2018 Form 10-K Financial Statement

#000144637119000006 Filed on March 19, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $6.750M
YoY Change -25.33%
Cost Of Revenue $2.430M
YoY Change -25.46%
Gross Profit $4.330M
YoY Change -25.09%
Gross Profit Margin 64.15%
Selling, General & Admin $1.750M
YoY Change -11.62%
% of Gross Profit 40.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.560M
YoY Change -45.26%
% of Gross Profit 36.03%
Operating Expenses $6.660M $2.433M
YoY Change -33.35% -23.83%
Operating Profit $91.00K -$214.0K
YoY Change -109.5% -60.88%
Interest Expense $900.0K $449.0K
YoY Change -50.66% -18.36%
% of Operating Profit 989.01%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income $8.252M -$233.0K
YoY Change -8.69% -56.12%
Income Tax -$75.00K -$3.000K
% Of Pretax Income -0.91%
Net Earnings $8.152M -$217.0K
YoY Change 226.08% -58.98%
Net Earnings / Revenue 120.77%
Basic Earnings Per Share
Diluted Earnings Per Share $743.6K
COMMON SHARES
Basic Shares Outstanding 10.96M shares 11.01M shares 10.89M shares
Diluted Shares Outstanding 10.96M shares 10.89M shares

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M
YoY Change 6.45%
Cash & Equivalents $3.300M $3.086M $3.645M
Short-Term Investments
Other Short-Term Assets $100.0K
YoY Change -50.0%
Inventory
Prepaid Expenses
Receivables $1.100M
Other Receivables $0.00
Total Short-Term Assets $4.500M
YoY Change 4.65%
LONG-TERM ASSETS
Property, Plant & Equipment $84.70M
YoY Change 6.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.700M $2.705M $2.739M
YoY Change 0.0% -43.18% -54.33%
Other Assets $700.0K
YoY Change -96.92%
Total Long-Term Assets $90.10M
YoY Change -15.79%
TOTAL ASSETS
Total Short-Term Assets $4.500M
Total Long-Term Assets $90.10M
Total Assets $94.60M $111.3M $125.7M
YoY Change -15.0% -15.38% -0.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M
YoY Change -40.0%
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 $1.200M
YoY Change -40.0%
LONG-TERM LIABILITIES
Long-Term Debt $34.60M
YoY Change -18.01%
Other Long-Term Liabilities $700.0K
YoY Change -95.17%
Total Long-Term Liabilities $35.30M
YoY Change -37.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.200M
Total Long-Term Liabilities $35.30M
Total Liabilities $37.70M $58.76M $73.10M
YoY Change -36.96% -30.27% -5.43%
SHAREHOLDERS EQUITY
Retained Earnings -$44.74M -$44.99M
YoY Change -11.71% -9.32%
Common Stock $111.0K $111.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.90M $51.47M $51.41M
YoY Change
Total Liabilities & Shareholders Equity $94.60M $111.3M $125.7M
YoY Change -15.0% -15.38% -0.15%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $8.152M -$217.0K
YoY Change 226.08% -58.98%
Depreciation, Depletion And Amortization $1.560M
YoY Change -45.26%
Cash From Operating Activities $1.849M
YoY Change -13.6%
INVESTING ACTIVITIES
Capital Expenditures -$4.860M
YoY Change -80.07%
Acquisitions
YoY Change
Other Investing Activities $24.97M
YoY Change -48.65%
Cash From Investing Activities $20.11M
YoY Change -17.04%
FINANCING ACTIVITIES
Cash Dividend Paid $2.688M
YoY Change -0.96%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$22.51M
YoY Change -25.8%
NET CHANGE
Cash From Operating Activities $1.849M
Cash From Investing Activities $20.11M
Cash From Financing Activities -$22.51M
Net Change In Cash -$555.0K
YoY Change -85.98%
FREE CASH FLOW
Cash From Operating Activities $1.849M
Capital Expenditures -$4.860M
Free Cash Flow $6.709M
YoY Change -74.71%

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P12Y11M1D
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CY2018Q4 us-gaap Notes Payable
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CY2018Q4 us-gaap Number Of Real Estate Properties
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8
CY2018Q4 us-gaap Number Of States In Which Entity Operates
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2
CY2017Q4 us-gaap Off Market Lease Unfavorable
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438000 USD
CY2018Q4 us-gaap Off Market Lease Unfavorable
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370000 USD
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P5Y11M9D
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7750000 USD
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375000 USD
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91000 USD
CY2018 us-gaap Other Nonoperating Income Expense
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2714000 USD
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0 USD
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248000 USD
CY2017 us-gaap Payments To Acquire Real Estate
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17812000 USD
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0 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
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0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
200000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
137000 USD
CY2017 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1997000 USD
CY2018 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
481000 USD
CY2017 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
60700000 USD
CY2018 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
27550000 USD
CY2017 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
46633000 USD
CY2018 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
24735000 USD
CY2017 us-gaap Profit Loss
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8856000 USD
CY2018 us-gaap Profit Loss
ProfitLoss
8327000 USD
CY2017 us-gaap Provision For Doubtful Accounts
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14000 USD
CY2018 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
54000 USD
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8163000 USD
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2579000 USD
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RealEstateAccumulatedDepreciation
3917000 USD
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-5178000 USD
CY2018 us-gaap Real Estate Accumulated Depreciation Period Increase Decrease
RealEstateAccumulatedDepreciationPeriodIncreaseDecrease
5178000 USD
CY2017 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
2453000 USD
CY2018 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
5045000 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
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33176000 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
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15217000 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
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-1881000 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
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34634000 USD
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
15640000 USD
CY2017 us-gaap Real Estate Cost Of Real Estate Sold
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13511000 USD
CY2018 us-gaap Real Estate Cost Of Real Estate Sold
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22366000 USD
CY2018Q4 us-gaap Real Estate Federal Income Tax Basis
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47400000 USD
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65627000 USD
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746000 USD
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RealEstateImprovements
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44476000 USD
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
17128000 USD
CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
0 USD
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-23957000 USD
CY2018 us-gaap Real Estate Period Increase Decrease
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23957000 USD
CY2014Q1 us-gaap Related Party Transaction Amounts Of Transaction
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1000 USD
CY2017 us-gaap Repayments Of Notes Payable
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84054000 USD
CY2018 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
45786000 USD
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RepaymentsOfRelatedPartyDebt
2500000 USD
CY2018 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
816000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
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0 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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-38546000 USD
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
2047000 USD
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
1205000 USD
CY2017Q4 us-gaap Security Deposit
SecurityDeposit
200000 USD
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
200000 USD
CY2017 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
187114 shares
CY2017 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2017 us-gaap Stock Redeemed Or Called During Period Value
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865000 USD
CY2018 us-gaap Stock Redeemed Or Called During Period Value
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762000 USD
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51467000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
56900000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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47233000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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52518000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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58070000 USD
CY2017 us-gaap Straight Line Rent
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238000 USD
CY2018 us-gaap Straight Line Rent
StraightLineRent
139000 USD
CY2017Q4 us-gaap Tenant Improvements
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1188000 USD
CY2018Q4 us-gaap Tenant Improvements
TenantImprovements
1479000 USD
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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10936361 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10962716 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10936361 shares
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10962716 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10936361 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10962716 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A concentration of credit risk arises in the Company&#8217;s business when a tenant occupies a substantial amount of space in properties owned by the Company or accounts for a substantial amount of annual revenue. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to the Company, exposing the Company to potential losses in rental revenue, expense recoveries, and percentage rent. Generally, the Company does not obtain security deposits from the nationally-based or regionally-based tenants in support of their lease obligations to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. </font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December 31, 2018, </font><font style="font-family:inherit;font-size:10pt;">Clover Juice, Connor Concepts, Inc., and Western Sizzling</font><font style="font-family:inherit;font-size:10pt;"> each accounted for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s annual minimum rent. As of December 31, 2018, </font><font style="font-family:inherit;font-size:10pt;">$46 thousand</font><font style="font-family:inherit;font-size:10pt;"> was outstanding from Clover Juice. There were </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amounts outstanding from Connor Concepts, Inc., or Western Sizzling.</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December&#160;31, 2017, excluding properties classified as held for sale, </font><font style="font-family:inherit;font-size:10pt;">Clover Juice</font><font style="font-family:inherit;font-size:10pt;"> accounted for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s annual minimum rent. As of December&#160;31, 2017, there were </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amounts outstanding from Clover Juice.</font></div></div>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform with current period&#8217;s presentation as a result of adoption of ASU 2016-18. See Cash, Cash Equivalents and Restricted Cash section above for discussion of the impact of these reclassifications. </font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company&#8217;s consolidated financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and the Company&#8217;s disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in the Company&#8217;s consolidated financial statements, and actual results could differ from the estimates or assumptions used by management. Additionally, other companies may utilize different estimates that may impact the comparability of the Company&#8217;s consolidated results of operations to those of companies in similar businesses. The Company considers significant estimates to include the carrying amounts and recoverability of investments in real estate, impairments, real estate acquisition purchase price allocations, allowance for doubtful accounts, estimated useful lives to determine depreciation and amortization and fair value determinations, among others.</font></div></div>

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