falsedesktopCHCI2020-09-30000129996920000020{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☐\tAccelerated filer\t☐\nNon-accelerated filer\t☒\tSmaller reporting company\t☒\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "\t\tPage\nPART I - FINANCIAL INFORMATION\t\t1\nITEM 1.\tFINANCIAL STATEMENTS (unaudited):\t1\n\tConsolidated Balance Sheets\t1\n\tConsolidated Statements of Operations\t2\n\tConsolidated Statements of Changes in Stockholders' Equity\t3\n\tConsolidated Statements of Cash Flows\t5\n\tNotes to Consolidated Financial Statements\t6\nITEM 2.\tMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\t23\nITEM 3.\tQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\t31\nITEM 4.\tCONTROLS AND PROCEDURES\t31\nPART II - OTHER INFORMATION\t\t32\nITEM 1.\tLEGAL PROCEEDINGS\t32\nITEM 6.\tEXHIBITS\t32\nSIGNATURES\t\t33\n", "q10k_tbl_2": "\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t4491\t3511\nTrade receivables\t1635\t1886\nTrade receivables - related parties\t3016\t3644\nPrepaid and other assets net\t240\t274\nTotal current assets\t9382\t9315\nEquity method investments at fair value\t6965\t8421\nFixed assets net\t266\t278\nGoodwill\t1702\t1702\nIntangible assets net\t53\t103\nOperating lease right-of-use assets\t0\t114\nTOTAL ASSETS\t18368\t19933\nLIABILITIES AND STOCKHOLDERS' EQUITY\t\t\nCurrent liabilities:\t\t\nAccrued personnel costs\t1349\t2916\nAccounts payable\t307\t1438\nAccrued liabilities\t660\t166\nShort term notes payable - due to affiliates net of discount\t0\t5706\nShort term notes payable\t22\t77\nTotal current liabilities\t2338\t10303\nLong term notes payable - due to affiliates\t5500\t0\nLong term notes payable - net of deferred financing charges\t0\t1212\nLong term operating lease liabilities net of current portion\t0\t61\nTOTAL LIABILITIES\t7838\t11576\nCommitments and contingencies\t\t\nSTOCKHOLDERS' EQUITY\t\t\nSeries C preferred stock $0.01 par value 20000000 shares authorized 3440690 issued and outstanding and liquidation preference of $17203 at September 30 2020 and December 31 2019\t6765\t6765\nClass A common stock $0.01 par value 59779750 shares authorized 7949152 and 7849756 issued and 7863582 and 7764186 outstanding at September 30 2020 and December 31 2019 respectively\t79\t78\nClass B common stock $0.01 par value 220250 shares authorized issued and outstanding at September 30 2020 and December 31 2019\t2\t2\nAdditional paid-in capital\t199953\t199372\nTreasury stock at cost (85570 shares Class A common stock)\t(2662)\t(2662)\nAccumulated deficit\t(193607)\t(195198)\nTOTAL COMSTOCK HOLDING COMPANIES INC. EQUITY\t10530\t8357\nTOTAL LIABILITIES AND STOCKHOLDERS' EQUITY\t18368\t19933\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nRevenue-asset management\t5891\t4733\t15466\t13326\nRevenue-real estate services\t1439\t947\t5294\t2573\nTotal revenue\t7330\t5680\t20760\t15899\nExpenses\t\t\t\t\nDirect costs - asset management\t5066\t4197\t12915\t11804\nDirect costs - real estate services\t630\t862\t3109\t2265\nGeneral and administrative\t1029\t353\t2261\t968\nSelling and Marketing\t127\t100\t507\t266\nOperating income\t478\t168\t1968\t596\nOther income net\t55\t47\t92\t131\nInterest expense\t(63)\t(170)\t(320)\t(304)\nIncome before income tax expense\t470\t45\t1740\t423\nIncome tax expense\t(1)\t0\t(15)\t0\nLoss on equity method investments carried at fair value\t(46)\t(606)\t(134)\t(606)\nNet income (loss) from continuing operations\t423\t(561)\t1591\t(183)\nNet loss from discontinued operations net of tax\t0\t(66)\t0\t(596)\nNet income (loss)\t423\t(627)\t1591\t(779)\nIncome (loss) per share from continuing operations\t\t\t\t\nBasic net income (loss) per share\t0.05\t(0.07)\t0.20\t(0.03)\nDiluted net income (loss) per share\t0.05\t(0.07)\t0.19\t(0.03)\nLoss per share from discontinued operations\t\t\t\t\nBasic net loss per share\t0\t(0.01)\t0\t(0.10)\nDiluted net loss per share\t0\t(0.01)\t0\t(0.10)\nBasic weighted average shares outstanding\t8078\t7954\t8046\t6159\nDiluted weighted average shares outstanding (continuing operations)\t8579\t7954\t8415\t6159\nDiluted weighted average shares outstanding (discontinued operations)\t0\t7954\t0\t6159\n", "q10k_tbl_4": "\tSeries C Preferred Stock\t\tClass A\t\tClass B\t\tAdditional paid-in capital\tTreasury stock\tAccumulated deficit\tTotal\n\tShares\tAmount\tShares\tAmount\tShares\tAmount\t\t\nBalance at December 31 2019\t3441\t6765\t7850\t78\t220\t2\t199372\t(2662)\t(195198)\t8357\nStock compensation and issuances\t0\t0\t52\t1\t0\t0\t212\t0\t0\t213\nAccrued liability settled through issuance of stock\t0\t0\t11\t0\t0\t0\t20\t0\t0\t20\nShares withheld related to net share settlement of restricted stock awards\t0\t0\t(16)\t0\t0\t0\t(31)\t0\t0\t(31)\nNet income\t0\t0\t0\t0\t0\t0\t0\t0\t(12)\t(12)\nBalance at March 31 2020\t3441\t6765\t7897\t79\t220\t2\t199573\t(2662)\t(195210)\t8547\nStock compensation and issuances\t0\t0\t52\t0\t0\t0\t204\t0\t0\t204\nAccrued liability settled through issuance of stock\t0\t0\t9\t0\t0\t0\t20\t0\t0\t20\nShares withheld related to net share settlement of restricted stock awards\t0\t0\t(16)\t0\t0\t0\t(30)\t0\t0\t(30)\nNet income\t0\t0\t0\t0\t0\t0\t0\t0\t1180\t1180\nBalance at Balance at June 30 2020\t3441\t6765\t7942\t79\t220\t2\t199767\t(2662)\t(194030)\t9921\nStock compensation and issuances\t0\t0\t3\t0\t0\t0\t179\t0\t0\t179\nAccrued liability settled through issuance of stock\t0\t0\t5\t0\t0\t0\t14\t0\t0\t14\nShares withheld related to net share settlement of restricted stock awards\t0\t0\t(1)\t0\t0\t0\t(7)\t0\t0\t(7)\nNet income\t0\t0\t0\t0\t0\t0\t0\t0\t423\t423\nBalance at September 30 2020\t3441\t6765\t7949\t79\t220\t2\t199953\t(2662)\t(193607)\t10530\n", "q10k_tbl_5": "\tSeries C Preferred Stock\t\tClass A\t\tClass B\t\tAdditional paid-in capital\tTreasury stock\tAccumulated deficit\tNon- controlling interest\tTotal\n\tShares\tAmount\tShares\tAmount\tShares\tAmount\t\t\nBalance at December 31 2018\t2800\t7193\t3703\t37\t220\t2\t181632\t(2662)\t(196091)\t15706\t5817\nStock compensation and issuances\t0\t0\t41\t0\t0\t0\t61\t0\t0\t0\t61\nAccrued liability settled through issuance of stock\t0\t0\t15\t0\t0\t0\t35\t0\t0\t0\t35\nShares withheld related to net share settlement of restricted stock awards\t0\t0\t(10)\t0\t0\t0\t0\t0\t0\t0\t0\nNet income\t0\t0\t0\t0\t0\t0\t0\t0\t85\t300\t385\nBalance at March 31 2019\t2800\t7193\t3749\t37\t220\t2\t181728\t(2662)\t(196006)\t16006\t6298\nStock compensation and issuances\t0\t0\t30\t1\t0\t0\t186\t0\t0\t0\t187\nAccrued liability settled through issuance of stock\t0\t0\t14\t0\t0\t0\t36\t0\t0\t0\t36\nShares withheld related to net share settlement of restricted stock awards\t0\t0\t(2)\t0\t0\t0\t0\t0\t0\t0\t0\nWarrant exercises\t0\t0\t200\t2\t0\t0\t358\t0\t0\t0\t360\nClass A stock conversion of non-controlling interest\t0\t0\t3824\t38\t0\t0\t16050\t0\t0\t(16019)\t69\nSeries C conversion of non-controlling interest\t641\t(428)\t0\t0\t0\t0\t0\t0\t0\t0\t(428)\nNet (loss) income\t0\t0\t0\t0\t0\t0\t0\t0\t(237)\t13\t(224)\nBalance at June 30 2019\t3441\t6765\t7815\t78\t220\t2\t198358\t(2662)\t(196243)\t0\t6298\nStock compensation and issuances\t0\t0\t0\t0\t0\t0\t134\t0\t0\t0\t134\nAccrued liability settled through issuance of stock\t0\t0\t17\t0\t0\t0\t35\t0\t0\t0\t35\nGain on deconsolidation of discontinued operations\t0\t0\t0\t0\t0\t0\t682\t0\t0\t0\t682\nNet (loss) income\t0\t0\t0\t0\t0\t0\t0\t0\t(627)\t0\t(627)\nBalance at September 30 2019\t3441\t6765\t7832\t78\t220\t2\t199209\t(2662)\t(196870)\t0\t6522\n", "q10k_tbl_6": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet income (loss)\t1591\t(183)\nAdjustment to reconcile net income (loss) from continuing operations to net cash provided by operating activities\t\t\nAmortization of loan discount loan commitment and deferred financing fees\t27\t82\nAmortization and depreciation expense\t176\t103\nEarnings from unconsolidated joint venture net of distributions\t114\t9\nStock compensation\t595\t345\nChange in fair value of equity method investment\t134\t606\nDistributions from equity method investments carried at fair value\t1322\t100\nChanges in operating assets and liabilities:\t\t\nTrade receivables - related party\t628\t463\nTrade receivables\t251\t19\nAccrued personnel costs\t(1567)\t(42)\nPrepaid and other assets\t(80)\t91\nAccrued interest\t0\t(1)\nAccrued liabilities\t601\t488\nAccounts payable\t(1130)\t(2596)\nNet cash provided by operating activities of discontinued operations\t0\t7429\nNet cash provided by operating activities\t2662\t6913\nCash flows from investing activities:\t\t\nPurchase of fixed assets\t(114)\t(126)\nPrincipal received on note receivable\t0\t27\nNet cash used in investing activities\t(114)\t(99)\nCash flows from financing activities:\t\t\nProceeds from notes payable\t5554\t0\nPayments on notes payable\t(7054)\t(172)\nTaxes paid related to net share settlement of equity awards\t(68)\t6\nNet cash used in financing activities\t(1568)\t(166)\nNet increase in cash and cash equivalents\t980\t6648\nCash and cash equivalents beginning of period\t3511\t854\nCash and cash equivalents end of period\t4491\t7502\nSupplemental cash flow information:\t\t\nInterest paid\t338\t440\nSupplemental disclosure for non-cash investing and financing activities:\t\t\nAccrued liability settled through issuance of stock\t54\t106\nGain on early extinguishment of debt\t50\t0\n", "q10k_tbl_7": "\tFor the three months ended September 30 2019\t\t\tFor the nine months ended September 30 2019\t\t\n\tAs previously reported\tAdjustment\tAs adjusted\tAs previously reported\tAdjustment\tAs adjusted\nRevenue-asset management\t4293\t440\t4733\t12178\t1148\t13326\nDirect costs-asset management\t3710\t487\t4197\t10541\t1263\t11804\nInterest (expense)\t(186)\t16\t(170)\t(352)\t48\t(304)\nOther income net\t0\t47\t47\t16\t115\t131\nNet income (loss)\t(643)\t16\t(627)\t(827)\t48\t(779)\nAdditional paid-in capital\t198184\t1025\t199209\t198184\t1025\t199209\nAccumulated deficit\t(195146)\t(1724)\t(196870)\t(195146)\t(1724)\t(196870)\nTotal equity\t7221\t(699)\t6522\t7221\t(699)\t6522\n", "q10k_tbl_8": "\tNine Months Ended September 30 2020\nFair value of investments as of December 31 2019\t8421\nDistributions\t(1322)\nChange in fair value\t(134)\nFair value of investments as of September 30 2020\t6965\n", "q10k_tbl_9": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nStatement of Operations:\t\t\t\t\nTotal revenue\t5078\t3072\t12276\t3072\nDirect costs\t4653\t3750\t10915\t3750\nNet income (loss)\t425\t(678)\t1361\t(678)\nComstock Holding Companies Inc. share of net income (loss)\t425\t(678)\t1361\t(678)\n", "q10k_tbl_10": "\tThree Months Ended September 30\tNine Months Ended September 30\n\t2020\t2020\nStatement of Operations:\t\t\nTotal revenue\t2486\t6544\nDirect costs\t814\t1966\nOther costs\t2366\t6257\nNet loss\t(694)\t(1679)\nComstock Holding Companies Inc. share of net loss\t(17)\t(42)\n", "q10k_tbl_11": "\tSeptember 30 2020\tDecember 31 2019\nIntangibles\t268\t268\nLess: accumulated amortization\t(215)\t(165)\n\t53\t103\n", "q10k_tbl_12": "\tAmortization Expense\n2020 (3 months ended December 31 2020)\t13\n2021\t40\nTotal\t53\n", "q10k_tbl_13": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue by customer\t\t\t\t\nRelated party\t5957\t4673\t16030\t13469\nCommercial\t1373\t1007\t4730\t2430\nTotal Revenue by customer\t7330\t5680\t20760\t15899\nRevenue by contract type\t\t\t\t\nFixed-price\t1771\t1103\t3797\t2077\nCost-plus\t3779\t2800\t10867\t10686\nTime and Material\t1780\t1777\t6096\t3136\nTotal Revenue by contract type\t7330\t5680\t20760\t15899\n", "q10k_tbl_14": "\tSeptember 30 2020\tDecember 31 2019\nSecured financing\t0\t694\nNotes payable - due to affiliates unsecured net of $27 thousand discount and unamortized deferred financing charges as of December 31 2019\t5500\t5706\nUnsecured financing\t22\t595\nTotal notes payable\t5522\t6995\n", "q10k_tbl_15": "2020\t16\n2021\t6\n2022\t0\n2023\t5500\nTotal\t5522\n", "q10k_tbl_16": "\tSeptember 30 2020\tDecember 31 2019\nCarrying amount\t5522\t6995\nFair value\t5213\t6820\n", "q10k_tbl_17": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nCost of sales - Real Estate Services\t0\t23\t0\t61\nExpense - General and administrative\t177\t111\t594\t279\n\t177\t134\t594\t340\n", "q10k_tbl_18": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRestricted stock awards\t0\t148\t3\t148\nStock options\t118\t295\t159\t268\nWarrants\t449\t616\t589\t575\n\t567\t1059\t751\t991\n", "q10k_tbl_19": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRestricted stock awards\t0\t148\t0\t148\nStock options\t0\t295\t0\t268\nWarrants\t0\t616\t0\t575\n\t0\t1059\t0\t991\n", "q10k_tbl_20": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue by customer\t\t\t\t\nRelated party\t5957\t4673\t16030\t13469\nCommercial\t1373\t1007\t4730\t2430\nTotal revenue\t7330\t5680\t20760\t15899\n", "q10k_tbl_21": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nStatement of Operations:\t\t\t\t\nTotal net revenue\t30\t122\t125\t318\nTotal expenses\t28\t27\t94\t88\nNet income\t2\t95\t31\t230\nComstock Holding Companies Inc. share of net income\t1\t48\t16\t115\n", "q10k_tbl_22": "\tAsset Management\tReal Estate Services\tTotal\nThree Months Ended September 30 2020\t\t\t\nGross revenue\t5891\t1439\t7330\nGross profit\t825\t809\t1634\nNet income\t411\t12\t423\nTotal assets\t14687\t3681\t18368\nThree Months Ended September 30 2019\t\t\t\nGross revenue\t4733\t947\t5680\nGross profit\t536\t85\t621\nNet loss\t(353)\t(208)\t(561)\nTotal assets\t12131\t3784\t15915\nNine Months Ended September 30 2020\t\t\t\nGross revenue\t15466\t5294\t20760\nGross profit\t2551\t2185\t4736\nNet income\t1112\t479\t1591\nTotal assets\t14687\t3681\t18368\nNine Months Ended September 30 2019\t\t\t\nGross revenue\t13326\t2573\t15899\nGross profit\t1522\t308\t1830\nNet income (loss)\t364\t(547)\t(183)\nTotal assets\t12131\t3784\t15915\n", "q10k_tbl_23": "\tThree Months Ended September 30 2019\tNine Months Ended September 30 2019\nRevenues\t\t\nRevenue-homebuilding\t1305\t14919\nTotal revenue\t1305\t14919\nExpenses\t\t\nCost of sales-homebuilding\t1281\t14901\nSales and marketing\t89\t270\nGeneral and administrative\t1\t21\nOperating (loss)\t(66)\t(273)\nIncome tax expense\t0\t10\nNet (loss) from discontinued operations\t(66)\t(283)\nNet income attributable to non-controlling interests\t0\t313\nNet (loss) attributable to Comstock Holding Companies Inc.\t(66)\t(596)\n", "q10k_tbl_24": "3.1\tAmended and Restated Certificate of Incorporation (incorporated by reference to an exhibit to the Registrant's Quarterly Report on Form 10-Q filed with the Commission on November 16 2015).\n3.2\tAmended and Restated Bylaws (incorporated by reference to an Exhibit 3.2 to the Registrant's Annual Report on Form 10-K filed with the Commission on March 31 2005).\n3.3\tCertificate of Elimination of the Series A Junior Participating Preferred Stock of the Company filed with the Secretary of State of the State of Delaware on March 26 2015 (incorporated by reference to an exhibit to the Registrant's Current Report on Form 8-K filed with the Commission on March 27 2015).\n3.4\tCertificate of Designation of Series A Junior Participating Preferred Stock of the Company filed with the Secretary of State of the State of Delaware on March 26 2015 (incorporated by reference to an exhibit to the Registrant's Current Report on Form 8-K filed with the Commission on March 27 2015).\n3.5\tCertificate of Designation of Series B Non-Convertible Preferred Stock of the Company filed with the Secretary of State of the State of Delaware on December 29 2015 (incorporated by reference to an exhibit to the Registrant's Current Report on Form 8-K filed on January 4 2016).\n3.6\tCertificate of Designation of Series C Non-Convertible Preferred Stock of Comstock Holding Companies Inc. filed with the Secretary of the State of Delaware on March 22 2017 (incorporated by reference to an exhibit to the Registrant's Current Report on Form 8-K filed with the Commission on March 28 2017).\n3.7\tCertificate of Amendment of Certificate of Designation of Series C Non-Convertible Preferred Stock of Comstock Holding Companies Inc. filed with the Secretary of State of the State of Delaware on February 15 2019 (incorporated by reference to an exhibit to the Registrant's Current Report on Form 10-K filed with the Commission on March 29 2019).\n3.8\tCertificate of Amendment of Amended and Restated Certificate of Incorporation of Comstock Holding Companies Inc. (incorporated by reference to an exhibit to the Registrant's Current Report on Form 10-K filed with the Commission on March 29 2019).\n4.1\tSpecimen Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form S-1 as amended initially filed with the Commission on August 13 2004 (File No. 333-118193)).\n31.1*\tCertification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002\n31.2*\tCertification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002\n32.1*\tCertification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002\n101*\tThe following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30 2020 formatted in eXtensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheet (ii) the Consolidated Statements of Operations (iii) the Consolidated Statements of Cash Flows and (iv) the Notes to the Consolidated Financial Statements.\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_6"}None
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 6. Exhibits
Exhibits
EX-31.1
chci-20200930xex311.htm
EX-31.2
chci-20200930xex312.htm
EX-32.1
chci-20200930xex321.htm
Comstock Earnings 2020-09-30
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
chci-20200930
September 30, 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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 A common stock, par value $0.01 per share
CHCI
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 13, 2020, 7,863,582 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.
Short term notes payable - due to affiliates, net of discount
—
5,706
Short term notes payable
22
77
Total current liabilities
2,338
10,303
Long term notes payable - due to affiliates
5,500
—
Long term notes payable - net of deferred financing charges
—
1,212
Long term operating lease liabilities, net of current portion
—
61
TOTAL LIABILITIES
$
7,838
$
11,576
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Series C preferred stock $0.01 par value, 20,000,000 shares authorized, 3,440,690 issued and outstanding and liquidation preference of $17,203 at September 30, 2020 and December 31, 2019
$
6,765
$
6,765
Class A common stock, $0.01 par value, 59,779,750 shares authorized, 7,949,152 and 7,849,756 issued, and 7,863,582 and 7,764,186 outstanding at September 30, 2020 and December 31, 2019, respectively
79
78
Class B common stock, $0.01 par value, 220,250 shares authorized, issued and outstanding at September 30, 2020 and December 31, 2019
2
2
Additional paid-in capital
199,953
199,372
Treasury stock, at cost (85,570 shares Class A common stock)
(2,662)
(2,662)
Accumulated deficit
(193,607)
(195,198)
TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY
$
10,530
$
8,357
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
18,368
$
19,933
The accompanying notes are an integral part of these consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
1. ORGANIZATION AND BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Comstock Holding Companies, Inc. and subsidiaries (“Comstock”, “CHCI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X and other applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Such financial statements do not include all of the disclosures required by GAAP for complete financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The Company has evaluated subsequent events through the date these consolidated financial statements were issued and has included all necessary adjustments and disclosures. For further information and a discussion of our significant accounting policies, other than discussed below, refer to our audited consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Comstock Holding Companies, Inc., incorporated in 2004 as a Delaware corporation, is a multi-faceted asset management and services company primarily focused in the Washington, D.C. Metropolitan Statistical Area. In 2018, the Company made a strategic decision to transform its operating platform from being primarily focused on developing on-balance sheet, for-sale, homebuilding projects to being focused on commercial and residential asset management and real estate related services. On April 30, 2019, the Company announced the exit from the homebuilding business. The Company now operates through five subsidiaries – CDS Asset Management, LC (“CAM”), Comstock Residential Management, LC, Comstock Commercial Management, LC, Park X Management, LC and Comstock Environmental Services, LLC (“CES”). The Company’s homebuilding operations are presented in Discontinued Operations (see Note 19 – Discontinued Operations). References in these Consolidated Financial Statements to “Comstock,” “Company”, “we,” “our” and “us” refer to Comstock Holding Companies, Inc. together in each case with our subsidiaries unless the context suggests otherwise.
The Company’s Class A common stock is traded on the NASDAQ Capital Market under the symbol “CHCI”.
Throughout this quarterly report on Form 10-Q, amounts are in thousands, except per share data, number of stock options, number of stock awards, or as otherwise noted.
The Consolidated Balance Sheet as of December 31, 2019 was derived from the audited financial statements contained in the 2019 Form 10-K.
For the three and nine months ended September 30, 2020 and 2019, comprehensive income (loss) equaled net income (loss); therefore, a separate statement of comprehensive income (loss) is not included in the accompanying consolidated financial statements.
Certain amounts in the prior period have been reclassified to conform to the current year presentation in connection with the classification of 'General and administrative' expenses on the consolidated statement of operations and the accompanying notes to the consolidated financial statements. The reclassification had no effect on the previously reported totals (e.g. operating income, income before income tax, and net income).
Recent Developments
In March 2020, the Coronoavirus Aid Relief and Economic Security Act ("CARES Act") was signed into law in response to the COVID-19 pandemic, and we opted into the CARES Act payroll tax deferral program in the third quarter of 2020. See Note 9 - Coronavirus Aid Relief and Economic Security Act' for further discussion.
On October 31, 2020, the Company’s then-current lease for its corporate headquarters in Reston, Virginia expired following a one-month extension of the lease term. On November 1, 2020, the Company agreed to a new lease to relocate its corporate headquarters to new office space in Reston, Virginia for a ten year term. See Note 20 - Subsequent Events for further discussion.
Use of Estimates
Our condensed consolidated financial statements have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts for the reporting periods. We base these estimates and judgments on historical experience and on various other factors that we believe to
be reasonable under the circumstances. We evaluate these estimates and judgments on an ongoing basis. Actual results may differ from those estimates under different assumptions or conditions. Material estimates are utilized in the valuation of deferred tax assets, analysis of goodwill impairment, valuation of equity-based compensation, valuation of preferred stock issuances, capitalization of costs, consolidation of variable interest entities and fair value of financial instruments (including the fair value of our equity method investments).
Recently Adopted Accounting Standards
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which removes, adds and modifies certain disclosure requirements for fair value measurements in Topic 820. ASU 2018-13 removes the following disclosure requirements: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and (ii) the entity’s valuation processes for Level 3 fair value measurements. ASU 2018-13 adds the following disclosure requirements: (i) provide information about the measurement uncertainty of Level 3 fair value measurements as of the reporting date rather than a point in the future, (ii) disclose changes in unrealized gains and losses related to Level 3 measurements for the period included in other comprehensive income, and (iii) disclose for Level 3 measurements the range and weighted average of the significant unobservable inputs and the way it is calculated. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company adopted ASU 2018-13 prospectively as of January 1, 2020. The adoption did not have a material impact on our Consolidated Financial Statements.
Recently Issued Accounting Standards
In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments", which modifies how companies recognize expected credit losses on financial instruments and other commitments to extend credit held by an entity at each reporting date. Existing GAAP requires an “incurred loss” methodology whereby companies are prohibited from recording an expected loss until it is probable that the loss has been incurred. ASU 2016-13 requires companies to use a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broad range of reasonable and supportable information to record and report credit loss estimates, even when the CECL is remote. Companies will be required to record the allowance for credit losses and deduct that amount from the basis of the asset. The guidance is effective for the Company for financial statement periods beginning after December 15, 2022, although early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements and related disclosures
In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes", which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 will be effective for public business entities for annual reporting periods beginning after December 15, 2020, and interim periods within those periods. Early adoption is permitted. We do not expect the adoption of this pronouncement to have a material impact on our consolidated financial statements.
We assessed other accounting pronouncements issued or effective during the three and nine months ended September 30, 2020 and deemed they were either not applicable to us or are not anticipated to have a material effect on our consolidated financial statements. Other standards previously issued and adopted by the Company have been disclosed in previous filings.
2. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS
In connection with the preparation of the Company’s 2019 consolidated financial statements, the Company identified errors in its historical financial statements relating to how the Company accounted for debt discounts and how the Company accounted for reimbursement of salaries and other salary related costs for its property management revenue arrangements. Specifically, the Company incorrectly accounted for debt discount of certain notes payable due to affiliates that should have been fully amortized at the end of the initial three-year term in October 2017. In addition, in the interim periods in 2019, the Company previously reported the reimbursement of salary costs from its property management agreements on a net basis, although the Company was required to account for these payroll related reimbursements on a gross basis. The correction of these non-cash errors had no effect on the previously reported operating income (loss) or total cash flows from operations, investing, or financing of the Company.
The Company evaluated the errors and, based on an analysis of quantitative and qualitative factors, determined that the related impact was not material to the Company’s consolidated financial statements for any prior period.
All financial statements and footnotes presented herein have been adjusted to reflect the revisions below.
For the three months ended September 30, 2019
For the nine months ended September 30, 2019
As previously reported
Adjustment
As adjusted
As previously reported
Adjustment
As adjusted
Revenue—asset management
$
4,293
$
440
$
4,733
$
12,178
$
1,148
$
13,326
Direct costs—asset management
3,710
487
4,197
10,541
1,263
11,804
Interest (expense)
(186)
16
(170)
(352)
48
(304)
Other income, net
—
47
47
16
115
131
Net income (loss)
(643)
16
(627)
(827)
48
(779)
Additional paid-in capital
198,184
1,025
199,209
198,184
1,025
199,209
Accumulated deficit
(195,146)
(1,724)
(196,870)
(195,146)
(1,724)
(196,870)
Total equity
7,221
(699)
6,522
7,221
(699)
6,522
3. TRADE RECEIVABLES & TRADE RECEIVABLES – RELATED PARTIES
Trade receivables include amounts due from real estate services, asset management and commercial development. The Company records an allowance for doubtful accounts based on historical collection experience and the aging of receivables. As of September 30, 2020, the allowance for doubtful accounts was de minimis based on the Company’s historical collection experience for receivables older than 90 days along with an analysis of collections received as of the filing date.
As of September 30, 2020 and December 31, 2019, the Company had $3.0 million and $3.6 million, respectively, of receivables from related parties, primarily related to the 2019 AMA, as defined in Note 15. The Company does not record an allowance for doubtful accounts related to receivables from related parties. This is due to the related party nature of the receivables along with the collection history.
4. EQUITY METHOD INVESTMENTS IN REAL ESTATE VENTURES AT FAIR VALUE
Based upon elections made at the date of investment, the Company reports the equity method investments in real estate ventures at fair value. For such investments, the Company increases or decreases the investment each reporting period by the change in the fair value and the Company reports the fair value adjustments in the Consolidated Statement of Operations in the ‘loss on equity method investments carried at fair value’ line item. Changes in fair value of the Company's investment in Investors X (defined below) are impacted by distributions as the fair value is based on finite cash flows from the wind-down of that entity.
Fair value of equity method investments are classified as Level 3 of the fair value hierarchy. As of September 30, 2020 and December 31, 2019, the Company had equity method investments in real estate ventures at fair value of $7.0 million and $8.4 million, respectively. The table below shows the change in the Company’s investments in real estate ventures reported at fair value.
Nine Months Ended September 30, 2020
Fair value of investments as of December 31, 2019
$
8,421
Distributions
(1,322)
Change in fair value
(134)
Fair value of investments as of September 30, 2020
$
6,965
See Note 15 – Related Party Transactions for additional discussion of our investments in real estate ventures at fair value.
Investors X
The Company has elected to account for the equity method investment in Comstock Investors X, L.C. (“Investors X”), a Variable Interest Entity (“VIE”) that owns the Company’s residual homebuilding operations at fair value. Fair value is determined using a discounted cash flow model based on expected future cash flows for income and realization events of the
underlying asset. Expected future cash flows includes contractually fixed revenues and expenses as well as estimates for future revenues and expenses where contracts do not currently exist. These estimates are based on prior experience as well as comparable, third party data.
As of September 30, 2020 and December 31, 2019, the fair value of the Company’s investment in Investors X is $5.8 million and $7.2 million, respectively. The Company received distributions of $581 thousand and $1,239 thousand during the three and nine months ended September 30, 2020, respectively, and recognized a loss in fair value of $47 thousand and $161 thousand, respectively.
Summarized Financial Information for Investors X (unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Statement of Operations:
Total revenue
$
5,078
$
3,072
$
12,276
$
3,072
Direct costs
4,653
3,750
10,915
3,750
Net income (loss)
$
425
$
(678)
$
1,361
$
(678)
Comstock Holding Companies, Inc. share of net income (loss)
$
425
$
(678)
$
1,361
$
(678)
The Hartford
On December 30, 2019, the Company made an investment related to the purchase of a stabilized commercial office building located at 3101 Wilson Boulevard in the Clarendon area of Arlington County, Virginia (the “Hartford”). The Company owns a 2.5% equity interest in the asset at a cost of approximately $1.2 million. The Company has elected to account for the equity method investment in the Hartford at fair value. Fair value is determined using an income approach and sales comparable approach models. As of September 30, 2020 and December 31, 2019, the fair value of the Company’s investment in the Hartford was $1.1 million. The fair value of the Hartford remained at approximately $1.2 million during the three and nine months ended September 30, 2020. The Company received distributions of $24 thousand and $83 thousand during the three and nine months ended September 30, 2020, respectively.
Summarized Financial Information for the Hartford (unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2020
Statement of Operations:
Total revenue
$
2,486
$
6,544
Direct costs
814
1,966
Other costs
2,366
6,257
Net loss
$
(694)
$
(1,679)
Comstock Holding Companies, Inc. share of net loss
$
(17)
$
(42)
5. GOODWILL & INTANGIBLES
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a business acquisition. Following an acquisition, we perform an analysis to value the acquired company’s tangible and identifiable intangible assets and liabilities. With respect to identifiable intangible assets, we consider backlog, non-compete agreements, client relationships, trade names, patents and other assets. We amortize our intangible assets based on the period over which the contractual or economic benefits of the intangible assets are expected to be realized. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as
an impairment loss. As of the acquisition date, goodwill consisted primarily of synergies resulting from the combination, expected expanded opportunities for growth and production, and savings in corporate overhead costs.
We perform our annual goodwill impairment review during our fourth quarter as of October 1. In addition, we regularly evaluate whether events and circumstances have occurred that may indicate a potential change in recoverability of goodwill. We perform interim goodwill impairment reviews between our annual reviews if certain events and circumstances have occurred, including a deterioration in general economic conditions, an increased competitive environment, a change in management, key personnel, strategy or customers, significant or unusual changes in market capitalization, negative or declining cash flows, or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods. During the three months ended March 31, 2020 we considered the impact of the coronavirus ("COVID-19") pandemic and the resulting economic impact a triggering event and performed a goodwill impairment review. There were no events indicating a potential change in recoverability of goodwill during the three months ended September 30, 2020.
When assessing goodwill for impairment, the Company may first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than it's carrying amount or elect to bypass such assessment. If it is determined that it is more likely than not that the fair value of a reporting unit is less than it’s carrying value, or the Company elects to bypass such assessment, the Company then determines the fair value of each reporting unit. The estimate of the fair value of each reporting unit is based on a projected discounted cash flow model that includes significant assumptions and estimates, including the Company's discount rate, growth rate and future financial performance as well as a market multiple model based upon similar transactions in the market. Assumptions about the discount rate are based on a weighted average cost of capital built up from various interest rate components applicable to the Company. Assumptions about the growth rate and future financial performance of a reporting unit are based on the Company's forecasts, business plans, economic projections and anticipated future cash flows. Market multiples are derived from recent transactions among businesses of a similar size and industry. The fair value of each reporting unit is compared to the carrying amount of the reporting unit. If the carrying value of the reporting unit exceeds the fair value, then an impairment loss is recognized for the difference. For the three months ended March 31, 2020 the Company determined that there was no impairment to goodwill. As of September 30, 2020 and December 31, 2019, the balance of goodwill was $1.7 million. This goodwill is reflected within our Real Estate Services segment.
Intangible assets include customer relationships which have an amortization period of four years. During the three and nine months ended September 30, 2020, $17 thousand and $50 thousand of intangible asset amortization was recorded in ‘General and administrative’ expense on the Consolidated Statements of Operations, respectively.
September 30, 2020
December 31, 2019
Intangibles
$
268
$
268
Less: accumulated amortization
(215)
(165)
$
53
$
103
As of September 30, 2020, the future estimated amortization expense related to these intangible assets was: