2024 Q1 Form 10-Q Financial Statement

#000143774924016619 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $4.790M $4.486M
YoY Change 16.22% 0.17%
Cost Of Revenue $1.564M $1.510M
YoY Change -0.72% 2.35%
Gross Profit $3.226M $2.976M
YoY Change 26.7% -0.9%
Gross Profit Margin 67.36% 66.33%
Selling, General & Admin $2.084M $1.377M
YoY Change 6.1% -25.85%
% of Gross Profit 64.6% 46.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.351M $1.376M
YoY Change 1.31% -7.76%
% of Gross Profit 41.87% 46.23%
Operating Expenses $5.095M $2.749M
YoY Change 4.54% -17.91%
Operating Profit -$1.868M $227.1K
YoY Change -19.71% -165.7%
Interest Expense $1.515M -$7.063M
YoY Change 74.61% -12752.31%
% of Operating Profit -3109.32%
Other Income/Expense, Net -$3.433M
YoY Change -2496.96%
Pretax Income -$3.658M -$9.137M
YoY Change 695.25% -1347.4%
Income Tax $79.57K -$967.9K
% Of Pretax Income
Net Earnings -$5.242M -$9.568M
YoY Change 426.51% 1126.56%
Net Earnings / Revenue -109.43% -213.28%
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share -$0.47 -$0.81
COMMON SHARES
Basic Shares Outstanding 12.29M 13.13M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.200M $6.510M
YoY Change -43.94% -62.36%
Cash & Equivalents $7.200M $6.500M
Short-Term Investments $0.00 $45.15K
Other Short-Term Assets $444.1K $349.2K
YoY Change -1.14% -43.65%
Inventory
Prepaid Expenses
Receivables $260.0K $694.9K
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.764M $7.554M
YoY Change -61.55% -56.09%
LONG-TERM ASSETS
Property, Plant & Equipment $130.0M $138.7M
YoY Change -1.48% 7.96%
Goodwill $1.574M $1.574M
YoY Change -35.04% -35.04%
Intangibles
YoY Change
Long-Term Investments $14.46M $18.36M
YoY Change -41.23% -86.66%
Other Assets $10.29M $7.432M
YoY Change 201.38% 110.36%
Total Long-Term Assets $158.7M $168.4M
YoY Change -3.57% -38.57%
TOTAL ASSETS
Total Short-Term Assets $4.764M $7.554M
Total Long-Term Assets $158.7M $168.4M
Total Assets $163.5M $176.0M
YoY Change -7.63% -39.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.077M $4.792M
YoY Change -58.99% -47.2%
Accrued Expenses $1.260M $1.969M
YoY Change 7.48% 2.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.511M $6.935M
YoY Change -51.19% -37.97%
LONG-TERM LIABILITIES
Long-Term Debt $102.3M $107.7M
YoY Change 2.76% 11.16%
Other Long-Term Liabilities $12.02K $13.27K
YoY Change -29.29% -27.25%
Total Long-Term Liabilities $102.3M $107.7M
YoY Change 2.75% 11.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.511M $6.935M
Total Long-Term Liabilities $102.3M $107.7M
Total Liabilities $107.8M $114.7M
YoY Change -2.74% 6.07%
SHAREHOLDERS EQUITY
Retained Earnings -$137.3M -$131.5M
YoY Change -2.06% -4.94%
Common Stock $182.5M $182.3M
YoY Change 0.98% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.39M $50.93M
YoY Change
Total Liabilities & Shareholders Equity $163.5M $176.0M
YoY Change -7.63% -39.6%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$5.242M -$9.568M
YoY Change 426.51% 1126.56%
Depreciation, Depletion And Amortization $1.351M $1.376M
YoY Change 1.31% -7.76%
Cash From Operating Activities -$1.134M $999.8K
YoY Change -30.34% -204.21%
INVESTING ACTIVITIES
Capital Expenditures $1.032M $3.843M
YoY Change 72.69% 2190.3%
Acquisitions
YoY Change
Other Investing Activities $10.45M -$4.016M
YoY Change -90.51% 68.62%
Cash From Investing Activities $9.418M -$7.859M
YoY Change -91.4% 208.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$7.635M 5.583M
YoY Change -93.22% 283.28%
NET CHANGE
Cash From Operating Activities -$1.134M 999.8K
Cash From Investing Activities $9.418M -7.859M
Cash From Financing Activities -$7.635M 5.583M
Net Change In Cash $649.0K -1.276M
YoY Change -114.03% -37.81%
FREE CASH FLOW
Cash From Operating Activities -$1.134M $999.8K
Capital Expenditures $1.032M $3.843M
Free Cash Flow -$2.167M -$2.843M
YoY Change -2.67% 152.22%

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<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: justify;"><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. Significant estimates include the allocation of purchase price paid for property acquisitions between the components of 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 could differ from those estimates.</p> <p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: justify;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt; text-align: justify;"></p>
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1200 usd
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124822 usd
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105821 usd
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4 pure
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RestrictedCash
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RestrictedCash
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CashUninsuredAmount
1800000 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
700000 usd
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UnamortizedDeferredStockCosts
21750 usd
CY2023Q4 sqft Unamortized Deferred Stock Costs
UnamortizedDeferredStockCosts
5000 usd
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4 pure
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7500000 usd
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5 pure
CY2024Q1 sqft Real Estate Investment Property And Lease Intangibles Net
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144155784 usd
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3776654 usd
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3743733 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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32921 usd
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4110139 usd
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4072836 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
37303 usd
CY2024Q1 us-gaap Below Market Lease Net
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12022 usd
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
13266 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
13145 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
15669 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4107 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
32921 usd
CY2024Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
2065691 usd
CY2023Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
1973887 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
444085 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
349160 usd
CY2024Q1 us-gaap Notes Receivable Net
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316374 usd
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316374 usd
CY2024Q1 us-gaap Accounts Receivable Net
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5000 usd
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7872 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15649 usd
CY2024Q1 us-gaap Marketable Securities
MarketableSecurities
0 usd
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MarketableSecurities
45149 usd
CY2024Q1 us-gaap Other Assets Miscellaneous
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3115782 usd
CY2023Q4 us-gaap Other Assets Miscellaneous
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3400088 usd
CY2024Q1 sqft Number Of Publicly Traded Reit Ss In Which Common Shares Are Owned
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3 pure
CY2024Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
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2084450 usd
CY2024Q1 sqft Number Of Publicly Traded Rei Ts In Which Options Are Owned
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0 pure
CY2024Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
45149 usd
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45149 usd
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MortgageNotesPayableNet
102292697 usd
CY2023Q4 sqft Mortgage Notes Payable Net
MortgageNotesPayableNet
107713273 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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17042894 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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9879273 usd
CY2024Q1 sqft Longterm Debt Maturities Repayments Of Principal After Year Four
LongtermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
19309438 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
102974381 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1000000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Current And Noncurrent
EquitySecuritiesFvNiCurrentAndNoncurrent
14500000 usd
CY2024Q1 us-gaap Equity Securities Fv Ni Cost
EquitySecuritiesFvNiCost
7500000 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2024Q1 sqft Maximum Individual Common Stock Ownership Percentage
MaximumIndividualCommonStockOwnershipPercentage
0.098 pure
CY2024Q1 sqft Number Of Limited Partnerships In Which Company Is Sole General Partner
NumberOfLimitedPartnershipsInWhichCompanyIsSoleGeneralPartner
5 pure
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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2500000 usd
CY2023Q1 sqft General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1964620 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1351018 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1333574 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
1515206 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
867767 usd
CY2024Q1 us-gaap Deconsolidation Gain Or Loss Amount
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0 usd
CY2023Q1 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
0 usd
CY2024Q1 us-gaap Other Nonoperating Income Expense
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4646 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
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742117 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
79565 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
148453 usd
CY2024Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2018095 usd
CY2023Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
417337 usd
CY2024Q1 us-gaap Profit Loss
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-3737795 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-608459 usd
CY2024Q1 sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
3270944 usd
CY2023Q1 sqft Real Estate Acquisitions And Improvements
RealEstateAcquisitionsAndImprovements
5637328 usd

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