$SELF
Global Self Storage Inc

2016 Q3 Form 10-Q Financial Statement

#000156459017023522 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2016 Q3
Revenue $1.349M
YoY Change
Cost Of Revenue $530.0K
YoY Change
Gross Profit $820.0K
YoY Change
Gross Profit Margin 60.77%
Selling, General & Admin $390.0K
YoY Change
% of Gross Profit 47.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $240.0K
YoY Change
% of Gross Profit 29.27%
Operating Expenses $1.394M
YoY Change
Operating Profit -$44.42K
YoY Change
Interest Expense $219.9K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$173.0K
YoY Change
Pretax Income -$220.0K
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$217.4K
YoY Change
Net Earnings / Revenue -16.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$29.33K
COMMON SHARES
Basic Shares Outstanding 7.417M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.000M
YoY Change
Cash & Equivalents $6.997M
Short-Term Investments
Other Short-Term Assets $250.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $140.0K
Other Receivables $0.00
Total Short-Term Assets $7.390M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.900M
YoY Change
Other Assets $90.00K
YoY Change
Total Long-Term Assets $53.18M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $7.390M
Total Long-Term Assets $53.18M
Total Assets $60.57M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $980.0K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $980.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $19.36M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $19.36M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $980.0K
Total Long-Term Liabilities $19.36M
Total Liabilities $20.35M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $5.791M
YoY Change
Common Stock $74.17K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.22M
YoY Change
Total Liabilities & Shareholders Equity $60.57M
YoY Change

Cashflow Statement

Concept 2016 Q3
OPERATING ACTIVITIES
Net Income -$217.4K
YoY Change
Depreciation, Depletion And Amortization $240.0K
YoY Change
Cash From Operating Activities $60.00K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.270M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$13.00M
YoY Change
Cash From Investing Activities -$14.27M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -390.0K
YoY Change
NET CHANGE
Cash From Operating Activities 60.00K
Cash From Investing Activities -14.27M
Cash From Financing Activities -390.0K
Net Change In Cash -14.60M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $60.00K
Capital Expenditures -$1.270M
Free Cash Flow $1.330M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
593203
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
10609
self Cash From Wholly Owned Subsidiaries Consolidated Upon Change Of Status
CashFromWhollyOwnedSubsidiariesConsolidatedUponChangeOfStatus
464586
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
35659
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
86668
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-57283
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
50861
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
55883
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
28880
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
181025
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
344469
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1394330
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
100389
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
2314073
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-313362
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12008208
us-gaap Payments Of Dividends
PaymentsOfDividends
1485797
us-gaap Payments Of Dividends
PaymentsOfDividends
1446269
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
19353754
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
17907485
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-404829
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6967453
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29763
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6997216
us-gaap Interest Paid
InterestPaid
628800
us-gaap Interest Paid
InterestPaid
225902
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. ORGANIZATION</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Global Self Storage, Inc. a Maryland corporation (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; or &#8220;us&#8221;), is a self-administered and self-managed real estate investment trust (&#8220;REIT&#8221;) focused on the ownership, operation, acquisition, development, and redevelopment of self storage facilities (&#8220;stores&#8221;) in the United States. The Company stores are located in the Northeast, Mid-Atlantic and Mid-West regions of the United States. The Company was formerly registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) as a non-diversified, closed end management investment company. The Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) order approving the Company&#8217;s application to deregister from the 1940 Act was granted on January 19, 2016. Accordingly, effective January 19, 2016, the Company changed its name to Global Self Storage, Inc. from Self Storage Group, Inc., changed its SEC registration to a reporting company under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (from an investment company under the 1940 Act), and listed its common stock on the Nasdaq Capital Market (&#8220;NASDAQ&#8221;) under the symbol &#8220;SELF.&#8221;</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the &#8220;IRC&#8221;). To the extent the Company continues to qualify as a REIT, it will not be subject to tax, with certain limited exceptions, on the taxable income that is distributed to its stockholders.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company invests in self storage facilities by acquiring stores through its wholly owned subsidiaries. At September&#160;30, 2017, the Company owned and operated 11 stores. The Company operates primarily in one segment:&nbsp;&nbsp;rental operations.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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&#8217;s estimates.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial assets that are exposed to credit risk consist primarily of cash and cash equivalents and certain portions of accounts receivable including rents receivable from our tenants. Cash and cash equivalents are on deposit with highly rated commercial banks.</p></div>
CY2017Q3 us-gaap Number Of Stores
NumberOfStores
11
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
755487
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
696686
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
51156701
self Real Estate Investment Property At Cost Improvements And Equipment Acquisition Additions
RealEstateInvestmentPropertyAtCostImprovementsAndEquipmentAcquisitionAdditions
212973
CY2017Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
51369674
CY2016Q4 us-gaap Land
Land
5493814
CY2017Q3 us-gaap Land
Land
5493814
us-gaap Depreciation
Depreciation
1057305
CY2017Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1932752
self Right To Purchase Share Of Preferred Stock
RightToPurchaseShareOfPreferredStock
Each right entitled the registered holder to purchase from the Company one one-thousandth of a share of preferred stock, par value $.01 per share.
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q1 self Rights Expiration Date
RightsExpirationDate
2026-01-29
CY2016Q1 self Minimum Percentage Of Common Stock For Tender Offer
MinimumPercentageOfCommonStockForTenderOffer
0.098
CY2016Q1 self Exercise Price Of Rights
ExercisePriceOfRights
12
CY2016Q1 self Percentage Of Market Price Of Common Stock
PercentageOfMarketPriceOfCommonStock
0.50
CY2016Q1 self Redemption Price Per Right
RedemptionPricePerRight
0.01
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2020-01-03
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
15288
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
15288
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
15288
self Development In Progress Current
DevelopmentInProgressCurrent
100389
CY2017Q3 us-gaap Development In Process
DevelopmentInProcess
100389
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
646246
CY2017Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2017Q3 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
34300000
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
228987
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
472600
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
492797
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
513857
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
18291759
CY2017Q3 us-gaap Dividends
Dividends
495266
CY2016Q3 us-gaap Dividends
Dividends
482090
us-gaap Dividends
Dividends
1446269
CY2017Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.065
CY2016Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.065
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.195
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.195
self Automobile Allowance Reimbursement
AutomobileAllowanceReimbursement
3228
CY2016Q1 self Number Of Rights For Each Outstanding Share
NumberOfRightsForEachOutstandingShare
1
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01

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