2024 Q2 Form 10-Q Financial Statement

#000159552724000011 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $15.75M $15.48M
YoY Change -0.18% -0.34%
Cost Of Revenue $10.39M $10.29M
YoY Change 0.45% -0.19%
Gross Profit $5.366M $5.196M
YoY Change -1.38% -0.63%
Gross Profit Margin 34.06% 33.56%
Selling, General & Admin $2.150M $2.855M
YoY Change -54.67% -46.94%
% of Gross Profit 40.07% 54.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.151M $5.261M
YoY Change -23.68% -24.32%
% of Gross Profit 95.99% 101.25%
Operating Expenses $7.301M $8.116M
YoY Change -36.47% -34.19%
Operating Profit -$86.66M -$2.920M
YoY Change 1297.28% -58.9%
Interest Expense $5.201M $4.697M
YoY Change 10.5% 0.73%
% of Operating Profit
Other Income/Expense, Net -$5.192M -$4.688M
YoY Change 10.54% 0.73%
Pretax Income -$91.85M -$7.608M
YoY Change 742.75% -35.3%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$91.85M -$7.608M
YoY Change 742.75% -35.3%
Net Earnings / Revenue -583.03% -49.14%
Basic Earnings Per Share -$36.48 -$3.28
Diluted Earnings Per Share -$36.48 -$3.28
COMMON SHARES
Basic Shares Outstanding 2.579M shares 2.405M shares
Diluted Shares Outstanding 2.518M shares 2.323M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.222M $5.293M
YoY Change -25.95% -39.53%
Cash & Equivalents $5.222M $5.293M
Short-Term Investments
Other Short-Term Assets $5.642M $5.908M
YoY Change 1.84% -2.86%
Inventory
Prepaid Expenses
Receivables $30.63M $30.78M
Other Receivables $0.00 $0.00
Total Short-Term Assets $41.50M $41.98M
YoY Change -0.72% -4.93%
LONG-TERM ASSETS
Property, Plant & Equipment $541.0M $630.3M
YoY Change -24.53% -12.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.42M $17.52M
YoY Change 4.63% -3.74%
Total Long-Term Assets $557.4M $647.8M
YoY Change -24.03% -12.71%
TOTAL ASSETS
Total Short-Term Assets $41.50M $41.98M
Total Long-Term Assets $557.4M $647.8M
Total Assets $598.9M $689.8M
YoY Change -22.77% -12.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.81M $15.49M
YoY Change 31.27% 18.11%
Accrued Expenses $54.63M $54.64M
YoY Change -0.11% -0.11%
Deferred Revenue
YoY Change
Short-Term Debt $150.0K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.59M $70.13M
YoY Change 5.78% 3.41%
LONG-TERM LIABILITIES
Long-Term Debt $396.5M $396.1M
YoY Change 0.39% 0.39%
Other Long-Term Liabilities $5.086M $6.215M
YoY Change -19.65% -19.98%
Total Long-Term Liabilities $401.6M $402.3M
YoY Change 0.07% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.59M $70.13M
Total Long-Term Liabilities $401.6M $402.3M
Total Liabilities $472.1M $472.4M
YoY Change 0.89% 0.49%
SHAREHOLDERS EQUITY
Retained Earnings -$604.7M -$512.9M
YoY Change 43.3% 24.76%
Common Stock $26.00K $24.00K
YoY Change 13.04% 4.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $126.8M $217.4M
YoY Change
Total Liabilities & Shareholders Equity $598.9M $689.8M
YoY Change -22.77% -12.27%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$91.85M -$7.608M
YoY Change 742.75% -35.3%
Depreciation, Depletion And Amortization $5.151M $5.261M
YoY Change -23.68% -24.32%
Cash From Operating Activities -$916.0K $1.655M
YoY Change -73.33% -323.05%
INVESTING ACTIVITIES
Capital Expenditures $204.0K $364.0K
YoY Change -58.62% -84.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$204.0K -$364.0K
YoY Change -58.62% -84.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.0K $0.00
YoY Change -1600.0% -100.0%
NET CHANGE
Cash From Operating Activities -916.0K $1.655M
Cash From Investing Activities -204.0K -$364.0K
Cash From Financing Activities 150.0K $0.00
Net Change In Cash -970.0K $1.291M
YoY Change -75.37% 31.07%
FREE CASH FLOW
Cash From Operating Activities -$916.0K $1.655M
Capital Expenditures $204.0K $364.0K
Free Cash Flow -$1.120M $1.291M
YoY Change -71.49% -142.33%

Facts In Submission

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<div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><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-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management makes significant estimates regarding revenue recognition, purchase price allocations to record investments in real estate, and fair value measurements, as applicable.</span></div>
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OperatingLeasePayments
1200000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
49500000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
99000000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
140000000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
60000000 usd
CY2024Q1 nycr Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
51000000 usd
CY2024Q1 us-gaap Secured Debt
SecuredDebt
399500000 usd
CY2024Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
66000 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0 usd
CY2024Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 usd
CY2024Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2024Q1 us-gaap Derivative Assets
DerivativeAssets
0 usd
CY2024Q1 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 usd
CY2024Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 usd
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
0 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
400000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0 usd
CY2023Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2023Q4 us-gaap Derivative Assets
DerivativeAssets
400000 usd
CY2023Q4 us-gaap Derivative Collateral Right To Reclaim Securities
DerivativeCollateralRightToReclaimSecurities
0 usd
CY2023Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
400000 usd
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2400000 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2300000 shares
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3560000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4746000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4746000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4746000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4746000 usd
CY2024Q1 nycr Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
188262000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
210806000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
156165000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
54641000 usd
CY2024Q1 nycr Advisory Agreement Renewal Term
AdvisoryAgreementRenewalTerm
P5Y
CY2018Q4 nycr Period Prior To Expiration Date Needed To Terminate Agreement
PeriodPriorToExpirationDateNeededToTerminateAgreement
P180D
CY2024Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
3295000 usd
CY2023Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
3245000 usd
CY2020Q3 nycr Equity Based Compensation Consecutive Trading Days
EquityBasedCompensationConsecutiveTradingDays
30 trading_day
CY2020Q3 nycr Equity Based Compensation Consecutive Trading Days
EquityBasedCompensationConsecutiveTradingDays
10 trading_day
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2100000 usd
CY2024Q1 nycr Distributions On The Ltip Unit
DistributionsOnTheLTIPUnit
0.10
CY2024Q1 nycr Distribution On The Earned Ltip Unit
DistributionOnTheEarnedLTIPUnit
0.90
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7608000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11758000 usd
CY2024Q1 us-gaap Dilutive Securities
DilutiveSecurities
0 usd
CY2023Q1 us-gaap Dilutive Securities
DilutiveSecurities
0 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7608000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11758000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2322594 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2322594 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2038880 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2038880 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.28
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.28
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.77
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.77
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35025 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
521709 shares
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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