$GSAT
Globalstar, Inc. Stock $gsat

$gsat Overview Financials Valuation SEC Filings Company Website

2018 Q3 Form 10-Q Financial Statement

#000136686818000066 Filed on November 01, 2018

Income Statement

Concept	2018 Q3	2017 Q3
Revenue	$35.69M	$30.46M
YoY Change	17.18%	19.24%
Cost Of Revenue	$13.86M	$9.315M
YoY Change	48.74%	11.25%
Gross Profit	$21.84M	$21.14M
YoY Change	3.28%	23.13%
Gross Profit Margin	61.18%	69.42%
Selling, General & Admin	$15.06M	$9.545M
YoY Change	57.79%	-5.28%
% of Gross Profit	68.97%	45.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$24.73M	$19.41M
YoY Change	27.43%	0.36%
% of Gross Profit	113.27%	91.8%
Operating Expenses	$15.06M	$9.545M
YoY Change	57.79%	-5.28%
Operating Profit	-$17.96M	-$10.72M
YoY Change	67.54%	-27.38%
Interest Expense	-$13.36M	-$8.954M
YoY Change	49.18%	0.99%
% of Operating Profit
Other Income/Expense, Net	$27.03M	$63.20M
YoY Change	-57.22%	974.2%
Pretax Income	$9.070M	$52.47M
YoY Change	-82.71%	-690.91%
Income Tax	$51.00K	$67.00K
% Of Pretax Income	0.56%	0.13%
Net Earnings	$9.019M	$52.41M
YoY Change	-82.79%	-2133.6%
Net Earnings / Revenue	25.27%	172.06%
Basic Earnings Per Share	$0.01	$0.04
Diluted Earnings Per Share	-$0.02	$0.04
COMMON SHARES
Basic Shares Outstanding	1.265B shares	1.170B shares
Diluted Shares Outstanding	1.428B shares	1.346B shares

Balance Sheet

Concept	2018 Q3	2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$20.46M	$16.20M
YoY Change	26.31%	25.58%
Cash & Equivalents	$20.46M	$16.24M
Short-Term Investments
Other Short-Term Assets	$61.73M	$5.700M
YoY Change	983.05%	1.79%
Inventory	$13.07M	$8.504M
Prepaid Expenses
Receivables	$20.47M	$17.61M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$115.7M	$48.05M
YoY Change	140.89%	7.25%
LONG-TERM ASSETS
Property, Plant & Equipment	$904.0M	$1.001B
YoY Change	-9.69%	-4.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets		$38.00M
YoY Change		-6.17%
Total Long-Term Assets	$942.1M	$1.060B
YoY Change	-11.1%	-4.0%
TOTAL ASSETS
Total Short-Term Assets	$115.7M	$48.05M
Total Long-Term Assets	$942.1M	$1.060B
Total Assets	$1.058B	$1.108B
YoY Change	-4.51%	-3.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$9.525M	$6.282M
YoY Change	51.62%	-4.38%
Accrued Expenses	$29.00M	$27.89M
YoY Change	3.98%	-0.63%
Deferred Revenue	$35.03M
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$87.73M	$94.33M
YoY Change	-6.99%	147.5%
Total Short-Term Liabilities	$162.5M	$184.6M
YoY Change	-11.96%	53.86%
LONG-TERM LIABILITIES
Long-Term Debt	$407.6M	$466.7M
YoY Change	-12.65%	-14.73%
Other Long-Term Liabilities	$3.925M	$6.318M
YoY Change	-37.88%	15.36%
Total Long-Term Liabilities	$503.2M	$726.1M
YoY Change	-30.71%	-6.19%
TOTAL LIABILITIES
Total Short-Term Liabilities	$162.5M	$184.6M
Total Long-Term Liabilities	$503.2M	$726.1M
Total Liabilities	$665.7M	$910.8M
YoY Change	-26.91%	1.87%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.478B	-$1.549B
YoY Change	-4.55%	13.46%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$392.1M	$197.0M
YoY Change
Total Liabilities & Shareholders Equity	$1.058B	$1.108B
YoY Change	-4.51%	-3.57%

Cashflow Statement

Concept	2018 Q3	2017 Q3
OPERATING ACTIVITIES
Net Income	$9.019M	$52.41M
YoY Change	-82.79%	-2133.6%
Depreciation, Depletion And Amortization	$24.73M	$19.41M
YoY Change	27.43%	0.36%
Cash From Operating Activities	$11.96M	$10.37M
YoY Change	15.31%	54.78%
INVESTING ACTIVITIES
Capital Expenditures	-$4.281M	-$2.880M
YoY Change	48.65%	-42.28%
Acquisitions
YoY Change
Other Investing Activities	$0.00
YoY Change
Cash From Investing Activities	-$4.281M	-$2.880M
YoY Change	48.65%	-42.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	72.00K	-150.0K
YoY Change	-148.0%	650.0%
NET CHANGE
Cash From Operating Activities	11.96M	10.37M
Cash From Investing Activities	-4.281M	-2.880M
Cash From Financing Activities	72.00K	-150.0K
Net Change In Cash	7.749M	7.340M
YoY Change	5.57%	344.85%
FREE CASH FLOW
Cash From Operating Activities	$11.96M	$10.37M
Capital Expenditures	-$4.281M	-$2.880M
Free Cash Flow	$16.24M	$13.25M
YoY Change	22.56%	13.34%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
	dei	Document Period End Date DocumentPeriodEndDate	2018-09-30
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001366868
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Entity Registrant Name EntityRegistrantName	Globalstar, Inc.
	dei	Entity Small Business EntitySmallBusiness	false
	dei	Trading Symbol TradingSymbol	GSAT
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CY2018Q3	gsat	Debt Instrument Face Amount Current DebtInstrumentFaceAmountCurrent	87732000	USD
CY2017Q4	gsat	Debt Instruments Face Amount Noncurrent DebtInstrumentsFaceAmountNoncurrent	495443000	USD
CY2018Q3	gsat	Debt Instruments Face Amount Noncurrent DebtInstrumentsFaceAmountNoncurrent	458059000	USD
CY2017Q4	gsat	Intangible Assets And Other Assets Noncurrent IntangibleAssetsAndOtherAssetsNoncurrent	21736000	USD
CY2018Q3	gsat	Intangible Assets And Other Assets Noncurrent IntangibleAssetsAndOtherAssetsNoncurrent	38097000	USD
	gsat	Non Cash Interest Expense Cash Flow NonCashInterestExpenseCashFlow	8497000	USD
	gsat	Non Cash Interest Expense Cash Flow NonCashInterestExpenseCashFlow	10275000	USD
	us-gaap	Contract With Customer Asset Credit Loss Expense ContractWithCustomerAssetCreditLossExpense	2200000	USD
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.06
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CY2017Q4	us-gaap	Accrued Liabilities And Other Liabilities AccruedLiabilitiesAndOtherLiabilities	21002000	USD
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	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	0	shares
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CY2018Q3	us-gaap	Net Income Loss NetIncomeLoss	9019000	USD
	us-gaap	Net Income Loss NetIncomeLoss	89937000	USD
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	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-66489000	USD
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	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	100259000	USD
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	us-gaap	Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	2800000	USD
CY2017Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	5973000	USD
CY2018Q3	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	3925000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-680000	USD
	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-979000	USD
CY2017Q3	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-385000	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-2654000	USD
CY2018Q3	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	1331000	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-2682000	USD
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	us-gaap	Payments Of Debt Restructuring Costs PaymentsOfDebtRestructuringCosts	20795000	USD
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	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	1948000	USD
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	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	5346000	USD
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CY2018Q3	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	4450000	USD
CY2017Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
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CY2018Q3	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	1548050000	USD
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CY2018Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	903990000	USD
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CY2018Q3	us-gaap	Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1 RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1	P6Y
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	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	28436000	USD
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	us-gaap	Share Based Compensation ShareBasedCompensation	4218000	USD
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	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	145944000	USD
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	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1137854000	shares
CY2018Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1427800000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1448920000	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1169993000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1137854000	shares
CY2018Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1264516000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1263416000	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 Executive Chairman of the Board of Directors 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 nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 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. The Company will adopt this standard when it becomes effective, on January 1, 2019, and expects to elect the optional transition relief method. 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; for operating leases in which the Company is the lessee, it will recognize a right-of-use asset and associated lease liability upon adoption.</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 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: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: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 August 2018, the FASB issued ASU No. 2018-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;">. As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of any interim or annual reporting period. This ASU will have an impact on the Company's 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 August 2018, the FASB issued ASU No. 2018-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Retirement Benefits - Defined Benefit Plans - General Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans</font><font style="font-family:inherit;font-size:10pt;">. As part of the FASB's disclosure framework project, it has changed the disclosure requirements for defined pension and other post-retirement benefit plans. The FASB eliminated disclosure requirements related to the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of plan assets expected to be returned to the employer, if any, information related to Japanese Welfare Pension Insurance Law, information about the amount of future annual benefits covered by insurance contracts and significant transactions between the employer or related parties and the plan, and the disclosure of the effects of a one-percentage-point change in the assumed health care cost trend rates on the (1) aggregate of the service and interest cost components of net periodic benefit costs and the (2) benefit obligation for postretirement health care benefits. Entities will be required to disclose the weighted-average interest crediting rate for cash balance plans and other plans with promised interest crediting rates as well as an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This ASU is effective for public entities for annual periods beginning after December 15, 2020. Early adoption is permitted as of the beginning of any annual reporting period. This ASU will have an impact on the Company's 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 August 2018, the FASB issued ASU No. 2018-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other - Internal-Use Software Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract</font><font style="font-family:inherit;font-size:10pt;">. This ASU requires companies to defer specified implementation costs in a cloud computing arrangement that are often expensed under current US GAAP and recognize these costs to expense over the noncancellable term of the arrangement. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Financial Reporting Rules</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 August 2018, the SEC adopted the final rule under SEC Release 33-10532, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosure Update and Simplification</font><font style="font-family:inherit;font-size:10pt;">, which amended its rules to eliminate, modify, or integrate into other SEC requirements certain disclosure rules. The amendments are part of the SEC’s ongoing disclosure effectiveness initiative. The amendments eliminate redundant and duplicative requirements including, but not limited to, the ratio of earnings to fixed charges, outdated regulatory disclosures, certain accounting policies about derivative instruments and specific SEC disclosures that are also required under current US GAAP. The amendments may expand current disclosures for certain companies, specifically the requirement to disclose the change in stockholders' equity for the current and comparative quarter and year-to-date interim periods. The amended rules will become effective November 5, 2018 and will be applied to any filings after that date. On September 25, 2018, the SEC released guidance advising it will not object to a registrant adopting the requirement to include changes in stockholders’ equity in the Form 10-Q for the first quarter beginning after the effective date of the rule. The Company does not expect these final rules to have a material impact on its disclosures and financial statements.</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;">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 was 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 nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company reclassified </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;">$0.2 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. 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 and its condensed consolidated statements of cash flows as an operating activity. 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 removed this liability from its condensed consolidated balance sheet during the second quarter of 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;">September 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;">September 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;">Securities Claim</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:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On September 25, 2018, a shareholder action was filed against the Company, members of the Board of Directors, Thermo Companies, Inc., and certain members of Globalstar management in the Court of Chancery of the State of Delaware, captioned </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Mudrick Capital Management, LP, et al. v. Monroe, et al.</font><font style="font-family:inherit;font-size:10pt;">, C.A. No. 2018-0699-TMR (the "Action"). In the Action, plaintiffs allege that individuals named as director defendants and Thermo Companies, Inc. violated their fiduciary duties in connection with certain outreach to third parties related to a possible monetization of the Company's spectrum, the Company's October 2017 offering, the Agreement and Plan of Merger with GBS Acquisitions, Inc., Thermo Acquisitions, Inc., and Thermo Development, Inc. dated April 24, 2018 (the "Merger Agreement"), which has since been terminated, and certain related transactions. Plaintiffs also allege that certain directors of the Company were unjustly enriched by certain restricted stock awards, that James Monroe III breached his fiduciary duties by purportedly trading while in possession of the Company's proprietary information, and that the non-director management defendants aided and abetted the directors’ alleged breaches of fiduciary duty. The Action seeks a declaratory judgment on the above allegations, damages, and an award of attorneys' fees and costs for bringing the Action and also in connection with a demand to inspect certain books and records of the Company, a now-adjudicated lawsuit seeking to enforce the demand in the Delaware Court of Chancery (the "Books and Records Matters"), and in connection with the termination of the Merger Agreement. The Company is identified as a defendant as to the direct claim for certain attorneys' fees and costs. All other claims are purported to be brought derivatively on behalf of the Company. The Company intends to vigorously defend against the litigation and expects the other defendants to do so as well. </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:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the Action described above, the plaintiffs’ claims for damages from the Company are limited to the payment of certain attorneys' fees and costs. The Company evaluated the facts and circumstances under applicable accounting guidance and determined that, as a defendant in the Action and as an indemnitor to certain other defendants, a loss for such attorneys' fees and costs is reasonably possible; however, an estimate for potential losses or range of losses under the Action cannot be made at this time. As such, the Company has not recorded an accrual related to the Action described above for the period ended September 30, 2018. Additionally, as the Company is also a nominal plaintiff in the Action, the Company evaluated the facts and circumstances under applicable accounting guidance and determined that a gain resulting from certain claims described above may be possible; however, at this time, any such gain is not estimable nor realizable. As such, the Company has not recorded a gain related to the Action described above for the period ended September 30, 2018. The Company continues to review and evaluate its accounting conclusions in light of developments of this Action. </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:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the nine months ended September 30, 2018, the Company incurred approximately </font><font style="font-family:inherit;font-size:10pt;">$2.4 million</font><font style="font-family:inherit;font-size:10pt;"> in legal and other adviser costs resulting from the Action and the Books and Records Matters, which are recorded in marketing, general and administrative expenses on the Company’s condensed consolidated statement of operations. The Company expects that these costs are at least partially covered by the Company’s directors and officers insurance policy, subject to the retention and limits provided in the policy. According to ASC 450, a recovery related to a contingent loss (e.g., insurance recovery) is a contingent gain. Recovery of a recorded contingent loss shall be recognized only when realization of the recovery is deemed probable and reasonably estimable. Costs incurred in connection with a books and records demand are subject to a </font><font style="font-family:inherit;font-size:10pt;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> sublimit. Until additional coverage is confirmed by the Company’s insurance carrier, the Company has recorded a receivable of </font><font style="font-family:inherit;font-size:10pt;">$250,000</font><font style="font-family:inherit;font-size:10pt;"> as partial recovery of the costs incurred in connection with the Books and Records Matters with an offsetting reduction to marketing, general and administrative expenses during the quarter ended September 30, 2018 as the Company believes that collection of at least this amount is probable under the terms of its insurance policy. </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;">Business Economic Loss Claim</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;">, 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;">Other 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 Q3 Form 10-Q Financial Statement

#000136686818000066 Filed on November 01, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT Globalstar, Inc. Stock $gsat

2018 Q3 Form 10-Q Financial Statement

#000136686818000066 Filed on November 01, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT
Globalstar, Inc. Stock $gsat