$GSAT
Globalstar, Inc.

2020 Q2 Form 10-Q Financial Statement

#000136686820000063 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $30.36M $31.19M
YoY Change -2.65% -7.52%
Cost Of Revenue $11.59M $12.97M
YoY Change -10.68%
Gross Profit $18.78M $18.22M
YoY Change 3.07%
Gross Profit Margin 61.84% 58.41%
Selling, General & Admin $10.25M $11.02M
YoY Change -6.98% -30.87%
% of Gross Profit 54.6% 60.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.90M $23.85M
YoY Change 0.21% 5.45%
% of Gross Profit 127.3% 130.93%
Operating Expenses $10.25M $11.02M
YoY Change -6.98% -30.87%
Operating Profit -$15.38M -$16.66M
YoY Change -7.67% -955.03%
Interest Expense -$11.51M -$12.81M
YoY Change -10.15% 24.29%
% of Operating Profit
Other Income/Expense, Net -$9.267M $22.90M
YoY Change -140.46% -356.29%
Pretax Income -$24.65M $6.246M
YoY Change -494.59% -189.38%
Income Tax $90.00K $57.00K
% Of Pretax Income 0.91%
Net Earnings -$24.74M $6.189M
YoY Change -499.68% -188.26%
Net Earnings / Revenue -81.46% 19.84%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 1.669B shares 1.450B shares
Diluted Shares Outstanding 1.669B shares 1.640B shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.07M $25.09M
YoY Change -51.88% 95.98%
Cash & Equivalents $12.07M $25.09M
Short-Term Investments
Other Short-Term Assets $17.67M $81.22M
YoY Change -78.24% 31.85%
Inventory $15.69M $14.83M
Prepaid Expenses
Receivables $19.76M $22.42M
Other Receivables $0.00 $0.00
Total Short-Term Assets $65.18M $143.6M
YoY Change -54.59% 40.73%
LONG-TERM ASSETS
Property, Plant & Equipment $754.3M $844.0M
YoY Change -10.63% -9.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.23M
YoY Change
Total Long-Term Assets $858.4M $893.5M
YoY Change -3.93% -7.55%
TOTAL ASSETS
Total Short-Term Assets $65.18M $143.6M
Total Long-Term Assets $858.4M $893.5M
Total Assets $923.6M $1.037B
YoY Change -10.95% -2.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.714M $7.083M
YoY Change -33.45% 1.36%
Accrued Expenses $23.62M $29.69M
YoY Change -20.43% 29.7%
Deferred Revenue $26.99M $32.71M
YoY Change -17.5% -1.01%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $45.00M $98.83M
YoY Change -54.47% 12.65%
Total Short-Term Liabilities $100.7M $171.0M
YoY Change -41.1% 12.56%
LONG-TERM LIABILITIES
Long-Term Debt $324.2M $392.7M
YoY Change -17.44% -2.0%
Other Long-Term Liabilities $2.711M $2.901M
YoY Change -6.55% -29.04%
Total Long-Term Liabilities $352.4M $473.2M
YoY Change -25.54% -11.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.7M $171.0M
Total Long-Term Liabilities $352.4M $473.2M
Total Liabilities $453.1M $644.2M
YoY Change -29.67% -6.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.624B -$1.543B
YoY Change 5.27% 3.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $470.5M $392.9M
YoY Change
Total Liabilities & Shareholders Equity $923.6M $1.037B
YoY Change -10.95% -2.94%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$24.74M $6.189M
YoY Change -499.68% -188.26%
Depreciation, Depletion And Amortization $23.90M $23.85M
YoY Change 0.21% 5.45%
Cash From Operating Activities $4.254M $485.0K
YoY Change 777.11% -124.01%
INVESTING ACTIVITIES
Capital Expenditures -$3.301M -$2.991M
YoY Change 10.36% -54.06%
Acquisitions
YoY Change
Other Investing Activities $155.0K
YoY Change
Cash From Investing Activities -$3.301M -$2.836M
YoY Change 16.4% -56.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.390M 13.93M
YoY Change -68.49% -136.08%
NET CHANGE
Cash From Operating Activities 4.254M 485.0K
Cash From Investing Activities -3.301M -2.836M
Cash From Financing Activities 4.390M 13.93M
Net Change In Cash 5.343M 11.58M
YoY Change -53.86% -124.56%
FREE CASH FLOW
Cash From Operating Activities $4.254M $485.0K
Capital Expenditures -$3.301M -$2.991M
Free Cash Flow $7.555M $3.476M
YoY Change 117.35% -22.58%

Facts In Submission

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us-gaap Basis Of Accounting
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<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">1. BASIS OF PRESENTATION </span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 December 31, 2019, as filed with the SEC on February 28, 2020 (the “2019 Annual Report”). </span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year or any future period.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Recent Developments: COVID-19</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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. In recent months, some governmental agencies have partially lifted restrictions, but significant economic uncertainties remain.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 June 30, 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 fully 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.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 Note 3: Credit Losses.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Revised internal projections have also been evaluated in light of financial covenant requirements in the Company's facility agreements. The Company continues to monitor its ability to remain in compliance with financial covenants over the next twelve months. See Note 4: Long-Term Debt and Other Financing Arrangements and Risk Factors: "The effect of an epidemic or pandemic, including the current COVID-19 pandemic, could have an adverse impact on our operations and the operations of our customers and may have a material adverse impact on our financial condition and results of operations" for further discussion. If the Company is able to remain in compliance, its sources of liquidity are expected to be sufficient to cover its obligations over the next twelve months. </span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">This liquidity assessment considers relief granted to the Company under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES" Act), including a $5.0 million loan the Company received in April 2020 under the payroll protection program, which the Company expects to be forgiven, 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. </span></div><div style="text-indent:9pt;text-align:justify;"><span><br/></span></div><div style="text-indent:9pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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. </span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Recently Issued Accounting Pronouncements</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">  </span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-14, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Compensation - Retirement Benefits - Defined Benefit Plans - General Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. As part of the FASB's disclosure framework project, it has changed the disclosure requirements for defined pension and other post-retirement benefit plans as outlined in ASU No. 2018-14. This ASU is effective for public entities for annual periods beginning after December 15, 2020. This ASU adds certain narrative disclosures and removes other disclosures as outlined in ASU No. 2018-14 related to the defined benefit plan.</span></div><div style="text-indent:13.5pt;text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In December 2019, the FASB issued ASU No. 2019-12: </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. 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.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Recently Adopted Accounting Pronouncements </span></div><div><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In June 2016, the FASB issued ASU No. 2016-13, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Credit Losses, Measurement of Credit Losses on Financial Instruments</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. 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 Note 3: Credit Losses for a discussion of the impact to the Company's condensed consolidated financial statements and required disclosures.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-indent:13.5pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In August 2018, the FASB issued ASU No. 2018-13, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. 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 </span></div>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 Note 6: Fair Value Measurements.
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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30364000 USD
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31191000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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62558000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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31191000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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62558000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61269000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
24400000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
21400000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.84
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2952000 USD
us-gaap Accounts Receivable Change In Method Credit Loss Expense Reversal
AccountsReceivableChangeInMethodCreditLossExpenseReversal
1684000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1419000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
919000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5136000 USD
CY2020Q2 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
411929000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
42696000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
369233000 USD
CY2019Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
528371000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
64195000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
464176000 USD
CY2020Q2 gsat Debt Instrument Face Amount Current
DebtInstrumentFaceAmountCurrent
45000000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
0 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
45000000 USD
CY2019Q4 gsat Debt Instrument Face Amount Current
DebtInstrumentFaceAmountCurrent
0 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
0 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2020Q2 gsat Debt Instruments Face Amount Noncurrent
DebtInstrumentsFaceAmountNoncurrent
366929000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
42696000 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
324233000 USD
CY2019Q4 gsat Debt Instruments Face Amount Noncurrent
DebtInstrumentsFaceAmountNoncurrent
528371000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
64195000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
464176000 USD
CY2019Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.38
CY2019Q4 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3600000 USD
CY2013Q2 gsat Debt Instrument Interest Rate Payable In Cash
DebtInstrumentInterestRatePayableInCash
0.0575
CY2013Q2 gsat Debt Instrument Interest Rate Payable In Additional Notes
DebtInstrumentInterestRatePayableInAdditionalNotes
0.0225
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
55400000 USD
CY2020Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
2395000 USD
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3792000 USD
CY2020Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
1160000 USD
CY2019Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
35116000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
339000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
92124000 USD
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
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 8.00% 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
CY2020Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
2395000 USD
CY2019Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
3792000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3792000 USD
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
146865000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
0 USD
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
2000000 USD
gsat Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversions And Exercises
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityConversionsAndExercises
1058000 USD
CY2019 gsat Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversions And Exercises
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityConversionsAndExercises
0 USD
us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
339000 USD
CY2019 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
145073000 USD
CY2020Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2395000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3792000 USD
CY2020Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
50000000.0 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-24736000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
6189000 USD
us-gaap Net Income Loss
NetIncomeLoss
-62959000 USD
us-gaap Net Income Loss
NetIncomeLoss
31960000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24729000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24278000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-60666000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-50991000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1668974000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1450380000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1613467000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1449355000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3828000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4948000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1668974000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1640442000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1613467000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1640537000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4400000 shares

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