$TLCC
Twinlab Consolidated Holdings Inc

2018 Q1 Form 10-Q Financial Statement

#000143774918010030 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $19.67M $24.10M
YoY Change -18.4% 16.89%
Cost Of Revenue $15.59M $17.50M
YoY Change -10.91% 1.77%
Gross Profit $4.075M $6.600M
YoY Change -38.26% 92.87%
Gross Profit Margin 20.72% 27.39%
Selling, General & Admin $8.722M $6.595M
YoY Change 32.25% -33.53%
% of Gross Profit 214.04% 99.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $674.0K $810.0K
YoY Change -16.79% 24.81%
% of Gross Profit 16.54% 12.27%
Operating Expenses $8.722M $6.595M
YoY Change 32.25% -49.78%
Operating Profit -$4.647M $5.000K
YoY Change -93040.0% -100.08%
Interest Expense $2.113M $1.964M
YoY Change 7.59% 0.2%
% of Operating Profit 39280.0%
Other Income/Expense, Net -$311.0K -$2.961M
YoY Change -89.5% -137.85%
Pretax Income -$4.958M -$2.956M
YoY Change 67.73% -323.43%
Income Tax
% Of Pretax Income
Net Earnings -$4.958M -$2.956M
YoY Change 67.73% -324.11%
Net Earnings / Revenue -25.21% -12.27%
Basic Earnings Per Share -$0.02 -$0.01
Diluted Earnings Per Share -$0.03 -$0.01
COMMON SHARES
Basic Shares Outstanding 253.3M 253.0M
Diluted Shares Outstanding 265.7M 253.0M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $970.0K $2.700M
YoY Change -64.07% -79.67%
Cash & Equivalents $970.0K $2.699M
Short-Term Investments
Other Short-Term Assets $2.190M $3.450M
YoY Change -36.52% 33.2%
Inventory $17.15M $20.28M
Prepaid Expenses
Receivables $7.410M $11.05M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.72M $37.47M
YoY Change -26.03% 9.07%
LONG-TERM ASSETS
Property, Plant & Equipment $2.999M $3.318M
YoY Change -9.61% -6.93%
Goodwill $17.80M $24.10M
YoY Change -26.15% 0.0%
Intangibles $22.61M $29.61M
YoY Change -23.67%
Long-Term Investments
YoY Change
Other Assets $1.756M $1.740M
YoY Change 0.92% 17.89%
Total Long-Term Assets $45.16M $58.77M
YoY Change -23.16% -3.73%
TOTAL ASSETS
Total Short-Term Assets $27.72M $37.47M
Total Long-Term Assets $45.16M $58.77M
Total Assets $72.87M $96.24M
YoY Change -24.28% 0.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.758M $9.258M
YoY Change 5.4% -41.26%
Accrued Expenses $12.80M $10.60M
YoY Change 20.75% 1.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $72.75M $14.51M
YoY Change 401.54% -10.85%
Total Short-Term Liabilities $100.3M $41.81M
YoY Change 139.83% -31.05%
LONG-TERM LIABILITIES
Long-Term Debt $3.130M $52.82M
YoY Change -94.07% 75.19%
Other Long-Term Liabilities $1.530M $1.690M
YoY Change -9.47% -8.65%
Total Long-Term Liabilities $4.657M $55.46M
YoY Change -91.6% 73.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.3M $41.81M
Total Long-Term Liabilities $4.657M $55.46M
Total Liabilities $104.9M $97.28M
YoY Change 7.87% 5.0%
SHAREHOLDERS EQUITY
Retained Earnings -$258.9M -$227.4M
YoY Change 13.85% 2.23%
Common Stock $388.0K $388.0K
YoY Change 0.0% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $500.0K $500.0K
YoY Change 0.0% -0.2%
Treasury Stock Shares $134.8M $134.8M
Shareholders Equity -$32.06M -$1.037M
YoY Change
Total Liabilities & Shareholders Equity $72.87M $96.24M
YoY Change -24.28% 0.88%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$4.958M -$2.956M
YoY Change 67.73% -324.11%
Depreciation, Depletion And Amortization $674.0K $810.0K
YoY Change -16.79% 24.81%
Cash From Operating Activities -$4.236M -$6.512M
YoY Change -34.95% 49.02%
INVESTING ACTIVITIES
Capital Expenditures $47.00K $18.00K
YoY Change 161.11% -51.35%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$20.00K
YoY Change 150.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.903M 4.132M
YoY Change -5.54% -74.88%
NET CHANGE
Cash From Operating Activities -4.236M -6.512M
Cash From Investing Activities -50.00K -20.00K
Cash From Financing Activities 3.903M 4.132M
Net Change In Cash -333.0K -2.380M
YoY Change -86.01% -119.77%
FREE CASH FLOW
Cash From Operating Activities -$4.236M -$6.512M
Capital Expenditures $47.00K $18.00K
Free Cash Flow -$4.283M -$6.530M
YoY Change -34.41% 48.17%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Significant Concentration of Credit Risk</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Sales to our top <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> customers aggregated to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33%</div> of total sales for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. Sales to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of those customers were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16%</div> of total sales for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. Accounts receivable from these customers were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54%</div> of total accounts receivable as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>respectively.</div></div></div></div></div></div></div>
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4236000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6512000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-4958000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-2956000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6776000
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2956000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-311000
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2961000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4647000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5000
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1756000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1762000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
41000
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
42000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-16000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18000
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2188000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2256000
CY2018Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
4000000
CY2017Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
3267000
CY2018Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-393000
CY2017Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-1165000
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
296000
CY2017Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2030000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23802000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23757000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2999000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3169000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-114000
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-238000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-258921000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-253963000
CY2018Q1 us-gaap Revenues
Revenues
19665000
CY2017Q1 us-gaap Revenues
Revenues
24099000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8722000
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6595000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
118000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
153000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
5770181
CY2017Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-32061000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-27221000
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant management estimates include those with respect to returns and allowances, allowance for doubtful accounts, reserves for inventory obsolescence, the recoverability of long-lived assets, intangibles and goodwill and the estimated value of warrants and derivative liabilities.</div></div></div></div></div></div></div>
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265731230
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
252959714
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253275066
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
252959714

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