2023 Q3 Form 10-K Financial Statement

#000095017023049001 Filed on September 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $3.310M $3.000M $8.663M
YoY Change -82.18% -83.39% -87.26%
Cost Of Revenue $2.800M $3.300M $10.20M
YoY Change -66.58% -57.63% -66.62%
Gross Profit $500.0K -$300.0K -$1.500M
YoY Change -95.1% -102.92% -104.01%
Gross Profit Margin 15.11% -10.0% -17.32%
Selling, General & Admin $1.715M $3.000M $8.480M
YoY Change 15.33% 8.93% 41.76%
% of Gross Profit 343.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $283.0K $280.0K $1.152M
YoY Change -88.98% -87.81% -86.89%
% of Gross Profit 56.6%
Operating Expenses $1.715M $3.300M $8.480M
YoY Change 15.33% -74.56% 41.76%
Operating Profit -$1.450M -$3.600M -$11.21M
YoY Change 47.21% 33.53% 172.97%
Interest Expense $1.062M -$1.500M $6.074M
YoY Change -46.79% -53.82% 4.98%
% of Operating Profit
Other Income/Expense, Net $0.00 $10.50M
YoY Change -196.25%
Pretax Income $2.758M -$5.100M $14.70M
YoY Change -133.06% 7.55% -197.9%
Income Tax $0.00 $200.0K $200.0K
% Of Pretax Income 0.0% 1.36%
Net Earnings $2.774M -$5.300M $27.73M
YoY Change -133.46% 16.59% -286.19%
Net Earnings / Revenue 83.81% -176.67% 320.1%
Basic Earnings Per Share $0.09 $0.95
Diluted Earnings Per Share $0.08 -$0.18 $0.73
COMMON SHARES
Basic Shares Outstanding 30.64M 30.64M 28.91M
Diluted Shares Outstanding 41.86M 40.98M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.7M $117.4M $117.4M
YoY Change 77.96% 59.87% 59.87%
Cash & Equivalents $41.08M $60.17M $60.20M
Short-Term Investments $72.60M $57.20M $57.20M
Other Short-Term Assets $6.000M $2.400M $2.400M
YoY Change 331.34% 33.63% 33.63%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $123.8M $123.1M $123.1M
YoY Change 65.73% 45.83% 45.78%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $500.0K $500.0K
YoY Change -20.48% -7.06% -95.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $143.0K $143.0K $100.0K
YoY Change -43.48% -42.57% -59.84%
Total Long-Term Assets $12.39M $12.76M $12.80M
YoY Change -85.17% -84.75% -84.7%
TOTAL ASSETS
Total Short-Term Assets $123.8M $123.1M $123.1M
Total Long-Term Assets $12.39M $12.76M $12.80M
Total Assets $136.2M $135.9M $135.9M
YoY Change -13.92% -19.15% -19.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $191.0K $200.0K
YoY Change -96.85% -96.84% -96.69%
Accrued Expenses $3.900M $5.800M $5.600M
YoY Change -47.99% -35.26% -37.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $1.400M $1.400M
YoY Change -87.56% -59.76% -59.76%
Total Short-Term Liabilities $5.280M $7.377M $7.400M
YoY Change -78.65% -62.54% -62.43%
LONG-TERM LIABILITIES
Long-Term Debt $63.00M $62.90M $62.90M
YoY Change -33.87% -38.17% -38.17%
Other Long-Term Liabilities $555.0K $669.0K $1.700M
YoY Change -43.19% -26.32% -61.39%
Total Long-Term Liabilities $555.0K $669.0K $64.60M
YoY Change -43.19% -26.32% -39.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.280M $7.377M $7.400M
Total Long-Term Liabilities $555.0K $669.0K $64.60M
Total Liabilities $68.92M $72.05M $72.10M
YoY Change -44.58% -42.74% -46.43%
SHAREHOLDERS EQUITY
Retained Earnings -$3.249B -$3.252B
YoY Change -1.18% -0.85%
Common Stock $30.00K $30.00K
YoY Change 3.45% 3.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.32M $63.84M $63.80M
YoY Change
Total Liabilities & Shareholders Equity $136.2M $135.9M $135.9M
YoY Change -13.92% -19.15% -19.15%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income $2.774M -$5.300M $27.73M
YoY Change -133.46% 16.59% -286.19%
Depreciation, Depletion And Amortization $283.0K $280.0K $1.152M
YoY Change -88.98% -87.81% -86.89%
Cash From Operating Activities -$6.126M $430.0K -$2.373M
YoY Change -402.67% -96.9% -108.1%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $53.00K
YoY Change -100.33% -63.95%
Acquisitions
YoY Change
Other Investing Activities $118.0K -$24.37M $84.02M
YoY Change -65.19% -25.09% -357.16%
Cash From Investing Activities -$12.96M -$24.39M $83.96M
YoY Change 471.01% -31.34% -309.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -47.62M
YoY Change -100.0% -100.0% -577.15%
NET CHANGE
Cash From Operating Activities -6.126M 430.0K -2.373M
Cash From Investing Activities -12.96M -24.39M 83.96M
Cash From Financing Activities 0.000 0.000 -47.62M
Net Change In Cash -19.09M -23.96M 37.88M
YoY Change 5684.24% -2922.14% -4913.72%
FREE CASH FLOW
Cash From Operating Activities -$6.126M $430.0K -$2.373M
Capital Expenditures $10.00K $53.00K
Free Cash Flow $420.0K -$2.426M
YoY Change -97.51% -108.33%

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CY2023 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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CY2023 geg Contingently Redeemable Redemption Of Non Controlling Interests Upon Sale Of Subsidiaries
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CY2022 us-gaap Share Based Compensation
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CY2022 geg Sales Of Investments By Consolidated Funds
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CY2023 geg Realized Gain Loss On Investments From Consolidated Funds
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CY2022 geg Realized Gain Loss On Investments From Consolidated Funds
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CY2023 geg Unrealized Gain Loss On Investments Including Investments Of Consolidated Fund
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CY2022 geg Unrealized Gain Loss On Investments Including Investments Of Consolidated Fund
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CY2022 geg Non Cash Interest And Amortization Of Capitalized Issuance Costs
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 geg Increase Decrease In Real Estate Under Development
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
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CY2023 geg Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities
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CY2022 geg Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2023 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2022 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 geg Payments To Acquisition Of Assets
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CY2023 geg Proceeds From Sale Of Controlling Interest In Subsidiary Net Of Cash Sold
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CY2023 us-gaap Payments To Acquire Investments
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CY2022 us-gaap Payments To Acquire Investments
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CY2022 us-gaap Proceeds From Sale Of Short Term Investments
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CY2022 geg Participation In Related Party Rights Offering
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2023 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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CY2022 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 geg Repurchase Of Interests In Subsidiary
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CY2023 geg Distributions To Non Controlling Interests In Consolidated Funds
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CY2022 geg Distributions To Non Controlling Interests In Consolidated Funds
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CY2022 geg Due To Broker Of Consolidated Funds
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CY2022 us-gaap Proceeds From Minority Shareholders
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2022 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 geg Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Cash And Cash Equivalents Classified Within Current Assets Held For Sale
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CY2022 geg Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Cash And Cash Equivalents Classified Within Current Assets Held For Sale
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CY2023 geg Cash Cash Equivalents Period Increase Decrease Classified Within Current Assets Held For Sale
CashCashEquivalentsPeriodIncreaseDecreaseClassifiedWithinCurrentAssetsHeldForSale
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CY2022 geg Cash Cash Equivalents Period Increase Decrease Classified Within Current Assets Held For Sale
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CY2023 geg Discontinued Operation Amount Of Continuing Cash Flows
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CY2022 geg Discontinued Operation Amount Of Continuing Cash Flows
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2023 geg Partial Settlement Of Note In Exchange For Stock
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CY2023 geg Non Cash Distributions Received From Consolidated Fund
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CY2023 us-gaap Stock Issued1
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CY2023 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2022 us-gaap Earnings Per Share Diluted
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Lessee Operating Lease Term Of Contract
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CY2023 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2023 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2022 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2023 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2023 us-gaap Interest On Convertible Debt Net Of Tax
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CY2023 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Diluted
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17976000
CY2022 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Diluted
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CY2023 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Diluted
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11697000
CY2022 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Diluted
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5096000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 geg Incremental Common Shares Attributable To Restricted Stock
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CY2023 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2022 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2023 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">Concentration of Risk</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">The Company’s revenues from continuing operations and related receivables are primarily attributable to the management of Great Elm Capital Corp. (</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">GECC</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">) and Monomoy UpREIT, LLC (</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">Monomoy UpREIT</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">) investment vehicles. See Note 7 - Related Party Transactions</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">.</span></p>
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CY2022 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2023 us-gaap Income Loss Attributable To Parent
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CY2022 us-gaap Income Loss Attributable To Parent
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CY2023Q2 geg Outstanding Membership Interest
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CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
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CY2023Q1 us-gaap Proceeds From Divestiture Of Interest In Consolidated Subsidiaries
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CY2023Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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CY2023Q1 geg Indemnity Escrow Receivable
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CY2023Q1 us-gaap Minority Interest
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CY2023Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2023Q1 geg Estimated Future Distributions Of Proceeds To Non Controlling Interests
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CY2023Q1 geg Sale Of Controlling Interest In Subsidiary
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CY2023Q1 geg Carrying Value Of Net Assets Disposed
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CY2022 us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2022 geg Disposal Group Including Discontinued Operation Other Operating Expenses
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CY2023 us-gaap Depreciation And Amortization Discontinued Operations
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CY2022 us-gaap Depreciation And Amortization Discontinued Operations
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CY2023 geg Disposal Group Including Discontinued Operation Transaction Costs
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CY2022 geg Disposal Group Including Discontinued Operation Transaction Costs
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CY2023 us-gaap Disposal Group Including Discontinued Operation Interest Expense
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CY2022 us-gaap Disposal Group Including Discontinued Operation Interest Expense
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CY2023 geg Disposal Group Including Discontinued Operation Gains Losses On Extinguishment Of Debt
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CY2022 geg Disposal Group Including Discontinued Operation Gains Losses On Extinguishment Of Debt
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CY2023 geg Disposal Group Including Discontinued Operation Other Income Expense
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CY2022 geg Disposal Group Including Discontinued Operation Other Income Expense
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CY2023 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
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CY2023 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
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CY2022 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
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CY2023 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4116000
CY2023Q2 geg Unrecognized Tax Benefits Gross
UnrecognizedTaxBenefitsGross
508000
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
32300000

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