$SELF
Global Self Storage Inc

2018 Q4 Form 10-K Financial Statement

#000156459019010411 Filed on April 01, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $2.070M $8.111M $1.940M
YoY Change 6.7% 8.54% 24.36%
Cost Of Revenue $800.0K $3.260M $960.0K
YoY Change -16.67% 3.49% 47.69%
Gross Profit $1.270M $4.850M $980.0K
YoY Change 29.59% 12.27% 8.89%
Gross Profit Margin 61.35% 59.8% 50.52%
Selling, General & Admin $470.0K $1.830M $440.0K
YoY Change 6.82% -5.18% 25.71%
% of Gross Profit 37.01% 37.73% 44.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $350.0K $1.398M $360.0K
YoY Change -2.78% -17.72% 2.86%
% of Gross Profit 27.56% 28.83% 36.73%
Operating Expenses $830.0K $6.685M $800.0K
YoY Change 3.75% -1.62% 12.68%
Operating Profit $440.0K $1.426M $180.0K
YoY Change 144.44% 110.43% -5.26%
Interest Expense -$200.0K $897.9K -$210.0K
YoY Change -4.76% 1.94% -150.0%
% of Operating Profit -45.45% 62.99% -116.67%
Other Income/Expense, Net -$806.1K
YoY Change -2.14%
Pretax Income $80.00K $620.0K -$20.00K
YoY Change -500.0% -513.33% -103.57%
Income Tax
% Of Pretax Income
Net Earnings $80.00K $619.4K -$20.00K
YoY Change -500.0% -523.44% -103.57%
Net Earnings / Revenue 3.86% 7.64% -1.03%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share $10.48K $0.08 -$2.625K
COMMON SHARES
Basic Shares Outstanding 7.622M
Diluted Shares Outstanding 7.624M

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.530M $1.530M $2.150M
YoY Change -28.84% -28.84% -26.12%
Cash & Equivalents $1.526M $1.530M $2.147M
Short-Term Investments
Other Short-Term Assets $260.0K $260.0K $220.0K
YoY Change 18.18% 18.18% -18.52%
Inventory
Prepaid Expenses
Receivables $70.00K $70.00K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.860M $1.860M $2.470M
YoY Change -24.7% -24.7% -26.05%
LONG-TERM ASSETS
Property, Plant & Equipment $53.81M $53.81M $55.05M
YoY Change -2.25% -2.25% -1.31%
Goodwill $694.1K $694.1K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.570M $1.570M $1.550M
YoY Change 1.29% 1.29% 5.44%
Other Assets $660.0K $660.0K $110.0K
YoY Change 500.0% 500.0% 120.0%
Total Long-Term Assets $56.73M $56.73M $57.40M
YoY Change -1.18% -1.17% -1.55%
TOTAL ASSETS
Total Short-Term Assets $1.860M $1.860M $2.470M
Total Long-Term Assets $56.73M $56.73M $57.40M
Total Assets $58.59M $58.59M $59.87M
YoY Change -2.15% -2.14% -2.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.110M $2.110M $1.950M
YoY Change 8.21% 8.21% 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 $2.110M $2.110M $1.950M
YoY Change 8.21% 8.21% 13.37%
LONG-TERM LIABILITIES
Long-Term Debt $19.27M $19.27M $19.42M
YoY Change -0.77% -0.77% 0.26%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $19.27M $19.27M $19.42M
YoY Change -0.77% -0.77% 0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.110M $2.110M $1.950M
Total Long-Term Liabilities $19.27M $19.27M $19.42M
Total Liabilities $21.38M $21.38M $21.37M
YoY Change 0.05% 0.05% 1.3%
SHAREHOLDERS EQUITY
Retained Earnings $3.167M $3.746M
YoY Change -15.46% -36.22%
Common Stock $76.93K $76.20K
YoY Change 0.96% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.21M $37.21M $38.50M
YoY Change
Total Liabilities & Shareholders Equity $58.59M $58.59M $59.87M
YoY Change -2.15% -2.14% -2.88%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $80.00K $619.4K -$20.00K
YoY Change -500.0% -523.44% -103.57%
Depreciation, Depletion And Amortization $350.0K $1.398M $360.0K
YoY Change -2.78% -17.72% 2.86%
Cash From Operating Activities $810.0K $2.281M $490.0K
YoY Change 65.31% 18.53% 104.17%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$160.0K -$340.0K
YoY Change -85.29% -75.38% 61.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$164.5K -$340.0K
YoY Change -85.29% -74.8% -91.15%
FINANCING ACTIVITIES
Cash Dividend Paid $1.992M
YoY Change 0.57%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.090M -2.661M -490.0K
YoY Change 122.45% 34.32% 2.08%
NET CHANGE
Cash From Operating Activities 810.0K 2.281M 490.0K
Cash From Investing Activities -50.00K -164.5K -340.0K
Cash From Financing Activities -1.090M -2.661M -490.0K
Net Change In Cash -330.0K -544.1K -340.0K
YoY Change -2.94% -23.28% -91.67%
FREE CASH FLOW
Cash From Operating Activities $810.0K $2.281M $490.0K
Capital Expenditures -$50.00K -$160.0K -$340.0K
Free Cash Flow $860.0K $2.441M $830.0K
YoY Change 3.61% -5.18% 84.44%

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CY2018 us-gaap Nature Of Operations
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<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;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;) in the United States. <font style="color:#000000;">Our stores are designed to offer affordable, easily accessible, and secure storage space for residential and commercial customers. The Company currently owns and operates, through its wholly owned subsidiaries, eleven stores located in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, and South Carolina. </font>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 its 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, 2018, the Company owned and operated 11 stores. The Company operates primarily in one segment: 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>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
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<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;">Reclassifications</p> <p style="text-align:justify;margin-top:6pt;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;">Certain amounts from the prior year have been reclassified to conform to current year presentation as described below.</p> <p style="text-align:justify;margin-top:6pt;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;">On January 1, 2018, the Company adopted Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-18: Statement of Cash Flows (Topic 230) &#8211; Restricted Cash, which requires restricted cash to be included with cash and cash equivalents as part of the reconciliation of beginning and end of period balances within the consolidated statements of cash flows. As a result of adopting the new guidance, $108,955 of restricted cash, which was previously included as operating cash outflows and investing cash inflows within the consolidated statements of cash flows for the year ended December&#160;31, 2017 has been removed and is now included in the cash, cash equivalents, and restricted cash line items at the beginning and the end of the period.</p>
CY2018 self Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
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CY2018 us-gaap Concentration Risk Credit Risk
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<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;">Credit Risk</p> <p style="text-align:justify;margin-top:6pt;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;">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>
CY2018 us-gaap Use Of Estimates
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<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;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 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>
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1
CY2018 self Percentage Of Real Estate Investment Trust Taxable Income Distributed For Exemption Of Federal Income Tax
PercentageOfRealEstateInvestmentTrustTaxableIncomeDistributedForExemptionOfFederalIncomeTax
0.90
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q4 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
755487
CY2018Q4 self Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
812120
CY2017Q4 us-gaap Available For Sale Equity Securities Amortized Cost Basis
AvailableForSaleEquitySecuritiesAmortizedCostBasis
755487
CY2017Q4 us-gaap Available For Sale Equity Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax
718463
CY2017Q4 us-gaap Available For Sale Securities Equity Securities
AvailableForSaleSecuritiesEquitySecurities
1473950
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
51415779
CY2018 self Real Estate Investment Property At Cost Improvements And Equipment Acquisition Additions
RealEstateInvestmentPropertyAtCostImprovementsAndEquipmentAcquisitionAdditions
93829
CY2018 self Real Estate Investment Property At Cost Newly Developed Facilities Opened For Operation
RealEstateInvestmentPropertyAtCostNewlyDevelopedFacilitiesOpenedForOperation
369719
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
51879327
CY2017Q4 us-gaap Land
Land
5493814
CY2018Q4 us-gaap Land
Land
5493814
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2257862
CY2018 us-gaap Depreciation
Depreciation
1398358
CY2017Q4 us-gaap Development In Process
DevelopmentInProcess
393832
CY2018 self Development In Progress Current
DevelopmentInProgressCurrent
70703
CY2018 self Development In Process Newly Developed Facilities Opened For Operations
DevelopmentInProcessNewlyDevelopedFacilitiesOpenedForOperations
369719
CY2018Q4 us-gaap Development In Process
DevelopmentInProcess
94816
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
51156701
CY2017 self Real Estate Investment Property At Cost Improvements And Equipment Acquisition Additions
RealEstateInvestmentPropertyAtCostImprovementsAndEquipmentAcquisitionAdditions
259078
CY2016Q4 us-gaap Land
Land
5493814
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
875447
CY2017 us-gaap Depreciation
Depreciation
1382415
CY2017 self Development In Progress Current
DevelopmentInProgressCurrent
393832
CY2018Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
0
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
646246
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
19809511
CY2018Q4 self Notes Payable Net
NotesPayableNet
19269250
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
511098
CY2017 self Automobile Reimbursement Amount
AutomobileReimbursementAmount
3228
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
15288
CY2018Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
765508
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
5493814
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
48240686
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
3151119
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
5493814
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
51391805
CY2018Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
56885619
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
3509743

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