$ISDR
ISSUER DIRECT CORP

2024 Q3 Form 10-Q Financial Statement

#000165495424010184 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $6.953M $7.687M
YoY Change -8.14% -20.35%
Cost Of Revenue $1.781M $1.785M
YoY Change -0.89% -23.59%
Gross Profit $5.172M $5.902M
YoY Change -10.4% -19.32%
Gross Profit Margin 74.39% 76.78%
Selling, General & Admin $3.626M $4.134M
YoY Change -6.33% -4.15%
% of Gross Profit 70.11% 70.04%
Research & Development $671.0K $719.0K
YoY Change 15.49% 35.15%
% of Gross Profit 12.97% 12.18%
Depreciation & Amortization $777.0K $770.0K
YoY Change 4.3% 4.62%
% of Gross Profit 15.02% 13.05%
Operating Expenses $5.016M $5.568M
YoY Change -3.15% 0.0%
Operating Profit $156.0K $334.0K
YoY Change -73.69% -80.88%
Interest Expense -$265.0K -$294.0K
YoY Change -11.07% 4.63%
% of Operating Profit -169.87% -88.02%
Other Income/Expense, Net -$343.0K $14.00K
YoY Change -307.88% -96.31%
Pretax Income -$452.0K $54.00K
YoY Change -198.26% -97.07%
Income Tax $14.00K $47.00K
% Of Pretax Income 87.04%
Net Earnings -$466.0K $7.000K
YoY Change -270.7% -99.49%
Net Earnings / Revenue -6.7% 0.09%
Basic Earnings Per Share -$0.12 $0.00
Diluted Earnings Per Share -$0.12 $0.00
COMMON SHARES
Basic Shares Outstanding 3.834M shares 3.817M shares
Diluted Shares Outstanding 3.835K shares 3.823M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.086M $4.020M
YoY Change -19.09% -18.97%
Cash & Equivalents $4.086M $4.020M
Short-Term Investments
Other Short-Term Assets $1.319M $1.331M
YoY Change -10.33% -16.66%
Inventory
Prepaid Expenses
Receivables $4.405M $4.686M
Other Receivables $223.0K $202.0K
Total Short-Term Assets $10.03M $10.24M
YoY Change -7.03% -5.8%
LONG-TERM ASSETS
Property, Plant & Equipment $401.0K $435.0K
YoY Change -24.91% -22.74%
Goodwill $21.93M $21.93M
YoY Change 0.0% -2.54%
Intangibles $27.45M $28.13M
YoY Change -9.05% -8.86%
Long-Term Investments
YoY Change
Other Assets $153.0K $344.0K
YoY Change -73.89% -13.35%
Total Long-Term Assets $51.69M $52.58M
YoY Change -5.54% -5.67%
TOTAL ASSETS
Total Short-Term Assets $10.03M $10.24M
Total Long-Term Assets $51.69M $52.58M
Total Assets $61.72M $62.82M
YoY Change -5.79% -5.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.420M $1.077M
YoY Change 7.25% -16.25%
Accrued Expenses $2.185M $1.983M
YoY Change 13.68% -16.47%
Deferred Revenue
YoY Change
Short-Term Debt $3.667M $4.000M
YoY Change 22.23% 100.0%
Long-Term Debt Due $3.667M $4.000M
YoY Change 22.23%
Total Short-Term Liabilities $12.59M $12.56M
YoY Change 8.02% 3.93%
LONG-TERM LIABILITIES
Long-Term Debt $12.93M $13.92M
YoY Change -23.55% -22.24%
Other Long-Term Liabilities $145.0K $0.00
YoY Change -86.73% -100.0%
Total Long-Term Liabilities $13.07M $13.92M
YoY Change -22.69% -22.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.59M $12.56M
Total Long-Term Liabilities $13.07M $13.92M
Total Liabilities $26.46M $27.38M
YoY Change -10.99% -12.9%
SHAREHOLDERS EQUITY
Retained Earnings $11.34M $11.80M
YoY Change -10.46% -4.72%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.26M $35.44M
YoY Change
Total Liabilities & Shareholders Equity $61.72M $62.82M
YoY Change -5.79% -5.69%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$466.0K $7.000K
YoY Change -270.7% -99.49%
Depreciation, Depletion And Amortization $777.0K $770.0K
YoY Change 4.3% 4.62%
Cash From Operating Activities $1.498M -$190.0K
YoY Change 421.95% -110.98%
INVESTING ACTIVITIES
Capital Expenditures $140.0K $155.0K
YoY Change -16.17% -10.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$140.0K -$155.0K
YoY Change -16.17% -10.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.333M -1.000M
YoY Change -7115.79%
NET CHANGE
Cash From Operating Activities 1.498M -190.0K
Cash From Investing Activities -140.0K -155.0K
Cash From Financing Activities -1.333M -1.000M
Net Change In Cash 25.00K -1.345M
YoY Change -82.01% -186.33%
FREE CASH FLOW
Cash From Operating Activities $1.498M -$190.0K
Capital Expenditures $140.0K $155.0K
Free Cash Flow $1.358M -$345.0K
YoY Change 1031.67% -122.14%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">Financial instruments and related items which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and accounts receivables. The Company places its cash and temporary cash investments with credit quality institutions. As of June 30, 2024, the Company’s domestic cash balance is spread among different depository institutions such that there is no balance which exceeds the FDIC insurance limit of $250,000. The Company also had cash-on-hand of $64,000 in Europe and $1,293,000 in Canada as of June 30, 2024.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The Company believes it did not have any financial instruments that could have potentially subjected us to significant concentrations of credit risk for any relevant period.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 0.5in; text-align:justify;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 the allowance for credit losses and the valuation of goodwill, intangible assets, deferred tax assets, and stock-based compensation. Actual results could differ from those estimates.</p>
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155000 usd
CY2023Q2 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
167000 usd
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
400000 usd
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
167000 usd
CY2024Q2 isdr Amortization Included In Cost Of Revenues
AmortizationIncludedInCostOfRevenues
54000 usd
CY2023Q2 isdr Amortization Included In Cost Of Revenues
AmortizationIncludedInCostOfRevenues
13000 usd
isdr Amortization Included In Cost Of Revenues
AmortizationIncludedInCostOfRevenues
100000 usd
isdr Amortization Included In Cost Of Revenues
AmortizationIncludedInCostOfRevenues
28000 usd
isdr Finite Lived Intangible Assets Amortization Period Useful Life
FiniteLivedIntangibleAssetsAmortizationPeriodUsefulLife
P15Y
CY2024Q2 us-gaap Advertising Expense
AdvertisingExpense
339000 usd
us-gaap Advertising Expense
AdvertisingExpense
778000 usd
CY2023Q2 us-gaap Advertising Expense
AdvertisingExpense
364000 usd
us-gaap Advertising Expense
AdvertisingExpense
826000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
105076 shares
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
291000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
6000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
32500 shares
isdr Vested Number Of Year Restricted Stock
VestedNumberOfYearRestrictedStock
P3Y
CY2024Q2 isdr Grant Date Fair Value
GrantDateFairValue
9.70
isdr Grant Date Fair Value
GrantDateFairValue
13.91
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
14332 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
74732 shares
CY2023Q2 isdr Grant Date Fair Value
GrantDateFairValue
18.70
isdr Grant Date Fair Value
GrantDateFairValue
26.08
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
14332 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
16499 shares
CY2024Q2 isdr Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementsByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageIntrinsicValue
18.70
isdr Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Intrinsic Value
ShareBasedCompensationArrangementsByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageIntrinsicValue
19.95
CY2024Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
47000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
63000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
434000 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1224000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
384000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
840000 usd
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
76000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
76000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
152000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
152000 usd
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
18000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
15000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
32000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
21000 usd
CY2024Q2 us-gaap Lease Cost
LeaseCost
94000 usd
us-gaap Lease Cost
LeaseCost
91000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
184000 usd
us-gaap Lease Cost
LeaseCost
173000 usd
isdr Weighted Average Non Cancelable Lease Term
WeightedAverageNonCancelableLeaseTerm
P3Y6M
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0377 pure
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
191000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
390000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
401000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
412000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1394000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
170000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1224000 usd
CY2024Q2 us-gaap Revenues
Revenues
7687000 usd
CY2024Q2 isdr Concentration Risks Percentage1
ConcentrationRisksPercentage1
1 pure
CY2023Q2 us-gaap Revenues
Revenues
9651000 usd
CY2023Q2 isdr Concentration Risks Percentage1
ConcentrationRisksPercentage1
1 pure
us-gaap Revenues
Revenues
14649000 usd
isdr Concentration Risks Percentage1
ConcentrationRisksPercentage1
1 pure
us-gaap Revenues
Revenues
18270000 usd
isdr Concentration Risks Percentage1
ConcentrationRisksPercentage1
1 pure
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000 usd
CY2023Q1 isdr Description Of Credit Agreement
DescriptionOfCreditAgreement
(i) term loan facility in an aggregate principal amount of $20 million (the “Term Loan”), and (ii) revolving line of credit in an up to aggregate principal amount of $5 million (the “Revolving LOC”), subject to an 85% limit based on the current eligible accounts receivable (as defined in the Credit Agreement)
isdr Description Of Credit Agreement
DescriptionOfCreditAgreement
the per annum interest rate of the Term Loan is variable based on the one-month secured overnight financing rate (“SOFR”) plus 2.35%, subject to a minimum SOFR of 2.00%. However, the Term Loan issued on the Closing Date has a per annum interest rate of 6.217%, which was fixed with respect to the entire principal amount as a result of an interest rate swap agreement entered into between the Company and Pinnacle on the Closing Date in accordance with the terms of the Credit Agreement
CY2023Q1 us-gaap Line Of Credit Facility Periodic Payment Principal
LineOfCreditFacilityPeriodicPaymentPrincipal
333333 usd
CY2023Q1 isdr Maturity Date
MaturityDate
December 20, 2028
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
22880000 usd
isdr Payment For Other Expenss
PaymentForOtherExpenss
370000 usd
us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
440000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
370000 usd
isdr Aggregate Principal Amount Of The Revolving Loc
AggregatePrincipalAmountOfTheRevolvingLoc
1500000 usd
isdr Termination Of Unsecured Line Of Credit
TerminationOfUnsecuredLineOfCredit
3000000 usd
CY2024Q2 isdr Unrestricted Liquidity
UnrestrictedLiquidity
1500000 usd
isdr Interest Rate Swap Agreement
InterestRateSwapAgreement
20000000 usd
isdr Interest Rate Swap Agreemenrdescription
InterestRateSwapAgreemenrdescription
the Company pays a fixed rate of interest at 6.217% and receives an average variable rate of SOFR + 2.35% adjusted monthly
us-gaap Long Term Debt Weighted Average Interest Rate Over Time
LongTermDebtWeightedAverageInterestRateOverTime
0.0769 pure
CY2024Q2 isdr Other Long Term Assets
OtherLongTermAssets
198000 usd
CY2024Q2 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
21000 usd
CY2024Q2 us-gaap Other Income
OtherIncome
14000 usd
us-gaap Other Income
OtherIncome
219000 usd
CY2023Q2 us-gaap Other Income
OtherIncome
379000 usd
us-gaap Other Income
OtherIncome
214000 usd

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
isdr-20240630_cal.xml Edgar Link unprocessable
0001654954-24-010184-index-headers.html Edgar Link pending
0001654954-24-010184-index.html Edgar Link pending
0001654954-24-010184.txt Edgar Link pending
0001654954-24-010184-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
isdr-20240630.xsd Edgar Link pending
isdr_10q.htm Edgar Link pending
isdr_10qimg3.jpg Edgar Link pending
isdr_10qimg4.jpg Edgar Link pending
isdr_ex311.htm Edgar Link pending
isdr_ex312.htm Edgar Link pending
isdr_ex321.htm Edgar Link pending
isdr_ex322.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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isdr-20240630_def.xml Edgar Link unprocessable
isdr-20240630_lab.xml Edgar Link unprocessable
isdr-20240630_pre.xml Edgar Link unprocessable
isdr_10q_htm.xml Edgar Link completed
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending