$GSAT
Globalstar, Inc. Stock $gsat

$gsat Overview Financials Valuation SEC Filings Company Website

2020 Q1 Form 10-Q Financial Statement

#000136686820000045 Filed on May 07, 2020

Income Statement

Concept	2020 Q1	2019 Q1
Revenue	$32.19M	$30.08M
YoY Change	7.04%	4.62%
Cost Of Revenue	$11.37M	$13.00M
YoY Change	-12.54%	44.0%
Gross Profit	$20.82M	$17.08M
YoY Change	21.94%	-13.41%
Gross Profit Margin	64.68%	56.77%
Selling, General & Admin	$11.09M	$11.61M
YoY Change	-4.44%	2.94%
% of Gross Profit	53.26%	67.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$23.82M	$23.80M
YoY Change	0.07%	23.77%
% of Gross Profit	114.38%	139.38%
Operating Expenses	$11.09M	$11.61M
YoY Change	-4.44%	2.94%
Operating Profit	-$14.09M	-$18.33M
YoY Change	-23.16%	41.46%
Interest Expense	-$14.01M	-$12.87M
YoY Change	8.86%	75.03%
% of Operating Profit
Other Income/Expense, Net	-$24.12M	$44.13M
YoY Change	-154.65%	-56.28%
Pretax Income	-$38.20M	$25.80M
YoY Change	-248.08%	-70.67%
Income Tax	$21.00K	$27.00K
% Of Pretax Income		0.1%
Net Earnings	-$38.22M	$25.77M
YoY Change	-248.32%	-70.69%
Net Earnings / Revenue	-118.73%	85.68%
Basic Earnings Per Share	-$0.02	$0.02
Diluted Earnings Per Share	-$0.02	-$0.02
COMMON SHARES
Basic Shares Outstanding	1.558B shares	1.448B shares
Diluted Shares Outstanding	1.558B shares	1.632B shares

Balance Sheet

Concept	2020 Q1	2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$10.46M	$13.77M
YoY Change	-24.03%	-71.78%
Cash & Equivalents	$10.46M	$13.77M
Short-Term Investments
Other Short-Term Assets	$13.11M	$84.98M
YoY Change	-84.58%	20.71%
Inventory	$16.01M	$14.42M
Prepaid Expenses
Receivables	$21.54M	$20.04M
Other Receivables	$0.00	$0.00
Total Short-Term Assets	$61.13M	$133.2M
YoY Change	-54.11%	-7.54%
LONG-TERM ASSETS
Property, Plant & Equipment	$775.0M	$864.2M
YoY Change	-10.32%	-9.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$51.12M
YoY Change
Total Long-Term Assets	$878.0M	$911.7M
YoY Change	-3.69%	-7.22%
TOTAL ASSETS
Total Short-Term Assets	$61.13M	$133.2M
Total Long-Term Assets	$878.0M	$911.7M
Total Assets	$939.1M	$1.045B
YoY Change	-10.12%	-7.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.135M	$6.206M
YoY Change	-33.37%	10.33%
Accrued Expenses	$26.27M	$34.59M
YoY Change	-24.06%	24.03%
Deferred Revenue	$27.18M	$31.49M
YoY Change	-13.66%
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$0.00	$96.25M
YoY Change	-100.0%	21.5%
Total Short-Term Liabilities	$57.97M	$169.3M
YoY Change	-65.76%	1.71%
LONG-TERM LIABILITIES
Long-Term Debt	$356.0M	$374.0M
YoY Change	-4.81%	-15.24%
Other Long-Term Liabilities	$2.754M	$3.261M
YoY Change	-15.55%	-41.62%
Total Long-Term Liabilities	$386.1M	$490.2M
YoY Change	-21.25%	-14.93%
TOTAL LIABILITIES
Total Short-Term Liabilities	$57.97M	$169.3M
Total Long-Term Liabilities	$386.1M	$490.2M
Total Liabilities	$444.0M	$659.5M
YoY Change	-32.68%	-11.2%
SHAREHOLDERS EQUITY
Retained Earnings	-$1.599B	-$1.549B
YoY Change	3.25%	4.64%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$495.1M	$385.4M
YoY Change
Total Liabilities & Shareholders Equity	$939.1M	$1.045B
YoY Change	-10.12%	-7.26%

Cashflow Statement

Concept	2020 Q1	2019 Q1
OPERATING ACTIVITIES
Net Income	-$38.22M	$25.77M
YoY Change	-248.32%	-70.69%
Depreciation, Depletion And Amortization	$23.82M	$23.80M
YoY Change	0.07%	23.77%
Cash From Operating Activities	$4.605M	$1.325M
YoY Change	247.55%	-86.52%
INVESTING ACTIVITIES
Capital Expenditures	-$1.578M	$1.013M
YoY Change	-255.77%	-27.49%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$1.578M	-$2.261M
YoY Change	-30.21%	-5.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$421.0K	-$193.0K
YoY Change	118.13%
NET CHANGE
Cash From Operating Activities	$4.605M	$1.325M
Cash From Investing Activities	-$1.578M	-$2.261M
Cash From Financing Activities	-$421.0K	-$193.0K
Net Change In Cash	$2.451M	-$1.143M
YoY Change	-314.44%	-115.4%
FREE CASH FLOW
Cash From Operating Activities	$4.605M	$1.325M
Capital Expenditures	-$1.578M	$1.013M
Free Cash Flow	$6.183M	$312.0K
YoY Change	1881.73%	-96.3%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2019Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	8015000	USD
CY2020Q1	us-gaap	Accounts Payable Current AccountsPayableCurrent	4135000	USD
CY2020Q1	us-gaap	Accounts Receivable Change In Method Credit Loss Expense Reversal AccountsReceivableChangeInMethodCreditLossExpenseReversal	1684000	USD
CY2019Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	21760000	USD
CY2020Q1	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	21544000	USD
CY2019Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	24874000	USD
CY2020Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	26270000	USD
CY2019Q4	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	-3449000	USD
CY2020Q1	us-gaap	Accumulated Other Comprehensive Income Loss Net Of Tax AccumulatedOtherComprehensiveIncomeLossNetOfTax	1854000	USD
CY2020Q1	dei	Amendment Flag AmendmentFlag	false
CY2020Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2020Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2020Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2020
CY2020Q1	dei	Document Period End Date DocumentPeriodEndDate	2020-03-31
CY2020Q1	dei	Document Type DocumentType	10-Q
CY2020Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001366868
CY2020Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2020Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2020Q1	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
CY2020Q1	dei	Entity Registrant Name EntityRegistrantName	Globalstar, Inc.
CY2020Q1	dei	Entity Shell Company EntityShellCompany	false
CY2020Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2019Q4	gsat	Debt Instrument Face Amount Current DebtInstrumentFaceAmountCurrent	0	USD
CY2020Q1	gsat	Debt Instrument Face Amount Current DebtInstrumentFaceAmountCurrent	0	USD
CY2013Q2	gsat	Debt Instrument Interest Rate Payable In Additional Notes DebtInstrumentInterestRatePayableInAdditionalNotes	0.0225
CY2013Q2	gsat	Debt Instrument Interest Rate Payable In Cash DebtInstrumentInterestRatePayableInCash	0.0575
CY2019Q4	gsat	Debt Instruments Face Amount Noncurrent DebtInstrumentsFaceAmountNoncurrent	528371000	USD
CY2020Q1	gsat	Debt Instruments Face Amount Noncurrent DebtInstrumentsFaceAmountNoncurrent	399862000	USD
CY2019Q1	gsat	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversions And Exercises FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityConversionsAndExercises	0	USD
CY2020Q1	gsat	Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversions And Exercises FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityConversionsAndExercises	1058000	USD
CY2019Q4	gsat	Intangible Assets And Other Assets Noncurrent IntangibleAssetsAndOtherAssetsNoncurrent	35645000	USD
CY2020Q1	gsat	Intangible Assets And Other Assets Noncurrent IntangibleAssetsAndOtherAssetsNoncurrent	36544000	USD
CY2019Q1	gsat	Non Cash Interest Expense Cash Flow NonCashInterestExpenseCashFlow	4505000	USD
CY2020Q1	gsat	Non Cash Interest Expense Cash Flow NonCashInterestExpenseCashFlow	9250000	USD
CY2019Q1	gsat	Reduction Of Derivative Liability Arising From Settlement Of Debt ReductionOfDerivativeLiabilityArisingFromSettlementOfDebt	0	USD
CY2020Q1	gsat	Reduction Of Derivative Liability Arising From Settlement Of Debt ReductionOfDerivativeLiabilityArisingFromSettlementOfDebt	1058000	USD
CY2019Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	1970047000	USD
CY2020Q1	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	2092410000	USD
CY2020Q1	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	13300000	USD
CY2020Q1	us-gaap	Adjustments To Additional Paid In Capital Other AdjustmentsToAdditionalPaidInCapitalOther	91000	USD
CY2019Q1	us-gaap	Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition	77000	USD
CY2020Q1	us-gaap	Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition	102000	USD
CY2019Q1	us-gaap	Adjustments To Additional Paid In Capital Stock Issued Issuance Costs AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	195000	USD
CY2019Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	2952000	USD
CY2020Q1	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	4647000	USD
CY2019Q4	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	3382000	USD
CY2020Q1	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	4647000	USD
CY2020Q1	us-gaap	Allowance For Doubtful Accounts Receivable Write Offs AllowanceForDoubtfulAccountsReceivableWriteOffs	710000	USD
CY2019Q1	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	2198000	USD
CY2020Q1	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	1861000	USD
CY2020Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	21100000	shares
CY2019Q4	us-gaap	Assets Assets	965590000	USD
CY2020Q1	us-gaap	Assets Assets	939145000	USD
CY2019Q4	us-gaap	Assets Current AssetsCurrent	63260000	USD
CY2020Q1	us-gaap	Assets Current AssetsCurrent	61125000	USD
CY2019Q1	us-gaap	Capitalized Contract Cost Amortization CapitalizedContractCostAmortization	400000	USD
CY2020Q1	us-gaap	Capitalized Contract Cost Amortization CapitalizedContractCostAmortization	300000	USD
CY2020Q1	us-gaap	Capitalized Contract Cost Amortization Period CapitalizedContractCostAmortizationPeriod	P3Y
CY2019Q4	us-gaap	Capitalized Contract Cost Net CapitalizedContractCostNet	1976000	USD
CY2020Q1	us-gaap	Capitalized Contract Cost Net CapitalizedContractCostNet	1919000	USD
CY2019Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	7606000	USD
CY2020Q1	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	10463000	USD
CY2018Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	75490000	USD
CY2019Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	74347000	USD
CY2019Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	59128000	USD
CY2020Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	61579000	USD
CY2019Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-1143000	USD
CY2020Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	2451000	USD
CY2019Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
CY2020Q1	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
CY2019Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	25501000	USD
CY2020Q1	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-32920000	USD
CY2019Q4	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	2200000	USD
CY2020Q1	us-gaap	Contract With Customer Asset Net Current ContractWithCustomerAssetNetCurrent	2500000	USD
CY2019Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	35183000	USD
CY2020Q1	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	32408000	USD
CY2019Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	29910000	USD
CY2020Q1	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	27184000	USD
CY2019Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	5273000	USD
CY2020Q1	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	5224000	USD
CY2019Q1	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	13700000	USD
CY2019Q4	us-gaap	Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet	64195000	USD
CY2019Q1	us-gaap	Costs And Expenses CostsAndExpenses	48409000	USD
CY2020Q1	us-gaap	Costs And Expenses CostsAndExpenses	46279000	USD
CY2020Q1	us-gaap	Cumulative Effect Of New Accounting Principle In Period Of Adoption CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	-1684000	USD
	us-gaap	Debt Conversion Original Debt Amount1 DebtConversionOriginalDebtAmount1	55400000	USD
CY2019Q1	us-gaap	Debt Conversion Original Debt Amount1 DebtConversionOriginalDebtAmount1	0	USD
CY2020Q1	us-gaap	Debt Conversion Original Debt Amount1 DebtConversionOriginalDebtAmount1	137366000	USD
CY2020Q1	us-gaap	Debt Instrument Face Amount DebtInstrumentFaceAmount	399862000	USD
CY2020Q1	us-gaap	Debt Instrument Unamortized Discount Noncurrent DebtInstrumentUnamortizedDiscountNoncurrent	43822000	USD
CY2019Q4	us-gaap	Debt Instrument Unamortized Discount Current DebtInstrumentUnamortizedDiscountCurrent	0	USD
CY2020Q1	us-gaap	Debt Instrument Unamortized Discount Current DebtInstrumentUnamortizedDiscountCurrent	0	USD
CY2019Q4	us-gaap	Debt Instrument Unamortized Discount Noncurrent DebtInstrumentUnamortizedDiscountNoncurrent	64195000	USD
CY2020Q1	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-174000	USD
CY2019Q1	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	-1041000	USD
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CY2019Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-248000	USD
CY2020Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-10000	USD
CY2019Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	6797000	USD
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CY2020Q1	us-gaap	Depreciation Amortization And Accretion Net DepreciationAmortizationAndAccretionNet	23817000	USD
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CY2020Q1	us-gaap	Derivative Liabilities DerivativeLiabilities	3555000	USD
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CY2019Q1	us-gaap	Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss	145073000	USD
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CY2020Q1	us-gaap	Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue	3555000	USD
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CY2019Q1	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	86000	USD
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CY2019Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	27000	USD
CY2020Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	21000	USD
CY2019Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	9122000	USD
CY2020Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-1598000	USD
CY2019Q1	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	1676000	USD
CY2020Q1	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	2559000	USD
CY2019Q1	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-688000	USD
CY2020Q1	us-gaap	Interest Costs Incurred Capitalized InterestCostsIncurredCapitalized	454000	USD
CY2019Q1	us-gaap	Interest Income Expense Nonoperating Net InterestIncomeExpenseNonoperatingNet	-12870000	USD
CY2019Q1	us-gaap	Increase Decrease In Due To Affiliates IncreaseDecreaseInDueToAffiliates	-439000	USD
CY2020Q1	us-gaap	Increase Decrease In Due To Affiliates IncreaseDecreaseInDueToAffiliates	120000	USD
CY2019Q1	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	107000	USD
CY2019Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	3204000	shares
CY2020Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	2754000	USD
CY2019Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-1000	USD
CY2020Q1	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	-19000	USD
CY2019Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-95000	USD
CY2020Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	0	shares
CY2019Q1	us-gaap	Interest Costs Incurred Capitalized InterestCostsIncurredCapitalized	78000	USD
CY2020Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-333000	USD
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CY2019Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1632257000	shares
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CY2020Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1557960000	shares
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CY2020Q1	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 Companies, through commonly controlled affiliates, (collectively, “Thermo”) is the principal owner and largest stockholder of Globalstar. The Company’s Executive Chairman of the Board 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 included 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, 2019</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 28, 2020</font><font style="font-family:inherit;font-size:10pt;"> (the “</font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> Annual Report”). </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, condensed consolidated statements of stockholders' equity and condensed consolidated statements of cash flows for the periods presented. The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Developments: COVID-19</font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) a global pandemic. Various levels of governmental agencies and authorities have taken measures to reduce the spread of COVID-19, including “stay at home” orders, social distancing and closures of non-essential businesses. These measures, as well as the pandemic itself, have significantly impacted economic conditions around the world and created uncertainties in the economy.</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 performed a detailed analysis of its financial statements, liquidity position and business operations to assess the impact caused by COVID-19 for the period ended March 31, 2020 and through the release date of these condensed consolidated financial statements. Among other effects, the Company has accommodated certain pricing concessions requested by customers and experienced lower demand for its products and services, particularly from its retail customers and those that operate in the oil and gas market. While the full extent and duration of the impact is unknown, the Company expects a continuation of this lower demand at least until these industries recover. Additionally, the Company began and expects to continue to operate with a remote workforce, manage a supply chain sourcing predominantly from China, and engage with international regulators remotely to advance the terrestrial spectrum authorization process. There are a number of uncertainties that could impact the Company's future results of operations, including the effectiveness of COVID-19 mitigation measures; the duration of the pandemic; global economic conditions; changes to the Company's operations; changes in consumer confidence, behaviors and spending; work from home trends; and the sustainability of supply chains.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;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 accordance with the Company's accounting policies disclosed in its 2019 Annual Report, the Company reviews the carrying value of long-lived assets, intangible assets and inventory when circumstances warrant an assessment in order to evaluate whether indicators of impairment exist. The Company updated its internal projections as part of this assessment to reflect the reduction in cash flows from operations that it currently expects will result from COVID-19. The Company expects these reductions to be temporary; therefore, no indicator of impairment was identified. For inventory, the carrying value of inventory on hand was lower than its expected net realizable value; accordingly, no impairment was necessary. For accounts receivable, the Company increased its loss rate for certain receivables as discussed in more detail in </font><font style="font-family:inherit;font-size:10pt;">Note 3: Credit Losses</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;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revised internal projections have also been evaluated in light of financial covenant requirements in the Company's facility agreements. While there are many estimates and uncertainties inherent in these projections, the Company currently expects that it will remain in compliance with these covenants over the next twelve months. Additionally, the Company currently expects that its sources of liquidity will be sufficient to cover its obligations over the next twelve months. </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;">This liquidity assessment considers relief granted to the Company under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES" Act), including a </font><font style="font-family:inherit;font-size:10pt;">$5.0 million</font><font style="font-family:inherit;font-size:10pt;"> loan the Company received in April 2020 under the payroll protection program and the deferral of the payment of certain payroll taxes. Additionally, the Company evaluated tax law changes pursuant to the CARES Act and revised its net operating loss carryforwards and other estimates, as necessary. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;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:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As previously stated, the full impact of COVID-19 on the Company's condensed consolidated financial statements is uncertain at this time and the Company will continue to reassess the impact at each reporting period. </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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Issued Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">  </font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 December 2019, the FASB issued ASU No. 2019-12: </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</font><font style="font-family:inherit;font-size:10pt;">. ASU No. 2019-12 amends the accounting treatment for income taxes by simplifying and clarifying certain aspects of the existing guidance. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2020. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company has not yet determined the impact this standard will have on its condensed consolidated financial statements and related disclosures.</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%;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, as amended, 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 replaced the incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities are required to 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 became effective for public entities for annual and interim periods beginning after December 15, 2019. The Company adopted this standard when it became effective on January 1, 2020. See </font><font style="font-family:inherit;font-size:10pt;">Note 3: Credit Losses</font><font style="font-family:inherit;font-size:10pt;"> for a discussion of the impact to the Company's condensed consolidated financial statements and required disclosures.</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 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 are no longer 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 are 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. The Company adopted this standard when it became effective on January 1, 2020. The adoption of this standard impacted certain of the Company's disclosures included in </font><font style="font-family:inherit;font-size:10pt;">Note 7: Fair Value Measurements</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2020Q1	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 as well as certain contingent put features within the Second Term Loan Facility. 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 classifies its derivative liabilities </font></div></div>

Files In Submission

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$GSAT
Globalstar, Inc. Stock $gsat

2020 Q1 Form 10-Q Financial Statement

#000136686820000045 Filed on May 07, 2020

Income Statement

Balance Sheet

Cashflow Statement

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$GSAT Globalstar, Inc. Stock $gsat

2020 Q1 Form 10-Q Financial Statement

#000136686820000045 Filed on May 07, 2020

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$GSAT
Globalstar, Inc. Stock $gsat