$GVP
GSE Systems Inc

2023 Q3 Form 10-Q Financial Statement

#000114036123040105 Filed on August 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $11.57M $12.39M
YoY Change -2.79% -2.81%
Cost Of Revenue $7.850M $9.172M
YoY Change -9.16% -4.19%
Gross Profit $3.716M $3.215M
YoY Change 14.13% 1.36%
Gross Profit Margin 32.13% 25.95%
Selling, General & Admin $4.301M $3.653M
YoY Change -0.81% -17.17%
% of Gross Profit 115.74% 113.62%
Research & Development $139.0K $154.0K
YoY Change -25.27% -15.38%
% of Gross Profit 3.74% 4.79%
Depreciation & Amortization $43.00K $53.00K
YoY Change -37.68% -26.39%
% of Gross Profit 1.16% 1.65%
Operating Expenses $5.528M $3.991M
YoY Change -55.08% -18.47%
Operating Profit -$1.812M -$776.0K
YoY Change -79.98% -54.96%
Interest Expense -$250.0K -$596.0K
YoY Change 57.23% -276.85%
% of Operating Profit
Other Income/Expense, Net -$30.00K -$98.00K
YoY Change 1400.0% 36.11%
Pretax Income -$2.092M -$1.470M
YoY Change -77.29% 0.82%
Income Tax -$70.00K $28.00K
% Of Pretax Income
Net Earnings -$2.022M -$1.498M
YoY Change -77.51% 6.92%
Net Earnings / Revenue -17.48% -12.09%
Basic Earnings Per Share -$0.82 -$0.06
Diluted Earnings Per Share -$0.82 -$0.06
COMMON SHARES
Basic Shares Outstanding 24.80M 23.56M
Diluted Shares Outstanding 2.481M 24.19M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.040M $1.775M
YoY Change -44.26% -66.91%
Cash & Equivalents $2.000M $1.775M
Short-Term Investments
Other Short-Term Assets $950.0K $1.330M
YoY Change -63.74% -57.7%
Inventory
Prepaid Expenses
Receivables $10.70M $10.19M
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.69M $13.30M
YoY Change -16.72% -26.31%
LONG-TERM ASSETS
Property, Plant & Equipment $648.0K $682.0K
YoY Change -18.59% -17.73%
Goodwill $5.362M $6.299M
YoY Change -14.88% -52.78%
Intangibles $1.287M $1.395M
YoY Change -30.58% -44.84%
Long-Term Investments
YoY Change
Other Assets $42.00K $42.00K
YoY Change -19.23% -17.65%
Total Long-Term Assets $9.636M $10.75M
YoY Change -14.45% -43.85%
TOTAL ASSETS
Total Short-Term Assets $13.69M $13.30M
Total Long-Term Assets $9.636M $10.75M
Total Assets $23.32M $24.05M
YoY Change -15.8% -35.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.346M $1.719M
YoY Change 229.03% 48.7%
Accrued Expenses $1.832M $2.490M
YoY Change -13.54% 69.27%
Deferred Revenue $4.215M $3.157M
YoY Change 1.52% -28.41%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.450M $851.0K
YoY Change -47.5% -55.09%
Total Short-Term Liabilities $16.05M $14.27M
YoY Change 5.89% -6.65%
LONG-TERM LIABILITIES
Long-Term Debt $942.0K $1.670M
YoY Change -20.24% -25.55%
Other Long-Term Liabilities $168.0K $214.0K
YoY Change -1.75% -38.51%
Total Long-Term Liabilities $1.110M $1.884M
YoY Change -17.9% -27.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.05M $14.27M
Total Long-Term Liabilities $1.110M $1.884M
Total Liabilities $17.47M $16.51M
YoY Change 4.52% -8.73%
SHAREHOLDERS EQUITY
Retained Earnings -$76.46M -$74.43M
YoY Change 11.76% 25.27%
Common Stock $26.00K $264.0K
YoY Change -88.84% 15.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.849M $7.539M
YoY Change
Total Liabilities & Shareholders Equity $23.32M $24.05M
YoY Change -15.8% -35.34%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.022M -$1.498M
YoY Change -77.51% 6.92%
Depreciation, Depletion And Amortization $43.00K $53.00K
YoY Change -37.68% -26.39%
Cash From Operating Activities $1.130M $18.00K
YoY Change -227.11% -96.76%
INVESTING ACTIVITIES
Capital Expenditures $140.0K $175.0K
YoY Change -230.84% -214.38%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$140.0K -$175.0K
YoY Change 30.84% 14.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -810.0K 703.0K
YoY Change 23.85% -263.87%
NET CHANGE
Cash From Operating Activities 1.130M 18.00K
Cash From Investing Activities -140.0K -175.0K
Cash From Financing Activities -810.0K 703.0K
Net Change In Cash 180.0K 546.0K
YoY Change -110.91% -2200.0%
FREE CASH FLOW
Cash From Operating Activities $1.130M $18.00K
Capital Expenditures $140.0K $175.0K
Free Cash Flow $990.0K -$157.0K
YoY Change -226.6% -122.14%

Facts In Submission

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OperatingLeaseRightOfUseAsset
506000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
228000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
418000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
358000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
160000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
586000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
578000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
115000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
174000
us-gaap Operating Lease Expense
OperatingLeaseExpense
243000
us-gaap Operating Lease Expense
OperatingLeaseExpense
360000
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
15000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
25000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
30000
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
0
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
19000
us-gaap Sublease Income
SubleaseIncome
0
us-gaap Sublease Income
SubleaseIncome
37000
CY2023Q2 us-gaap Lease Cost
LeaseCost
125000
CY2022Q2 us-gaap Lease Cost
LeaseCost
170000
us-gaap Lease Cost
LeaseCost
268000
us-gaap Lease Cost
LeaseCost
353000
gvp Number Of Tenants
NumberOfTenants
2
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
123000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
223000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
96000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
92000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
127000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
661000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
75000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
586000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-56000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1470000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1458000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4460000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4725000
CY2023Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y6M7D
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y6M3D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0612
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
us-gaap Operating Lease Cost
OperatingLeaseCost
358000
us-gaap Operating Lease Cost
OperatingLeaseCost
642000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
gvp Contract Term
ContractTerm
P2Y
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12387000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12745000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23260000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25020000
CY2023Q2 us-gaap Gross Profit
GrossProfit
3215000
CY2022Q2 us-gaap Gross Profit
GrossProfit
3172000
us-gaap Gross Profit
GrossProfit
5610000
us-gaap Gross Profit
GrossProfit
5599000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-776000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1723000
us-gaap Operating Income Loss
OperatingIncomeLoss
-3559000
us-gaap Operating Income Loss
OperatingIncomeLoss
-4277000
CY2023Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-767000
CY2022Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-358000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1053000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-506000
CY2023Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
171000
CY2022Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
695000
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
240000
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
114000
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-98000
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-72000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-88000

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