2022 Q1 Form 10-Q Financial Statement

#000143774922012655 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $4.573M $5.669M
YoY Change -19.33% -19.35%
Cost Of Revenue $1.583M $1.840M
YoY Change -13.94% -22.69%
Gross Profit $2.990M $3.830M
YoY Change -21.94% -17.63%
Gross Profit Margin 65.37% 67.56%
Selling, General & Admin $1.584M $1.540M
YoY Change 2.84% 14.07%
% of Gross Profit 52.97% 40.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.339M $1.429M
YoY Change -6.28% -9.25%
% of Gross Profit 44.8% 37.31%
Operating Expenses $4.506M $5.105M
YoY Change -11.73% -3.8%
Operating Profit -$1.517M -$1.275M
YoY Change 18.95% -127.43%
Interest Expense $1.018M $1.584M
YoY Change -35.77% -37.96%
% of Operating Profit
Other Income/Expense, Net $313.4K -$2.819M
YoY Change -111.12% 6.19%
Pretax Income $645.4K -$2.200M
YoY Change -129.34% 158.82%
Income Tax $265.2K $50.20K
% Of Pretax Income 41.09%
Net Earnings -$828.5K -$2.662M
YoY Change -68.87% 140.41%
Net Earnings / Revenue -18.12% -46.95%
Basic Earnings Per Share -$0.32 -$0.28
Diluted Earnings Per Share -$70.37K -$279.7K
COMMON SHARES
Basic Shares Outstanding 11.77M 9.508M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.48M $7.000M
YoY Change 235.36% -22.22%
Cash & Equivalents $22.50M $6.985M
Short-Term Investments $975.2K
Other Short-Term Assets $862.3K $100.0K
YoY Change 762.28% -80.0%
Inventory
Prepaid Expenses
Receivables $219.7K $200.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.58M $7.300M
YoY Change 222.97% -29.81%
LONG-TERM ASSETS
Property, Plant & Equipment $119.4M $115.9M
YoY Change 3.05% -25.8%
Goodwill $2.423M $2.423M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $135.9M
YoY Change
Other Assets $8.473M $30.70M
YoY Change -72.4% 28.99%
Total Long-Term Assets $268.2M $151.8M
YoY Change 76.63% -18.34%
TOTAL ASSETS
Total Short-Term Assets $23.58M $7.300M
Total Long-Term Assets $268.2M $151.8M
Total Assets $291.8M $159.1M
YoY Change 83.35% -18.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.184M $3.900M
YoY Change 109.85% -2.5%
Accrued Expenses $1.475M $1.600M
YoY Change -7.84% -15.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.838M $5.500M
YoY Change 78.88% -59.26%
LONG-TERM LIABILITIES
Long-Term Debt $92.84M $108.7M
YoY Change -14.59% -14.48%
Other Long-Term Liabilities $59.41K $100.0K
YoY Change -40.59% -66.67%
Total Long-Term Liabilities $92.90M $108.8M
YoY Change -14.62% -14.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.838M $5.500M
Total Long-Term Liabilities $92.90M $108.8M
Total Liabilities $102.7M $114.3M
YoY Change -10.12% -18.89%
SHAREHOLDERS EQUITY
Retained Earnings -$133.6M -$125.3M
YoY Change 6.6% 9.8%
Common Stock $183.2M $156.5M
YoY Change 17.11% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.75M $31.22M
YoY Change
Total Liabilities & Shareholders Equity $291.8M $159.1M
YoY Change 83.35% -18.95%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$828.5K -$2.662M
YoY Change -68.87% 140.41%
Depreciation, Depletion And Amortization $1.339M $1.429M
YoY Change -6.28% -9.25%
Cash From Operating Activities -$978.3K -$1.468M
YoY Change -33.37% 209.69%
INVESTING ACTIVITIES
Capital Expenditures -$319.7K -$100.0K
YoY Change 219.74% -88.76%
Acquisitions
YoY Change
Other Investing Activities -$122.0M $19.01M
YoY Change -741.74% -9.52%
Cash From Investing Activities -$122.3M $18.91M
YoY Change -746.84% -6.03%
FINANCING ACTIVITIES
Cash Dividend Paid $1.000M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $131.1M -$22.00M
YoY Change -695.93% 4.46%
NET CHANGE
Cash From Operating Activities -$978.3K -$1.468M
Cash From Investing Activities -$122.3M $18.91M
Cash From Financing Activities $131.1M -$22.00M
Net Change In Cash $7.793M -$4.556M
YoY Change -271.06% 223.41%
FREE CASH FLOW
Cash From Operating Activities -$978.3K -$1.468M
Capital Expenditures -$319.7K -$100.0K
Free Cash Flow -$658.5K -$1.368M
YoY Change -51.87% -428.95%

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134895000 USD
CY2021Q1 sqft Payments To Acquire Investments Of Spac Ipo Proceeds Into Trust Account
PaymentsToAcquireInvestmentsOfSpacIpoProceedsIntoTrustAccount
-0 USD
CY2022Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
18352 USD
CY2021Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
37585 USD
CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
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14763130 USD
CY2021Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
19047906 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-122314726 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
18909556 USD
CY2022Q1 sqft Proceeds From Issuance Of Mortgage Notes Payable
ProceedsFromIssuanceOfMortgageNotesPayable
7365855 USD
CY2021Q1 sqft Proceeds From Issuance Of Mortgage Notes Payable
ProceedsFromIssuanceOfMortgageNotesPayable
6013700 USD
CY2022Q1 sqft Repayments Of Secured Notes Payable
RepaymentsOfSecuredNotesPayable
3275234 USD
CY2021Q1 sqft Repayments Of Secured Notes Payable
RepaymentsOfSecuredNotesPayable
17231730 USD
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
-0 USD
CY2021Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
7675598 USD
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3159411 USD
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
70276 USD
CY2022Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-258410 USD
CY2021Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-2034212 USD
CY2022Q1 sqft Proceeds From Issuance Initial Public Offering Of Spac
ProceedsFromIssuanceInitialPublicOfferingOfSPAC
132250000 USD
CY2021Q1 sqft Proceeds From Issuance Initial Public Offering Of Spac
ProceedsFromIssuanceInitialPublicOfferingOfSPAC
0 USD
CY2022Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
539056 USD
CY2021Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
-0 USD
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1298252 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
998795 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
131085492 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21996911 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4555536 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14702089 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11540917 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22494595 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6985381 USD
CY2022Q1 sqft Deferred Offering Cost Of Spac Underwriting Commission Payable
DeferredOfferingCostOfSpacUnderwritingCommissionPayable
4628750 USD
CY2021Q1 sqft Deferred Offering Cost Of Spac Underwriting Commission Payable
DeferredOfferingCostOfSpacUnderwritingCommissionPayable
0 USD
CY2022Q1 sqft Noncash Financing Items Dividends Payable
NoncashFinancingItemsDividendsPayable
179685 USD
CY2021Q1 sqft Noncash Financing Items Dividends Payable
NoncashFinancingItemsDividendsPayable
0 USD
CY2021Q2 sqft Equity Offering Maximum Gross Proceeds
EquityOfferingMaximumGrossProceeds
200000000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><b><i>Use of Estimates</i></b>. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the allocation of purchase price paid for property acquisitions between land, building and intangible assets acquired including their useful lives; valuation of long-lived assets, and the allowance for doubtful accounts, which is based on an evaluation of the tenants’ ability to pay. Actual results <em style="font: inherit;"> may </em>differ from those estimates.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
CY2022Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
13000 USD
CY2021Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
1000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
52000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
116000 USD
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17098388
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
387980
CY2022Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1100000 USD
CY2021Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1300000 USD
CY2022Q1 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
95000 USD
CY2021Q1 us-gaap Operating Lease Initial Direct Cost Expense Over Term
OperatingLeaseInitialDirectCostExpenseOverTerm
85000 USD
CY2022Q1 sqft Real Estate Investment Property And Lease Intangibles Net
RealEstateInvestmentPropertyAndLeaseIntangiblesNet
126850203 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22500000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14700000 USD
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
4600000 USD
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
4700000 USD
CY2022Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
15200000 USD
CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
7300000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4110139 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3905038 USD
CY2021Q4 sqft Real Estate Investment Property And Lease Intangibles Net
RealEstateInvestmentPropertyAndLeaseIntangiblesNet
138064936 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
205101 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4110139 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3852968 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
257171 USD
CY2022Q1 sqft Unamortized Deferred Stock Costs
UnamortizedDeferredStockCosts
75000000000 USD
CY2021Q4 sqft Unamortized Deferred Stock Costs
UnamortizedDeferredStockCosts
135000000000 USD
CY2022Q1 sqft Marketable Securities Cost Basis
MarketableSecuritiesCostBasis
1000000.0 USD
CY2021Q4 sqft Marketable Securities Cost Basis
MarketableSecuritiesCostBasis
1600000 USD
CY2022Q1 sqft Number Of States Real Estate Property Is Located
NumberOfStatesRealEstatePropertyIsLocated
3 pure
CY2022Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
59407 USD
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
73130 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
150272 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
17526 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
17526 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
15670 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4107 USD
CY2022Q1 sqft Finitelived Intangible Asset Expected Amortization After Year Four
FinitelivedIntangibleAssetExpectedAmortizationAfterYearFour
0 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
205101 USD
CY2022Q1 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
NumberOfPubliclyTradedREITSsInWhichCommonSharesAreOwned
13 pure
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
975176 USD
CY2021Q4 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
NumberOfPubliclyTradedREITSsInWhichCommonSharesAreOwned
19 pure
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1529185 USD
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
1514483 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
9737270 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
6914924 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
19286588 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
28782213 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
16644086 USD
CY2022Q1 sqft Longterm Debt Maturities Repayments Of Principal After Year Four
LongtermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
12147672 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
93512753 USD
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 sqft Maximum Individual Common Stock Ownership Percentage
MaximumIndividualCommonStockOwnershipPercentage
0.098 pure
CY2012Q1 sqft Registered Shares Of Common Stock Pursuant To Dividend Reinvestment Plan
RegisteredSharesOfCommonStockPursuantToDividendReinvestmentPlan
3000000
CY2012Q1 sqft Common Stock Percentage Of Purchase Price Per Share
CommonStockPercentageOfPurchasePricePerShare
0.95 pure
CY2012Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
19.00
CY2012Q1 sqft Payment Of Sales Commission Or Dealer Manager Fee
PaymentOfSalesCommissionOrDealerManagerFee
0 USD
CY2012Q1 sqft Notice Period For Amendments To Dividend Reinvestment Plan
NoticePeriodForAmendmentsToDividendReinvestmentPlan
P30D
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
17400000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
917074
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 USD
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 pure
CY2022Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1583691 USD
CY2021Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1537265 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1339225 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1428934 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
1017713 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
1584394 USD
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2021Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
10000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
73605 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-32785 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
265239 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50199 USD
CY2022Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1522785 USD
CY2021Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
-1161328 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
380190 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-2255074 USD
CY2022Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
319737 USD
CY2021Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
100765 USD
CY2022Q1 sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
2747627 USD
CY2021Q1 sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
100765 USD

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