2020 Q3 Form 10-Q Financial Statement

#000117494720000938 Filed on September 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $12.15M $15.26M
YoY Change -20.36% 4.27%
Cost Of Revenue $6.387M $7.124M
YoY Change -10.35% 10.79%
Gross Profit $5.762M $8.131M
YoY Change -29.14% -0.84%
Gross Profit Margin 47.43% 53.3%
Selling, General & Admin $496.0K $655.0K
YoY Change -24.27% 3.97%
% of Gross Profit 8.61% 8.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.425M $3.219M
YoY Change -24.67% -9.07%
% of Gross Profit 42.09% 39.59%
Operating Expenses $9.308M $3.461M
YoY Change 168.94% -5.44%
Operating Profit $2.841M $4.670M
YoY Change -39.16% 2.86%
Interest Expense $3.121M $4.496M
YoY Change -30.58% -201.49%
% of Operating Profit 109.86% 96.27%
Other Income/Expense, Net
YoY Change
Pretax Income $6.920M $8.500M
YoY Change -18.59% 7627.27%
Income Tax
% Of Pretax Income
Net Earnings -$181.0K $199.0K
YoY Change -190.95% -31.38%
Net Earnings / Revenue -1.49% 1.3%
Basic Earnings Per Share -$0.02 $0.03
Diluted Earnings Per Share -$0.02 $0.03
COMMON SHARES
Basic Shares Outstanding 6.998M shares 6.950M shares
Diluted Shares Outstanding 6.998M shares 6.951M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.03M $26.07M
YoY Change 19.05% 25.93%
Cash & Equivalents $31.03M $26.07M
Short-Term Investments
Other Short-Term Assets $6.052M $6.595M
YoY Change -8.23% 3.05%
Inventory
Prepaid Expenses
Receivables $6.291M $6.227M
Other Receivables $0.00 $0.00
Total Short-Term Assets $43.38M $38.89M
YoY Change 11.54% 16.44%
LONG-TERM ASSETS
Property, Plant & Equipment $288.1M $332.7M
YoY Change -13.4% -4.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.66M
YoY Change
Other Assets $2.225M $2.564M
YoY Change -13.22% -11.59%
Total Long-Term Assets $317.7M $341.9M
YoY Change -7.08% -5.31%
TOTAL ASSETS
Total Short-Term Assets $43.38M $38.89M
Total Long-Term Assets $317.7M $341.9M
Total Assets $361.1M $380.8M
YoY Change -5.18% -3.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.475M $3.691M
YoY Change -32.95% 19.06%
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 $13.21M $21.14M
YoY Change -37.5% 3.63%
LONG-TERM LIABILITIES
Long-Term Debt $300.7M $339.3M
YoY Change -11.38% -2.45%
Other Long-Term Liabilities $6.498M $2.295M
YoY Change 183.14% 155.0%
Total Long-Term Liabilities $307.2M $341.6M
YoY Change -10.07% -2.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.21M $21.14M
Total Long-Term Liabilities $307.2M $341.6M
Total Liabilities $320.4M $363.5M
YoY Change -11.85% -2.73%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.863M
YoY Change
Treasury Stock Shares 136.5K shares
Shareholders Equity $38.41M $17.34M
YoY Change
Total Liabilities & Shareholders Equity $361.1M $380.8M
YoY Change -5.18% -3.47%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$181.0K $199.0K
YoY Change -190.95% -31.38%
Depreciation, Depletion And Amortization $2.425M $3.219M
YoY Change -24.67% -9.07%
Cash From Operating Activities -$605.0K $2.983M
YoY Change -120.28% 173.67%
INVESTING ACTIVITIES
Capital Expenditures -$912.0K -$733.0K
YoY Change 24.42% -33.96%
Acquisitions
YoY Change
Other Investing Activities $151.0K $0.00
YoY Change
Cash From Investing Activities -$761.0K -$733.0K
YoY Change 3.82% -33.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -884.0K -2.002M
YoY Change -55.84% 40.99%
NET CHANGE
Cash From Operating Activities -605.0K 2.983M
Cash From Investing Activities -761.0K -733.0K
Cash From Financing Activities -884.0K -2.002M
Net Change In Cash -2.250M 248.0K
YoY Change -1007.26% -117.22%
FREE CASH FLOW
Cash From Operating Activities -$605.0K $2.983M
Capital Expenditures -$912.0K -$733.0K
Free Cash Flow $307.0K $3.716M
YoY Change -91.74% 68.91%

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frevsob Accounts Receivable Net Of Allowance For Doubtful Accounts
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frevsob Prepaid Expenses And Other Assets
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315000 USD
frevsob Prepaid Expenses And Other Assets
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48000000 USD
frevsob Mortgage Payable
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489000 USD
frevsob Unamortized Debt Issuance Costs
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frevsob Tenants Security Deposits
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frevsob Recognition Of Retained Investment In Tenancyincommon At Fair Value
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20758000 USD
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frevsob Deconsolidation Of Subsidiary Cash And Cash Equivalents
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1383000 USD
frevsob Deconsolidation Of Subsidiary Cash And Cash Equivalents
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USD
frevsob Net Carrying Value Of Assets And Liabilities Deconsolidated
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10518000 USD
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CashAndCashEquivalentsAtCarryingValue
31034000 USD
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CY2019Q3 us-gaap Security Deposit
SecurityDeposit
2258000 USD
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1701000 USD
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EscrowDeposit
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30915000 USD
CY2019Q4 frevsob Derivative Amount Of Interest Rate Cap
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0 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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3302 shares
frevsob Impact Of Earnings Per Share
ImpactOfEarningsPerShare
0.01
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1203 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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268000 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
268000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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311000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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311000 shares
us-gaap Dividends
Dividends
676000 USD
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LossContingencyDamagesSoughtValue
15000000 USD
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
4606000 USD
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-160000 USD
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UnrealizedGainLossOnDerivatives
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us-gaap Litigation Settlement Expense
LitigationSettlementExpense
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LitigationSettlementExpense
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LitigationSettlementExpense
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601000 USD
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LegalFees
601000 USD
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DeferredLoanPayments
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309200000 USD
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DebtInstrumentFairValue
352900000 USD
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NumberOfReportableSegments
2 segments
us-gaap Number Of Reportable Segments
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2 segments
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23836000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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25480000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6920000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8500000 USD
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
213000 USD
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StraightLineRentAdjustments
-313000 USD
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StraightLineRentAdjustments
334000 USD
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StraightLineRentAdjustments
-126000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
174000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
276000 USD
CY2020Q3 us-gaap Investment Income Net
InvestmentIncomeNet
38000 USD
CY2019Q3 us-gaap Investment Income Net
InvestmentIncomeNet
92000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
USD
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UnrealizedGainLossOnDerivatives
-1000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3061000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2109000 USD
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1233000 USD
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
718000 USD
frevsob Special Committee Expenses
SpecialCommitteeExpenses
4606000 USD
frevsob Special Committee Expenses
SpecialCommitteeExpenses
1018000 USD
CY2020Q3 frevsob Special Committee Expenses
SpecialCommitteeExpenses
87000 USD
CY2019Q3 frevsob Special Committee Expenses
SpecialCommitteeExpenses
432000 USD
CY2020Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
836000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
USD
CY2019Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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frevsob Gain On Deconsolidation Of Subsidiary
GainOnDeconsolidationOfSubsidiary
27680000 USD
frevsob Gain On Deconsolidation Of Subsidiary
GainOnDeconsolidationOfSubsidiary
USD
CY2020Q3 frevsob Gain On Deconsolidation Of Subsidiary
GainOnDeconsolidationOfSubsidiary
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CY2019Q3 frevsob Gain On Deconsolidation Of Subsidiary
GainOnDeconsolidationOfSubsidiary
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-96000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
USD
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IncomeLossFromEquityMethodInvestments
-78000 USD
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IncomeLossFromEquityMethodInvestments
USD
us-gaap Depreciation Nonproduction
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7887000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
8413000 USD
CY2020Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
2425000 USD
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DepreciationNonproduction
2806000 USD
us-gaap Interest Expense
InterestExpense
11032000 USD
us-gaap Interest Expense
InterestExpense
13675000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
3121000 USD
CY2019Q3 us-gaap Interest Expense
InterestExpense
4496000 USD
us-gaap Profit Loss
ProfitLoss
24795000 USD
us-gaap Profit Loss
ProfitLoss
1530000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
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ProfitLoss
265000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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18000 USD
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86000 USD
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NetIncomeLossAttributableToNoncontrollingInterest
66000 USD
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NetIncomeLoss
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NetIncomeLoss
1444000 USD
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NetIncomeLoss
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NetIncomeLoss
199000 USD
CY2020 frevsob Distributed Earnings Percentage
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1 pure
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1 pure
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Receivable Current
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19443000 USD
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18137000 USD
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14993000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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12384000 USD
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10179000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
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34883000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Receivable
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110019000 USD
frevsob Percentage Of Management Fees Of Rent Collected
PercentageOfManagementFeesOfRentCollected
0.05 pure
us-gaap Management Fee Expense
ManagementFeeExpense
150000 USD
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ManagementFeeExpense
88000 USD
frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
22000 USD
CY2020Q3 frevsob Insurance Commissions Paid
InsuranceCommissionsPaid
22000 USD
frevsob Increase In Expense For Reserve Of Uncollectible Rents
IncreaseInExpenseForReserveOfUncollectibleRents
600000 USD
frevsob Increase In Expense For Reserve Of Uncollectible Rents With Consolidated Impact
IncreaseInExpenseForReserveOfUncollectibleRentsWithConsolidatedImpact
400000 USD
CY2020Q3 frevsob Increase In Expense For Reserve Of Uncollectible Rents
IncreaseInExpenseForReserveOfUncollectibleRents
100000 USD
CY2020Q3 frevsob Increase In Expense For Reserve Of Uncollectible Rents With Consolidated Impact
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100000 USD
CY2020Q3 us-gaap Accrued Rent Current And Noncurrent
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300000 USD
CY2020Q3 frevsob Deferred Rent Receivables
DeferredRentReceivables
400000 USD
CY2020Q3 us-gaap Deferred Leasing Commissions
DeferredLeasingCommissions
200000 USD
frevsob Increase In Expense With Consolidated Impact To Net Income Loss
IncreaseInExpenseWithConsolidatedImpactToNetIncomeLoss
900000 USD
CY2020Q3 frevsob Increase In Expense With Consolidated Impact To Net Income Loss
IncreaseInExpenseWithConsolidatedImpactToNetIncomeLoss
500000 USD
CY2020Q2 frevsob Deferred Payments Of Loan
DeferredPaymentsOfLoan
722000 USD
CY2020Q3 frevsob Special Committee Fees
SpecialCommitteeFees
5100000 USD
CY2020Q3 us-gaap Cash
Cash
31000000 USD
CY2020Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
13000000 USD

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