$HGBL
Heritage Global Inc.

2016 Q2 Form 10-Q Financial Statement

#000156459016023296 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q4 2015 Q2
Revenue $3.960M $7.790M $3.530M
YoY Change 12.18% -14.3% 25.62%
Cost Of Revenue $1.050M $4.410M $1.090M
YoY Change -3.67% -57.1% 91.23%
Gross Profit $2.910M $3.380M $2.450M
YoY Change 18.78% -384.03% 9.38%
Gross Profit Margin 73.48% 43.39% 69.41%
Selling, General & Admin $3.064M $3.820M $3.058M
YoY Change 0.2% 1.6% 17.16%
% of Gross Profit 105.29% 113.02% 124.82%
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 2.75% 2.66% 6.53%
Operating Expenses $3.064M $3.900M $3.058M
YoY Change 0.2% -912.5% 12.01%
Operating Profit -$234.0K -$520.0K -$670.0K
YoY Change -65.07% -26.76% 36.73%
Interest Expense $63.00K $150.0K $61.00K
YoY Change 3.28% -77.27% -161.0%
% of Operating Profit
Other Income/Expense, Net -$2.000K $300.0K $0.00
YoY Change 500.0%
Pretax Income $626.0K -$5.510M -$693.0K
YoY Change -190.33% 55000.0% 19.48%
Income Tax $2.000K -$10.00K $0.00
% Of Pretax Income 0.32%
Net Earnings $624.0K -$5.500M -$693.0K
YoY Change -190.04% 3135.29% 19.48%
Net Earnings / Revenue 15.76% -70.6% -19.63%
Basic Earnings Per Share $0.02 -$0.02
Diluted Earnings Per Share $0.02 -$193.2K -$0.02
COMMON SHARES
Basic Shares Outstanding 28.42M 28.20M
Diluted Shares Outstanding 28.43M 28.20M

Balance Sheet

Concept 2016 Q2 2015 Q4 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.040M $2.780M $2.850M
YoY Change -28.42% -27.03% 20.76%
Cash & Equivalents $2.040M $2.777M $2.707M
Short-Term Investments $0.00 $140.0K
Other Short-Term Assets $480.0K $450.0K $490.0K
YoY Change -2.04% -23.73% -12.5%
Inventory $301.0K $395.0K $120.0K
Prepaid Expenses
Receivables $700.0K $640.0K $610.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.244M $4.264M $4.070M
YoY Change 77.99% -42.29% -5.79%
LONG-TERM ASSETS
Property, Plant & Equipment $160.0K $110.0K $130.0K
YoY Change 23.08% -26.67% 160.0%
Goodwill $6.158M
YoY Change -30.39%
Intangibles $4.382M
YoY Change -42.77%
Long-Term Investments $17.00K $440.0K
YoY Change -98.5% -81.43%
Other Assets $270.0K $173.0K $6.510M
YoY Change -95.85% -6.99% 2.84%
Total Long-Term Assets $10.84M $14.54M $23.28M
YoY Change -53.45% -40.62% -6.17%
TOTAL ASSETS
Total Short-Term Assets $7.244M $4.264M $4.070M
Total Long-Term Assets $10.84M $14.54M $23.28M
Total Assets $18.08M $18.80M $27.35M
YoY Change -33.89% -41.0% -6.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.480M $6.670M $5.590M
YoY Change 15.92% -7.75% -5.57%
Accrued Expenses $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.721M $0.00
YoY Change -50.97%
Long-Term Debt Due $4.250M $1.720M $4.100M
YoY Change 3.66% -51.0% -24.21%
Total Short-Term Liabilities $11.20M $9.356M $10.20M
YoY Change 9.8% -18.91% -9.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.500M $0.00
YoY Change 0.0%
Other Long-Term Liabilities $1.790M $2.590M $3.740M
YoY Change -52.14% -23.82% -10.95%
Total Long-Term Liabilities $1.790M $5.090M $3.740M
YoY Change -52.14% -13.73% -10.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.20M $9.356M $10.20M
Total Long-Term Liabilities $1.790M $5.090M $3.740M
Total Liabilities $13.94M $15.41M $14.90M
YoY Change -6.44% -16.23% -4.06%
SHAREHOLDERS EQUITY
Retained Earnings -$280.9M
YoY Change 3.85%
Common Stock $285.0K
YoY Change 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.130M $3.394M $12.44M
YoY Change
Total Liabilities & Shareholders Equity $18.08M $18.80M $27.35M
YoY Change -33.89% -41.0% -6.11%

Cashflow Statement

Concept 2016 Q2 2015 Q4 2015 Q2
OPERATING ACTIVITIES
Net Income $624.0K -$5.500M -$693.0K
YoY Change -190.04% 3135.29% 19.48%
Depreciation, Depletion And Amortization $80.00K $90.00K $160.0K
YoY Change -50.0% -57.14% 33.33%
Cash From Operating Activities $1.180M $10.00K -$970.0K
YoY Change -221.65% -97.06% 246.43%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$10.00K $0.00
YoY Change -91.67%
Acquisitions
YoY Change
Other Investing Activities $20.00K $110.0K $440.0K
YoY Change -95.45% -126.19% -146.32%
Cash From Investing Activities -$60.00K $100.0K $440.0K
YoY Change -113.64% -118.52% -145.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -400.0K 0.000 -580.0K
YoY Change -31.03% -100.0% -173.42%
NET CHANGE
Cash From Operating Activities 1.180M 10.00K -970.0K
Cash From Investing Activities -60.00K 100.0K 440.0K
Cash From Financing Activities -400.0K 0.000 -580.0K
Net Change In Cash 720.0K 110.0K -1.110M
YoY Change -164.86% -114.29% 146.67%
FREE CASH FLOW
Cash From Operating Activities $1.180M $10.00K -$970.0K
Capital Expenditures -$80.00K -$10.00K $0.00
Free Cash Flow $1.260M $20.00K -$970.0K
YoY Change -229.9% -95.65% 246.43%

Facts In Submission

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us-gaap Convertible Preferred Stock Terms Of Conversion
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12824
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
12504
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2200000
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1945000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
137000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
123000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
245000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
245000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
240000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
236000
CY2016Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
719000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2015Q4 hgbl Short Term Borrowings From Third Party Debt
ShortTermBorrowingsFromThirdPartyDebt
0
CY2016Q2 us-gaap Debt Current
DebtCurrent
4245000
CY2015Q4 us-gaap Debt Current
DebtCurrent
1721000
CY2016Q2 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
0
CY2016Q2 us-gaap Loans Payable
LoansPayable
4245000
CY2015Q4 us-gaap Loans Payable
LoansPayable
4221000
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 June 30, 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.
CY2016Q2 us-gaap Assets Fair Value Disclosure Nonrecurring
AssetsFairValueDisclosureNonrecurring
0
CY2016Q2 us-gaap Liabilities Fair Value Disclosure Nonrecurring
LiabilitiesFairValueDisclosureNonrecurring
0
CY2016Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
74000000
CY2016Q2 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
500000
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.
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.
CY2016Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
44000
CY2015Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
82000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
125000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
163000
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 affect 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>
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 six months of 2016.</p></div>

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