$ELA
Envela Corp

2022 Q1 Form 10-Q Financial Statement

#000165495422006452 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $47.42M $25.49M
YoY Change 86.01% -1.31%
Cost Of Revenue $37.70M $19.19M
YoY Change 96.52% -6.54%
Gross Profit $9.711M $6.304M
YoY Change 54.04% 18.92%
Gross Profit Margin 20.48% 24.73%
Selling, General & Admin $6.560M $4.153M
YoY Change 57.94% 8.58%
% of Gross Profit 67.55% 65.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $291.9K $204.9K
YoY Change 42.47% 14.01%
% of Gross Profit 3.01% 3.25%
Operating Expenses $6.852M $4.358M
YoY Change 57.22% 8.82%
Operating Profit $2.859M $1.946M
YoY Change 46.92% 50.12%
Interest Expense $123.2K $179.0K
YoY Change -31.16% -223.19%
% of Operating Profit 4.31% 9.2%
Other Income/Expense, Net -$58.58K $271.9K
YoY Change -121.54% 552.29%
Pretax Income $2.678M $2.039M
YoY Change 31.31% 70.96%
Income Tax $30.29K $30.77K
% Of Pretax Income 1.13% 1.51%
Net Earnings $2.647M $2.008M
YoY Change 31.82% 71.04%
Net Earnings / Revenue 5.58% 7.88%
Basic Earnings Per Share $0.10 $0.07
Diluted Earnings Per Share $0.10 $0.07
COMMON SHARES
Basic Shares Outstanding 26.92M shares
Diluted Shares Outstanding 26.94M shares 26.94M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.50M $8.397M
YoY Change 36.92% 112.91%
Cash & Equivalents $11.50M $8.397M
Short-Term Investments
Other Short-Term Assets $1.765M $1.916M
YoY Change -7.85% 27.84%
Inventory $14.62M $11.63M
Prepaid Expenses $612.5K
Receivables $5.357M $3.184M
Other Receivables $0.00 $123.5K
Total Short-Term Assets $35.46M $25.25M
YoY Change 40.44% 45.86%
LONG-TERM ASSETS
Property, Plant & Equipment $9.719M $10.33M
YoY Change -5.9% 211.8%
Goodwill $6.140M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $236.8K $297.6K
YoY Change -20.45% 49.07%
Total Long-Term Assets $24.30M $16.99M
YoY Change 43.03% 75.6%
TOTAL ASSETS
Total Short-Term Assets $35.46M $25.25M
Total Long-Term Assets $24.30M $16.99M
Total Assets $59.76M $42.24M
YoY Change 41.48% 56.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.858M $1.192M
YoY Change 139.65% 47.8%
Accrued Expenses $1.501M $1.863M
YoY Change -19.4% -10.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.004M $2.137M
YoY Change -53.03%
Total Short-Term Liabilities $8.191M $5.995M
YoY Change 36.62% 85.15%
LONG-TERM LIABILITIES
Long-Term Debt $15.83M $13.17M
YoY Change 20.21% 41.93%
Other Long-Term Liabilities $5.467M $3.490M
YoY Change 56.65% 65.94%
Total Long-Term Liabilities $15.83M $16.66M
YoY Change -4.98% 46.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.191M $5.995M
Total Long-Term Liabilities $15.83M $16.66M
Total Liabilities $29.48M $22.65M
YoY Change 30.17% 54.96%
SHAREHOLDERS EQUITY
Retained Earnings -$10.17M
YoY Change
Common Stock $40.44M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.27M $19.59M
YoY Change
Total Liabilities & Shareholders Equity $59.76M $42.24M
YoY Change 41.48% 56.52%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $2.647M $2.008M
YoY Change 31.82% 71.04%
Depreciation, Depletion And Amortization $291.9K $204.9K
YoY Change 42.47% 14.01%
Cash From Operating Activities $3.359M -$384.9K
YoY Change -972.61% -137.31%
INVESTING ACTIVITIES
Capital Expenditures $93.38K $200.6K
YoY Change -53.44% -790.41%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$123.5K
YoY Change -100.0% -91.77%
Cash From Investing Activities -$93.38K -$324.0K
YoY Change -71.18% -78.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.906M -112.1K
YoY Change 1600.66% 61.51%
NET CHANGE
Cash From Operating Activities 3.359M -384.9K
Cash From Investing Activities -$93.38K -324.0K
Cash From Financing Activities -$1.906M -112.1K
Net Change In Cash -$2.000M -821.0K
YoY Change 143.55% 44.87%
FREE CASH FLOW
Cash From Operating Activities $3.359M -$384.9K
Capital Expenditures $93.38K $200.6K
Free Cash Flow $3.265M -$585.5K
YoY Change -657.73% -155.19%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0.25in; text-align:center;"><span style="text-decoration:underline">NOTE 2 — PRINCIPLES OF CONSOLIDATION AND NATURE OF OPERATIONS</span></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These activities include being one of the nation's premier authenticated recommerce retailers of luxury hard assets; providing end-of-life asset recycling and resale to businesses, organization and retail consumers; offering data destruction and IT asset management; and providing products, services and solutions to industrial and commercial companies. Envela operates primarily via two operating and reportable segments. Through DGSE, LLC (“DGSE”), it operates Dallas Gold &amp; Silver Exchange, Charleston Gold &amp; Diamond Exchange, and Bullion Express brands. Through ECHG, LLC (“ECHG”), it operates Echo Environmental Holdings, LLC (“Echo”), ITAD USA Holdings, LLC (“ITAD USA”), Teladvance, LLC (“Teladvance”), CEX Holdings, LLC (“CEX”) and Avail Recovery Solutions, LLC (“Avail”). Envela is a Nevada corporation, headquartered in Irving, Texas.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">DGSE primarily buys and resells or recycles luxury hard assets like jewelry, diamonds, gemstones, fine watches, rare coins and related collectibles, precious-metal bullion products, gold, silver and other precious-metals. DGSE operates seven jewelry stores at both the retail and wholesale levels throughout the United States via its facilities in Texas and South Carolina. Buying and selling items for their precious-metals content is a major method by which DGSE markets itself. DGSE also offers jewelry repair services, custom-made jewelry and consignment items, and maintains relationships with refiners for precious-metal items that are not appropriate for resale. The Company also maintains a presence in the retail market through its websites, www.dgse.com and www.cgdeinc.com.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">ECHG, through its subsidiaries, primarily buys electronic components from business and other organizations, such as school districts, for end-of-life recycling and resale, or to add life to electronic devices by data destruction and refurbishment for reuse. ECHG also conducts such recycling and resale at the retail level. Echo focuses on end-of-life electronics recycling and sustainability and ITAD USA provides IT equipment disposition, including compliance and data sanitization services. Teladvance, CEX and Avail operate as value-added resellers by providing offerings and services to companies looking either to upgrade capabilities or dispose of equipment. Like DGSE, ECHG also maintains relationships with refiners or recyclers to which it sells valuable materials it extracts from electronics and IT equipment that are not appropriate for resale or reuse. ECHG’s customers are companies and organizations that are based domestically and internationally.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">For additional information on the businesses of both DGSE and ECHG, see “Item 1. Business – Operating Segments” in the Company’s 2021 Annual Report.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The escalating war between Russia and Ukraine presents instability and volatility in global markets. Although there has been, and will be volatility, management feels the impact has been minimal to our operations to this point. The U.S. government has imposed sanctions and export controls against Russia and Russian interests and threatened additional sanctions and controls. The impact of these sanctions are difficult to measure concerning DGSE and ECHG. The price and supply of precious metals along with supply-chain issues will undoubtedly cause the Company concern if the war broadens beyond the borders of Ukraine.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its subsidiaries. All material intercompany transactions and balances have been eliminated.</p>
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CY2020Q4 us-gaap Goodwill
Goodwill
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CY2022Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 USD
CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
4773356 USD
CY2022Q1 us-gaap Goodwill
Goodwill
6140465 USD
CY2021Q4 us-gaap Goodwill
Goodwill
6140465 USD
CY2021Q3 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
1282072 USD
CY2022Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
3491284 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9719499 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9806188 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2912370 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3024245 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
335625 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
411850 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
387000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
381500 USD
CY2022Q1 ela Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
381500 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1014895 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2912370 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1501178 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1789366 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47415098 USD
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
37704064 USD
CY2021Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
19186177 USD
CY2022Q1 us-gaap Gross Profit
GrossProfit
9711034 USD
CY2021Q1 us-gaap Gross Profit
GrossProfit
6304264 USD
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6559755 USD
CY2021Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4153229 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
291947 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
204912 USD
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
6851702 USD
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
4358141 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2859332 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1946123 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-58576 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
271941 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
123239 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
179022 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2677517 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2039042 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30292 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30770 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
2647225 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
2008272 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
47415098 USD
CY2022Q1 us-gaap Gross Profit
GrossProfit
9711034 USD
CY2022Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.205 pure
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25490441 USD
CY2021Q1 us-gaap Gross Profit
GrossProfit
6304264 USD
CY2021Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.247 pure
CY2022Q1 ela Description Of Sales
DescriptionOfSales
minimum payment of 25% of the sales price
CY2022Q1 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
28000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
622863 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
449486 USD
CY2022Q1 ela Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P3Y3M18D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044 pure
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
616097 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
501907 USD
CY2022Q1 ela Long Term Operating Lease Liability
LongTermOperatingLeaseLiability
7051300 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1584169 USD
CY2022Q1 ela Total
Total
5467131 USD
CY2022Q1 ela Weighted Average Number Of Share Outstanding Basic
WeightedAverageNumberOfShareOutstandingBasic
26924631 shares
CY2021Q1 ela Weighted Average Number Of Share Outstanding Basic
WeightedAverageNumberOfShareOutstandingBasic
26924631 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26939631 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26939631 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15000 shares
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
16829856 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
18736131 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1003592 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2120457 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15826264 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
16615674 USD
CY2020Q3 ela New Retail Building
NewRetailBuilding
1195000 USD
CY2020Q3 ela Purchase Partly Financed
PurchasePartlyFinanced
956000 USD
CY2020Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.0365 pure
CY2020Q3 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P20Y
CY2020Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
5645 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
858031 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1250885 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1269959 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3572422 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
7776134 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2102425 USD

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