Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - GLOBALSCAPE INC | globalscape8ka111314.htm |
Exhibit 99.1
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GlobalSCAPE, Inc.
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Condensed Consolidated Balance Sheets
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(in thousands except share amounts)
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(Unaudited)
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September 30, 2014
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December 31, 2013
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As Presented on November 5, 2014
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Corrected Amount
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December 31, 2013
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 9,265 | $ | 9,455 | ||||||||
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Accounts receivable (net of allowance for doubtful accounts
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of $551 and $154 in 2014 and 2013, respectively)
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6,722 | 3,765 | ||||||||||
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Federal income tax receivable
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236 | 34 | 113 | |||||||||
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Current deferred tax asset
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174 | 184 | ||||||||||
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Prepaid expenses
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264 | 349 | ||||||||||
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Total current assets
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16,661 | 16,459 | 13,866 | |||||||||
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Long term investments
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3,169 | 3,122 | ||||||||||
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Capitalized software development costs, net
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2,697 | 1,028 | ||||||||||
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Deferred tax asset
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745 | 1,476 | ||||||||||
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Goodwill
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12,712 | 12,712 | ||||||||||
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Fixed assets, net
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738 | 744 | ||||||||||
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Other assets
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133 | 144 | ||||||||||
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Total assets
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$ | 36,855 | $ | 36,653 | $ | 33,092 | ||||||
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Liabilities and Stockholders’ Equity
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Current liabilities:
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Accounts payable
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$ | 632 | $ | 655 | ||||||||
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Accrued expenses
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1,296 | 898 | ||||||||||
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Deferred revenue
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11,047 | 9,092 | ||||||||||
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Long term debt, current portion
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- | 1,397 | ||||||||||
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Total current liabilities
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12,975 | 12,042 | ||||||||||
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Deferred revenue, non-current portion
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3,159 | 1,708 | ||||||||||
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Long term debt, non-current portion
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- | 2,989 | ||||||||||
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Other long term liabilities
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51 | 52 | 60 | |||||||||
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Commitments and contingencies
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Stockholders’ equity:
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Preferred stock, par value $0.001 per share, 10,000,000
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authorized, no shares issued or outstanding
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- | - | ||||||||||
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Common stock, par value $0.001 per share, 40,000,000
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authorized, 20,967,617 and 19,592,117 shares issued
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at September 30, 2014 and December 31, 2013, respectively
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25 | 20 | ||||||||||
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Additional paid-in capital
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18,401 | 18,198 | 15,834 | |||||||||
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Treasury stock, 403,581 shares, at cost, at
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September 30, 2014 and December 31, 2013
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(1,452 | ) | (1,452 | ) | ||||||||
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Retained earnings
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3,696 | 1,891 | ||||||||||
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Total stockholders’ equity
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20,670 | 20,467 | 16,293 | |||||||||
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Total liabilities and stockholders’ equity
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$ | 36,855 | $ | 36,653 | $ | 33,092 | ||||||
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GlobalSCAPE, Inc.
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Condensed Consolidated Statements of Cash Flows
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(in thousands)
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(Unaudited)
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For the Nine Months Ended September 30,
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2014
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As Presented on November 5, 2014
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Corrected Amount
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2013
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Operating Activities:
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Net income
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$ | 1,805 | $ | 3,185 | ||||||||
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Adjustments to reconcile net income to net cash provided by operating activities:
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Bad debt expense
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318 | 29 | ||||||||||
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Depreciation and amortization
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580 | 787 | ||||||||||
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Stock-based compensation
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380 | 522 | ||||||||||
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Deferred taxes
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740 | (1,030 | ) | |||||||||
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Excess tax benefit from share-based
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compensation
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367 | 212 | 83 | |||||||||
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TappIn intangible asset impairment and earnout liability elimination
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- | (128 | ) | |||||||||
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Subtotal before changes in operating assets and liabilities
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4,190 | 4,035 | 3,448 | |||||||||
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Changes in operating assets and liabilities:
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Accounts receivable
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(3,275 | ) | (251 | ) | ||||||||
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Prepaid expenses
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85 | 8 | ||||||||||
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Other assets
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10 | (62 | ) | |||||||||
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Deferred revenue
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3,405 | 948 | ||||||||||
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Accounts payable
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(24 | ) | (6 | ) | ||||||||
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Accrued expenses
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398 | (149 | ) | |||||||||
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Other long-term liabilities
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(6 | ) | (2 | ) | ||||||||
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Income tax receivable and payable
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(490 | ) | (132 | ) | (107 | ) | ||||||
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Net cash provided by operating activities
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4,293 | 4,496 | 3,827 | |||||||||
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Investing Activities:
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Software development costs
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(2,028 | ) | (686 | ) | ||||||||
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Purchase of property and equipment
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(215 | ) | (65 | ) | ||||||||
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Purchase of TappIn, Inc. and earnout payments
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- | (500 | ) | |||||||||
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Interest reinvested in long term investments
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(47 | ) | (47 | ) | ||||||||
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Net cash (used in) investing activities
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(2,290 | ) | (1,298 | ) | ||||||||
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Financing Activities:
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Proceeds from exercise of stock options
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2,559 | 2,201 | 231 | |||||||||
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Tax benefit from stock-based compensation
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(367 | ) | (212 | ) | (83 | ) | ||||||
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Notes payable principle payments
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(4,385 | ) | (999 | ) | ||||||||
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Net cash used in financing activities
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(2,193 | ) | (2,396 | ) | (851 | ) | ||||||
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Net increase (decrease) in cash
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(190 | ) | 1,678 | |||||||||
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Cash at beginning of period
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9,455 | 8,079 | ||||||||||
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Cash at end of period
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$ | 9,265 | $ | 9,757 | ||||||||
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Supplemental disclosure of cash flow information:
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Cash paid during the period for:
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Interest
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$ | 117 | $ | 182 | ||||||||
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Income taxes
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$ | 642 | $ | 731 | ||||||||