10-K Filing

SWK Holdings Corp CIK: 1089907 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001552781-23-000219`
Period End Date	20221231
Filing Date	20230331
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	e23137_swkh-10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 44 Cash Flow Statement 76 Stockholders Equity 16

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`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`	$3.01M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	USD	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
Interest and accounts receivable, net	`AccountsReceivableNet`	$3.09M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Interest and accounts receivable, net	`AccountsReceivableNet`	$1.80M	USD	Point-in-time
Marketable investments	`MarketableSecurities`	$1.03M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable investments	`MarketableSecurities`	-	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	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
Other current assets	`OtherAssetsCurrent`	$1.11M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	12.84M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.36M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	12.84M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$47.43M	USD	Point-in-time
Finance receivables, net	`NotesAndLoansReceivableNetCurrent`	$181.55M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	12.84M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	12.84M	shares	Point-in-time
Finance receivables, net	`NotesAndLoansReceivableNetCurrent`	$236.56M	USD	Point-in-time
Collateral on foreign currency forward contract	`DerivativeInstrumentsAndHedges`	-	USD	Point-in-time
Collateral on foreign currency forward contract	`DerivativeInstrumentsAndHedges`	$2.75M	USD	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$76.00K	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`	-	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$24.48M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$20.54M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$1.22M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$3.42M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.19M	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`	$5.78M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.84M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.97M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.74M	USD	Point-in-time
Total assets	`Assets`	$282.67M	USD	Point-in-time
Total assets	`Assets`	$299.62M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.09M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.90M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$8.00K	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$2.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.35M	USD	Point-in-time
Contingent consideration payable	`ContingentConsiderationPayable`	$8.53M	USD	Point-in-time
Contingent consideration payable	`ContingentConsiderationPayable`	$11.20M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$1.80M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.69M	USD	Point-in-time
Preferred Stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,843,157 and 12,836,133 shares issued and outstanding at December 31, 2022 and 2021, respectively	`CommonStockValue`	$13.00K	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,843,157 and 12,836,133 shares issued and outstanding at December 31, 2022 and 2021, respectively	`CommonStockValue`	$12.00K	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`	$-4.15B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$240.51M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$279.93M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$267.24M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$299.62M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$282.67M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$35.46M	USD	Annual
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$39.31M	USD	Annual
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$16.12M	USD	Annual
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$5.49M	USD	Annual
Other	`RevenueNotFromContractWithCustomerOther`	$723.00K	USD	Annual
Other	`RevenueNotFromContractWithCustomerOther`	$538.00K	USD	Annual
Total revenues	`Revenues`	$56.16M	USD	Annual
Total revenues	`Revenues`	$41.48M	USD	Annual
Provision for credit losses	`ProvisionForOtherCreditLosses`	-	USD	Annual
Provision for credit losses	`ProvisionForOtherCreditLosses`	$3.49M	USD	Annual
Interest expense	`InterestExpense`	$340.00K	USD	Annual
Interest expense	`InterestExpense`	$374.00K	USD	Annual
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$6.95M	USD	Annual
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$7.35M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$13.62M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$12.96M	USD	Annual
Change in fair value of acquisition-related contingent consideration	`ChangeInFairValueOfAcquisitionrelatedContingentConsideration`	$-287.00K	USD	Annual
Change in fair value of acquisition-related contingent consideration	`ChangeInFairValueOfAcquisitionrelatedContingentConsideration`	$5.17M	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$2.60M	USD	Annual
Depreciation and amortization expense	`DepreciationAndAmortization`	$4.06M	USD	Annual
Income from operations	`CostsAndExpenses`	$-9.97M	USD	Annual
Income from operations	`CostsAndExpenses`	$-31.04M	USD	Annual
Unrealized net gain on warrants	`UnrealizedGainLossOnDerivatives`	$272.00K	USD	Annual
Unrealized net gain on warrants	`UnrealizedGainLossOnDerivatives`	$417.00K	USD	Annual
Unrealized net (loss) gain on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-528.00K	USD	Annual
Unrealized net (loss) gain on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$1.84M	USD	Annual
Realized loss on sale of investments	`MarketableSecuritiesGainLoss`	$-151.00K	USD	Annual
Realized loss on sale of investments	`MarketableSecuritiesGainLoss`	$-140.00K	USD	Annual
Foreign currency transaction loss	`ForeignCurrencyTransactionLossBeforeTax`	$-215.00K	USD	Annual
Foreign currency transaction loss	`ForeignCurrencyTransactionLossBeforeTax`	-	USD	Annual
Income before income tax (benefit) expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$33.01M	USD	Annual
Income before income tax (benefit) expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.49M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-4.00M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$7.08M	USD	Annual
Net income	`ProfitLoss`	$25.93M	USD	Annual
Net income	`ProfitLoss`	$13.49M	USD	Annual
Basic	`EarningsPerShareBasic`	$2.03	USD	Annual
Basic	`EarningsPerShareBasic`	$1.05	USD	Annual
Diluted	`EarningsPerShareDiluted`	$2.02	USD	Annual
Diluted	`EarningsPerShareDiluted`	$1.05	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.84M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.80M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.88M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.83M	shares	Annual

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$25.93M	USD	Annual
Net income	`ProfitLoss`	$13.49M	USD	Annual
Provision for credit losses	`ProvisionForOtherCreditLosses`	-	USD	Annual
Provision for credit losses	`ProvisionForOtherCreditLosses`	$3.49M	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$49.00K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$69.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$6.95M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-3.94M	USD	Annual
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-417.00K	USD	Annual
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$-272.00K	USD	Annual
Change in fair value of equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-528.00K	USD	Annual
Change in fair value of equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$1.84M	USD	Annual
Foreign currency transaction loss	`ChangeInFairValueOfDerivativeLiability`	-	USD	Annual
Foreign currency transaction loss	`ChangeInFairValueOfDerivativeLiability`	$754.00K	USD	Annual
Loss on sale of marketable securities	`MarketableSecuritiesGainLoss`	$-151.00K	USD	Annual
Loss on sale of marketable securities	`MarketableSecuritiesGainLoss`	$-140.00K	USD	Annual
Change in fair value of acquisition-related contingent consideration	`ChangeInFairValueOfAcquisitionrelatedContingentConsideration`	$-287.00K	USD	Annual
Change in fair value of acquisition-related contingent consideration	`ChangeInFairValueOfAcquisitionrelatedContingentConsideration`	$5.17M	USD	Annual
Loan discount and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$1.13M	USD	Annual
Loan discount and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$2.20M	USD	Annual
Interest paid-in-kind	`PaidInKindInterest`	$950.00K	USD	Annual
Interest paid-in-kind	`PaidInKindInterest`	$6.00M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$500.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.16M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.06M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.60M	USD	Annual
Interest and accounts receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$-1.29M	USD	Annual
Interest and accounts receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$108.00K	USD	Annual
Derivative assets and liabilities, net	`DerivativeInstrumentReceivable`	-	USD	Annual
Derivative assets and liabilities, net	`DerivativeInstrumentReceivable`	$-539.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$44.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.79M	USD	Annual
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.60M	USD	Annual
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.16M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.20M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.30M	USD	Annual
Proceeds from sale of marketable investments	`ProceedsFromSaleOfEquityMethodInvestments`	-	USD	Annual
Proceeds from sale of marketable investments	`ProceedsFromSaleOfEquityMethodInvestments`	$4.15M	USD	Annual
Cash received from settlement of warrants and equity securities	`CashReceivedFromSettlementOfWarrants`	$1.88M	USD	Annual
Cash received from settlement of warrants and equity securities	`CashReceivedFromSettlementOfWarrants`	-	USD	Annual
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$42.35M	USD	Annual
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$93.12M	USD	Annual
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$45.67M	USD	Annual
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$67.19M	USD	Annual
Corporate debt securities principal payments	`MarketableInvestmentPrincipalPayment`	$43.00K	USD	Annual
Corporate debt securities principal payments	`MarketableInvestmentPrincipalPayment`	$122.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.08M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$297.00K	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$25.76M	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.55M	USD	Annual
Net settlement for employee taxes on restricted stock and options	`NetSettlementForEmployeeTaxesOnRestrictedStockAndOptions`	$-160.00K	USD	Annual
Net settlement for employee taxes on restricted stock and options	`NetSettlementForEmployeeTaxesOnRestrictedStockAndOptions`	$-368.00K	USD	Annual
Repurchases of common stock, including fees and expenses	`PaymentsForRepurchaseOfCommonStock`	$1.14M	USD	Annual
Repurchases of common stock, including fees and expenses	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Net proceeds from (payments on) credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.44M	USD	Annual
Net proceeds from (payments on) credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-11.75M	USD	Annual
Payment of acquisition-related contingent consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$2.50M	USD	Annual
Payment of acquisition-related contingent consideration	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$8.08M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-20.20M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.36M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-36.71M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$39.85M	USD	Annual
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.01M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	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`	$6.16M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	USD	Point-in-time
Warrants received in connection with finance receivables	`WarrantsReceivedInConjunctionWithPurchaseOfFinancialReceivables`	$1.18M	USD	Annual
Warrants received in connection with finance receivables	`WarrantsReceivedInConjunctionWithPurchaseOfFinancialReceivables`	$175.00K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$268.00K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$110.00K	USD	Annual
Fair value of common stock received in connection with payoff of term loan	`FairValueOfCommonStockReceivedInConnectionWithPayoffOfTermLoan`	-	USD	Annual
Fair value of common stock received in connection with payoff of term loan	`FairValueOfCommonStockReceivedInConnectionWithPayoffOfTermLoan`	$887.00K	USD	Annual
Fair value of common stock received upon exercise of warrant	`FairValueOfCommonStockReceivedUponExerciseOfWarrant`	$3.67M	USD	Annual
Fair value of common stock received upon exercise of warrant	`FairValueOfCommonStockReceivedUponExerciseOfWarrant`	-	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$240.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$279.93M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$267.24M	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$500.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.16M	USD	Annual
Issuance of common stock upon vesting of restricted stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	Annual
Issuance of common stock upon vesting of restricted stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	Annual
Net settlement for employee taxes on restricted stock and options	`NetSettlementForEmployeeTaxesOnRestrictedStockAndOptions`	$-160.00K	USD	Annual
Net settlement for employee taxes on restricted stock and options	`NetSettlementForEmployeeTaxesOnRestrictedStockAndOptions`	$-368.00K	USD	Annual
Net income	`NetIncomeLoss`	$13.49M	USD	Annual
Net income	`NetIncomeLoss`	$25.93M	USD	Annual
Repurchases of common stock in open market	`StockRepurchasedDuringPeriodValue`	$1.14M	USD	Annual
Stock options exercised, net, Shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	63,901.00	shares	Annual
Ending balance, value	`StockholdersEquity`	$240.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$279.93M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$267.24M	USD	Point-in-time

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