$MDV
MODIV INDUSTRIAL, INC.

2023 Q4 Form 10-Q Financial Statement

#000164587323000223 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $12.29M $12.50M
YoY Change -22.81% 22.4%
Cost Of Revenue $731.1K $1.200M
YoY Change -65.27% -41.86%
Gross Profit $11.56M $11.31M
YoY Change -16.33% 38.8%
Gross Profit Margin 94.05% 90.48%
Selling, General & Admin $2.783M $10.20M
YoY Change -4.44% 327.2%
% of Gross Profit 24.08% 90.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.148M $4.170M
YoY Change -4.61% 15.88%
% of Gross Profit 35.89% 36.87%
Operating Expenses $6.931M $14.37M
YoY Change -4.73% 137.86%
Operating Profit $4.627M -$4.784M
YoY Change -29.24% -210.77%
Interest Expense -$5.571M $2.923M
YoY Change 102.19% 16.23%
% of Operating Profit -120.42%
Other Income/Expense, Net -$9.210K -$2.121M
YoY Change -91.16% -1706.92%
Pretax Income -$1.842M -$6.910M
YoY Change -355.58% -255.25%
Income Tax
% Of Pretax Income
Net Earnings -$2.217M -$5.536M
YoY Change 1297.57% -241.15%
Net Earnings / Revenue -18.04% -44.29%
Basic Earnings Per Share -$0.86
Diluted Earnings Per Share -$0.29 -$0.86
COMMON SHARES
Basic Shares Outstanding 7.590M shares 7.545M shares
Diluted Shares Outstanding 7.548M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.129M $5.600M
YoY Change -63.65% -2.22%
Cash & Equivalents $3.129M $5.642M
Short-Term Investments
Other Short-Term Assets $4.173M $4.900M
YoY Change -31.6% -23.28%
Inventory
Prepaid Expenses $4.173M $4.881M
Receivables $12.79M $11.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.10M $21.70M
YoY Change -14.73% 5.61%
LONG-TERM ASSETS
Property, Plant & Equipment $473.8M $481.1M
YoY Change 15.35% 13.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.09M $20.10M
YoY Change 110.77% 101.23%
Other Assets $11.66M $8.700M
YoY Change 121.34%
Total Long-Term Assets $510.8M $517.4M
YoY Change 18.12% 17.03%
TOTAL ASSETS
Total Short-Term Assets $20.10M $21.70M
Total Long-Term Assets $510.8M $517.4M
Total Assets $530.9M $539.1M
YoY Change 16.42% 16.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $562.7K $600.0K
YoY Change -43.81% -24.72%
Accrued Expenses $3.720M $6.200M
YoY Change -37.11% -4.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.64M $8.900M
YoY Change 80.02% -7.85%
LONG-TERM LIABILITIES
Long-Term Debt $279.5M $282.5M
YoY Change 43.02% 41.1%
Other Long-Term Liabilities $9.591M $9.300M
YoY Change -6.82% -6.16%
Total Long-Term Liabilities $289.1M $291.8M
YoY Change 40.53% 38.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.64M $8.900M
Total Long-Term Liabilities $289.1M $291.8M
Total Liabilities $305.8M $300.7M
YoY Change 42.23% 36.8%
SHAREHOLDERS EQUITY
Retained Earnings -$145.6M -$132.5M
YoY Change 23.41% 14.61%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.4M $154.9M
YoY Change
Total Liabilities & Shareholders Equity $530.9M $539.1M
YoY Change 16.42% 16.52%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.217M -$5.536M
YoY Change 1297.57% -241.15%
Depreciation, Depletion And Amortization $4.148M $4.170M
YoY Change -4.61% 15.88%
Cash From Operating Activities $5.368M $3.920M
YoY Change -26.69% -7.77%
INVESTING ACTIVITIES
Capital Expenditures $3.005M $30.34M
YoY Change 503.19% 1.94%
Acquisitions
YoY Change
Other Investing Activities $398.9K $35.23M
YoY Change -90.94% 51.76%
Cash From Investing Activities -$2.606M $4.880M
YoY Change -166.72% -174.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.274M -13.07M
YoY Change -36.81% 255.15%
NET CHANGE
Cash From Operating Activities 5.368M 3.920M
Cash From Investing Activities -2.606M 4.880M
Cash From Financing Activities -5.274M -13.07M
Net Change In Cash -2.512M -4.270M
YoY Change -187.18% -28.58%
FREE CASH FLOW
Cash From Operating Activities $5.368M $3.920M
Capital Expenditures $3.005M $30.34M
Free Cash Flow $2.363M -$26.42M
YoY Change -65.37% 3.56%

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying unaudited condensed consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results may differ from those estimates.</span></div>
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Immaterial Error Corrections</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the first quarter of 2023, management determined that its prior treatment of property taxes in those instances where the Company was responsible for paying property taxes and subsequently seeking tenant reimbursement should be treated differently than those instances where property taxes were paid directly by tenants to taxing authorities. Management determined that property taxes paid directly by tenants to taxing authorities should not have been recorded in the Company’s accompanying unaudited condensed consolidated statements of operations for the prior year periods in accordance with ASU 2018-20 “Leases (Topic 842) - Narrow-Scope Improvements for Lessors.” Accordingly, the Company’s accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 reflect an adjustment to reduce rental income and a corresponding reduction in property expenses of $648,271 and $1,784,668, respectively, for such property taxes and the Company's consolidated balance sheet as of December 31, 2022 reflects a reduction in tenant receivables with a corresponding reduction in accounts payable, accrued and other liabilities of $1,596,127. The corrections did not affect net income (loss) or net income (loss) per share for the three and nine months ended September 30, 2022 in the accompanying unaudited condensed consolidated statements of operations.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter of 2022, management determined that straight-line rents receivable write-offs associated with real estate investments previously sold should be reclassified as a component of the related gain on sale of the real estate investments rather than as an offset to rental income as previously presented in the Company's statements of operations. Accordingly, the Company’s accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 reflect an increase in rental income and a corresponding reduction in the gain on sale of real estate investments of $739,255 and $1,546,976, respectively. The reclassification did not affect net income (loss) or net income (loss) per share for the three and nine months ended September 30, 2022 in the accompanying unaudited condensed consolidated statements of operations.</span></div>
CY2023Q3 us-gaap Number Of Real Estate Properties
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CY2023Q3 cik0001645873 Number Of Real Estate Properties Acquired
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cik0001645873 Number Of Real Estate Properties Sold
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14 property
CY2023Q3 cik0001645873 Number Of Real Estate Properties Sold
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cik0001645873 Number Of Real Estate Properties Sold
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CY2023Q3 cik0001645873 Number Of Real Estate Properties Sold
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13 property
CY2023Q3 cik0001645873 Number Of Real Estate Properties Sold
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13 property
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CY2019Q4 cik0001645873 Anniversary Of Completion Of The Self Management Transaction
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CY2023Q3 cik0001645873 Anniversary Of Completion Of The Self Management Transaction
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CY2019Q4 us-gaap Net Asset Value Per Share
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2022Q3 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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7449968 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7537505 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7486945 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7548052 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10180543 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7537505 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7486945 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.86
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.91
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.86
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.91
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3580720 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3484881 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2730416 shares
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
2350000 usd
CY2023Q3 cik0001645873 Tenant Reimbursement
TenantReimbursement
2595468 usd

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