$SOHO
Sotherly Hotels Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020030426 Filed on June 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $37.21M $47.39M
YoY Change -21.49% 13.55%
Cost Of Revenue $32.15M $34.22M
YoY Change -6.05% 14.61%
Gross Profit $5.059M $13.17M
YoY Change -61.59% 10.89%
Gross Profit Margin 13.6% 27.8%
Selling, General & Admin $18.06M $19.07M
YoY Change -5.3% 13.65%
% of Gross Profit 356.95% 144.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.980M $6.030M
YoY Change -17.41% 7.1%
% of Gross Profit 98.43% 45.78%
Operating Expenses $39.01M $41.93M
YoY Change -6.95% 13.19%
Operating Profit -$1.804M $5.463M
YoY Change -133.01% 16.38%
Interest Expense $4.562M $5.305M
YoY Change -14.01% 27.01%
% of Operating Profit 97.11%
Other Income/Expense, Net
YoY Change
Pretax Income -$7.878M -$72.05K
YoY Change 10834.46% -104.86%
Income Tax $5.454M $318.2K
% Of Pretax Income
Net Earnings -$12.13M -$183.3K
YoY Change 6521.77% -115.19%
Net Earnings / Revenue -32.61% -0.39%
Basic Earnings Per Share -$1.01 -$0.12
Diluted Earnings Per Share -$851.2K -$13.23K
COMMON SHARES
Basic Shares Outstanding 14.25M 13.61M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.70M $29.00M
YoY Change -49.31% -5.54%
Cash & Equivalents $22.08M $33.41M
Short-Term Investments
Other Short-Term Assets $7.600M $5.700M
YoY Change 33.33% -8.06%
Inventory
Prepaid Expenses
Receivables $4.500M $10.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.80M $45.30M
YoY Change -40.84% -2.79%
LONG-TERM ASSETS
Property, Plant & Equipment $440.6M $441.3M
YoY Change -0.16% 0.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.300M $9.300M
YoY Change -21.51% -7.92%
Total Long-Term Assets $448.0M $450.5M
YoY Change -0.55% 0.39%
TOTAL ASSETS
Total Short-Term Assets $26.80M $45.30M
Total Long-Term Assets $448.0M $450.5M
Total Assets $474.8M $495.8M
YoY Change -4.24% 0.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.70M $19.90M
YoY Change 14.07% 20.61%
Accrued Expenses $4.400M $3.800M
YoY Change 15.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.40M $29.50M
YoY Change 13.22% 32.29%
LONG-TERM LIABILITIES
Long-Term Debt $357.3M $387.7M
YoY Change -7.84% 1.84%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $357.3M $387.7M
YoY Change -7.84% 1.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.40M $29.50M
Total Long-Term Liabilities $357.3M $387.7M
Total Liabilities $390.7M $417.2M
YoY Change -6.35% 3.51%
SHAREHOLDERS EQUITY
Retained Earnings -$90.13M
YoY Change
Common Stock $180.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.28M $78.60M
YoY Change
Total Liabilities & Shareholders Equity $474.8M $495.8M
YoY Change -4.24% 0.08%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$12.13M -$183.3K
YoY Change 6521.77% -115.19%
Depreciation, Depletion And Amortization $4.980M $6.030M
YoY Change -17.41% 7.1%
Cash From Operating Activities $1.520M $5.550M
YoY Change -72.62% -24.05%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$5.450M
YoY Change -66.97% -93.69%
Acquisitions
YoY Change
Other Investing Activities $10.00K $170.0K
YoY Change -94.12% -80.46%
Cash From Investing Activities -$1.784M -$5.287M
YoY Change -66.26% -93.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.644M -4.719M
YoY Change 19.59% -105.88%
NET CHANGE
Cash From Operating Activities 1.520M 5.550M
Cash From Investing Activities -1.784M -5.287M
Cash From Financing Activities -5.644M -4.719M
Net Change In Cash -5.908M -4.457M
YoY Change 32.57% -307.68%
FREE CASH FLOW
Cash From Operating Activities $1.520M $5.550M
Capital Expenditures -$1.800M -$5.450M
Free Cash Flow $3.320M $11.00M
YoY Change -69.82% -88.25%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk<font style="font-style:normal;"> &#8211; We hold cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the &#8220;FDIC&#8221;) protection limits of $250,000. Our exposure to credit loss in the event of the failure of these institutions is represented by the difference between the FDIC protection limit and the total amounts on deposit. Management monitors, on a regular basis, the financial condition of the financial institutions along with the balances there on deposit to minimize our potential risk.</font></p>
CY2020Q1 dei Entity Incorporation Date Of Incorporation
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CommonStockVotingRights
Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
882820
CY2019 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
5900000
CY2017 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
682500
CY2017 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
4900000
CY2018 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
0
CY2020Q1 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
0
CY2019 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
0
CY2020Q1 soho Percentage Of Matching Contribution For First Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForFirstSpecifiedPercentageOfEmployeeContribution
1.000
CY2020Q1 soho Percentage Of Matching Contribution For Next Specified Percentage Of Employee Contribution
PercentageOfMatchingContributionForNextSpecifiedPercentageOfEmployeeContribution
0.500
CY2020Q1 soho Percentage Of First Specified Percentage Of Employee Contribution
PercentageOfFirstSpecifiedPercentageOfEmployeeContribution
0.030
CY2020Q1 soho Percentage Of Next Specified Percentage Of Employee Contribution
PercentageOfNextSpecifiedPercentageOfEmployeeContribution
0.020
CY2020Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
32853
CY2019Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
27861
CY2020Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedAndCommittedToBeReleasedShares
114377
CY2019Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedAndCommittedToBeReleasedShares
78719
CY2020Q1 soho Employee Stock Ownership Plan Esop Allocated And Committed To Be Released From Suspense Account Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedAndCommittedToBeReleasedFromSuspenseAccountSharesFairValue
183002
CY2019Q1 soho Employee Stock Ownership Plan Esop Allocated And Committed To Be Released From Suspense Account Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedAndCommittedToBeReleasedFromSuspenseAccountSharesFairValue
536076
CY2020Q1 soho Employee Stock Ownership Plan Recognized To Compensation Cost
EmployeeStockOwnershipPlanRecognizedToCompensationCost
56516
CY2019Q1 soho Employee Stock Ownership Plan Recognized To Compensation Cost
EmployeeStockOwnershipPlanRecognizedToCompensationCost
66093
CY2020Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
565111
CY2020Q1 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
904178
CY2020Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
104625
CY2020Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
9752
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
66295
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
38377
CY2020Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
114377
CY2019Q4 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
104672
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
574816
CY2020Q1 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
679488
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
679488
CY2020Q1 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
167400
CY2019Q4 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
449480
CY2020Q1 soho Employee Stock Ownership Plan Esop Shares Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPSharesCommittedToBeReleasedFairValue
15602
CY2019Q4 soho Employee Stock Ownership Plan Esop Shares Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPSharesCommittedToBeReleasedFairValue
260196
CY2020Q1 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
183002
CY2019Q4 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
709676
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
3897252
CY2020Q1 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
1087180
CY2019Q4 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
4606928
CY2019Q1 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
17389680
CY2020Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
41950
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
41950
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
33477
CY2020Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1396079
CY2019Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
199606
CY2020Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-233328
CY2019Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
85073
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1629407
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
284679
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
7041491
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14813533
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14216425
CY2020Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
567317
CY2019Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
605675
CY2020Q1 soho Common Stock Exchange Ratio
CommonStockExchangeRatio
1

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