2017 Q4 Form 10-K Financial Statement
#000143774918005759 Filed on March 29, 2018
Income Statement
| Concept | 2017 Q4 | 2017 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | ||
| YoY Change | ||
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | ||
| YoY Change | ||
| Operating Profit | ||
| YoY Change | ||
| Interest Expense | ||
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | ||
| YoY Change | ||
| Income Tax | $0.00 | |
| % Of Pretax Income | ||
| Net Earnings | ||
| YoY Change | ||
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | ||
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q4 | 2017 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $5.300M | $5.300M |
| YoY Change | 39.47% | 39.47% |
| Cash & Equivalents | $5.300M | $5.300M |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $0.00 | $0.00 |
| Other Receivables | $100.0K | $100.0K |
| Total Short-Term Assets | $5.400M | $5.400M |
| YoY Change | 38.46% | 38.46% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $33.00M | $33.00M |
| YoY Change | 6.45% | 6.45% |
| Total Long-Term Assets | $33.00M | $33.00M |
| YoY Change | -5.98% | -5.98% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $5.400M | $5.400M |
| Total Long-Term Assets | $33.00M | $33.00M |
| Total Assets | $38.40M | $38.40M |
| YoY Change | -1.54% | -1.54% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $500.0K | $500.0K |
| YoY Change | 25.0% | 25.0% |
| Accrued Expenses | $300.0K | $300.0K |
| YoY Change | 50.0% | 50.0% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $1.100M | $1.100M |
| YoY Change | 22.22% | 22.22% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $10.70M | $10.70M |
| YoY Change | 8.08% | 8.08% |
| Total Long-Term Liabilities | $10.70M | $10.70M |
| YoY Change | 8.08% | 8.08% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $1.100M | $1.100M |
| Total Long-Term Liabilities | $10.70M | $10.70M |
| Total Liabilities | $11.80M | $11.80M |
| YoY Change | 8.26% | 8.26% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $26.60M | $26.60M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $38.40M | $38.40M |
| YoY Change | -1.54% | -1.54% |
Cashflow Statement
| Concept | 2017 Q4 | 2017 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | ||
| YoY Change | ||
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | ||
| YoY Change | ||
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | ||
| YoY Change | ||
| NET CHANGE | ||
| Cash From Operating Activities | ||
| Cash From Investing Activities | ||
| Cash From Financing Activities | ||
| Net Change In Cash | ||
| YoY Change | ||
| FREE CASH FLOW | ||
| Cash From Operating Activities | ||
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2014Q2 | gyro |
Additional Bonus Pool Funding Additional Percentage Of Gross Sales Price On Property Appreciation
AdditionalBonusPoolFundingAdditionalPercentageOfGrossSalesPriceOnPropertyAppreciation
|
0.02 | |
| CY2014Q2 | gyro |
Additional Bonus Pool Funding Percentage Of Gross Sales Price On First Ten Percent Of Property Appreciation
AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnFirstTenPercentOfPropertyAppreciation
|
0.1 | |
| CY2014Q2 | gyro |
Additional Bonus Pool Funding Percentage Of Gross Sales Price On Property Appreciation Greater Than Twenty Percent
AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnPropertyAppreciationGreaterThanTwentyPercent
|
0.2 | |
| CY2014Q2 | gyro |
Additional Bonus Pool Funding Percentage Of Gross Sales Price On Second Ten Percent Of Property Appreciation
AdditionalBonusPoolFundingPercentageOfGrossSalesPriceOnSecondTenPercentOfPropertyAppreciation
|
0.15 | |
| CY2014Q2 | gyro |
Bonus Pool Funding As Percentage Of Appraised Value Of Contributed Properties
BonusPoolFundingAsPercentageOfAppraisedValueOfContributedProperties
|
0.05 | |
| CY2017Q3 | gyro |
Liquidation Basis Of Accounting Special Distribution Amount Paid
LiquidationBasisOfAccountingSpecialDistributionAmountPaid
|
1482680 | |
| CY2017Q3 | gyro |
Liquidation Basis Of Accounting Special Distribution In Common Share Paid Per Share
LiquidationBasisOfAccountingSpecialDistributionInCommonSharePaidPerShare
|
1 | |
| CY2016 | gyro |
Marketable Securities Adjusted Duration
MarketableSecuritiesAdjustedDuration
|
P4Y | |
| CY2016 | gyro |
Marketable Securities Estimated Yield
MarketableSecuritiesEstimatedYield
|
0.02 | |
| CY2016 | gyro |
Number Of Major Customers
NumberOfMajorCustomers
|
3 | |
| CY2017 | gyro |
Number Of Major Customers
NumberOfMajorCustomers
|
3 | |
| CY2017Q1 | gyro |
Percentage Of Mortgage Backed Securities Sold
PercentageOfMortgageBackedSecuritiesSold
|
1 | |
| CY2017 | gyro |
Real Estate Heldforsale Period Increase Decrease
RealEstateHeldforsalePeriodIncreaseDecrease
|
4791665 | |
| CY2016 | gyro |
Real Estate Heldforsale Period Increase Decrease
RealEstateHeldforsalePeriodIncreaseDecrease
|
2336000 | |
| CY2014Q2 | gyro |
Retention Bonus Plan Gross Selling Price Requirement Percentage
RetentionBonusPlanGrossSellingPriceRequirementPercentage
|
1 | |
| CY2016Q2 | gyro |
Total Compensation Expense And Directors Fees
TotalCompensationExpenseAndDirectorsFees
|
233200 | |
| CY2017Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
261160 | |
| CY2016Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
224617 | |
| CY2017Q4 | us-gaap |
Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
|
23780 | |
| CY2016Q4 | us-gaap |
Accrued Payroll Taxes Current And Noncurrent
AccruedPayrollTaxesCurrentAndNoncurrent
|
29930 | |
| CY2017Q4 | us-gaap |
Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
|
102703 | |
| CY2016Q4 | us-gaap |
Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
|
153992 | |
| CY2016Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
101442 | |
| CY2016Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
44000 | |
| CY2015Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
49000 | |
| CY2017Q4 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
34000 | |
| CY2017 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
10000 | |
| CY2016 | us-gaap |
Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
|
5000 | |
| CY2017Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
||
| CY2016Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
4087231 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1482680 | |
| CY2017 | us-gaap |
Deferred Compensation Arrangement With Individual Distribution Paid
DeferredCompensationArrangementWithIndividualDistributionPaid
|
304052 | |
| CY2016 | us-gaap |
Deferred Compensation Arrangement With Individual Distribution Paid
DeferredCompensationArrangementWithIndividualDistributionPaid
|
1254248 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
| CY2017 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
730.85 | |
| CY2017 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2017 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20.</div></div></div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;">Contingencies</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Putative Class Action Lawsuit -</div></div><div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;"> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 3, 2014, </div>a purported stockholder of the Company filed a putative class action lawsuit against Gyrodyne Company of America, Inc. (the “Corporation”) and members of its Board of Directors (the "Individual Defendants"), and against GSD and the Company (collectively, the "Defendants"), in the Supreme Court of the State of New York, County of Suffolk (the "Court"), captioned Cashstream Fund v. Paul L. Lamb, et al., Index <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">065134/2014</div> (the "Action"). The complaint alleged, among other things, that (i) the Individual Defendants breached their fiduciary duties or aided and abetted the breach of those duties in connection with the merger of the Corporation and GSD into the Company (the “Merger”) and (ii) the Corporation and the Individual Defendants breached their fiduciary duties by failing to disclose material information in the proxy statement/prospectus relating to the Merger.</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 14, 2015, </div>the parties to the Action entered into a Stipulation of Settlement (the "Settlement") providing for the settlement of the Action, subject to the Court's approval. Under the Settlement, Gyrodyne amended its Proxy Statement on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 17, 2015 </div>with certain supplemental disclosures and agreed that any sales of its properties would be effected only in arm's-length transactions at prices at or above their appraised values as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2014. </div>The plaintiff, on behalf of itself and the members of the putative class it represents, agreed to release and dismiss with prejudice all claims that had or could have been asserted in the Action or in any other forum against the Defendants and their affiliates and agents arising out of or relating to the Merger and the other transactions alleged by plaintiff in its complaint, as supplemented. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 8, 2016, </div>the Court entered a Final Order and Judgment approving the Settlement. By order of the same date, the Court also granted plaintiff<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">’s application for an award of attorney’s fees and reimbursement of expenses in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$650,000</div> which was paid in full in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2016.</div></div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> aggregate appraised value of Gyrodyne<div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">’s properties was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000</div> higher than the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> aggregate appraised value for such properties. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the aggregate value of the remaining unsold properties was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,416,665</div> higher than the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> appraised value.</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">General -</div></div><div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;"> In the normal course of business, the Company is a party to various legal proceedings. After reviewing all actions and proceedings pending against or involving the Company, management considers that any loss resulting from such proceedings individually or in the aggregate will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be material to the Company’s financial statements.</div></div></div> | |
| CY2016Q2 | us-gaap |
Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
|
131758 | |
| CY2017 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | |
| CY2017Q4 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
134677 | |
| CY2016Q4 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
40695 | |
| CY2017Q4 | us-gaap |
Other Commitment
OtherCommitment
|
431716 | |
| CY2016Q4 | us-gaap |
Other Commitment
OtherCommitment
|
677100 | |
| CY2017 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Mbs
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
|
129587 | |
| CY2016 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Mbs
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
|
881066 | |
| CY2016Q4 | us-gaap |
Real Estate Heldforsale
RealEstateHeldforsale
|
31025000 | |
| CY2015Q4 | us-gaap |
Real Estate Heldforsale
RealEstateHeldforsale
|
46950000 | |
| CY2017Q4 | us-gaap |
Real Estate Heldforsale
RealEstateHeldforsale
|
33016665 | |
| CY2017 | us-gaap |
Reclassifications
Reclassifications
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22.</div></div></div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><div style="display: inline; font-weight: bold;">Reclassifications</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-top:0pt;text-align:justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;">Certain amounts in the prior period have been reclassified to conform to the classification used in the current period.</div></div> | |
| CY2017 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Management Estimates <div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">– </div></div></div><div style="display: inline; font-family:'Times New Roman', Times, serif;font-size:10pt;">In preparing the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and the liquidation basis of accounting, management is required to make estimates and assumptions that affect the reported amounts of assets, including net assets in liquidation, and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of receipts and expenditures for the reporting period. Actual results could differ from those estimates.</div></div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-left: 18pt; margin-top: 0pt; text-align: justify;">The most significant estimates are the estimates of the net realizable value of our real estate, the estimated costs/time to pursue entitlements/change of zone and the related timeline to complete the liquidation.</div></div></div></div></div></div> | |
| CY2017Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 |
