirectAdministrativeExpenses
365567
CY2021Q1 afcg Exercise Tax As A Percentage Of Undistributed Ordinary Income And Net Capital Gains
ExerciseTaxAsAPercentageOfUndistributedOrdinaryIncomeAndNetCapitalGains
0.04
CY2020Q4 afcg Loans Held For Investment Carrying Value
LoansHeldForInvestmentCarryingValue
31837031
CY2021Q1 afcg Loans Held For Investment Carrying Value
LoansHeldForInvestmentCarryingValue
39152936
CY2021Q1 afcg Loans And Leases Receivable Fair Value
LoansAndLeasesReceivableFairValue
3066014
CY2021Q1 afcg Loans Held For Investment Fair Value
LoansHeldForInvestmentFairValue
41661386
CY2021Q1 afcg Loans Held For Investment At Fair Value Accretion Of Original Issue Discount
LoansHeldForInvestmentAtFairValueAccretionOfOriginalIssueDiscount
600009
CY2021Q1 afcg Loans Held For Investment At Fair Value Payment In Kind Interest
LoansHeldForInvestmentAtFairValuePaymentInKindInterest
389373
CY2021Q1 afcg Loans Held For Investment At Fair Value Outstanding Principal New Fundings
LoansHeldForInvestmentAtFairValueOutstandingPrincipalNewFundings
992000
CY2021Q1 afcg Loans Held For Investment At Fair Value Original Issue Discount New Fundings
LoansHeldForInvestmentAtFairValueOriginalIssueDiscountNewFundings
142982
CY2021Q1 afcg Loans Held For Investment At Fair Value Change In Unrealized Gains Losses On Loans At Fair Value Net
LoansHeldForInvestmentAtFairValueChangeInUnrealizedGainsLossesOnLoansAtFairValueNet
-144402
CY2021Q1 afcg Loans Held For Investment Outstanding Principal Amount
LoansHeldForInvestmentOutstandingPrincipalAmount
52212608
CY2020Q4 afcg Loans Held For Investment Outstanding Principal Amount
LoansHeldForInvestmentOutstandingPrincipalAmount
50831235
CY2021Q1 afcg Percentage Of Loans Held At Fair Value Of Floating Interest Rates
PercentageOfLoansHeldAtFairValueOfFloatingInterestRates
0.000
CY2020Q4 afcg Percentage Of Loans Held At Fair Value Of Floating Interest Rates
PercentageOfLoansHeldAtFairValueOfFloatingInterestRates
0.060
CY2021Q1 afcg Number Of Loans Held For Investments In Portfolio
NumberOfLoansHeldForInvestmentsInPortfolio
4
CY2020 afcg Number Of Loans Held For Investments In Portfolio
NumberOfLoansHeldForInvestmentsInPortfolio
4
CY2021Q1 afcg Loans Held For Investment At Fair Value Aggregate Commitments
LoansHeldForInvestmentAtFairValueAggregateCommitments
62400000
CY2020Q4 afcg Loans Held For Investment At Fair Value Aggregate Commitments
LoansHeldForInvestmentAtFairValueAggregateCommitments
59900000
CY2021Q1 afcg Loans Held For Investment At Fair Value Funded Of Outstanding Principal
LoansHeldForInvestmentAtFairValueFundedOfOutstandingPrincipal
1000000
CY2021Q1 afcg Incentive Compensation
IncentiveCompensation
662730

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