$BRST
Broad Street Realty, Inc.

2017 Q3 Form 10-Q Financial Statement

#000143774917019631 Filed on November 20, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $260.0K $110.0K $340.0K
YoY Change -23.53% -21.43% -50.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $260.0K $110.0K $340.0K
YoY Change -23.53% -21.43% -50.0%
Operating Profit -$261.5K -$114.1K -$337.8K
YoY Change -22.59% -17.58% -49.96%
Interest Expense $1.230K $3.110K $3.603K
YoY Change -65.86%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$260.0K -$120.0K -$340.0K
YoY Change -23.53% -14.29% -50.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$262.7K -$117.3K -$341.4K
YoY Change -23.05% -15.34% -49.43%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$180.6K -$113.2K -$323.8K
COMMON SHARES
Basic Shares Outstanding 10.57M shares 10.35M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.150M $1.320M $60.00K
YoY Change 1816.67% 2100.0% -86.96%
Cash & Equivalents $1.152M $1.324M $60.01K
Short-Term Investments
Other Short-Term Assets $30.00K $10.00K $100.0K
YoY Change -70.0% 0.0% 900.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.177M $1.340M $160.0K
YoY Change 635.57% 1770.1% -65.69%
LONG-TERM ASSETS
Property, Plant & Equipment $22.72K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $22.72K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.177M $1.340M $160.0K
Total Long-Term Assets $22.72K $0.00
Total Assets $1.200M $1.340M $160.0K
YoY Change 649.76% 1770.1% -65.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.0K $150.0K $50.00K
YoY Change 320.0% 100.41% 54.11%
Accrued Expenses $40.00K
YoY Change 2930.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $280.0K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $233.9K $180.0K $670.0K
YoY Change -65.09% -51.94% 133.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $233.9K $180.0K $670.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $233.9K $180.0K $670.0K
YoY Change -65.09% -51.94% 133.04%
SHAREHOLDERS EQUITY
Retained Earnings -$110.9M $0.00
YoY Change -100.0%
Common Stock $19.07K $158.5K
YoY Change 53.14%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 5.655K shares
Shareholders Equity $965.7K $1.159M -$510.0K
YoY Change
Total Liabilities & Shareholders Equity $1.200M $1.338M $160.0K
YoY Change 649.76% 1767.78% -65.69%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q3
OPERATING ACTIVITIES
Net Income -$262.7K -$117.3K -$341.4K
YoY Change -23.05% -15.34% -49.43%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$460.0K -$90.00K -$270.0K
YoY Change 70.37% -25.0% 125.0%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$20.00K $0.00
YoY Change
Cash From Investing Activities -$50.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 330.0K 750.0K 280.0K
YoY Change 17.86% 211.11%
NET CHANGE
Cash From Operating Activities -460.0K -90.00K -270.0K
Cash From Investing Activities -50.00K 0.000
Cash From Financing Activities 330.0K 750.0K 280.0K
Net Change In Cash -180.0K 660.0K 10.00K
YoY Change -1900.0% -650.0% -133.33%
FREE CASH FLOW
Cash From Operating Activities -$460.0K -$90.00K -$270.0K
Capital Expenditures -$20.00K
Free Cash Flow -$440.0K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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mamp Sharebased Compensation Arrangement By Sharebased Payment Award Options Grants In Period Intrinsic Value
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Nature of Operations</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">MedAmerica Properties Inc. (the &#x201c;<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">Company&#x201d; or &#x201c;MedAmerica&#x201d;)&nbsp;was originally organized under the laws of the Commonwealth of Massachusetts in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1985,</div> under the name VMS Hotel Investment Trust, for the purpose of investing in mortgage loans</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">. The Company was subsequently reorganized as a Delaware corporation in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1987</div> and changed its name to B.H.I.T. Inc. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2010,</div> the Company changed its name from B.H.I.T. Inc. to Banyan Rail Services Inc. From <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2012,</div> the Company experienced severe losses from an operating subsidiary in the rail services sector. In early <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013,</div> the Company became a shell company (as defined in Rule <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12b</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the Securities and Exchange Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1934</div>) with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material operations or assets. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> after exploring various industries and researching numerous companies, the board of directors elected to pursue investing in commercial real estate. The Company is pursuing the acquisition and management of strategically located medical office buildings.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>our board of directors and the holders of a majority of our outstanding shares of common stock approved by written consent amendments to the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s articles of incorporation to (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) change the name of the Company from &#x201c;Banyan Rail Services Inc.&#x201d; to &#x201c;MedAmerica Properties Inc.,&#x201d; and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) effect a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> reverse stock split of the issued and outstanding shares of common stock of the Company. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 15, 2017, </div>the Company filed these amendments with the Secretary of State of the State of Delaware and the name change and reverse stock split became effective with the Financial Industry Regulatory Authority, Inc. (&#x201c;FINRA&#x201d;) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2017. </div>As appropriate, all common stock share quantities have been updated to reflect the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> reverse stock split.</div></div></div>
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0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
500
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
10375
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
5
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
104
CY2017Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
31703
CY2017Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1900000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
1932505
CY2017Q4 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
7500
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
169138
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
275000
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22716
us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Equipment and Furnishings</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Equipment and furnishings are stated at cost. Depreciation <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">is computed using the straight-line method over the estimated useful lives of the assets, which range from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> years. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in the current period statement of operations</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">.</div></div></div></div>
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22716
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
363208
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110915572
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110530623
us-gaap Share Based Compensation
ShareBasedCompensation
us-gaap Share Based Compensation
ShareBasedCompensation
165000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
5000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
60000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
60000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
60000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.30
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
10.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8
CY2017Q3 us-gaap Share Price
SharePrice
7.50
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P182D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
60000
us-gaap Stock Issued1
StockIssued1
888774
us-gaap Stock Issued1
StockIssued1
CY2016Q3 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
22000
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
301656
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
29249
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-128840
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
165000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
965738
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-754634
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
1158692
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
27476
us-gaap Treasury Stock Retired Par Value Method Amount
TreasuryStockRetiredParValueMethodAmount
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
566
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
70689
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The preparation of financial statements, in conformity with accounting principles generally accepted in the <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">United States (&quot;U.S. GAAP&quot;), requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses and disclosures of contingent assets and liabilities at the date and period ending of the financial statements. Actual results could differ from those estimates.</div></div></div></div>

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