10-Q Filing

Climb Global Solutions, Inc. CIK: 945983 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-006125`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	wstg-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 35 Cash Flow Statement 58 Stockholders Equity 27 Comprehensive Income 8

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$910.00K	USD	Point-in-time
Accounts receivable, allowances (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$892.00K	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.35M	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net of allowances of $910 and $892, respectively	`AccountsReceivableNetCurrent`	$93.82M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Accounts receivable, net of allowances of $910 and $892, respectively	`AccountsReceivableNetCurrent`	$95.41M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	4.36M	shares	Point-in-time
Inventory, net	`InventoryNet`	$4.94M	USD	Point-in-time
Inventory, net	`InventoryNet`	$4.19M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	4.41M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	873,303.00	shares	Point-in-time
Vendor prepayments and advances	`VendorPrepayments`	$7.53M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	922,503.00	shares	Point-in-time
Vendor prepayments and advances	`VendorPrepayments`	$1.24M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.78M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.84M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$133.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$144.66M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.31M	USD	Point-in-time
Equipment and leasehold improvements, net	`PropertyPlantAndEquipmentNet`	$2.27M	USD	Point-in-time
Goodwill	`Goodwill`	$17.46M	USD	Point-in-time
Goodwill	`Goodwill`	$16.82M	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$10.62M	USD	Point-in-time
Other intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$10.75M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$1.93M	USD	Point-in-time
Right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$1.86M	USD	Point-in-time
Accounts receivable-long-term, net	`AccountsReceivableNetNoncurrent`	$304.00K	USD	Point-in-time
Accounts receivable-long-term, net	`AccountsReceivableNetNoncurrent`	$135.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$510.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$257.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$113.00K	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$67.00K	USD	Point-in-time
Total assets	`Assets`	$177.71M	USD	Point-in-time
Total assets	`Assets`	$165.53M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$126.83M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$116.69M	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$490.00K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$505.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$127.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$117.18M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$2.05M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$2.17M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$1.47M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$1.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$130.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$120.82M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value; 10,000,000 shares authorized; 5,284,500 shares issued: 4,411,197 and 4,361,997 shares outstanding, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Common stock, $.01 par value; 10,000,000 shares authorized; 5,284,500 shares issued: 4,411,197 and 4,361,997 shares outstanding, respectively	`CommonStockValue`	$53.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$31.96M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$31.36M	USD	Point-in-time
Treasury stock, at cost, 873,303 and 922,503 shares, respectively	`TreasuryStockCommonValue`	$14.75M	USD	Point-in-time
Treasury stock, at cost, 873,303 and 922,503 shares, respectively	`TreasuryStockCommonValue`	$13.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$28.96M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$28.19M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-742.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$298.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$45.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$46.75M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$44.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$44.72M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$177.71M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$165.53M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$62.81M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$62.62M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$54.45M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$51.97M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.16M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.40M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.41M	USD	1 Quarter
Legal and financial advisory expenses - unsolicited bid and related matters	`LegalFinancialAdvisoryExpenses`	-	USD	1 Quarter
Legal and financial advisory expenses - unsolicited bid and related matters	`LegalFinancialAdvisoryExpenses`	$1.32M	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$403.00K	USD	1 Quarter
Amortization and depreciation expense	`DepreciationAndAmortization`	$96.00K	USD	1 Quarter
Amortization and depreciation expense	`DepreciationAndAmortization`	$399.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.03M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$938.00K	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$62.00K	USD	1 Quarter
Interest, net	`InterestIncomeExpenseNonoperatingNet`	$10.00K	USD	1 Quarter
Foreign currency transaction (loss) gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$-91.00K	USD	1 Quarter
Foreign currency transaction (loss) gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$115.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.11M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.95M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$431.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$279.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$836.00K	USD	1 Quarter
Income per common share-Basic	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Income per common share-Basic	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Income per common share-Diluted	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Income per common share-Diluted	`EarningsPerShareDiluted`	$0.35	USD	1 Quarter
Weighted average common shares outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.25M	shares	1 Quarter
Weighted average common shares outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.45M	shares	1 Quarter
Weighted average common shares outstanding - Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.25M	shares	1 Quarter
Weighted average common shares outstanding - Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.45M	shares	1 Quarter
Dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.17	USD	1 Quarter
Dividends paid per common share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.17	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$836.00K	USD	1 Quarter
Net income	`ProfitLoss`	$1.52M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$96.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$399.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$132.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$106.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$279.00K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$167.00K	USD	1 Quarter
Amortization of discount on accounts receivable	`AdjustmentForAmortizationOfDiscountOnAccountsReceivable`	$-25.00K	USD	1 Quarter
Amortization of discount on accounts receivable	`AdjustmentForAmortizationOfDiscountOnAccountsReceivable`	$-62.00K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortization`	$112.00K	USD	1 Quarter
Amortization of right-of-use assets	`OperatingLeaseRightOfUseAssetAmortization`	$120.00K	USD	1 Quarter
Change in fair value of contingent earn-out consideration	`ChangeInFairValueOfContingentEarnOutConsideration`	$13.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.17M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$7.82M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-507.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-746.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-64.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-100.00K	USD	1 Quarter
Vendor prepayments	`IncreaseDecreaseInVendorPrepayments`	$3.30M	USD	1 Quarter
Vendor prepayments	`IncreaseDecreaseInVendorPrepayments`	$460.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$9.89M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.15M	USD	1 Quarter
Lease liability, net	`IncreaseDecreaseInLeaseLiability`	$-134.00K	USD	1 Quarter
Lease liability, net	`IncreaseDecreaseInLeaseLiability`	$-143.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$258.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-15.00K	USD	1 Quarter
Net cash and cash equivalents provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.36M	USD	1 Quarter
Net cash and cash equivalents provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$8.23M	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsForPurchaseOfEquipmentAndLeaseholdImprovements`	$-1.00K	USD	1 Quarter
Purchase of equipment and leasehold improvements	`PaymentsForPurchaseOfEquipmentAndLeaseholdImprovements`	$123.00K	USD	1 Quarter
Vendor advances	`VendorAdvances`	$2.99M	USD	1 Quarter
Net cash and cash equivalents (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.00K	USD	1 Quarter
Net cash and cash equivalents (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.12M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$57.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$32.00K	USD	1 Quarter
Borrowings under revolving credit facility	`ProceedsFromLinesOfCredit`	$1.30M	USD	1 Quarter
Repayments of borrowings under revolving credit facility	`RepaymentsOfLinesOfCredit`	$1.30M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$750.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$775.00K	USD	1 Quarter
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-807.00K	USD	1 Quarter
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-807.00K	USD	1 Quarter
Effect of foreign exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$89.00K	USD	1 Quarter
Effect of foreign exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-229.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.40M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.40M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.35M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.59M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.75M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.98M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$29.35M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.59M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.75M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.98M	USD	Point-in-time
Income taxes paid	`IncomeTaxesPaidNet`	$130.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$108.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$14.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$11.00K	USD	1 Quarter

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$45.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$44.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$44.72M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Balance (in shares)	`TreasuryStockCommonShares`	873,303.00	shares	Point-in-time
Balance (in shares)	`TreasuryStockCommonShares`	922,503.00	shares	Point-in-time
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$836.00K	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.04M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-501.00K	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$775.00K	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$750.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$279.00K	USD	1 Quarter
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$167.00K	USD	1 Quarter
Restricted stock grants (net of forfeitures)	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$-1.00K	USD	1 Quarter
Treasury shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$57.00K	USD	1 Quarter
Treasury shares repurchased	`TreasuryStockValueAcquiredCostMethod`	$32.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$45.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.75M	USD	Point-in-time
Balance	`StockholdersEquity`	$44.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$44.72M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	5.28M	shares	Point-in-time
Balance (in shares)	`TreasuryStockCommonShares`	873,303.00	shares	Point-in-time
Balance (in shares)	`TreasuryStockCommonShares`	922,503.00	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.52M	USD	1 Quarter
Net income	`NetIncomeLoss`	$836.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.04M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-501.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.04M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-501.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$335.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.56M	USD	1 Quarter

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