2020 Q4 Form 10-K Financial Statement
#000156459021017086 Filed on March 31, 2021
Income Statement
| Concept | 2020 Q4 | 2019 Q4 | 2019 |
|---|---|---|---|
| Revenue | $2.380M | $2.230M | $8.670M |
| YoY Change | 6.73% | 7.73% | 6.89% |
| Cost Of Revenue | $890.0K | $870.0K | $3.580M |
| YoY Change | 2.3% | 8.75% | 9.82% |
| Gross Profit | $1.490M | $1.350M | $5.090M |
| YoY Change | 10.37% | 6.3% | 4.95% |
| Gross Profit Margin | 62.61% | 60.54% | 58.71% |
| Selling, General & Admin | $570.0K | $480.0K | $2.130M |
| YoY Change | 18.75% | 2.13% | 16.39% |
| % of Gross Profit | 38.26% | 35.56% | 41.85% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $460.0K | $380.0K | $1.440M |
| YoY Change | 21.05% | 8.57% | 2.98% |
| % of Gross Profit | 30.87% | 28.15% | 28.29% |
| Operating Expenses | $1.030M | $870.0K | $7.267M |
| YoY Change | 18.39% | 4.82% | 8.71% |
| Operating Profit | $460.0K | $480.0K | $1.401M |
| YoY Change | -4.17% | 9.09% | -1.74% |
| Interest Expense | -$140.0K | -$440.0K | $1.076M |
| YoY Change | -68.18% | 120.0% | 19.78% |
| % of Operating Profit | -30.43% | -91.67% | 76.78% |
| Other Income/Expense, Net | -$810.2K | ||
| YoY Change | 0.51% | ||
| Pretax Income | $320.0K | $20.00K | $590.0K |
| YoY Change | 1500.0% | -75.0% | -4.84% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | $320.0K | $20.00K | $590.6K |
| YoY Change | 1500.0% | -75.0% | -4.65% |
| Net Earnings / Revenue | 13.45% | 0.9% | 6.81% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | $34.33K | $2.535K | $76.62K |
| COMMON SHARES | |||
| Basic Shares Outstanding | |||
| Diluted Shares Outstanding | 7.702M |
Balance Sheet
| Concept | 2020 Q4 | 2019 Q4 | 2019 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $1.610M | $3.990M | $3.990M |
| YoY Change | -59.65% | 160.78% | 160.78% |
| Cash & Equivalents | $1.615M | $3.990M | $3.990M |
| Short-Term Investments | |||
| Other Short-Term Assets | $330.0K | $290.0K | $290.0K |
| YoY Change | 13.79% | 11.54% | 11.54% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $110.0K | $160.0K | $160.0K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $2.050M | $4.440M | $4.440M |
| YoY Change | -53.83% | 138.71% | 138.71% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $59.79M | $59.79M | $59.79M |
| YoY Change | 0.0% | 11.11% | 11.11% |
| Goodwill | $694.1K | $694.1K | |
| YoY Change | 0.0% | 0.0% | |
| Intangibles | $398.8K | ||
| YoY Change | |||
| Long-Term Investments | $1.920M | $1.760M | $1.760M |
| YoY Change | 9.09% | 12.1% | 12.1% |
| Other Assets | $490.0K | $580.0K | $580.0K |
| YoY Change | -15.52% | -12.12% | -12.12% |
| Total Long-Term Assets | $62.90M | $63.22M | $63.22M |
| YoY Change | -0.52% | 11.45% | 11.44% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $2.050M | $4.440M | $4.440M |
| Total Long-Term Assets | $62.90M | $63.22M | $63.22M |
| Total Assets | $64.95M | $67.66M | $67.66M |
| YoY Change | -4.01% | 15.49% | 15.48% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.350M | $1.800M | $1.800M |
| YoY Change | -25.0% | -14.69% | -14.69% |
| Accrued Expenses | $20.00K | $40.00K | $40.00K |
| YoY Change | -50.0% | ||
| 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 | $1.370M | $1.840M | $1.840M |
| YoY Change | -25.54% | -12.8% | -12.8% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $23.53M | $23.75M | $23.75M |
| YoY Change | -0.93% | 23.25% | 23.25% |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $23.53M | $23.75M | $23.75M |
| YoY Change | -0.93% | 23.25% | 23.25% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.370M | $1.840M | $1.840M |
| Total Long-Term Liabilities | $23.53M | $23.75M | $23.75M |
| Total Liabilities | $24.91M | $25.60M | $25.60M |
| YoY Change | -2.69% | 19.7% | 19.74% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$509.9K | $1.643M | |
| YoY Change | -131.04% | -48.12% | |
| Common Stock | $93.43K | $93.30K | |
| YoY Change | 0.14% | 21.29% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $40.04M | $42.07M | $42.07M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $64.95M | $67.66M | $67.66M |
| YoY Change | -4.01% | 15.49% | 15.48% |
Cashflow Statement
| Concept | 2020 Q4 | 2019 Q4 | 2019 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $320.0K | $20.00K | $590.6K |
| YoY Change | 1500.0% | -75.0% | -4.65% |
| Depreciation, Depletion And Amortization | $460.0K | $380.0K | $1.440M |
| YoY Change | 21.05% | 8.57% | 2.98% |
| Cash From Operating Activities | $780.0K | $110.0K | $1.707M |
| YoY Change | 609.09% | -86.42% | -25.16% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$10.00K | -$7.300M | -$7.780M |
| YoY Change | -99.86% | 14500.0% | 4762.5% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | -$10.00K | -$7.300M | -$7.783M |
| YoY Change | -99.86% | 14500.0% | 4630.2% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | $2.107M | ||
| YoY Change | 5.77% | ||
| Common Stock Issuance & Retirement, Net | $6.281M | $6.281M | |
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -730.0K | 10.09M | 8.617M |
| YoY Change | -107.23% | -1025.69% | -423.83% |
| NET CHANGE | |||
| Cash From Operating Activities | 780.0K | 110.0K | 1.707M |
| Cash From Investing Activities | -10.00K | -7.300M | -7.783M |
| Cash From Financing Activities | -730.0K | 10.09M | 8.617M |
| Net Change In Cash | 40.00K | 2.900M | 2.541M |
| YoY Change | -98.62% | -978.79% | -567.02% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $780.0K | $110.0K | $1.707M |
| Capital Expenditures | -$10.00K | -$7.300M | -$7.780M |
| Free Cash Flow | $790.0K | $7.410M | $9.487M |
| YoY Change | -89.34% | 761.63% | 288.63% |
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<p style="text-align:justify;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;">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> | |
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NatureOfOperations
|
<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: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;">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, develops and redevelops self storage properties (“stores” or “properties”) in the United States. <font style="color:#000000;">Through its wholly owned subsidiaries, the Company owns and/or manages 13 self-storage properties in Connecticut</font>, Illinois, Indiana, New York, Ohio, Pennsylvania, South Carolina, and Oklahoma. The Company operates primarily in one segment: rental operations.<font style="color:#000000;"> </font></p> | |
| CY2020 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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;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. The effects of the COVID-19 pandemic may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses and the fair value estimates of the Company’s assets and liabilities. Actual results could materially differ from management’s 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;"> </p> | |
| CY2020 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight: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;">Credit risk - 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> | |
| CY2020Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
66439983 | |
| CY2020Q4 | self |
Real Estate Investment Buildings Improvements And Equipment
RealEstateInvestmentBuildingsImprovementsAndEquipment
|
60317918 | |
| CY2019Q4 | self |
Real Estate Investment Buildings Improvements And Equipment
RealEstateInvestmentBuildingsImprovementsAndEquipment
|
57178338 | |
| CY2019Q4 | us-gaap |
Development In Process
DevelopmentInProcess
|
1532235 | |
| CY2019Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
64832638 | |
| CY2019Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
5080485 | |
| CY2019 | self |
Leasable Square Feet
LeasableSquareFeet
|
16500 | |
| CY2020Q4 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
755487 | |
| CY2019Q4 | us-gaap |
Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
|
755487 | |
| CY2020Q4 | self |
Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
|
1160964 | |
| CY2019Q4 | self |
Equity Securities Unrealized Gain
EquitySecuritiesUnrealizedGain
|
1005825 | |
| CY2019Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
19338556 | |
| CY2020Q4 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
458299 | |
| CY2020Q4 | self |
Notes Payable Net
NotesPayableNet
|
18389176 | |
| CY2019Q4 | self |
Notes Payable Net
NotesPayableNet
|
18839787 | |
| CY2020Q4 | us-gaap |
Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
|
25900000 | |
| CY2020Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
513857 | |
| CY2020Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
|
535816 | |
| CY2020Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
|
558714 | |
| CY2020Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
|
582591 | |
| CY2020Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
|
607488 | |
| CY2020Q4 | us-gaap |
Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
|
16049009 | |
| CY2020Q4 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2019Q4 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2020Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
0 | |
| CY2019Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
|
0 | |
| CY2020Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
0 | |
| CY2019Q4 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
|
0 | |
| CY2016Q2 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
646246 | |
| CY2020Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
18847475 | |
| CY2020Q4 | us-gaap |
Number Of Stores
NumberOfStores
|
13 | |
| CY2020 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | |
| CY2020 | self |
Percentage Of Real Estate Investment Trust Taxable Income Distributed For Exemption Of Federal Income Tax
PercentageOfRealEstateInvestmentTrustTaxableIncomeDistributedForExemptionOfFederalIncomeTax
|
0.90 | |
| CY2020Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
| CY2020 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | |
| CY2019 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | |
| CY2020Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
24972 | |
| CY2019Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
37700 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
24972 | |
| CY2019Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
37700 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
|
us-gaap:OtherLiabilitiesMember | |
| CY2019Q4 | us-gaap |
Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
|
us-gaap:OtherLiabilitiesMember | |
| CY2020Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P2Y | |
| CY2020Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0478 | |
| CY2021Q4 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
14254 | |
| CY2022Q4 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
11878 | |
| CY2020 | self |
Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
|
9133 | |
| CY2019 | self |
Weighted Average Number Of Shares Outstanding Net Effect Of Dilutive Unvested Restricted Stock Awards Included For Treasury Stock Method
WeightedAverageNumberOfSharesOutstandingNetEffectOfDilutiveUnvestedRestrictedStockAwardsIncludedForTreasuryStockMethod
|
2151 | |
| CY2020 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
2427401 | |
| CY2019 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
2107376 | |
| CY2019 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.26 | |
| CY2020 | self |
Reimbursement Of Automobile Expenses
ReimbursementOfAutomobileExpenses
|
1000 | |
| CY2020 | self |
Automobile Reimbursement Amount
AutomobileReimbursementAmount
|
2254 | |
| CY2019 | self |
Automobile Reimbursement Amount
AutomobileReimbursementAmount
|
3228 | |
| CY2020Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2019Q4 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
6280987 | |
| CY2019Q4 | self |
Issuance Of Rights Offering Net Shares
IssuanceOfRightsOfferingNetShares
|
1601291 | |
| CY2019Q4 | us-gaap |
Shares Issued Price Per Share
SharesIssuedPricePerShare
|
4.18 | |
| CY2019Q4 | us-gaap |
Area Of Real Estate Property
AreaOfRealEstateProperty
|
832008 | |
| CY2019Q4 | us-gaap |
Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
|
6122065 | |
| CY2019Q4 | us-gaap |
Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
|
53470167 | |
| CY2019Q4 | us-gaap |
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
|
6211205 | |
| CY2019Q4 | us-gaap |
Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
|
6122065 | |
| CY2019Q4 | us-gaap |
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
|
59419039 | |
| CY2019Q4 | us-gaap |
Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
|
65541104 | |
| CY2019Q4 | us-gaap |
Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
|
6264236 | |
| CY2020 | self |
Aggregate Cost Of Real Estate For Us Federal Income Tax Purposes
AggregateCostOfRealEstateForUSFederalIncomeTaxPurposes
|
63788287 |
