$GVP
GSE Systems Inc

2021 Q1 Form 10-Q Financial Statement

#000114036121017672 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $13.10M $17.71M
YoY Change -25.99% -20.23%
Cost Of Revenue $10.18M $13.59M
YoY Change -25.12% -22.16%
Gross Profit $2.928M $4.115M
YoY Change -28.85% -13.11%
Gross Profit Margin 22.34% 23.24%
Selling, General & Admin $3.734M $4.948M
YoY Change -24.54% 11.87%
% of Gross Profit 127.53% 120.24%
Research & Development $157.0K $210.0K
YoY Change -25.24% -12.5%
% of Gross Profit 5.36% 5.1%
Depreciation & Amortization $76.00K $108.0K
YoY Change -29.63% 18.68%
% of Gross Profit 2.6% 2.62%
Operating Expenses $5.115M $10.25M
YoY Change -50.09% -5.01%
Operating Profit -$2.187M -$6.133M
YoY Change -64.34% 1.34%
Interest Expense -$50.00K -$280.0K
YoY Change -82.14% 133.33%
% of Operating Profit
Other Income/Expense, Net $1.000K $29.00K
YoY Change -96.55% 31.82%
Pretax Income -$2.240M -$6.388M
YoY Change -64.93% 3.95%
Income Tax -$35.00K -$130.0K
% Of Pretax Income
Net Earnings -$2.205M -$6.258M
YoY Change -64.77% 45.64%
Net Earnings / Revenue -16.83% -35.35%
Basic Earnings Per Share -$0.11 -$0.31
Diluted Earnings Per Share -$0.11 -$0.31
COMMON SHARES
Basic Shares Outstanding 20.63M 20.34M
Diluted Shares Outstanding 20.63M 20.34M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.750M $11.36M
YoY Change -66.99% 0.09%
Cash & Equivalents $3.749M $11.36M
Short-Term Investments
Other Short-Term Assets $1.480M $1.820M
YoY Change -18.68% -6.67%
Inventory
Prepaid Expenses
Receivables $11.75M $13.65M
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.98M $26.83M
YoY Change -36.72% -16.01%
LONG-TERM ASSETS
Property, Plant & Equipment $694.0K $839.0K
YoY Change -17.28% -84.83%
Goodwill $13.34M $13.34M
YoY Change 0.0% 0.0%
Intangibles $3.893M $5.506M
YoY Change -29.3% -55.26%
Long-Term Investments
YoY Change
Other Assets $59.00K $60.00K
YoY Change -1.67% -99.22%
Total Long-Term Assets $20.00M $22.42M
YoY Change -10.8% -43.12%
TOTAL ASSETS
Total Short-Term Assets $16.98M $26.83M
Total Long-Term Assets $20.00M $22.42M
Total Assets $36.98M $49.25M
YoY Change -24.92% -30.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $739.0K $1.403M
YoY Change -47.33% -10.64%
Accrued Expenses $1.462M $1.446M
YoY Change 1.11% -77.72%
Deferred Revenue $4.947M $6.332M
YoY Change -21.87%
Short-Term Debt $2.510M $3.500M
YoY Change -28.29%
Long-Term Debt Due $8.830M $13.32M
YoY Change -33.7% 179.81%
Total Short-Term Liabilities $24.48M $31.75M
YoY Change -22.9% 45.75%
LONG-TERM LIABILITIES
Long-Term Debt $1.260M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $263.0K $1.032M
YoY Change -74.52% -79.52%
Total Long-Term Liabilities $1.523M $1.032M
YoY Change 47.58% -95.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.48M $31.75M
Total Long-Term Liabilities $1.523M $1.032M
Total Liabilities $27.56M $35.48M
YoY Change -22.32% -19.65%
SHAREHOLDERS EQUITY
Retained Earnings -$67.40M -$60.91M
YoY Change 10.64% 29.97%
Common Stock $222.0K $219.0K
YoY Change 1.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.999M $2.999M
YoY Change 0.0%
Treasury Stock Shares $1.599M $1.599M
Shareholders Equity $9.416M $13.77M
YoY Change
Total Liabilities & Shareholders Equity $36.98M $49.25M
YoY Change -24.92% -30.98%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$2.205M -$6.258M
YoY Change -64.77% 45.64%
Depreciation, Depletion And Amortization $76.00K $108.0K
YoY Change -29.63% 18.68%
Cash From Operating Activities -$1.958M $1.641M
YoY Change -219.32% -380.03%
INVESTING ACTIVITIES
Capital Expenditures $153.0K $1.000K
YoY Change 15200.0% -90.91%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$225.0K -$62.00K
YoY Change 262.9% -99.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00 $5.162M
YoY Change -100.0% 669.3%
Cash From Financing Activities -731.0K -1.713M
YoY Change -57.33% -112.7%
NET CHANGE
Cash From Operating Activities -1.958M 1.641M
Cash From Investing Activities -225.0K -62.00K
Cash From Financing Activities -731.0K -1.713M
Net Change In Cash -2.953M -331.0K
YoY Change 792.15% -57.4%
FREE CASH FLOW
Cash From Operating Activities -$1.958M $1.641M
Capital Expenditures $153.0K $1.000K
Free Cash Flow -$2.111M $1.640M
YoY Change -228.72% -374.71%

Facts In Submission

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OperatingLeaseExpense
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CY2021Q1 us-gaap Operating Lease Expense
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CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1106000
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PreferredStockParOrStatedValuePerShare
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PreferredStockSharesAuthorized
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
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CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
665000
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
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587000
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CY2021Q1 us-gaap Property Plant And Equipment Gross
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93000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4000
CY2020Q1 us-gaap Repayments Of Lines Of Credit
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0
CY2021Q1 us-gaap Repayments Of Lines Of Credit
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500000
CY2020Q1 us-gaap Repayments Of Long Term Debt
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CY2021Q1 us-gaap Repayments Of Long Term Debt
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0
CY2020 us-gaap Repayments Of Debt
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CY2020Q3 us-gaap Replacement Reserve Escrow
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CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
157000
CY2020Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
0
CY2021Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
0
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
10000
CY2021Q1 us-gaap Restructuring Charges
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17705000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13104000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
32000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
32000
CY2021Q1 us-gaap Selling General And Administrative Expense
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3734000
CY2020Q1 us-gaap Selling General And Administrative Expense
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CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
38000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
147000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2020Q4 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
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CY2021Q1 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
8832000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000
CY2021Q1 us-gaap Short Term Lease Cost
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16000
CY2021Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
36000
CY2021Q1 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
119000
CY2021Q1 us-gaap Standard Product Warranty Accrual Noncurrent
StandardProductWarrantyAccrualNoncurrent
179000
CY2021Q1 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1000
CY2020Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
922000
CY2021Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
766000
CY2021Q1 us-gaap Standard Product Warranty Accrual Current
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587000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Stockholders Equity
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CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Taxes Payable Current
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1621000
CY2021Q1 us-gaap Taxes Payable Current
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1549000
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1598911
CY2021Q1 us-gaap Treasury Stock Value
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CY2020Q4 us-gaap Treasury Stock Value
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CY2020Q4 us-gaap Unbilled Contracts Receivable
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5160000
CY2021Q1 us-gaap Unbilled Contracts Receivable
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6906000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
800000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20628669
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20628669
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20342933
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
MD
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
GSE SYSTEMS INC
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000944480
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20637447
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 gvp Warranty Terms For Sdb Contracts
WarrantyTermsForSDBContracts
P1Y
CY2020Q1 gvp Capitalized Software Development Costs
CapitalizedSoftwareDevelopmentCosts
61000
CY2021Q1 gvp Capitalized Software Development Costs
CapitalizedSoftwareDevelopmentCosts
72000
CY2020Q1 gvp Payment Of Insurance Premium
PaymentOfInsurancePremium
0
CY2021Q1 gvp Payment Of Insurance Premium
PaymentOfInsurancePremium
203000
CY2021Q1 gvp Increase Decrease In Accrued Warranty
IncreaseDecreaseInAccruedWarranty
-156000
CY2020Q1 gvp Increase Decrease In Accrued Warranty
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CY2021Q1 gvp Shares Withheld To Pay Taxes
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28000
CY2020Q1 gvp Shares Withheld To Pay Taxes
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51000
CY2021Q1 gvp Minimum Probability Of Uncertain Tax Position To Be Recognized
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0.5
CY2021Q1 gvp Probability Of Tax Position Realized Upon Ultimate Settlement Minimum
ProbabilityOfTaxPositionRealizedUponUltimateSettlementMinimum
0.5
CY2021Q1 gvp Working Capital Deficit
WorkingCapitalDeficit
-7500000
CY2021Q1 gvp Number Of Performance Obligations
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2
CY2021Q1 gvp Number Of Distinct Revenue Streams
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3
CY2021Q1 gvp Contract Term
ContractTerm
P2Y
CY2021Q1 gvp Sublease Date April2017
SubleaseDateApril2017
2017-04-01
CY2021Q1 gvp Sublease Date May2019
SubleaseDateMay2019
2019-05-01
CY2021Q1 gvp Sublease Square Feet April2017
SubleaseSquareFeetApril2017
3822
CY2021Q1 gvp Sublease Square Feet May2019
SubleaseSquareFeetMay2019
3650
CY2021Q1 gvp Number Of Tenants
NumberOfTenants
2

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