$GSAT
Globalstar, Inc. Stock $gsat

$gsat Overview Financials Valuation SEC Filings Company Website

2018 Q2 Form 10-Q Financial Statement

#000136686818000054 Filed on August 02, 2018

Income Statement

Concept	2018 Q2	2017 Q2
Revenue	$33.73M	$28.12M
YoY Change	19.92%	12.11%
Cost Of Revenue		$9.036M
YoY Change		13.85%
Gross Profit		$19.09M
YoY Change		11.3%
Gross Profit Margin		67.87%
Selling, General & Admin	$15.94M	$9.473M
YoY Change	68.31%	-17.27%
% of Gross Profit		49.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$22.62M	$19.28M
YoY Change	17.32%	0.85%
% of Gross Profit		101.01%
Operating Expenses	$15.94M	$9.473M
YoY Change	68.31%	-17.27%
Operating Profit	$1.948M	-$12.44M
YoY Change	-115.66%	-24.2%
Interest Expense	-$10.31M	-$8.850M
YoY Change	16.44%	-2.2%
% of Operating Profit	-529.0%
Other Income/Expense, Net	-$8.936M	-$86.19M
YoY Change	-89.63%	-386.72%
Pretax Income	-$6.988M	-$98.63M
YoY Change	-92.91%	-822.6%
Income Tax	$24.00K	$106.0K
% Of Pretax Income
Net Earnings	-$7.012M	-$98.73M
YoY Change	-92.9%	-800.29%
Net Earnings / Revenue	-20.79%	-351.08%
Basic Earnings Per Share	-$0.01	-$0.09
Diluted Earnings Per Share	-$0.01	-$0.09
COMMON SHARES
Basic Shares Outstanding	1.263B shares	1.129B shares
Diluted Shares Outstanding	1.263B shares	1.129B shares

Balance Sheet

Concept	2018 Q2	2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$12.80M	$8.800M
YoY Change	45.45%	-22.12%
Cash & Equivalents	$12.81M	$8.838M
Short-Term Investments
Other Short-Term Assets	$61.60M	$5.200M
YoY Change	1084.62%	4.0%
Inventory	$7.742M	$8.814M
Prepaid Expenses
Receivables	$19.89M	$15.37M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$102.0M	$38.21M
YoY Change	166.96%	-9.37%
LONG-TERM ASSETS
Property, Plant & Equipment	$935.0M	$1.014B
YoY Change	-7.77%	-4.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets		$37.90M
YoY Change		-9.98%
Total Long-Term Assets	$966.4M	$1.072B
YoY Change	-9.83%	-3.84%
TOTAL ASSETS
Total Short-Term Assets	$102.0M	$38.21M
Total Long-Term Assets	$966.4M	$1.072B
Total Assets	$1.068B	$1.110B
YoY Change	-3.74%	-4.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$6.988M	$7.624M
YoY Change	-8.34%	26.25%
Accrued Expenses	$22.89M	$20.66M
YoY Change	10.77%	-23.34%
Deferred Revenue	$33.05M
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$87.73M	$108.7M
YoY Change	-19.3%	185.26%
Total Short-Term Liabilities	$151.9M	$223.7M
YoY Change	-32.1%	92.76%
LONG-TERM LIABILITIES
Long-Term Debt	$400.7M	$460.0M
YoY Change	-12.88%	-14.88%
Other Long-Term Liabilities	$4.088M	$5.830M
YoY Change	-29.88%	-51.14%
Total Long-Term Liabilities	$535.2M	$794.8M
YoY Change	-32.66%	1.31%
TOTAL LIABILITIES
Total Short-Term Liabilities	$151.9M	$223.7M
Total Long-Term Liabilities	$535.2M	$794.8M
Total Liabilities	$687.1M	$1.018B
YoY Change	-32.54%	13.09%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.487B	-$1.601B
YoY Change	-7.11%	17.52%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$381.3M	$91.47M
YoY Change
Total Liabilities & Shareholders Equity	$1.068B	$1.110B
YoY Change	-3.74%	-4.05%

Cashflow Statement

Concept	2018 Q2	2017 Q2
OPERATING ACTIVITIES
Net Income	-$7.012M	-$98.73M
YoY Change	-92.9%	-800.29%
Depreciation, Depletion And Amortization	$22.62M	$19.28M
YoY Change	17.32%	0.85%
Cash From Operating Activities	-$2.020M	$950.0K
YoY Change	-312.63%	-159.38%
INVESTING ACTIVITIES
Capital Expenditures	-$6.510M	-$6.600M
YoY Change	-1.36%	-12.58%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$6.510M	-$6.600M
YoY Change	-1.36%	-12.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-38.61M	-9.130M
YoY Change	322.89%	-206.53%
NET CHANGE
Cash From Operating Activities	-2.020M	950.0K
Cash From Investing Activities	-6.510M	-6.600M
Cash From Financing Activities	-38.61M	-9.130M
Net Change In Cash	-47.14M	-14.78M
YoY Change	218.94%	2448.28%
FREE CASH FLOW
Cash From Operating Activities	-$2.020M	$950.0K
Capital Expenditures	-$6.510M	-$6.600M
Free Cash Flow	$4.490M	$7.550M
YoY Change	-40.53%	26.89%

Facts In Submission

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	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001366868
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Document Period End Date DocumentPeriodEndDate	2018-06-30
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CY2017Q4	gsat	Debt Instrument Face Amount Current DebtInstrumentFaceAmountCurrent	79215000	USD
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	dei	Entity Registrant Name EntityRegistrantName	Globalstar, Inc.
	dei	Trading Symbol TradingSymbol	GSAT
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	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	0	shares
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	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-38614000	USD
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	us-gaap	Net Income Loss NetIncomeLoss	-118895000	USD
CY2018Q2	us-gaap	Net Income Loss NetIncomeLoss	-7012000	USD
	us-gaap	Net Income Loss NetIncomeLoss	80918000	USD
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	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-118895000	USD
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	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	86811000	USD
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	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-91184000	USD
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	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	91993000	USD
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	us-gaap	Operating Income Loss OperatingIncomeLoss	-27569000	USD
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	us-gaap	Operating Income Loss OperatingIncomeLoss	-11010000	USD
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	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	-865000	USD
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	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	2300000	USD
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	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-660000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-195000	USD
CY2017Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-2173000	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-2269000	USD
CY2018Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-3351000	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-4013000	USD
	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	255000	USD
	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	0	USD
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	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	3221000	USD
CY2017Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	4389000	USD
CY2018Q2	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	4458000	USD
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CY2018Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	935036000	USD
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	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	808000	USD
	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	771000	USD
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	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	62475000	USD
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	us-gaap	Revenue From Contract With Customer Including Assessed Tax RevenueFromContractWithCustomerIncludingAssessedTax	52775000	USD
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	us-gaap	Revenue From Contract With Customer Including Assessed Tax RevenueFromContractWithCustomerIncludingAssessedTax	62475000	USD
CY2018Q2	us-gaap	Revenue Remaining Performance Obligation RevenueRemainingPerformanceObligation	33000000	USD
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	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	18891000	USD
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	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	27219000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	2488000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	2776000	USD
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	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	106885000	USD
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	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1121518000	shares
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	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1442693000	shares
CY2017Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1128985000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1121518000	shares
CY2018Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1263372000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1262857000	shares
	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, 2017</font><font style="font-family:inherit;font-size:10pt;">, as filed with the SEC on </font><font style="font-family:inherit;font-size:10pt;">February 22, 2018</font><font style="font-family:inherit;font-size:10pt;"> (the “</font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> 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 and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2018</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%;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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“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. In July 2018, the FASB issued ASU No. 2018-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842): Targeted Improvements</font><font style="font-family:inherit;font-size:10pt;">, which provides for the election of transition methods between the modified retrospective method and the optional transition relief method. The modified retrospective method is applied to all prior reporting periods presented with a cumulative-effect adjustment recorded in the earliest comparative period while the optional transition relief method is applied beginning in the period of adoption with a cumulative-effect adjustment recorded in the first quarter of 2019. 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. The Company has an internal project team that is currently evaluating the impact this standard will have on its financial statements, accounting systems 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: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 No. 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 standard will replace today's yield-to-maturity approach, which generally requires amortization of premium over the life of the instrument. 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 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:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the FASB issued ASU No. 2018-02,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</font><font style="font-family:inherit;font-size:10pt;">. This guidance allows companies to reclassify items in accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (the “Tax Act”) (previously known as “The Tax Cuts and Jobs Act”). This ASU is effective for all entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. Companies may apply the guidance in the period of adoption or retrospectively to each period in which the income tax effects of the Tax Act related to items in accumulated other comprehensive income are recognized. 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:25px;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 2018, the FASB issued ASU No. 2018-07, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;">. ASU 2018-07 aligns the accounting for share-based payment awards issued to employees and nonemployees. Measurement of equity-classified nonemployee awards will now be valued on the grant date and will no longer be remeasured through the performance completion date. This amendment also changes the accounting for nonemployee awards with performance conditions to recognize compensation cost when achievement of the performance condition is probable, rather than upon achievement of the performance condition, as well as eliminating the requirement to reassess the equity or liability classification for nonemployee awards upon vesting, except for certain award types. 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. When adopted, the new guidance should be applied to all new grants and other transition provisions are included in the guidance to simplify this adoption for most companies. The Company does not expect it to have a material effect on the Company's 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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Pronouncements </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 FASB issued 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 became effective for annual reporting periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. See </font><font style="font-family:inherit;font-size:10pt;">Note 2: Revenue</font><font style="font-family:inherit;font-size:10pt;"> for further discussion, including the impact on the Company's condensed consolidated financial statements and required 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 No. 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 2017-05 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 became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or 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:25px;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 became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:25px;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:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, S</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">tatement 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 and clarify the classification of how certain cash receipts and cash payments are presented in the statement of cash flows. This ASU became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or related disclosures.</font></div><div style="line-height:120%;text-align:justify;text-indent:25px;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:25px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU No. 2016-16,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory.</font><font style="font-family:inherit;font-size:10pt;"> ASU No. 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 an asset until the asset has been sold to an outside party or otherwise recognized. This ASU became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or 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 No. 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 became 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 added required disclosures pursuant to ASC No. 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 No. 2017-01 most significantly revises guidance specific to the definition of a business related to accounting for acquisitions. Additionally, ASU No. 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 became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or 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 No. 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 became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. As a result of the retrospective adoption of this standard, for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified less than </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, from marketing, general and administrative expense to other income (expense). The service cost component of periodic benefit cost is the only cost that remains in income from operations; all other periodic benefit costs, including interest cost, expected return on plan assets and amortization of amounts deferred from previous periods are now reflected outside of income from operations and reflected in the other income (expense) line item on the Company's condensed consolidated statements of operations. There were no other changes to the Company's condensed consolidated financial statements or 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 May 2017, the FASB issued ASU No. 2017-09: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation—Stock Compensation: Scope of Modification Accounting. </font><font style="font-family:inherit;font-size:10pt;">This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, a company will apply modification accounting only if the fair value, vesting conditions or classification of the award change due to a modification in the terms or conditions of the share-based payment award. This ASU became effective for public entities for annual and interim periods beginning after December 15, 2017. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements or 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 July 2017, the FASB issued ASU No. 2017-11: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">I. Accounting for Certain Financial Instruments With Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception. </font><font style="font-family:inherit;font-size:10pt;">Part I of this ASU reduces the complexity associated with accounting for certain financial instruments with down round features. Part II of this ASU recharacterizes the indefinite deferral provisions described in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Topic 480: Distinguishing Liabilities from Equity. </font><font style="font-family:inherit;font-size:10pt;">It does not have an accounting effect. 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 adopted this ASU on October 1, 2017. The Company evaluated its debt and related derivative instruments and determined that this standard did not have an impact on the Company's condensed consolidated financial statements or related disclosures.</font></div></div>
	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 Loan Agreement with Thermo. 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, or more frequently as deemed necessary, 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 Monte Carlo simulation model. See </font><font style="font-family:inherit;font-size:10pt;">Note 6: Fair Value Measurements</font><font style="font-family:inherit;font-size:10pt;"> for further discussion.</font></div></div>
	us-gaap	Loss Contingency Disclosures LossContingencyDisclosures	<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;">7. CONTINGENCIES</font><font style="font-family:inherit;font-size:10pt;"> </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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Arbitration </font></div><div style="line-height:120%;text-align:justify;text-indent:20px;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:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 3, 2011, Globalstar filed a demand for arbitration against Thales before the American Arbitration Association to enforce certain rights to order additional satellites under the 2009 Contract. The Company did not include within its demand any claims that it had against Thales for work previously performed under the contract to design, manufacture and timely deliver the first </font><font style="font-family:inherit;font-size:10pt;">25</font><font style="font-family:inherit;font-size:10pt;"> second-generation satellites. On May 10, 2012, the arbitration tribunal issued its award in which it determined that the Company had terminated the 2009 Contract “for convenience” and had materially breached the contract by failing to pay to Thales the </font><font style="font-family:inherit;font-size:10pt;">€51.3 million</font><font style="font-family:inherit;font-size:10pt;"> in termination charges required under the contract. The tribunal additionally determined that absent further agreement between the parties, Thales had no further obligation to manufacture or deliver satellites under Phase 3 of the 2009 Contract. Based on these determinations, the tribunal directed the Company to pay Thales approximately </font><font style="font-family:inherit;font-size:10pt;">€53 million</font><font style="font-family:inherit;font-size:10pt;"> in termination charges, plus interest by June 9, 2012. On May 23, 2012, Thales commenced an action in the United States District Court for the Southern District of New York by filing a petition to confirm the arbitration award (the “New York Proceeding”). Thales and the Company entered into tolling agreements under which Thales dismissed the New York Proceeding without prejudice. These tolling agreements have expired. Accordingly, as of May 10, 2018, Thales's right to enforce the arbitration award pursuant to the Federal Arbitration Act is now time-barred.</font></div><div style="line-height:120%;text-align:justify;text-indent:20px;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:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June 24, 2012, the Company and Thales agreed to settle their prior commercial disputes, including those disputes that were the subject of the arbitration award. In order to effectuate this settlement, the Company and Thales entered into a Release Agreement, a Settlement Agreement and a Submission Agreement. Under the terms of the Release Agreement, Thales agreed unconditionally and irrevocably to release and forever discharge the Company from any and all claims and obligations (with the exception of those items payable under the Settlement Agreement or in connection with a new contract for the purchase of any additional second-generation satellites), including, without limitation, a full release from paying </font><font style="font-family:inherit;font-size:10pt;">€35.6 million</font><font style="font-family:inherit;font-size:10pt;"> of the termination charges awarded in the arbitration together with all interest on the award amount effective upon the earlier of December 31, 2012, and the effective date of the financing for the purchase of any additional second-generation satellites. Under the terms of the Release Agreement, the Company agreed unconditionally and irrevocably to release and forever discharge Thales from any and all claims (with limited exceptions), including, without limitation, claims related to Thales’s work under the 2009 satellite construction contract, including any obligation to pay liquidated damages, effective upon the earlier of December 31, 2012, and the effective date of the financing for the purchase of any additional second-generation satellites. The releases became effective on December 31, 2012. In connection with the Release Agreement and the Settlement Agreement, the Company recorded a contract termination charge of approximately </font><font style="font-family:inherit;font-size:10pt;">€17.5 million</font><font style="font-family:inherit;font-size:10pt;"> in its condensed consolidated balance sheet during the second quarter of 2012. As discussed above, the statute of limitations for Thales to enforce the arbitration award pursuant to the Federal Arbitration Act has expired. As such, the Company believes that payment of the contract termination charge is not probable and has removed this liability from its condensed consolidated balance sheet as of June 30, 2018. Nevertheless, there can be no assurance that Thales would not or could not seek some alternative means to pursue all or a portion of the </font><font style="font-family:inherit;font-size:10pt;">€17.5 million</font><font style="font-family:inherit;font-size:10pt;"> contract termination charge, which would be defended vigorously by the Company.</font></div><div style="line-height:120%;text-align:justify;text-indent:20px;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:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the terms of the Settlement Agreement, the Company agreed to pay </font><font style="font-family:inherit;font-size:10pt;">€17.5 million</font><font style="font-family:inherit;font-size:10pt;"> to Thales, representing one-third of the termination charges awarded to Thales in the arbitration, subject to certain conditions, on the later of the effective date of the new contract for the purchase of any additional second-generation satellites and the effective date of the financing for the purchase of these satellites. As of </font><font style="font-family:inherit;font-size:10pt;">June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, this condition had not been satisfied. Because the effective date of the new contract for the purchase of additional second-generation satellites did not occur on or prior to February 28, 2013, any party may terminate the Settlement Agreement. If any party terminates the Settlement Agreement, all parties’ rights and obligations under the Settlement Agreement shall terminate. The Release Agreement is a separate and independent agreement from the Settlement Agreement and provides that it supersedes all prior understandings, commitments and representations between the parties with respect to the subject matter thereof; therefore, it would survive any termination of the Settlement Agreement. As of </font><font style="font-family:inherit;font-size:10pt;">June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, no party had terminated the Settlement Agreement.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Other</font></div><div style="line-height:120%;text-align:justify;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 May 2018, the Company concluded the settlement of a business economic loss claim in which it was an absent member in a tort class action lawsuit. The Company will receive proceeds of </font><font style="font-family:inherit;font-size:10pt;">$7.4 million</font><font style="font-family:inherit;font-size:10pt;">, which is net of legal fees related to this settlement. The cash proceeds will be received in equal installments in January 2019 and January 2020, respectively. During the second quarter of 2018, the Company recorded the present value of the proceeds of </font><font style="font-family:inherit;font-size:10pt;">$6.8 million</font><font style="font-family:inherit;font-size:10pt;"> and a discount of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;">. The present value of the net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$6.8 million</font><font style="font-family:inherit;font-size:10pt;"> was recorded in other income on the Company's condensed consolidated statement of operations. The discount of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> was recorded on the Company's condensed consolidated balance sheet and is being accreted to interest income over the term of the receivable using the effective interest method.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Litigation</font></div><div style="line-height:120%;text-align:justify;text-indent:20px;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:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the nature of the Company's business, the Company is involved, from time to time, in various litigation matters or subject to disputes or routine claims regarding its business activities. Legal costs related to these matters are expensed as incurred. </font></div><div style="line-height:120%;text-align:justify;text-indent:20px;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:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In management's opinion, there is no pending litigation, dispute or claim, other than those described in this report, which could be expected to have a material adverse effect on the Company's financial condition, results of operations or liquidity.</font></div></div>

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$GSAT
Globalstar, Inc. Stock $gsat

2018 Q2 Form 10-Q Financial Statement

#000136686818000054 Filed on August 02, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT Globalstar, Inc. Stock $gsat

2018 Q2 Form 10-Q Financial Statement

#000136686818000054 Filed on August 02, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT
Globalstar, Inc. Stock $gsat