Company Quick10K Filing
Comstock
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 7 $17
10-Q 2019-11-14 Quarter: 2019-09-30
10-Q 2019-08-20 Quarter: 2019-06-30
10-Q 2019-05-15 Quarter: 2019-03-31
10-K 2019-03-29 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-14 Quarter: 2018-06-30
10-Q 2018-05-16 Quarter: 2018-03-31
10-K 2018-04-20 Annual: 2017-12-31
10-Q 2017-11-16 Quarter: 2017-09-30
10-Q 2017-08-14 Quarter: 2017-06-30
10-Q 2017-05-15 Quarter: 2017-03-31
10-K 2017-04-17 Annual: 2016-12-31
10-Q 2016-11-14 Quarter: 2016-09-30
10-Q 2016-08-15 Quarter: 2016-06-30
10-Q 2016-05-16 Quarter: 2016-03-31
10-K 2016-04-04 Annual: 2015-12-31
10-Q 2015-11-16 Quarter: 2015-09-30
10-Q 2015-08-14 Quarter: 2015-06-30
10-Q 2015-05-15 Quarter: 2015-03-31
10-K 2015-04-15 Annual: 2014-12-31
10-Q 2014-11-13 Quarter: 2014-09-30
10-Q 2014-08-13 Quarter: 2014-06-30
10-Q 2014-05-15 Quarter: 2014-03-31
10-K 2014-03-31 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-13 Quarter: 2013-06-30
10-Q 2013-05-15 Quarter: 2013-03-31
10-K 2013-03-27 Annual: 2012-12-31
10-Q 2012-11-14 Quarter: 2012-09-30
10-Q 2012-07-27 Quarter: 2012-06-30
10-Q 2012-05-11 Quarter: 2012-03-31
10-K 2012-03-30 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-12 Quarter: 2011-06-30
10-Q 2011-05-13 Quarter: 2011-03-31
10-K 2011-03-31 Annual: 2010-12-31
10-Q 2010-11-12 Quarter: 2010-09-30
10-Q 2010-08-13 Quarter: 2010-06-30
10-Q 2010-05-14 Quarter: 2010-03-31
10-K 2010-03-31 Annual: 2009-12-31
8-K 2019-12-30 Enter Agreement, Exhibits
8-K 2019-06-19 Shareholder Vote, Exhibits
8-K 2019-04-30 Enter Agreement, M&A, Sale of Shares, Exhibits
8-K 2019-02-12 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-06-12 Shareholder Vote
8-K 2018-06-12 Officers, Exhibits
8-K 2018-05-22 Enter Agreement, Leave Agreement, Off-BS Arrangement, Sale of Shares
8-K 2018-03-30 Enter Agreement, Exhibits
CHCI 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 chci-ex311_7.htm
EX-31.2 chci-ex312_6.htm
EX-32.1 chci-ex321_8.htm

Comstock Earnings 2019-09-30

CHCI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WLH 759 2,946 1,920 2,116 123 105 226 2,135 6% 9.4 4%
XIN 492 8,034 7,288 0 0 0 0 -694 0%
BZH 437 2,120 1,586 1,306 176 -21 -13 353 13% -28.0 -1%
GRBK 418 833 322 687 143 57 79 380 21% 4.8 7%
LEGH 304 252 43 84 34 16 21 302 41% 14.0 6%
SIC 267 429 277 556 154 0 47 421 28% 8.9 0%
STRS 221 543 402 90 16 -0 2 188 18% 89.7 -0%
HOV 91 1,795 2,288 1,918 0 6 12 -33 0% -2.9 0%
NWHM 73 673 434 670 66 -14 -12 399 10% -33.1 -2%
CHCI 17 28 21 50 1 -2 -2 22 2% -8.9 -8%

10-Q 1 chci-10q_20190930.htm 10-Q chci-10q_20190930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2019

or

Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission File Number 1-32375

 

Comstock Holding Companies, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

20-1164345

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1886 Metro Center Drive, 4th Floor

Reston, Virginia 20190

(703) 230-1985

(Address, including zip code, and telephone number, including area code, of principal executive offices)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class B Common Stock

 

 

 

 

Class A Common Stock

 

CHCI

 

NASDAQ Capital Market

Preferred Stock Purchase Rights

 

 

 

NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

As of November 11, 2019, 7,747,075 shares of Class A common stock, par value $0.01 per share, and 220,250 shares of Class B common stock, par value $0.01 per share, of the registrant were outstanding.

 


COMSTOCK HOLDING COMPANIES, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 


 

PART I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

COMSTOCK HOLDING COMPANIES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,598

 

 

$

854

 

Trade receivables

 

 

954

 

 

 

973

 

Trade receivables - related parties

 

 

2,487

 

 

 

2,950

 

Other assets

 

 

235

 

 

 

362

 

Current assets of discontinued operations

 

 

-

 

 

 

7,786

 

Total current assets

 

 

5,274

 

 

 

12,925

 

 

 

 

 

 

 

 

 

 

Equity method investments carried at fair value

 

 

8,603

 

 

 

 

Fixed assets, net

 

 

244

 

 

 

221

 

Goodwill

 

 

1,702

 

 

 

1,702

 

Intangible assets, net

 

 

120

 

 

 

170

 

Lease right-of-use assets

 

 

128

 

 

 

 

Long term assets of discontinued operations

 

 

 

 

 

20,082

 

TOTAL ASSETS

 

$

16,071

 

 

$

35,100

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

2,396

 

 

$

2,776

 

Deferred revenue

 

 

 

 

 

1,875

 

Notes payable - due to affiliates, unsecured, net of discount

 

 

4,981

 

 

 

4,903

 

Current liabilities of discontinued operations

 

 

 

 

 

4,889

 

Total current liabilities

 

 

7,377

 

 

 

14,443

 

 

 

 

 

 

 

 

 

 

Notes payable - secured, net of deferred financing charges

 

 

750

 

 

 

922

 

Notes payable - unsecured, net of deferred financing charges

 

 

595

 

 

 

595

 

Lease liabilities

 

 

128

 

 

 

 

Long term liabilities of discontinued operations

 

 

 

 

 

12,510

 

TOTAL LIABILITIES

 

 

8,850

 

 

 

28,470

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Series C preferred stock $0.01 par value, 20,000,000 and 3,000,000 shares authorized, 3,440,690 and 2,799,848 issued and outstanding and liquidation preference of $17,203 and $13,999 at September 30, 2019 and December 31, 2018, respectively

 

$

6,765

 

 

$

7,193

 

Class A common stock, $0.01 par value, 59,779,750 and 11,038,071 shares authorized, 7,832,645 and 3,703,513 issued, and 7,747,075 and 3,617,943 outstanding at September 30, 2019 and December 31, 2018, respectively

 

 

78

 

 

 

37

 

Class B common stock, $0.01 par value, 220,250 shares authorized, issued and outstanding at September 30, 2019 and December 31, 2018

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

198,184

 

 

 

180,673

 

Treasury stock, at cost (85,570 shares Class A common stock)

 

 

(2,662

)

 

 

(2,662

)

Accumulated deficit

 

 

(195,146

)

 

 

(194,319

)

TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY (DEFICIT)

 

 

7,221

 

 

 

(9,076

)

Non-controlling interests

 

 

 

 

 

15,706

 

TOTAL EQUITY

 

 

7,221

 

 

 

6,630

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

16,071

 

 

$

35,100

 

1


 

 

The accompanying notes are an integral part of these consolidated financial statements.

2


 

 

COMSTOCK HOLDING COMPANIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue—asset management

 

$

4,293

 

 

$

2,730

 

 

$

12,178

 

 

$

8,481

 

Revenue—real estate services

 

 

947

 

 

 

711

 

 

 

2,573

 

 

 

1,652

 

Total revenue

 

 

5,240

 

 

 

3,441

 

 

 

14,751

 

 

 

10,133

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

operating expenses - asset management

 

 

3,710

 

 

 

2,458

 

 

 

10,541

 

 

 

7,605

 

operating expenses - real estate services

 

 

862

 

 

 

922

 

 

 

2,265

 

 

 

1,775

 

Sales and marketing

 

 

 

 

 

1

 

 

 

 

 

 

6

 

General and administrative

 

 

453

 

 

 

242

 

 

 

1,234

 

 

 

970

 

Operating income (loss)

 

 

215

 

 

 

(182

)

 

 

711

 

 

 

(223

)

Other income, net

 

 

 

 

 

36

 

 

 

16

 

 

 

117

 

Interest (expense)

 

 

(186

)

 

 

(25

)

 

 

(352

)

 

 

(73

)

(Loss) on equity method investments carried at fair value

 

 

(606

)

 

 

 

 

 

 

(606

)

 

 

 

 

(Loss) before income tax benefit

 

 

(577

)

 

 

(171

)

 

 

(231

)

 

 

(179

)

Income tax (benefit)

 

 

 

 

 

(445

)

 

 

 

 

 

(940

)

Net (loss) income from continuing operations

 

 

(577

)

 

 

274

 

 

 

(231

)

 

 

761

 

Net (loss) from discontinued operations, net of tax

 

 

(66

)

 

 

(2,201

)

 

 

(596

)

 

 

(4,413

)

Net (loss)

 

 

(643

)

 

 

(1,927

)

 

 

(827

)

 

 

(3,652

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share from continuing operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

(0.07

)

 

$

0.07

 

 

$

(0.04

)

 

$

0.21

 

Diluted net income per share

 

$

(0.07

)

 

$

0.07

 

 

$

(0.04

)

 

$

0.20

 

Loss per share from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net loss per share

 

$

(0.01

)

 

$

(0.59

)

 

$

(0.10

)

 

$

(1.20

)

Diluted net loss per share

 

$

(0.01

)

 

$

(0.55

)

 

$

(0.10

)

 

$

(1.15

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

7,954

 

 

 

3,759

 

 

 

6,159

 

 

 

3,684

 

Diluted weighted average shares outstanding (continuing operations)

 

 

7,954

 

 

 

3,975

 

 

 

6,159

 

 

 

3,826

 

Diluted weighted average shares outstanding (discontinued operations)

 

 

7,954

 

 

 

3,975

 

 

 

6,159

 

 

 

3,826

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

3


 

COMSTOCK HOLDING COMPANIES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

 

Series C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

Preferred Stock

 

 

Class A

 

 

Class B

 

 

paid-in

 

 

Treasury

 

 

Accumulated

 

 

controlling

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

stock

 

 

deficit

 

 

interest

 

 

Total

 

Balance at December 31, 2017

 

 

579

 

 

 

442

 

 

 

3,295

 

 

$

33

 

 

 

220

 

 

$

2

 

 

$

177,612

 

 

$

(2,662

)

 

$

(189,803

)

 

$

16,987

 

 

$

2,611

 

Stock compensation and issuances

 

 

 

 

 

 

 

 

104

 

 

 

1

 

 

 

 

 

 

 

 

 

135

 

 

 

 

 

 

 

 

 

 

 

 

136

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(723

)

 

 

95

 

 

 

(628

)

Balance at March 31, 2018

 

 

579

 

 

 

442

 

 

 

3,399

 

 

 

34

 

 

 

220

 

 

 

2

 

 

 

177,747

 

 

 

(2,662

)

 

 

(190,526

)

 

 

17,082

 

 

 

2,119

 

Stock compensation and issuances

 

 

 

 

 

 

 

 

291

 

 

 

3

 

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

 

 

 

 

 

 

111

 

Series C preferred conversion of CGF I & II

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,156

 

 

 

 

 

 

 

 

 

 

 

 

3,156

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,003

)

 

 

184

 

 

 

(819

)

Balance at June 30, 2018

 

 

579

 

 

 

442

 

 

 

3,690

 

 

 

37

 

 

 

220

 

 

 

2

 

 

 

181,011

 

 

 

(2,662

)

 

 

(191,529

)

 

 

17,266

 

 

 

4,567

 

Stock compensation and issuances

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

117

 

Non-controlling interest distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,750

)

 

 

(1,750

)

Series C preferred conversion of CGF I & II

 

 

2,221

 

 

 

6,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(445

)

 

 

 

 

 

 

 

 

 

 

 

6,306

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,927

)

 

 

314

 

 

 

(1,613

)

Balance at September 30, 2018

 

 

2,800

 

 

$

7,193

 

 

 

3,683

 

 

$

37

 

 

 

220

 

 

$

2

 

 

$

180,683

 

 

$

(2,662

)

 

$

(193,456

)

 

$

15,830

 

 

$

7,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

Preferred Stock

 

 

Class A

 

 

Class B

 

 

paid-in

 

 

Treasury

 

 

Accumulated

 

 

controlling

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

stock

 

 

deficit

 

 

interest

 

 

Total

 

Balance at December 31, 2018

 

 

2,800

 

 

$

7,193

 

 

 

3,703

 

 

$

37

 

 

 

220

 

 

$

2

 

 

$

180,673

 

 

$

(2,662

)

 

$

(194,319

)

 

$

15,706

 

 

$

6,630

 

Stock compensation and issuances

 

 

 

 

 

 

 

 

56

 

 

 

 

 

 

 

 

 

 

 

 

96

 

 

 

 

 

 

 

 

 

 

 

 

96

 

Shares withheld related to net share settlement of restricted stock awards

 

 

 

 

 

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

300

 

 

 

369

 

Balance at March 31, 2019

 

 

2,800

 

 

 

7,193

 

 

 

3,749

 

 

 

37

 

 

 

220

 

 

 

2

 

 

 

180,769

 

 

 

(2,662

)

 

 

(194,250

)

 

 

16,006

 

 

 

7,095

 

Stock compensation and issuances

 

 

 

 

 

 

 

 

44

 

 

 

1

 

 

 

 

 

 

 

 

 

156

 

 

 

 

 

 

 

 

 

 

 

 

157

 

Shares withheld related to net share settlement of restricted stock awards

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant exercises

 

 

 

 

 

 

 

 

200

 

 

 

2

 

 

 

 

 

 

 

 

 

358

 

 

 

 

 

 

 

 

 

 

 

 

360

 

Class A stock conversion of non-controlling interest

 

 

 

 

 

 

 

 

3,824

 

 

 

38

 

 

 

 

 

 

 

 

 

16,050

 

 

 

 

 

 

 

 

 

(16,019

)

 

 

69

 

Series C conversion of non-controlling interest

 

 

641

 

 

 

(428

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(428

)

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(253

)

 

 

13

 

 

 

(240

)

Balance at June 30, 2019

 

 

3,441

 

 

 

6,765

 

 

 

7,815

 

 

 

78

 

 

 

220

 

 

 

2

 

 

 

197,333

 

 

 

(2,662

)

 

 

(194,503

)

 

 

 

 

 

7,013

 

Stock compensation and issuances

 

 

 

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

169

 

 

 

 

 

 

 

 

 

 

 

 

169

 

Gain on deconsolidation of discontinued operations