$SELF
Global Self Storage Inc

2024 Q3 Form 10-Q Financial Statement

#000095017024094717 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $3.200M $3.109M
YoY Change 3.56% 0.75%
Cost Of Revenue $1.171M
YoY Change 7.45%
Gross Profit $1.938M
YoY Change -2.91%
Gross Profit Margin 62.33%
Selling, General & Admin $892.8K
YoY Change 10.28%
% of Gross Profit 46.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $409.1K
YoY Change 0.14%
% of Gross Profit 21.11%
Operating Expenses $2.327M $2.473M
YoY Change 2.89% 7.15%
Operating Profit $873.1K $635.9K
YoY Change 5.38% -18.25%
Interest Expense $259.4K $211.4K
YoY Change 21.96% 23.64%
% of Operating Profit 29.71% 33.24%
Other Income/Expense, Net $308.6K -$44.38K
YoY Change -155.32% -77.79%
Pretax Income $591.5K
YoY Change 2.33%
Income Tax
% Of Pretax Income
Net Earnings $1.182M $591.5K
YoY Change 336.43% 2.33%
Net Earnings / Revenue 36.92% 19.03%
Basic Earnings Per Share $0.11 $0.05
Diluted Earnings Per Share $0.10 $0.05
COMMON SHARES
Basic Shares Outstanding 11.27M 11.26M
Diluted Shares Outstanding 11.16M 11.13M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.956M
YoY Change 5.47%
Cash & Equivalents $6.762M $6.956M
Short-Term Investments
Other Short-Term Assets $615.1K
YoY Change 5.24%
Inventory
Prepaid Expenses
Receivables $155.6K
Other Receivables $0.00
Total Short-Term Assets $7.727M
YoY Change 5.05%
LONG-TERM ASSETS
Property, Plant & Equipment $54.75M
YoY Change -2.69%
Goodwill $694.1K $694.1K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $2.680M
YoY Change 2.56%
Other Assets $145.6K
YoY Change -50.11%
Total Long-Term Assets $58.27M
YoY Change -2.85%
TOTAL ASSETS
Total Short-Term Assets $7.727M
Total Long-Term Assets $58.27M
Total Assets $66.28M $66.00M
YoY Change -0.9% -1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.721M
YoY Change -1.74%
Accrued Expenses $26.23K
YoY Change -41.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.748M
YoY Change -2.74%
LONG-TERM LIABILITIES
Long-Term Debt $16.63M
YoY Change -3.1%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $16.63M
YoY Change -3.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.748M
Total Long-Term Liabilities $16.63M
Total Liabilities $18.21M $18.38M
YoY Change -4.1% -3.07%
SHAREHOLDERS EQUITY
Retained Earnings -$1.497M -$1.862M
YoY Change 8.33% 120.58%
Common Stock $112.7K $112.7K
YoY Change 1.12% 1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.06M $47.62M
YoY Change
Total Liabilities & Shareholders Equity $66.28M $66.00M
YoY Change -0.9% -1.99%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.182M $591.5K
YoY Change 336.43% 2.33%
Depreciation, Depletion And Amortization $409.1K
YoY Change 0.14%
Cash From Operating Activities $1.247M
YoY Change -4.52%
INVESTING ACTIVITIES
Capital Expenditures $52.37K
YoY Change 17.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$52.37K
YoY Change 17.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -959.5K
YoY Change 1.57%
NET CHANGE
Cash From Operating Activities 1.247M
Cash From Investing Activities -52.37K
Cash From Financing Activities -959.5K
Net Change In Cash 235.6K
YoY Change -25.75%
FREE CASH FLOW
Cash From Operating Activities $1.247M
Capital Expenditures $52.37K
Free Cash Flow $1.195M
YoY Change -5.3%

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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. ORGANIZATION</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Global Self Storage, Inc. (the “Company,” “we,” “our,” “us”) is a self-administered and self-managed Maryland real estate investment trust (“REIT”) that owns, operates, manages, acquires, and redevelops self storage properties (“stores” or “properties”) in the United States. As of June 30, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, through its wholly owned subsidiaries, the Company owned and/or managed </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> self-storage properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company operates primarily in </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> segment: rental operations.</span>
CY2024Q2 us-gaap Number Of Stores
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us-gaap Number Of Operating Segments
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self Percentage Of Real Estate Investment Trust Taxable Income Distributed For Exemption Of Federal Income Tax
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CY2024Q2 us-gaap Unrecognized Tax Benefits
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self Services Agreement Original Terms
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self Number Of Contract
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us-gaap Asset Impairment Charges
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0
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 materially differ from management's estimates.</span></p>
CY2024Q2 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
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CY2023Q4 us-gaap Equity Securities Fv Ni
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self Fair Value Of Assets Level1 To Level2 Transfers Amount
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CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q2 self Long Term Debt Maturities Repayments Of Principal After Year Four1
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0377
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2024Q2 us-gaap Net Income Loss
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591530
CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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11041503
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
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CY2023Q2 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
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self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
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self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Earnings Per Share Basic
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0.05
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2024Q2 us-gaap Dividends Common Stock
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CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.0725
CY2023Q2 us-gaap Dividends Common Stock
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CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Dividends Common Stock
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us-gaap Common Stock Dividends Per Share Cash Paid
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us-gaap Dividends Common Stock
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us-gaap Common Stock Dividends Per Share Cash Paid
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self Reimbursement Of Automobile Expenses
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1000
self Automobile Reimbursement Amount
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self Automobile Reimbursement Amount
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CY2024Q2 us-gaap Common Stock Shares Outstanding
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CY2024Q2 us-gaap Common Stock Shares Issued
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CY2024Q2 us-gaap Preferred Stock Shares Authorized
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CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2024Q2 us-gaap Preferred Stock Shares Issued
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Credit Risk</span></p><p style="text-indent:4.173%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Credit risk - Financial assets that are exposed to credit risk consist primarily of cash, cash equivalents, and restricted cash and certain portions of accounts receivable including rents receivable from our tenants. Risk to collection of rents receivable is mitigated by: (i) dispersion of rents receivable across many tenants, (ii) marketing targeted to tenants that have established credit, (iii) use of autopay, and (iv) use of collection procedures. Cash, cash equivalents and restricted cash are on deposit with highly rated commercial banks and financial institutions.</span></p>

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