2023 Q4 Form 10-Q Financial Statement

#000114036123052952 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.577M $3.560M
YoY Change -2.63% 16.02%
Cost Of Revenue $1.505M $1.390M
YoY Change -34.28% -24.04%
Gross Profit $2.072M $2.170M
YoY Change 49.1% 75.0%
Gross Profit Margin 57.93% 60.95%
Selling, General & Admin $610.9K $741.3K
YoY Change 9.1% 42.56%
% of Gross Profit 29.48% 34.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.147M $1.560M
YoY Change 34.46% 70.96%
% of Gross Profit 55.32% 71.87%
Operating Expenses $5.936M $5.817M
YoY Change -8.0% 4.12%
Operating Profit -$2.358M -$2.257M
YoY Change -15.09% -10.38%
Interest Expense $1.453M $1.322M
YoY Change -13.29% -16.75%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$1.554M -$4.209M
YoY Change -68.29% -426.26%
Income Tax
% Of Pretax Income
Net Earnings -$1.554M -$4.209M
YoY Change -68.29% -427.16%
Net Earnings / Revenue -43.43% -118.22%
Basic Earnings Per Share -$0.15 -$0.35
Diluted Earnings Per Share -$0.15 -$0.35
COMMON SHARES
Basic Shares Outstanding 13.30M 13.31M
Diluted Shares Outstanding 13.28M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.17M $13.98M
YoY Change 71.46% 29.46%
Cash & Equivalents $12.17M $13.98M
Short-Term Investments
Other Short-Term Assets $829.3K $800.7K
YoY Change -7.86% 14.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.11M $15.68M
YoY Change 60.3% 31.73%
LONG-TERM ASSETS
Property, Plant & Equipment $173.3M $174.3M
YoY Change 31.69% 50.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.54M $20.25M
YoY Change -68.49% -63.9%
Other Assets $864.5K $700.6K
YoY Change -95.12% -96.19%
Total Long-Term Assets $190.7M $195.2M
YoY Change -5.48% 2.48%
TOTAL ASSETS
Total Short-Term Assets $14.11M $15.68M
Total Long-Term Assets $190.7M $195.2M
Total Assets $204.8M $210.9M
YoY Change -2.73% 4.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.093M $1.852M
YoY Change -21.94% -15.81%
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 $3.782M $4.493M
YoY Change -3.02% 4.49%
LONG-TERM LIABILITIES
Long-Term Debt $95.25M $96.41M
YoY Change 3.42% 18.15%
Other Long-Term Liabilities $3.214M $4.069M
YoY Change -48.17% -23.22%
Total Long-Term Liabilities $98.47M $100.5M
YoY Change 0.17% 15.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.782M $4.493M
Total Long-Term Liabilities $98.47M $100.5M
Total Liabilities $102.2M $105.0M
YoY Change -0.03% 15.03%
SHAREHOLDERS EQUITY
Retained Earnings -$44.70M -$41.11M
YoY Change 44.84% 68.93%
Common Stock $1.324K $1.324K
YoY Change -0.08% -0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.47M $93.91M
YoY Change
Total Liabilities & Shareholders Equity $204.8M $210.9M
YoY Change -2.73% 4.2%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.554M -$4.209M
YoY Change -68.29% -427.16%
Depreciation, Depletion And Amortization $1.147M $1.560M
YoY Change 34.46% 70.96%
Cash From Operating Activities -$1.103M $517.1K
YoY Change -58.07% -160.82%
INVESTING ACTIVITIES
Capital Expenditures $609.1K $5.055M
YoY Change -91.31% 314.37%
Acquisitions
YoY Change
Other Investing Activities $3.461M -$372.5K
YoY Change 181.37% -121.05%
Cash From Investing Activities $2.852M -$5.428M
YoY Change -149.25% -1081.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.393M 1.452M
YoY Change -172.34% -54.79%
NET CHANGE
Cash From Operating Activities -1.103M 517.1K
Cash From Investing Activities 2.852M -5.428M
Cash From Financing Activities -3.393M 1.452M
Net Change In Cash -1.644M -3.459M
YoY Change -55.93% -218.72%
FREE CASH FLOW
Cash From Operating Activities -$1.103M $517.1K
Capital Expenditures $609.1K $5.055M
Free Cash Flow -$1.712M -$4.538M
YoY Change -82.24% 119.22%

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CY2022Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
3068503
CY2023Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
22148980
CY2023Q3 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
13202040
CY2023Q2 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
14760496
CY2022Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2023Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2023Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q3 us-gaap Depreciation
Depreciation
1129775
CY2022Q3 us-gaap Depreciation
Depreciation
706262
CY2023Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
3355790
CY2022Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
2744083
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
6167563
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
6643121
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
5523233
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
3962589
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
3601618
CY2023Q3 mrc Lessor Operating Lease Payments To Be Received After Year Four
LessorOperatingLeasePaymentsToBeReceivedAfterYearFour
9513941
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
35412065
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7833151
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2554692
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5278459
CY2023Q3 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y1M6D
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
7760923
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2124799
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5636124
CY2023 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P4Y10M24D
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
429893
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
202062
CY2023Q3 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
20254262
CY2023Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
22148980
CY2023Q3 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
20254262
CY2022Q2 mrc Percentage Of Reduced Purchase Price For General Partnership Interest
PercentageOfReducedPurchasePriceForGeneralPartnershipInterest
0.20
CY2022Q2 mrc Percentage Of Holdback Reduced By Stabilization Costs
PercentageOfHoldbackReducedByStabilizationCosts
0.20
CY2022Q2 mrc Percentage Of Holdback Considered As Contingent Liability
PercentageOfHoldbackConsideredAsContingentLiability
0.20
CY2022Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
2715000
CY2023Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1503000
CY2023Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1503000
CY2023Q3 mrc Contingent Liability Related To Guaranty On Mortgage Loans
ContingentLiabilityRelatedToGuarantyOnMortgageLoans
0
CY2023Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
596147
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
644616
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
614204
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
628420
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
658695
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
658695
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
62548
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
14079
CY2023Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
596147
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
644616
CY2023Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
20493
CY2023Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
7083
CY2023Q3 us-gaap Lease Cost
LeaseCost
27576
CY2023Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
65090
CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
89813
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
93408
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
97079
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
100960
CY2023Q3 mrc Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
286082
CY2023Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
732432
CY2023Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
118228
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
614204
CY2023Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M10D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M10D
CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.05
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.05
CY2023Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
14216
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
30276
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
658695
CY2023Q3 mrc Number Of Advisory Agreements
NumberOfAdvisoryAgreements
2
CY2023Q3 mrc Assets Management Fee Expense
AssetsManagementFeeExpense
787077
CY2022Q3 mrc Assets Management Fee Expense
AssetsManagementFeeExpense
716267
CY2023Q3 us-gaap Management Fee Expense
ManagementFeeExpense
164229944
CY2022Q3 us-gaap Management Fee Expense
ManagementFeeExpense
148639649
CY2022Q3 us-gaap Incentive Fee Expense
IncentiveFeeExpense
0
CY2023Q3 us-gaap Incentive Fee Expense
IncentiveFeeExpense
0
CY2023Q3 mrc Number Of Property Limited Partnership
NumberOfPropertyLimitedPartnership
8
CY2023Q3 mrc Number Of Property Limited Partnership
NumberOfPropertyLimitedPartnership
8
CY2023Q3 us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
125750
CY2022Q3 us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
117225
CY2023Q3 us-gaap Leasing Commissions Expense
LeasingCommissionsExpense
64908
CY2022Q3 us-gaap Leasing Commissions Expense
LeasingCommissionsExpense
202886
CY2023Q3 mrc Number Of Property Limited Partnership
NumberOfPropertyLimitedPartnership
8
CY2023Q3 mrc Direct Operating Costs And Construction Of Tenant Improvements
DirectOperatingCostsAndConstructionOfTenantImprovements
399771
CY2022Q3 mrc Direct Operating Costs And Construction Of Tenant Improvements
DirectOperatingCostsAndConstructionOfTenantImprovements
836803
CY2023Q3 mrc Incurred Offering Costs
IncurredOfferingCosts
1257098
CY2023Q2 mrc Incurred Offering Costs
IncurredOfferingCosts
1099189
CY2023Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
189183
CY2022Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
181500
CY2023Q3 us-gaap Noninterest Expense Transfer Agent And Custodian Fees
NoninterestExpenseTransferAgentAndCustodianFees
16567
CY2022Q3 us-gaap Noninterest Expense Transfer Agent And Custodian Fees
NoninterestExpenseTransferAgentAndCustodianFees
23000
CY2023Q3 mrc Assets Management Fee Expense
AssetsManagementFeeExpense
787077
CY2022Q3 mrc Assets Management Fee Expense
AssetsManagementFeeExpense
716267
CY2023Q3 mrc Due To Related Parties Asset Management Fees
DueToRelatedPartiesAssetManagementFees
0
CY2023Q2 mrc Due To Related Parties Asset Management Fees
DueToRelatedPartiesAssetManagementFees
0
CY2023Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
189183
CY2022Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
181500
CY2023Q3 mrc Due To Related Parties Administrative Cost Reimbursements
DueToRelatedPartiesAdministrativeCostReimbursements
0
CY2023Q2 mrc Due To Related Parties Administrative Cost Reimbursements
DueToRelatedPartiesAdministrativeCostReimbursements
0
CY2023Q3 mrc Asset Acquisition Fees
AssetAcquisitionFees
107500
CY2022Q3 mrc Asset Acquisition Fees
AssetAcquisitionFees
460400
CY2023Q3 mrc Due To Related Parties Asset Acquisition Fees
DueToRelatedPartiesAssetAcquisitionFees
0
CY2023Q2 mrc Due To Related Parties Asset Acquisition Fees
DueToRelatedPartiesAssetAcquisitionFees
0
CY2023Q3 us-gaap Noninterest Expense Transfer Agent And Custodian Fees
NoninterestExpenseTransferAgentAndCustodianFees
16567
CY2022Q3 us-gaap Noninterest Expense Transfer Agent And Custodian Fees
NoninterestExpenseTransferAgentAndCustodianFees
23000
CY2023Q3 mrc Due To Related Parties Transfer Agent Cost Reimbursements
DueToRelatedPartiesTransferAgentCostReimbursements
0
CY2023Q2 mrc Due To Related Parties Transfer Agent Cost Reimbursements
DueToRelatedPartiesTransferAgentCostReimbursements
0
CY2023Q3 mrc Incurred Offering Costs Reimbursement
IncurredOfferingCostsReimbursement
8260
CY2022Q3 mrc Incurred Offering Costs Reimbursement
IncurredOfferingCostsReimbursement
20895
CY2023Q3 mrc Due To Related Parties Organization And Offering Cost
DueToRelatedPartiesOrganizationAndOfferingCost
53613
CY2023Q2 mrc Due To Related Parties Organization And Offering Cost
DueToRelatedPartiesOrganizationAndOfferingCost
151132
CY2023Q3 us-gaap Other Expenses
OtherExpenses
0
CY2022Q3 us-gaap Other Expenses
OtherExpenses
0
CY2023Q3 mrc Other Expenses Due To Related Party
OtherExpensesDueToRelatedParty
4902
CY2023Q2 mrc Other Expenses Due To Related Party
OtherExpensesDueToRelatedParty
5232
CY2023Q3 us-gaap Other Liabilities
OtherLiabilities
58514
CY2023Q2 us-gaap Other Liabilities
OtherLiabilities
156364
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4597421
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1166345
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13284673.13
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13284673.13
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13281069.23
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13281069.23
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2023Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1586864
CY2023Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
242173
CY2022Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1323888
CY2022Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
37980

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