$SACH
Sachem Capital Corp.

2021 Q4 Form 10-Q Financial Statement

#000110465921134447 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $9.726M $8.522M $4.272M
YoY Change 71.46% 99.5% 26.42%
Cost Of Revenue $2.893M $2.602M $1.285M
YoY Change 44.52% 102.53% 118.32%
Gross Profit $6.833M $5.892M $2.977M
YoY Change 86.16% 97.89% 7.56%
Gross Profit Margin 70.25% 69.13% 69.69%
Selling, General & Admin $1.821M $1.250M $803.6K
YoY Change 90.22% 55.53% 12.12%
% of Gross Profit 26.65% 21.21% 26.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.24K $20.42K $15.35K
YoY Change 43.02% 33.05% -17.56%
% of Gross Profit 0.33% 0.35% 0.52%
Operating Expenses $1.985M $1.347M $835.6K
YoY Change 94.49% 61.14% 15.11%
Operating Profit $4.848M $4.545M $2.142M
YoY Change 82.95% 112.23% 4.87%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $137.6K
YoY Change
Pretax Income $4.286M $4.301M $2.139M
YoY Change 82.38% 101.08% 4.07%
Income Tax
% Of Pretax Income
Net Earnings $4.286M $4.301M $2.139M
YoY Change 82.38% 101.08% 4.07%
Net Earnings / Revenue 44.06% 50.46% 50.07%
Basic Earnings Per Share $0.12 $0.10
Diluted Earnings Per Share $141.1K $0.12 $0.10
COMMON SHARES
Basic Shares Outstanding 29.44M 27.97M 22.12M
Diluted Shares Outstanding 27.98M 22.12M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.94M $19.24M $5.384M
YoY Change 116.09% 257.39% -51.08%
Cash & Equivalents $41.94M $19.24M $5.384M
Short-Term Investments
Other Short-Term Assets $271.3K $85.81K $106.8K
YoY Change 280.44% -19.67% 187.38%
Inventory
Prepaid Expenses
Receivables $3.694M $2.705M $1.551M
Other Receivables $3.765M $3.859M $1.589M
Total Short-Term Assets $49.67M $25.89M $8.631M
YoY Change 112.33% 200.0% -36.25%
LONG-TERM ASSETS
Property, Plant & Equipment $2.172M $2.190M $1.418M
YoY Change 51.54% 54.39% -78.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $66.69M $57.88M $27.69M
YoY Change 78.82% 109.06%
Other Assets $264.5K $354.9K $66.09K
YoY Change 263.21% 437.06% 72.33%
Total Long-Term Assets $368.3M $287.5M $161.0M
YoY Change 81.18% 78.54% 68.17%
TOTAL ASSETS
Total Short-Term Assets $49.67M $25.89M $8.631M
Total Long-Term Assets $368.3M $287.5M $161.0M
Total Assets $418.0M $313.4M $169.6M
YoY Change 84.39% 84.72% 55.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $501.8K $192.7K $522.4K
YoY Change 25.44% -63.12% 296.1%
Accrued Expenses $164.7K $0.00 $80.67K
YoY Change 4832.04% -100.0% 2329.82%
Deferred Revenue
YoY Change
Short-Term Debt $33.18M $30.06M $12.08M
YoY Change 18.26% 148.8%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.84M $40.28M $14.11M
YoY Change 62.29% 185.47% 2060.66%
LONG-TERM LIABILITIES
Long-Term Debt $180.4M $110.4M $70.54M
YoY Change 62.93% 56.55% 203.05%
Other Long-Term Liabilities $4.643M $3.879M $1.115M
YoY Change 121.19% 248.01% 2.02%
Total Long-Term Liabilities $185.0M $114.3M $71.66M
YoY Change 64.01% 59.53% 194.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.84M $40.28M $14.11M
Total Long-Term Liabilities $185.0M $114.3M $71.66M
Total Liabilities $237.9M $154.6M $85.77M
YoY Change 63.21% 80.25% 242.75%
SHAREHOLDERS EQUITY
Retained Earnings -$4.992M -$913.6K $69.00K
YoY Change 72.69% -1424.16%
Common Stock $32.73K $28.32K $22.12K
YoY Change 47.93% 28.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $180.1M $158.8M $83.86M
YoY Change
Total Liabilities & Shareholders Equity $418.0M $313.4M $169.6M
YoY Change 84.39% 84.72% 55.23%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $4.286M $4.301M $2.139M
YoY Change 82.38% 101.08% 4.07%
Depreciation, Depletion And Amortization $22.24K $20.42K $15.35K
YoY Change 43.02% 33.05% -17.56%
Cash From Operating Activities $10.71M $11.24M $3.414M
YoY Change 378.26% 229.21% -4.79%
INVESTING ACTIVITIES
Capital Expenditures -$914.8K -$88.41K -$612.6K
YoY Change 254.31% -85.57% 364.2%
Acquisitions
YoY Change
Other Investing Activities -$80.41M -$58.13M -$25.05M
YoY Change 95.16% 132.04% 272.17%
Cash From Investing Activities -$81.33M -$58.22M -$25.66M
YoY Change 96.15% 126.85% 273.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 93.32M 3.998M 22.99M
YoY Change 75.26% -82.61% 105.48%
NET CHANGE
Cash From Operating Activities 10.71M 11.24M 3.414M
Cash From Investing Activities -81.33M -58.22M -25.66M
Cash From Financing Activities 93.32M 3.998M 22.99M
Net Change In Cash 22.70M -42.98M 736.1K
YoY Change 61.84% -5939.28% -90.69%
FREE CASH FLOW
Cash From Operating Activities $10.71M $11.24M $3.414M
Capital Expenditures -$914.8K -$88.41K -$612.6K
Free Cash Flow $11.62M $11.33M $4.026M
YoY Change 365.44% 181.32% 8.31%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 18pt;">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. Management will base the use of estimates on (a) various assumptions that consider its experience, (b) the Company’s projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could differ from those estimates.</p>
sach Threshold Asset Coverage Ratio
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OtherIncome
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sach Special Purpose Acquisition Corporation Textblock
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">13.    Special Purpose Acquisition Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 18pt;">On March 24, 2021, the Company loaned $25,000 to its wholly-owned subsidiary, Sachem Sponsor LLC. Sachem Sponsor LLC used those funds to purchase 1,437,500 shares of Class B common stock of Sachem Acquisition Corp., a newly organized blank check company formed under the laws of Maryland in February 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As of September 30, 2021, the Company had incurred approximately $281,000 of costs related to the the preparation and filing of the registration statement, including legal fees, accounting fees and filing fees as well organizational costs and an expense advance to the underwriter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 0pt 18pt;">On July 14, 2021, Sachem Acquisition Corp. filed a registration statement on Form S-1 registering the sale of 5,750,000 units at $10.00 per unit, or $57,500,000 in the aggregate. Each unit consists of one share of Class A common stock and <span style="-sec-ix-hidden:Hidden_kobQgtPcY0WSgOWo_wtYUA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">one</span></span>-half of a warrant to purchase one share of Class A common stock. The registration statement is currently under SEC review.</p>
sach Legal Fees And Registration Related Costs
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281000
sach Stimulus Payments To Small Businesses And Individuals Adversely Impacted Covid19
StimulusPaymentsToSmallBusinessesAndIndividualsAdverselyImpactedCovid19
4000000000000.0

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