$GSAT
Globalstar, Inc. Stock $gsat

$gsat Overview Financials Valuation SEC Filings Company Website

2017 Q1 Form 10-Q Financial Statement

#000136686817000044 Filed on May 04, 2017

Income Statement

Concept	2017 Q1	2016 Q1
Revenue	$24.65M	$21.84M
YoY Change	12.9%	3.87%
Cost Of Revenue	$8.974M	$7.591M
YoY Change	18.22%	2.11%
Gross Profit	$15.68M	$14.25M
YoY Change	10.06%	4.84%
Gross Profit Margin	63.6%	65.24%
Selling, General & Admin	$9.419M	$8.610M
YoY Change	9.4%	0.16%
% of Gross Profit	60.08%	60.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$19.23M	$19.05M
YoY Change	0.97%	0.77%
% of Gross Profit	122.68%	133.72%
Operating Expenses	$9.419M	$8.610M
YoY Change	9.4%	0.16%
Operating Profit	-$15.13M	-$15.70M
YoY Change	-3.61%	-8.65%
Interest Expense	-$8.828M	-$9.105M
YoY Change	-3.04%	6.9%
% of Operating Profit
Other Income/Expense, Net	-$4.994M	-$11.06M
YoY Change	-54.84%	-90.15%
Pretax Income	-$20.13M	-$26.76M
YoY Change	-24.78%	-79.34%
Income Tax	$36.00K	$191.0K
% Of Pretax Income
Net Earnings	-$20.16M	-$26.95M
YoY Change	-25.18%	-79.23%
Net Earnings / Revenue	-81.78%	-123.41%
Basic Earnings Per Share	-$0.02	-$0.03
Diluted Earnings Per Share	-$0.02	-$0.03
COMMON SHARES
Basic Shares Outstanding	1.114B shares	1.041B shares
Diluted Shares Outstanding	1.114B shares	1.041B shares

Balance Sheet

Concept	2017 Q1	2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$23.50M	$11.90M
YoY Change	97.48%	-13.14%
Cash & Equivalents	$23.54M	$11.86M
Short-Term Investments
Other Short-Term Assets	$4.800M	$4.400M
YoY Change	9.09%	-39.73%
Inventory	$8.851M	$11.36M
Prepaid Expenses
Receivables	$12.92M	$14.45M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$50.13M	$42.06M
YoY Change	19.19%	-15.58%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.027B	$1.070B
YoY Change	-4.02%	-2.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$37.90M	$42.40M
YoY Change	-10.61%	-57.13%
Total Long-Term Assets	$1.084B	$1.125B
YoY Change	-3.68%	-6.92%
TOTAL ASSETS
Total Short-Term Assets	$50.13M	$42.06M
Total Long-Term Assets	$1.084B	$1.125B
Total Assets	$1.134B	$1.167B
YoY Change	-2.86%	-7.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$6.208M	$6.135M
YoY Change	1.19%	22.46%
Accrued Expenses	$27.52M	$26.84M
YoY Change	2.51%	0.52%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$75.76M	$32.84M
YoY Change	130.71%	409.07%
Total Short-Term Liabilities	$176.1M	$110.9M
YoY Change	58.75%	40.34%
LONG-TERM LIABILITIES
Long-Term Debt	$507.5M	$555.0M
YoY Change	-8.56%	-11.43%
Other Long-Term Liabilities	$6.191M	$11.55M
YoY Change	-46.38%	2.8%
Total Long-Term Liabilities	$802.4M	$839.4M
YoY Change	-4.41%	-31.15%
TOTAL LIABILITIES
Total Short-Term Liabilities	$176.1M	$110.9M
Total Long-Term Liabilities	$802.4M	$839.4M
Total Liabilities	$978.5M	$950.4M
YoY Change	2.96%	-26.8%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.502B	-$1.377B
YoY Change	9.14%	-11.29%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$155.4M	$216.9M
YoY Change
Total Liabilities & Shareholders Equity	$1.134B	$1.167B
YoY Change	-2.86%	-7.26%

Cashflow Statement

Concept	2017 Q1	2016 Q1
OPERATING ACTIVITIES
Net Income	-$20.16M	-$26.95M
YoY Change	-25.18%	-79.23%
Depreciation, Depletion And Amortization	$19.23M	$19.05M
YoY Change	0.97%	0.77%
Cash From Operating Activities	$5.310M	$2.603M
YoY Change	104.0%	3.25%
INVESTING ACTIVITIES
Capital Expenditures	$1.004M	$2.949M
YoY Change	-65.95%	160.28%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$4.088M	-$4.908M
YoY Change	-16.71%	-15.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$12.00M	$6.500M
YoY Change	84.62%	-35.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$12.02M	$6.528M
YoY Change	84.1%	-35.12%
NET CHANGE
Cash From Operating Activities	$5.310M	$2.603M
Cash From Investing Activities	-$4.088M	-$4.908M
Cash From Financing Activities	$12.02M	$6.528M
Net Change In Cash	$13.24M	$4.223M
YoY Change	213.45%	-37.66%
FREE CASH FLOW
Cash From Operating Activities	$5.310M	$2.603M
Capital Expenditures	$1.004M	$2.949M
Free Cash Flow	$4.306M	-$346.0K
YoY Change	-1344.51%	-124.93%

Facts In Submission

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CY2017Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1113968000	shares
CY2017Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. BASIS OF PRESENTATION</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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 (collectively, “Thermo”), is the principal owner and largest stockholder of Globalstar. The Company’s Chairman and Chief Executive Officer controls Thermo. Two other members of the Company's Board of Directors are also directors, officers or minority equity owners of various Thermo entities.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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 (“U.S. 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 (the "SEC"); 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 the Globalstar Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font><font style="font-family:inherit;font-size:10pt;">, as filed with the SEC on February 23, 2017 (the "2016 Annual Report"), and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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 U.S. GAAP requires management to make estimates and assumptions that affect the reported 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. Actual results could differ from estimates. 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, the value of stock-based compensation and income taxes. The Company has made certain reclassifications to prior period condensed consolidated financial statements to conform to current period presentation.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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 all its 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, 2017</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%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;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%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") No. 2014-09,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">. ASU 2014-09 has been modified multiple times since its initial release. This ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. ASU 2014-09, as amended, becomes effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted; however the Company plans on adopting this standard when it becomes effective on January 1, 2018. The Company has an internal project team that is evaluating the impact this standard will have on its financial statements, accounting systems and related disclosures. Currently, the Company expects that the most significant changes to the Company's revenue recognition accounting policies will be related to the following: 1) the allocation and timing of revenue recognized between service revenue and subscriber equipment sales, 2) the timing of service revenue recognized for breakage during certain customer's prepaid contracts and 3) the deferment of certain contract acquisition costs and the recognition of these costs over the expected life of a customer's contract. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. The main difference between the provisions of ASU No. 2016-02 and previous U.S. GAAP is the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. ASU No. 2016-02 retains a distinction between finance leases and operating leases, and the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize right-of-use assets and lease liabilities. The accounting applied by a lessor is largely unchanged from that applied under previous U.S. GAAP. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. This ASU is effective for public business entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Liabilities-Extinguishment of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-04 contains specific guidance for the derecognition of prepaid stored-value product liabilities within the scope of this ASU. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not expect this ASU to have a material effect on its condensed consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Credit Losses, Measurement of Credit Losses on Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. The Company has not yet determined the impact this standard will have on its financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2016-15 is intended to reduce diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. The new guidance clarifies the classification of cash activity related to debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank-owned life insurance policies, distributions received from equity-method investments, and beneficial interests in securitization transactions. The guidance also describes a predominance principle pursuant to which cash flows with aspects of more than one class that cannot be separated should be classified based on the activity that is likely to be the predominant source or use of cash flow. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures, but does not expect it to have a material effect on the Company's condensed consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU No. 2016-16, I</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ncome Taxes: Intra-Entity Transfers of Assets Other Than Inventory</font><font style="font-family:inherit;font-size:10pt;">. ASU 2016-16 requires entities to account for the income tax effects of intercompany sales and transfers of assets other than inventory when the transfer occurs rather than current guidance which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued ASU No. 2016-18, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows - Restricted Cash</font><font style="font-family:inherit;font-size:10pt;">. ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet is required. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company adopted this standard effective with reporting periods beginning on January 1, 2017 and reflected the impact of this standard using a retrospective transition method for each period presented. Additionally, the Company added required disclosures pursuant to ASC 2016-18 to its condensed consolidated statements of cash flows.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations: Clarifying the Definition of a Business</font><font style="font-family:inherit;font-size:10pt;">. ASU 2017-01 most significantly revises guidance specific to the definition of a business related to accounting for acquisitions. Additionally, ASU 2017-01 also affects other areas of US GAAP, such as the definition of a business related to the consolidation of variable interest entities, the consolidation of a subsidiary or group of assets, components of an operating segment, and disposals of reporting units and the impact on goodwill. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not expect it to have a material effect on the Company's condensed consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the FASB issued ASU 2017-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets: Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets</font><font style="font-family:inherit;font-size:10pt;">. ASU 2017-06 was issued to provide clarity on the scope and application for recognizing gains and losses from the sale or transfer of nonfinancial assets, and should be adopted concurrently with ASU 2014-09: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the FASB issued ASU 2017-07: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation—Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</font><font style="font-family:inherit;font-size:10pt;">. ASU 2017-07 requires sponsors of benefit plans to present the service cost component of net periodic benefit cost in the same income statement line or items as other employee costs and present the remaining components of net periodic benefit cost in one or more separate line items outside of income from operations. This ASU also limits the capitalization of benefit costs to only the service cost component. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2017. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not expect it to have a material effect on the Company's condensed consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB Issued ASU 2017-08: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables—Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities</font><font style="font-family:inherit;font-size:10pt;">. This ASU amends current US GAAP to shorten the amortization period for certain purchased callable debt securities held at a premium to the earliest call date. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not expect it to have a material effect on the Company's condensed consolidated financial statements and related disclosures.</font></div></div>
CY2017Q1	us-gaap	Derivatives Embedded Derivatives DerivativesEmbeddedDerivatives	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has identified various embedded derivatives resulting from certain features in the Company’s debt instruments, including the conversion option and the contingent put feature within both the 2013 </font><font style="font-family:inherit;font-size:10pt;">8.00%</font><font style="font-family:inherit;font-size:10pt;"> Notes and the Thermo Loan Agreement. These embedded derivatives required bifurcation from the debt host agreement and are recorded as a derivative liability on the Company’s condensed consolidated balance sheets with a corresponding debt discount netted against the principal amount of the related debt instrument. The Company accretes the debt discount associated with each derivative liability to interest expense over the term of the related debt instrument using an effective interest rate method. The fair value of each embedded derivative liability is marked-to-market at the end of each reporting period with any changes in value reported in its condensed consolidated statements of operations. The Company determined the fair value of its compound embedded derivative liabilities using a blend of a Monte Carlo simulation model and market prices. See </font><font style="font-family:inherit;font-size:10pt;">Note 5: Fair Value Measurements</font><font style="font-family:inherit;font-size:10pt;"> for further discussion.</font></div></div>

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$GSAT
Globalstar, Inc. Stock $gsat

2017 Q1 Form 10-Q Financial Statement

#000136686817000044 Filed on May 04, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT Globalstar, Inc. Stock $gsat

2017 Q1 Form 10-Q Financial Statement

#000136686817000044 Filed on May 04, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT
Globalstar, Inc. Stock $gsat