$MDRR
Medalist Diversified REIT, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009418 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $2.516M $2.461M $2.904M
YoY Change -3.08% -15.25% 8.69%
Cost Of Revenue $703.5K $697.4K $210.1K
YoY Change -25.37% 231.84% 20.06%
Gross Profit $1.812M $1.764M $2.694M
YoY Change 9.63% -34.53% 7.89%
Gross Profit Margin 72.04% 71.66% 92.76%
Selling, General & Admin $719.3K $911.3K $80.71K
YoY Change 37.21% 1029.1% 16.73%
% of Gross Profit 39.69% 51.67% 3.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.153M $911.5K $771.6K
YoY Change 2.74% 18.13% 69.66%
% of Gross Profit 63.63% 51.68% 28.64%
Operating Expenses $2.590M $2.802M $3.138M
YoY Change 57.3% -10.73% 23.23%
Operating Profit -$74.26K -$340.7K -$234.4K
YoY Change -1230.23% 45.36% -287.46%
Interest Expense $848.4K $864.1K $841.4K
YoY Change -200.42% 2.69% -65.43%
% of Operating Profit
Other Income/Expense, Net $95.44K
YoY Change 6959.1%
Pretax Income -$922.7K -$1.205M -$1.076M
YoY Change -8.46% 11.99% -53.41%
Income Tax
% Of Pretax Income
Net Earnings -$877.7K -$1.221M -$989.3K
YoY Change -13.52% 23.45% -56.56%
Net Earnings / Revenue -34.88% -49.63% -34.07%
Basic Earnings Per Share -$0.40 -$0.07 -$0.06
Diluted Earnings Per Share -$0.40 -$0.07 -$0.06
COMMON SHARES
Basic Shares Outstanding 2.220M 17.76M 16.04M
Diluted Shares Outstanding 2.219M 17.76M 16.04M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.771M $3.048M $4.630M
YoY Change 11.7% -34.17% 25.81%
Cash & Equivalents $2.771M $3.048M $4.630M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $182.0K $290.8K $344.4K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.953M $3.339M $4.974M
YoY Change 6.81% -32.88% 23.43%
LONG-TERM ASSETS
Property, Plant & Equipment $75.50M $76.24M $68.76M
YoY Change -3.28% 10.88% 46.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.037M $1.937M $13.35M
YoY Change -84.56% -85.48% -46.1%
Total Long-Term Assets $82.37M $83.20M $87.22M
YoY Change -15.24% -4.61% 14.61%
TOTAL ASSETS
Total Short-Term Assets $2.953M $3.339M $4.974M
Total Long-Term Assets $82.37M $83.20M $87.22M
Total Assets $85.32M $86.54M $92.19M
YoY Change -14.63% -6.14% 15.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.705M $1.547M $1.346M
YoY Change -12.75% 14.99% -19.91%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.705M $1.547M $1.346M
YoY Change -12.75% 14.99% -55.0%
LONG-TERM LIABILITIES
Long-Term Debt $65.37M $65.58M $66.25M
YoY Change -11.38% -1.02% 5.81%
Other Long-Term Liabilities $2.035M $2.134M $1.785M
YoY Change -17.26% 19.54% 84.02%
Total Long-Term Liabilities $67.40M $67.71M $68.04M
YoY Change -11.57% -0.48% 7.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.705M $1.547M $1.346M
Total Long-Term Liabilities $67.40M $67.71M $68.04M
Total Liabilities $69.11M $69.26M $69.38M
YoY Change -13.24% -0.18% 2.97%
SHAREHOLDERS EQUITY
Retained Earnings -$33.39M -$32.34M -$26.29M
YoY Change 23.02%
Common Stock $22.19K $177.6K $171.1K
YoY Change 3.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.79M $15.85M $21.30M
YoY Change
Total Liabilities & Shareholders Equity $85.32M $86.54M $92.19M
YoY Change -14.63% -6.14% 15.05%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$877.7K -$1.221M -$989.3K
YoY Change -13.52% 23.45% -56.56%
Depreciation, Depletion And Amortization $1.153M $911.5K $771.6K
YoY Change 2.74% 18.13% 69.66%
Cash From Operating Activities $412.2K $450.7K $692.9K
YoY Change -53.21% -34.95% 235.01%
INVESTING ACTIVITIES
Capital Expenditures $93.27K $647.7K -$366.1K
YoY Change -100.9% -276.94% 632.12%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$93.27K -$647.7K -$366.1K
YoY Change -99.1% 76.94% 710.76%
FINANCING ACTIVITIES
Cash Dividend Paid $178.9K $341.5K
YoY Change -47.6% 2746.01%
Common Stock Issuance & Retirement, Net -$902.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -496.6K -480.5K 368.3K
YoY Change -106.87% -230.49% -66.3%
NET CHANGE
Cash From Operating Activities 412.2K 450.7K 692.9K
Cash From Investing Activities -93.27K -647.7K -366.1K
Cash From Financing Activities -496.6K -480.5K 368.3K
Net Change In Cash -177.7K -677.5K 695.1K
YoY Change -92.28% -197.47% -44.59%
FREE CASH FLOW
Cash From Operating Activities $412.2K $450.7K $692.9K
Capital Expenditures $93.27K $647.7K -$366.1K
Free Cash Flow $318.9K -$197.0K $1.059M
YoY Change -97.17% -118.6% 312.32%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and revenues and expenses during the reported period. The Company’s actual results could differ from these estimates.</p>
CY2017 mdrr Noncontrolling Operating Partnership Units
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CY2023Q1 us-gaap Interest Expense Debt
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CY2023Q1 mdrr Interest Rate Protection Transaction Payments
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CY2023Q1 us-gaap Interest Expense Other
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CY2023Q1 us-gaap Interest Expense
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CY2023Q1 mdrr Shares Authorized
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CY2021Q4 mdrr Threshold Period To Issue Shares
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CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2023Q1 mdrr Sales Price Per Share Average
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CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2022Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1538887
CY2021Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
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CY2021Q4 mdrr Stock Repurchase Program Maximum Price Per Share
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17758421
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q1 mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
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CY2022Q1 mdrr Weighted Average Number Of Diluted Shares Outstanding Effect Of Conversion
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CY2023Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023Q1 us-gaap Dividends Common Stock
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CY2022Q1 us-gaap Dividends Common Stock
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316450
CY2023Q1 us-gaap Dividends
Dividends
178945
CY2022Q1 us-gaap Dividends
Dividends
341521
CY2023Q1 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
1

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