2021 Q1 Form 10-Q Financial Statement

#000144637121000016 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $715.0K
YoY Change
Cost Of Revenue $506.0K
YoY Change
Gross Profit $209.0K
YoY Change
Gross Profit Margin 29.23%
Selling, General & Admin $410.0K
YoY Change
% of Gross Profit 196.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $357.0K
YoY Change
% of Gross Profit 170.81%
Operating Expenses $1.586M $1.329M
YoY Change 19.34% 7.61%
Operating Profit -$871.0K -$522.0K
YoY Change 66.86% 79.38%
Interest Expense $313.0K $171.0K
YoY Change 83.04% -14.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$871.0K $427.0K
YoY Change -303.98% -237.3%
Income Tax $2.000K
% Of Pretax Income 0.47%
Net Earnings -$854.0K $417.0K
YoY Change -304.8% -237.17%
Net Earnings / Revenue -119.44%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$0.08
COMMON SHARES
Basic Shares Outstanding 10.74M shares 10.76M shares
Diluted Shares Outstanding 10.74M shares 10.76M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $714.0K
YoY Change
Cash & Equivalents $714.0K $5.361M
Short-Term Investments
Other Short-Term Assets $258.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $718.0K
Other Receivables $0.00
Total Short-Term Assets $1.690M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $71.67M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.000M
YoY Change
Total Long-Term Assets $76.86M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.690M
Total Long-Term Assets $76.86M
Total Assets $78.55M $93.42M
YoY Change -15.92% -1.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $762.0K
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 $762.0K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $38.60M
YoY Change
Other Long-Term Liabilities $405.0K
YoY Change
Total Long-Term Liabilities $39.00M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $762.0K
Total Long-Term Liabilities $39.00M
Total Liabilities $39.76M $37.84M
YoY Change 5.1% -0.43%
SHAREHOLDERS EQUITY
Retained Earnings -$56.63M -$40.15M
YoY Change 41.02% 1.65%
Common Stock $110.0K $110.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.09M $54.56M
YoY Change
Total Liabilities & Shareholders Equity $78.55M $93.42M
YoY Change -15.92% -1.62%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$854.0K $417.0K
YoY Change -304.8% -237.17%
Depreciation, Depletion And Amortization $357.0K
YoY Change
Cash From Operating Activities -$679.0K -$410.0K
YoY Change 65.61% -639.47%
INVESTING ACTIVITIES
Capital Expenditures -$414.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$48.00K
YoY Change
Cash From Investing Activities -$462.0K $7.156M
YoY Change -106.46% -978.04%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $220.0K
YoY Change -100.0% -66.97%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$7.681M
YoY Change -100.0% -1289.01%
NET CHANGE
Cash From Operating Activities -$679.0K -$410.0K
Cash From Investing Activities -$462.0K $7.156M
Cash From Financing Activities $0.00 -$7.681M
Net Change In Cash -$1.141M -$935.0K
YoY Change 22.03% 905.38%
FREE CASH FLOW
Cash From Operating Activities -$679.0K -$410.0K
Capital Expenditures -$414.0K
Free Cash Flow -$265.0K
YoY Change

Facts In Submission

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73000 USD
CY2021Q1 srtr Increase Decrease In Capital Additions Accrued But Not Yet Paid
IncreaseDecreaseInCapitalAdditionsAccruedButNotYetPaid
118000 USD
CY2020Q1 srtr Increase Decrease In Capital Additions Accrued But Not Yet Paid
IncreaseDecreaseInCapitalAdditionsAccruedButNotYetPaid
-7000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
210000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
13000 USD
CY2021Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
7
CY2021Q1 us-gaap Net Rentable Area
NetRentableArea
43000 sqft
CY2021Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
2
CY2021Q1 srtr Percentof Real Estate Properties Leased
PercentofRealEstatePropertiesLeased
0.79
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
700000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
800000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
714000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1816000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
767000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
806000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1481000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2622000 USD
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform with current period’s presentation. The reclassifications had no effect on the Company’s condensed consolidated financial condition, results of operations, or cash flows.</span></div>
CY2021Q1 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P10Y8M12D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2021Q1 us-gaap Security Deposit
SecurityDeposit
94000 USD
CY2020Q4 us-gaap Security Deposit
SecurityDeposit
100000 USD
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
121000 USD
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
594000 USD
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
636000 USD
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
171000 USD
CY2021Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
715000 USD
CY2020Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
807000 USD
CY2021Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
700000 USD
CY2021Q1 srtr Deferred Accounts Receivable
DeferredAccountsReceivable
43000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
1315000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
1803000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
1828000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
1850000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
1638000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
3434000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
11868000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1948000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1892000 USD
CY2021Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
389000 USD
CY2020Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
389000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
765000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
716000 USD
CY2021Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
151000 USD
CY2020Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
142000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1183000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1176000 USD
CY2021Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
238000 USD
CY2020Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
247000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
49000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
63000 USD
CY2021Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
9000 USD
CY2020Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
15000 USD
CY2021Q1 us-gaap Secured Debt
SecuredDebt
18000000.0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8700000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12510000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18000000 USD
CY2020Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
200000 USD
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
39210000 USD
CY2021Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
700000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
300000 USD
CY2021Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
200000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
200000 USD
CY2021Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
200000 USD
CY2021Q1 srtr Common Stock Outstanding Percentage
CommonStockOutstandingPercentage
0.05
CY2021Q1 srtr Redemption Pricefor Shares Percentage
RedemptionPriceforSharesPercentage
1
CY2021Q1 srtr Share Redemption Amount Minimum Limit
ShareRedemptionAmountMinimumLimit
5000 USD
CY2021Q1 srtr Minimum Percentage Of Taxable Income Distributed To Shareholders
MinimumPercentageOfTaxableIncomeDistributedToShareholders
0.90
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-871000 USD
CY2020Q1 us-gaap Profit Loss
ProfitLoss
425000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-17000 USD
CY2020Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-854000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
417000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10739729 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10759198 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
0 shares
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
2500000 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10739729 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10759198 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
217475 shares
CY2021Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.070

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