10-Q Filing

SWK Holdings Corp CIK: 1089907 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001552781-22-000390`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	e22296_swkh-10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 36 Cash Flow Statement 54 Stockholders Equity 14

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par Value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.61M	USD	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
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Interest and accounts receivable, net	`AccountsReceivableNet`	$1.98M	USD	Point-in-time
Interest and accounts receivable, net	`AccountsReceivableNet`	$1.80M	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable investments	`MarketableSecurities`	$1.01M	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable investments	`MarketableSecurities`	$1.03M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.58M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.73M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$45.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$47.43M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	12.83M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	12.84M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	12.84M	shares	Point-in-time
Finance receivables, net	`NotesAndLoansReceivableNetCurrent`	$181.55M	USD	Point-in-time
Finance receivables, net	`NotesAndLoansReceivableNetCurrent`	$188.28M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	12.83M	shares	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$106.00K	USD	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$119.00K	USD	Point-in-time
Cost method investment	`CostMethodInvestments`	$3.49M	USD	Point-in-time
Cost method investment	`CostMethodInvestments`	$3.49M	USD	Point-in-time
Deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$20.54M	USD	Point-in-time
Deferred tax asset, net	`DeferredIncomeTaxAssetsNet`	$19.46M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$2.88M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$3.42M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.47M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.96M	USD	Point-in-time
Goodwill	`Goodwill`	$8.40M	USD	Point-in-time
Goodwill	`Goodwill`	$8.40M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.78M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.92M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.97M	USD	Point-in-time
Total assets	`Assets`	$285.95M	USD	Point-in-time
Total assets	`Assets`	$282.67M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.09M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.86M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	-	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$8.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.86M	USD	Point-in-time
Contingent consideration payable	`ContingentConsiderationPayable`	$8.53M	USD	Point-in-time
Contingent consideration payable	`ContingentConsiderationPayable`	$8.53M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.76M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.15M	USD	Point-in-time
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,834,813 and 12,836,133 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,834,813 and 12,836,133 shares issued and outstanding as of March 31, 2022 and December 31, 2021, 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`	$-4.16B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.16B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$244.08M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$267.24M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$240.51M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$270.80M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$285.95M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$282.67M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$8.68M	USD	1 Quarter
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$10.41M	USD	1 Quarter
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$198.00K	USD	1 Quarter
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$236.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$480.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$496.00K	USD	1 Quarter
Total revenues	`Revenues`	$9.37M	USD	1 Quarter
Total revenues	`Revenues`	$11.13M	USD	1 Quarter
Interest expense	`InterestExpense`	$145.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$80.00K	USD	1 Quarter
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$1.90M	USD	1 Quarter
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$1.55M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$704.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$1.68M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.88M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.16M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.11M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.29M	USD	1 Quarter
Unrealized net (loss) gain on derivatives	`UnrealizedGainLossOnDerivatives`	$283.00K	USD	1 Quarter
Unrealized net (loss) gain on derivatives	`UnrealizedGainLossOnDerivatives`	$-693.00K	USD	1 Quarter
Unrealized net (loss) gain on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-28.00K	USD	1 Quarter
Unrealized net (loss) gain on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$932.00K	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.57M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.33M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.09M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$939.00K	USD	1 Quarter
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Net income	`ProfitLoss`	$3.39M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.26	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.26	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.83M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.79M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.81M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.89M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Net income	`ProfitLoss`	$3.39M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$46.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$14.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$918.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.08M	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-283.00K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$693.00K	USD	1 Quarter
Change in fair value of equity securities	`IncreaseDecreaseInEquitySecuritiesFvNi`	$699.00K	USD	1 Quarter
Change in fair value of equity securities	`IncreaseDecreaseInEquitySecuritiesFvNi`	$-28.00K	USD	1 Quarter
Loan discount amortization and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$628.00K	USD	1 Quarter
Loan discount amortization and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$421.00K	USD	1 Quarter
Interest income paid-in-kind	`PaidInKindInterest`	$734.00K	USD	1 Quarter
Interest income paid-in-kind	`PaidInKindInterest`	$13.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$177.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$704.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$1.68M	USD	1 Quarter
Interest and accounts receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$-176.00K	USD	1 Quarter
Interest and accounts receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$-260.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$225.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$308.00K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$350.00K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-270.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.25M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.37M	USD	1 Quarter
Investment in equity securities	`IncreaseDecreaseInTradingSecurities`	$233.00K	USD	1 Quarter
Investment in equity securities	`IncreaseDecreaseInTradingSecurities`	-	USD	1 Quarter
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$22.70M	USD	1 Quarter
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$7.10M	USD	1 Quarter
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$2.30M	USD	1 Quarter
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$16.98M	USD	1 Quarter
Corporate debt securities principal payments	`MarketableInvestmentPrincipalPayment`	$13.00K	USD	1 Quarter
Corporate debt securities principal payments	`MarketableInvestmentPrincipalPayment`	$18.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$321.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$58.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-56.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-163.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.17M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.71M	USD	1 Quarter
Net payments on credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-600.00K	USD	1 Quarter
Net payments on credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-8.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-600.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.40M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.46M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.01M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.61M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$244.08M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$267.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$240.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$270.80M	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$177.00K	USD	1 Quarter
Issuance of common stock upon vesting of restricted stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Issuance of common stock upon vesting of restricted stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$244.08M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$267.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$240.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$270.80M	USD	Point-in-time

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