$YHGJ
YUNHONG GREEN CTI LTD.

2018 Q1 Form 10-Q Financial Statement

#000143774918009877 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $13.98M $15.36M
YoY Change -8.99% 1.05%
Cost Of Revenue $11.11M $11.74M
YoY Change -5.38% 4.1%
Gross Profit $2.868M $3.617M
YoY Change -20.71% -7.72%
Gross Profit Margin 20.52% 23.55%
Selling, General & Admin $2.743M $2.623M
YoY Change 4.57% -19.8%
% of Gross Profit 95.61% 72.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $376.9K $381.9K
YoY Change -1.29% -4.54%
% of Gross Profit 13.14% 10.56%
Operating Expenses $3.015M $3.110M
YoY Change -3.05% -5.19%
Operating Profit -$146.7K $507.7K
YoY Change -128.89% -20.67%
Interest Expense $564.1K $377.2K
YoY Change 49.53% -12052.19%
% of Operating Profit 74.3%
Other Income/Expense, Net -$533.4K -$383.8K
YoY Change 38.98%
Pretax Income -$680.0K $123.9K
YoY Change -648.82% 37.68%
Income Tax -$209.5K $75.64K
% Of Pretax Income 61.04%
Net Earnings -$463.0K $58.47K
YoY Change -891.89% 484.69%
Net Earnings / Revenue -3.31% 0.38%
Basic Earnings Per Share -$0.13 $0.02
Diluted Earnings Per Share -$0.13 $0.02
COMMON SHARES
Basic Shares Outstanding 3.530M 3.592M
Diluted Shares Outstanding 3.530M 3.748M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.0K $580.0K
YoY Change 3.45% 190.0%
Cash & Equivalents $595.6K $582.7K
Short-Term Investments
Other Short-Term Assets $1.191M $1.270M
YoY Change -6.25% -54.48%
Inventory $21.36M $17.96M
Prepaid Expenses $777.3K
Receivables $11.98M $12.49M
Other Receivables $0.00 $0.00
Total Short-Term Assets $35.90M $32.30M
YoY Change 11.14% -0.46%
LONG-TERM ASSETS
Property, Plant & Equipment $4.201M $5.230M
YoY Change -19.67% -18.41%
Goodwill $1.473M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $583.9K $2.020M
YoY Change -71.09% 50.75%
Total Long-Term Assets $7.631M $7.684M
YoY Change -0.69% -17.11%
TOTAL ASSETS
Total Short-Term Assets $35.90M $32.30M
Total Long-Term Assets $7.631M $7.684M
Total Assets $43.53M $39.98M
YoY Change 8.87% -4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.196M $6.090M
YoY Change 18.16% 19.88%
Accrued Expenses $2.436M $2.440M
YoY Change -0.18% -3.94%
Deferred Revenue
YoY Change
Short-Term Debt $15.93M $9.490M
YoY Change 67.86% -15.87%
Long-Term Debt Due $5.350M $6.680M
YoY Change -19.91% 1092.86%
Total Short-Term Liabilities $30.92M $25.75M
YoY Change 20.09% 27.48%
LONG-TERM LIABILITIES
Long-Term Debt $2.157M $1.900M
YoY Change 13.54% -77.3%
Other Long-Term Liabilities $200.0K $1.100M
YoY Change -81.82% 22.22%
Total Long-Term Liabilities $2.157M $3.000M
YoY Change -28.09% -67.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.92M $25.75M
Total Long-Term Liabilities $2.157M $3.000M
Total Liabilities $33.08M $28.00M
YoY Change 18.14% -2.98%
SHAREHOLDERS EQUITY
Retained Earnings $238.9K
YoY Change
Common Stock $16.23M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $160.8K
YoY Change
Treasury Stock Shares $43.66K 75.63K shares
Shareholders Equity $11.38M $13.06M
YoY Change
Total Liabilities & Shareholders Equity $43.53M $41.06M
YoY Change 6.02% -1.58%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$463.0K $58.47K
YoY Change -891.89% 484.69%
Depreciation, Depletion And Amortization $376.9K $381.9K
YoY Change -1.29% -4.54%
Cash From Operating Activities -$961.3K $3.083M
YoY Change -131.18% 250.35%
INVESTING ACTIVITIES
Capital Expenditures $219.9K
YoY Change -9.91%
Acquisitions
YoY Change
Other Investing Activities $60.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $63.53K -$219.9K
YoY Change -128.89% -24.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $61.98K
YoY Change
Debt Paid & Issued, Net $432.9K $390.8K
YoY Change 10.79% 163.63%
Cash From Financing Activities 1.285M -2.856M
YoY Change -144.99% 285.99%
NET CHANGE
Cash From Operating Activities -961.3K 3.083M
Cash From Investing Activities 63.53K -219.9K
Cash From Financing Activities 1.285M -2.856M
Net Change In Cash 387.3K 6.906K
YoY Change 5507.76% -104.6%
FREE CASH FLOW
Cash From Operating Activities -$961.3K $3.083M
Capital Expenditures $219.9K
Free Cash Flow $2.863M
YoY Change 350.27%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 ctib Expected Recognized Compensation Expenses In Year Two
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CY2018Q1 ctib Expected Recognized Compensation Expenses Remainder Of The Fiscal Year
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CY2018Q1 us-gaap Loss Contingency Disclosures
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<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:justify;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> - Legal Proceedings</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be party to certain lawsuits or claims arising in the normal course of business. The ultimate outcome of these matters is unknown but, in the opinion of management, we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe any of these proceedings will have, individually or in the aggregate, a material adverse effect upon our financial condition, cash flows or future results of operation.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July, 2017, </div>God&#x2019;s Little Gift, Inc. (d\b\a) Helium and Balloons Across America and Gary Page (&#x201c;Claimants&#x201d;) filed an action against the Company in the North Carolina State Court. This action was removed to the United States District Court in North Carolina. The Company filed an answer and motion to dismiss this action. The Court stayed the action based upon an arbitration clause in the agreement on which part of the action was based. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 18, 2017, </div>Claimants filed an arbitration claim against the Company before the American Arbitration Association in Chicago, Illinois. The Statement of Claim includes claims for alleged breach of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> agreements among the parties, essentially for alleged failure by the Company to pay disputed commission amounts. Claimants also included counts for alleged unjust enrichment and tortious interference with contract. The Company has filed a response to the Statement of Claim denying all of the claims. The Company believes the claims are without merit and intends to defend all of the claims vigorously. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> accrued any amounts in respect of this matter and cannot estimate the possible loss, if any, that the Company many incur with respect to it. The proceedings are at an early stage.</div></div>
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NetIncomeLoss
58469
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-7543
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-10197
CY2018Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
25387
CY2017Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
63474
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-533377
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-383784
CY2018Q1 us-gaap Notes Payable Current
NotesPayableCurrent
5341792
CY2017Q4 us-gaap Notes Payable Current
NotesPayableCurrent
942533
CY2018Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
1526910
CY2017Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
1507362
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
3015049
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
3109755
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-146658
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
507693
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1190642
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1120808
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
583931
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
560329
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
433065
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
311313
CY2018Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
-63533
CY2017Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
219927
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
24568
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
CY2018Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2017Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
777268
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
887885
CY2018Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-442992
CY2017Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-629530
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
2123582
CY2017Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-1835972
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-470551
CY2017Q1 us-gaap Profit Loss
ProfitLoss
48272
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31584878
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31442720
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4201199
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4556581
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-17781
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1827
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
432942
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
390788
CY2018Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0
CY2017Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
238873
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
720223
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
13979177
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
15359637
CY2018Q1 us-gaap Selling Expense
SellingExpense
858537
CY2017Q1 us-gaap Selling Expense
SellingExpense
721390
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
103463
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.38
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
476144
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
471144
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.97
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.01
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
11377520
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
11363830
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10450408
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10444260
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
43658
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
43658
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
160784
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
160784
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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Use of estimates:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In preparing condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue and expenses during the reporting period in the condensed consolidated financial statements and accompanying notes. Actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from those estimates. The Company&#x2019;s significant estimates include reserves for doubtful accounts, reserves for the lower of cost or market of inventory, reserves for deferred tax assets and recovery value of goodwill.</div></div></div></div></div>
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3530227
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3748139
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3530227
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3591947

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