$BMNM
Bimini Capital Management Inc

2021 Q1 Form 10-Q Financial Statement

#000127547721000002 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $3.142M $3.353M $4.129M
YoY Change -23.91% -28.2% -0.8%
Cost Of Revenue $289.4K $300.5K $1.277M
YoY Change -77.34% -77.31% -25.71%
Gross Profit $3.511M $3.053M -$13.23M
YoY Change -126.55% -8.75% -447.84%
Gross Profit Margin 111.74% 91.04% -320.27%
Selling, General & Admin $1.757M $1.660M $1.706M
YoY Change 2.97% 2.84% 5.24%
% of Gross Profit 50.03% 54.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.31K $17.32K $17.60K
YoY Change -1.62% -4.68% -4.62%
% of Gross Profit 0.49% 0.57%
Operating Expenses $1.756M $1.660M $1.706M
YoY Change 2.93% 2.84% 5.24%
Operating Profit $1.755M $1.393M -$14.93M
YoY Change -111.75% -19.56% -784.57%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $658.4K -$16.08M
YoY Change -104.1% -1283.04%
Pretax Income $1.755M $1.393M -$14.93M
YoY Change -111.75% -19.56% -784.57%
Income Tax $500.0K -$10.67M $7.400M
% Of Pretax Income 28.49% -765.84%
Net Earnings $1.290M $12.06M -$22.33M
YoY Change -105.78% -6.93% -1479.77%
Net Earnings / Revenue 41.07% 359.59% -540.83%
Basic Earnings Per Share
Diluted Earnings Per Share $110.9K $1.036M -$1.919M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.973M $7.558M $5.871M
YoY Change 1.74% -6.34% 17.34%
Cash & Equivalents $5.973M $7.558M $5.871M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $212.1K $202.2K $223.3K
Other Receivables $711.7K $632.5K $0.00
Total Short-Term Assets $6.897M $8.393M $6.094M
YoY Change 13.17% -4.85% 5.66%
LONG-TERM ASSETS
Property, Plant & Equipment $2.076M $2.093M $2.145M
YoY Change -3.23% -3.24% -34.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $72.86M $65.18M $54.44M
YoY Change 33.82% -70.08% -74.28%
Other Assets $38.24M $38.02M $27.20M
YoY Change 40.59% -0.08% 12.27%
Total Long-Term Assets $130.3M $120.3M $92.02M
YoY Change 41.64% -55.55% -63.63%
TOTAL ASSETS
Total Short-Term Assets $6.897M $8.393M $6.094M
Total Long-Term Assets $130.3M $120.3M $92.02M
Total Assets $137.2M $128.7M $98.11M
YoY Change 39.88% -53.95% -62.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $91.84K $107.4K $109.6K
YoY Change -16.18% -83.35% -74.8%
Deferred Revenue
YoY Change
Short-Term Debt $73.14M $65.07M $52.36M
YoY Change 39.69% -69.01% -73.71%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $73.23M $65.18M $52.47M
YoY Change 39.57% -69.05% -73.71%
LONG-TERM LIABILITIES
Long-Term Debt $27.61M $27.61M $27.48M
YoY Change 0.48% 0.48% 2.51%
Other Long-Term Liabilities $619.6K $1.421M $523.9K
YoY Change 18.27% -0.71% -71.47%
Total Long-Term Liabilities $28.23M $29.03M $28.00M
YoY Change 0.81% 0.42% -2.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.23M $65.18M $52.47M
Total Long-Term Liabilities $28.23M $29.03M $28.00M
Total Liabilities $101.5M $94.21M $80.47M
YoY Change 26.08% -60.66% -64.74%
SHAREHOLDERS EQUITY
Retained Earnings -$298.2M -$315.0M
YoY Change 1.88% 3.5%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.78M $34.49M $17.60M
YoY Change
Total Liabilities & Shareholders Equity $137.2M $128.7M $98.11M
YoY Change 39.88% -53.95% -62.09%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $1.290M $12.06M -$22.33M
YoY Change -105.78% -6.93% -1479.77%
Depreciation, Depletion And Amortization $17.31K $17.32K $17.60K
YoY Change -1.62% -4.68% -4.62%
Cash From Operating Activities $109.9K $1.145M -$3.568M
YoY Change -103.08% -43.52% 160.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$9.070M $8.296M $155.5M
YoY Change -105.83% -115.17% 4807.87%
Cash From Investing Activities -$9.070M $8.296M $155.5M
YoY Change -105.83% -115.17% 4807.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $5.420K $5.077K
YoY Change 6.76%
Cash From Financing Activities $8.059M -5.619M -$157.6M
YoY Change -105.11% -110.01% 12492.62%
NET CHANGE
Cash From Operating Activities $109.9K 1.145M -$3.568M
Cash From Investing Activities -$9.070M 8.296M $155.5M
Cash From Financing Activities $8.059M -5.619M -$157.6M
Net Change In Cash -$900.5K 3.821M -$5.650M
YoY Change -84.06% 9.36% -1134.47%
FREE CASH FLOW
Cash From Operating Activities $109.9K $1.145M -$3.568M
Capital Expenditures $0.00
Free Cash Flow $109.9K
YoY Change

Facts In Submission

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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div id="TextBlockContainer13" style="position:relative;font-family:Arial;font-size:14.72px;font-stretch:condensed;color:#000000;line-height:normal;width:726px;height:153px;display:inline-block;border:inherit;margin-left:-2px;margin-right:-2px;"><div id="a2345" style="position:absolute;font-weight:bold;font-style:normal;left:4.475px;top:0px;">Use of Estimates </div><div id="a2347" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:19.4px;"> </div><div id="a2348" style="position:absolute;font-weight:normal;font-style:normal;left:28.475px;top:38.8px;">The preparation of financial statements in conformity with GAAP requires management<div style="display:inline-block;width:1.84px"> </div>to make estimates and assumptions that </div><div id="a2350" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:58.2px;">affect the reported amounts of assets and liabilities and disclosure of contingent assets and<div style="display:inline-block;width:1.77px"> </div>liabilities at the date of the consolidated </div><div id="a2352" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:77.5px;">financial statements and the reported amounts of revenues and expenses during<div style="display:inline-block;width:2px"> </div>the reporting period. Actual results could differ from </div><div id="a2354" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:96.9px;">those estimates.<div style="display:inline-block;width:6.49px"> </div>Significant estimates affecting the accompanying consolidated financial statements include<div style="display:inline-block;width:1.95px"> </div>determining the fair </div><div id="a2356" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:116.2px;">values of MBS, investment in Orchid common shares and derivatives, determining<div style="display:inline-block;width:1.87px"> </div>the amounts of asset valuation allowances, and the </div><div id="a2358" style="position:absolute;font-weight:normal;font-style:normal;left:4.475px;top:135.6px;">computation of the income tax provision or benefit and the deferred tax asset allowances<div style="display:inline-block;width:1.92px"> </div>recorded for each accounting period.</div></div>
CY2020Q1 us-gaap Gain Loss On Derivative Instruments Held For Trading Purposes Net
GainLossOnDerivativeInstrumentsHeldForTradingPurposesNet
-5291000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5973247 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7558342 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4037655 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3353015 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10010902 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10911357 USD
CY2021Q1 bmnm Advisory Services Other Segments
AdvisoryServicesOtherSegments
0 USD
CY2021Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
1117000 USD
CY2021Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
290000 USD
CY2021Q1 bmnm Net Segment Revenue
NetSegmentRevenue
2852000 USD
CY2021Q1 us-gaap Other Income
OtherIncome
659000 USD
CY2021Q1 bmnm Gross Amount Of Recognized Liabilties
GrossAmountOfRecognizedLiabilties
73136000 USD
CY2021Q1 bmnm Gross Amount Of Liabilties Offset In The Balance Sheet
GrossAmountOfLiabiltiesOffsetInTheBalanceSheet
0 USD
CY2021Q1 bmnm Net Amount Of Liabilities Presented In The Balance Sheet
NetAmountOfLiabilitiesPresentedInTheBalanceSheet
73136000 USD
CY2021Q1 bmnm Gross Amount Of Financial Instruments Posted Not Offset In Balance Sheet
GrossAmountOfFinancialInstrumentsPostedNotOffsetInBalanceSheet
-69099000 USD
CY2021Q1 bmnm Gross Amounts Of Cash Posted Not Offset In Balance Sheet
GrossAmountsOfCashPostedNotOffsetInBalanceSheet
-4037000 USD
CY2021Q1 bmnm Net Amount Of Liabilities
NetAmountOfLiabilities
0 USD
CY2020Q4 bmnm Gross Amount Of Recognized Liabilties
GrossAmountOfRecognizedLiabilties
65071000 USD
CY2020Q4 bmnm Gross Amount Of Liabilties Offset In The Balance Sheet
GrossAmountOfLiabiltiesOffsetInTheBalanceSheet
0 USD
CY2020Q4 bmnm Net Amount Of Liabilities Presented In The Balance Sheet
NetAmountOfLiabilitiesPresentedInTheBalanceSheet
65071000 USD
CY2020Q4 bmnm Gross Amount Of Financial Instruments Posted Not Offset In Balance Sheet
GrossAmountOfFinancialInstrumentsPostedNotOffsetInBalanceSheet
-61719000 USD
CY2020Q4 bmnm Gross Amounts Of Cash Posted Not Offset In Balance Sheet
GrossAmountsOfCashPostedNotOffsetInBalanceSheet
-3352000 USD
CY2020Q4 bmnm Net Amount Of Liabilities
NetAmountOfLiabilities
0 USD
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
27607000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
27613000 USD
CY2021Q1 bmnm Scheduled Principal Payments
ScheduledPrincipalPayments
27455000 USD
CY2021Q1 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
72856000 USD
CY2021Q1 us-gaap Financial Instruments Owned Corporate Equities At Fair Value
FinancialInstrumentsOwnedCorporateEquitiesAtFairValue
15598000 USD
CY2020Q4 us-gaap Financial Instruments Owned Corporate Equities At Fair Value
FinancialInstrumentsOwnedCorporateEquitiesAtFairValue
13548000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2025000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7400000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1800000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-14900000 USD
CY2020Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
11200000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1286000 USD
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
1756000 USD
CY2021Q1 bmnm Intercompany Expenses
IntercompanyExpenses
0 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1755000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1725000 USD
CY2020Q1 bmnm Advisory Services Other Segments
AdvisoryServicesOtherSegments
0 USD
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
2405000 USD
CY2020Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
1278000 USD
CY2020Q1 bmnm Net Segment Revenue
NetSegmentRevenue
2852000 USD
CY2020Q1 us-gaap Other Income
OtherIncome
-16077000 USD
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
1706000 USD
CY2020Q1 bmnm Intercompany Expenses
IntercompanyExpenses
0 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-14931000 USD
CY2021Q1 us-gaap Assets
Assets
137233000 USD
CY2020Q4 us-gaap Assets
Assets
128701000 USD

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