$TLCC
Twinlab Consolidated Holdings Inc

2019 Q1 Form 10-Q Financial Statement

#000143774919010104 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $19.97M $19.67M
YoY Change 1.56% -18.4%
Cost Of Revenue $17.72M $15.59M
YoY Change 13.63% -10.91%
Gross Profit $2.256M $4.075M
YoY Change -44.64% -38.26%
Gross Profit Margin 11.3% 20.72%
Selling, General & Admin $7.042M $8.722M
YoY Change -19.26% 32.25%
% of Gross Profit 312.15% 214.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $567.0K $674.0K
YoY Change -15.88% -16.79%
% of Gross Profit 25.13% 16.54%
Operating Expenses $7.042M $8.722M
YoY Change -19.26% 32.25%
Operating Profit -$4.786M -$4.647M
YoY Change 2.99% -93040.0%
Interest Expense $2.718M $2.113M
YoY Change 28.63% 7.59%
% of Operating Profit
Other Income/Expense, Net -$3.998M -$311.0K
YoY Change 1185.53% -89.5%
Pretax Income -$8.784M -$4.958M
YoY Change 77.17% 67.73%
Income Tax
% Of Pretax Income
Net Earnings -$8.784M -$4.958M
YoY Change 77.17% 67.73%
Net Earnings / Revenue -43.98% -25.21%
Basic Earnings Per Share -$0.03 -$0.02
Diluted Earnings Per Share -$0.03 -$0.03
COMMON SHARES
Basic Shares Outstanding 255.6M 253.3M
Diluted Shares Outstanding 255.6M 265.7M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.672M $970.0K
YoY Change 72.37% -64.07%
Cash & Equivalents $1.672M $970.0K
Short-Term Investments
Other Short-Term Assets $6.753M $2.190M
YoY Change 208.36% -36.52%
Inventory $6.969M $17.15M
Prepaid Expenses $6.753M
Receivables $11.64M $7.410M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.04M $27.72M
YoY Change -2.45% -26.03%
LONG-TERM ASSETS
Property, Plant & Equipment $929.0K $2.999M
YoY Change -69.02% -9.61%
Goodwill $17.80M $17.80M
YoY Change 0.0% -26.15%
Intangibles $20.93M $22.61M
YoY Change -7.41% -23.67%
Long-Term Investments
YoY Change
Other Assets $1.702M $1.756M
YoY Change -3.08% 0.92%
Total Long-Term Assets $41.36M $45.16M
YoY Change -8.42% -23.16%
TOTAL ASSETS
Total Short-Term Assets $27.04M $27.72M
Total Long-Term Assets $41.36M $45.16M
Total Assets $68.39M $72.87M
YoY Change -6.15% -24.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.691M $9.758M
YoY Change -0.69% 5.4%
Accrued Expenses $16.10M $12.80M
YoY Change 25.76% 20.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $73.36M $72.75M
YoY Change 0.84% 401.54%
Total Short-Term Liabilities $104.1M $100.3M
YoY Change 3.85% 139.83%
LONG-TERM LIABILITIES
Long-Term Debt $15.00M $3.130M
YoY Change 379.23% -94.07%
Other Long-Term Liabilities $1.297M $1.530M
YoY Change -15.23% -9.47%
Total Long-Term Liabilities $16.30M $4.657M
YoY Change 249.95% -91.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.1M $100.3M
Total Long-Term Liabilities $16.30M $4.657M
Total Liabilities $120.4M $104.9M
YoY Change 14.77% 7.87%
SHAREHOLDERS EQUITY
Retained Earnings -$283.2M -$258.9M
YoY Change 9.36% 13.85%
Common Stock $390.0K $388.0K
YoY Change 0.52% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $500.0K $500.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares $134.8M $134.8M
Shareholders Equity -$52.04M -$32.06M
YoY Change
Total Liabilities & Shareholders Equity $68.39M $72.87M
YoY Change -6.15% -24.28%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$8.784M -$4.958M
YoY Change 77.17% 67.73%
Depreciation, Depletion And Amortization $567.0K $674.0K
YoY Change -15.88% -16.79%
Cash From Operating Activities -$6.474M -$4.236M
YoY Change 52.83% -34.95%
INVESTING ACTIVITIES
Capital Expenditures $47.00K
YoY Change 161.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$50.00K
YoY Change -100.0% 150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.920M 3.903M
YoY Change -50.81% -5.54%
NET CHANGE
Cash From Operating Activities -6.474M -4.236M
Cash From Investing Activities 0.000 -50.00K
Cash From Financing Activities 1.920M 3.903M
Net Change In Cash -4.554M -333.0K
YoY Change 1267.57% -86.01%
FREE CASH FLOW
Cash From Operating Activities -$6.474M -$4.236M
Capital Expenditures $47.00K
Free Cash Flow -$6.474M -$4.283M
YoY Change 51.16% -34.41%

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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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;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 7.2pt;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;">38%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27%</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, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</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;">14%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</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, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. A single customer represents <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> of total accounts receivable as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>respectively, and is a related party through a director who sits on both the Company&#x2019;s board and that of the customer.</div></div></div></div></div>
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NetIncomeLossAvailableToCommonStockholdersDiluted
-8784000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6776000
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
47000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3998000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-311000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4786000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4647000
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1702000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1720000
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
27000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
41000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-17000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-16000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
500000000
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6753000
CY2018Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6560000
CY2019Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
CY2018Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
4000000
CY2019Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-63000
CY2018Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-393000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
1983000
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
296000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10942000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10942000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
929000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1117000
CY2019Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1054000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-114000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-283155000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-274372000
CY2019Q1 us-gaap Revenues
Revenues
19971000
CY2018Q1 us-gaap Revenues
Revenues
19665000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
118000
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7042000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8722000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
118000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7194412
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-52043000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-43887000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-27221000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-32061000
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
134806051
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
500000
CY2019Q1 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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;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 7.2pt;text-align:left;">The preparation of financial statements in conformity with GAAP 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>
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255643828
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265731230
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
255643828
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253275066

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