2018 Form 10-K Financial Statement

#000164587319000003 Filed on March 29, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017
Revenue $17.98M $7.390M
YoY Change 143.36% 757.59%
Cost Of Revenue $3.186M $1.283M
YoY Change 148.34%
Gross Profit $14.80M $6.107M
YoY Change 142.31%
Gross Profit Margin 82.29% 82.64%
Selling, General & Admin $2.571M $3.743M
YoY Change -31.32%
% of Gross Profit 17.37% 61.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.989M $3.082M
YoY Change 126.8%
% of Gross Profit 47.23% 50.46%
Operating Expenses $21.17M $10.93M
YoY Change 93.6% 264.44%
Operating Profit -$6.368M -$4.826M
YoY Change 31.95%
Interest Expense $5.578M $1.638M
YoY Change 240.53% 314.56%
% of Operating Profit
Other Income/Expense, Net $243.9K $206.4K
YoY Change 18.14% -363.68%
Pretax Income -$1.802M -$868.5K
YoY Change 107.46%
Income Tax
% Of Pretax Income
Net Earnings -$1.802M -$868.5K
YoY Change 107.46% -29.82%
Net Earnings / Revenue -10.02% -11.75%
Basic Earnings Per Share
Diluted Earnings Per Share -$238.3K -$114.9K
COMMON SHARES
Basic Shares Outstanding 8.240M shares
Diluted Shares Outstanding 0.000 shares

Balance Sheet

Concept 2018 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.253M $3.238M
YoY Change 62.21%
Cash & Equivalents $5.253M $3.238M $3.238M
Short-Term Investments
Other Short-Term Assets $234.4K $1.105M
YoY Change -78.78%
Inventory
Prepaid Expenses $1.105M
Receivables $3.659M $1.263M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.146M $5.606M
YoY Change 63.15%
LONG-TERM ASSETS
Property, Plant & Equipment $224.7M $135.3M
YoY Change 66.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.28M $14.52M $14.52M
YoY Change -1.71% 312.17%
Other Assets $3.503M $944.6K
YoY Change 270.88%
Total Long-Term Assets $243.3M $151.5M
YoY Change 60.61%
TOTAL ASSETS
Total Short-Term Assets $9.146M $5.606M
Total Long-Term Assets $243.3M $151.5M
Total Assets $252.4M $157.1M $157.1M
YoY Change 60.71% 280.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $227.8K $244.4K
YoY Change -6.81%
Accrued Expenses $2.694M $1.304M
YoY Change 106.6%
Deferred Revenue
YoY Change
Short-Term Debt $8.998M $12.00M
YoY Change -25.02%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.73M $15.71M
YoY Change 12.87%
LONG-TERM LIABILITIES
Long-Term Debt $122.7M $60.49M
YoY Change 102.87%
Other Long-Term Liabilities $2.896M $1.584M
YoY Change 82.82%
Total Long-Term Liabilities $125.6M $62.07M
YoY Change 102.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.73M $15.71M
Total Long-Term Liabilities $125.6M $62.07M
Total Liabilities $143.3M $77.78M $77.78M
YoY Change 84.29% 312.07%
SHAREHOLDERS EQUITY
Retained Earnings -$6.084M
YoY Change 330.02%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.1M $79.25M $79.30M
YoY Change
Total Liabilities & Shareholders Equity $252.4M $157.1M $157.1M
YoY Change 60.71% 280.3%

Cashflow Statement

Concept 2018 2017 Q4 2017
OPERATING ACTIVITIES
Net Income -$1.802M -$868.5K
YoY Change 107.46% -29.82%
Depreciation, Depletion And Amortization $6.989M $3.082M
YoY Change 126.8%
Cash From Operating Activities $5.882M $3.791M
YoY Change 55.16% -664.0%
INVESTING ACTIVITIES
Capital Expenditures -$88.80M -$101.1M
YoY Change -12.21%
Acquisitions
YoY Change
Other Investing Activities -$3.224M -$14.45M
YoY Change -77.69%
Cash From Investing Activities -$92.02M -$115.6M
YoY Change -20.39% 211.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$35.54M -$60.08M
YoY Change -40.86% 142.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $90.71M $112.3M
YoY Change -19.23% 171.91%
NET CHANGE
Cash From Operating Activities $5.882M $3.791M
Cash From Investing Activities -$92.02M -$115.6M
Cash From Financing Activities $90.71M $112.3M
Net Change In Cash $4.573M $505.4K
YoY Change 804.89% -85.46%
FREE CASH FLOW
Cash From Operating Activities $5.882M $3.791M
Capital Expenditures -$88.80M -$101.1M
Free Cash Flow $94.68M $104.9M
YoY Change -9.78%

Facts In Submission

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206448 USD
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243903 USD
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252425902 USD
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131707308 USD
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14516126 USD
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8130359 USD
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1435312 USD
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10.16
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CY2018Q4 us-gaap Number Of Real Estate Properties
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24 properties
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1 Segments
CY2018 us-gaap Number Of Reportable Segments
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1 Segments
CY2018Q4 us-gaap Number Of States In Which Entity Operates
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10933276 USD
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
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17588378 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
13317933 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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15520338 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
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16752518 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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17834035 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
59183690 USD
CY2017 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
6140444 USD
CY2018 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
14726046 USD
CY2017 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
169664 USD
CY2018 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
927535 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
386839 USD
CY2018Q4 us-gaap Other Liabilities
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584676 USD
CY2017 us-gaap Other Operating Income
OtherOperatingIncome
2468138 USD
CY2018 us-gaap Other Operating Income
OtherOperatingIncome
1136469 USD
CY2017 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
3935884 USD
CY2018 us-gaap Other Payments To Acquire Businesses
OtherPaymentsToAcquireBusinesses
2702043 USD
CY2017 us-gaap Other Real Estate Improvements
OtherRealEstateImprovements
685160 USD
CY2018 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
100000 USD
CY2017 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
0 USD
CY2018 us-gaap Other Real Estate Improvements
OtherRealEstateImprovements
1730666 USD
CY2017 us-gaap Payments For Mortgage Deposits
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40000 USD
CY2018 us-gaap Payments For Mortgage Deposits
PaymentsForMortgageDeposits
0 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2472571 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
8688479 USD
CY2017 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
1899485 USD
CY2018 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
3535163 USD
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
731209 USD
CY2018 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1656073 USD
CY2017 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1430607 USD
CY2018 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1200010 USD
CY2017 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2049847 USD
CY2018 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1500285 USD
CY2017 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
103973925 USD
CY2018 us-gaap Payments To Acquire And Develop Real Estate
PaymentsToAcquireAndDevelopRealEstate
93253505 USD
CY2017 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
100458868 USD
CY2018 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
87064535 USD
CY2017 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
10542594 USD
CY2018 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
422440 USD
CY2017 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
685160 USD
CY2018 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
1730666 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1104573 USD
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
234399 USD
CY2017 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
95158 USD
CY2018 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
623406 USD
CY2017 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
62555554 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
44223885 USD
CY2017 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
55369988 USD
CY2018 us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
75687500 USD
CY2017 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
55390000 USD
CY2018 us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
36450000 USD
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
10563664 USD
CY2017 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
104880154 USD
CY2018 us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
94670988 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
194085618 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
41126391 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
2432550 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
191653068 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
41126391 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
79249866 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
103092769 USD
CY2017 us-gaap Straight Line Rent
StraightLineRent
965846 USD
CY2016Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
33245041 USD
CY2017Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
138810355 USD
CY2018Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
235212009 USD
CY2018 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
262050 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
944582 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
3503242 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
944582 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3503242 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-6083896 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16167437 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
493185 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
3574739 USD
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
10563664 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
138810355 USD
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
235212009 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
135235616 USD
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
224648345 USD
CY2017Q4 us-gaap Real Estate Investments
RealEstateInvestments
149759638 USD
CY2018Q4 us-gaap Real Estate Investments
RealEstateInvestments
238924160 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
46349 USD
CY2018Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
6000951 USD
CY2017 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
53547803 USD
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
39450000 USD
CY2017 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
407725 USD
CY2018 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
12892970 USD
CY2017 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
326600 USD
CY2017 us-gaap Revenues
Revenues
7390206 USD
CY2018 us-gaap Revenues
Revenues
17984625 USD
CY2018Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
224648345 USD
CY2017Q4 us-gaap Secured Debt
SecuredDebt
60487303 USD
CY2018Q4 us-gaap Secured Debt
SecuredDebt
122709308 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
163000 USD
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
167835 USD
CY2018Q1 us-gaap Share Price
SharePrice
10.00
CY2017 us-gaap Stock Issued1
StockIssued1
3067095 USD
CY2018 us-gaap Stock Issued1
StockIssued1
5878104 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
66204898 USD
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
50101989 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
163000 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
167835 USD
CY2017 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
2472571 USD
CY2018 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
8688479 USD
CY2018Q4 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1147573 shares
CY2018Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
59431 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
22231106 USD
CY2018 us-gaap Straight Line Rent
StraightLineRent
1236145 USD
CY2017 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
7899 USD
CY2017Q4 us-gaap Tenant Improvements
TenantImprovements
8340774 USD
CY2018 us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-157613 USD
CY2017Q4 us-gaap Unsecured Debt
UnsecuredDebt
12000000 USD
CY2017 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
7899 USD
CY2018 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-157613 USD
CY2018Q4 us-gaap Unsecured Debt
UnsecuredDebt
8998000 USD
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5982930 shares
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11069864 shares
CY2018 us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Advertising Costs</font></div><div style="line-height:120%;padding-top:13px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Offering advertising costs charged to expense were $0 and $0 for the years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and are included in general and administrative expenses in the accompanying statements of operations. Advertising costs relating to the offering are paid by the Advisor. These amounts are reimbursed to the Advisor as organization and offering costs that they incurred on the Company&#8217;s behalf, see Note 8.</font></div></div>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:13px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the 2017 consolidated financial statements to conform with the 2018 consolidated financial statements presentation.</font></div></div>

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