$BMNM
Bimini Capital Management Inc

2022 Q2 Form 10-Q Financial Statement

#000127547722000022 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $4.075M $3.969M $2.158M
YoY Change 24.6% 26.32% -35.64%
Cost Of Revenue $376.4K $287.3K $270.5K
YoY Change 34.0% -0.73% -9.98%
Gross Profit $833.3K -$2.677M $1.888M
YoY Change 63.66% -176.23% -38.16%
Gross Profit Margin 20.45% -67.44% 87.47%
Selling, General & Admin $2.113M $2.025M $3.152M
YoY Change 22.53% 15.31% 89.85%
% of Gross Profit 253.55% 166.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.50K $17.31K $17.31K
YoY Change 1.04% -0.01% -0.06%
% of Gross Profit 2.1% 0.92%
Operating Expenses -$2.112M $2.026M $3.152M
YoY Change 22.51% 15.38% 89.85%
Operating Profit $2.945M -$4.703M -$1.264M
YoY Change 31.89% -367.94% -190.77%
Interest Expense $376.0K $287.0K
YoY Change
% of Operating Profit 12.77%
Other Income/Expense, Net -$2.865M -$6.358M
YoY Change 15.51% -1065.67%
Pretax Income -$1.280M -$4.702M -$1.264M
YoY Change 5.35% -367.92% -190.77%
Income Tax -$100.0K -$1.200M -$704.2K
% Of Pretax Income
Net Earnings -$1.187M -$3.480M -$559.8K
YoY Change 29.01% -369.65% -104.64%
Net Earnings / Revenue -29.12% -87.67% -25.94%
Basic Earnings Per Share
Diluted Earnings Per Share -$112.8K -$326.5K -$52.07K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.609M $4.620M $8.421M
YoY Change -22.9% -22.66% 11.42%
Cash & Equivalents $5.609M $4.620M $8.421M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $173.9K $214.6K $229.9K
Other Receivables $1.138M $1.066M $1.062M
Total Short-Term Assets $6.921M $5.900M $9.714M
YoY Change -16.48% -14.45% 15.73%
LONG-TERM ASSETS
Property, Plant & Equipment $2.011M $2.021M $2.024M
YoY Change -2.33% -2.66% -3.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $38.54M $54.68M $60.80M
YoY Change -44.15% -24.95% -6.71%
Other Assets $37.27M $39.62M $36.43M
YoY Change -7.72% 3.61% -4.19%
Total Long-Term Assets $86.42M $106.1M $112.4M
YoY Change -31.62% -18.59% -6.6%
TOTAL ASSETS
Total Short-Term Assets $6.921M $5.900M $9.714M
Total Long-Term Assets $86.42M $106.1M $112.4M
Total Assets $93.34M $112.0M $122.1M
YoY Change -30.69% -18.38% -5.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $104.6K $71.80K $55.61K
YoY Change 34.81% -21.82% -48.23%
Deferred Revenue
YoY Change
Short-Term Debt $36.93M $54.81M $58.88M
YoY Change -48.24% -25.05% -9.52%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.03M $54.89M $58.93M
YoY Change -48.15% -25.05% -9.58%
LONG-TERM LIABILITIES
Long-Term Debt $27.43M $27.43M $27.44M
YoY Change -0.08% -0.63% -0.63%
Other Long-Term Liabilities $1.002M $548.1K $2.712M
YoY Change 6.54% -11.53% 90.81%
Total Long-Term Liabilities $28.43M $27.98M $30.15M
YoY Change 0.14% -0.87% 3.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.03M $54.89M $58.93M
Total Long-Term Liabilities $28.43M $27.98M $30.15M
Total Liabilities $65.46M $82.87M $89.08M
YoY Change -34.42% -18.32% -5.44%
SHAREHOLDERS EQUITY
Retained Earnings -$302.6M -$297.9M
YoY Change -0.09%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.88M $29.14M $33.00M
YoY Change
Total Liabilities & Shareholders Equity $93.34M $112.0M $122.1M
YoY Change -30.69% -18.38% -5.14%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$1.187M -$3.480M -$559.8K
YoY Change 29.01% -369.65% -104.64%
Depreciation, Depletion And Amortization $17.50K $17.31K $17.31K
YoY Change 1.04% -0.01% -0.06%
Cash From Operating Activities $2.154M -$378.0K $2.038M
YoY Change 34.96% -443.83% 78.05%
INVESTING ACTIVITIES
Capital Expenditures -$7.470K $13.98K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $14.37M $3.010M $2.710M
YoY Change 328.02% -133.18% -67.34%
Cash From Investing Activities $14.36M $2.996M $2.710M
YoY Change 327.79% -133.03% -67.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $377.3K
YoY Change
Debt Paid & Issued, Net $5.686K
YoY Change 4.91%
Cash From Financing Activities -17.97M -$4.446M -4.480M
YoY Change 900.79% -155.17% -20.27%
NET CHANGE
Cash From Operating Activities 2.154M -$378.0K 2.038M
Cash From Investing Activities 14.36M $2.996M 2.710M
Cash From Financing Activities -17.97M -$4.446M -4.480M
Net Change In Cash -1.454M -$1.829M 267.4K
YoY Change -146.07% 103.07% -93.0%
FREE CASH FLOW
Cash From Operating Activities $2.154M -$378.0K $2.038M
Capital Expenditures -$7.470K $13.98K
Free Cash Flow $2.161M -$392.0K
YoY Change -456.54%

Facts In Submission

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<div id="TextBlockContainer11" style="position:relative;font-family:'Arial Narrow';font-size:14.72px;font-stretch:condensed;color:#000000;line-height:normal;width:718px;height:153px;display:inline-block;border:inherit;margin-left:-2px;margin-right:-2px;"><div id="a2245" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:bold;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:0px;">Use of Estimates </div><div id="a2248" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:29px;top:39px;">The preparation of financial statements in conformity with GAAP requires management<div style="display:inline-block;width:2px"> </div>to make estimates and assumptions that </div><div id="a2251" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:58px;">affect the reported amounts of assets and liabilities and disclosure of contingent assets<div style="display:inline-block;width:2px"> </div>and liabilities at the date of the consolidated </div><div id="a2253" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:78px;">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="a2255" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:97px;">those estimates.<div style="display:inline-block;width:6px"> </div>Significant estimates affecting the accompanying consolidated financial statements include<div style="display:inline-block;width:2px"> </div>determining the fair </div><div id="a2257" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:116px;">values of MBS and derivatives, the value of Orchid Common Stock, determining<div style="display:inline-block;width:2px"> </div>the amounts of asset valuation allowances, and the </div><div id="a2259" style="position:absolute;font-family:'Arial Narrow';font-size:14.72px;font-weight:normal;font-style:normal;font-stretch:condensed;color:#000000;left:4px;top:136px;">computation of the income tax provision or benefit and the deferred tax asset allowances<div style="display:inline-block;width:2px"> </div>recorded for each accounting period.</div></div>
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OtherIncome
-1822000 usd
us-gaap Operating Expenses
OperatingExpenses
3481000 usd
bmnm Intercompany Expenses
IntercompanyExpenses
0 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
539000 usd
CY2022Q2 bmnm Advisory Services Other Segments
AdvisoryServicesOtherSegments
0 usd
CY2022Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
742000 usd
CY2022Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
377000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6000000.0 usd
CY2022Q2 us-gaap Other Income
OtherIncome
-2865000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
-2112000 usd
CY2022Q2 bmnm Intercompany Expenses
IntercompanyExpenses
0 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1280000 usd
CY2021Q2 bmnm Advisory Services Other Segments
AdvisoryServicesOtherSegments
0 usd
CY2021Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
1084000 usd
CY2021Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
281000 usd
CY2021Q2 bmnm Net Segment Revenue
NetSegmentRevenue
2989000 usd
CY2021Q2 us-gaap Other Income
OtherIncome
-2480000 usd
CY2021Q2 us-gaap Operating Expenses
OperatingExpenses
-1724000 usd
CY2021Q2 bmnm Intercompany Expenses
IntercompanyExpenses
0 usd
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1215000 usd
CY2022Q2 us-gaap Revenues
Revenues
4074820 usd
CY2022Q2 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
197149 usd

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