$HGBL
Heritage Global Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019015962 Filed on May 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $6.551M $5.814M
YoY Change 12.68% 15.52%
Cost Of Revenue $1.890M $830.0K
YoY Change 127.71% -21.62%
Gross Profit $4.660M $4.990M
YoY Change -6.61% 25.57%
Gross Profit Margin 71.13% 85.83%
Selling, General & Admin $3.925M $3.500M
YoY Change 12.14% 9.03%
% of Gross Profit 84.23% 70.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $80.00K
YoY Change 0.0% 0.0%
% of Gross Profit 1.72% 1.6%
Operating Expenses $3.925M $3.580M
YoY Change 9.64% 11.53%
Operating Profit $659.0K $1.405M
YoY Change -53.1% 256.6%
Interest Expense -$20.00K -$120.0K
YoY Change -83.33% -900.0%
% of Operating Profit -3.03% -8.54%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $636.0K $1.289M
YoY Change -50.66% 380.97%
Income Tax $24.00K $0.00
% Of Pretax Income 3.77% 0.0%
Net Earnings $612.0K $1.289M
YoY Change -52.52% 405.49%
Net Earnings / Revenue 9.34% 22.17%
Basic Earnings Per Share $0.02 $0.05
Diluted Earnings Per Share $0.02 $0.05
COMMON SHARES
Basic Shares Outstanding 28.65M 28.48M
Diluted Shares Outstanding 28.81M 28.49M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.840M $1.600M
YoY Change 15.0% -58.44%
Cash & Equivalents $1.836M $1.596M
Short-Term Investments
Other Short-Term Assets $670.0K $390.0K
YoY Change 71.79% 18.18%
Inventory $1.530M $230.0K
Prepaid Expenses
Receivables $1.326M $1.760M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.360M $3.970M
YoY Change 35.01% -23.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.270M $180.0K
YoY Change 605.56% 27.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.767M
YoY Change
Other Assets $220.0K $250.0K
YoY Change -12.0% -11.66%
Total Long-Term Assets $13.98M $10.40M
YoY Change 34.42% -2.28%
TOTAL ASSETS
Total Short-Term Assets $5.360M $3.970M
Total Long-Term Assets $13.98M $10.40M
Total Assets $19.34M $14.37M
YoY Change 34.59% -9.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.580M $4.660M
YoY Change 19.74% -35.72%
Accrued Expenses $530.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.180M $590.0K
YoY Change 100.0% 9.26%
Total Short-Term Liabilities $7.840M $8.260M
YoY Change -5.08% -6.98%
LONG-TERM LIABILITIES
Long-Term Debt $340.0K $760.0K
YoY Change -55.26% 216.67%
Other Long-Term Liabilities $1.662M
YoY Change
Total Long-Term Liabilities $1.662M $760.0K
YoY Change 118.68% -65.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.840M $8.260M
Total Long-Term Liabilities $1.662M $760.0K
Total Liabilities $11.06M $9.530M
YoY Change 16.05% -20.91%
SHAREHOLDERS EQUITY
Retained Earnings -$276.8M
YoY Change
Common Stock $293.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.283M $4.838M
YoY Change
Total Liabilities & Shareholders Equity $19.34M $14.37M
YoY Change 34.59% -9.45%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $612.0K $1.289M
YoY Change -52.52% 405.49%
Depreciation, Depletion And Amortization $80.00K $80.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$2.335M -$274.0K
YoY Change 752.19% -117.56%
INVESTING ACTIVITIES
Capital Expenditures $5.000K $57.00K
YoY Change -91.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.000K -$57.00K
YoY Change -91.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.00K -182.0K
YoY Change -49.45% -27.2%
NET CHANGE
Cash From Operating Activities -2.335M -274.0K
Cash From Investing Activities -5.000K -57.00K
Cash From Financing Activities -92.00K -182.0K
Net Change In Cash -2.432M -513.0K
YoY Change 374.07% -139.16%
FREE CASH FLOW
Cash From Operating Activities -$2.335M -$274.0K
Capital Expenditures $5.000K $57.00K
Free Cash Flow -$2.340M -$331.0K
YoY Change 606.95% -121.22%

Facts In Submission

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<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="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 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="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, right-of-use assets, goodwill and intangible assets, liabilities, 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>
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
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<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="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;">Certain prior year balances within the condensed consolidated financial statements have been reclassified to conform to the current year presentation.</p>
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CY2019Q1 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 2037.
CY2019Q1 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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0001564590-19-015962-index.html Edgar Link pending
0001564590-19-015962.txt Edgar Link pending
0001564590-19-015962-xbrl.zip Edgar Link pending
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hgbl-10q_20190331.htm Edgar Link pending
hgbl-20190331.xml Edgar Link completed
hgbl-20190331.xsd Edgar Link pending
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