2023 Q2 Form 10-Q Financial Statement

#000143774923014554 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.544M $4.121M
YoY Change 5.16% -9.88%
Cost Of Revenue $1.399M $1.575M
YoY Change 3.79% -0.54%
Gross Profit $3.145M $2.547M
YoY Change 5.78% -14.82%
Gross Profit Margin 69.21% 61.79%
Selling, General & Admin $1.813M $1.965M
YoY Change 49.35% 24.05%
% of Gross Profit 57.66% 77.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.369M $1.334M
YoY Change 4.0% -0.42%
% of Gross Profit 43.53% 52.37%
Operating Expenses $4.581M $4.873M
YoY Change 18.12% 8.14%
Operating Profit -$1.436M -$2.327M
YoY Change 58.64% 53.4%
Interest Expense $1.336M $867.8K
YoY Change 23.07% -14.73%
% of Operating Profit
Other Income/Expense, Net -$167.5K $143.2K
YoY Change 582.56% -54.3%
Pretax Income $144.3K -$460.0K
YoY Change -78.69% -171.27%
Income Tax $349.1K $148.5K
% Of Pretax Income 241.88%
Net Earnings -$1.300M -$995.5K
YoY Change 346.36% 20.16%
Net Earnings / Revenue -28.6% -24.15%
Basic Earnings Per Share -$0.15 -$0.13
Diluted Earnings Per Share -$0.15 -$0.13
COMMON SHARES
Basic Shares Outstanding 13.08M 13.08M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.460M $12.84M
YoY Change -57.17% -45.29%
Cash & Equivalents $8.700M $11.90M
Short-Term Investments $759.6K $942.5K
Other Short-Term Assets $725.1K $449.2K
YoY Change -6.56% -47.9%
Inventory
Prepaid Expenses
Receivables $447.5K $48.18K
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.873M $12.39M
YoY Change -55.08% -47.45%
LONG-TERM ASSETS
Property, Plant & Equipment $137.7M $132.0M
YoY Change 15.96% 10.5%
Goodwill $2.423M $2.423M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $24.10M $24.60M
YoY Change -82.29% -81.89%
Other Assets $2.742M $3.413M
YoY Change -65.43% -59.71%
Total Long-Term Assets $169.2M $164.6M
YoY Change -36.67% -38.63%
TOTAL ASSETS
Total Short-Term Assets $9.873M $12.39M
Total Long-Term Assets $169.2M $164.6M
Total Assets $179.1M $177.0M
YoY Change -38.06% -39.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.03M $9.940M
YoY Change 27.21% 21.45%
Accrued Expenses $1.009M $1.173M
YoY Change -0.53% -20.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.22M $11.29M
YoY Change 23.84% 14.77%
LONG-TERM LIABILITIES
Long-Term Debt $103.3M $99.55M
YoY Change 10.01% 7.23%
Other Long-Term Liabilities $15.75K $17.00K
YoY Change -65.53% -71.39%
Total Long-Term Liabilities $103.4M $99.57M
YoY Change 9.98% 7.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.22M $11.29M
Total Long-Term Liabilities $103.4M $99.57M
Total Liabilities $115.6M $110.9M
YoY Change 11.29% 7.9%
SHAREHOLDERS EQUITY
Retained Earnings -$142.3M -$140.2M
YoY Change 4.82% 4.9%
Common Stock $180.4M $180.8M
YoY Change -1.51% -1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.20M $40.73M
YoY Change
Total Liabilities & Shareholders Equity $179.1M $177.0M
YoY Change -38.06% -39.35%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$1.300M -$995.5K
YoY Change 346.36% 20.16%
Depreciation, Depletion And Amortization $1.369M $1.334M
YoY Change 4.0% -0.42%
Cash From Operating Activities $24.42K -$1.628M
YoY Change -95.29% 66.43%
INVESTING ACTIVITIES
Capital Expenditures $404.0K $597.9K
YoY Change -178.71% -286.99%
Acquisitions
YoY Change
Other Investing Activities -$3.892M $110.1M
YoY Change -327.87% -190.29%
Cash From Investing Activities -$4.296M $109.6M
YoY Change -459.56% -189.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.081M -$112.5M
YoY Change -134.4% -185.86%
NET CHANGE
Cash From Operating Activities 24.42K -$1.628M
Cash From Investing Activities -4.296M $109.6M
Cash From Financing Activities 1.081M -$112.5M
Net Change In Cash -3.191M -$4.625M
YoY Change 123.52% -159.35%
FREE CASH FLOW
Cash From Operating Activities $24.42K -$1.628M
Capital Expenditures $404.0K $597.9K
Free Cash Flow -$379.5K -$2.226M
YoY Change -136.79% 238.03%

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CY2023Q1 sqft Proceeds From Issuance Initial Public Offering Of Spac
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 sqft Deferred Offering Cost Of Spac Underwriting Commission Payable
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CY2023Q1 sqft Noncash Financing Items Accrued Excise Tax On Spac Redemptions
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CY2023Q1 sqft Future Principal Mortgage Notes Payables Due
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CY2023Q1 sqft Excise Tax Liability On Spac Redemptions Percentage
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0.01 pure
CY2023Q1 sqft Excise Tax Liability On Spac Redemptions Amount
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<b><i>Use of Estimates</i></b>. The consolidated financial statements were prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
CY2023Q1 us-gaap Amortization Of Above And Below Market Leases
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CY2022Q1 us-gaap Amortization Of Above And Below Market Leases
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CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
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CY2022Q4 us-gaap Cash Uninsured Amount
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CY2023Q1 sqft Marketable Securities Cost Basis
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CY2022Q4 sqft Marketable Securities Cost Basis
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CY2023Q1 sqft Real Estate Investment Property And Lease Intangibles Net
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CY2022Q4 sqft Real Estate Investment Property And Lease Intangibles Net
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CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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54829 usd
CY2023Q1 us-gaap Below Market Lease Net
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16997 usd
CY2022Q4 us-gaap Below Market Lease Net
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18240 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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13144 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
15670 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4107 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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50447 usd
CY2023Q1 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
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20 pure
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
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2086 usd
CY2023Q1 us-gaap Marketable Securities
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942530 usd
CY2022Q4 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
NumberOfPubliclyTradedREITSsInWhichCommonSharesAreOwned
18 pure
CY2022Q4 us-gaap Investments Fair Value Disclosure
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CY2022Q4 us-gaap Marketable Securities
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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4444852 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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16791722 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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438572 usd
CY2023Q1 sqft Longterm Debt Maturity After Year Four
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17611262 usd
CY2023Q1 us-gaap Debt Instrument Carrying Amount
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100383930 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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5200000 usd
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0.098 pure
CY2012Q1 sqft Registered Shares Of Common Stock Pursuant To Dividend Reinvestment Plan
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3000000
CY2012Q1 sqft Common Stock Percentage Of Purchase Price Per Share
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0.95 pure
CY2012Q1 us-gaap Shares Issued Price Per Share
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19.00
CY2012Q1 sqft Payment Of Sales Commission Or Dealer Manager Fee
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0 usd
CY2012Q1 sqft Notice Period For Amendments To Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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917074
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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300000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2400000 usd
CY2023Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1964620 usd
CY2022Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1583691 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
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1333574 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1339225 usd
CY2023Q1 us-gaap Interest Expense
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867767 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
1017713 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
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742117 usd
CY2022Q1 us-gaap Other Nonoperating Income Expense
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73605 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
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148453 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
265239 usd
CY2023Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
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417337 usd
CY2022Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1522785 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-608459 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
380190 usd
CY2023Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
597873 usd
CY2022Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
319737 usd
CY2023Q1 sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
5637328 usd
CY2022Q1 sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
2747627 usd

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