2016 Q1 Form 10-Q Financial Statement

#000156459016019221 Filed on May 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $8.458M $5.383M
YoY Change 57.13% 37.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.660M $1.862M
YoY Change 42.87% 57.96%
% of Gross Profit
Operating Expenses $6.363M $4.890M
YoY Change 30.13% 37.21%
Operating Profit $5.984M $3.473M
YoY Change 72.29%
Interest Expense $3.389M $2.380M
YoY Change 42.4%
% of Operating Profit 56.63% 68.51%
Other Income/Expense, Net -$3.260M -$2.352M
YoY Change 38.58% 676.5%
Pretax Income
YoY Change
Income Tax $68.55K $65.81K
% Of Pretax Income
Net Earnings -$1.104M -$1.962M
YoY Change -43.73% 444.99%
Net Earnings / Revenue -13.05% -36.45%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 17.20M 16.88M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $5.372M $4.476M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $2.423M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $223.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $153.9M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$86.82M
YoY Change
Common Stock $144.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.67M
YoY Change
Total Liabilities & Shareholders Equity $223.1M
YoY Change

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$1.104M -$1.962M
YoY Change -43.73% 444.99%
Depreciation, Depletion And Amortization $2.660M $1.862M
YoY Change 42.87% 57.96%
Cash From Operating Activities $1.110M $413.4K
YoY Change 168.37% -346.16%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.519M -$5.471M
YoY Change 19.16% 1640.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.823K $97.78K
YoY Change -94.04% -76.75%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.155M 3.897M
YoY Change 6.62% -256.43%
NET CHANGE
Cash From Operating Activities 1.110M 413.4K
Cash From Investing Activities -6.519M -5.471M
Cash From Financing Activities 4.155M 3.897M
Net Change In Cash -1.255M -1.160M
YoY Change 8.13% -60.97%
FREE CASH FLOW
Cash From Operating Activities $1.110M $413.4K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2015Q1 us-gaap Profit Loss
ProfitLoss
-1829525
CY2015Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 us-gaap Interest Income Operating
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CY2015Q1 us-gaap Interest Income Operating
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CY2016Q1 us-gaap Gain Loss On Sale Of Business
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CY2015Q1 us-gaap Gain Loss On Sale Of Business
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CY2016Q1 us-gaap Income Tax Expense Benefit
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CY2015Q1 us-gaap Depreciation And Amortization
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CY2016Q1 us-gaap Revenues
Revenues
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CY2015Q1 us-gaap Increase Decrease In Restricted Cash
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CY2016Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2015Q1 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2016Q1 us-gaap Profit Loss
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CY2016Q1 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2016Q1 us-gaap Net Income Loss
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CY2016Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 netr Stock Issued During Period Value Dividends Declared Net Of Reinvested
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CY2016Q1 us-gaap Stock Repurchased And Retired During Period Value
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CY2016Q1 netr Contributed Capital Less Distributions Of Noncontrolling Interests
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CY2016Q1 netr Depreciation Amortization And Amortization Of Above Market Rents
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CY2015Q1 netr Depreciation Amortization And Amortization Of Above Market Rents
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CY2015Q1 us-gaap Depreciation And Amortization Discontinued Operations
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CY2016Q1 us-gaap Restricted Stock Expense
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CY2015Q1 us-gaap Restricted Stock Expense
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CY2016Q1 us-gaap Valuation Allowances And Reserves Deductions
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CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2016Q1 netr Amortization Of Above Market Leases
AmortizationOfAboveMarketLeases
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CY2015Q1 netr Amortization Of Above Market Leases
AmortizationOfAboveMarketLeases
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CY2016Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
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CY2015Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
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CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
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CY2016Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-302830
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2016Q1 netr Change Accrued Real Estate Taxes
ChangeAccruedRealEstateTaxes
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CY2015Q1 netr Change Accrued Real Estate Taxes
ChangeAccruedRealEstateTaxes
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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2016Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
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CY2015Q1 us-gaap Payments To Acquire Real Estate
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CY2016Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
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CY2015Q1 us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
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CY2016Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
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CY2015Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
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CY2016Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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CY2016Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
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CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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CY2015Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2016Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
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CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5636002
CY2015Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1160402
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2016Q1 netr Interest Paid Preferred Stock Series B
InterestPaidPreferredStockSeriesB
1238611
CY2015Q1 netr Interest Paid Preferred Stock Series B
InterestPaidPreferredStockSeriesB
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CY2016Q1 netr Interest Paid Mortgage Notes
InterestPaidMortgageNotes
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CY2015Q1 netr Interest Paid Mortgage Notes
InterestPaidMortgageNotes
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CY2016Q1 us-gaap Stock Issued1
StockIssued1
633934
CY2015Q1 us-gaap Stock Issued1
StockIssued1
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CY2016Q1 netr Accrual Of Dividends Payable
AccrualOfDividendsPayable
1098911
CY2015Q1 netr Accrual Of Dividends Payable
AccrualOfDividendsPayable
1006534
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates.<font style="font-weight:normal;font-style:normal;"> The preparation of financial statements in conformity 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&#8217; ability to pay. Actual results may differ from those estimates.</font></p></div>
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications.<font style="font-weight:normal;font-style:normal;"> Certain reclassifications have been made to the previously presented consolidated financial statements and condensed consolidated financial statements to conform to the current period presentation. These reclassifications had no effect on previously reported results of consolidated operations or equity.</font></p></div>
CY2016Q1 netr Number Of Limited Partnerships In Which Company Is Sole General Partner
NumberOfLimitedPartnershipsInWhichCompanyIsSoleGeneralPartner
3
CY2016Q1 netr Number Of Partnerships That Purchase And Leaseback Model Homes From Developers In Which Company Is Limited Partner
NumberOfPartnershipsThatPurchaseAndLeasebackModelHomesFromDevelopersInWhichCompanyIsLimitedPartner
4
CY2016Q1 us-gaap Key Provisions Of Operating Or Partnership Agreement Description
KeyProvisionsOfOperatingOrPartnershipAgreementDescription
The following partnership activity occurred during the periods covered by these condensed consolidated financial statements:The Company is the sole General Partner in three limited partnerships (NetREIT Palm Self-Storage LP, NetREIT Casa Grande LP and NetREIT Garden Gateway LP), all with ownership in real estate income producing properties. The Company refers to these entities collectively, as the “NetREIT Partnerships”.The Company is a limited partner in four partnerships that purchase and leaseback Model Homes from developers (“Dubose Model Home Investors #201, LP”, “Dubose Model Homes Investors #202, LP”, “Dubose Model Homes Investors #203, LP”and “NetREIT Dubose Model Home REIT, LP”). The Company refers to these entities collectively, as the “Model Home Partnerships”. The Company has determined that the entities described above, where it owns less than 100%, should be included in the Company’s consolidated financial statements as the Company directs their activities and believes that it controls these limited partnerships through NetREIT, the Parent Company.
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1200000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1800000
CY2016Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6427234
CY2016Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
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CY2016Q1 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
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CY2015Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
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CY2016Q1 netr Notes Payable Including Unamortized Cost
NotesPayableIncludingUnamortizedCost
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CY2015Q4 netr Notes Payable Including Unamortized Cost
NotesPayableIncludingUnamortizedCost
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CY2016Q1 us-gaap Unamortized Debt Issuance Expense
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CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
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CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7507042
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
9847881
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
4666429
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
115387974
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
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CY2016Q1 netr Scheduled Payments Due In Year Two
ScheduledPaymentsDueInYearTwo
16600000
CY2016Q1 netr Scheduled Payments Due In Year Three
ScheduledPaymentsDueInYearThree
18400000
CY2016Q1 netr Cash Dividends Paid Net Of Reinvested Stock Dividends
CashDividendsPaidNetOfReinvestedStockDividends
1065000
CY2015Q1 netr Cash Dividends Paid Net Of Reinvested Stock Dividends
CashDividendsPaidNetOfReinvestedStockDividends
997000
CY2016Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
CY2012Q1 netr Registered Shares Of Common Stock Pursuant To Dividend Reinvestment Plan
RegisteredSharesOfCommonStockPursuantToDividendReinvestmentPlan
1500000
CY2012Q1 netr Percentage Of Purchase Price Per Share
PercentageOfPurchasePricePerShare
0.95
CY2012Q1 netr Sales Price Per Share Of Stock
SalesPricePerShareOfStock
9.50
CY2012Q1 netr Payment Of Sales Commission Or Dealer Manager Fee
PaymentOfSalesCommissionOrDealerManagerFee
0
CY2016Q1 netr Notice Period For Amendments To Dividend Reinvestment Plan
NoticePeriodForAmendmentsToDividendReinvestmentPlan
P30D
CY2016Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
14600000
CY2016Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1533000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3473314
CY2016Q1 netr General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1298959
CY2015Q1 netr General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1154801
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2659531
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1861546
CY2016Q1 us-gaap Interest Expense
InterestExpense
3388602
CY2015Q1 us-gaap Interest Expense
InterestExpense
2379592
CY2016Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
175486
CY2015Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
78496
CY2016Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
248840940
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
238341934
CY2016Q1 netr Real Estate Acquisitions
RealEstateAcquisitions
8149537
CY2015Q1 netr Real Estate Acquisitions
RealEstateAcquisitions
4923177

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