$HGBL
Heritage Global Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020038662 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $6.120M $7.424M $6.551M
YoY Change -17.56% 8.86% 12.68%
Cost Of Revenue $1.520M $3.350M $1.890M
YoY Change -54.63% 225.24% 127.71%
Gross Profit $4.600M $4.080M $4.660M
YoY Change 12.75% -29.53% -6.61%
Gross Profit Margin 75.16% 54.96% 71.13%
Selling, General & Admin $3.670M $3.698M $3.925M
YoY Change -0.76% -9.36% 12.14%
% of Gross Profit 79.78% 90.64% 84.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00K $70.00K $80.00K
YoY Change 28.57% -12.5% 0.0%
% of Gross Profit 1.96% 1.72% 1.72%
Operating Expenses $3.750M $3.698M $3.925M
YoY Change 1.41% -11.11% 9.64%
Operating Profit $1.024M $1.570M $659.0K
YoY Change -34.78% -3.68% -53.1%
Interest Expense $170.0K $1.250M -$20.00K
YoY Change -86.4% -3225.0% -83.33%
% of Operating Profit 16.6% 79.62% -3.03%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $1.020M $1.548M $636.0K
YoY Change -34.11% -11.54% -50.66%
Income Tax -$1.020M $54.00K $24.00K
% Of Pretax Income -100.0% 3.49% 3.77%
Net Earnings $1.032M $1.494M $612.0K
YoY Change -30.92% -11.34% -52.52%
Net Earnings / Revenue 16.86% 20.12% 9.34%
Basic Earnings Per Share $0.05 $0.02
Diluted Earnings Per Share $65.89K $0.05 $0.02
COMMON SHARES
Basic Shares Outstanding 28.75M 28.65M 28.65M
Diluted Shares Outstanding 30.96M 28.84M 28.81M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.230M $3.750M $1.840M
YoY Change -40.53% -21.05% 15.0%
Cash & Equivalents $2.233M $3.751M $1.836M
Short-Term Investments
Other Short-Term Assets $1.790M $650.0K $670.0K
YoY Change 175.38% 51.16% 71.79%
Inventory $609.0K $540.0K $1.530M
Prepaid Expenses
Receivables $1.900M $2.769M $1.326M
Other Receivables $800.0K $0.00 $0.00
Total Short-Term Assets $7.324M $7.714M $5.360M
YoY Change -5.06% 23.82% 35.01%
LONG-TERM ASSETS
Property, Plant & Equipment $180.0K $181.0K $1.270M
YoY Change -0.55% -4.74% 605.56%
Goodwill $5.585M $6.158M
YoY Change -9.3%
Intangibles
YoY Change
Long-Term Investments $3.360M $4.213M $2.767M
YoY Change -20.25%
Other Assets $241.0K $224.0K $220.0K
YoY Change 7.59% -10.4% -12.0%
Total Long-Term Assets $16.10M $15.27M $13.98M
YoY Change 5.44% 47.68% 34.42%
TOTAL ASSETS
Total Short-Term Assets $7.324M $7.714M $5.360M
Total Long-Term Assets $16.10M $15.27M $13.98M
Total Assets $23.43M $22.98M $19.34M
YoY Change 1.92% 38.71% 34.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.740M $10.85M $5.580M
YoY Change -28.66% 66.16% 19.74%
Accrued Expenses $540.0K $510.0K $530.0K
YoY Change 5.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $240.0K $390.0K $1.180M
YoY Change -38.46% -23.53% 100.0%
Total Short-Term Liabilities $8.520M $11.78M $7.840M
YoY Change -27.65% 34.58% -5.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $240.0K $340.0K
YoY Change -100.0% -61.9% -55.26%
Other Long-Term Liabilities $55.00K $530.0K $1.662M
YoY Change -89.62%
Total Long-Term Liabilities $55.00K $770.0K $1.662M
YoY Change -92.86% 22.22% 118.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.520M $11.78M $7.840M
Total Long-Term Liabilities $55.00K $770.0K $1.662M
Total Liabilities $9.310M $13.13M $11.06M
YoY Change -29.1% 32.77% 16.05%
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 $14.11M $9.853M $8.283M
YoY Change
Total Liabilities & Shareholders Equity $23.43M $22.98M $19.34M
YoY Change 1.94% 38.68% 34.59%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $1.032M $1.494M $612.0K
YoY Change -30.92% -11.34% -52.52%
Depreciation, Depletion And Amortization $90.00K $70.00K $80.00K
YoY Change 28.57% -12.5% 0.0%
Cash From Operating Activities -$710.0K $3.030M -$2.335M
YoY Change -123.43% -29.7% 752.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K $5.000K
YoY Change -100.0% 50.0% -91.23%
Acquisitions
YoY Change
Other Investing Activities -$80.00K -$180.0K
YoY Change -55.56%
Cash From Investing Activities -$80.00K -$210.0K -$5.000K
YoY Change -61.9% 950.0% -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 -70.00K -900.0K -92.00K
YoY Change -92.22% -21.05% -49.45%
NET CHANGE
Cash From Operating Activities -710.0K 3.030M -2.335M
Cash From Investing Activities -80.00K -210.0K -5.000K
Cash From Financing Activities -70.00K -900.0K -92.00K
Net Change In Cash -860.0K 1.920M -2.432M
YoY Change -144.79% -39.05% 374.07%
FREE CASH FLOW
Cash From Operating Activities -$710.0K $3.030M -$2.335M
Capital Expenditures $0.00 -$30.00K $5.000K
Free Cash Flow -$710.0K $3.060M -$2.340M
YoY Change -123.2% -29.33% 606.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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>
hgbl Cash Received On Transfer Of Notes Receivable To Partners
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us-gaap Interest Paid Net
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us-gaap Use Of Estimates
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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>
CY2019Q2 us-gaap Sale Leaseback Transaction Date
SaleLeasebackTransactionDate
The purchase option for both the real estate and machinery and equipment can be exercised at any time on or after December 1, 2019 and before May 31, 2021.
CY2019Q2 us-gaap Sale Leaseback Transaction Net Book Value
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CY2020Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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CY2019Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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us-gaap Notes Issued1
NotesIssued1
4500000
us-gaap Proceeds From Sale Of Notes Receivable
ProceedsFromSaleOfNotesReceivable
700000
CY2020Q2 hgbl Deferred Fees And Costs
DeferredFeesAndCosts
100000
CY2020Q2 hgbl Closing Amount Of Revolving Credit Facility
ClosingAmountOfRevolvingCreditFacility
6000000
CY2020Q1 hgbl Notes Receivable Balance Of Certain Loans Transferred To Partner
NotesReceivableBalanceOfCertainLoansTransferredToPartner
1000000
CY2020Q1 hgbl Notes Receivable Balance Of Certain Loans Transferred To Joint Venture
NotesReceivableBalanceOfCertainLoansTransferredToJointVenture
3000000
CY2020Q2 hgbl Notes Receivable Balance Of Certain Loans Transferred To Joint Venture
NotesReceivableBalanceOfCertainLoansTransferredToJointVenture
1000000
CY2020Q2 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
127025
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3611850
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
329750
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
106425
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
127025
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3708150
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2143161
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.46
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.46
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.64
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.57
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.46
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.
CY2020Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
40
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2209572
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
189231
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1869820
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
364099
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
hgbl Number Of Locations
NumberOfLocations
3
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1278000
CY2019Q1 hgbl Lessee Operating Lease Incremental Borrowing Rate
LesseeOperatingLeaseIncrementalBorrowingRate
0.0525
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
304000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
385000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
278000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
218000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
176000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
30000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1391000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
113000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
955000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
135000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
820000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
134000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
270000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
159000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
129000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
128000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019Q4 us-gaap Loans Payable
LoansPayable
438000
CY2020Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
82100000
hgbl Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
Substantially all of the net operating loss carry forwards expire between 2024 and 2037.
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
100000
CY2020Q2 hgbl Additional Deferred Tax Assets Realizable Amount
AdditionalDeferredTaxAssetsRealizableAmount
1300000

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