2016 Q3 Form 10-Q Financial Statement
#000156459017021779 Filed on November 06, 2017
Income Statement
| Concept | 2016 Q3 |
|---|---|
| Revenue | $8.582M |
| YoY Change | 128.24% |
| Cost Of Revenue | $1.882M |
| YoY Change | 188.21% |
| Gross Profit | $6.700M |
| YoY Change | 115.64% |
| Gross Profit Margin | 78.07% |
| Selling, General & Admin | $2.780M |
| YoY Change | -10.03% |
| % of Gross Profit | 41.49% |
| Research & Development | |
| YoY Change | |
| % of Gross Profit | |
| Depreciation & Amortization | $80.00K |
| YoY Change | -52.94% |
| % of Gross Profit | 1.19% |
| Operating Expenses | $2.850M |
| YoY Change | -7.77% |
| Operating Profit | -$402.0K |
| YoY Change | -88.41% |
| Interest Expense | $17.00K |
| YoY Change | -72.13% |
| % of Operating Profit | |
| Other Income/Expense, Net | $16.00K |
| YoY Change | |
| Pretax Income | -$360.0K |
| YoY Change | -90.05% |
| Income Tax | $11.00K |
| % Of Pretax Income | |
| Net Earnings | -$371.0K |
| YoY Change | -89.8% |
| Net Earnings / Revenue | -4.32% |
| Basic Earnings Per Share | -$0.01 |
| Diluted Earnings Per Share | -$0.01 |
| COMMON SHARES | |
| Basic Shares Outstanding | 28.43M |
| Diluted Shares Outstanding | 28.43M |
Balance Sheet
| Concept | 2016 Q3 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $3.340M |
| YoY Change | 25.56% |
| Cash & Equivalents | $3.341M |
| Short-Term Investments | |
| Other Short-Term Assets | $340.0K |
| YoY Change | -40.35% |
| Inventory | $890.0K |
| Prepaid Expenses | |
| Receivables | $1.110M |
| Other Receivables | $0.00 |
| Total Short-Term Assets | $5.670M |
| YoY Change | 28.28% |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | $160.0K |
| YoY Change | 33.33% |
| Goodwill | $6.158M |
| YoY Change | |
| Intangibles | $4.183M |
| YoY Change | |
| Long-Term Investments | |
| YoY Change | |
| Other Assets | $282.0K |
| YoY Change | -92.5% |
| Total Long-Term Assets | $10.78M |
| YoY Change | -46.44% |
| TOTAL ASSETS | |
| Total Short-Term Assets | $5.670M |
| Total Long-Term Assets | $10.78M |
| Total Assets | $16.45M |
| YoY Change | -32.99% |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | $8.190M |
| YoY Change | 21.87% |
| Accrued Expenses | |
| YoY Change | |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $0.00 |
| YoY Change | |
| Long-Term Debt Due | $1.090M |
| YoY Change | -74.05% |
| Total Short-Term Liabilities | $10.39M |
| YoY Change | -15.35% |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $460.0K |
| YoY Change | |
| Other Long-Term Liabilities | $880.0K |
| YoY Change | -64.37% |
| Total Long-Term Liabilities | $1.340M |
| YoY Change | -45.75% |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $10.39M |
| Total Long-Term Liabilities | $1.340M |
| Total Liabilities | $12.68M |
| YoY Change | -19.22% |
| SHAREHOLDERS EQUITY | |
| Retained Earnings | -$280.6M |
| YoY Change | |
| Common Stock | $285.0K |
| YoY Change | |
| Preferred Stock | |
| YoY Change | |
| Treasury Stock (at cost) | |
| YoY Change | |
| Treasury Stock Shares | |
| Shareholders Equity | $3.769M |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $16.45M |
| YoY Change | -32.99% |
Cashflow Statement
| Concept | 2016 Q3 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | -$371.0K |
| YoY Change | -89.8% |
| Depreciation, Depletion And Amortization | $80.00K |
| YoY Change | -52.94% |
| Cash From Operating Activities | $4.240M |
| YoY Change | 821.74% |
| INVESTING ACTIVITIES | |
| Capital Expenditures | -$10.00K |
| YoY Change | |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | $0.00 |
| YoY Change | |
| Cash From Investing Activities | -$10.00K |
| 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 | -2.930M |
| YoY Change | 474.51% |
| NET CHANGE | |
| Cash From Operating Activities | 4.240M |
| Cash From Investing Activities | -10.00K |
| Cash From Financing Activities | -2.930M |
| Net Change In Cash | 1.300M |
| YoY Change | -2700.0% |
| FREE CASH FLOW | |
| Cash From Operating Activities | $4.240M |
| Capital Expenditures | -$10.00K |
| Free Cash Flow | $4.250M |
| YoY Change | 823.91% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q3 | hgbl |
Intangible Assets Net Excluding Goodwill One
IntangibleAssetsNetExcludingGoodwillOne
|
3938000 | |
| CY2016Q4 | hgbl |
Intangible Assets Net Excluding Goodwill One
IntangibleAssetsNetExcludingGoodwillOne
|
4122000 | |
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
4000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1000 | ||
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
30000 | ||
| CY2017Q3 | hgbl |
Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
|
-3000 | |
| CY2016Q3 | hgbl |
Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
|
1000 | |
| hgbl |
Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
|
44000 | ||
| hgbl |
Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
|
114000 | ||
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2777000 | |
| CY2016Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3341000 | |
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
19000 | ||
| us-gaap |
Interest Paid
InterestPaid
|
3000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-1394000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-3347000 | ||
| us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
429000 | ||
| us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
564000 | ||
| us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
0 | ||
| us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
2500000 | ||
| hgbl |
Payment Of Contingent Consideration
PaymentOfContingentConsideration
|
897000 | ||
| hgbl |
Payment Of Contingent Consideration
PaymentOfContingentConsideration
|
627000 | ||
| us-gaap |
Interest Paid
InterestPaid
|
167000 | ||
| CY2017Q3 | 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 | |
| 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’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’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> | ||
| 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 the Company’s audited consolidated financial statements are discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. There have been no changes to these policies in the nine months ended September 30, 2017.</p></div> | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
50000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
149850 | ||
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
10000 | ||
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
5059350 | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1912500 | |
| CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.96 | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.48 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.08 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
0.45 | ||
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
0.95 | |
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.82 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
37500 | ||
| CY2017Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
0 | |
| CY2017Q3 | hgbl |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Vested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsVestedNumber
|
262500 | |
| 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
|
0.38 | ||
| CY2017Q3 | 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 | |
| CY2016Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
1685000 | |
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
184000 | ||
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
1501000 | |
| 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. | ||
| CY2017Q3 | us-gaap |
Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
|
40 | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
10362 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
9538 | ||
| CY2016Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1900000 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1900000 | ||
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
200000 | ||
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
61000 | |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
245000 | |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
240000 | |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
236000 | |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
236000 | |
| CY2017Q3 | us-gaap |
Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
483000 | |
| us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
0 | ||
| CY2016Q4 | us-gaap |
Loans Payable
LoansPayable
|
1012000 | |
| CY2017Q3 | us-gaap |
Assets Fair Value Disclosure Nonrecurring
AssetsFairValueDisclosureNonrecurring
|
0 | |
| CY2017Q3 | us-gaap |
Liabilities Fair Value Disclosure Nonrecurring
LiabilitiesFairValueDisclosureNonrecurring
|
0 | |
| CY2017Q3 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
74500000 | |
| CY2017Q3 | 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 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. | ||
| CY2016Q3 | 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
|
150000 |
