10-Q Filing

SWK Holdings Corp CIK: 1089907 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001552781-23-000266`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	e23255_swkh-10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 38 Cash Flow Statement 58 Stockholders Equity 17

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Financing Receivable, Allowance for Credit Loss	`FinancingReceivableAllowanceForCreditLosses`	$8.39M	USD	Point-in-time
Financing Receivable, Allowance for Credit Loss	`FinancingReceivableAllowanceForCreditLosses`	$11.79M	USD	Point-in-time
Financing Receivable, Allowance for Credit Loss	`FinancingReceivableAllowanceForCreditLosses`	$8.39M	USD	Point-in-time
Financing Receivable, Allowance for Credit Loss	`FinancingReceivableAllowanceForCreditLosses`	$11.85M	USD	Point-in-time
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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.40M	USD	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
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Interest and accounts receivable, net	`AccountsReceivableNet`	$4.34M	USD	Point-in-time
Interest and accounts receivable, net	`AccountsReceivableNet`	$3.09M	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
Other current assets	`OtherAssetsCurrent`	$1.29M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.11M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.36M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.88M	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
Finance receivables, net of allowance for credit losses of $11,786 and $11,846, as of March 31, 2023 and December 31, 2022, respectively	`NotesAndLoansReceivableNetCurrent`	$236.56M	USD	Point-in-time
Finance receivables, net of allowance for credit losses of $11,786 and $11,846, as of March 31, 2023 and December 31, 2022, respectively	`NotesAndLoansReceivableNetCurrent`	$237.04M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Collateral on foreign currency forward contract	`DerivativeInstrumentsAndHedges`	$2.75M	USD	Point-in-time
Collateral on foreign currency forward contract	`DerivativeInstrumentsAndHedges`	$2.75M	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`	12.83M	shares	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$76.00K	USD	Point-in-time
Marketable investments	`AvailableForSaleSecuritiesDebtSecurities`	$66.00K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	12.84M	shares	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$24.48M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$27.13M	USD	Point-in-time
Warrant assets	`WarrantAssets`	$683.00K	USD	Point-in-time
Warrant assets	`WarrantAssets`	$1.22M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.76M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.19M	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`	$5.63M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.84M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$1.74M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$2.40M	USD	Point-in-time
Total assets	`Assets`	$299.62M	USD	Point-in-time
Total assets	`Assets`	$300.74M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.90M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.83M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$10.48M	USD	Point-in-time
Revolving credit facility	`LinesOfCreditCurrent`	$2.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.31M	USD	Point-in-time
Contingent consideration payable	`BusinessCombinationContingentConsiderationLiability`	$11.20M	USD	Point-in-time
Contingent consideration payable	`BusinessCombinationContingentConsiderationLiability`	$11.20M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.15M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$2.84M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.35M	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; 12,830,399 and 12,843,157 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$12.00K	USD	Point-in-time
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,830,399 and 12,843,157 shares issued and outstanding as of March 31, 2023 and December 31, 2022, 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`	$-4.15B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.16B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$270.80M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$274.38M	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`	$300.74M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$299.62M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$10.41M	USD	1 Quarter
Finance receivable interest income, including fees	`InterestAndFeeIncomeLoansAndLeases`	$9.26M	USD	1 Quarter
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$118.00K	USD	1 Quarter
Pharmaceutical development	`PharmaceuticalDevelopmentRevenue`	$236.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$480.00K	USD	1 Quarter
Other	`RevenueNotFromContractWithCustomerOther`	$33.00K	USD	1 Quarter
Total revenues	`Revenues`	$11.13M	USD	1 Quarter
Total revenues	`Revenues`	$9.41M	USD	1 Quarter
Interest expense	`InterestExpense`	$80.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$182.00K	USD	1 Quarter
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$1.90M	USD	1 Quarter
Pharmaceutical manufacturing, research and development expense	`ResearchAndDevelopmentExpense`	$719.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$648.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$704.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.54M	USD	1 Quarter
Income from operations	`CostsAndExpenses`	$-5.32M	USD	1 Quarter
Income from operations	`CostsAndExpenses`	$-5.29M	USD	1 Quarter
Unrealized net loss on warrants	`UnrealizedGainLossOnDerivatives`	$-693.00K	USD	1 Quarter
Unrealized net loss on warrants	`UnrealizedGainLossOnDerivatives`	$-982.00K	USD	1 Quarter
Unrealized net loss on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Unrealized net loss on equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-28.00K	USD	1 Quarter
Gain on foreign currency transactions	`ForeignCurrencyTransactionGainBeforeTax`	$186.00K	USD	1 Quarter
Gain on foreign currency transactions	`ForeignCurrencyTransactionGainBeforeTax`	-	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.57M	USD	1 Quarter
Income before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.53M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$1.09M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-109.00K	USD	1 Quarter
Net income	`ProfitLoss`	$4.63M	USD	1 Quarter
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.36	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.27	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.36	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.83M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.83M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.89M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.88M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$4.63M	USD	1 Quarter
Net income	`ProfitLoss`	$3.48M	USD	1 Quarter
Right-of-use asset amortization	`FinanceLeaseRightOfUseAssetAmortization`	$56.00K	USD	1 Quarter
Right-of-use asset amortization	`FinanceLeaseRightOfUseAssetAmortization`	$68.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$15.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$14.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.08M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-122.00K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$693.00K	USD	1 Quarter
Change in fair value of warrants	`FairValueAdjustmentOfWarrants`	$982.00K	USD	1 Quarter
Change in fair value of equity securities	`MarketableSecuritiesUnrealizedGainLoss`	-	USD	1 Quarter
Change in fair value of equity securities	`MarketableSecuritiesUnrealizedGainLoss`	$-28.00K	USD	1 Quarter
Foreign currency transaction gain	`ForeignCurrencyTransactionGainBeforeTax`	$186.00K	USD	1 Quarter
Foreign currency transaction gain	`ForeignCurrencyTransactionGainBeforeTax`	-	USD	1 Quarter
Loan discount and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$421.00K	USD	1 Quarter
Loan discount and fee accretion	`AmortizationOfDeferredLoanOriginationFeesNet`	$1.47M	USD	1 Quarter
Interest paid-in-kind	`PaidInKindInterest`	$351.00K	USD	1 Quarter
Interest paid-in-kind	`PaidInKindInterest`	$734.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$35.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$648.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$704.00K	USD	1 Quarter
Interest and accounts receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$176.00K	USD	1 Quarter
Interest and accounts receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$1.25M	USD	1 Quarter
Derivative assets and liabilities, net	`DerivativeInstrumentReceivable`	$-388.00K	USD	1 Quarter
Derivative assets and liabilities, net	`DerivativeInstrumentReceivable`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$915.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$225.00K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-270.00K	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.41M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.31M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$664.00K	USD	1 Quarter
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$12.99M	USD	1 Quarter
Investment in finance receivables	`PaymentsToAcquireFinanceReceivables`	$22.70M	USD	1 Quarter
Repayment of finance receivables	`ProceedsRepaymentOfFinanceReceivables`	$1.91M	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`	$10.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$58.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.77M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.08M	USD	1 Quarter
Net proceeds from (payments on) credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-8.00K	USD	1 Quarter
Net proceeds from (payments on) credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$8.04M	USD	1 Quarter
Repurchases of common stock, including fees and expenses	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchases of common stock, including fees and expenses	`PaymentsForRepurchaseOfCommonStock`	$531.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.51M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.46M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.91M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.24M	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`	$41.40M	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`	$3.24M	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`	$41.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.86M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$270.80M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$274.38M	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`	$85.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$35.00K	USD	1 Quarter
Effect of adoption of ASC 326	`EffectOfAdoptionOfAccountingStandard`	$-9.68M	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
Repurchase of common stock in open market	`StockRepurchasedDuringPeriodValue`	$531.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.63M	USD	1 Quarter
Forfeiture of unvested restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	-	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$270.80M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$274.38M	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.