$GSAT
Globalstar, Inc. Stock $gsat

$gsat Overview Financials Valuation SEC Filings Company Website

2015 Q1 Form 10-Q Financial Statement

#000136686815000028 Filed on May 08, 2015

Income Statement

Concept	2015 Q1	2014 Q1	2014
Revenue	$21.02M	$20.54M	$90.06M
YoY Change	2.37%	6.22%	8.89%
Cost Of Revenue	$7.434M	$6.938M	$29.67M
YoY Change	7.15%	-7.83%	-1.79%
Gross Profit	$13.59M	$13.60M	$60.40M
YoY Change	-0.07%	15.18%	15.04%
Gross Profit Margin	64.64%	66.22%	67.06%
Selling, General & Admin	$8.596M	$7.769M	$33.52M
YoY Change	10.64%	12.2%	12.15%
% of Gross Profit	63.26%	57.13%	55.5%
Research & Development			$500.0K
YoY Change			-16.67%
% of Gross Profit			0.83%
Depreciation & Amortization	$18.90M	$23.01M	$84.80M
YoY Change	-17.85%	15.78%	-5.6%
% of Gross Profit	139.12%	169.21%	140.41%
Operating Expenses	$8.596M	$7.769M	$34.02M
YoY Change	10.64%	12.2%	11.58%
Operating Profit	-$17.19M	-$20.58M	-$95.90M
YoY Change	-16.48%	11.88%	9.72%
Interest Expense	-$8.517M	-$10.92M	-$43.23M
YoY Change	-22.01%	40.88%	-36.26%
% of Operating Profit
Other Income/Expense, Net	-$112.3M	-$229.8M	-$366.1M
YoY Change	-51.12%	3389.34%	-27.16%
Pretax Income	-$129.5M	-$250.3M	-$461.3M
YoY Change	-48.27%	902.39%	-21.26%
Income Tax	$228.0K	$193.0K	$881.0K
% Of Pretax Income
Net Earnings	-$129.7M	-$250.5M	-$462.9M
YoY Change	-48.22%	899.05%	-21.7%
Net Earnings / Revenue	-617.1%	-1220.01%	-513.93%
Basic Earnings Per Share	-$0.13	-$0.29	-$0.50
Diluted Earnings Per Share	-$0.13	-$0.29	-$0.50
COMMON SHARES
Basic Shares Outstanding	1.001B shares	849.3M shares	934.4M shares
Diluted Shares Outstanding	1.001B shares	849.3M shares	934.4M shares

Balance Sheet

Concept	2015 Q1	2014 Q1	2014
SHORT-TERM ASSETS
Cash & Short-Term Investments	$13.70M	$19.60M	$7.121M
YoY Change	-30.1%	1407.69%	-59.07%
Cash & Equivalents	$13.66M	$19.60M	$7.121M
Short-Term Investments
Other Short-Term Assets	$7.300M	$16.80M	$7.748M
YoY Change	-56.55%	-77.78%	-53.04%
Inventory	$13.58M	$29.52M	$14.73M
Prepaid Expenses
Receivables	$15.30M	$15.89M	$15.02M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$49.82M	$81.78M	$44.81M
YoY Change	-39.08%	-37.63%	-44.95%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.101B	$1.149B	$1.114B
YoY Change	-4.25%	-5.88%	-4.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$98.90M	$111.4M	$114.5M
YoY Change	-11.22%	318.8%	0.03%
Total Long-Term Assets	$1.209B	$1.268B	$1.224B
YoY Change	-4.68%	0.69%	-5.23%
TOTAL ASSETS
Total Short-Term Assets	$49.82M	$81.78M	$44.81M
Total Long-Term Assets	$1.209B	$1.268B	$1.224B
Total Assets	$1.259B	$1.350B	$1.268B
YoY Change	-6.76%	-2.92%	-7.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$5.010M	$13.39M	$6.922M
YoY Change	-62.58%	-58.89%	-52.59%
Accrued Expenses	$26.71M	$26.07M	$43.65M
YoY Change	2.42%	-31.83%	-6.73%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$6.450M	$4.046M	$6.450M
YoY Change	59.42%	-99.38%	61.25%
Total Short-Term Liabilities	$79.05M	$179.1M	$79.24M
YoY Change	-55.85%	-76.75%	-43.4%
LONG-TERM LIABILITIES
Long-Term Debt	$626.7M	$660.2M	$623.6M
YoY Change	-5.08%	575.47%	-6.25%
Other Long-Term Liabilities	$11.23M	$14.75M	$486.6M
YoY Change	-23.82%	-12.23%	7.99%
Total Long-Term Liabilities	$1.219B	$1.245B	$1.110B
YoY Change	-2.09%	725.42%	-0.5%
TOTAL LIABILITIES
Total Short-Term Liabilities	$79.05M	$179.1M	$79.24M
Total Long-Term Liabilities	$1.219B	$1.245B	$1.110B
Total Liabilities	$1.298B	$1.424B	$1.190B
YoY Change	-8.85%	54.64%	-5.29%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.552B	-$1.210B
YoY Change	28.28%	207.78%
Common Stock		$85.00K
YoY Change		73.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$39.58M	-$74.28M	$78.92M
YoY Change
Total Liabilities & Shareholders Equity	$1.259B	$1.350B	$1.268B
YoY Change	-6.76%	-2.92%	-7.59%

Cashflow Statement

Concept	2015 Q1	2014 Q1	2014
OPERATING ACTIVITIES
Net Income	-$129.7M	-$250.5M	-$462.9M
YoY Change	-48.22%	899.05%	-21.7%
Depreciation, Depletion And Amortization	$18.90M	$23.01M	$84.80M
YoY Change	-17.85%	15.78%	-5.6%
Cash From Operating Activities	$2.521M	$3.800M	$3.981M
YoY Change	-33.66%	-812.95%	-161.61%
INVESTING ACTIVITIES
Capital Expenditures	$1.133M	$428.0K	$3.277M
YoY Change	164.72%	79.08%	98.49%
Acquisitions
YoY Change
Other Investing Activities		$0.00	$0.00
YoY Change		-100.0%	-100.0%
Cash From Investing Activities	-$5.808M	-$1.790M	-$19.28M
YoY Change	224.47%	-80.51%	-48.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$10.00M	$0.00	$65.00M
YoY Change			0.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$10.06M	150.0K	$5.337M
YoY Change	6607.33%	-130.67%	-89.1%
NET CHANGE
Cash From Operating Activities	$2.521M	3.800M	$3.981M
Cash From Investing Activities	-$5.808M	-1.790M	-$19.28M
Cash From Financing Activities	$10.06M	150.0K	$5.337M
Net Change In Cash	$6.774M	2.160M	-$9.959M
YoY Change	213.61%	-121.17%	-284.73%
FREE CASH FLOW
Cash From Operating Activities	$2.521M	$3.800M	$3.981M
Capital Expenditures	$1.133M	$428.0K	$3.277M
Free Cash Flow	$1.388M	$3.372M	$704.0K
YoY Change	-58.84%	-536.79%	-108.68%

Facts In Submission

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CY2014Q1	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	146000	USD
CY2015Q1	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	10061000	USD
CY2014Q1	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-1794000	USD
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CY2015Q1	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	2521000	USD
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CY2014Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-229773000	USD
CY2015Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-112314000	USD
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CY2015Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-17185000	USD
CY2014Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	1135000	USD
CY2015Q1	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	1392000	USD
CY2014Q1	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	-1235000	USD
CY2015Q1	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	-1290000	USD
CY2014Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	12205000	USD
CY2015Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	11233000	USD
CY2014Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-864000	USD
CY2015Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-304000	USD
CY2014Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	713000	USD
CY2015Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	4133000	USD
CY2014Q1	us-gaap	Payments For Construction In Process PaymentsForConstructionInProcess	1366000	USD
CY2015Q1	us-gaap	Payments For Construction In Process PaymentsForConstructionInProcess	4018000	USD
CY2014Q1	us-gaap	Payments Of Financing Costs PaymentsOfFinancingCosts	164000	USD
CY2015Q1	us-gaap	Payments Of Financing Costs PaymentsOfFinancingCosts	0	USD
CY2009Q2	us-gaap	Payments To Acquire Machinery And Equipment PaymentsToAcquireMachineryAndEquipment	12000000	EUR
CY2014Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	428000	USD
CY2015Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	1790000	USD
CY2014Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	5499000	USD
CY2015Q1	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	5478000	USD
CY2014Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2015Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2014Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	100000000	shares
CY2015Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	100000000	shares
CY2014Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2015Q1	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2014Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2015Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2014Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2015Q1	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2014Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	7944000	USD
CY2015Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	7283000	USD
CY2014Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	0	USD
CY2014	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	65000000	USD
CY2015Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	10000000	USD
CY2014Q1	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	310000	USD
CY2015Q1	us-gaap	Proceeds From Issuance Or Sale Of Equity ProceedsFromIssuanceOrSaleOfEquity	61000	USD
CY2015Q1	us-gaap	Proceeds From Other Equity ProceedsFromOtherEquity	10000000	USD
CY2014Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	1486546000	USD
CY2015Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	1490994000	USD
CY2014Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1113560000	USD
CY2015Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1100504000	USD
CY2014Q4	us-gaap	Property Plant And Equipment Owned Accumulated Depreciation PropertyPlantAndEquipmentOwnedAccumulatedDepreciation	372986000	USD
CY2015Q1	us-gaap	Property Plant And Equipment Owned Accumulated Depreciation PropertyPlantAndEquipmentOwnedAccumulatedDepreciation	390490000	USD
CY2014Q1	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	597000	USD
CY2015Q1	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	690000	USD
CY2014Q4	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	37918000	USD
CY2015Q1	us-gaap	Restricted Cash And Cash Equivalents Noncurrent RestrictedCashAndCashEquivalentsNoncurrent	37918000	USD
CY2014Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-1421904000	USD
CY2015Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-1551631000	USD
CY2014Q1	us-gaap	Revenues Revenues	20536000	USD
CY2015Q1	us-gaap	Revenues Revenues	21022000	USD
CY2014Q1	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	4287000	USD
CY2015Q1	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	3915000	USD
CY2014Q1	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	16249000	USD
CY2015Q1	us-gaap	Sales Revenue Services Net SalesRevenueServicesNet	17107000	USD
CY2014Q1	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	7769000	USD
CY2015Q1	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	8596000	USD
CY2014Q1	us-gaap	Share Based Compensation ShareBasedCompensation	628000	USD
CY2015Q1	us-gaap	Share Based Compensation ShareBasedCompensation	818000	USD
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod	29000	shares
CY2015Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod	29000	shares
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	293000	shares
CY2015Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	113000	shares
CY2014Q1	us-gaap	Stock Issued During Period Shares Share Based Compensation Gross StockIssuedDuringPeriodSharesShareBasedCompensationGross	322000	shares
CY2015Q1	us-gaap	Stock Issued During Period Shares Share Based Compensation Gross StockIssuedDuringPeriodSharesShareBasedCompensationGross	142000	shares
CY2014Q1	us-gaap	Stock Issued During Period Value Conversion Of Convertible Securities StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	59064000	USD
CY2015Q1	us-gaap	Stock Issued During Period Value Conversion Of Convertible Securities StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	1086000	USD
CY2014Q4	us-gaap	Stockholders Equity StockholdersEquity	78916000	USD
CY2015Q1	us-gaap	Stockholders Equity StockholdersEquity	-39578000	USD
CY2014Q1	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-209370000	USD
CY2015Q1	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-107865000	USD
CY2014Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	849321000	shares
CY2015Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1000845000	shares
CY2014Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	849321000	shares
CY2015Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1000845000	shares
CY2014Q1	us-gaap	Write Off Of Deferred Debt Issuance Cost WriteOffOfDeferredDebtIssuanceCost	7351000	USD
CY2015Q1	us-gaap	Write Off Of Deferred Debt Issuance Cost WriteOffOfDeferredDebtIssuanceCost	84000	USD
CY2015Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Globalstar, Inc. (“Globalstar” or “the Company”) provides Mobile Satellite Services (“MSS”) including voice and data communications services through its global satellite network. Thermo Capital Partners LLC, through its affiliates, (“Thermo”) is Globalstar’s principal owner and largest stockholder. Globalstar’s Executive Chairman and Chief Executive Officer controls Thermo and its affiliates. Two other members of Globalstar’s Board of Directors are also directors, officers or minority equity owners of various Thermo entities.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally in financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission; however, management believes the disclosures made are adequate to make the information presented not misleading. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in Globalstar, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the "SEC") on March 2, 2015 (the "2014 Annual Report"), and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates estimates on an ongoing basis. Significant estimates include the value of derivative instruments, the allowance for doubtful accounts, the net realizable value of inventory, the useful life and value of property and equipment, income taxes and the value of stock-based compensation. Actual results could differ from these estimates. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> These unaudited interim condensed consolidated financial statements include the accounts of Globalstar and its majority owned or otherwise controlled subsidiaries. All significant intercompany transactions and balances have been eliminated in the consolidation. In the opinion of management, the information included herein includes all adjustments, consisting of normal recurring adjustments, that are necessary for a fair presentation of the Company’s condensed consolidated statements of operations, condensed consolidated balance sheets, and condensed consolidated statements of cash flows for the periods presented. The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the full year or any future period.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company evaluates events that occur after the balance sheet date but before the financial statements are issued for potential recognition or disclosure. Based on this evaluation, the Company determined that there were no material subsequent events for recognition or disclosure other than those disclosed herein. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation - Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;">. ASU 2015-02 was issued in response to concerns that current GAAP might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. The amendments included in ASU 2015-02 are intended to improve targeted areas in the consolidation guidance, which includes legal entities such as limited partnerships and limited liability companies and the evaluation of fees paid to a decision maker. </font><font style="font-family:Arial;font-size:9pt;">T</font><font style="font-family:inherit;font-size:10pt;">his ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing reporting.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-03, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Interest - Imputation of Interest - Simplifying the Presentation of Debt Issue Costs</font><font style="font-family:inherit;font-size:10pt;">. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the consolidated balance sheet as a reduction in the carrying amount of the related debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this ASU. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Upon adoption, if applicable, this ASU will be applied on a retrospective basis, wherein the consolidated balance sheet of each period presented will be adjusted to reflect the effects of applying the new guidance. The Company would be required to comply with the applicable disclosures for a change in an accounting principle, including the nature of and reason for the change in accounting principle, the transition method, a description of the prior-period information that has been retrospectively adjusted, and the effect of the change on the financial statement line items (that is, the previously reported debt issuance cost asset and the adjusted debt liability). The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures. The Company has not yet determined the effect of the standard on its ongoing reporting.</font></div></div>

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$GSAT
Globalstar, Inc. Stock $gsat

2015 Q1 Form 10-Q Financial Statement

#000136686815000028 Filed on May 08, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT Globalstar, Inc. Stock $gsat

2015 Q1 Form 10-Q Financial Statement

#000136686815000028 Filed on May 08, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT
Globalstar, Inc. Stock $gsat