2024 Q3 Form 10-Q Financial Statement

#000164587324000130 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $11.66M $11.41M
YoY Change -6.76% -3.61%
Cost Of Revenue $1.025M $694.0K
YoY Change -14.58% -54.57%
Gross Profit $10.63M $10.72M
YoY Change -6.01% 3.95%
Gross Profit Margin 91.21% 93.92%
Selling, General & Admin $1.736M $1.486M
YoY Change -82.99% -34.17%
% of Gross Profit 16.33% 13.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.167M $4.137M
YoY Change -0.07% 4.55%
% of Gross Profit 39.2% 38.6%
Operating Expenses $5.903M $5.623M
YoY Change -58.92% -9.52%
Operating Profit $4.900M $5.093M
YoY Change -202.42% 24.38%
Interest Expense -$5.752M -$3.724M
YoY Change -296.78% 1969.42%
% of Operating Profit -117.39% -73.12%
Other Income/Expense, Net -$5.948M -$3.831M
YoY Change 180.36% -815.32%
Pretax Income -$1.048M $1.262M
YoY Change -84.84% -72.75%
Income Tax
% Of Pretax Income
Net Earnings -$586.4K $1.325M
YoY Change -89.41% -66.71%
Net Earnings / Revenue -5.03% 11.61%
Basic Earnings Per Share -$0.18 $0.04
Diluted Earnings Per Share -$0.18 $0.03
COMMON SHARES
Basic Shares Outstanding 9.494M shares 9.453M shares
Diluted Shares Outstanding 10.96M shares 11.42M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.825M $18.87M
YoY Change 21.87% 90.37%
Cash & Equivalents $6.825M $18.87M
Short-Term Investments
Other Short-Term Assets $3.402M $5.229M
YoY Change -30.57% -3.71%
Inventory
Prepaid Expenses $3.402M $5.229M
Receivables $17.39M $16.06M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.62M $40.16M
YoY Change 27.26% 61.87%
LONG-TERM ASSETS
Property, Plant & Equipment $468.2M $465.7M
YoY Change -2.68% 1.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.490M $9.657M
YoY Change -52.79% -3.54%
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $479.8M $479.4M
YoY Change -7.27% -8.62%
TOTAL ASSETS
Total Short-Term Assets $27.62M $40.16M
Total Long-Term Assets $479.8M $479.4M
Total Assets $507.4M $519.5M
YoY Change -5.88% -5.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.236M $237.1K
YoY Change 105.98% -49.58%
Accrued Expenses $3.587M $3.329M
YoY Change -42.14% -20.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.948M $5.747M
YoY Change -21.93% -18.08%
LONG-TERM LIABILITIES
Long-Term Debt $279.7M $279.7M
YoY Change -0.98% -4.38%
Other Long-Term Liabilities $8.934M $8.408M
YoY Change -3.94% -14.15%
Total Long-Term Liabilities $288.7M $288.1M
YoY Change -1.07% -4.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.948M $5.747M
Total Long-Term Liabilities $288.7M $288.1M
Total Liabilities $295.6M $293.8M
YoY Change -1.68% -5.0%
SHAREHOLDERS EQUITY
Retained Earnings -$151.9M -$147.7M
YoY Change 14.62% 19.18%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $186.3M $187.0M
YoY Change
Total Liabilities & Shareholders Equity $507.4M $519.5M
YoY Change -5.88% -5.44%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$586.4K $1.325M
YoY Change -89.41% -66.71%
Depreciation, Depletion And Amortization $4.167M $4.137M
YoY Change -0.07% 4.55%
Cash From Operating Activities $5.138M $4.710M
YoY Change 31.07% 4.57%
INVESTING ACTIVITIES
Capital Expenditures $6.732M $113.0K
YoY Change -77.81% -99.86%
Acquisitions
YoY Change
Other Investing Activities $2.393M -$347.9K
YoY Change -93.21% -80.67%
Cash From Investing Activities -$4.339M -$460.9K
YoY Change -188.92% -99.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.84M -3.785M
YoY Change -1.74% -104.99%
NET CHANGE
Cash From Operating Activities 5.138M 4.710M
Cash From Investing Activities -4.339M -460.9K
Cash From Financing Activities -12.84M -3.785M
Net Change In Cash -12.04M 464.7K
YoY Change 182.08% -113.8%
FREE CASH FLOW
Cash From Operating Activities $5.138M $4.710M
Capital Expenditures $6.732M $113.0K
Free Cash Flow -$1.594M $4.597M
YoY Change -93.97% -105.94%

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CY2023Q3 cik0001645873 Real Estate Portfolio Investment Allocation Percentage
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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CY2024Q2 us-gaap Cost Of Property Repairs And Maintenance
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CY2024Q2 cik0001645873 Impairment Reversal Of Real Estate
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CY2023Q2 cik0001645873 Impairment Reversal Of Real Estate
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cik0001645873 Impairment Reversal Of Real Estate
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cik0001645873 Impairment Reversal Of Real Estate
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CY2024Q2 us-gaap Costs And Expenses
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us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Gains Losses On Sales Of Investment Real Estate
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CY2024Q2 us-gaap Operating Income Loss
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CY2023Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2024Q2 us-gaap Investment Income Interest
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CY2023Q2 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2024Q2 us-gaap Investment Income Dividend
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CY2023Q2 us-gaap Investment Income Dividend
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us-gaap Investment Income Dividend
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CY2024Q2 us-gaap Gain Loss On Sale Of Investments
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us-gaap Gain Loss On Sale Of Investments
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us-gaap Profit Loss
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CY2024Q2 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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us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Profit Loss
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q2 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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CY2023Q2 us-gaap Stock Redeemed Or Called During Period Value
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CY2023Q2 us-gaap Dividends Preferred Stock
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CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2023Q2 us-gaap Profit Loss
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us-gaap Stock Redeemed Or Called During Period Value
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us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation And Amortization
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Straight Line Rent
StraightLineRent
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us-gaap Straight Line Rent
StraightLineRent
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cik0001645873 Operating Lease Right Of Use Asset Periodic Reduction Reversal
OperatingLeaseRightOfUseAssetPeriodicReductionReversal
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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cik0001645873 Amortization And Write Off Of Debt Issuance Costs And Discounts
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cik0001645873 Amortization And Write Off Of Debt Issuance Costs And Discounts
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us-gaap Amortization Of Below Market Lease
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us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
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cik0001645873 Impairment Reversal Of Real Estate Properties
ImpairmentReversalOfRealEstateProperties
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cik0001645873 Impairment Reversal Of Real Estate Properties
ImpairmentReversalOfRealEstateProperties
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us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2024Q2 cik0001645873 Authority To Issue Of Common Stock
AuthorityToIssueOfCommonStock
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CY2024Q2 cik0001645873 Number Of Rentable Square Feet
NumberOfRentableSquareFeet
4500000 sqft
CY2024Q2 us-gaap Number Of Real Estate Properties
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42 property
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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%">Reclassification</span></div>A prior year statement of operations account has been reclassified to conform with the current year presentation. Management fee income was reclassified from other income (expense) to total income in the accompanying unaudited condensed consolidated statement of operations. The reclassification did not affect net income in the prior year's consolidated statement of operations.
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
42 property
CY2024Q2 us-gaap Number Of States In Which Entity Operates
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15 state
CY2024Q2 cik0001645873 Number Of Real Estate Properties Acquired
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CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received
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CY2024Q2 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
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P10Y2M12D
CY2023Q4 cik0001645873 Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
2 property
CY2024Q2 us-gaap Equity Securities Fv Ni Current And Noncurrent
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CY2023Q4 us-gaap Equity Securities Fv Ni Current And Noncurrent
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CY2023Q3 cik0001645873 Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
13 property
CY2023Q3 cik0001645873 Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
13 property
CY2023Q3 cik0001645873 Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
13 property
CY2024Q1 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
2623153 shares
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CY2023Q4 cik0001645873 Straight Line Rents
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CY2024Q2 cik0001645873 Tenant Rent And Billed Reimbursements
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CY2023Q4 cik0001645873 Tenant Rent And Billed Reimbursements
TenantRentAndBilledReimbursements
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CY2024Q2 cik0001645873 Tenant Recoveries
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CY2023Q4 cik0001645873 Tenant Recoveries
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CY2024Q2 us-gaap Accounts Receivable Gross
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CY2023Q4 us-gaap Accounts Receivable Gross
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CY2024Q2 us-gaap Prepaid Expense Current And Noncurrent
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CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
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CY2024Q2 cik0001645873 Construction Advances
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CY2023Q4 cik0001645873 Construction Advances
ConstructionAdvances
1352355 usd
CY2024Q2 cik0001645873 Acquisition Deposit
AcquisitionDeposit
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CY2023Q4 cik0001645873 Acquisition Deposit
AcquisitionDeposit
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CY2024Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
565316 usd
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
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CY2024Q2 cik0001645873 Deferred Tenant Allowance
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false

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0001645873-24-000130.txt Edgar Link pending
0001645873-24-000130-xbrl.zip Edgar Link pending
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cik0001645873-20240630_cal.xml Edgar Link unprocessable