$HKHC

2020 Q2 Form 10-Q Financial Statement

#000156459020039342 Filed on August 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $6.083M $6.382M
YoY Change -4.69% -40.94%
Cost Of Revenue $3.215M $4.442M
YoY Change -27.62% -18.18%
Gross Profit $2.868M $1.940M
YoY Change 47.84% -63.92%
Gross Profit Margin 47.15% 30.4%
Selling, General & Admin $3.258M $2.714M
YoY Change 20.04% -25.03%
% of Gross Profit 113.6% 139.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $293.0K $183.0K
YoY Change 60.11% -16.82%
% of Gross Profit 10.22% 9.43%
Operating Expenses $3.258M $2.714M
YoY Change 20.04% -25.03%
Operating Profit -$390.0K -$774.0K
YoY Change -49.61% -144.04%
Interest Expense -$72.00K $26.00K
YoY Change -376.92% -45.49%
% of Operating Profit
Other Income/Expense, Net $350.0K
YoY Change
Pretax Income -$112.0K -$638.0K
YoY Change -82.45% -137.25%
Income Tax -$34.00K $78.00K
% Of Pretax Income
Net Earnings -$78.00K -$716.0K
YoY Change -89.11% -155.76%
Net Earnings / Revenue -1.28% -11.22%
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$6.259K -$0.06
COMMON SHARES
Basic Shares Outstanding 12.46M 12.44M
Diluted Shares Outstanding 12.46M 12.44M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.877M $7.957M
YoY Change -26.14% 59.14%
Cash & Equivalents $5.877M $7.957M
Short-Term Investments
Other Short-Term Assets $429.0K $350.0K
YoY Change 22.57% -5.41%
Inventory $4.936M $6.451M
Prepaid Expenses $429.0K
Receivables $2.539M $1.912M
Other Receivables $383.0K $508.0K
Total Short-Term Assets $14.16M $17.18M
YoY Change -17.55% -0.82%
LONG-TERM ASSETS
Property, Plant & Equipment $133.0K $3.544M
YoY Change -96.25% 312.09%
Goodwill $3.230M
YoY Change
Intangibles $8.271M
YoY Change
Long-Term Investments
YoY Change
Other Assets $180.0K $335.0K
YoY Change -46.27% 582.28%
Total Long-Term Assets $15.42M $10.62M
YoY Change 45.2% 21.07%
TOTAL ASSETS
Total Short-Term Assets $14.16M $17.18M
Total Long-Term Assets $15.42M $10.62M
Total Assets $29.58M $27.80M
YoY Change 6.42% 6.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.636M $1.603M
YoY Change 2.06% -36.89%
Accrued Expenses $745.0K $1.416M
YoY Change -47.39% 74.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.497M $3.019M
YoY Change -17.29% -16.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.197M $1.616M
YoY Change 97.83%
Total Long-Term Liabilities $3.197M $1.616M
YoY Change 97.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.497M $3.019M
Total Long-Term Liabilities $3.197M $1.616M
Total Liabilities $5.694M $4.635M
YoY Change 22.85% 28.45%
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 $23.89M $23.16M
YoY Change
Total Liabilities & Shareholders Equity $29.58M $27.80M
YoY Change 6.42% 6.54%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$78.00K -$716.0K
YoY Change -89.11% -155.76%
Depreciation, Depletion And Amortization $293.0K $183.0K
YoY Change 60.11% -16.82%
Cash From Operating Activities $5.165M $1.198M
YoY Change 331.14% -44.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$137.0K $110.0K
YoY Change -224.55%
Cash From Investing Activities -$137.0K $110.0K
YoY Change -224.55% -375.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -77.00K 41.00K
YoY Change -287.8% -104.1%
NET CHANGE
Cash From Operating Activities 5.165M 1.198M
Cash From Investing Activities -137.0K 110.0K
Cash From Financing Activities -77.00K 41.00K
Net Change In Cash 4.951M 1.349M
YoY Change 267.01% 21.53%
FREE CASH FLOW
Cash From Operating Activities $5.165M $1.198M
Capital Expenditures $0.00 $0.00
Free Cash Flow $5.165M $1.198M
YoY Change 331.14% -45.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Depreciation And Amortization
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us-gaap Use Of Estimates
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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;">(d)</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</font> <font style="font-style:italic;">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, operating lease right-of-use assets and operating lease liabilities, and stock-based compensation. Actual results could differ from our estimates. </p>
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
447000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
893000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
891000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
891000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
890000
CY2020Q2 slgd Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
3973000
CY2020Q2 slgd Finite Lived Intangible Assets Net Excluding Internal Use Software
FiniteLivedIntangibleAssetsNetExcludingInternalUseSoftware
7985000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
0
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
0
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Effective March 10, 2020, we consummated our agreement with Elevation Labs (“Elevation”), wherein we were relieved of our warehouse leases on the effective date. Effective March 30, 2020, we assigned our office lease to Elevation who then subleased a portion of the office space to us through June 30, 2020 to allow us time to transition to our new corporate offices.
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
105000
us-gaap Operating Lease Cost
OperatingLeaseCost
145000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
7000
us-gaap Operating Lease Payments
OperatingLeasePayments
14000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3156000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y3M29D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
46000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
411000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
399000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
413000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
420000
CY2020Q2 slgd Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2586000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4275000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1032000

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