$BRST
Broad Street Realty, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022010104 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $7.302M $4.918M
YoY Change 48.47% -4.02%
Cost Of Revenue $2.458M $1.593M
YoY Change 54.3% 13.79%
Gross Profit $4.844M $3.325M
YoY Change 45.68% -10.71%
Gross Profit Margin 66.34% 67.61%
Selling, General & Admin $3.727M $2.641M
YoY Change 41.12% 16.91%
% of Gross Profit 76.94% 79.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.373M $2.455M
YoY Change 78.13% -5.39%
% of Gross Profit 90.28% 73.83%
Operating Expenses $10.30M $6.547M
YoY Change 57.35% 6.61%
Operating Profit -$3.000M -$1.629M
YoY Change 84.16% 60.18%
Interest Expense $2.588M $1.878M
YoY Change 37.81% 18.86%
% of Operating Profit
Other Income/Expense, Net -$817.0K -$937.0K
YoY Change -12.81% -57.18%
Pretax Income -$3.817M -$2.566M
YoY Change 48.75% -19.94%
Income Tax -$600.0K -$600.0K
% Of Pretax Income
Net Earnings -$2.943M -$1.677M
YoY Change 75.49% -19.18%
Net Earnings / Revenue -40.3% -34.1%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$92.06K -$74.63K
COMMON SHARES
Basic Shares Outstanding 31.97K 22.47K
Diluted Shares Outstanding 31.97K 22.47K

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.251M $2.744M
YoY Change -17.97% -42.94%
Cash & Equivalents $2.251M $2.744M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.364M $2.062M
Other Receivables $80.00K $100.0K
Total Short-Term Assets $3.615M $4.806M
YoY Change -24.78% -30.71%
LONG-TERM ASSETS
Property, Plant & Equipment $101.0K $101.0K
YoY Change 0.0% -20.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.737M $9.782M
YoY Change -0.46% 65.46%
Total Long-Term Assets $244.6M $186.2M
YoY Change 31.37% 3.88%
TOTAL ASSETS
Total Short-Term Assets $3.615M $4.806M
Total Long-Term Assets $244.6M $186.2M
Total Assets $248.2M $191.0M
YoY Change 29.96% 2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.19M $9.334M
YoY Change 30.6% 16.28%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.83M $10.48M
YoY Change 22.45% -12.02%
LONG-TERM LIABILITIES
Long-Term Debt $178.4M $125.0M
YoY Change 42.7% 12.69%
Other Long-Term Liabilities $3.029M $2.681M
YoY Change 12.98% 541.39%
Total Long-Term Liabilities $181.5M $127.7M
YoY Change 42.08% 14.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.83M $10.48M
Total Long-Term Liabilities $181.5M $127.7M
Total Liabilities $202.5M $147.8M
YoY Change 36.95% 7.79%
SHAREHOLDERS EQUITY
Retained Earnings -$22.49M
YoY Change
Common Stock $320.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.64M $43.14M
YoY Change
Total Liabilities & Shareholders Equity $248.2M $191.0M
YoY Change 29.96% 2.59%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.943M -$1.677M
YoY Change 75.49% -19.18%
Depreciation, Depletion And Amortization $4.373M $2.455M
YoY Change 78.13% -5.39%
Cash From Operating Activities $804.0K -$1.946M
YoY Change -141.32% 40.4%
INVESTING ACTIVITIES
Capital Expenditures -$808.0K -$1.148M
YoY Change -29.62% -49.45%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$908.0K -$1.148M
YoY Change -20.91% -49.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -364.0K 4.252M
YoY Change -108.56% -445.41%
NET CHANGE
Cash From Operating Activities 804.0K -1.946M
Cash From Investing Activities -908.0K -1.148M
Cash From Financing Activities -364.0K 4.252M
Net Change In Cash -468.0K 1.158M
YoY Change -140.41% -123.67%
FREE CASH FLOW
Cash From Operating Activities $804.0K -$1.946M
Capital Expenditures -$808.0K -$1.148M
Free Cash Flow $1.612M -$798.0K
YoY Change -302.01% -190.17%

Facts In Submission

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CY2021Q1 brst Payments For Proceeds From Capital Expenditures For Real Estate
PaymentsForProceedsFromCapitalExpendituresForRealEstate
1148000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-908000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1148000
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
304000
CY2021Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
13469000
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
863000
CY2021Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
9372000
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4000
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
330000
CY2022Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
199000
CY2022Q1 brst Accrued Pre Acquisition Costs
AccruedPreAcquisitionCosts
0
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1158000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11024000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9983000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10556000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11141000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
2460000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1887000
CY2022Q1 brst Accrued Offering Costs
AccruedOfferingCosts
457000
CY2021Q1 brst Accrued Offering Costs
AccruedOfferingCosts
457000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
341000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
192000
CY2021Q1 brst Accrued Pre Acquisition Costs
AccruedPreAcquisitionCosts
133000
CY2022Q1 us-gaap Loans Assumed1
LoansAssumed1
0
CY2021Q1 us-gaap Loans Assumed1
LoansAssumed1
12000
CY2022Q1 brst Non Cash Or Part Non Cash Forgiveness Of Paycheck Protection Program Loan
NonCashOrPartNonCashForgivenessOfPaycheckProtectionProgramLoan
0
CY2021Q1 brst Non Cash Or Part Non Cash Forgiveness Of Paycheck Protection Program Loan
NonCashOrPartNonCashForgivenessOfPaycheckProtectionProgramLoan
757000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2251000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2744000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
8305000
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
8397000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10556000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11141000
CY2022Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
258600000
CY2022Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
15
CY2022Q1 brst Principal Amount Outstanding Of Loans Held In Portfolio To Be Matured Within Twelve Months
PrincipalAmountOutstandingOfLoansHeldInPortfolioToBeMaturedWithinTwelveMonths
22700000
CY2022Q1 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
the Basis Term Loan and the Basis Preferred Interest (each as defined below), totaling approximately $75.2 million, mature on January 1, 2023, subject to two one-year extension options that are subject to certain conditions, including a material adverse change clause.
CY2022Q1 brst Net Amortization Related To Above Market Leases And Below Market Leases
NetAmortizationRelatedToAboveMarketLeasesAndBelowMarketLeases
-100000
CY2021Q1 brst Net Amortization Related To Above Market Leases And Below Market Leases
NetAmortizationRelatedToAboveMarketLeasesAndBelowMarketLeases
-100000
CY2022Q1 brst Below Market Leases Remaining Amortization Period1
BelowMarketLeasesRemainingAmortizationPeriod1
P2Y3M18D
CY2022Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1432000
CY2021Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1708000
CY2022Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
1528000
CY2021Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
1398000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
748000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
852000
CY2022Q1 brst Pre Acquisition Costs
PreAcquisitionCosts
392000
CY2021Q4 brst Pre Acquisition Costs
PreAcquisitionCosts
280000
CY2022Q1 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
75000
CY2021Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
75000
CY2022Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
80000
CY2021Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
82000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
101000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68000
CY2022Q1 us-gaap Due From Related Parties
DueFromRelatedParties
8000
CY2021Q4 us-gaap Due From Related Parties
DueFromRelatedParties
208000
CY2022Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
1380000
CY2021Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
3000
CY2022Q1 us-gaap Other Assets
OtherAssets
5669000
CY2021Q4 us-gaap Other Assets
OtherAssets
4599000
CY2022Q1 brst Long Term Debt Net Of Discount
LongTermDebtNetOfDiscount
179372000
CY2021Q4 brst Long Term Debt Net Of Discount
LongTermDebtNetOfDiscount
180097000
CY2022Q1 us-gaap Deferred Costs
DeferredCosts
944000
CY2021Q4 us-gaap Deferred Costs
DeferredCosts
1115000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
178428000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
178982000
CY2022Q1 brst Preferred Investor Approval Rights Minimum Amount Of Capital Expenditure To Be Incurred
PreferredInvestorApprovalRightsMinimumAmountOfCapitalExpenditureToBeIncurred
250000000
CY2022Q1 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
2100000
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
900000
CY2021Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
2100000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1100000
CY2022Q1 brst Debt Instrument Unamortized Discount Gross
DebtInstrumentUnamortizedDiscountGross
2100000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
800000
CY2021Q4 brst Debt Instrument Unamortized Discount Gross
DebtInstrumentUnamortizedDiscountGross
2100000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1000000.0
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
19485000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
114877000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13597000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
11096000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
644000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
672000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
19772000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180143000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
1715000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
178428000
CY2022Q1 brst Income Expenses Related To Fair Value Adjustments On Derivatives
IncomeExpensesRelatedToFairValueAdjustmentsOnDerivatives
1800000
CY2021Q1 brst Income Expenses Related To Fair Value Adjustments On Derivatives
IncomeExpensesRelatedToFairValueAdjustmentsOnDerivatives
200000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q1 brst Convertible Preferred Stock Share Issued Upon Conversion
ConvertiblePreferredStockShareIssuedUponConversion
0.20
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
70000
CY2022Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P4Y3M18D
CY2022Q1 brst Rental Income
RentalIncome
6727000
CY2021Q1 brst Rental Income
RentalIncome
3938000
CY2022Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
6727000
CY2021Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
3938000
CY2022Q1 us-gaap Revenues
Revenues
7302000
CY2021Q1 us-gaap Revenues
Revenues
4918000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-1942000
CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
100000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
15254000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
19207000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
15837000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
13003000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
10001000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
7457000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
15313000
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
96072000
CY2022Q1 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
one-for-one basis
CY2022Q1 brst Weighted Average Number Of Antidilutive Convertible Preferred Stock Restricted Stock Rsus And Operating Partnership Units Outstanding
WeightedAverageNumberOfAntidilutiveConvertiblePreferredStockRestrictedStockRsusAndOperatingPartnershipUnitsOutstanding
4100000
CY2021Q1 brst Weighted Average Number Of Antidilutive Convertible Preferred Stock Restricted Stock Rsus And Operating Partnership Units Outstanding
WeightedAverageNumberOfAntidilutiveConvertiblePreferredStockRestrictedStockRsusAndOperatingPartnershipUnitsOutstanding
3000000.0
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-3190000
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-247000
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-265000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2943000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-1677000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31967
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22471
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31967
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22471
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-600000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-600000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.249
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
CY2021Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
500000
CY2022Q1 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
100000
CY2021Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
100000
CY2022Q1 brst Number Of Properties To Be Acquired
NumberOfPropertiesToBeAcquired
2
CY2021Q4 brst Number Of Properties To Be Acquired
NumberOfPropertiesToBeAcquired
2

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