10-Q Filing

SWK Holdings Corp CIK: 1089907 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001552781-20-000350`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	swkh-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 40 Cash Flow Statement 58 Stockholders Equity 16 Comprehensive Income 6

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.16M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.32M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.23M	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$2.55M	USD	Point-in-time
Preferred stock, outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNet`	$2.01M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable investments	`MarketableSecurities`	$1.80M	USD	Point-in-time
Marketable investments	`MarketableSecurities`	$912.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.55M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.09M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$16.60M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.92M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.92M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$28.79M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.92M	shares	Point-in-time
Finance receivables, net	`NotesAndLoansReceivableNetCurrent`	$177.98M	USD	Point-in-time
Finance receivables, net	`NotesAndLoansReceivableNetCurrent`	$172.82M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.92M	shares	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$285.00K	USD	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$466.00K	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsLiabilitiesNet`	$24.53M	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsLiabilitiesNet`	$25.78M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$1.75M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$3.56M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$21.80M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$25.11M	USD	Point-in-time
Goodwill	`Goodwill`	$8.40M	USD	Point-in-time
Goodwill	`Goodwill`	$8.40M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.30M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.29M	USD	Point-in-time
Other assets	`PrepaidExpenseAndOtherAssets`	$336.00K	USD	Point-in-time
Other assets	`PrepaidExpenseAndOtherAssets`	$290.00K	USD	Point-in-time
Total assets	`Assets`	$254.37M	USD	Point-in-time
Total assets	`Assets`	$265.12M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.07M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.06M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$14.29M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.36M	USD	Point-in-time
Contingent consideration payable	`ContingentConsiderationPayable`	$14.50M	USD	Point-in-time
Contingent consideration payable	`ContingentConsiderationPayable`	$14.50M	USD	Point-in-time
Warrant liability	`WarrantsAndRightsOutstanding`	$76.00K	USD	Point-in-time
Warrant liability	`WarrantsAndRightsOutstanding`	$129.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$203.00K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$137.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$33.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.84M	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,918,006 and 12,917,348 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,918,006 and 12,917,348 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.43B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$4.43B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.20B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.20B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$218.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$232.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$213.06M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$236.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$254.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$265.12M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$7.14M	USD	1 Quarter
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$9.39M	USD	1 Quarter
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	-	USD	1 Quarter
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$148.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$18.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$1.00K	USD	1 Quarter
Revenues	`Revenues`	$7.30M	USD	1 Quarter
Revenues	`Revenues`	$9.39M	USD	1 Quarter
Provision for loan credit losses	`ProvisionForLoanAndLeaseLosses`	-	USD	1 Quarter
Provision for loan credit losses	`ProvisionForLoanAndLeaseLosses`	$609.00K	USD	1 Quarter
Impairment expense	`OperatingLeaseImpairmentLoss`	-	USD	1 Quarter
Impairment expense	`OperatingLeaseImpairmentLoss`	$163.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$102.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$101.00K	USD	1 Quarter
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$1.15M	USD	1 Quarter
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	-	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$3.50M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$5.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.04M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.26M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$1.98M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$7.96M	USD	1 Quarter
Unrealized net (loss) gain on warrants	`UnrealizedNetLossGainOnWarrants`	$-1.86M	USD	1 Quarter
Unrealized net (loss) gain on warrants	`UnrealizedNetLossGainOnWarrants`	$258.00K	USD	1 Quarter
Unrealized net loss on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Unrealized net loss on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-890.00K	USD	1 Quarter
Income (loss) before provision (benifit) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.67M	USD	1 Quarter
Income (loss) before provision (benifit) for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.41M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$1.11M	USD	1 Quarter
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$1.25M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$-4.66M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$6.56M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.51	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.36	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.51	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.36	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.91M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.91M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.91M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.91M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Consolidated net (loss) income	`ProfitLoss`	$-4.66M	USD	1 Quarter
Consolidated net (loss) income	`ProfitLoss`	$6.56M	USD	1 Quarter
Provision for loan credit losses	`ProvisionForLoanAndLeaseLosses`	-	USD	1 Quarter
Provision for loan credit losses	`ProvisionForLoanAndLeaseLosses`	$609.00K	USD	1 Quarter
Security impairment expense	`AssetImpairmentCharges`	-	USD	1 Quarter
Security impairment expense	`AssetImpairmentCharges`	$163.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$47.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.11M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.25M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-258.00K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$1.86M	USD	1 Quarter
Change in fair value of equity securities	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Change in fair value of equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-890.00K	USD	1 Quarter
Loan discount amortization and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$600.00K	USD	1 Quarter
Loan discount amortization and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$536.00K	USD	1 Quarter
Interest paid-in-kind	`PaidInKindInterest`	$406.00K	USD	1 Quarter
Interest paid-in-kind	`PaidInKindInterest`	$467.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$102.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$187.00K	USD	1 Quarter
Interest income in excess of cash collected	`InterestIncomeInExcessOfCashCollected`	$-82.00K	USD	1 Quarter
Interest income in excess of cash collected	`InterestIncomeInExcessOfCashCollected`	-	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAmortizationAndAccretionNet`	-	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAmortizationAndAccretionNet`	$3.50M	USD	1 Quarter
Interest and accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$543.00K	USD	1 Quarter
Interest and accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$265.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-9.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-462.00K	USD	1 Quarter
Accounts payable, accrued liabilities, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-291.00K	USD	1 Quarter
Accounts payable, accrued liabilities, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$994.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.32M	USD	1 Quarter
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$5.50M	USD	1 Quarter
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$11.19M	USD	1 Quarter
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$1.35M	USD	1 Quarter
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$23.87M	USD	1 Quarter
Corporate debt security principal payment	`MarketableInvestmentPrincipalPayment`	$21.00K	USD	1 Quarter
Corporate debt security principal payment	`MarketableInvestmentPrincipalPayment`	$18.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$249.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.38M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$12.70M	USD	1 Quarter
Net proceeds from credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net proceeds from credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$14.29M	USD	1 Quarter
Repurchases of common stock, including fees and expenses	`PaymentsForRepurchaseOfCommonStock`	$745.00K	USD	1 Quarter
Repurchases of common stock, including fees and expenses	`PaymentsForRepurchaseOfCommonStock`	$62.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-745.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.23M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.16M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$18.96M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.18M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.16M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$24.32M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$39.18M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$11.16M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$24.32M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.23M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$218.97M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$232.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$213.06M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$236.53M	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$102.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$187.00K	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Repurchases of common stock in open market	`StockRepurchasedDuringPeriodValue`	$62.00K	USD	1 Quarter
Repurchases of common stock in open market	`StockRepurchasedDuringPeriodValue`	$745.00K	USD	1 Quarter
Net income	`ProfitLoss`	$-4.66M	USD	1 Quarter
Net income	`ProfitLoss`	$6.56M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$218.97M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$232.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$213.06M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$236.53M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Consolidated net income	`ProfitLoss`	$-4.66M	USD	1 Quarter
Consolidated net income	`ProfitLoss`	$6.56M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.56M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$-4.66M	USD	1 Quarter

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