2021 Form 10-K Financial Statement

#000162828022006285 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $36.19M $7.826M $33.60M
YoY Change 7.71% -12.6% -12.27%
Cost Of Revenue $15.51M $3.190M $15.20M
YoY Change 2.05% -42.93% -35.59%
Gross Profit $20.68M $4.640M $18.40M
YoY Change 12.38% 38.1% 25.17%
Gross Profit Margin 57.14% 59.29% 54.76%
Selling, General & Admin $8.160M $2.110M $7.900M
YoY Change 3.29% 1.44% -5.95%
% of Gross Profit 39.46% 45.47% 42.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $8.441M $2.155M $9.300M
YoY Change -9.24% -3.71% 5.68%
Operating Profit $12.24M $2.485M $9.100M
YoY Change 34.48% 121.48% 54.24%
Interest Expense -$356.8K $3.187M -$1.800M
YoY Change -80.18% -42.98%
% of Operating Profit -2.92% 128.25% -19.78%
Other Income/Expense, Net -$54.00K
YoY Change -130.34%
Pretax Income $10.61M $2.430M $8.000M
YoY Change 32.56% 85.5% 29.03%
Income Tax $77.89K -$39.00K -$476.2K
% Of Pretax Income 0.73% -1.6% -5.95%
Net Earnings $10.53M $2.469M $8.450M
YoY Change 24.59% 102.05% 35.22%
Net Earnings / Revenue 29.09% 31.55% 25.15%
Basic Earnings Per Share $0.30 $0.34
Diluted Earnings Per Share $0.30 $99.04K $0.34
COMMON SHARES
Basic Shares Outstanding 24.94M shares 24.94M shares 24.93M shares
Diluted Shares Outstanding 24.95M shares 24.93M shares

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.75M $11.40M $11.40M
YoY Change 29.38% 4.59% 4.59%
Cash & Equivalents $14.75M $11.38M $11.40M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $41.13M $13.40M $13.40M
YoY Change 206.92% 1.52% 1.52%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.530M $58.00M $58.00M
YoY Change -93.91% 1037.25% 1037.25%
Total Long-Term Assets $1.008B $608.1M $608.1M
YoY Change 65.73% -5.68% -5.68%
TOTAL ASSETS
Total Short-Term Assets $41.13M $13.40M $13.40M
Total Long-Term Assets $1.008B $608.1M $608.1M
Total Assets $1.049B $621.5M $621.5M
YoY Change 68.77% -5.53% -5.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $147.8K $300.0K $300.0K
YoY Change -50.73% -25.0% -25.0%
Accrued Expenses $704.1K $400.0K $400.0K
YoY Change 76.02% -50.0% -50.0%
Deferred Revenue
YoY Change
Short-Term Debt $826.8M $463.1M $463.1M
YoY Change 78.53% -8.46% -8.46%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $832.7M $468.2M $468.2M
YoY Change 77.85% -8.18% -8.18%
LONG-TERM LIABILITIES
Long-Term Debt $46.85M $39.60M $39.60M
YoY Change 18.3% 0.51% 0.51%
Other Long-Term Liabilities $147.8K $300.0K $300.0K
YoY Change -50.73% -25.0% -25.0%
Total Long-Term Liabilities $46.85M $39.60M $39.60M
YoY Change 18.3% 0.51% 0.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $832.7M $468.2M $468.2M
Total Long-Term Liabilities $46.85M $39.60M $39.60M
Total Liabilities $879.6M $507.8M $507.9M
YoY Change 73.19% -7.55% -7.55%
SHAREHOLDERS EQUITY
Retained Earnings $10.86M
YoY Change 350.58%
Common Stock $249.4K
YoY Change 5.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.3M $113.6M $113.6M
YoY Change
Total Liabilities & Shareholders Equity $1.049B $621.5M $621.5M
YoY Change 68.77% -5.53% -5.53%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $10.53M $2.469M $8.450M
YoY Change 24.59% 102.05% 35.22%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $13.85M $3.600M $12.22M
YoY Change 13.32% 69.81% 67.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$477.3M $60.77M $0.00
YoY Change -180.24% -100.0%
Cash From Investing Activities -$477.3M $60.77M $87.92M
YoY Change -642.9% -180.24% -307.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $5.747M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $412.3M -19.25M -$46.77M
YoY Change -981.64% 1019.19% 471.35%
NET CHANGE
Cash From Operating Activities $13.85M 3.600M $12.22M
Cash From Investing Activities -$477.3M 60.77M $87.92M
Cash From Financing Activities $412.3M -19.25M -$46.77M
Net Change In Cash -$51.10M 45.12M $53.36M
YoY Change -195.75% -159.89% -223.52%
FREE CASH FLOW
Cash From Operating Activities $13.85M $3.600M $12.22M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-align:justify;text-indent:18pt"><span style="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-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify;text-indent:18pt"><span style="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. As of December 31, 2021, the novel coronavirus, or COVID-19, pandemic is ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans. In 2021, the global economy has, with certain setbacks, begun reopening and wider distribution of vaccines will likely encourage greater economic activity. Nonetheless, the recovery could remain uneven, particularly given uncertainty with respect to the distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus, including the Delta and Omicron variants which are believed to be more contagious than previous variants of the virus. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2021, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions as of December 31, 2021 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.</span></div>
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CY2021Q2 hcft Proceeds From Issuance Of Debt Securities Allocated To Acquire Additional Loan Obligations
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CY2021Q4 hcft Deferred Tax Liabilities Accumulated Net Operating Losses
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985917 USD
CY2020Q4 hcft Deferred Tax Liabilities Accumulated Net Operating Losses
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993683 USD
CY2021Q4 hcft Deferred Tax Assets Mortgage Servicing Rights
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261440 USD
CY2020Q4 hcft Deferred Tax Assets Mortgage Servicing Rights
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319048 USD
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1341260 USD
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1419154 USD
CY2021Q4 us-gaap Operating Loss Carryforwards
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3200000 USD
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3300000 USD
CY2021Q4 srt Mortgage Loans On Real Estate Prior Liens1
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0 USD
CY2021Q4 hcft Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Unpaid Principal Balance
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1001869994 USD
CY2021Q4 us-gaap Mortgage Loans On Real Estate
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547345334 USD
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528802705 USD
CY2020 srt Mortgage Loans On Real Estate Collections Of Principal
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145516658 USD
CY2021 hcft Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Accretion Of Purchase Discount
SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateAccretionOfPurchaseDiscount
46088 USD
CY2020 hcft Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Accretion Of Purchase Discount
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0 USD
CY2021 us-gaap Mortgage Loans On Real Estate Amortization Of Premium
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CY2020 us-gaap Mortgage Loans On Real Estate Amortization Of Premium
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CY2021Q4 us-gaap Mortgage Loans On Real Estate
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CY2020Q4 us-gaap Mortgage Loans On Real Estate
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547345334 USD

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