$SELF
Global Self Storage Inc

2017 Q4 Form 10-K Financial Statement

#000156459018007439 Filed on April 02, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4
Revenue $1.940M $7.473M $1.560M
YoY Change 24.36% 50.06%
Cost Of Revenue $960.0K $3.150M $650.0K
YoY Change 47.69% 50.0%
Gross Profit $980.0K $4.320M $900.0K
YoY Change 8.89% 50.52%
Gross Profit Margin 50.52% 57.81% 57.69%
Selling, General & Admin $440.0K $1.930M $350.0K
YoY Change 25.71% 36.88%
% of Gross Profit 44.9% 44.68% 38.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $360.0K $1.700M $350.0K
YoY Change 2.86% 78.9%
% of Gross Profit 36.73% 39.34% 38.89%
Operating Expenses $800.0K $6.795M $710.0K
YoY Change 12.68% 187.94%
Operating Profit $180.0K $677.5K $190.0K
YoY Change -5.26% 32.84%
Interest Expense -$210.0K $880.8K $420.0K
YoY Change -150.0% 175.26%
% of Operating Profit -116.67% 130.02% 221.05%
Other Income/Expense, Net -$823.8K
YoY Change
Pretax Income -$20.00K -$150.0K $560.0K
YoY Change -103.57% -139.47%
Income Tax
% Of Pretax Income
Net Earnings -$20.00K -$146.3K $560.0K
YoY Change -103.57% -138.5%
Net Earnings / Revenue -1.03% -1.96% 35.9%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$2.625K -$0.02 $75.47K
COMMON SHARES
Basic Shares Outstanding 7.619M 7.417M
Diluted Shares Outstanding 7.619M

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.150M $2.150M $2.910M
YoY Change -26.12% -26.12%
Cash & Equivalents $2.147M $2.150M $2.912M
Short-Term Investments
Other Short-Term Assets $220.0K $220.0K $270.0K
YoY Change -18.52% -18.52%
Inventory
Prepaid Expenses
Receivables $100.0K $100.0K $160.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.470M $2.470M $3.340M
YoY Change -26.05% -26.05%
LONG-TERM ASSETS
Property, Plant & Equipment $55.05M $55.05M $55.78M
YoY Change -1.31% -1.31%
Goodwill $694.1K $694.1K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $1.550M $1.550M $1.470M
YoY Change 5.44% 5.44%
Other Assets $110.0K $110.0K $50.00K
YoY Change 120.0% 120.0%
Total Long-Term Assets $57.40M $57.40M $58.31M
YoY Change -1.55% -1.56%
TOTAL ASSETS
Total Short-Term Assets $2.470M $2.470M $3.340M
Total Long-Term Assets $57.40M $57.40M $58.31M
Total Assets $59.87M $59.87M $61.65M
YoY Change -2.88% -2.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.950M $1.950M $1.720M
YoY Change 13.37% 13.37%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.950M $1.950M $1.720M
YoY Change 13.37% 13.37%
LONG-TERM LIABILITIES
Long-Term Debt $19.42M $19.42M $19.37M
YoY Change 0.26% 0.26%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $19.42M $19.42M $19.37M
YoY Change 0.26% 0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.950M $1.950M $1.720M
Total Long-Term Liabilities $19.42M $19.42M $19.37M
Total Liabilities $21.37M $21.37M $21.10M
YoY Change 1.3% 1.28%
SHAREHOLDERS EQUITY
Retained Earnings $3.746M $5.874M
YoY Change -36.22%
Common Stock $76.20K $76.20K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.50M $38.50M $40.55M
YoY Change
Total Liabilities & Shareholders Equity $59.87M $59.87M $61.65M
YoY Change -2.88% -2.89%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4
OPERATING ACTIVITIES
Net Income -$20.00K -$146.3K $560.0K
YoY Change -103.57% -138.5%
Depreciation, Depletion And Amortization $360.0K $1.700M $350.0K
YoY Change 2.86% 78.9%
Cash From Operating Activities $490.0K $1.925M $240.0K
YoY Change 104.17% 46.92%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K -$650.0K -$210.0K
YoY Change 61.9% -75.47%
Acquisitions
YoY Change
Other Investing Activities -$3.630M
YoY Change
Cash From Investing Activities -$340.0K -$652.9K -$3.840M
YoY Change -91.15% -95.88%
FINANCING ACTIVITIES
Cash Dividend Paid $1.981M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -490.0K -1.981M -480.0K
YoY Change 2.08% -111.37%
NET CHANGE
Cash From Operating Activities 490.0K 1.925M 240.0K
Cash From Investing Activities -340.0K -652.9K -3.840M
Cash From Financing Activities -490.0K -1.981M -480.0K
Net Change In Cash -340.0K -709.3K -4.080M
YoY Change -91.67% -124.54%
FREE CASH FLOW
Cash From Operating Activities $490.0K $1.925M $240.0K
Capital Expenditures -$340.0K -$650.0K -$210.0K
Free Cash Flow $830.0K $2.575M $450.0K
YoY Change 84.44% -34.98%

Facts In Submission

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CY2017 us-gaap Nature Of Operations
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<div> <p style="margin-top:12pt;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;">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:5.24%;">Global Self Storage, Inc. (the &#8220;Company&#8221;) is a self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self storage properties (&#8220;stores&#8221; or &#8220;properties&#8221;). The Company&#8217;s 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 an operating company reporting 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:5.24%;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 generally be subject to U.S. federal income 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:5.24%;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 properties by acquiring stores through its wholly owned subsidiaries. At December&#160;31, 2017, the Company owned and operated 11 stores. The Company operates primarily in one segment:&nbsp;&nbsp;rental operations.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disclosure of the square footage of the self storage properties is unaudited and outside the scope of our independent registered public accounting firm&#8217;s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (U.S.).</p></div>
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;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:5.24%;">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>
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
228987
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
self Real Estate Investment Property At Cost Improvements And Equipment Acquisition Additions
RealEstateInvestmentPropertyAtCostImprovementsAndEquipmentAcquisitionAdditions
180801
self Real Estate Investment Property At Cost Acquisition
RealEstateInvestmentPropertyAtCostAcquisition
17612576
self Real Estate Investment Property At Cost Newly Developed Properties Opened For Operation
RealEstateInvestmentPropertyAtCostNewlyDevelopedPropertiesOpenedForOperation
2567424
CY2016Q1 us-gaap Land
Land
3413814
self Additional Land Acquired During Period
AdditionalLandAcquiredDuringPeriod
2080000
us-gaap Depreciation
Depreciation
875447
CY2016Q1 us-gaap Development In Process
DevelopmentInProcess
145539
self Development In Progress Current
DevelopmentInProgressCurrent
2470685
self Development In Process Newly Developed Properties Opened For Operations
DevelopmentInProcessNewlyDevelopedPropertiesOpenedForOperations
2567424
self Development In Process Transfer To Prepaid Expenses And Other Assets
DevelopmentInProcessTransferToPrepaidExpensesAndOtherAssets
48800
CY2016 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
4
CY2016 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
20800000
CY2016 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
18924998
CY2016 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
975002
CY2016Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
900000
CY2016Q4 self Business Acquisitions Purchase Price Allocation Finite Lived Intangible Assets
BusinessAcquisitionsPurchasePriceAllocationFiniteLivedIntangibleAssets
1100000
CY2016 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
449738
CY2016 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
433054
CY2016 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
75883
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
6881146
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1116895
self Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.15
CY2017Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2016Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
472600
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
492797
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
513857
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
535816
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
17755943
CY2017 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.26
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.26
CY2017 self Automobile Allowance Reimbursement
AutomobileAllowanceReimbursement
3228
CY2016 self Automobile Allowance Reimbursement
AutomobileAllowanceReimbursement
1878
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
19900000
CY2017 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
CY2017 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2020-01-03
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
30576
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
15288
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
15288
CY2017Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
749893
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
5493814
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
48240686
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
2721305
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
5493814
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
50961991
CY2017Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
56455805
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2187530
CY2017Q4 self Notes Payable Net
NotesPayableNet
20000000

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