2016 Q2 Form 10-Q Financial Statement

#000160062616000197 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $13.33M $12.50M $30.18K
YoY Change 273.34% 41326.16%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.338M $7.256K
YoY Change 32121.61%
% of Gross Profit
Operating Expenses $13.65M $11.15M $805.3K
YoY Change 6.86% 1284.65%
Operating Profit -$323.0K $1.351M -$775.1K
YoY Change -96.49% -274.29%
Interest Expense $2.502M $2.493M $251.2K
YoY Change 322.48% 892.27%
% of Operating Profit 184.53%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$2.824M -$1.140M -$1.020M
YoY Change -71.19% 11.79%
Net Earnings / Revenue -21.19% -9.12% -3379.18%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 44.57M shares 34.95M shares 4.024M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $61.72M $42.02M $49.03M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $711.2M $597.4M $61.83M
YoY Change 83.28% 866.13% 30662.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $298.4M $276.5M $3.050M
YoY Change 24.27% 8964.04%
SHAREHOLDERS EQUITY
Retained Earnings -$21.65M -$18.82M -$1.456M
YoY Change 92.3% 1192.49%
Common Stock $51.95K $38.97K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $403.6M $313.9M $58.36M
YoY Change
Total Liabilities & Shareholders Equity $711.2M $597.4M $61.83M
YoY Change 83.28% 866.13% 30662.38%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$2.824M -$1.140M -$1.020M
YoY Change -71.19% 11.79%
Depreciation, Depletion And Amortization $2.338M $7.256K
YoY Change 32121.61%
Cash From Operating Activities $2.457M -$549.8K
YoY Change -546.89%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$33.75M -$6.700M
YoY Change 403.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$94.62M -$50.21M
YoY Change 88.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $55.70M $50.11M
YoY Change 11.16%
NET CHANGE
Cash From Operating Activities $2.457M -$549.8K
Cash From Investing Activities -$33.75M -$6.700M
Cash From Financing Activities $55.70M $50.11M
Net Change In Cash $24.41M $42.86M
YoY Change -43.05%
FREE CASH FLOW
Cash From Operating Activities $2.457M -$549.8K
Capital Expenditures
Free Cash Flow
YoY Change

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0 USD
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0 USD
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FairValueAssetsLevel2ToLevel1TransfersAmount
0 USD
CY2016Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0 USD
CY2015Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0 USD
CY2016Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0 USD
CY2015Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0 USD
CY2016Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0 USD
CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0 USD
CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0 USD
CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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0 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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0 USD
CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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0 USD
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0 USD
CY2015 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
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P8Y10M24D
CY2016Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
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P8Y10M24D
CY2016Q1 us-gaap Gain On Fair Value Hedge Ineffectiveness
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100000 USD
CY2015Q1 us-gaap General And Administrative Expense
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1000 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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454776 USD
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-1972516 USD
CY2015Q1 us-gaap Increase Decrease In Due To Affiliates
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1458855 USD
CY2016Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
6423729 USD
CY2016Q1 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
436746 USD
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1539230 USD
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-971678 USD
CY2015Q1 us-gaap Interest Expense
InterestExpense
251242 USD
CY2016Q1 us-gaap Interest Expense
InterestExpense
2492611 USD
CY2015Q1 us-gaap Interest Paid
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0 USD
CY2016Q1 us-gaap Interest Paid
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2537428 USD
CY2015Q4 us-gaap Investment Building And Building Improvements
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353083087 USD
CY2016Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
381723087 USD
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
0 USD
CY2016Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1187 USD
CY2015Q4 us-gaap Land
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53229574 USD
CY2016Q1 us-gaap Land
Land
57359574 USD
CY2015Q4 us-gaap Liabilities
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307212642 USD
CY2016Q1 us-gaap Liabilities
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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LiabilitiesAndStockholdersEquity
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CY2015Q4 us-gaap Line Of Credit
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CY2016Q1 us-gaap Line Of Credit
LineOfCredit
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CY2015Q4 us-gaap Long Term Debt
LongTermDebt
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CY2016Q1 us-gaap Long Term Debt
LongTermDebt
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CY2014Q4 us-gaap Minority Interest
MinorityInterest
139041 USD
CY2015Q4 us-gaap Minority Interest
MinorityInterest
97189 USD
CY2016Q1 us-gaap Minority Interest
MinorityInterest
93754 USD
CY2015 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
11000 USD
CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2735 USD
CY2016Q1 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
1
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
50112694 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
55702799 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6700000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33750000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2015Q1 us-gaap Net Income Loss
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-1019804 USD
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CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6587 USD
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NetIncomeLossAttributableToNoncontrollingInterest
-690 USD
CY2015Q4 us-gaap Notes Payable
NotesPayable
126013457 USD
CY2016Q1 us-gaap Notes Payable
NotesPayable
126038483 USD
CY2016Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
16 Property
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2016Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
11 state
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OffMarketLeaseUnfavorable
35262532 USD
CY2016Q1 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
39606445 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
805328 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
11151543 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-775149 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1350882 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50207380 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
94640707 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17900000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-1026391 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
-1140542 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
12060635 USD
CY2016Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
17686632 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
344622413 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
38289093 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
37537759 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
36739266 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
36156447 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
169193096 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
26706752 USD
CY2015Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
30179 USD
CY2016Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
10274416 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-16768 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-16768 USD
CY2015Q1 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
0 USD
CY2016Q1 us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
55000000 USD
CY2015Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
1200000 USD
CY2016Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
-1450000 USD
CY2015Q1 us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
4097 USD
CY2016Q1 us-gaap Payments For Proceeds From Mortgage Deposits
PaymentsForProceedsFromMortgageDeposits
35526 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22183 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
87877 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1777461 USD
CY2015Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
5500000 USD
CY2016Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
35200000 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
5255778 USD
CY2016Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
7635584 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
516964849 USD
CY2016Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
557915597 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
504904214 USD
CY2016Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
540228965 USD
CY2015Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
0 USD
CY2016Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
1296741 USD
CY2016Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
9316093 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-17684220 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18824072 USD
CY2015Q1 us-gaap Revenues
Revenues
30179 USD
CY2016Q1 us-gaap Revenues
Revenues
12502425 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10000000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.1
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2016Q1 us-gaap Stock Dividends Shares
StockDividendsShares
0.000013661 shares
CY2015Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
240589 USD
CY2016Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
2506860 USD
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
268972084 USD
CY2016Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
101095221 USD
CY2016Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
22183 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
224844098 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
313916096 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9480161 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
224941287 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
314009850 USD
CY2015Q1 us-gaap Straight Line Rent
StraightLineRent
2106 USD
CY2016Q1 us-gaap Straight Line Rent
StraightLineRent
751943 USD
CY2015Q1 us-gaap Tenant Reimbursements
TenantReimbursements
0 USD
CY2016Q1 us-gaap Tenant Reimbursements
TenantReimbursements
2228009 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
96216 USD
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3096378 shares
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33021227 shares
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div></div>

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