$HGBL
Heritage Global Inc.

2016 Q1 Form 10-Q Financial Statement

#000156459016018604 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $5.420M $7.790M $3.684M
YoY Change 47.12% -14.3% 85.13%
Cost Of Revenue $1.003M $4.410M $931.0K
YoY Change 7.73% -57.1% 93.96%
Gross Profit $4.417M $3.380M $2.753M
YoY Change 60.44% -384.03% 82.32%
Gross Profit Margin 81.49% 43.39% 74.73%
Selling, General & Admin $3.090M $3.820M $2.983M
YoY Change 3.59% 1.6% 39.39%
% of Gross Profit 69.96% 113.02% 108.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $90.00K $160.0K
YoY Change -50.0% -57.14% 33.33%
% of Gross Profit 1.81% 2.66% 5.81%
Operating Expenses $3.090M $3.900M $2.983M
YoY Change 3.59% -912.5% 32.58%
Operating Profit $192.0K -$520.0K -$432.0K
YoY Change -144.44% -26.76% -41.62%
Interest Expense $73.00K $150.0K $67.00K
YoY Change 8.96% -77.27% -141.88%
% of Operating Profit 38.02%
Other Income/Expense, Net $25.00K $300.0K -$85.00K
YoY Change -129.41% 500.0%
Pretax Income $76.00K -$5.510M -$584.0K
YoY Change -113.01% 55000.0% -35.11%
Income Tax $16.00K -$10.00K $3.000K
% Of Pretax Income 21.05%
Net Earnings $60.00K -$5.500M -$587.0K
YoY Change -110.22% 3135.29% -97.7%
Net Earnings / Revenue 1.11% -70.6% -15.93%
Basic Earnings Per Share $0.00 -$0.02
Diluted Earnings Per Share $0.00 -$193.2K -$0.02
COMMON SHARES
Basic Shares Outstanding 28.32M 28.17M
Diluted Shares Outstanding 28.35M 28.17M

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.450M $2.780M $3.810M
YoY Change -61.94% -27.03% 35.11%
Cash & Equivalents $1.323M $2.777M $3.810M
Short-Term Investments $130.0K $0.00 $0.00
Other Short-Term Assets $380.0K $450.0K $510.0K
YoY Change -25.49% -23.73% 13.33%
Inventory $260.0K $395.0K $520.0K
Prepaid Expenses
Receivables $1.080M $640.0K $740.0K
Other Receivables $0.00 $0.00 $10.00K
Total Short-Term Assets $3.169M $4.264M $5.600M
YoY Change -43.41% -42.29% 21.74%
LONG-TERM ASSETS
Property, Plant & Equipment $97.00K $110.0K $140.0K
YoY Change -30.71% -26.67% 366.67%
Goodwill $6.158M $6.158M
YoY Change -30.39%
Intangibles $4.312M $4.382M
YoY Change -42.77%
Long-Term Investments $17.00K $820.0K
YoY Change -98.5% -70.29%
Other Assets $188.0K $173.0K $6.510M
YoY Change -97.11% -6.99% 2.84%
Total Long-Term Assets $14.47M $14.54M $23.82M
YoY Change -39.25% -40.62% 24.58%
TOTAL ASSETS
Total Short-Term Assets $3.169M $4.264M $5.600M
Total Long-Term Assets $14.47M $14.54M $23.82M
Total Assets $17.64M $18.80M $29.42M
YoY Change -40.04% -41.0% 24.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.360M $6.670M $6.520M
YoY Change -17.79% -7.75% 137.09%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.721M $0.00
YoY Change -50.97%
Long-Term Debt Due $4.220M $1.720M $4.670M
YoY Change -9.64% -51.0% 8.35%
Total Short-Term Liabilities $10.52M $9.356M $12.00M
YoY Change -12.33% -18.91% 24.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.500M $0.00
YoY Change 0.0%
Other Long-Term Liabilities $2.670M $2.590M $3.480M
YoY Change -23.28% -23.82%
Total Long-Term Liabilities $2.670M $5.090M $3.480M
YoY Change -23.28% -13.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.52M $9.356M $12.00M
Total Long-Term Liabilities $2.670M $5.090M $3.480M
Total Liabilities $14.15M $15.41M $16.44M
YoY Change -13.91% -16.23% 70.01%
SHAREHOLDERS EQUITY
Retained Earnings -$280.8M -$280.9M
YoY Change 3.85%
Common Stock $285.0K $285.0K
YoY Change 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.485M $3.394M $12.98M
YoY Change
Total Liabilities & Shareholders Equity $17.64M $18.80M $29.42M
YoY Change -40.04% -41.0% 24.03%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $60.00K -$5.500M -$587.0K
YoY Change -110.22% 3135.29% -97.7%
Depreciation, Depletion And Amortization $80.00K $90.00K $160.0K
YoY Change -50.0% -57.14% 33.33%
Cash From Operating Activities -$1.440M $10.00K -$340.0K
YoY Change 323.53% -97.06% -50.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K
YoY Change -91.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $110.0K $2.150M
YoY Change -100.0% -126.19% 7066.67%
Cash From Investing Activities $0.00 $100.0K $2.150M
YoY Change -100.0% -118.52% 7066.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 0.000 -1.590M
YoY Change -98.74% -100.0% -762.5%
NET CHANGE
Cash From Operating Activities -1.440M 10.00K -340.0K
Cash From Investing Activities 0.000 100.0K 2.150M
Cash From Financing Activities -20.00K 0.000 -1.590M
Net Change In Cash -1.460M 110.0K 220.0K
YoY Change -763.64% -114.29% -153.66%
FREE CASH FLOW
Cash From Operating Activities -$1.440M $10.00K -$340.0K
Capital Expenditures -$10.00K
Free Cash Flow $20.00K
YoY Change -95.65%

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CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the Company&#8217;s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Management bases its estimates and judgments on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant estimates include the assessment of collectability of revenue recognized, and the valuation of accounts receivable, inventory, investments, goodwill and intangible assets, liabilities, contingent consideration, deferred income tax assets and liabilities, and stock-based compensation. These estimates have the potential to significantly impact our consolidated financial statements, either because of the significance of the financial statement item to which they relate, or because they require judgment and estimation due to the uncertainty involved in measuring, at a specific point in time, events that are continuous in nature.</p></div>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain prior year balances within the condensed consolidated financial statements have been reclassified to conform to the current year presentation.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The critical accounting policies used in the preparation of our audited consolidated financial statements are discussed in our Annual Report on Form 10-K for the year ended December 31, 2015. There have been no changes to these policies in the first three months of 2016.</p></div>
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
20000
CY2016Q1 hgbl Real Estate List Price
RealEstateListPrice
4100000
CY2016Q1 us-gaap Lessor Leasing Arrangements Operating Leases Term Of Contract
LessorLeasingArrangementsOperatingLeasesTermOfContract
P5Y
CY2016Q1 hgbl Annual Lease Payments
AnnualLeasePayments
700000
CY2016Q1 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
100000
CY2015Q1 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
70000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2175000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.81
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
150000
CY2016Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
82000
CY2015Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
81000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1960000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.70
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.24
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.15
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.15
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.68
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
150000
CY2016Q1 hgbl Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Vested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsVestedNumber
150000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.38
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.38
CY2016Q1 hgbl Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue
0.38
CY2016Q1 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
The Company’s Class N preferred shares, each of which is convertible to 40 common shares, have the right to receive dividends or dividend equivalents should the Company declare dividends on its common stock.
CY2016Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
40
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
31925
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1945000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
70000
CY2016Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1875000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
190000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
245000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
245000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
240000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
236000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
719000
CY2016Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2015Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q1 us-gaap Debt Current
DebtCurrent
4221000
CY2015Q4 us-gaap Debt Current
DebtCurrent
1721000
CY2016Q1 us-gaap Loans Payable
LoansPayable
4221000
CY2015Q4 us-gaap Loans Payable
LoansPayable
4221000
CY2016Q1 us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
The Company’s Related Party Debt (the “Street Capital Loan”), which is due on demand, was originally entered into in 2003 and accrued interest at 10% per annum compounded quarterly from the date funds were advanced. The Street Capital Loan is secured by the assets of the Company. In 2014, following Street Capital Group Inc.’s (“Street Capital”) distribution of its ownership interest in HGI to Street Capital shareholders as a dividend in kind, the unpaid balance of the Street Capital Loan began accruing interest at a rate per annum equal to the lesser of the Wall St. Journal (“WSJ”) prime rate + 2.0%, or the maximum rate allowable by law. As of March 31, 2016 and December 31, 2015, the interest rate on the loan was 5.50%. Please see Note 10 for further discussion of transactions with Street Capital.
CY2016Q1 us-gaap Assets Fair Value Disclosure Nonrecurring
AssetsFairValueDisclosureNonrecurring
0
CY2016Q1 us-gaap Liabilities Fair Value Disclosure Nonrecurring
LiabilitiesFairValueDisclosureNonrecurring
0
CY2016Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
74000000
CY2016Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
500000
CY2016Q1 hgbl Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
Substantially all of the net operating loss carry forwards and unused minimum tax credit carry forwards expire between 2025 and 2035.
CY2016Q1 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
The Company’s utilization of restricted net operating tax loss carry forwards against future income for tax purposes is restricted pursuant to the “change in ownership” rules in Section 382 of the Internal Revenue Code.

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