$HGBL
Heritage Global Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019028752 Filed on August 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $7.424M $6.820M
YoY Change 8.86% 42.62%
Cost Of Revenue $3.350M $1.030M
YoY Change 225.24% -38.69%
Gross Profit $4.080M $5.790M
YoY Change -29.53% 86.17%
Gross Profit Margin 54.96% 84.9%
Selling, General & Admin $3.698M $4.080M
YoY Change -9.36% 36.0%
% of Gross Profit 90.64% 70.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00K $80.00K
YoY Change -12.5% 0.0%
% of Gross Profit 1.72% 1.38%
Operating Expenses $3.698M $4.160M
YoY Change -11.11% 35.06%
Operating Profit $1.570M $1.630M
YoY Change -3.68% 5333.33%
Interest Expense $1.250M -$40.00K
YoY Change -3225.0% 33.33%
% of Operating Profit 79.62% -2.45%
Other Income/Expense, Net $0.00 $160.0K
YoY Change -100.0% -188.89%
Pretax Income $1.548M $1.750M
YoY Change -11.54% -1051.09%
Income Tax $54.00K $60.00K
% Of Pretax Income 3.49% 3.43%
Net Earnings $1.494M $1.685M
YoY Change -11.34% -946.73%
Net Earnings / Revenue 20.12% 24.71%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $0.05 $58.14K
COMMON SHARES
Basic Shares Outstanding 28.65M
Diluted Shares Outstanding 28.84M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.750M $4.750M
YoY Change -21.05% 82.69%
Cash & Equivalents $3.751M $4.752M
Short-Term Investments
Other Short-Term Assets $650.0K $430.0K
YoY Change 51.16% 16.22%
Inventory $540.0K $220.0K
Prepaid Expenses
Receivables $2.769M $823.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.714M $6.230M
YoY Change 23.82% 42.56%
LONG-TERM ASSETS
Property, Plant & Equipment $181.0K $190.0K
YoY Change -4.74% 58.33%
Goodwill $6.158M
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.213M
YoY Change
Other Assets $224.0K $250.0K
YoY Change -10.4% -19.35%
Total Long-Term Assets $15.27M $10.34M
YoY Change 47.68% -2.36%
TOTAL ASSETS
Total Short-Term Assets $7.714M $6.230M
Total Long-Term Assets $15.27M $10.34M
Total Assets $22.98M $16.57M
YoY Change 38.71% 10.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.85M $6.530M
YoY Change 66.16% -5.91%
Accrued Expenses $510.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $390.0K $510.0K
YoY Change -23.53% 2.0%
Total Short-Term Liabilities $11.78M $8.750M
YoY Change 34.58% 8.74%
LONG-TERM LIABILITIES
Long-Term Debt $240.0K $630.0K
YoY Change -61.9% 425.0%
Other Long-Term Liabilities $530.0K
YoY Change
Total Long-Term Liabilities $770.0K $630.0K
YoY Change 22.22% -72.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.78M $8.750M
Total Long-Term Liabilities $770.0K $630.0K
Total Liabilities $13.13M $9.890M
YoY Change 32.77% -12.36%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.853M $6.686M
YoY Change
Total Liabilities & Shareholders Equity $22.98M $16.57M
YoY Change 38.68% 10.73%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $1.494M $1.685M
YoY Change -11.34% -946.73%
Depreciation, Depletion And Amortization $70.00K $80.00K
YoY Change -12.5% 0.0%
Cash From Operating Activities $3.030M $4.310M
YoY Change -29.7% -733.82%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$20.00K
YoY Change 50.0%
Acquisitions
YoY Change
Other Investing Activities -$180.0K
YoY Change
Cash From Investing Activities -$210.0K -$20.00K
YoY Change 950.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K -1.140M
YoY Change -21.05% 103.57%
NET CHANGE
Cash From Operating Activities 3.030M 4.310M
Cash From Investing Activities -210.0K -20.00K
Cash From Financing Activities -900.0K -1.140M
Net Change In Cash 1.920M 3.150M
YoY Change -39.05% -354.03%
FREE CASH FLOW
Cash From Operating Activities $3.030M $4.310M
Capital Expenditures -$30.00K -$20.00K
Free Cash Flow $3.060M $4.330M
YoY Change -29.33% -736.76%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Current Reporting Status
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dei Entity Tax Identification Number
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dei Entity Address Address Line2
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Suite 305
dei Entity Address City Or Town
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San Diego
dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei City Area Code
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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>
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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CY2019Q2 us-gaap Sale Leaseback Transaction Date
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us-gaap Convertible Preferred Stock Terms Of Conversion
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CY2019Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
189231
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
414087
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
364099
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
407305
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4200000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000
hgbl Number Of Locations
NumberOfLocations
3
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1037000
CY2019Q1 hgbl Lessee Operating Lease Incremental Borrowing Rate
LesseeOperatingLeaseIncrementalBorrowingRate
0.0525
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
282000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
449000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
223000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
110000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
46000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1110000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
73000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1190000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
118000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1072000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
118000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
236000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
236000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
128000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
125000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
229000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019Q2 us-gaap Loans Payable
LoansPayable
631000
CY2018Q4 us-gaap Loans Payable
LoansPayable
1616000
CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
71800000
CY2019Q2 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
100000
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.
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.

Files In Submission

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0001564590-19-028752-index-headers.html Edgar Link pending
0001564590-19-028752-index.html Edgar Link pending
0001564590-19-028752.txt Edgar Link pending
0001564590-19-028752-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
ghug0klshdfq000001.jpg Edgar Link pending
hgbl-10q_20190630.htm Edgar Link pending
hgbl-20190630.xml Edgar Link completed
hgbl-20190630.xsd Edgar Link pending
hgbl-20190630_cal.xml Edgar Link unprocessable
hgbl-20190630_def.xml Edgar Link unprocessable
hgbl-20190630_lab.xml Edgar Link unprocessable
hgbl-20190630_pre.xml Edgar Link unprocessable
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