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10-Q Filing

Globalstar, Inc. CIK: 1366868 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0001144204-14-028341
Period End Date 20140331
Filing Date 20140508
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance gsat-20140331.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $4.24M USD Point-in-time
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $7.42M USD Point-in-time
Accounts payable, including contractor payables ConstructionPayableCurrent $7.67M USD Point-in-time
Accounts payable, including contractor payables ConstructionPayableCurrent $6.58M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.59M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.30M USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $17.41M USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.79M USD Point-in-time
Accounts receivable, net of allowance of $4,236 and $7,419, respectively AccountsReceivableNetCurrent $15.72M USD Point-in-time
Accounts receivable, net of allowance of $4,236 and $7,419, respectively AccountsReceivableNetCurrent $15.89M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 100.00M shares Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 100.00M shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Inventory InventoryNet $29.52M USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Inventory InventoryNet $31.82M USD Point-in-time
Advances for inventory AdvancesOnInventoryPurchases $9.36M USD Point-in-time
Advances for inventory AdvancesOnInventoryPurchases $9.36M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $7.06M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $7.42M USD Point-in-time
Total current assets AssetsCurrent $81.37M USD Point-in-time
Total current assets AssetsCurrent $81.78M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.15B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.17B USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $37.92M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $37.92M USD Point-in-time
Deferred financing costs DeferredFinanceCostsNoncurrentNet $76.44M USD Point-in-time
Deferred financing costs DeferredFinanceCostsNoncurrentNet $73.31M USD Point-in-time
Intangible and other assets, net IntangibleAssetsAndOtherAssetsNoncurrent $7.63M USD Point-in-time
Intangible and other assets, net IntangibleAssetsAndOtherAssetsNoncurrent $7.10M USD Point-in-time
Total assets Assets $1.35B USD Point-in-time
Total assets Assets $1.37B USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $4.05M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $4.05M USD Point-in-time
Accounts payable, including contractor payables of $6,576 and $7,665, respectively AccountsPayableCurrent $14.63M USD Point-in-time
Accounts payable, including contractor payables of $6,576 and $7,665, respectively AccountsPayableCurrent $13.39M USD Point-in-time
Accrued contract termination charge AccruedLiabilitiesAndOtherLiabilities $24.11M USD Point-in-time
Accrued contract termination charge AccruedLiabilitiesAndOtherLiabilities $24.13M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $22.70M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $26.07M USD Point-in-time
Payables to affiliates DueToRelatedPartiesCurrent $232.00K USD Point-in-time
Payables to affiliates DueToRelatedPartiesCurrent $202.00K USD Point-in-time
Derivative liabilities DerivativeLiabilitiesCurrent $57.05M USD Point-in-time
Derivative liabilities DerivativeLiabilitiesCurrent $92.84M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $18.37M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $17.28M USD Point-in-time
Total current liabilities LiabilitiesCurrent $140.04M USD Point-in-time
Total current liabilities LiabilitiesCurrent $179.06M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $665.24M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $660.21M USD Point-in-time
Employee benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $3.45M USD Point-in-time
Employee benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $3.53M USD Point-in-time
Derivative liabilities DerivativeLiabilitiesNoncurrent $539.03M USD Point-in-time
Derivative liabilities DerivativeLiabilitiesNoncurrent $405.48M USD Point-in-time
Deferred revenue DeferredRevenueNoncurrent $7.08M USD Point-in-time
Deferred revenue DeferredRevenueNoncurrent $6.98M USD Point-in-time
Debt restructuring fees AccountsPayableAndAccruedLiabilitiesNoncurrent $20.80M USD Point-in-time
Debt restructuring fees AccountsPayableAndAccruedLiabilitiesNoncurrent $20.80M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $13.70M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $14.74M USD Point-in-time
Total non-current liabilities LiabilitiesNoncurrent $1.25B USD Point-in-time
Total non-current liabilities LiabilitiesNoncurrent $1.12B USD Point-in-time
Commitments and contingent liabilities (Notes 7 and 8) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingent liabilities (Notes 7 and 8) CommitmentsAndContingencies - USD Point-in-time
Preferred Stock PreferredStockValue - USD Point-in-time
Preferred Stock PreferredStockValue - USD Point-in-time
Common Stock CommonStockValue $85.00K USD Point-in-time
Common Stock CommonStockValue $85.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.14B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.07B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.33M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-364.00K USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.76M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $871.00K USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-959.04M USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.21B USD Point-in-time
Total stockholders' equity StockholdersEquity $116.75M USD Point-in-time
Total stockholders' equity StockholdersEquity $-74.28M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $1.37B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $1.35B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Service revenues SalesRevenueServicesNet $15.39M USD 1 Quarter
Service revenues SalesRevenueServicesNet $16.25M USD 1 Quarter
Subscriber equipment sales SalesRevenueGoodsNet $4.29M USD 1 Quarter
Subscriber equipment sales SalesRevenueGoodsNet $3.94M USD 1 Quarter
Total revenue Revenues $19.33M USD 1 Quarter
Total revenue Revenues $20.54M USD 1 Quarter
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) CostOfServices $7.53M USD 1 Quarter
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) CostOfServices $6.94M USD 1 Quarter
Cost of subscriber equipment sales CostOfGoodsSold $3.07M USD 1 Quarter
Cost of subscriber equipment sales CostOfGoodsSold $2.94M USD 1 Quarter
Marketing, general, and administrative SellingGeneralAndAdministrativeExpense $6.92M USD 1 Quarter
Marketing, general, and administrative SellingGeneralAndAdministrativeExpense $7.77M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $20.33M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $23.33M USD 1 Quarter
Total operating expenses CostsAndExpenses $37.72M USD 1 Quarter
Total operating expenses CostsAndExpenses $41.11M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-18.39M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-20.57M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-10.20M USD 1 Quarter
Interest income and expense, net of amounts capitalized InterestIncomeExpenseNonoperatingNet $-10.92M USD 1 Quarter
Interest income and expense, net of amounts capitalized InterestIncomeExpenseNonoperatingNet $-7.75M USD 1 Quarter
Derivative gain (loss) GainLossOnDerivativeInstrumentsNetPretax $-209.37M USD 1 Quarter
Derivative gain (loss) GainLossOnDerivativeInstrumentsNetPretax $525.00K USD 1 Quarter
Other OtherNonoperatingIncomeExpense $713.00K USD 1 Quarter
Other OtherNonoperatingIncomeExpense $642.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-6.58M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-229.77M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-24.98M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-250.35M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $103.00K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $193.00K USD 1 Quarter
Net loss NetIncomeLoss $-25.08M USD 1 Quarter
Net loss NetIncomeLoss $-250.54M USD 1 Quarter
Basic EarningsPerShareBasic $-0.05 USD 1 Quarter
Basic EarningsPerShareBasic $-0.29 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.29 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.05 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 849.32M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 472.19M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 849.32M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 472.19M shares 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-251.78M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-25.65M USD 1 Quarter
Cash Flow Statement 82 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-25.08M USD 1 Quarter
Net loss NetIncomeLoss $-250.54M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $20.33M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $23.33M USD 1 Quarter
Change in fair value of derivative assets and liabilities UnrealizedGainLossOnDerivatives $-209.37M USD 1 Quarter
Change in fair value of derivative assets and liabilities UnrealizedGainLossOnDerivatives $525.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $236.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $628.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $2.54M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $2.07M USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $482.00K USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $597.00K USD 1 Quarter
Noncash interest and accretion expense NonCashInterestExpenseCashFlow $2.73M USD 1 Quarter
Noncash interest and accretion expense NonCashInterestExpenseCashFlow $4.08M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-10.20M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-864.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-283.00K USD 1 Quarter
Unrealized foreign currency gain ForeignCurrencyTransactionGainLossUnrealized $701.00K USD 1 Quarter
Unrealized foreign currency gain ForeignCurrencyTransactionGainLossUnrealized $1.09M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.02M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $865.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-2.09M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-2.11M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $695.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $89.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $4.99M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $629.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $4.02M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $2.90M USD 1 Quarter
Payables to affiliates IncreaseDecreaseInDueToAffiliates $30.00K USD 1 Quarter
Payables to affiliates IncreaseDecreaseInDueToAffiliates $29.00K USD 1 Quarter
Other non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-119.00K USD 1 Quarter
Other non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-330.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-104.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $1.12M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $-533.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $3.80M USD 1 Quarter
Second-generation satellites, ground and related launch costs (including interest) PaymentsForConstructionInProcess $1.37M USD 1 Quarter
Second-generation satellites, ground and related launch costs (including interest) PaymentsForConstructionInProcess $17.57M USD 1 Quarter
Property and equipment additions PaymentsToAcquirePropertyPlantAndEquipment $428.00K USD 1 Quarter
Property and equipment additions PaymentsToAcquirePropertyPlantAndEquipment $239.00K USD 1 Quarter
Restricted cash proceeds IncreaseDecreaseInRestrictedCash - USD 1 Quarter
Restricted cash proceeds IncreaseDecreaseInRestrictedCash $-8.62M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-1.79M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-9.18M USD 1 Quarter
Payments of deferred financing costs PaymentsOfFinancingCosts $489.00K USD 1 Quarter
Payments of deferred financing costs PaymentsOfFinancingCosts $164.00K USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $310.00K USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $146.00K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-489.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $36.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-287.00K USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $2.19M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-10.49M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $19.59M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $1.30M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $17.41M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $11.79M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $19.59M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $1.30M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $17.41M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $11.79M USD Point-in-time
Cash paid for: Interest InterestPaid - USD 1 Quarter
Cash paid for: Interest InterestPaid - USD 1 Quarter
Cash paid for: Income taxes IncomeTaxesPaid $29.00K USD 1 Quarter
Cash paid for: Income taxes IncomeTaxesPaid $28.00K USD 1 Quarter
Increase in non-cash capitalized accrued interest for second-generation satellites and ground costs InterestCostsIncurredCapitalized $1.60M USD 1 Quarter
Increase in non-cash capitalized accrued interest for second-generation satellites and ground costs InterestCostsIncurredCapitalized $445.00K USD 1 Quarter
Capitalization of the accretion of debt discount and amortization of prepaid financing costs DebtIssuanceCosts $2.67M USD 1 Quarter
Capitalization of the accretion of debt discount and amortization of prepaid financing costs DebtIssuanceCosts $642.00K USD 1 Quarter
Payments made in convertible notes and common stock IssuanceOfCommonStockInExchangeForAccruedExpenses $339.00K USD 1 Quarter
Payments made in convertible notes and common stock IssuanceOfCommonStockInExchangeForAccruedExpenses $813.00K USD 1 Quarter
Principal amount of debt converted into common stock DebtConversionOriginalDebtAmount1 - USD 1 Quarter
Principal amount of debt converted into common stock DebtConversionOriginalDebtAmount1 $15.86M USD 1 Quarter
Reduction of debt discount and deferred financing costs due to conversion of debt WriteOffOfDeferredDebtIssuanceCost $7.35M USD 1 Quarter
Reduction of debt discount and deferred financing costs due to conversion of debt WriteOffOfDeferredDebtIssuanceCost - USD 1 Quarter
Fair value of common stock issued upon conversion of debt StockIssued1 - USD 1 Quarter
Fair value of common stock issued upon conversion of debt StockIssued1 $59.06M USD 1 Quarter
Reduction in derivative liability due to conversion of debt ReductionOfDerivativeLiabilityArisingFromSettlementOfDebt - USD 1 Quarter
Reduction in derivative liability due to conversion of debt ReductionOfDerivativeLiabilityArisingFromSettlementOfDebt $40.17M USD 1 Quarter

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

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