10-Q Filing

Globalstar, Inc. CIK: 1366868 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001366868-18-000032`
Period End Date	20180331
Filing Date	20180510
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	gsat-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 46 Cash Flow Statement 76

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.61M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.68M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.31M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$7.39M	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.64M	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.81M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$63.63M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$63.89M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance of $3,678 and $3,610, respectively	`AccountsReceivableNetCurrent`	$17.11M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance of $3,678 and $3,610, respectively	`AccountsReceivableNetCurrent`	$17.16M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$7.67M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$7.27M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.53M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$136.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$144.06M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$958.07M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$971.12M	USD	Point-in-time
Intangible and other assets, net of accumulated amortization of $7,395 and $7,314, respectively	`IntangibleAssetsAndOtherAssetsNoncurrent`	$24.62M	USD	Point-in-time
Intangible and other assets, net of accumulated amortization of $7,395 and $7,314, respectively	`IntangibleAssetsAndOtherAssetsNoncurrent`	$21.74M	USD	Point-in-time
Total assets	`Assets`	$1.13B	USD	Point-in-time
Total assets	`Assets`	$1.13B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$79.22M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$79.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.62M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.05M	USD	Point-in-time
Accrued contract termination charge	`AccruedLiabilitiesAndOtherLiabilities`	$21.61M	USD	Point-in-time
Accrued contract termination charge	`AccruedLiabilitiesAndOtherLiabilities`	$21.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$20.75M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$27.89M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$5.00K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$1.33M	USD	Point-in-time
Payables to affiliates	`DueToRelatedPartiesCurrent`	$296.00K	USD	Point-in-time
Payables to affiliates	`DueToRelatedPartiesCurrent`	$225.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$31.75M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$31.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$160.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$166.45M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$441.31M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$434.65M	USD	Point-in-time
Employee benefit obligations	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$4.39M	USD	Point-in-time
Employee benefit obligations	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$4.45M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$226.66M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$119.04M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$6.05M	USD	Point-in-time
Deferred revenue	`DeferredRevenueNoncurrent`	$5.92M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$5.97M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$5.59M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$677.72M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$576.30M	USD	Point-in-time
Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.87B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.87B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.94M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.27M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-1.48B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-1.57B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$291.22M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$383.99M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.13B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.13B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Service revenue	`SalesRevenueServicesNet`	$21.48M	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$26.01M	USD	1 Quarter
Subscriber equipment sales	`SalesRevenueGoodsNet`	$3.17M	USD	1 Quarter
Subscriber equipment sales	`SalesRevenueGoodsNet`	$2.74M	USD	1 Quarter
Total revenue	`Revenues`	$28.75M	USD	1 Quarter
Total revenue	`Revenues`	$24.65M	USD	1 Quarter
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)	`CostOfServices`	$9.03M	USD	1 Quarter
Cost of services (exclusive of depreciation, amortization, and accretion shown separately below)	`CostOfServices`	$8.97M	USD	1 Quarter
Cost of subscriber equipment sales	`CostOfGoodsSold`	$2.10M	USD	1 Quarter
Cost of subscriber equipment sales	`CostOfGoodsSold`	$2.17M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.28M	USD	1 Quarter
Marketing, general and administrative	`SellingGeneralAndAdministrativeExpense`	$9.42M	USD	1 Quarter
Depreciation, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$19.23M	USD	1 Quarter
Depreciation, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$19.29M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$41.71M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$39.78M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-15.13M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-12.96M	USD	1 Quarter
Gain on equity issuance	`FairValueAdjustmentOfWarrants`	$-706.00K	USD	1 Quarter
Gain on equity issuance	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Interest income and expense, net of amounts capitalized	`InterestIncomeExpenseNonoperatingNet`	$-7.35M	USD	1 Quarter
Interest income and expense, net of amounts capitalized	`InterestIncomeExpenseNonoperatingNet`	$-8.83M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$108.94M	USD	1 Quarter
Derivative gain	`GainLossOnDerivativeInstrumentsNetPretax`	$3.22M	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-662.00K	USD	1 Quarter
Other	`OtherNonoperatingIncomeExpense`	$-95.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$100.93M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-4.99M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$87.97M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-20.12M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$36.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$41.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$87.93M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-20.16M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-330.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-821.00K	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$87.60M	USD	1 Quarter
Total comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-20.98M	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.26B	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.11B	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.44B	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.11B	shares	1 Quarter

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$87.93M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-20.16M	USD	1 Quarter
Depreciation, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$19.23M	USD	1 Quarter
Depreciation, amortization and accretion	`DepreciationAmortizationAndAccretionNet`	$19.29M	USD	1 Quarter
Change in fair value of derivative assets and liabilities	`UnrealizedGainLossOnDerivatives`	$108.94M	USD	1 Quarter
Change in fair value of derivative assets and liabilities	`UnrealizedGainLossOnDerivatives`	$3.22M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.19M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.15M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$2.08M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$1.66M	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$361.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$418.00K	USD	1 Quarter
Noncash interest and accretion expense	`NonCashInterestExpenseCashFlow`	$2.80M	USD	1 Quarter
Noncash interest and accretion expense	`NonCashInterestExpenseCashFlow`	$2.40M	USD	1 Quarter
Change in fair value related to equity issuance	`FairValueAdjustmentOfWarrants`	$-706.00K	USD	1 Quarter
Change in fair value related to equity issuance	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Unrealized foreign currency gain (loss)	`ForeignCurrencyTransactionGainLossUnrealized`	$-590.00K	USD	1 Quarter
Unrealized foreign currency gain (loss)	`ForeignCurrencyTransactionGainLossUnrealized`	$225.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$40.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-754.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$269.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.96M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$403.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$320.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-13.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$829.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$214.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-172.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.14M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$5.37M	USD	1 Quarter
Payables to affiliates	`IncreaseDecreaseInDueToAffiliates`	$71.00K	USD	1 Quarter
Payables to affiliates	`IncreaseDecreaseInDueToAffiliates`	$-73.00K	USD	1 Quarter
Other non-current liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-104.00K	USD	1 Quarter
Other non-current liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$124.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$651.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$307.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.83M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.31M	USD	1 Quarter
Second-generation network costs (including interest)	`PaymentsForConstructionInProcess`	$341.00K	USD	1 Quarter
Second-generation network costs (including interest)	`PaymentsForConstructionInProcess`	$2.30M	USD	1 Quarter
Property and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.40M	USD	1 Quarter
Property and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.00M	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$784.00K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$648.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.39M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.09M	USD	1 Quarter
Proceeds from issuance of stock to Terrapin	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of stock to Terrapin	`ProceedsFromIssuanceOfCommonStock`	$12.00M	USD	1 Quarter
Proceeds from issuance of common stock and exercise of options and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Proceeds from issuance of common stock and exercise of options and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$18.00K	USD	1 Quarter
Cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.02M	USD	1 Quarter
Cash flows provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-22.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.00K	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.42M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.24M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$48.21M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$112.70M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.45M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.28M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$48.21M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$112.70M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.45M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.28M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$48.21M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$112.70M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.45M	USD	Point-in-time
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.28M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$39.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$492.00K	USD	1 Quarter
Increase in capitalized accrued interest for second-generation network costs	`InterestCostsIncurredCapitalized`	$971.00K	USD	1 Quarter
Increase in capitalized accrued interest for second-generation network costs	`InterestCostsIncurredCapitalized`	$1.33M	USD	1 Quarter
Capitalized accretion of debt discount and amortization of prepaid financing costs	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$1.28M	USD	1 Quarter
Capitalized accretion of debt discount and amortization of prepaid financing costs	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$1.23M	USD	1 Quarter
Issuance of common stock for legal settlement	`StockIssuedDuringPeriodValueIssuedforSettlement`	$453.00K	USD	1 Quarter
Issuance of common stock for legal settlement	`StockIssuedDuringPeriodValueIssuedforSettlement`	-	USD	1 Quarter

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