$VIDE
VIDEO DISPLAY CORP

2020 Q2 Form 10-Q Financial Statement

#000119312520192895 Filed on July 15, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $3.705M $2.709M
YoY Change 36.77% -32.63%
Cost Of Revenue $2.727M $2.284M
YoY Change 19.4% -24.5%
Gross Profit $978.0K $425.0K
YoY Change 130.12% -57.33%
Gross Profit Margin 26.4% 15.69%
Selling, General & Admin $1.203M $1.034M
YoY Change 16.34% -5.14%
% of Gross Profit 123.01% 243.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $56.00K
YoY Change 7.14% -9.68%
% of Gross Profit 6.13% 13.18%
Operating Expenses $1.203M $1.034M
YoY Change 16.34% -5.14%
Operating Profit -$225.0K -$609.0K
YoY Change -63.05% 547.87%
Interest Expense -$25.00K $2.000K
YoY Change -1350.0% -105.0%
% of Operating Profit
Other Income/Expense, Net $217.0K $283.0K
YoY Change -23.32% 91.22%
Pretax Income -$8.000K -$326.0K
YoY Change -97.55% -703.7%
Income Tax
% Of Pretax Income
Net Earnings -$8.000K -$326.0K
YoY Change -97.55% -703.7%
Net Earnings / Revenue -0.22% -12.03%
Basic Earnings Per Share $0.00 -$0.06
Diluted Earnings Per Share $0.00 -$0.06
COMMON SHARES
Basic Shares Outstanding 5.878M 5.878M
Diluted Shares Outstanding 5.878M 5.878M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.237M $620.0K
YoY Change 99.52% 129.63%
Cash & Equivalents $1.225M $609.0K
Short-Term Investments $12.00K $11.00K
Other Short-Term Assets $478.0K $871.0K
YoY Change -45.12% 988.75%
Inventory $4.009M $3.257M
Prepaid Expenses
Receivables $654.0K $1.357M
Other Receivables $134.0K $214.0K
Total Short-Term Assets $7.167M $6.319M
YoY Change 13.42% -7.17%
LONG-TERM ASSETS
Property, Plant & Equipment $1.229M $1.353M
YoY Change -9.16% -3.77%
Goodwill
YoY Change
Intangibles $344.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000K $5.000K
YoY Change -60.0% -80.77%
Total Long-Term Assets $3.083M $3.483M
YoY Change -11.48% 95.67%
TOTAL ASSETS
Total Short-Term Assets $7.167M $6.319M
Total Long-Term Assets $3.083M $3.483M
Total Assets $10.25M $9.802M
YoY Change 4.57% 14.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $895.0K $1.121M
YoY Change -20.16% -31.48%
Accrued Expenses $440.0K $337.0K
YoY Change 30.56% -46.34%
Deferred Revenue $1.719M $1.245M
YoY Change 38.07%
Short-Term Debt $1.226M $0.00
YoY Change -100.0%
Long-Term Debt Due $385.0K
YoY Change
Total Short-Term Liabilities $5.222M $3.880M
YoY Change 34.59% 21.63%
LONG-TERM LIABILITIES
Long-Term Debt $603.0K
YoY Change
Other Long-Term Liabilities $971.0K $12.00K
YoY Change 7991.67% -75.51%
Total Long-Term Liabilities $1.574M $12.00K
YoY Change 13016.67% -79.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.222M $3.880M
Total Long-Term Liabilities $1.574M $12.00K
Total Liabilities $6.796M $5.465M
YoY Change 24.35% 38.25%
SHAREHOLDERS EQUITY
Retained Earnings $12.16M $13.05M
YoY Change -6.8% -2.34%
Common Stock $7.574M $7.569M
YoY Change 0.07% 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.28M $16.28M
YoY Change 0.0% 0.0%
Treasury Stock Shares $3.854M $3.854M
Shareholders Equity $3.455M $4.337M
YoY Change
Total Liabilities & Shareholders Equity $10.25M $9.802M
YoY Change 4.57% 14.15%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$8.000K -$326.0K
YoY Change -97.55% -703.7%
Depreciation, Depletion And Amortization $60.00K $56.00K
YoY Change 7.14% -9.68%
Cash From Operating Activities -$531.0K $319.0K
YoY Change -266.46% -185.52%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $88.00K
YoY Change -78.41% 1660.0%
Acquisitions
YoY Change
Other Investing Activities -$25.00K -$9.000K
YoY Change 177.78% -102.2%
Cash From Investing Activities -$44.00K -$97.00K
YoY Change -54.64% -124.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 956.0K -23.00K
YoY Change -4256.52% -140.35%
NET CHANGE
Cash From Operating Activities -531.0K 319.0K
Cash From Investing Activities -44.00K -97.00K
Cash From Financing Activities 956.0K -23.00K
Net Change In Cash 381.0K 199.0K
YoY Change 91.46% 128.74%
FREE CASH FLOW
Cash From Operating Activities -$531.0K $319.0K
Capital Expenditures $19.00K $88.00K
Free Cash Flow -$550.0K $231.0K
YoY Change -338.1% -161.11%

Facts In Submission

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CY2020Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div><div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 4. &#8211; Recent Accounting Pronouncements </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Accounting Pronouncements Recently Adopted </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;">Effective March&#160;1, 2020 we adopted Accounting Standards Update (&#8220;ASU&#8221;) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">No.&#160;2018-13,</div> Fair Value Measurement. In August 2018, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-13,&#160;Fair</div> Value Measurement (Topic <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">820-10):</div> Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement&#160;(&#8220;ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-13&#8221;),</div> which changes the fair value measurement disclosure requirements of ASC Topic 820,&#160;Fair Value Measurements and Disclosures. Under this ASU, certain disclosure requirements for fair value measurements are eliminated, amended or added. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. The guidance is effective for the Company beginning on March&#160;1, 2020 and prescribes different transition methods for the various provisions. The adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2018-13</div> did not have a material impact on the Company&#8217;s financial statements and disclosures. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements Not Yet Adopted </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;">In December 2019, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2019-12,&#160;Income</div> Taxes (Topic 740): Simplifying the Accounting for Income Taxes&#160;(&#8220;ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2019-12&#8221;),</div> which simplifies the accounting for income taxes by removing certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates. These changes aim to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing the disclosures. The guidance is effective for the Company beginning on March&#160;1, 2021 and prescribes different transition methods for the various provisions. The Company does not expect the adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2019-12</div> to have a material impact on its financial statements and related disclosures. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;">In June 2016, the FASB issued ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13,</div> Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including trade receivables. ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13</div> replaces the existing incurred loss impairment model with an expected loss model that requires the use of forward-looking information to calculate credit loss estimates. This guidance is effective for annual reporting periods beginning after December&#160;15, 2022 for smaller reporting companies, with early adoption permitted. Entities will apply the amendments using a modified retrospective approach. The Company does not expect the adoption of ASU <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">2016-13</div> to have a material impact on its financial statements and related disclosures.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5878000
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5878000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2020Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0
CY2020Q2 vide Earnings Per Share Dilutive Effect Of Stock Options
EarningsPerShareDilutiveEffectOfStockOptions
0
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5878000
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
430000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
618000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
263000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
190000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
185000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1685000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
157000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
274000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
370000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
238000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
113000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
995000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2020Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2019Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2020Q2 vide Month Of Expiry Of Sublease
MonthOfExpiryOfSublease
2022-03
CY2020Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
655000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-8000
CY2020Q2 dei Document Period End Date
DocumentPeriodEndDate
2020-05-31
CY2020Q2 dei Document Type
DocumentType
10-Q
CY2020Q2 dei Trading Symbol
TradingSymbol
VIDE
CY2020Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
5878290
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
344000
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
387000
CY2020Q2 vide Provision For Inventory Reserves
ProvisionForInventoryReserves
15000
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
143000
CY2020Q2 vide Paycheck Protection Promissory Related Loans
PaycheckProtectionPromissoryRelatedLoans
<div style="font-family: &quot;times new roman&quot;; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><div style="font-weight:bold;display:inline;width:100%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; letter-spacing: 0px; top: 0px;;display:inline;">Note 6. &#8211; Paycheck Protection Promissory (&#8220;PPP&#8221;) Related Loans&#160;</div></div></div></div><div style="text-indent: 0.34in; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On April&#160;13, 2020 our Lexel Imaging subsidiary entered into a $216,200 Paycheck Protection Promissory Note (the &#8220;PPP Loan&#8221;) with the Central Bank and on April&#160;23, 2020, Video Display Corporation entered into a $772,000 PPP Loan with the Renasant Bank. The PPP Loans were made under, and are subject to the terms and conditions of, the PPP which was established under the CARES Act and is administered by the U.S. Small Business Administration. The current terms of the loans are two years with maturity dates of April 13, 2022 and April 23, 2022 and they contain a favorable fixed annual interest rate of 1.00%. Payments of principle and interest on the PPP Loans will be deferred for the first six months of the term of the PPP Loans until October 13, 2020 and October 23, 2020, respectively. Principle and interest are payable monthly and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Under the terms of the CARES Act, recipients can apply for and receive forgiveness for all, or a portion of the loans granted under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs, mortgage interest, rent or utility costs (collectively, &#8220;Qualifying Expenses&#8221;), and on the maintenance of employee and compensation levels during <div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;<div style="display:inline;">a certain time </div></div>period following the funding of the PPP Loans. The Company has been using the proceeds of the PPP Loans for Qualifying Expenses. However, no assurance is provided that the Company will be able to obtain forgiveness of the PPP Loans in whole or in part.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of May&#160;31, 2020, $385&#160;thousand of the total $988&#160;thousand in PPP related loans is classified as a current liability on the condensed consolidated balances sheets.&#160;</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000
CY2020Q2 vide Number Of Business Merged Under Restructuring Plan
NumberOfBusinessMergedUnderRestructuringPlan
2
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M18D
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2020Q2 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2020Q2 dei Security12b Title
Security12bTitle
Common Stock
CY2020Q2 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q2 dei Entity Shell Company
EntityShellCompany
false
CY2020Q2 dei Security Exchange Name
SecurityExchangeName
NONE
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000
CY2019Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
90000
CY2020Q2 vide Proceeds From Marginal Float Borrowings
ProceedsFromMarginalFloatBorrowings
3000
CY2020Q2 vide Pay Check Protection Programme Long Term Debt Currents
PayCheckProtectionProgrammeLongTermDebtCurrents
385000
CY2020Q2 vide Pay Check Protection Programme Long Term Debt Non Currents
PayCheckProtectionProgrammeLongTermDebtNonCurrents
603000
CY2020Q2 vide Proceeds From Pay Check Protection Programm Elong Term Debt
ProceedsFromPayCheckProtectionProgrammElongTermDebt
988000
CY2020Q2 vide Pay Check Protection Programme Long Term Debt
PayCheckProtectionProgrammeLongTermDebt
988000
CY2020Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4000
CY2019Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2000
CY2020Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
43000
CY2020Q2 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
18000

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