2017 Q2 Form 10-Q Financial Statement

#000156459017017399 Filed on August 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue
YoY Change
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 $2.444M $2.500M
YoY Change -2.23% 37.74%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $5.882M $5.221M
YoY Change 12.65% 48.36%
Interest Expense $3.311M $3.501M
YoY Change -5.42% 53.83%
% of Operating Profit 56.3% 67.06%
Other Income/Expense, Net -$1.834M
YoY Change
Pretax Income
YoY Change
Income Tax $13.75K $76.15K
% Of Pretax Income
Net Earnings $19.31K -$911.4K
YoY Change -102.12% -130.68%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $8.894M $5.518M
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 0.0%
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 $252.3M
YoY Change 22.96%
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
YoY Change
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
YoY Change
Total Liabilities & Shareholders Equity
YoY Change

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $19.31K -$911.4K
YoY Change -102.12% -130.68%
Depreciation, Depletion And Amortization $2.444M $2.500M
YoY Change -2.23% 37.74%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
netr Number Of Limited Partnerships In Which Company Is Sole General Partner
NumberOfLimitedPartnershipsInWhichCompanyIsSoleGeneralPartner
2
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5287277
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-715371
us-gaap Restricted Stock Expense
RestrictedStockExpense
259068
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
-52948
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
735307
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
234140
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-402452
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
715997
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
7768755
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
2331329
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
533760
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
19312
CY2017Q2 us-gaap Profit Loss
ProfitLoss
164625
CY2016Q2 us-gaap Profit Loss
ProfitLoss
-828386
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
214828
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
21356
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-911425
us-gaap Net Income Loss
NetIncomeLoss
-994387
us-gaap Net Income Loss
NetIncomeLoss
-2015386
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17565158
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17269324
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17538020
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16979533
netr Stock Issued During Period Value Dividends Declared Net Of Reinvested
StockIssuedDuringPeriodValueDividendsDeclaredNetOfReinvested
-2436596
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
17394
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2027051
netr Contributed Capital Less Distributions Of Noncontrolling Interests
ContributedCapitalLessDistributionsOfNoncontrollingInterests
1004164
us-gaap Restricted Stock Expense
RestrictedStockExpense
273840
us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
1000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1388545
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
743291
netr Amortization Of Above Market Leases
AmortizationOfAboveMarketLeases
55663
netr Amortization Of Above Market Leases
AmortizationOfAboveMarketLeases
93136
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
167763
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-317390
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-570693
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-277060
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1368187
netr Change Accrued Real Estate Taxes
ChangeAccruedRealEstateTaxes
-991200
netr Change Accrued Real Estate Taxes
ChangeAccruedRealEstateTaxes
-805744
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2031797
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
9694785
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
1819591
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
233069
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
13942848
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1225289
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2126847
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3420692
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3219720
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
9199547
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
5514476
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
1004164
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
211173
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
17394
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
55023
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2384398
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2145717
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2721267
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1395504
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2731222
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1108219
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6626423
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5518204
netr Interest Paid Preferred Stock Series B
InterestPaidPreferredStockSeriesB
2242605
netr Interest Paid Preferred Stock Series B
InterestPaidPreferredStockSeriesB
3990611
netr Interest Paid Mortgage Notes
InterestPaidMortgageNotes
3732411
netr Interest Paid Mortgage Notes
InterestPaidMortgageNotes
3705826
us-gaap Stock Issued1
StockIssued1
1107870
us-gaap Stock Issued1
StockIssued1
1258904
netr Accrual Of Dividends Payable
AccrualOfDividendsPayable
1224122
netr Accrual Of Dividends Payable
AccrualOfDividendsPayable
1144320
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
9063146
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
8233285
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5159161
CY2017Q2 us-gaap Interest Expense
InterestExpense
3311421
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>
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>
netr Number Of Partnerships That Purchase And Lease Back Model Homes From Developers In Which Company Is Limited Partner
NumberOfPartnershipsThatPurchaseAndLeaseBackModelHomesFromDevelopersInWhichCompanyIsLimitedPartner
4
us-gaap Key Provisions Of Operating Or Partnership Agreement Description
KeyProvisionsOfOperatingOrPartnershipAgreementDescription
The Company operates in the following partnerships during the periods covered by these condensed consolidated financial statements: The Company is the sole General Partner in two limited partnerships (NetREIT Palm Self-Storage LP and NetREIT Casa Grande LP), all with ownership in real estate income producing properties. The Company refers to these entities collectively, as the “NetREIT Partnerships”. In June 2016, the Company purchased the 5.99% outside interest in NetREIT Garden Gateway LP. The Company is the general and limited partner in four partnerships that purchase and lease back 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.
CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8501656
CY2017Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4881424
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7944757
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5866534
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
749854
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
1320270
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
1066827
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
850757
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
554344
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Rolling After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingAfterYearFive
339372
CY2017Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
415182
CY2016Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
455632
CY2017Q2 netr Notes Payable Including Unamortized Cost
NotesPayableIncludingUnamortizedCost
161781671
CY2016Q4 netr Notes Payable Including Unamortized Cost
NotesPayableIncludingUnamortizedCost
160828604
CY2017Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1829607
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1942493
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1597374
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3881723
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18780323
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
29358104
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
14494462
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
93669685
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
161781671
netr Preferred Stock Extend Redemption Date
PreferredStockExtendRedemptionDate
2019-08-01
netr Preferred Stock Redemption Extension Fee
PreferredStockRedemptionExtensionFee
153500
netr Cash Dividends Paid Net Of Reinvested Stock Dividends
CashDividendsPaidNetOfReinvestedStockDividends
2384000
netr Cash Dividends Paid Net Of Reinvested Stock Dividends
CashDividendsPaidNetOfReinvestedStockDividends
2145000
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
3000000
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
netr Notice Period For Amendments To Dividend Reinvestment Plan
NoticePeriodForAmendmentsToDividendReinvestmentPlan
P30D
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
16900000
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
1777469
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5882011
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5221261
us-gaap Operating Income Loss
OperatingIncomeLoss
11491436
us-gaap Operating Income Loss
OperatingIncomeLoss
11179927
CY2017Q2 netr General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1439820
CY2016Q2 netr General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
1232319
netr General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
2629837
netr General And Administrative Expense Including Income Tax Expense Benefit
GeneralAndAdministrativeExpenseIncludingIncomeTaxExpenseBenefit
2462730
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2443817
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2499630
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4947333
CY2016Q2 us-gaap Interest Expense
InterestExpense
3501199
us-gaap Interest Expense
InterestExpense
6627617
us-gaap Interest Expense
InterestExpense
6864243
CY2017Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1485589
CY2016Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1213060
CY2017Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
238595388
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
246969993
netr Real Estate Acquisitions
RealEstateAcquisitions
11514376
netr Real Estate Acquisitions
RealEstateAcquisitions
10100084

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