$HKHC

2019 Form 10-K Financial Statement

#000156459020011280 Filed on March 17, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $28.45M $9.137M $37.06M
YoY Change -23.23% -20.75% -12.16%
Cost Of Revenue $17.64M $6.203M $20.85M
YoY Change -15.36% 0.53% -8.65%
Gross Profit $10.81M $2.934M $16.21M
YoY Change -33.34% -45.26% -16.29%
Gross Profit Margin 37.98% 32.11% 43.74%
Selling, General & Admin $11.02M $2.954M $11.82M
YoY Change -6.75% -6.52% 0.68%
% of Gross Profit 102.01% 100.68% 72.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $796.0K $192.0K $818.0K
YoY Change -2.69% -8.57% 2.26%
% of Gross Profit 7.37% 6.54% 5.05%
Operating Expenses $12.16M $2.954M $13.30M
YoY Change -8.59% -6.81% 13.28%
Operating Profit -$1.351M -$20.00K $2.911M
YoY Change -146.41% -100.91% -61.82%
Interest Expense $22.00K $12.00K $82.00K
YoY Change -73.17% -140.0% -39.71%
% of Operating Profit 2.82%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.170M -$8.000K $2.846M
YoY Change -141.11% -100.37% -62.0%
Income Tax -$513.0K -$24.00K $675.0K
% Of Pretax Income 23.72%
Net Earnings -$657.0K $72.00K $2.227M
YoY Change -129.5% -94.15% -52.23%
Net Earnings / Revenue -2.31% 0.79% 6.01%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05 $5.723K $177.0K
COMMON SHARES
Basic Shares Outstanding 12.44M 12.41M 12.13M
Diluted Shares Outstanding 12.44M 12.58M

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.094M $6.232M $6.232M
YoY Change -82.45% 51.63% 51.49%
Cash & Equivalents $1.094M $6.232M $6.232M
Short-Term Investments
Other Short-Term Assets $939.0K $71.00K $546.0K
YoY Change 71.98% -75.52% 91.51%
Inventory $7.841M $7.817M $7.817M
Prepaid Expenses $546.0K
Receivables $2.695M $3.047M $3.047M
Other Receivables $705.0K $508.0K $508.0K
Total Short-Term Assets $13.27M $18.22M $18.15M
YoY Change -26.87% 11.85% 11.42%
LONG-TERM ASSETS
Property, Plant & Equipment $312.0K $971.0K $971.0K
YoY Change -67.87% 6.82% 6.84%
Goodwill $1.521M
YoY Change 0.0%
Intangibles $5.528M
YoY Change -10.08%
Long-Term Investments
YoY Change
Other Assets $556.0K $71.00K $305.0K
YoY Change 82.3% 44.9% -29.61%
Total Long-Term Assets $12.82M $8.254M $8.325M
YoY Change 53.96% -8.4% -7.61%
TOTAL ASSETS
Total Short-Term Assets $13.27M $18.22M $18.15M
Total Long-Term Assets $12.82M $8.254M $8.325M
Total Assets $26.09M $26.48M $26.48M
YoY Change -1.45% 4.64% 4.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.809M $1.800M $1.800M
YoY Change 0.5% 8.7% 8.7%
Accrued Expenses $619.0K $593.0K $593.0K
YoY Change 4.38% -36.65% -36.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $2.428M $2.393M $2.393M
YoY Change 1.46% -36.31% -36.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $46.00K $0.00
YoY Change
Total Long-Term Liabilities $46.00K $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.428M $2.393M $2.393M
Total Long-Term Liabilities $46.00K $0.00 $0.00
Total Liabilities $2.474M $2.393M $2.393M
YoY Change 3.38% -41.92% -41.91%
SHAREHOLDERS EQUITY
Retained Earnings $15.78M
YoY Change 16.43%
Common Stock $8.304M
YoY Change 8.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.62M $24.08M $24.08M
YoY Change
Total Liabilities & Shareholders Equity $26.09M $26.48M $26.48M
YoY Change -1.45% 4.64% 4.64%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$657.0K $72.00K $2.227M
YoY Change -129.5% -94.15% -52.23%
Depreciation, Depletion And Amortization $796.0K $192.0K $818.0K
YoY Change -2.69% -8.57% 2.26%
Cash From Operating Activities $679.0K $606.0K $3.093M
YoY Change -78.05% -70.58% -22.98%
INVESTING ACTIVITIES
Capital Expenditures $101.0K -$20.00K $222.0K
YoY Change -54.5% -84.62% -54.18%
Acquisitions
YoY Change
Other Investing Activities -$5.473M $0.00
YoY Change
Cash From Investing Activities -$5.860M -$20.00K -$222.0K
YoY Change 2539.64% -84.62% -54.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.200M
YoY Change 50.0%
Cash From Financing Activities 43.00K 0.000 -753.0K
YoY Change -105.71% -100.0% -50.3%
NET CHANGE
Cash From Operating Activities 679.0K 606.0K 3.093M
Cash From Investing Activities -5.860M -20.00K -222.0K
Cash From Financing Activities 43.00K 0.000 -753.0K
Net Change In Cash -5.138M 586.0K 2.118M
YoY Change -342.59% -66.13% 5.01%
FREE CASH FLOW
Cash From Operating Activities $679.0K $606.0K $3.093M
Capital Expenditures $101.0K -$20.00K $222.0K
Free Cash Flow $578.0K $626.0K $2.871M
YoY Change -79.87% -71.42% -18.7%

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<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:18pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><font style="font-style:italic;">Use of Estimates</font></p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in our financial statements of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, the realization of deferred tax assets, reserves for slow moving and obsolete inventory, customer returns and allowances, intangible asset useful lives and amortization method, fair value of assets acquired in business combinations, and stock-based compensation. Actual results could differ from our estimates. </p>
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StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
105000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-246000
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
598000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-38000
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
122000
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-58000
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
83000
CY2019 slgd Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
3000
CY2018 slgd Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
7000
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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13000
CY2018Q4 us-gaap Property Plant And Equipment Gross
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6542000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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173000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5571000
CY2019 us-gaap Depreciation
Depreciation
105000
CY2018 us-gaap Depreciation
Depreciation
160000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
10960000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2241000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8719000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7079000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1551000
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5528000
CY2019Q4 us-gaap Intangible Assets Net Including Goodwill
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11949000
CY2018Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
7049000
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
690000
CY2018 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
620000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
895000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
893000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
891000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
891000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
890000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3973000
CY2019Q4 slgd Finite Lived Intangible Assets Net Excluding Internal Use Software
FiniteLivedIntangibleAssetsNetExcludingInternalUseSoftware
8433000
CY2019 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Elevation assumed our warehouse leases on March 10, 2020 and will assume our office lease at the end of March 2020, at which point we will enter into a sublease agreement with Elevation as our lessor of half of our office space.
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
793000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
773000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2862000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6M3D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.050
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
178000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
186000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
30000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
156000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-158000
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
392000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-33000
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
77000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-191000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
469000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-264000
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-62000
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-3000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
156000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
40000
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
149000
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
556000
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
30000
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-56000
CY2019 slgd Income Tax Reconciliation Deductions Foreign Derived Intangible Income
IncomeTaxReconciliationDeductionsForeignDerivedIntangibleIncome
183000
CY2018 slgd Income Tax Reconciliation Deductions Foreign Derived Intangible Income
IncomeTaxReconciliationDeductionsForeignDerivedIntangibleIncome
40000
CY2019Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
112000
CY2018Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
89000
CY2019Q4 slgd Deferred Tax Assets Operating Lease Liabilities
DeferredTaxAssetsOperatingLeaseLiabilities
53000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0263
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.69
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018 slgd Weighted Average Option Granted Fair Value
WeightedAverageOptionGrantedFairValue
282000
CY2019Q4 slgd Deferred Tax Assets Accounts Receivable
DeferredTaxAssetsAccountsReceivable
168000
CY2018Q4 slgd Deferred Tax Assets Accounts Receivable
DeferredTaxAssetsAccountsReceivable
171000
CY2019Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
124000
CY2018Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
66000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Bonuses
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBonuses
38000
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Bonuses
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBonuses
36000
CY2019 slgd Tax Credit Carryforward Expiration Period
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2040
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
21000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
691000
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
383000
CY2019Q4 slgd Deferred Tax Liabilities Operating Lease Right Of Use Assets
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets
46000
CY2019Q4 slgd Deferred Tax Liabilities Accelerated Depreciation For Tax Purposes
DeferredTaxLiabilitiesAcceleratedDepreciationForTaxPurposes
89000
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
234000
CY2019Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
14000
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
176000
CY2019 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
0
CY2019 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
0
CY2018 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
0
CY2019Q4 us-gaap Shares Held In Employee Stock Option Plan Allocated
SharesHeldInEmployeeStockOptionPlanAllocated
473000
CY2018Q4 us-gaap Shares Held In Employee Stock Option Plan Allocated
SharesHeldInEmployeeStockOptionPlanAllocated
491000
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11886000
CY2019 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
34000
CY2018 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
246000
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
449000
CY2019 slgd Capital And Intangible Asset Expenditures
CapitalAndIntangibleAssetExpenditures
5970000
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
796000
CY2018 slgd Capital And Intangible Asset Expenditures
CapitalAndIntangibleAssetExpenditures
222000
CY2018 us-gaap Depreciation And Amortization
DepreciationAndAmortization
818000

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