2021 Q4 Form 10-K Financial Statement

#000156459022011824 Filed on March 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $35.08M $35.49M $34.38M
YoY Change 140.48% 146.23% 549.49%
Cost Of Revenue $12.33M $11.74M $24.72M
YoY Change 119.06% 131.59% 861.98%
Gross Profit $22.74M $23.75M $9.660M
YoY Change 153.83% 154.03% 255.16%
Gross Profit Margin 64.84% 66.92% 28.1%
Selling, General & Admin $17.49M $16.14M $15.58M
YoY Change 33.52% 38.39% 70.09%
% of Gross Profit 76.91% 67.94% 161.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.952M $5.005M $4.972M
YoY Change -0.15% 0.91% -0.57%
% of Gross Profit 21.78% 21.07% 51.46%
Operating Expenses $46.98M $32.71M $31.24M
YoY Change 98.28% 49.86% 86.81%
Operating Profit -$11.90M $2.787M $3.143M
YoY Change 30.69% -137.61% -127.5%
Interest Expense -$5.049M -$5.319M $5.527M
YoY Change 22.84% 40.72% 17.09%
% of Operating Profit -190.88% 175.83%
Other Income/Expense, Net
YoY Change
Pretax Income -$16.87M -$2.522M -$1.547M
YoY Change 29.08% -77.42% -90.5%
Income Tax $11.27K $6.544K $6.972K
% Of Pretax Income
Net Earnings -$16.88M -$2.528M -$1.374M
YoY Change 29.76% -77.1% -90.8%
Net Earnings / Revenue -48.13% -7.12% -4.0%
Basic Earnings Per Share -$1.05 -$0.27 -$0.19
Diluted Earnings Per Share -$958.3K -$137.9K -$0.19
COMMON SHARES
Basic Shares Outstanding 16.22M 14.64M
Diluted Shares Outstanding 16.03M 14.64M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.17M $19.54M $21.82M
YoY Change -47.96% 26.07% 17.96%
Cash & Equivalents $13.17M $19.50M $21.82M
Short-Term Investments
Other Short-Term Assets $6.894M $8.551M $9.169M
YoY Change -10.46% -8.06% 14.61%
Inventory
Prepaid Expenses
Receivables $4.822M $3.644M $3.089M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.88M $31.74M $34.08M
YoY Change -29.31% 20.21% 18.34%
LONG-TERM ASSETS
Property, Plant & Equipment $398.8M $415.1M $419.4M
YoY Change -6.79% -3.96% -4.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.41M $13.23M $11.71M
YoY Change 24.12% 71.87% 82.97%
Total Long-Term Assets $411.2M $428.3M $431.1M
YoY Change -6.09% -2.61% -2.74%
TOTAL ASSETS
Total Short-Term Assets $24.88M $31.74M $34.08M
Total Long-Term Assets $411.2M $428.3M $431.1M
Total Assets $436.1M $460.0M $465.2M
YoY Change -7.82% -1.32% -1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.96M $32.19M $32.35M
YoY Change 1.01% 8.4% 22.08%
Accrued Expenses $6.500M $6.600M
YoY Change 1.56% 53.49%
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 $41.64M $44.47M $44.81M
YoY Change -0.39% 6.64% 22.44%
LONG-TERM LIABILITIES
Long-Term Debt $377.9M $382.4M $384.7M
YoY Change -2.35% 3.99% 4.59%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $377.9M $382.4M $384.7M
YoY Change -2.35% 3.99% 4.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.64M $44.47M $44.81M
Total Long-Term Liabilities $377.9M $382.4M $384.7M
Total Liabilities $419.5M $420.3M $423.3M
YoY Change -2.17% 2.65% 5.61%
SHAREHOLDERS EQUITY
Retained Earnings -$153.5M
YoY Change 20.6%
Common Stock $177.8M
YoY Change -1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.26M $39.74M $41.93M
YoY Change
Total Liabilities & Shareholders Equity $436.1M $460.0M $465.2M
YoY Change -7.82% -1.32% -1.46%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$16.88M -$2.528M -$1.374M
YoY Change 29.76% -77.1% -90.8%
Depreciation, Depletion And Amortization $4.952M $5.005M $4.972M
YoY Change -0.15% 0.91% -0.57%
Cash From Operating Activities -$1.715M $2.138M $2.690M
YoY Change -69.26% -367.22% -142.03%
INVESTING ACTIVITIES
Capital Expenditures -$862.7K -$520.9K -$823.2K
YoY Change 139.65% -18.61% -32.52%
Acquisitions
YoY Change
Other Investing Activities $80.85K $211.3K $497.0K
YoY Change -59.58% 2012.8% 2384.8%
Cash From Investing Activities -$781.9K -$309.6K -$326.3K
YoY Change 388.69% -50.07% -73.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.699M -2.586M -1.812M
YoY Change -126.3% 708.17% -117.34%
NET CHANGE
Cash From Operating Activities -1.715M 2.138M 2.690M
Cash From Investing Activities -781.9K -309.6K -326.3K
Cash From Financing Activities -4.699M -2.586M -1.812M
Net Change In Cash -7.196M -758.0K 552.2K
YoY Change -159.33% -56.44% -93.01%
FREE CASH FLOW
Cash From Operating Activities -$1.715M $2.138M $2.690M
Capital Expenditures -$862.7K -$520.9K -$823.2K
Free Cash Flow -$852.5K $2.659M $3.513M
YoY Change -83.67% -1761.66% -167.82%

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InterestPaidNet
9543748
CY2019 us-gaap Interest Paid Net
InterestPaidNet
19262904
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-21078
CY2019 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-76104
CY2021 dei Entity Incorporation Date Of Incorporation
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2004-08-20
CY2021Q4 us-gaap Number Of Real Estate Properties
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12
CY2021Q4 soho Number Of Rooms In Hotel
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3156
CY2021Q4 soho Number Of Independent Hotels
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3
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CashAndCashEquivalentsAtCarryingValue
13200000
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12400000
CY2021 us-gaap Impairment Of Real Estate
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12200000
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit Risk –<span style="font-style:normal;"> The Company holds cash accounts at several institutions in excess of the Federal Deposit Insurance Corporation (the “FDIC”) 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. </span><span style="color:#000000;font-style:normal;">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.</span>
CY2021Q4 us-gaap Cash Fdic Insured Amount
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250000
CY2021Q4 soho Un Amortized Franchise Fees
UnAmortizedFranchiseFees
294390
CY2020Q4 soho Un Amortized Franchise Fees
UnAmortizedFranchiseFees
353872
CY2021 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
59482
CY2020 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
59482
CY2019 soho Amortization Expense Franchise License Fees
AmortizationExpenseFranchiseLicenseFees
58642
CY2020Q4 us-gaap Derivative Fixed Interest Rate
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0.05237
CY2021Q4 us-gaap Derivative Fixed Interest Rate
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0.05237
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1047956
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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1051501
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1059558
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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1068195
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
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1040677
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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6455880
CY2021Q4 us-gaap Lessor Operating Lease Payments To Be Received
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11723767
CY2021Q4 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
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2019-01-01
CY2021Q4 us-gaap Mortgage Loans On Real Estate
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351200000
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0.50
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1
CY2021Q4 us-gaap Unrecognized Tax Benefits
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0
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656534
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1971047
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AdvertisingExpense
1351538
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AdvertisingExpense
2042682
CY2021 soho Gain Loss Due To Involuntary Conversion Of Assets
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588586
CY2020 soho Gain Loss Due To Involuntary Conversion Of Assets
GainLossDueToInvoluntaryConversionOfAssets
179856
CY2019 soho Gain Loss Due To Involuntary Conversion Of Assets
GainLossDueToInvoluntaryConversionOfAssets
293534
CY2021 us-gaap Number Of Reportable Segments
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1
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14100246
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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;">Use of Estimates –<span style="font-style:normal;"> The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 differ from those estimates.</span></p>
CY2021Q4 us-gaap Real Estate Investment Property At Cost
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523923207
CY2020Q4 us-gaap Real Estate Investment Property At Cost
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569944891
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148037983
CY2020Q4 soho Real Estate Investment Property Accumulated Depreciation And Impairment
RealEstateInvestmentPropertyAccumulatedDepreciationAndImpairment
142120306
CY2021Q4 soho Real Estate Investment Property Excluding Held For Sale Net
RealEstateInvestmentPropertyExcludingHeldForSaleNet
375885224
CY2020Q4 soho Real Estate Investment Property Excluding Held For Sale Net
RealEstateInvestmentPropertyExcludingHeldForSaleNet
427824585
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12200000
CY2021Q4 soho Real Estate Investment Property Held For Sale
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47658267
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24787780
CY2021Q4 soho Real Estate Investment Property Held For Sale Net
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22870487
CY2021Q4 us-gaap Secured Debt
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352625640
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663585
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663877
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357500000
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352625640
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1547004
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2122822
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92247
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116929
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351170883
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50240539
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60577528
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37215958
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92307285
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67463140
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44821190
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683693
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671883
CY2021Q4 us-gaap Finance Lease Liability Payments Due
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17439818
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5000000.0
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25.00
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25.00
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14300000
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14300000
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2037192
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69000000
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0.01
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Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders.
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2020-12-31
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5900000
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CY2020Q4 us-gaap Common Stock Shares Outstanding
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15023850
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1133720
CY2020Q4 soho Operating Partnership Common Unit Not Owned
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1166501
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2088160
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1.000
CY2020Q2 soho Percentage Of Deferral Equal To Eligible Employee Compensation
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0.030
CY2020Q2 soho Percentage Of Matching Compensation For Next Specified Deferral Equal Eligible Employee Compensation
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42841
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4900000
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247606
CY2020 soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
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170419
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517496
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426048
CY2021 soho Employee Stock Ownership Plan Recognized To Compensation Cost
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172000
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175367
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219645
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247606
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431697
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247606
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517496
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426048
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247606
CY2021Q4 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
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517496
CY2020Q4 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
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170419
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CY2020Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
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1698720
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IndirectHotelsOperatingCosts
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IndirectHotelsOperatingCosts
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NetIncomeLossAvailableToCommonStockholdersBasic
-2810603
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4317081
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17209210
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.62
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2021Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.05
CY2021Q1 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-9764534
CY2021Q2 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-2990241
CY2021Q3 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-4607249
CY2021Q4 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-18358031
CY2021Q1 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-0.60
CY2021Q2 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-0.18
CY2021Q3 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-0.26
CY2021Q4 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-1.02
CY2020Q1 us-gaap Revenues
Revenues
37208465
CY2020Q2 us-gaap Revenues
Revenues
5293907
CY2020Q3 us-gaap Revenues
Revenues
14414478
CY2020Q4 us-gaap Revenues
Revenues
14585726
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
39011968
CY2020Q2 us-gaap Operating Expenses
OperatingExpenses
16723112
CY2020Q3 us-gaap Operating Expenses
OperatingExpenses
21824217
CY2020Q4 us-gaap Operating Expenses
OperatingExpenses
23692949
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1803503
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-11429205
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7409739
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-9107223
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-13332205
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-16301070
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-11039271
CY2020Q4 us-gaap Profit Loss
ProfitLoss
-13010359
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14323699
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17124612
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12259908
CY2020Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14240987
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.01
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.20
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.86
CY2020Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.98
CY2020Q1 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-15521115
CY2020Q2 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-18489980
CY2020Q3 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-13228181
CY2020Q4 soho Net Income Loss Attributable To Operating Partnership Unit Holders
NetIncomeLossAttributableToOperatingPartnershipUnitHolders
-15199271
CY2020Q1 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-0.97
CY2020Q2 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-1.15
CY2020Q3 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-0.82
CY2020Q4 soho Earnings Per Share Basic And Diluted To Operating Partnership Unitholders
EarningsPerShareBasicAndDilutedToOperatingPartnershipUnitholders
-0.95
CY2021Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
352625000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
58009000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
316046000
CY2021Q4 soho Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Land
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand
8185000
CY2021Q4 soho Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingAndImprovements
127380000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
66194000
CY2021Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
443426000
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
509620000
CY2021 soho Real Estate Accumulated Depreciation Impairment
RealEstateAccumulatedDepreciationImpairment
129895000
CY2021Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
495200000
CY2019Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
504300000
CY2020 us-gaap Real Estate Improvements
RealEstateImprovements
4066000
CY2020 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
213000
CY2020Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
508153000
CY2021 us-gaap Real Estate Improvements
RealEstateImprovements
2147000
CY2021 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
680000
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
509620000
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
97537000
CY2020 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
14355000
CY2020 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
134000
CY2020Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
111758000
CY2021 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
14474000
CY2021 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
12201000
CY2021 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
8538000
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
129895000

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