$MDRR
Medalist Diversified REIT, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007624 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $2.301M $2.572M
YoY Change -8.54% 4.5%
Cost Of Revenue $583.5K $580.6K
YoY Change -17.06% -16.74%
Gross Profit $1.718M $1.991M
YoY Change -5.23% 12.89%
Gross Profit Margin 74.64% 77.42%
Selling, General & Admin $508.6K $981.4K
YoY Change -29.29% 7.7%
% of Gross Profit 29.61% 49.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $993.3K $840.5K
YoY Change -13.87% -7.79%
% of Gross Profit 57.83% 42.21%
Operating Expenses $2.085M $2.575M
YoY Change -19.49% -8.11%
Operating Profit $215.8K $2.765M
YoY Change -390.58% -911.46%
Interest Expense $723.4K $876.7K
YoY Change -14.74% 1.47%
% of Operating Profit 335.24% 31.71%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$507.6K $1.888M
YoY Change -44.99% -256.71%
Income Tax
% Of Pretax Income
Net Earnings -$521.7K $1.357M
YoY Change -40.56% -211.14%
Net Earnings / Revenue -22.67% 52.78%
Basic Earnings Per Share -$0.47 $0.61
Diluted Earnings Per Share -$0.47 $0.60
COMMON SHARES
Basic Shares Outstanding 2.237M 2.237M
Diluted Shares Outstanding 1.118M 2.248M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.826M $3.637M
YoY Change 38.08% 19.33%
Cash & Equivalents $3.826M $3.637M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $116.6K $233.3K
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.943M $3.871M
YoY Change 33.52% 15.93%
LONG-TERM ASSETS
Property, Plant & Equipment $65.61M $66.31M
YoY Change -13.1% -13.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.638M $1.499M
YoY Change -19.57% -22.62%
Total Long-Term Assets $71.31M $72.11M
YoY Change -13.43% -13.33%
TOTAL ASSETS
Total Short-Term Assets $3.943M $3.871M
Total Long-Term Assets $71.31M $72.11M
Total Assets $75.25M $75.98M
YoY Change -11.81% -12.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.104M $1.031M
YoY Change -35.27% -33.35%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.104M $1.031M
YoY Change -35.27% -33.35%
LONG-TERM LIABILITIES
Long-Term Debt $55.24M $55.35M
YoY Change -15.49% -15.59%
Other Long-Term Liabilities $1.808M $1.885M
YoY Change -11.2% -11.65%
Total Long-Term Liabilities $57.05M $57.24M
YoY Change -15.36% -15.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.104M $1.031M
Total Long-Term Liabilities $57.05M $57.24M
Total Liabilities $58.15M $58.27M
YoY Change -15.85% -15.86%
SHAREHOLDERS EQUITY
Retained Earnings -$35.10M -$34.53M
YoY Change 5.1% 6.78%
Common Stock $11.18K $22.37K
YoY Change -49.6% -87.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.18M $13.74M
YoY Change
Total Liabilities & Shareholders Equity $75.25M $75.98M
YoY Change -11.81% -12.2%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$521.7K $1.357M
YoY Change -40.56% -211.14%
Depreciation, Depletion And Amortization $993.3K $840.5K
YoY Change -13.87% -7.79%
Cash From Operating Activities $778.6K $492.4K
YoY Change 88.9% 9.26%
INVESTING ACTIVITIES
Capital Expenditures $133.1K $372.0K
YoY Change 42.66% -42.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.110M
YoY Change
Cash From Investing Activities -$133.1K $2.738M
YoY Change 42.66% -522.76%
FINANCING ACTIVITIES
Cash Dividend Paid $511.0K
YoY Change 185.53%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -317.5K -1.904M
YoY Change -36.07% 296.18%
NET CHANGE
Cash From Operating Activities 778.6K 492.4K
Cash From Investing Activities -133.1K 2.738M
Cash From Financing Activities -317.5K -1.904M
Net Change In Cash 328.1K 1.327M
YoY Change -284.67% -295.85%
FREE CASH FLOW
Cash From Operating Activities $778.6K $492.4K
Capital Expenditures $133.1K $372.0K
Free Cash Flow $645.6K $120.4K
YoY Change 102.42% -161.14%

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>
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Operating Segments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"></span><span style="display:inline-block;width:18pt;"></span>Effective January 1, 2024, the Company established STNL assets as a third operating segment.  The Ashley Plaza Property consists of three separate parcels including a parcel with the main shopping center building, the East Coast Wings Parcel and the T-Mobile Parcel.  Effective for the periods after January 1, 2024, the Company reports revenues from the East Coast Wings Parcel and the T-Mobile Parcel as STNL property revenues, and expenses associated with these two parcels as STNL property expenses.  For the periods prior to January 1, 2024, the Company has reclassified the revenues and expenses associated with these two parcels that were previously recorded as retail center property revenues and retail center property expenses as STNL property revenues and STNL property expenses, respectively.  Specifically, for the three months ended March 31, 2023, the Company reclassified $56,306 that was <span style="-sec-ix-hidden:Hidden_Cr-TRsNvYEGX23JAyXSrEw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">previously</span></span> recorded as retail center property revenues to single tenant net lease revenues, and $7,728 that was <span style="-sec-ix-hidden:Hidden_wvRmw5FVoE2Z2R53MJZEDw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">previously</span></span> recorded as retail center property expenses to single tenant net lease expenses.  These reclassifications had no impact on total revenues, total expenses or net income (loss).  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Outstanding Shares</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">All per share amounts, Common Shares outstanding, Operating Partnership Units outstanding, and stock-based compensation amounts for all periods presented reflect our <span style="-sec-ix-hidden:Hidden_dp_EuhhDQkuK8F8GwyAxSA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one-for-eight</span></span> reverse stock split (the “Reverse Stock Split”), which was effective May 3, 2023. (See Completion of 1-for-8 Reverse Stock Split under Note 7, below.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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