$HGBL
Heritage Global Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052477 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $7.570M $6.622M $7.424M
YoY Change 14.32% 29.13% 8.86%
Cost Of Revenue $2.600M $1.360M $3.350M
YoY Change 91.18% 51.11% 225.24%
Gross Profit $4.970M $5.260M $4.080M
YoY Change -5.51% 24.35% -29.53%
Gross Profit Margin 65.65% 79.43% 54.96%
Selling, General & Admin $3.380M $3.928M $3.698M
YoY Change -13.95% 5.2% -9.36%
% of Gross Profit 68.01% 74.68% 90.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00K $80.00K $70.00K
YoY Change 12.5% 0.0% -12.5%
% of Gross Profit 1.81% 1.52% 1.72%
Operating Expenses $3.460M $3.928M $3.698M
YoY Change -11.91% 5.2% -11.11%
Operating Profit $1.612M $1.267M $1.570M
YoY Change 27.23% 204.57% -3.68%
Interest Expense $110.0K $0.00 $1.250M
YoY Change -100.0% -3225.0%
% of Operating Profit 6.82% 0.0% 79.62%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $1.610M $1.255M $1.548M
YoY Change 28.29% 240.11% -11.54%
Income Tax $345.0K $39.00K $54.00K
% Of Pretax Income 21.43% 3.11% 3.49%
Net Earnings $1.264M $1.216M $1.494M
YoY Change 3.95% 229.54% -11.34%
Net Earnings / Revenue 16.7% 18.36% 20.12%
Basic Earnings Per Share $0.04 $0.04 $0.05
Diluted Earnings Per Share $0.04 $0.04 $0.05
COMMON SHARES
Basic Shares Outstanding 28.75M 28.65M 28.65M
Diluted Shares Outstanding 31.89M 29.35M 28.84M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.800M $3.900M $3.750M
YoY Change 48.72% 20.74% -21.05%
Cash & Equivalents $5.795M $3.901M $3.751M
Short-Term Investments
Other Short-Term Assets $1.710M $1.460M $650.0K
YoY Change 17.12% 111.59% 51.16%
Inventory $810.0K $230.0K $540.0K
Prepaid Expenses
Receivables $1.960M $1.722M $2.769M
Other Receivables $680.0K $0.00 $0.00
Total Short-Term Assets $10.95M $7.316M $7.714M
YoY Change 49.67% 53.7% 23.82%
LONG-TERM ASSETS
Property, Plant & Equipment $1.250M $196.0K $181.0K
YoY Change 537.76% 8.89% -4.74%
Goodwill $6.158M $6.158M
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.690M $4.338M $4.213M
YoY Change -14.94%
Other Assets $1.690M $224.0K $224.0K
YoY Change 654.46% -10.4% -10.4%
Total Long-Term Assets $15.82M $15.23M $15.27M
YoY Change 3.86% 48.32% 47.68%
TOTAL ASSETS
Total Short-Term Assets $10.95M $7.316M $7.714M
Total Long-Term Assets $15.82M $15.23M $15.27M
Total Assets $26.77M $22.55M $22.98M
YoY Change 18.72% 50.02% 38.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.460M $9.270M $10.85M
YoY Change 2.05% 44.62% 66.16%
Accrued Expenses $460.0K $480.0K $510.0K
YoY Change -4.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $140.0K $430.0K $390.0K
YoY Change -67.44% 16.22% -23.53%
Total Short-Term Liabilities $10.06M $10.26M $11.78M
YoY Change -1.96% 49.58% 34.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $140.0K $240.0K
YoY Change -100.0% -74.07% -61.9%
Other Long-Term Liabilities $68.00K $430.0K $530.0K
YoY Change -84.19%
Total Long-Term Liabilities $68.00K $570.0K $770.0K
YoY Change -88.07% 5.56% 22.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.06M $10.26M $11.78M
Total Long-Term Liabilities $68.00K $570.0K $770.0K
Total Liabilities $10.81M $11.42M $13.13M
YoY Change -5.31% 44.32% 32.77%
SHAREHOLDERS EQUITY
Retained Earnings -$274.1M
YoY Change
Common Stock $293.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.96M $11.13M $9.853M
YoY Change
Total Liabilities & Shareholders Equity $26.77M $22.55M $22.98M
YoY Change 18.72% 50.02% 38.68%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $1.264M $1.216M $1.494M
YoY Change 3.95% 229.54% -11.34%
Depreciation, Depletion And Amortization $90.00K $80.00K $70.00K
YoY Change 12.5% 0.0% -12.5%
Cash From Operating Activities $3.640M $360.0K $3.030M
YoY Change 911.11% 9.09% -29.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K -$30.00K
YoY Change -100.0% 200.0% 50.0%
Acquisitions
YoY Change
Other Investing Activities $120.0K -$120.0K -$180.0K
YoY Change -200.0%
Cash From Investing Activities $120.0K -$150.0K -$210.0K
YoY Change -180.0% 1400.0% 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 -190.0K -60.00K -900.0K
YoY Change 216.67% -96.76% -21.05%
NET CHANGE
Cash From Operating Activities 3.640M 360.0K 3.030M
Cash From Investing Activities 120.0K -150.0K -210.0K
Cash From Financing Activities -190.0K -60.00K -900.0K
Net Change In Cash 3.570M 150.0K 1.920M
YoY Change 2280.0% -109.8% -39.05%
FREE CASH FLOW
Cash From Operating Activities $3.640M $360.0K $3.030M
Capital Expenditures $0.00 -$30.00K -$30.00K
Free Cash Flow $3.640M $390.0K $3.060M
YoY Change 833.33% 14.71% -29.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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UnsecuredDebtCurrent
403000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
577000
CY2019Q4 us-gaap Unsecured Long Term Debt
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
226000
CY2019Q4 us-gaap Notes And Loans Receivable Net Noncurrent
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1366000
CY2019Q4 us-gaap Equity Method Investments
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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us-gaap Costs And Expenses
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us-gaap Income Loss From Equity Method Investments
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us-gaap Operating Income Loss
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hgbl Interest And Other Expense Net
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57000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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3439000
us-gaap Income Tax Expense Benefit
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q1 us-gaap Stockholders Equity
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CY2020Q3 us-gaap Stock Issued During Period Value New Issues
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us-gaap Repayments Of Short Term Debt
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CY2019Q2 us-gaap Stockholders Equity
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CY2019Q3 us-gaap Stockholders Equity
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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0
hgbl Noncash Lease Expense
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hgbl Noncash Lease Expense
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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hgbl Increase Decrease In Lease Liabilities
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hgbl Increase Decrease In Lease Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Payments To Acquire Notes Receivable
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us-gaap Proceeds From Collection Of Notes Receivable
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hgbl Cash Received On Transfer Of Notes Receivable To Partners
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hgbl Cash Received On Transfer Of Notes Receivable To Partners
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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hgbl Proceeds From Issuance Of Common Stock From Stock Option Awards
ProceedsFromIssuanceOfCommonStockFromStockOptionAwards
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hgbl Proceeds From Issuance Of Common Stock From Stock Option Awards
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Proceeds From Short Term Debt
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us-gaap Proceeds From Short Term Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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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 including future years&#8217; taxable income, 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
PriorPeriodReclassificationAdjustmentDescription
<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>
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.
CY2020Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
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CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0.53
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.
CY2020Q3 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q3 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
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us-gaap Proceeds From Sale Of Notes Receivable
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CY2020Q3 hgbl Deferred Fees And Costs
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CY2020Q3 hgbl Closing Amount Of Revolving Credit Facility
ClosingAmountOfRevolvingCreditFacility
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CY2020Q1 hgbl Notes Receivable Balance Of Certain Loans Transferred To Partner
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1000000
CY2020Q1 hgbl Notes Receivable Balance Of Certain Loans Transferred To Joint Venture
NotesReceivableBalanceOfCertainLoansTransferredToJointVenture
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hgbl Number Of Locations
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3
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0.0525
us-gaap Operating Lease Expense
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400000
us-gaap Operating Lease Expense
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400000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
151000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
385000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
278000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
218000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
176000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
30000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1238000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
97000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
955000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
202000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
753000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
67000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
270000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
159000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
129000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
128000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Loans Payable
LoansPayable
138000
CY2019Q4 us-gaap Loans Payable
LoansPayable
438000
CY2020Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
82400000
hgbl Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
Substantially all of the net operating loss 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.
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
100000

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