$HGBL
Heritage Global Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017016927 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $4.782M $5.870M $3.960M
YoY Change 20.76% -24.65% 12.18%
Cost Of Revenue $1.680M $2.090M $1.050M
YoY Change 60.0% -52.61% -3.67%
Gross Profit $3.110M $3.780M $2.910M
YoY Change 6.87% 11.83% 18.78%
Gross Profit Margin 65.04% 64.4% 73.48%
Selling, General & Admin $3.000M $3.070M $3.064M
YoY Change -2.09% -19.63% 0.2%
% of Gross Profit 96.46% 81.22% 105.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $80.00K $80.00K
YoY Change 0.0% -11.11% -50.0%
% of Gross Profit 2.57% 2.12% 2.75%
Operating Expenses $3.080M $3.150M $3.064M
YoY Change 0.52% -19.23% 0.2%
Operating Profit $30.00K $630.0K -$234.0K
YoY Change -112.82% -221.15% -65.07%
Interest Expense -$30.00K -$30.00K $63.00K
YoY Change -147.62% -120.0% 3.28%
% of Operating Profit -100.0% -4.76%
Other Income/Expense, Net -$180.0K -$910.0K -$2.000K
YoY Change 8900.0% -403.33%
Pretax Income -$184.0K -$310.0K $626.0K
YoY Change -129.39% -94.37% -190.33%
Income Tax $15.00K -$10.00K $2.000K
% Of Pretax Income 0.32%
Net Earnings -$199.0K -$300.0K $624.0K
YoY Change -131.89% -94.55% -190.04%
Net Earnings / Revenue -4.16% -5.11% 15.76%
Basic Earnings Per Share -$0.01 $0.02
Diluted Earnings Per Share -$0.01 -$10.55K $0.02
COMMON SHARES
Basic Shares Outstanding 28.48M 28.51M 28.42M
Diluted Shares Outstanding 28.48M 28.43M

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $2.530M $2.040M
YoY Change 27.45% -8.99% -28.42%
Cash & Equivalents $2.600M $2.530M $2.040M
Short-Term Investments
Other Short-Term Assets $370.0K $390.0K $480.0K
YoY Change -22.92% -13.33% -2.04%
Inventory $260.0K $263.0K $301.0K
Prepaid Expenses
Receivables $1.140M $1.250M $700.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.370M $4.433M $7.244M
YoY Change -39.67% 3.96% 77.99%
LONG-TERM ASSETS
Property, Plant & Equipment $120.0K $156.0K $160.0K
YoY Change -25.0% 41.82% 23.08%
Goodwill $6.158M
YoY Change 0.0%
Intangibles $4.122M
YoY Change -5.93%
Long-Term Investments
YoY Change
Other Assets $310.0K $275.0K $270.0K
YoY Change 14.81% 58.96% -95.85%
Total Long-Term Assets $10.59M $10.71M $10.84M
YoY Change -2.27% -26.32% -53.45%
TOTAL ASSETS
Total Short-Term Assets $4.370M $4.433M $7.244M
Total Long-Term Assets $10.59M $10.71M $10.84M
Total Assets $14.96M $15.14M $18.08M
YoY Change -17.26% -19.46% -33.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.940M $6.750M $6.480M
YoY Change 7.1% 1.2% 15.92%
Accrued Expenses $0.00
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $500.0K $660.0K $4.250M
YoY Change -88.24% -61.63% 3.66%
Total Short-Term Liabilities $8.047M $8.570M $11.20M
YoY Change -28.15% -8.4% 9.8%
LONG-TERM LIABILITIES
Long-Term Debt $120.0K $350.0K $0.00
YoY Change -86.0%
Other Long-Term Liabilities $2.160M $1.770M $1.790M
YoY Change 20.67% -31.66% -52.14%
Total Long-Term Liabilities $2.280M $2.120M $1.790M
YoY Change 27.37% -58.35% -52.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.047M $8.570M $11.20M
Total Long-Term Liabilities $2.280M $2.120M $1.790M
Total Liabilities $11.29M $11.65M $13.94M
YoY Change -19.05% -24.39% -6.44%
SHAREHOLDERS EQUITY
Retained Earnings -$280.8M -$280.9M
YoY Change 0.0%
Common Stock $285.0K $285.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.679M $3.494M $4.130M
YoY Change
Total Liabilities & Shareholders Equity $14.96M $15.14M $18.08M
YoY Change -17.23% -19.46% -33.89%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$199.0K -$300.0K $624.0K
YoY Change -131.89% -94.55% -190.04%
Depreciation, Depletion And Amortization $80.00K $80.00K $80.00K
YoY Change 0.0% -11.11% -50.0%
Cash From Operating Activities -$680.0K -$60.00K $1.180M
YoY Change -157.63% -700.0% -221.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$80.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% -95.45%
Cash From Investing Activities $0.00 -$10.00K -$60.00K
YoY Change -100.0% -110.0% -113.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -560.0K -740.0K -400.0K
YoY Change 40.0% -31.03%
NET CHANGE
Cash From Operating Activities -680.0K -60.00K 1.180M
Cash From Investing Activities 0.000 -10.00K -60.00K
Cash From Financing Activities -560.0K -740.0K -400.0K
Net Change In Cash -1.240M -810.0K 720.0K
YoY Change -272.22% -836.36% -164.86%
FREE CASH FLOW
Cash From Operating Activities -$680.0K -$60.00K $1.180M
Capital Expenditures $0.00 -$10.00K -$80.00K
Free Cash Flow -$680.0K -$50.00K $1.260M
YoY Change -153.97% -350.0% -229.9%

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<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, other assets, 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 the Company&#8217;s 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>
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0.38
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.
CY2017Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
40
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
12824
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16160
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1685000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
123000
CY2017Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1562000
CY2017Q2 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
122000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
245000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
240000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
236000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
236000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
483000
CY2017Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q2 us-gaap Loans Payable
LoansPayable
616000
CY2017Q2 us-gaap Assets Fair Value Disclosure Nonrecurring
AssetsFairValueDisclosureNonrecurring
0
hgbl Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
Substantially all of the net operating loss carry forwards and unused minimum tax credit carry forwards expire between 2024 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.
CY2017Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
25000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
50000

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