10-Q Filing

WINMARK CORP CIK: 908315 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000908315-22-000019`
Period End Date	20220331
Filing Date	20220414
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	c315-20220326x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 30 Cash Flow Statement 65 Stockholders Equity 22

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$600.00	USD	Point-in-time
Receivables, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$500.00	USD	Point-in-time
Unamortized debt issuance costs - Current	`DeferredFinanceCostsCurrentNet`	$17.40K	USD	Point-in-time
Unamortized debt issuance costs - Current	`DeferredFinanceCostsCurrentNet`	$17.40K	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$56.80K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
Unamortized debt issuance costs - Noncurrent	`DeferredFinanceCostsNoncurrentNet`	$61.10K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$287.50K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.41M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$55.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$25.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$30.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Receivables, less allowance for doubtful accounts of $500 and $600	`AccountsReceivableNetCurrent`	$1.47M	USD	Point-in-time
Receivables, less allowance for doubtful accounts of $500 and $600	`AccountsReceivableNetCurrent`	$1.10M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.48M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.64M	shares	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$2.89M	USD	Point-in-time
Net investment in leases - current	`NetInvestmentInLeasingOperationsCurrent`	$2.59M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.48M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$667.50K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.64M	shares	Point-in-time
Inventories	`InventoryNet`	$492.30K	USD	Point-in-time
Inventories	`InventoryNet`	$325.20K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$985.10K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.43M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.89M	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasingOperationsNoncurrent`	$229.30K	USD	Point-in-time
Net investment in leases - long-term	`NetInvestmentInLeasingOperationsNoncurrent`	$165.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.98M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$2.98M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$2.92M	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Goodwill	`Goodwill`	$607.50K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$418.30K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$428.70K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.25M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$3.37M	USD	Point-in-time
Total assets	`Assets`	$26.90M	USD	Point-in-time
Total assets	`Assets`	$15.27M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $17,400 and $17,400	`NotesPayableCurrent`	$4.23M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $17,400 and $17,400	`NotesPayableCurrent`	$4.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.90M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$2.37M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.52M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.65M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$1.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.65M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$13.60M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $56,800 and $61,100	`LongTermNotesPayable`	$43.38M	USD	Point-in-time
Notes payable, net of unamortized debt issuance costs of $56,800 and $61,100	`LongTermNotesPayable`	$42.32M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$6.86M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$6.83M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.69M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.81M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$950.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$954.80K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$56.00M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$68.39M	USD	Point-in-time
Common stock, no par value, 10,000,000 shares authorized, 3,480,376 and 3,635,806 shares issued and outstanding	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value, 10,000,000 shares authorized, 3,480,376 and 3,635,806 shares issued and outstanding	`CommonStockValue`	-	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-65.77M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-39.08M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-39.08M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-12.80M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-11.38M	USD	Point-in-time
Total shareholders' equity (deficit)	`StockholdersEquity`	$-65.77M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$26.90M	USD	Point-in-time
Total liabilities and shareholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$15.27M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Leasing income	`LeaseIncome`	$3.24M	USD	1 Quarter
Leasing income	`LeaseIncome`	$2.87M	USD	1 Quarter
Total revenue	`Revenues`	$20.05M	USD	1 Quarter
Total revenue	`Revenues`	$18.66M	USD	1 Quarter
Leasing expense	`LeasingExpense`	$389.50K	USD	1 Quarter
Leasing expense	`LeasingExpense`	$216.00K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-8.90K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-48.70K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$13.44M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$12.66M	USD	1 Quarter
Interest expense	`InterestExpense`	$318.10K	USD	1 Quarter
Interest expense	`InterestExpense`	$513.10K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$6.80K	USD	1 Quarter
Interest and other income (expense)	`InterestAndOtherIncomeExpense`	$-900.00	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$12.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$12.35M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.07M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.31M	USD	1 Quarter
Net income	`NetIncomeLoss`	$9.85M	USD	1 Quarter
Earnings per share - basic (in dollars per share)	`EarningsPerShareBasic`	$2.49	USD	1 Quarter
Earnings per share - basic (in dollars per share)	`EarningsPerShareBasic`	$2.74	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.40	USD	1 Quarter
Earnings per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.65	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.60M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.74M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.87M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.72M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net Income	`NetIncomeLoss`	$9.31M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$9.85M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$102.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$113.80K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-8.90K	USD	1 Quarter
Provisions for credit losses	`ProvisionForLoanAndLeaseLosses`	$-48.70K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$421.60K	USD	1 Quarter
Compensation expense related to stock options	`ShareBasedCompensation`	$385.20K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-439.90K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-113.20K	USD	1 Quarter
Deferred initial direct costs	`DeferredInitialDirectCosts`	$1.50K	USD	1 Quarter
Amortization of deferred initial direct costs	`AmortizationOfDeferredInitialDirectCosts`	$10.50K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$60.30K	USD	1 Quarter
Operating lease right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$54.20K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$95.30K	USD	1 Quarter
Tax benefits on exercised stock options	`EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptionsCashFlowImpact`	$47.10K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$515.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$369.90K	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$2.27M	USD	1 Quarter
Principal collections on lease receivables	`ProceedsFromLeasePayments`	$530.50K	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$3.33M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$2.95M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.60K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$167.10K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-155.30K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-23.50K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$10.40K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$2.60K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-203.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-370.30K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-532.30K	USD	1 Quarter
Accrued and other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$390.50K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$-159.70K	USD	1 Quarter
Rents received in advance and security deposits	`AdditionsToAdvanceAndSecurityDeposits`	$-95.40K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-43.10K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-84.90K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.59M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.35M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.50K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.30K	USD	1 Quarter
Purchase of equipment for lease contracts	`PaymentsToAcquireEquipmentOnLease`	$65.50K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-99.80K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.50K	USD	1 Quarter
Proceeds from borrowings on line of credit	`ProceedsFromLinesOfCredit`	$15.60M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLinesOfCredit`	$2.00M	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$1.06M	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$1.06M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$36.59M	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$10.46M	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$268.80K	USD	1 Quarter
Proceeds from exercises of stock options	`ProceedsFromStockOptionsExercised`	$1.26M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$1.63M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$935.40K	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.18M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.42M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.09M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.30M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.98M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.50K	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.68M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.98M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$342.50K	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.44M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.68M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
BALANCE	`StockholdersEquity`	$-39.08M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-12.80M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-11.38M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-65.77M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.48M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.64M	shares	Point-in-time
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$10.46M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$36.59M	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$268.80K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.26M	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$421.60K	USD	1 Quarter
Compensation expense relating to stock options	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$385.20K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$935.40K	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$1.63M	USD	1 Quarter
Comprehensive income (Net income)	`ComprehensiveIncomeNetOfTax`	$9.31M	USD	1 Quarter
Comprehensive income (Net income)	`ComprehensiveIncomeNetOfTax`	$9.85M	USD	1 Quarter
BALANCE	`StockholdersEquity`	$-39.08M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-12.80M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-11.38M	USD	Point-in-time
BALANCE	`StockholdersEquity`	$-65.77M	USD	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.48M	shares	Point-in-time
BALANCE (in shares)	`CommonStockSharesIssued`	3.64M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.