$SOHO
Sotherly Hotels Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022020064 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $38.35M $22.64M
YoY Change 69.44% -39.17%
Cost Of Revenue $12.31M $18.43M
YoY Change -33.2% -42.66%
Gross Profit $26.04M $4.201M
YoY Change 519.85% -16.97%
Gross Profit Margin 67.89% 18.56%
Selling, General & Admin $17.58M $12.89M
YoY Change 36.36% -28.63%
% of Gross Profit 67.51% 306.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.565M $4.980M
YoY Change -8.33% 0.0%
% of Gross Profit 17.53% 118.55%
Operating Expenses $22.14M $24.72M
YoY Change -10.42% -36.64%
Operating Profit $3.896M -$2.082M
YoY Change -287.09% 15.46%
Interest Expense -$4.727M $5.920M
YoY Change -179.85% 29.76%
% of Operating Profit -121.33%
Other Income/Expense, Net
YoY Change
Pretax Income -$801.3K -$7.570M
YoY Change -89.41% -3.91%
Income Tax $9.654K $2.609K
% Of Pretax Income
Net Earnings -$810.9K -$7.576M
YoY Change -89.3% -37.57%
Net Earnings / Revenue -2.11% -33.47%
Basic Earnings Per Share -$0.15 -$0.62
Diluted Earnings Per Share -$37.82K -$470.6K
COMMON SHARES
Basic Shares Outstanding 17.17M 14.62M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.18M $21.10M
YoY Change -4.34% 43.54%
Cash & Equivalents $20.20M $21.10M
Short-Term Investments
Other Short-Term Assets $7.129M $8.300M
YoY Change -14.1% 9.21%
Inventory
Prepaid Expenses
Receivables $3.959M $3.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.27M $33.10M
YoY Change -5.52% 23.51%
LONG-TERM ASSETS
Property, Plant & Equipment $384.4M $423.7M
YoY Change -9.27% -3.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.14M $11.90M
YoY Change -14.81% 63.01%
Total Long-Term Assets $394.6M $435.5M
YoY Change -9.4% -2.79%
TOTAL ASSETS
Total Short-Term Assets $31.27M $33.10M
Total Long-Term Assets $394.6M $435.5M
Total Assets $425.8M $468.6M
YoY Change -9.12% -1.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.09M $33.30M
YoY Change 14.38% 46.7%
Accrued Expenses $6.500M
YoY Change 47.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.04M $45.50M
YoY Change -3.2% 36.23%
LONG-TERM LIABILITIES
Long-Term Debt $365.7M $386.1M
YoY Change -5.29% 8.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $365.7M $386.1M
YoY Change -5.29% 8.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.04M $45.50M
Total Long-Term Liabilities $365.7M $386.1M
Total Liabilities $404.8M $425.5M
YoY Change -4.86% 8.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.04M $43.20M
YoY Change
Total Liabilities & Shareholders Equity $425.8M $468.6M
YoY Change -9.12% -1.3%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$810.9K -$7.576M
YoY Change -89.3% -37.57%
Depreciation, Depletion And Amortization $4.565M $4.980M
YoY Change -8.33% 0.0%
Cash From Operating Activities $7.454M -$787.7K
YoY Change -1046.26% -151.83%
INVESTING ACTIVITIES
Capital Expenditures -$1.124M -$970.0K
YoY Change 15.86% -46.11%
Acquisitions
YoY Change
Other Investing Activities $11.10M $0.00
YoY Change -100.0%
Cash From Investing Activities $9.975M -$973.0K
YoY Change -1125.24% -45.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.69M -559.0K
YoY Change 2169.41% -90.1%
NET CHANGE
Cash From Operating Activities 7.454M -787.7K
Cash From Investing Activities 9.975M -973.0K
Cash From Financing Activities -12.69M -559.0K
Net Change In Cash 4.743M -2.320M
YoY Change -304.48% -60.74%
FREE CASH FLOW
Cash From Operating Activities $7.454M -$787.7K
Capital Expenditures -$1.124M -$970.0K
Free Cash Flow $8.578M $182.3K
YoY Change 4605.82% -94.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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0.500
CY2022Q1 soho Percentage Of Next Specified Percentage Of Employee Contribution
PercentageOfNextSpecifiedPercentageOfEmployeeContribution
0.020
CY2022Q1 soho Effective Date Of Ceased Matching Employer Contribution
EffectiveDateOfCeasedMatchingEmployerContribution
2020-05-16
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
23139
CY2021Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2016Q4 soho Employee Stock Ownership Plan Esop Maximum Borrowing Amount To Purchase Common Stock
EmployeeStockOwnershipPlanESOPMaximumBorrowingAmountToPurchaseCommonStock
5000000.0
CY2017Q1 us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
682500
CY2017Q1 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
4900000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2609
CY2022Q1 soho Employee Stock Ownership Plan Esop Allocated And Committed To Be Released From Suspense Account Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedAndCommittedToBeReleasedFromSuspenseAccountSharesFairValue
524644
CY2022Q1 soho Employee Stock Ownership Plan Recognized To Compensation Cost
EmployeeStockOwnershipPlanRecognizedToCompensationCost
14154
CY2021Q1 soho Employee Stock Ownership Plan Recognized To Compensation Cost
EmployeeStockOwnershipPlanRecognizedToCompensationCost
22086
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
874720
CY2021Q4 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
431697
CY2022Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedAndCommittedToBeReleasedShares
254682
CY2021Q4 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
902247
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
679303
CY2022Q1 soho Employee Stock Ownership Plan Esop Shares Fair Value
EmployeeStockOwnershipPlanESOPSharesFairValue
1399364
CY2022Q1 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
16063361
CY2021Q1 soho Indirect Hotels Operating Costs
IndirectHotelsOperatingCosts
11589077
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
424621
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Deferred Shares Fair Value
EmployeeStockOwnershipPlanESOPDeferredSharesFairValue
874720
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
247606
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
7076
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
247606
CY2022Q1 soho Employee Stock Ownership Plan Esop Allocated Shares Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesFairValue
510066
CY2022Q1 soho Employee Stock Ownership Plan Esop Shares Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPSharesCommittedToBeReleasedFairValue
14578
CY2022Q1 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
254682
CY2022Q1 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
524644
CY2021Q4 soho Employee Stock Ownership Plan Esop Number Of Allocated Shares And Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedSharesAndCommittedToBeReleasedShares
247606
CY2021Q4 soho Employee Stock Ownership Plan Esop Allocated Shares And Committed To Be Released Fair Value
EmployeeStockOwnershipPlanESOPAllocatedSharesAndCommittedToBeReleasedFairValue
517496
CY2022Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Suspense Shares
EmployeeStockOwnershipPlanESOPNumberOfSuspenseShares
424621
CY2022Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
9654
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
9654
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2609
CY2022Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-506356
CY2021Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1609051
CY2022Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
77362
CY2021Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-320081
CY2022Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-428994
CY2021Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-1929132
CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-428994
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-1929132
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9654
CY2022Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-168271
CY2021Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1590047
CY2022Q1 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
-90909
CY2021Q1 soho Income Tax Reconciliation Tax Exempt Income Expense
IncomeTaxReconciliationTaxExemptIncomeExpense
-1910128
CY2022Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
426384
CY2021Q1 us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
WeightedAverageNumberOfSharesEmployeeStockOwnershipPlanSharesNotCommittedToBeReleased
502324
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17169532
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14615720
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.62
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2507765
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9064995
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
17595916
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15118044

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