2014 Q1 Form 10-K Financial Statement

#000119312514065072 Filed on February 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $1.496M $1.178M $4.038M
YoY Change 63.53% 28.46% 19.1%
Cost Of Revenue $1.100M $883.8K $320.0K
YoY Change 104.51% 136.42% -15.79%
Gross Profit $395.2K $293.9K $3.720M
YoY Change 4.97% -45.86% 23.59%
Gross Profit Margin 26.42% 24.96% 92.12%
Selling, General & Admin $460.0K $460.0K $1.530M
YoY Change 64.29% 318.18% 218.75%
% of Gross Profit 116.4% 156.5% 41.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $288.0K $210.0K $722.5K
YoY Change 79.98% 31.25% 52.26%
% of Gross Profit 72.89% 71.44% 19.42%
Operating Expenses $1.100M $670.0K $2.210M
YoY Change 104.51% 139.29% 130.21%
Operating Profit $395.2K -$376.1K $1.357M
YoY Change 4.97% -243.02% -28.62%
Interest Expense $374.0K -$270.0K $1.119M
YoY Change 33.4% -6.9% 11.09%
% of Operating Profit 94.65% 82.41%
Other Income/Expense, Net -$367.6K -$273.0K -$1.062M
YoY Change 36.28% -4.84% 6.14%
Pretax Income $27.54K $20.98K $295.0K
YoY Change -74.19% -91.81% -67.24%
Income Tax $6.623K $1.328M $1.520M
% Of Pretax Income 24.05% 6330.65% 515.08%
Net Earnings $20.92K -$1.307M -$1.225M
YoY Change -55.98% -865.77% -303.99%
Net Earnings / Revenue 1.4% -111.01% -30.33%
Basic Earnings Per Share
Diluted Earnings Per Share $3.063K -$200.6K -$196.5K
COMMON SHARES
Basic Shares Outstanding 6.530M shares 6.530M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.50M $16.30M $16.30M
YoY Change -53.61% 1711.11% 1711.11%
Cash & Equivalents $13.55M $16.27M $16.30M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.50M $16.30M $16.30M
YoY Change -53.61% 1711.11% 1711.11%
LONG-TERM ASSETS
Property, Plant & Equipment $75.70M $75.30M $75.30M
YoY Change 104.59% 102.96% 102.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K $700.0K $700.0K
YoY Change -96.62% 0.0%
Other Assets $700.0K $300.0K $300.0K
YoY Change 133.33% -76.92% -76.92%
Total Long-Term Assets $78.12M $77.37M $77.40M
YoY Change 28.28% 93.02% 95.45%
TOTAL ASSETS
Total Short-Term Assets $13.50M $16.30M $16.30M
Total Long-Term Assets $78.12M $77.37M $77.40M
Total Assets $91.62M $93.67M $93.70M
YoY Change 1.8% 128.55% 131.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M $1.100M $1.100M
YoY Change 42.86% 22.22% 22.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.300M $1.300M $1.300M
YoY Change 0.0% -7.14% 18.18%
LONG-TERM LIABILITIES
Long-Term Debt $41.40M $43.20M $43.20M
YoY Change 40.34% 40.72% 40.72%
Other Long-Term Liabilities $900.0K $700.0K $700.0K
YoY Change 133.33%
Total Long-Term Liabilities $42.30M $43.90M $43.90M
YoY Change 43.39% 43.0% 41.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.300M $1.300M $1.300M
Total Long-Term Liabilities $42.30M $43.90M $43.90M
Total Liabilities $43.68M $45.16M $45.20M
YoY Change 40.9% 37.48% 39.51%
SHAREHOLDERS EQUITY
Retained Earnings -$3.388M -$2.821M
YoY Change -134.68%
Common Stock $6.530K $6.530K
YoY Change 137.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.95M $48.51M $48.50M
YoY Change
Total Liabilities & Shareholders Equity $91.62M $93.67M $93.70M
YoY Change 1.8% 128.55% 131.36%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $20.92K -$1.307M -$1.225M
YoY Change -55.98% -865.77% -303.99%
Depreciation, Depletion And Amortization $288.0K $210.0K $722.5K
YoY Change 79.98% 31.25% 52.26%
Cash From Operating Activities $393.8K $1.340M -$460.4K
YoY Change -115.37% 119.67% -140.46%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$33.63M -$38.68M
YoY Change 415.73%
Acquisitions
YoY Change
Other Investing Activities $0.00 $140.0K -$50.00K
YoY Change -100.0% 180.0% -92.06%
Cash From Investing Activities -$504.0K -$33.49M -$38.73M
YoY Change -97.49% -67080.0% 376.4%
FINANCING ACTIVITIES
Cash Dividend Paid $587.7K $9.730M
YoY Change 12.5%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.615M 9.040M 54.59M
YoY Change -105.15% -1013.13% 831.32%
NET CHANGE
Cash From Operating Activities 393.8K 1.340M -460.4K
Cash From Investing Activities -504.0K -33.49M -38.73M
Cash From Financing Activities -2.615M 9.040M 54.59M
Net Change In Cash -2.725M -23.11M 15.40M
YoY Change -109.66% 6903.03% -1462.18%
FREE CASH FLOW
Cash From Operating Activities $393.8K $1.340M -$460.4K
Capital Expenditures -$500.0K -$33.63M -$38.68M
Free Cash Flow $893.8K $34.97M $38.22M
YoY Change 5632.79% 342.47%

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CY2011 land Management Advisory Fee Allocated Overhead Expenses
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CY2011 land Management Advisory Fee Allocated Payroll And Benefits
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198053
CY2011 land Related Party Transaction Management Fee Paid
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CY2011 land Short Term Investments Income
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CY2011 land Administration Fee Allocated Payroll And Benefits
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CY2011 land Related Party Transaction Administration Fee
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CY2011 land Operating Expenses Before Credit To Incentive Fee
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CY2013 dei Amendment Flag
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CY2013 dei Entity Filer Category
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CY2013 dei Entity Registrant Name
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GLADSTONE LAND Corp
CY2013 dei Entity Current Reporting Status
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Yes
CY2013 dei Document Fiscal Year Focus
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2013
CY2013 dei Document Type
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10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
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0001495240
CY2013 dei Entity Well Known Seasoned Issuer
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CY2013 dei Document Fiscal Period Focus
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<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Reclassifications</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Certain line items on the <i>Consolidated Balance Sheet</i> as of December&#xA0;31, 2012, and the <i>Consolidated Statement of Operations</i> for the years ended December&#xA0;31, 2012 and 2011 have been reclassified to conform to the current-year presentation. These reclassifications had no effect on previously-reported stockholders&#x2019; equity or net income.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The preparation of financial statements in accordance with 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 periods. Actual results could materially differ from those estimates.</p> </div>
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CY2013 land Decrease In Net Income Due To Out Of Period Adjustment
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CY2013 land Cooling Facility Upgrade And Expansion Costs Incurred
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CY2013 land Initial Farmable Area Under Lease
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RelatedPartyTransactionAdministrationFee
180398
CY2012 land Dividend Declared Or Paid
DividendDeclaredOrPaid
0
CY2012 land Number Of Farms
NumberOfFarms
12 Farm
CY2012 land Area Of Real Estate Properties
AreaOfRealEstateProperties
1631 acre
CY2012 land Business Acquisitions Pro Forma Other Expense
BusinessAcquisitionsProFormaOtherExpense
1167813
CY2012 land Business Acquisition Pro Forma Weighted Average Number Of Common Shares Outstanding Basic And Diluted
BusinessAcquisitionProFormaWeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted
5543811 shares
CY2012 land Write Off Of Unamortized Deferred Financing Costs Of Line Of Credit Facilities
WriteOffOfUnamortizedDeferredFinancingCostsOfLineOfCreditFacilities
35511
CY2012 land Number Of Farms Acquired
NumberOfFarmsAcquired
4 Farm
CY2012 land Operating Expenses Before Credit To Incentive Fee
OperatingExpensesBeforeCreditToIncentiveFee
1488979
CY2012 land Operating Expenses Net Of Credit To Incentive Fee
OperatingExpensesNetOfCreditToIncentiveFee
1488979
CY2012 land Proceeds From Refund On Deposits
ProceedsFromRefundOnDeposits
200000
CY2012 land Related Party Transaction Prior Management Advisory Fee
RelatedPartyTransactionPriorManagementAdvisoryFee
267280
CY2012 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2012 land Related Party Transaction Net Incentive Fee
RelatedPartyTransactionNetIncentiveFee
CY2012 land Related Party Transaction Prior Administration Fee
RelatedPartyTransactionPriorAdministrationFee
180398
CY2012 land Payment For Deposits On Future Acquisitions
PaymentForDepositsOnFutureAcquisitions
150000
CY2012 land Number Of Farms Acquired Not Covered Under Business Combination
NumberOfFarmsAcquiredNotCoveredUnderBusinessCombination
4 Farm
CY2012 land Offering Costs Included In Accounts Payable And Accrued Liabilities
OfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
319756
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5249898 shares
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
106705
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-269773
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
47516
CY2013Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
914583
CY2013Q1 us-gaap Cost Of Revenue
CostOfRevenue
538105
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59189
CY2013Q1 land Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
41037
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2750000 shares
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.07
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
281404
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-214669
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
187574
CY2012Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
813475
CY2012Q1 us-gaap Cost Of Revenue
CostOfRevenue
317402
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
93830
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2750000 shares
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.07
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
303489
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-253487
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
202296
CY2012Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
811900
CY2012Q2 us-gaap Cost Of Revenue
CostOfRevenue
254924
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
101193
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6530264 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
77194
CY2013Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-261229
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
30356
CY2013Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
949756
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
611333
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46838
CY2012Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2750000 shares
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.01
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
59683
CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-245937
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
39783
CY2012Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
848462
CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
542842
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19900
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6530264 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
90166
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-258450
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
4760
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
996096
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
647480
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
85406
CY2012Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2750000 shares
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.06
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
256116
CY2012Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-286830
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
170720
CY2012Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
916757
CY2012Q4 us-gaap Cost Of Revenue
CostOfRevenue
373811
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
85396
CY2013Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6530264 shares
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
20982
CY2013Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-272954
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-1307315
CY2013Q4 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
1177703
CY2013Q4 us-gaap Cost Of Revenue
CostOfRevenue
883767
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1328297
CY2013Q4 land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Hundred Percent Of Amount Of Pre Incentive Fee Maximum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserHundredPercentOfAmountOfPreIncentiveFeeMaximumPercentage
0.021875 pure
CY2013Q4 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition Two
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionTwo
0.20 pure
CY2013Q4 land Incentive Fee Per Advisory Agreement
IncentiveFeePerAdvisoryAgreement
0.0175 pure
CY2013Q4 land Amount To Be Paid To Adviser In Percentage Of Pre Incentive Fee Condition One
AmountToBePaidToAdviserInPercentageOfPreIncentiveFeeConditionOne
1.00 pure
CY2013Q4 land Maximum Annual Percentage Of Adjusted Stockholders Equity To Pay Full Pre Incentive Fee To Adviser
MaximumAnnualPercentageOfAdjustedStockholdersEquityToPayFullPreIncentiveFeeToAdviser
0.0875 pure
CY2013Q4 land Pre Incentive Fee In Percentage Of Common Stockholders Equity That Awards Adviser Twenty Percent Of Amount Of Pre Incentive Fee Minimum Percentage
PreIncentiveFeeInPercentageOfCommonStockholdersEquityThatAwardsAdviserTwentyPercentOfAmountOfPreIncentiveFeeMinimumPercentage
0.021875 pure
CY2013Q4 land Annualized Incentive Fee Per Advisory Agreement
AnnualizedIncentiveFeePerAdvisoryAgreement
0.07 pure

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