2015 Q3 Form 10-Q Financial Statement

#000152754115000166 Filed on August 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $7.230M $6.010M $3.634M
YoY Change 106.18% 65.39% 123.07%
Cost Of Revenue $2.120M $1.850M $800.0K
YoY Change 92.73% 131.25% 185.71%
Gross Profit $5.110M $4.230M $1.510M
YoY Change 112.03% 180.13% 12.69%
Gross Profit Margin 70.68% 70.39% 41.56%
Selling, General & Admin $5.200M $3.740M $1.350M
YoY Change 72.19% 177.04% -13.46%
% of Gross Profit 101.76% 88.42% 89.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.479M $1.152M $1.730M
YoY Change -0.09% -33.38% 71.29%
% of Gross Profit 28.94% 27.25% 114.57%
Operating Expenses $12.31M $9.482M $4.002M
YoY Change 100.65% 136.91% 56.04%
Operating Profit -$5.078M -$3.473M -$368.8K
YoY Change 93.28% 841.62% -60.6%
Interest Expense $2.328M $1.979M $1.537M
YoY Change 56.09% 28.81% 244.47%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.376M -$5.380M -$2.140M
YoY Change 79.07% 151.39% 55.07%
Income Tax
% Of Pretax Income
Net Earnings -$6.730M -$4.855M -$1.824M
YoY Change 91.49% 166.18% 43.51%
Net Earnings / Revenue -93.09% -80.79% -50.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$850.8K -$2.209M -$1.896M
COMMON SHARES
Basic Shares Outstanding 65.92M shares 7.842M shares 7.216M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.000M $49.20M $16.20M
YoY Change -59.8% 203.7% 1700.0%
Cash & Equivalents $7.781M $49.02M $16.24M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.143M $2.194M $1.663M
Other Receivables
Total Short-Term Assets $10.10M $51.40M $17.90M
YoY Change -53.46% 187.15% 952.94%
LONG-TERM ASSETS
Property, Plant & Equipment $238.2M $192.9M $100.6M
YoY Change 73.24% 91.75% 94.21%
Goodwill $5.486M $5.486M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.10M $45.70M $12.00M
YoY Change 457.86% 280.83% 185.71%
Total Long-Term Assets $328.9M $249.8M $122.3M
YoY Change 97.48% 104.3% 101.64%
TOTAL ASSETS
Total Short-Term Assets $10.10M $51.40M $17.90M
Total Long-Term Assets $328.9M $249.8M $122.3M
Total Assets $339.0M $301.2M $140.2M
YoY Change 80.09% 114.88% 124.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.200M $8.200M $3.400M
YoY Change 73.58% 141.18% 142.86%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.200M $8.200M $3.400M
YoY Change 73.58% 141.18% 142.86%
LONG-TERM LIABILITIES
Long-Term Debt $186.3M $163.8M $95.20M
YoY Change 43.53% 72.06% 138.6%
Other Long-Term Liabilities $30.20M $5.000M $2.600M
YoY Change 9966.67% 92.31% -23.53%
Total Long-Term Liabilities $216.5M $168.8M $97.80M
YoY Change 66.41% 72.6% 125.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.200M $8.200M $3.400M
Total Long-Term Liabilities $216.5M $168.8M $97.80M
Total Liabilities $225.7M $177.1M $101.2M
YoY Change 66.62% 74.96% 107.04%
SHAREHOLDERS EQUITY
Retained Earnings -$134.1M -$108.5M -$16.27M
YoY Change 519.41% 566.97% 101.58%
Common Stock $661.5K $544.2K $74.22K
YoY Change 789.11% 633.23% 124.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.9M $114.1M $32.09M
YoY Change
Total Liabilities & Shareholders Equity $339.0M $301.2M $140.2M
YoY Change 80.09% 114.88% 124.86%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$6.730M -$4.855M -$1.824M
YoY Change 91.49% 166.18% 43.51%
Depreciation, Depletion And Amortization $1.479M $1.152M $1.730M
YoY Change -0.09% -33.38% 71.29%
Cash From Operating Activities $7.320M -$5.420M -$1.680M
YoY Change -336.13% 222.62% 35.48%
INVESTING ACTIVITIES
Capital Expenditures -$42.13M -$14.70M -$150.0K
YoY Change 268.91% 9700.0% -96.39%
Acquisitions
YoY Change
Other Investing Activities -$320.0K -$1.110M
YoY Change
Cash From Investing Activities -$42.45M -$15.81M -$150.0K
YoY Change 271.72% 10440.0% -96.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.100M -10.59M 15.94M
YoY Change -133.63% -166.44% 206.54%
NET CHANGE
Cash From Operating Activities 7.320M -5.420M -1.680M
Cash From Investing Activities -42.45M -15.81M -150.0K
Cash From Financing Activities -6.100M -10.59M 15.94M
Net Change In Cash -41.23M -31.82M 14.11M
YoY Change -1238.95% -325.51% -7155.0%
FREE CASH FLOW
Cash From Operating Activities $7.320M -$5.420M -$1.680M
Capital Expenditures -$42.13M -$14.70M -$150.0K
Free Cash Flow $49.45M $9.280M -$1.530M
YoY Change 494.35% -706.54% -152.4%

Facts In Submission

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CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
4002498 USD
us-gaap Operating Expenses
OperatingExpenses
7543600 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
9781007 USD
us-gaap Operating Expenses
OperatingExpenses
17377873 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-368804 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-245754 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3077646 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-4922371 USD
CY2015Q2 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
117510153 USD
CY2014Q2 us-gaap Professional Fees
ProfessionalFees
755423 USD
us-gaap Professional Fees
ProfessionalFees
1154113 USD
CY2015Q2 us-gaap Professional Fees
ProfessionalFees
978034 USD
us-gaap Professional Fees
ProfessionalFees
1366267 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-1905441 USD
CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
2999290 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
5948100 USD
CY2015Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
4910403 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
9291008 USD
CY2014Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
5130625 USD
CY2015Q2 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
8227725 USD
CY2014Q4 us-gaap Other Assets
OtherAssets
404618 USD
CY2015Q2 us-gaap Other Assets
OtherAssets
358321 USD
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
634404 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1349746 USD
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1560057 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2610402 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 USD
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
1327656 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
2012149 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
5666047 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
0 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
19013503 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
187507 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
230365 USD
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
0 USD
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
6979562 USD
CY2014Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
423555 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
464258 USD
CY2015Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8334102 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
10836325 USD
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1595900 shares
us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
18671378 USD
us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
83415894 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2160000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-476531 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-394459 USD
us-gaap Profit Loss
ProfitLoss
-3151329 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-5295238 USD
us-gaap Profit Loss
ProfitLoss
-9518427 USD
CY2014Q2 us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
0 USD
us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
0 USD
CY2015Q2 us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
121184 USD
us-gaap Property Management Fee Revenue
PropertyManagementFeeRevenue
333482 USD
CY2014Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-28032 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-28032 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
160627402 USD
CY2015Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
203709895 USD
CY2015Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
54538 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
101736 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
8376416 USD
CY2015Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
10764762 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
152250986 USD
CY2015Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
192945133 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1443588 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
6725105 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-27660234 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-108544140 USD
CY2014Q2 us-gaap Revenues
Revenues
3633694 USD
us-gaap Revenues
Revenues
7297846 USD
CY2015Q2 us-gaap Revenues
Revenues
6703361 USD
us-gaap Revenues
Revenues
12455502 USD
CY2014Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
100000 USD
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
100000 USD
CY2015Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
1137615 USD
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
1793432 USD
CY2014Q4 us-gaap Secured Debt
SecuredDebt
141450143 USD
CY2015Q2 us-gaap Secured Debt
SecuredDebt
163826466 USD
us-gaap Share Based Compensation
ShareBasedCompensation
145000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
451300 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
316906 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
195000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
77260 shares
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
1327656 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
86415894 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
195000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
42570259 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
114099591 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
53123427 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
124090266 USD
CY2014Q2 us-gaap Taxes And Licenses
TaxesAndLicenses
47473 USD
us-gaap Taxes And Licenses
TaxesAndLicenses
109633 USD
CY2015Q2 us-gaap Taxes And Licenses
TaxesAndLicenses
15872 USD
us-gaap Taxes And Licenses
TaxesAndLicenses
105998 USD
CY2014Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
85212 USD
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
123541 USD
CY2015Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
265612 USD
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
428679 USD
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7329788 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7258068 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17594873 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
12727710 shares
CY2014Q2 whlr Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
-2111898 USD
whlr Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
-3490619 USD
CY2015Q2 whlr Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
-4884410 USD
whlr Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
-8767148 USD
CY2014Q2 whlr Business Acquisitions Pro Forma Net Income Loss Availableto Common Shareholders
BusinessAcquisitionsProFormaNetIncomeLossAvailabletoCommonShareholders
-2535553 USD
whlr Business Acquisitions Pro Forma Net Income Loss Availableto Common Shareholders
BusinessAcquisitionsProFormaNetIncomeLossAvailabletoCommonShareholders
-3954877 USD
CY2015Q2 whlr Business Acquisitions Pro Forma Net Income Loss Availableto Common Shareholders
BusinessAcquisitionsProFormaNetIncomeLossAvailabletoCommonShareholders
-72738512 USD
whlr Business Acquisitions Pro Forma Net Income Loss Availableto Common Shareholders
BusinessAcquisitionsProFormaNetIncomeLossAvailabletoCommonShareholders
-79123473 USD
whlr Business Combination Consideration Transferred Cash Paymentsfor Acquisitionand Liabilities Assumed
BusinessCombinationConsiderationTransferredCashPaymentsforAcquisitionandLiabilitiesAssumed
51153503 USD
CY2014Q2 whlr Corporate Administration Expense
CorporateAdministrationExpense
136955 USD
whlr Corporate Administration Expense
CorporateAdministrationExpense
238561 USD
CY2015Q2 whlr Corporate Administration Expense
CorporateAdministrationExpense
316031 USD
whlr Corporate Administration Expense
CorporateAdministrationExpense
589260 USD
CY2014Q2 whlr Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
0 USD
whlr Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
0 USD
CY2015Q2 whlr Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
59520000 USD
whlr Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
Deemeddividendrelatedtobeneficialconversionfeatureofpreferredstock
59520000 USD
whlr Minimum Percentage Of Distribution Of Taxable Income To Stockholders
MinimumPercentageOfDistributionOfTaxableIncomeToStockholders
0.90
CY2014Q4 whlr Offmarketlease Favorable
OffmarketleaseFavorable
4488900 USD
CY2015Q2 whlr Offmarketlease Favorable
OffmarketleaseFavorable
5681901 USD
whlr Past Due Rent Term
PastDueRentTerm
P5D
CY2014Q2 whlr Property Operating Costs
PropertyOperatingCosts
909037 USD
whlr Property Operating Costs
PropertyOperatingCosts
1832219 USD
CY2015Q2 whlr Property Operating Costs
PropertyOperatingCosts
1901313 USD
whlr Property Operating Costs
PropertyOperatingCosts
3533492 USD
CY2014Q2 whlr Reit Administration Expense
REITAdministrationExpense
167015 USD
whlr Reit Administration Expense
REITAdministrationExpense
332390 USD
CY2015Q2 whlr Reit Administration Expense
REITAdministrationExpense
1003 USD
whlr Reit Administration Expense
REITAdministrationExpense
3013 USD
CY2014Q4 whlr Tenant Relationships
TenantRelationships
4485698 USD
CY2015Q2 whlr Tenant Relationships
TenantRelationships
7280428 USD
whlr Term Of Disqualification To Be Taxed As Reit Due To Losses Of Reit Status
TermOfDisqualificationToBeTaxedAsReitDueToLossesOfReitStatus
P5Y
CY2015Q2 whlr Undeveloped Land Parcels
UndevelopedLandParcels
7 property
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company&#8217;s actual results could differ from these estimates.</font></div></div>

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