2020 Q1 Form 10-Q Financial Statement

#000162828020007490 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $9.194M $9.983M
YoY Change -7.9% -53.6%
Cost Of Revenue $5.020M $5.780M
YoY Change -13.15% -68.59%
Gross Profit $4.180M $3.500M
YoY Change 19.43% 1196.3%
Gross Profit Margin 45.46% 35.06%
Selling, General & Admin $1.870M $2.610M
YoY Change -28.35% -7.12%
% of Gross Profit 44.74% 74.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.167M $2.648M
YoY Change -18.16% -17.58%
Operating Profit $2.013M $852.0K
YoY Change 136.27% -128.95%
Interest Expense $5.018M $5.776M
YoY Change -13.12% -68.61%
% of Operating Profit 249.28% 677.93%
Other Income/Expense, Net -$684.0K -$147.0K
YoY Change 365.31% -101.29%
Pretax Income $1.330M $1.410M
YoY Change -5.67% -87.54%
Income Tax -$226.5K -$63.00K
% Of Pretax Income -17.03% -4.47%
Net Earnings $1.552M $1.475M
YoY Change 5.2% -86.96%
Net Earnings / Revenue 16.88% 14.78%
Basic Earnings Per Share
Diluted Earnings Per Share $62.22K $62.05K
COMMON SHARES
Basic Shares Outstanding 24.91M shares 23.68M shares
Diluted Shares Outstanding 24.91M shares 23.69M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.30M $13.60M
YoY Change -16.91% -67.85%
Cash & Equivalents $11.33M $13.64M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.70M $16.20M
YoY Change -15.43% -91.69%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.900M $52.50M
YoY Change -86.86% 344.92%
Total Long-Term Assets $650.3M $643.2M
YoY Change 1.11% -72.59%
TOTAL ASSETS
Total Short-Term Assets $13.70M $16.20M
Total Long-Term Assets $650.3M $643.2M
Total Assets $664.0M $659.4M
YoY Change 0.7% -74.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $2.600M
YoY Change -73.08% 1200.0%
Accrued Expenses $600.0K $1.000M
YoY Change -40.0% -83.33%
Deferred Revenue
YoY Change
Short-Term Debt $506.4M $504.5M
YoY Change 0.38% -57.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $510.6M $510.8M
YoY Change -0.04% -57.38%
LONG-TERM LIABILITIES
Long-Term Debt $39.40M $39.30M
YoY Change 0.25% -96.71%
Other Long-Term Liabilities $700.0K $2.600M
YoY Change -73.08% 766.67%
Total Long-Term Liabilities $39.40M $39.30M
YoY Change 0.25% -96.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $510.6M $510.8M
Total Long-Term Liabilities $39.40M $39.30M
Total Liabilities $550.0M $550.1M
YoY Change -0.03% -77.0%
SHAREHOLDERS EQUITY
Retained Earnings $3.962M -$2.364M
YoY Change -267.6% -115.37%
Common Stock $249.3K $236.8K
YoY Change 5.28% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.0M $109.2M
YoY Change
Total Liabilities & Shareholders Equity $664.0M $659.4M
YoY Change 0.7% -74.06%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $1.552M $1.475M
YoY Change 5.2% -86.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $2.372M $2.497M
YoY Change -5.0% 32.12%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$4.110M $7.190M
YoY Change -157.16% -87.97%
Cash From Investing Activities -$4.106M $7.191M
YoY Change -157.09% -87.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.747M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $3.970M -$2.913M
YoY Change -236.31% -94.54%
NET CHANGE
Cash From Operating Activities $2.372M $2.497M
Cash From Investing Activities -$4.106M $7.191M
Cash From Financing Activities $3.970M -$2.913M
Net Change In Cash $2.237M $6.775M
YoY Change -66.99% -18.3%
FREE CASH FLOW
Cash From Operating Activities $2.372M $2.497M
Capital Expenditures
Free Cash Flow
YoY Change

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5747375 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
CY2020Q1 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 USD
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CY2019Q1 oaks Proceeds From Collateralized Loan Obligations
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CY2020Q1 us-gaap Proceeds From Issuance Of Secured Debt
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0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
40250000 USD
CY2020Q1 us-gaap Payments Of Financing Costs
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0 USD
CY2019Q1 us-gaap Payments Of Financing Costs
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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2236584 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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18248414 USD
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CY2019Q1 us-gaap Dividends Payable Current And Noncurrent
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CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%;">The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. The first quarter of 2020 was impacted by the global outbreak of a novel coronavirus ("COVID-19"), which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. On March 11, 2020, the World Health Organization ("WHO") declared COVID-19 a pandemic, and numerous countries, including the United States, have issued wide ranging responses including the imposition of quarantines, "stay-at-home" orders, restrictions on travel, closing financial markets and other similar mandates. The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. The prolonged duration of the COVID-19 pandemic and its impact on our borrowers and their tenants, cash flows and future results of operations </span></div>could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2020, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from its estimates and the differences may be material.
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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18248414 USD
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0 USD
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CY2019Q4 us-gaap Common Stock Shares Authorized
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CY2020Q1 us-gaap Common Stock Shares Authorized
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CY2019Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24938883 shares
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CommonStockSharesOutstanding
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CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 USD
CY2019Q4 oaks Income Tax Examination Accrued Tax Liability
IncomeTaxExaminationAccruedTaxLiability
1960000 USD
CY2020Q1 oaks One Month Libor Rate
OneMonthLIBORRate
0.0138 USD
CY2019Q4 oaks One Month Libor Rate
OneMonthLIBORRate
0.0170 USD
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0.0160 USD
CY2019Q4 oaks Weighted Average Libor Floor Rate
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CY2018Q2 oaks Number Of Loan Participations
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8 Loan_Participation
CY2019Q1 oaks Collateralized Loan Obligation Unamortized Discount
CollateralizedLoanObligationUnamortizedDiscount
39200000 USD
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40250000 USD
CY2019Q4 us-gaap Secured Debt
SecuredDebt
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CY2019Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2020Q1 us-gaap Secured Debt
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CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2019Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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1822458 USD
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CY2019 oaks Management Fee Percentage
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0.015
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584821 USD
CY2019Q1 us-gaap Management Fee Expense
ManagementFeeExpense
553459 USD
CY2020Q1 us-gaap Management Fee Payable
ManagementFeePayable
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CY2019Q1 us-gaap Management Fee Payable
ManagementFeePayable
567000 USD
CY2020Q1 oaks Reimbursable Operating Expense
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461121 USD
CY2019Q1 oaks Reimbursable Operating Expense
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540037 USD
CY2020Q1 oaks Reimbursable Costs Payable
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447000 USD
CY2019Q1 oaks Reimbursable Costs Payable
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479436 USD
CY2020Q1 oaks Exit Fee Waived Percentage Reduced
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0.50
CY2019Q4 us-gaap Common Stock Shares Authorized
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CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
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CommonStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24938883 shares
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24938883 shares
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24938883 shares
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
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10000000 USD
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1610000 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1610000 shares
CY2020Q1 us-gaap Preferred Stock Dividend Rate Percentage
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0.0875
CY2019Q4 us-gaap Preferred Stock Liquidation Preference
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25.00
CY2020Q1 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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1474767 USD
CY2020Q1 us-gaap Dividends Common Stock
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1870416 USD
CY2019Q1 us-gaap Dividends Common Stock
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1658136 USD
CY2020Q1 us-gaap Dividends Preferred Stock
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CY2019Q1 us-gaap Dividends Preferred Stock
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480472 USD
CY2020Q1 oaks Deemed Preferred Stock Dividend On Related Redemptions
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CY2019Q1 oaks Deemed Preferred Stock Dividend On Related Redemptions
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CY2020Q1 us-gaap Dividends
Dividends
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CY2019Q1 us-gaap Dividends
Dividends
5231636 USD
CY2020Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
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CY2019Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
-3756869 USD
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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24906983 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23683164 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4500 shares
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4500 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24911483 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23687664 shares
CY2018Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
1960000 USD

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