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10-Q Filing

Globalstar, Inc. CIK: 1366868 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0001366868-16-000147
Period End Date 20160331
Filing Date 20160505
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance gsat-20160331.xml
Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $4.85M USD Point-in-time
Accounts receivable, allowance AllowanceForDoubtfulAccountsReceivableCurrent $5.27M USD Point-in-time
Accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $6.80M USD Point-in-time
Accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $6.32M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $7.12M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $7.48M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.86M USD Point-in-time
Preferred stock, par value (USD per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $13.65M USD Point-in-time
Preferred stock, par value (USD per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Accounts receivable, net of allowance of $4,851 and $5,270 respectively AccountsReceivableNetCurrent $14.54M USD Point-in-time
Preferred stock, shares authorized (shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Accounts receivable, net of allowance of $4,851 and $5,270 respectively AccountsReceivableNetCurrent $14.45M USD Point-in-time
Preferred stock, shares authorized (shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Preferred stock, shares issued (shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares issued (shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Inventory InventoryNet $11.36M USD Point-in-time
Inventory InventoryNet $12.02M USD Point-in-time
Preferred stock, shares outstanding (shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $4.46M USD Point-in-time
Preferred stock, shares outstanding (shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $4.40M USD Point-in-time
Total current assets AssetsCurrent $42.06M USD Point-in-time
Total current assets AssetsCurrent $38.49M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.07B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $1.08B USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $37.92M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $37.92M USD Point-in-time
Prepaid second-generation ground costs PrepaidExpenseNoncurrent $4.50M USD Point-in-time
Prepaid second-generation ground costs PrepaidExpenseNoncurrent $8.93M USD Point-in-time
Intangible and other assets, net of accumulated amortization of $6,802 and $6,315, respectively IntangibleAssetsAndOtherAssetsNoncurrent $12.12M USD Point-in-time
Intangible and other assets, net of accumulated amortization of $6,802 and $6,315, respectively IntangibleAssetsAndOtherAssetsNoncurrent $12.34M USD Point-in-time
Total assets Assets $1.18B USD Point-in-time
Total assets Assets $1.17B USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $32.84M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $32.84M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.13M USD Point-in-time
Accounts payable AccountsPayableCurrent $8.12M USD Point-in-time
Accrued contract termination charge AccruedLiabilitiesAndOtherLiabilities $19.12M USD Point-in-time
Accrued contract termination charge AccruedLiabilitiesAndOtherLiabilities $19.91M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $26.84M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $22.44M USD Point-in-time
Payables to affiliates DueToRelatedPartiesCurrent $616.00K USD Point-in-time
Payables to affiliates DueToRelatedPartiesCurrent $615.00K USD Point-in-time
Deferred revenue DeferredRevenueCurrent $24.60M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $23.90M USD Point-in-time
Total current liabilities LiabilitiesCurrent $110.93M USD Point-in-time
Total current liabilities LiabilitiesCurrent $107.03M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $548.29M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $555.01M USD Point-in-time
Employee benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $4.86M USD Point-in-time
Employee benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $4.81M USD Point-in-time
Derivative liabilities DerivativeLiabilitiesNoncurrent $239.64M USD Point-in-time
Derivative liabilities DerivativeLiabilitiesNoncurrent $240.98M USD Point-in-time
Deferred revenue DeferredRevenueNoncurrent $6.41M USD Point-in-time
Deferred revenue DeferredRevenueNoncurrent $6.22M 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 $11.55M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $10.91M USD Point-in-time
Total non-current liabilities LiabilitiesNoncurrent $830.85M USD Point-in-time
Total non-current liabilities LiabilitiesNoncurrent $839.42M 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
Additional paid-in capital AdditionalPaidInCapital $1.59B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.60B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-4.19M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-5.48M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.90M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-4.83M USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.35B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.38B USD Point-in-time
Total stockholders equity StockholdersEquity $216.90M USD Point-in-time
Total stockholders equity StockholdersEquity $237.13M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.17B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.18B USD Point-in-time
Income Statement 44 line items
Line Item Tag Value Unit Period
Service revenues SalesRevenueServicesNet $18.75M USD 1 Quarter
Service revenues SalesRevenueServicesNet $17.11M USD 1 Quarter
Subscriber equipment sales SalesRevenueGoodsNet $3.09M USD 1 Quarter
Subscriber equipment sales SalesRevenueGoodsNet $3.92M USD 1 Quarter
Total revenue Revenues $21.84M USD 1 Quarter
Total revenue Revenues $21.02M USD 1 Quarter
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) CostOfServices $7.59M USD 1 Quarter
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below) CostOfServices $7.43M USD 1 Quarter
Cost of subscriber equipment sales CostOfGoodsSold $3.13M USD 1 Quarter
Cost of subscriber equipment sales CostOfGoodsSold $2.18M USD 1 Quarter
Marketing, general and administrative SellingGeneralAndAdministrativeExpense $8.61M USD 1 Quarter
Marketing, general and administrative SellingGeneralAndAdministrativeExpense $8.60M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $19.05M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $19.16M USD 1 Quarter
Total operating expenses CostsAndExpenses $37.53M USD 1 Quarter
Total operating expenses CostsAndExpenses $38.21M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-17.18M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-15.70M USD 1 Quarter
Interest income and expense, net of amounts capitalized InterestIncomeExpenseNonoperatingNet $-8.52M USD 1 Quarter
Interest income and expense, net of amounts capitalized InterestIncomeExpenseNonoperatingNet $-9.11M USD 1 Quarter
Derivative loss GainLossOnDerivativeInstrumentsNetPretax $-107.86M USD 1 Quarter
Derivative loss GainLossOnDerivativeInstrumentsNetPretax $-1.34M USD 1 Quarter
Other OtherNonoperatingIncomeExpense $4.07M USD 1 Quarter
Other OtherNonoperatingIncomeExpense $-609.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-11.06M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-112.31M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-26.76M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-129.50M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $228.00K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $191.00K USD 1 Quarter
Net loss NetIncomeLoss $-26.95M USD 1 Quarter
Net loss NetIncomeLoss $-129.73M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-651.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-1.29M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-131.02M USD 1 Quarter
Total comprehensive loss ComprehensiveIncomeNetOfTax $-27.60M USD 1 Quarter
Basic (USD per share) EarningsPerShareBasic $-0.13 USD 1 Quarter
Basic (USD per share) EarningsPerShareBasic $-0.03 USD 1 Quarter
Diluted (USD per share) EarningsPerShareDiluted $-0.13 USD 1 Quarter
Diluted (USD per share) EarningsPerShareDiluted $-0.03 USD 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 1.00B shares 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 1.04B shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 1.04B shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 1.00B shares 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-26.95M USD 1 Quarter
Net loss NetIncomeLoss $-129.73M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $19.05M USD 1 Quarter
Depreciation, amortization, and accretion DepreciationAmortizationAndAccretionNet $19.16M USD 1 Quarter
Change in fair value of derivative assets and liabilities UnrealizedGainLossOnDerivatives $-107.86M USD 1 Quarter
Change in fair value of derivative assets and liabilities UnrealizedGainLossOnDerivatives $-1.34M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $785.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $818.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $2.35M USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCosts $2.34M USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $-52.00K USD 1 Quarter
Provision for bad debts ProvisionForDoubtfulAccounts $690.00K USD 1 Quarter
Noncash interest and accretion expense NonCashInterestExpenseCashFlow $2.58M USD 1 Quarter
Noncash interest and accretion expense NonCashInterestExpenseCashFlow $2.72M USD 1 Quarter
Unrealized foreign currency (gain) loss ForeignCurrencyTransactionGainLossUnrealized $-761.00K USD 1 Quarter
Unrealized foreign currency (gain) loss ForeignCurrencyTransactionGainLossUnrealized $4.03M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $-369.00K USD 1 Quarter
Other, net OtherNoncashIncomeExpense $177.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.31M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $58.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-794.00K USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-1.22M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-122.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-201.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-39.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $476.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $1.57M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $3.64M USD 1 Quarter
Payables to affiliates IncreaseDecreaseInDueToAffiliates $-1.00K USD 1 Quarter
Payables to affiliates IncreaseDecreaseInDueToAffiliates $-105.00K USD 1 Quarter
Other non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-163.00K USD 1 Quarter
Other non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-655.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-7.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $425.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $2.60M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $2.52M USD 1 Quarter
Second-generation network costs (including interest) PaymentsForConstructionInProcess $4.02M USD 1 Quarter
Second-generation network costs (including interest) PaymentsForConstructionInProcess $1.60M USD 1 Quarter
Property and equipment additions PaymentsToAcquirePropertyPlantAndEquipment $1.13M USD 1 Quarter
Property and equipment additions PaymentsToAcquirePropertyPlantAndEquipment $2.95M USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $657.00K USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $361.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.81M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.91M USD 1 Quarter
Proceeds from issuance of stock to Terrapin ProceedsFromIssuanceOfCommonStock $10.00M USD 1 Quarter
Proceeds from issuance of stock to Terrapin ProceedsFromIssuanceOfCommonStock $6.50M USD 1 Quarter
Proceeds from issuance of common stock and exercise of options and warrants ProceedsFromIssuanceOrSaleOfEquity $61.00K USD 1 Quarter
Proceeds from issuance of common stock and exercise of options and warrants ProceedsFromIssuanceOrSaleOfEquity $28.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $10.06M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.53M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $-240.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalents $160.00K USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $4.38M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $6.53M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $7.12M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $7.48M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $11.86M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $13.65M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $7.12M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $7.48M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $11.86M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $13.65M USD Point-in-time
Increase in non-cash capitalized accrued interest for second-generation satellites and ground costs InterestCostsIncurredCapitalized $474.00K USD 1 Quarter
Increase in non-cash capitalized accrued interest for second-generation satellites and ground costs InterestCostsIncurredCapitalized $729.00K USD 1 Quarter
Capitalization of the accretion of debt discount and amortization of prepaid financing costs DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction $1.03M USD 1 Quarter
Capitalization of the accretion of debt discount and amortization of prepaid financing costs DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction $761.00K USD 1 Quarter
Payments made in convertible notes and common stock IssuanceOfCommonStockInExchangeForAccruedExpenses $427.00K USD 1 Quarter
Payments made in convertible notes and common stock IssuanceOfCommonStockInExchangeForAccruedExpenses - USD 1 Quarter
Principal amount of debt converted into common stock DebtConversionOriginalDebtAmount1 - USD 1 Quarter
Principal amount of debt converted into common stock DebtConversionOriginalDebtAmount1 $237.00K USD 1 Quarter
Reduction of debt discount and issuance costs due to note conversions WriteOffOfDeferredDebtIssuanceCost $84.00K USD 1 Quarter
Reduction of debt discount and issuance costs due to note conversions WriteOffOfDeferredDebtIssuanceCost - USD 1 Quarter
Increase in accrued second-generation network costs ConstructionInProgressExpendituresIncurredButNotYetPaid - USD 1 Quarter
Increase in accrued second-generation network costs ConstructionInProgressExpendituresIncurredButNotYetPaid $56.00K USD 1 Quarter
Fair value of common stock issued upon conversion of debt StockIssuedDuringPeriodValueConversionOfConvertibleSecurities - USD 1 Quarter
Fair value of common stock issued upon conversion of debt StockIssuedDuringPeriodValueConversionOfConvertibleSecurities $1.09M 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 $868.00K USD 1 Quarter

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

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