2017 Q1 Form 10-K Financial Statement

#000114420417016702 Filed on March 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q3
Revenue $4.659M $3.123M $2.002M
YoY Change 254.57% 373.18% 311.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.220M $1.940M $2.350M
YoY Change 126.53% 2325.0% 400.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.346M $840.0K $585.4K
YoY Change 237.5% 300.0% 282.28%
% of Gross Profit
Operating Expenses $59.77M $5.053M $3.985M
YoY Change 1732.9% 1642.41% 304.61%
Operating Profit
YoY Change
Interest Expense $1.100M -$700.0K $1.051M
YoY Change -2.58% 32.08% 188.84%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.320M -$1.930M -$1.980M
YoY Change -32.31% 144.3% 296.0%
Income Tax
% Of Pretax Income
Net Earnings -$1.318M -$1.930M -$1.983M
YoY Change -32.31% 144.3% 298.36%
Net Earnings / Revenue -28.29% -61.8% -99.05%
Basic Earnings Per Share
Diluted Earnings Per Share -$74.96K -$109.2K -$114.0K
COMMON SHARES
Basic Shares Outstanding 17.61M shares 17.61M shares 17.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.400M $19.70M $81.30M
YoY Change 1580.0% 114.13% 27000.0%
Cash & Equivalents $8.357M $19.67M $81.35M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.700M $19.90M $81.50M
YoY Change 987.5% 116.3% 27066.67%
LONG-TERM ASSETS
Property, Plant & Equipment $294.1M $196.4M $122.3M
YoY Change 217.26% 256.44% 247.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.48K $141.0K $2.000M
YoY Change -99.56% 566.67%
Total Long-Term Assets $317.1M $207.4M $124.3M
YoY Change 232.72% 269.54% 249.13%
TOTAL ASSETS
Total Short-Term Assets $8.700M $19.90M $81.50M
Total Long-Term Assets $317.1M $207.4M $124.3M
Total Assets $325.8M $227.3M $205.8M
YoY Change 239.0% 247.96% 473.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.900M $600.0K $400.0K
YoY Change 18.75% -14.29% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.600M $5.900M $6.100M
YoY Change 152.94% 210.53% 369.23%
LONG-TERM LIABILITIES
Long-Term Debt $167.3M $66.10M $39.90M
YoY Change 109.13% 4.09% 17.7%
Other Long-Term Liabilities $500.0K $300.0K
YoY Change
Total Long-Term Liabilities $167.8M $66.40M $39.90M
YoY Change 109.75% 4.57% 17.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.600M $5.900M $6.100M
Total Long-Term Liabilities $167.8M $66.40M $39.90M
Total Liabilities $176.5M $72.29M $46.08M
YoY Change 111.78% 10.42% 30.92%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $17.61K $18.00K $17.61K
YoY Change 1133.78% 7100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $149.3M $155.0M $159.7M
YoY Change
Total Liabilities & Shareholders Equity $325.8M $227.3M $205.8M
YoY Change 239.03% 247.96% 473.24%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$1.318M -$1.930M -$1.983M
YoY Change -32.31% 144.3% 298.36%
Depreciation, Depletion And Amortization $1.346M $840.0K $585.4K
YoY Change 237.5% 300.0% 282.28%
Cash From Operating Activities $3.172M -$660.0K -$1.860M
YoY Change -383.21% 407.69% 2557.14%
INVESTING ACTIVITIES
Capital Expenditures -$109.4M -$81.77M -$30.74M
YoY Change -388.25% 297.13% 164.77%
Acquisitions
YoY Change
Other Investing Activities $130.0K -$260.0K $50.00K
YoY Change -64.86% 271.43% -183.33%
Cash From Investing Activities -$109.2M -$82.02M -$30.70M
YoY Change 190.79% 297.0% 163.07%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change -100.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $95.60M 21.01M 111.3M
YoY Change 218.55% -29.69% 851.45%
NET CHANGE
Cash From Operating Activities $3.172M -660.0K -1.860M
Cash From Investing Activities -$109.2M -82.02M -30.70M
Cash From Financing Activities $95.60M 21.01M 111.3M
Net Change In Cash -$10.48M -61.67M 78.76M
YoY Change 20.75% -778.44% -197000.0%
FREE CASH FLOW
Cash From Operating Activities $3.172M -$660.0K -$1.860M
Capital Expenditures -$109.4M -$81.77M -$30.74M
Free Cash Flow $112.6M $81.11M $28.88M
YoY Change -388.11% 296.43% 150.26%

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0 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
59877 USD
CY2016 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
15000000 shares
CY2016Q2 gmre Payment To Acquire Others
PaymentToAcquireOthers
101600000 USD
CY2016Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
212435 USD
CY2015Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
0 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7144276 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 USD
CY2016Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
277917 USD
CY2015Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
0 USD
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt">Use of Estimates</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-SIZE: 10pt"> &#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of the consolidated financial statements in conformity with U.S.&#160;generally accepted accounting principles (&#8220;GAAP&#8221;) requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q4 gmre Cash Acquired And Held As Reserve For Debt Service
CashAcquiredAndHeldAsReserveForDebtService
383265 USD
CY2016Q4 gmre Restricted Cash Held To Pay Specific Tenant Expenses
RestrictedCashHeldToPaySpecificTenantExpenses
238579 USD
CY2016 us-gaap Increase In Restricted Cash
IncreaseInRestrictedCash
493717 USD
CY2016Q4 gmre Receivables Earned But Not Paid Relating To Tenant Rent
ReceivablesEarnedButNotPaidRelatingToTenantRent
28599 USD
CY2016Q4 us-gaap Escrow Deposit
EscrowDeposit
1212177 USD
CY2015Q4 us-gaap Escrow Deposit
EscrowDeposit
454310 USD
CY2016 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
757867 USD
CY2016 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
104310 USD
CY2016 gmre Payments Made For Deferred Offering Costs
PaymentsMadeForDeferredOfferingCosts
1610908 USD
CY2016Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
1681259 USD
CY2016Q4 gmre Secutity Deposit Held To Pay Specific Tenant Expenses
SecutityDepositHeldToPaySpecificTenantExpenses
400092 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
56138123 USD
CY2016 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
150459250 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
206597373 USD
CY2016Q4 us-gaap Other Receivables
OtherReceivables
22323 USD
CY2016Q4 gmre Receivables To Be Collected To Pay Specific Tenant Expenses
ReceivablesToBeCollectedToPaySpecificTenantExpenses
161513 USD
CY2015 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
439433 USD
CY2016 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2016-12-14
CY2016Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.20
CY2016 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2016-12-27
CY2016 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2017-01-10
CY2016 gmre Sharebased Compensation Arrangement By Sharebased Payment Award Employee Subscription Rate After Performance Period
SharebasedCompensationArrangementBySharebasedPaymentAwardEmployeeSubscriptionRateAfterPerformancePeriod
The number of LTIP Units earned under the Long-Term Awards will be determined as soon as reasonably practicable following the end of the three-year performance period based on the Companys TSR on an absolute basis (as to 75% of the Long-Term Award) and relative to the SNL Healthcare REIT Index (as to 25% of the Long-Term Award).
CY2016 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Basic
BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareBasic
-0.47
CY2016 gmre Business Acquistion Proforma Weighted Average Number Of Shares Outstanding
BusinessAcquistionProformaWeightedAverageNumberOfSharesOutstanding
9302244 shares
CY2015 gmre Business Acquistion Proforma Weighted Average Number Of Shares Outstanding
BusinessAcquistionProformaWeightedAverageNumberOfSharesOutstanding
250000 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
414504 shares
CY2016Q4 us-gaap Share Price
SharePrice
10.00
CY2016 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
70000 USD
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
2175000 USD
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
2053000 USD
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
15177903 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24373762 USD
CY2015 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
31764361 USD
CY2016 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14097839 USD
CY2015 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
8456721 USD
CY2016 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4405827 USD
CY2015 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-776656 USD
CY2015 us-gaap Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Basic
BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareBasic
-3.11
CY2016Q2 us-gaap Share Price
SharePrice
10.00
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
76000 shares
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7187041 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
42765 USD
CY2016Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
279354 USD
CY2016Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1437 USD
CY2014Q4 us-gaap Convertible Debt
ConvertibleDebt
5446102 USD
CY2016Q4 us-gaap Below Market Lease Amortization Income Next Twelve Months
BelowMarketLeaseAmortizationIncomeNextTwelveMonths
23090 USD
CY2016Q4 us-gaap Below Market Lease Amortization Income Year Two
BelowMarketLeaseAmortizationIncomeYearTwo
23090 USD
CY2016Q4 us-gaap Below Market Lease Amortization Income Year Three
BelowMarketLeaseAmortizationIncomeYearThree
23090 USD
CY2016Q4 us-gaap Below Market Lease Amortization Income Year Four
BelowMarketLeaseAmortizationIncomeYearFour
23090 USD
CY2016Q4 us-gaap Below Market Lease Amortization Income Year Five
BelowMarketLeaseAmortizationIncomeYearFive
20246 USD
CY2016Q4 us-gaap Below Market Lease Amortization Income After Year Five
BelowMarketLeaseAmortizationIncomeAfterYearFive
91658 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1281463 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1281463 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1281463 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1281463 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
666850 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1277921 USD
CY2014Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
291691 USD
CY2016 us-gaap Debtor Reorganization Items Write Off Of Deferred Financing Costs And Debt Discounts
DebtorReorganizationItemsWriteOffOfDeferredFinancingCostsAndDebtDiscounts
-53280 USD
CY2015 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
126535 USD
CY2016 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
331368 USD
CY2016 gmre Beneficial Ownership Description
BeneficialOwnershipDescription
The Companys charter provides that, subject to certain exceptions, no person may beneficially or constructively own more than 9.8%, in value or in number of shares, whichever is more restrictive, of the outstanding shares of any class or series of the Companys capital stock. On June 27, 2016, the Board approved a waiver of the 9.8% ownership limit in our charter allowing ZH USA, LLC to own up to 16.9% of the Companys outstanding shares of common stock.
CY2016 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.0852
CY2016 us-gaap Dividends Common Stock
DividendsCommonStock
285703 USD
CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2016Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
3592786 USD
CY2016Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.20
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
255600 USD
CY2016 us-gaap Payment For Management Fee
PaymentForManagementFee
1443585 USD
CY2015 us-gaap Payment For Management Fee
PaymentForManagementFee
0 USD
CY2015 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
40030134 USD
CY2015 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
3140111 shares
CY2015Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
12.748
CY2016 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
3604037 USD
CY2015 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 USD
CY2016 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
212435 USD
CY2015 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2793 USD
CY2016 us-gaap Noninterest Expense Offering Cost
NoninterestExpenseOfferingCost
1681259 USD
CY2015Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
23295 USD
CY2016 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1443585 USD
CY2016 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
239694 USD
CY2016 us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
1384 USD
CY2016 us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
178111 USD
CY2016 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
39000 USD
CY2014Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
-330768 USD
CY2015 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
-360000 USD
CY2015 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
136597 USD
CY2015 us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
135196 USD

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