$REFI
Chicago Atlantic Real Estate Finance, Inc.

2022 Q4 Form 10-Q Financial Statement

#000121390022070340 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $15.99M $12.93M $11.40M
YoY Change 176.74% 212.31% 902.0%
Cost Of Revenue $1.231M $861.4K $449.6K
YoY Change
Gross Profit $14.76M $12.93M $11.40M
YoY Change
Gross Profit Margin 92.3% 100.0% 100.0%
Selling, General & Admin $5.023M $2.858M $2.891M
YoY Change 327.98% 21022.69%
% of Gross Profit 34.03% 22.1% 25.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.507M $3.165M $3.937M
YoY Change 442.01% 6411.89% 5586.64%
Operating Profit $7.256M $9.769M $7.464M
YoY Change
Interest Expense $715.1K $276.6K
YoY Change -2936.7% -1755.07%
% of Operating Profit 7.32% 3.71%
Other Income/Expense, Net $777.2K
YoY Change
Pretax Income $7.256M $9.769M $7.464M
YoY Change 66.4% 140.17% 598.5%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $7.256M $9.769M $7.464M
YoY Change 66.4% 140.17% 598.5%
Net Earnings / Revenue 45.37% 75.53% 65.47%
Basic Earnings Per Share $0.55 $0.42
Diluted Earnings Per Share $0.41 $0.55 $0.42
COMMON SHARES
Basic Shares Outstanding 17.66M shares 17.66M shares 17.66M shares
Diluted Shares Outstanding 17.75M shares 17.75M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.716M $9.332M $6.623M
YoY Change -92.88% 6.74% 346.44%
Cash & Equivalents $5.716M $9.332M $6.623M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.204M
Prepaid Expenses
Receivables
Other Receivables $100.4K
Total Short-Term Assets $6.734M $10.18M $7.580M
YoY Change -91.61% 16.22% 410.87%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets -$3.941M
YoY Change -554.01%
Total Long-Term Assets $336.5M $330.3M $330.0M
YoY Change 70.04% 157.71% 477.94%
TOTAL ASSETS
Total Short-Term Assets $6.734M $10.18M $7.580M
Total Long-Term Assets $336.5M $330.3M $330.0M
Total Assets $343.3M $340.5M $337.6M
YoY Change 23.4% 148.66% 476.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.058M $716.5K $533.7K
YoY Change 397.03% 4.77% 670.88%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $336.3M $330.4M $332.0M
YoY Change 67.86%
Total Short-Term Liabilities $17.97M $10.50M $16.82M
YoY Change 217.76% 539.06% 1377.98%
LONG-TERM LIABILITIES
Long-Term Debt $58.00M $53.00M $45.00M
YoY Change
Other Long-Term Liabilities $3.266M $6.829M $7.110M
YoY Change -61.29% 3.61% 516.32%
Total Long-Term Liabilities $61.27M $59.83M $52.11M
YoY Change 626.19% 807.75% 4417.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.97M $10.50M $16.82M
Total Long-Term Liabilities $61.27M $59.83M $52.11M
Total Liabilities $79.24M $70.33M $68.93M
YoY Change 462.27% 754.14% 2908.05%
SHAREHOLDERS EQUITY
Retained Earnings -$5.140M $1.087M -$353.0K
YoY Change 2794.62%
Common Stock $176.9K $176.6K $176.6K
YoY Change 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $264.0M $270.2M $268.6M
YoY Change
Total Liabilities & Shareholders Equity $343.3M $340.5M $337.6M
YoY Change 23.4% 148.66% 476.24%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $7.256M $9.769M $7.464M
YoY Change 66.4% 140.17% 598.5%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $4.627M $5.003M $4.339M
YoY Change -183.04% -50.63% 198.2%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$4.519M -$1.995M -$41.55M
YoY Change -91.07% -96.81% 29.97%
Cash From Investing Activities -$4.519M -$1.995M -$41.55M
YoY Change -91.07% -96.81% 29.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.724M -299.2K 37.76M
YoY Change -102.91% -100.5% 20.41%
NET CHANGE
Cash From Operating Activities 4.627M 5.003M 4.339M
Cash From Investing Activities -4.519M -1.995M -41.55M
Cash From Financing Activities -3.724M -299.2K 37.76M
Net Change In Cash -3.616M 2.708M 544.9K
YoY Change -105.05% -62.69% -35.4%
FREE CASH FLOW
Cash From Operating Activities $4.627M $5.003M $4.339M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates in the Preparation of Consolidated Financial Statements</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the provision for current expected credit losses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <b><i> </i></b></span></p>
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q3 refi Risk Rating One
RiskRatingOne
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CY2021Q4 refi Risk Rating One
RiskRatingOne
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RiskRatingTwo
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RiskRatingTwo
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RiskRatingThree
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CY2022Q3 refi Risk Rating
RiskRating
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RiskRating
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CY2021 refi New Reserves
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CY2021Q4 us-gaap Debt Instrument Interest Rate Terms
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On December 16, 2021, the Company amended the Revolving Loan Agreement (the “First Amendment”). The First Amendment increased the loan commitment from $10,000,000 to $45,000,000 and decreased the interest rate, from the greater of the (1) Prime Rate plus 1.00% and (2) 4.75% to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The First Amendment also extended the maturity date from February 12, 2023 to the earlier of (i) December 16, 2023 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms of the Revolving Loan agreement.
CY2021Q4 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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us-gaap Long Term Debt Description
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Additionally, the Company must comply with certain financial covenants including: (1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of September 30, 2022, we were in compliance with all financial covenants with respect to the Revolving Loan.
CY2022Q3 us-gaap Interest Expense
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715132 usd
us-gaap Interest Expense
InterestExpense
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CY2022Q3 us-gaap Proceeds From Long Term Lines Of Credit
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CY2022Q3 refi Amortization Of Debt Issue Costs1
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refi Interest Percentage
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refi Equity Percentage
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CY2022Q3 refi Outside Fees
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192751 usd
refi Outside Fees
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CY2022Q3 refi Incentive Compensation
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CY2022Q3 us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
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us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
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CY2022Q3 refi Other Fees Earned And Paid To The Manager
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OtherFeesEarnedAndPaidToTheManager
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CY2021Q4 refi Common Stock Per Share
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us-gaap Other General And Administrative Expense
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2600000 usd
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AccountsPayableRelatedPartiesCurrentAndNoncurrent
2700000 usd
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235063593 usd
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330384897 usd
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200359026 usd
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18482809 usd
CY2021Q4 us-gaap Unused Commitments To Extend Credit
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CY2022Q1 refi Underwriters Shares Purchase
UnderwritersSharesPurchase
302800 shares
CY2022Q1 refi Common Stock Price Par Value
CommonStockPriceParValue
16
CY2022Q1 refi Additional Gross Proceeds
AdditionalGrossProceeds
4844800 usd
CY2022Q1 refi Additional Net Proceeds
AdditionalNetProceeds
4505664 usd
CY2022Q1 refi Under Commissions
UnderCommissions
339136 usd
refi Common Stock Capital Share Reserved For Future Issuance
CommonStockCapitalShareReservedForFutureIssuance
10636363 shares
CY2021Q4 refi Common Stock Share Issued
CommonStockShareIssued
6250000 shares
CY2021Q4 refi Gross Proceeds From Ipo
GrossProceedsFromIPO
100000000 usd
CY2021Q4 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
7000000 usd
CY2021Q4 us-gaap Royalty Expense
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468750 shares
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
16
CY2021Q4 refi Gross Proceed
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7500000 usd
CY2021Q4 us-gaap Stock Issued During Period Shares Stock Splits
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6 shares
refi Restricted Common Stock Shares
RestrictedCommonStockShares
98440 shares
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0.085 pure
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us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
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13438 shares
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
98440 shares
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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98440 shares
refi Current Expected Credit Loss Recoveries
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CY2021Q4 us-gaap Interest Receivable Current
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CY2021 refi Initial Reserves
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CY2021Q3 us-gaap Property Management Fee Revenue
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us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13438 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
85002 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3658310 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17752290 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4895694 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
98440 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
328356 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2022Q3 refi Unamortized Sharebased Compensation Expense
UnamortizedSharebasedCompensationExpense
1000000 usd
CY2022Q3 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
9768969 usd
CY2021Q3 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
4067521 usd
us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
25036760 usd
us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
5136072 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17657913 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4895694 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17652367 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17747612 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3658310 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.4
CY2022Q3 us-gaap Earnings Per Share Diluted
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0.55
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.4
CY2021Q3 us-gaap Incentive Fee Expense
IncentiveFeeExpense
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CY2021Q3 refi Provision For Current Expected Credit Losses
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CY2021Q3 us-gaap Professional Fees
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us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
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us-gaap Interest Income Expense After Provision For Loan Loss
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us-gaap Share Based Compensation
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CY2022Q3 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Stockholders Equity
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us-gaap Provision For Loan Lease And Other Losses
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refi Escrow Payable
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us-gaap Stock Issued1
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refi Oid Withheldfrom Funding Of Loans
OIDWithheldfromFundingOfLoans
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us-gaap Interest Paid Capitalized
InterestPaidCapitalized
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2021Q3 refi Other Fees Earned And Paid To The Manager
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refi Other Fees Earned And Paid To The Manager
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CY2021Q3 refi Base Management Fees Net
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CY2021Q3 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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CY2021Q3 refi Management And Incentive Fees Payable
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refi Management And Incentive Fees Payable
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CY2021Q3 us-gaap Other General And Administrative Expense
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shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001867949

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