falsedesktopMNTX2020-09-30000156459020051294{"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☐\nEmerging growth company\t☐\t\t\n", "q10k_tbl_1": "PART I:\tFINANCIAL INFORMATION\t4\nITEM 1: Financial Statements (Unaudited)\t\t4\n\tCondensed Consolidated Balance Sheets as of September 30 2020 and December 31 2019\t4\n\tCondensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30 2020 and 2019\t5\n\tCondensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30 2020 and 2019\t6\n\tCondensed Consolidated Statement of Shareholders' Equity for the Three and Nine Months Ended September 30 2020 and 2019\t7\n\tCondensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30 2020 and 2019\t8\n\tNotes to Condensed Consolidated Financial Statements\t9\nITEM 2: Management's Discussion And Analysis Of Financial Condition And Results Of Operations\t\t34\nITEM 3: Quantitative And Qualitative Disclosures About Market Risk\t\t41\nITEM 4: Controls And Procedures\t\t41\nPART II:\tOTHER INFORMATION\t43\nITEM 1: Legal Proceedings\t\t43\nITEM 1A: Risk Factors\t\t43\nITEM 2: Unregistered Sales Of Equity Securities And Use Of Proceeds\t\t44\nITEM 3: Defaults Upon Senior Securities\t\t45\nITEM 4: Mine Safety Disclosures\t\t45\nITEM 5: Other Information\t\t45\nITEM 6: Exhibits\t\t45\n", "q10k_tbl_2": "\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets\t\t\nCash\t23331\t23327\nCash - restricted\t231\t217\nTrade receivables (net)\t29916\t34725\nOther receivables\t997\t1033\nInventory (net)\t58641\t57818\nPrepaid expense and other current assets\t4392\t4706\nCurrent assets of discontinued operations\t180\t1591\nTotal current assets\t117688\t123417\nTotal fixed assets net of accumulated depreciation of $18551 and $16818 at September 30 2020 and December 31 2019 respectively\t18531\t19035\nOperating lease assets\t2160\t2174\nIntangible assets (net)\t15752\t17032\nGoodwill\t26699\t32635\nOther long-term assets\t168\t281\nDeferred tax asset\t415\t441\nLong-term assets of discontinued operations\t0\t413\nTotal assets\t181413\t195428\nLIABILITIES AND EQUITY\t\t\nCurrent liabilities\t\t\nNotes payable\t17832\t18212\nConvertible note - related party (net)\t7455\t7323\nConvertible note (net)\t7976\t0\nCurrent portion of finance lease obligations\t352\t476\nCurrent portion of operating lease liabilities\t761\t813\nAccounts payable\t29337\t29593\nAccounts payable related parties\t33\t228\nAccrued expenses\t9265\t9138\nCustomer deposits\t1669\t1493\nDeferred income liability\t3747\t0\nCurrent liabilities of discontinued operations\t215\t800\nTotal current liabilities\t78642\t68076\nLong-term liabilities\t\t\nRevolving term credit facilities\t5000\t0\nNotes payable (net)\t15368\t19446\nFinance lease obligations (net of current portion)\t4311\t4584\nNon-current operating lease liabilities\t1398\t1361\nConvertible note (net)\t0\t14760\nDeferred gain on sale of property\t607\t667\nDeferred tax liability\t959\t721\nOther long-term liabilities\t5795\t5913\nLong-term liabilities of discontinued operations\t0\t350\nTotal long-term liabilities\t33438\t47802\nTotal liabilities\t112080\t115878\nCommitments and contingencies\t\t\nEquity\t\t\nPreferred Stock-Authorized 150000 shares no shares issued or outstanding at September 30 2020 and December 31 2019\t0\t0\nCommon Stock-no par value 25000000 shares authorized 19794316 and 19713185 shares issued and outstanding at September 30 2020 and December 31 2019 respectively\t131276\t130710\nPaid in capital\t2870\t2793\nRetained deficit\t(61977)\t(50253)\nAccumulated other comprehensive loss\t(2836)\t(3700)\nTotal equity\t69333\t79550\nTotal liabilities and equity\t181413\t195428\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet revenues\t36466\t50599\t122314\t162403\nCost of sales\t29807\t42164\t99877\t131478\nGross profit\t6659\t8435\t22437\t30925\nOperating expenses\t\t\t\t\nResearch and development costs\t788\t497\t2246\t1890\nSelling general and administrative expenses\t6462\t7808\t21226\t26485\nImpairment of intangibles\t0\t1539\t6722\t1539\nTotal operating expenses\t7250\t9844\t30194\t29914\nOperating (loss) income\t(591)\t(1409)\t(7757)\t1011\nOther (expense) income\t\t\t\t\nInterest expense\t(825)\t(1121)\t(2833)\t(3298)\nInterest income\t6\t41\t80\t161\nGain on extinguishment of debt\t595\t0\t595\t0\nChange in fair value of securities held\t0\t216\t0\t5454\nForeign currency transaction loss\t(229)\t(307)\t(671)\t(718)\nOther expense\t(341)\t(11)\t(497)\t(22)\nTotal other (expense) income\t(794)\t(1182)\t(3326)\t1577\n(Loss) income before income taxes from continuing operations\t(1385)\t(2591)\t(11083)\t2588\nIncome tax expense (benefit) from continuing operations\t62\t1874\t(191)\t2449\nNet (loss) income from continuing operations\t(1447)\t(4465)\t(10892)\t139\nDiscontinued operations\t\t\t\t\nLoss from operations of discontinued operations\t(120)\t(7302)\t(831)\t(7805)\nIncome tax expense\t4\t84\t1\t39\nLoss from discontinued operations\t(124)\t(7386)\t(832)\t(7844)\nNet loss\t(1571)\t(11851)\t(11724)\t(7705)\n(Loss) earnings Per Share\t\t\t\t\nBasic\t\t\t\t\n(Loss) earnings from continuing operations\t(0.07)\t(0.23)\t(0.55)\t0.01\nLoss from discontinued operations\t(0.01)\t(0.38)\t(0.04)\t(0.40)\nNet loss\t(0.08)\t(0.60)\t(0.59)\t(0.39)\nDiluted\t\t\t\t\n(Loss) earnings from continuing operations\t(0.07)\t(0.23)\t(0.55)\t0.01\nLoss from discontinued operations\t(0.01)\t(0.38)\t(0.04)\t(0.40)\nNet loss\t(0.08)\t(0.60)\t(0.59)\t(0.39)\nWeighted average common shares outstanding\t\t\t\t\nBasic\t19778225\t19690233\t19758241\t19684521\nDiluted\t19778225\t19690233\t19758241\t19715072\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet loss:\t(1571)\t(11851)\t(11724)\t(7705)\nOther comprehensive loss\t\t\t\t\nForeign currency translation adjustments\t1053\t(1074)\t864\t(1430)\nTotal other comprehensive income (loss)\t1053\t(1074)\t864\t(1430)\nTotal comprehensive loss\t(518)\t(12925)\t(10860)\t(9135)\n", "q10k_tbl_5": "\tFor the three and nine months ended\t\n\t2020\t2019\nNumber of common shares outstanding\t\t\nBalance at December 31\t19713185\t19645773\nEmployee 2004 and 2019 incentive plan grant\t49884\t39822\nRepurchase to satisfy withholding and cancelled\t(2949)\t(2882)\nBalance at March 31\t19760120\t19682713\nEmployee 2004 and 2019 incentive plan grant\t7360\t7160\nBalance at June 30\t19767480\t19689873\nEmployee 2004 incentive plan grant\t27068\t2945\nRepurchase to satisfy withholding and cancelled\t(232)\t(882)\nBalance at September 30\t19794316\t19691936\nCommon Stock\t\t\nBalance at December 31\t130710\t130260\nEmployee 2004 and 2019 incentive plan grant\t352\t251\nRepurchase to satisfy withholding and cancelled\t(13)\t(19)\nBalance at March 31\t131049\t130492\nEmployee 2004 incentive plan grant\t86\t83\nBalance at June 30\t131135\t130575\nEmployee 2004 incentive plan grant\t142\t22\nRepurchase to satisfy withholding and cancelled\t(1)\t(5)\nBalance at September 30\t131276\t130592\nPaid in Capital\t\t\nBalance at December 31\t2793\t2674\nShare-based compensation\t222\t159\nEmployee 2004 and 2019 incentive plan grant\t(352)\t(251)\nBalance at March 31\t2663\t2582\nShare-based compensation\t203\t141\nEmployee 2004 and 2019 incentive plan grant\t(86)\t(83)\nBalance at June 30\t2780\t2640\nShare-based compensation\t233\t148\nEmployee 2004 incentive plan grant\t(143)\t(22)\nBalance at September 30\t2870\t2766\nRetained Deficit\t\t\nDeficit at December 31\t(50253)\t(41761)\nNet (loss) income\t(7476)\t910\nBalance at March 31\t(57729)\t(40851)\nNet (loss) income\t(2677)\t3236\nDeficit at June 30\t(60406)\t(37615)\nNet loss\t(1571)\t(11851)\nDeficit at September 30\t(61977)\t(49466)\nAccumulated Other Comprehensive Loss\t\t\nDeficit at December 31\t(3700)\t(3169)\nLoss on foreign currency translation\t(508)\t(620)\nBalance at March 31\t(4208)\t(3789)\nGain on foreign currency translation\t319\t264\nDeficit at June 30\t(3889)\t(3525)\nGain (loss) on foreign currency translation\t1053\t(1074)\nDeficit at September 30\t(2836)\t(4599)\n", "q10k_tbl_6": "\tNine months ended September 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet loss\t(11724)\t(7705)\nAdjustments to reconcile net loss to cash used for operating activities:\t\t\nDepreciation and amortization\t3190\t3592\nGain on sale of discontinued operations\t(376)\t0\nGain on extinguishment of debt\t(595)\t0\nChanges in allowances for doubtful accounts\t18\t445\nChanges in inventory reserves\t(578)\t1130\nDeferred income taxes\t(21)\t1985\nAmortization of deferred debt issuance costs\t161\t119\nAmortization of debt discount\t454\t315\nChange in value of interest rate swaps\t0\t(1)\nTradename impairment\t137\t2310\nGoodwill impairment\t6585\t3165\nCustomer relationship impairment\t0\t2637\nDisposal of assets\t1\t0\nChange in value of securities held\t0\t(5454)\nShare-based compensation\t657\t447\nAdjustment to deferred gain on sales and lease back\t0\t(95)\nLoss on disposal of assets\t0\t95\nReserves for uncertain tax provisions\t(131)\t92\nChanges in operating assets and liabilities:\t\t\nDecrease in accounts receivable\t5845\t7885\nIncrease in inventory\t742\t(12235)\nIncrease in prepaid expenses\t536\t(1598)\nDecrease in other assets\t0\t220\n(Decrease) increase in accounts payable*\t(1764)\t(3831)\nIncrease in deferred income\t3747\t0\nIncrease in accrued expenses\t(216)\t379\nIncrease (decrease) other current liabilities\t123\t(715)\nDecrease in other long-term liabilities\t(176)\t(107)\nNet cash provided by (used for) operating activities\t6615\t(6925)\nCash flows from investing activities:\t\t\nProceeds from the sale of investment\t0\t7614\nProceeds from the sale of discontinued operations (Note 20)\t1610\t0\nPurchase of property and equipment\t(619)\t(1522)\nInvestment in intangibles other than goodwill\t0\t(7)\nNet cash provided by investing activities\t991\t6085\nCash flows from financing activities:\t\t\nBorrowings on revolving term credit facility\t8500\t0\nPayments on revolving credit facility\t(3500)\t0\nPayments on convertible debt\t(7000)\t0\nNet (payments) borrowings working capital facilities (See Note 11)\t(136)\t23\nNew borrowings-other\t0\t588\nNote payments\t(5882)\t(931)\nShares repurchased for income tax withholding on share-based compensation\t(14)\t(25)\nPayments on capital lease obligations\t(397)\t(310)\nNet cash used for financing activities\t(8429)\t(655)\nNet decrease in cash and cash equivalents\t(823)\t(1495)\nEffect of exchange rate changes on cash\t806\t(601)\nCash and cash equivalents at the beginning of the year**\t23579\t22348\nCash and cash equivalents at end of period**\t23562\t20252\nSee Note 1 for supplemental cash flow disclosures\t\t\n", "q10k_tbl_7": "\tNine months ended September 30\t\n\t2020\t2019\nInterest received in cash\t80\t161\nInterest paid in cash\t3027\t3026\nIncome tax payments in cash\t577\t148\n", "q10k_tbl_8": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nEquipment sales\t29017\t41814\t100782\t136925\nPart sales\t6747\t7994\t19583\t23017\nInstallation services\t702\t791\t1949\t2461\nTotal Revenue\t36466\t50599\t122314\t162403\n", "q10k_tbl_9": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nUnited States\t14754\t29291\t55746\t83959\nCanada\t1976\t1164\t5789\t12958\nItaly\t5932\t5201\t15713\t16813\nChile\t1968\t2976\t5315\t7798\nFrance\t1986\t1827\t7079\t6037\nOther\t1886\t1563\t4957\t5571\nArgentina\t1397\t1758\t3693\t5648\nUnited Kingdom\t1477\t1553\t4281\t4300\nSpain\t1078\t689\t2574\t3081\nGermany\t275\t671\t2383\t2822\nFinland\t306\t386\t2203\t2233\nMexico\t105\t604\t890\t2343\nRomania\t313\t98\t1076\t1113\nPeru\t161\t507\t303\t1241\nHong Kong\t106\t135\t150\t842\nSingapore\t44\t48\t1082\t685\nIsrael\t466\t24\t1298\t609\nCzech Republic\t301\t503\t804\t1016\nNetherlands\t676\t596\t1645\t1106\nIreland\t48\t13\t141\t416\nMartinique\t9\t67\t185\t217\nChina\t3\t0\t247\t125\nMorocco\t85\t27\t123\t118\nDenmark\t28\t26\t82\t94\nTurkey\t75\t62\t194\t125\nUnited Arab Emirates\t84\t148\t1978\t205\nBahrain\t0\t0\t35\t55\nIndonesia\t0\t37\t51\t87\nSaudi Arabia\t20\t13\t65\t61\nRussia\t21\t0\t369\t37\nPuerto Rico\t696\t286\t1090\t320\nBelgium\t121\t85\t256\t111\nSouth Africa\t2\t4\t69\t19\nKuwait\t0\t0\t0\t1\nQatar\t0\t1\t56\t1\nMalaysia\t65\t151\t365\t151\nUkraine\t1\t85\t26\t85\nThailand\t1\t0\t1\t0\n\t36466\t50599\t122314\t162403\n", "q10k_tbl_10": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nBoom trucks knuckle boom & truck cranes\t23603\t36682\t85546\t120069\nPart sales\t6747\t7994\t19583\t23017\nOther equipment\t2600\t3021\t7260\t11883\nRough terrain cranes\t2814\t2111\t7976\t4973\nInstallation services\t702\t791\t1949\t2461\nTotal Revenue\t36466\t50599\t122314\t162403\n", "q10k_tbl_11": "\tSeptember 30 2020\tDecember 31 2019\nCustomer deposits\t1493\t1835\nRevenue recognized from customer deposits\t(4285)\t(5847)\nCustomer deposits received\t4448\t5658\nEffect of change in exchange rates\t13\t(153)\n\t1669\t1493\n", "q10k_tbl_12": "\tFair Value at September 30 2020\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\nLiabilities:\t\t\t\t\nPM contingent liabilities\t0\t0\t328\t328\nValla contingent consideration\t0\t0\t215\t215\nForward currency exchange contracts\t0\t53\t0\t53\nTotal recurring liabilities at fair value\t0\t53\t543\t596\n\tFair Value at December 31 2019\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\nLiabilities:\t\t\t\t\nPM contingent liabilities\t0\t0\t314\t314\nValla contingent consideration\t0\t0\t205\t205\nForward currency exchange contracts\t0\t99\t0\t99\nTotal liabilities at fair value\t0\t99\t519\t618\n", "q10k_tbl_13": "\tFair Value Measurements Using Significant Unobservable Inputs (Level 3)\t\t\n\tPM Contingent Consideration\tValla Contingent Consideration\tTotal\nLiabilities:\t\t\t\nBalance at January 1 2020\t314\t205\t519\nEffect of change in exchange rates\t14\t10\t24\nBalance at September 30 2020\t328\t215\t543\n", "q10k_tbl_14": "\t\tGain (loss)\t\tGain (loss)\t\n\tLocation of gain or (loss) recognized in the Statement of Operations\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t\t2020\t2019\t2020\t2019\nDerivatives Not Designated as Hedge Instruments\t\t\t\t\t\nForward currency contracts\tForeign currency transaction (losses) gains\t(236)\t105\t0\t(73)\nInterest rate swap contracts\tInterest expense\t0\t(2)\t0\t1\n\t\t(236)\t103\t0\t(72)\n", "q10k_tbl_15": "\tSeptember 30 2020\tDecember 31 2019\nRaw materials and purchased parts net\t33340\t35406\nWork in process net\t4279\t5547\nFinished goods net\t21022\t16865\nInventory net\t58641\t57818\n", "q10k_tbl_16": "\tWeighted Average\tGross\t\tNet\n\tAmortization\tCarrying\tAccumulated\tCarrying\n\tPeriod (in years)\tAmount\tAmortization\tAmount\nPatented and unpatented technology\t6\t18305\t(14218)\t4087\nCustomer relationships\t6\t19072\t(12161)\t6911\nTrade names and trademarks\t12\t4830\t(2629)\t2201\nIndefinite lived trade names\t\t2553\t\t2553\nTotal intangible assets net\t\t\t\t15752\n", "q10k_tbl_17": "\tWeighted Average\tGross\t\tNet\n\tAmortization\tCarrying\tAccumulated\tCarrying\n\tPeriod (in years)\tAmount\tAmortization\tAmount\nPatented and unpatented technology\t7\t17963\t(13499)\t4464\nCustomer relationships\t6\t18602\t(10968)\t7634\nTrade names and trademarks\t12\t4829\t(2481)\t2348\nIndefinite lived trade names\t\t2586\t\t2586\nTotal intangible assets net\t\t\t\t17032\n", "q10k_tbl_18": "\tAmount\n2021\t2073\n2022\t2073\n2023\t2073\n2024\t2050\n2025\t2001\nAnd subsequent\t2929\nTotal intangibles currently to be amortized\t13199\nIntangibles with indefinite lives not amortized\t2553\nTotal intangible assets\t15752\n", "q10k_tbl_19": "\tTotal\nBalance January 1 2020\t32635\nEffect of change in exchange rates\t631\nGoodwill impairment\t(6567)\nBalance September 30 2020\t26699\n", "q10k_tbl_20": "\tSeptember 30 2020\tDecember 31 2019\nAccrued payroll\t1863\t899\nAccrued warranty\t1365\t1604\nAccrued taxes other than income taxes\t1299\t1297\nAccrued expenses-other\t1290\t684\nAccrued vacation\t1168\t1218\nAccrued employee benefits\t860\t829\nAccrued interest\t738\t932\nAccrued bonuses\t238\t797\nAccrued commissions\t225\t344\nAccrued product liability and workers compensation claims\t219\t534\nTotal accrued expenses\t9265\t9138\n", "q10k_tbl_21": "\tFor the nine months ended\t\n\tSeptember 30\t\n\t2020\t2019\nBalance January 1\t1604\t2004\nAccrual for warranties issued during the period\t1576\t1856\nWarranty services provided\t(1885)\t(1579)\nChanges in estimate\t59\t(518)\nForeign currency translation\t11\t(52)\nBalance September 30\t1365\t1711\n", "q10k_tbl_22": "Leases (thousands)\tClassification\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\t\nOperating lease assets\tOperating lease assets\t2160\t2174\nFinance lease assets\tFixed assets net\t3022\t3906\nTotal leased assets\t\t5182\t6080\nLiabilities\t\t\t\nCurrent\t\t\t\nOperating\tCurrent liabilities\t761\t813\nFinance\tCurrent liabilities\t352\t476\nNon-current\t\t\t\nOperating\tNon-current liabilities\t1398\t1361\nFinance\tNon-current liabilities\t4311\t4584\nTotal lease liabilities\t\t6822\t7234\n", "q10k_tbl_23": "\t\tThree months ended September 30\t\tNine months ended September 30\t\nLease Cost (thousands)\tClassification\t2020\t2019\t2020\t2019\nOperating lease costs\tOperating lease assets\t262\t203\t793\t636\nFinance lease cost\t\t\t\t\t\nDepreciation/Amortization of leased assets\tDepreciation or Inventory reserve\t79\t34\t306\t319\nInterest on lease liabilities\tInterest expense\t145\t155\t444\t469\nLease cost\t\t486\t392\t1543\t1424\n", "q10k_tbl_24": "\tThree months ended September 30\t\tNine months ended September 30\t\nOther Information (thousands)\t2020\t2019\t2020\t2019\nCash paid for amounts included in the measurement of lease liabilities:\t\t\t\t\nOperating cash flows from operating leases\t282\t226\t794\t716\nOperating cash flows from finance leases\t79\t106\t306\t320\nFinancing cash flows from finance leases\t145\t155\t444\t469\n", "q10k_tbl_25": "\tOperating Leases\tCapital Leases\n2021\t819\t913\n2022\t495\t898\n2023\t336\t925\n2024\t184\t952\n2025\t118\t981\nAnd subsequent\t379\t2675\nTotal undiscounted lease payments\t2331\t7344\nLess interest\t(172)\t(2681)\nTotal liabilities\t2159\t4663\nLess current maturities\t(761)\t(352)\nNon-current lease liabilities\t1398\t4311\n", "q10k_tbl_26": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet (loss) income from continuing operations\t(1447)\t(4465)\t(10892)\t139\nIncome (loss) from operations of discontinued operations net of income taxes\t(124)\t(7386)\t(832)\t(7844)\nNet loss\t(1571)\t(11851)\t(11724)\t(7705)\n(Loss) earnings per share\t\t\t\t\nBasic\t\t\t\t\nNet (loss) income from continuing operations\t(0.07)\t(0.23)\t(0.55)\t0.01\nIncome (loss) from operations of discontinued operations net of income taxes\t(0.01)\t(0.38)\t(0.04)\t(0.40)\nNet loss\t(0.08)\t(0.60)\t(0.59)\t(0.39)\nDiluted\t\t\t\t\nNet (loss) income from continuing operations\t(0.07)\t(0.23)\t(0.55)\t0.01\nIncome (loss) from operations of discontinued operations net of income taxes\t(0.01)\t(0.38)\t(0.04)\t(0.40)\nNet loss\t(0.08)\t(0.60)\t(0.59)\t(0.39)\nWeighted average common shares outstanding\t\t\t\t\nBasic\t19778225\t19690233\t19758241\t19684521\nDiluted\t\t\t\t\nBasic\t19778225\t19690233\t19758241\t19684521\nDilutive effect of restricted stock units and stock options\t1123\t25817\t374\t30551\n\t19779348\t19716050\t19758615\t19715072\n", "q10k_tbl_27": "\tAs of September 30\t\n\t2020\t2019\nUnvested restricted stock units\t260970\t198874\nOptions to purchase common stock\t97437\t97437\nConvertible subordinated notes\t1549451\t1549451\n\t1907858\t1845762\n", "q10k_tbl_28": "Date of Issue\tEmployees or Director\tShares Issued\tValue of Shares Issued\nJanuary 1 2020\tEmployee\t2250\t13\nMarch 6 2020\tDirectors\t7920\t47\nMarch 13 2020\tEmployee\t39714\t292\nMay 15 2020\tEmployee\t560\t6\nMay 31 2020\tDirectors\t6800\t79\nAugust 14 2020\tDirectors\t9900\t44\nAugust 20 2020\tEmployee\t333\t4\nAugust 21 2020\tEmployee\t335\t2\nSeptember 1 2020\tEmployee\t16500\t93\n\t\t84312\t580\n", "q10k_tbl_29": "Date of Purchase\tShares Purchased\tClosing Price on Date of Purchase\nMarch 13 2020\t2949\t4.34\nAugust 20 2020\t116\t4.37\nAugust 21 2020\t116\t4.23\n\t3181\t\n", "q10k_tbl_30": "\tSeptember 30 2020\nOutstanding on January 1 2020\t198717\nUnits granted during the period\t155000\nVested and issued\t(81131)\nVested-issued and repurchased for income tax withholding\t(3181)\nForfeited\t(8435)\nOutstanding on September 30 2020\t260970\n", "q10k_tbl_31": "\t\tSeptember 30 2020\tDecember 31 2019\nAccounts Receivable\tTadano\t10\t88\n\tTerex\t3\t9\n\t\t13\t97\nAccounts Payable\tTerex\t46\t325\nNet Related Party Accounts Payable\t\t33\t228\n", "q10k_tbl_32": "\t\tThree Months Ended September 30 2020\tThree Months Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\nRent paid:\tBridgeview Facility (1)\t71\t69\t207\t205\nSales to:\tTerex\t7\t3\t35\t11\n\tTadano\t0\t139\t612\t278\nTotal Sales\t\t7\t142\t647\t289\nPurchases from:\tTerex\t94\t142\t374\t1050\n\tTadano\t11\t0\t11\t0\nTotal Purchases\t\t105\t142\t385\t1050\n", "q10k_tbl_33": "\tThree Months Ended September 30 2020\tNine Months Ended September 30 2020\nProceeds from sale\t1489\t1489\nTransaction Costs\t(69)\t(69)\nPreliminary working capital adjustment\t190\t190\nNet proceeds\t1610\t1610\nNet assets sold\t(1234)\t(1234)\nGain on sale before taxes\t376\t376\nTaxes on gain\t0\t0\nGain on sale net of tax\t376\t376\n", "q10k_tbl_34": "\tAs of\t\n\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets\t\t\nCash\t0\t33\nTrade receivables (net)\t0\t507\nOther receivables\t155\t0\nInventory (net)\t0\t916\nPrepaid expense and other\t25\t135\nTotal current assets of discontinued operations\t180\t1591\nLong-term assets\t\t\nTotal fixed assets (net)\t0\t314\nOperating lease assets\t0\t99\nTotal long-term assets of discontinued operations\t0\t413\nTotal assets of discontinued operations\t180\t2004\nLIABILITIES\t\t\nCurrent liabilities\t\t\nCurrent operating lease liability\t0\t106\nAccounts payable\t38\t381\nAccrued expenses\t177\t187\nCustomer deposits\t0\t126\nTotal current liabilities of discontinued operations\t215\t800\nLong-term liabilities\t\t\nOther long-term liabilities\t0\t350\nTotal long-term liabilities of discontinued operations\t0\t350\nTotal liabilities of discontinued operations\t215\t1150\n", "q10k_tbl_35": "\tFor the Three Months Ended September 30\t\tFor the Nine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet revenues\t391\t1342\t3276\t7927\nCost of sales\t628\t1685\t3594\t7976\nSelling general and administrative expenses\t246\t6942\t839\t7691\nInterest expense\t14\t20\t62\t70\nOther income\t377\t3\t388\t5\nNet loss of discontinued operations before income tax\t(120)\t(7302)\t(831)\t(7805)\nIncome tax expense related to discontinued operations\t4\t84\t1\t39\nNet loss on discontinued operations\t(124)\t(7386)\t(832)\t(7844)\n", "q10k_tbl_36": "Facility\tIncrease/(decrease) (In millions)\nU.S. Revolver\t5.0\nNote payable-Badger\t(0.1)\nCapital leases-buildings\t(0.2)\nCapital leases-equipment\t(0.2)\nConvertible note-Terex\t0.2\nConvertible note-Perella\t(6.9)\nPM\t(4.3)\nValla working capital borrowings\t(0.1)\n\t(6.6)\nDebt issuance costs\t0.1\n\t(6.5)\n", "q10k_tbl_37": "\tOutstanding Balance\tInterest Rate\tInterest Paid\tPrincipal Payment\nU.S. Revolver\t5.0\tN/A\tMonthly\tJuly 20 2023 maturity\nConvertible note-Terex\t7.5\t7.5%\tSemi-Annual\tJanuary 1 2021 maturity\nConvertible note-Perella\t8.0\t7.5%\tSemi-Annual\tJanuary 7 2021 maturity\nCapital lease-cranes for sale\t0.1\t5.5%\tMonthly\tJanuary 13 2021 maturity\nCapital lease-Georgetown facility\t4.6\t12.5%\tMonthly\t0.06 million monthly payment includes interest. April 30 2028 maturity\nNote payable-Winona Facility\t0.2\t8.0%\tMonthly\t0.01 million monthly\nPM unsecured borrowings\t10.2\t3.5%\tSemi-Annual\tAnnual installments starting December 2019 through December 2025\nPM Autogru term loan #1\t0.1\t3.00%\tMonthly\t0.01 million monthly through October 2020\nPM Autogru term loan #2\t0.1\t2.50%\tMonthly\t0.01 monthly through September 2020\nPM Autogru term loan #3\t0.2\t2.75%\tMonthly\tMonthly through June 2023\nPM term loans with related accrued interest interest rate swaps and FMV adjustments\t6.9\t0 to 3.5%\tSemi-Annual\tAnnual installments starting December 2019 and a balloon payment in December 2026\nPM short-term working capital borrowings\t15.0\t1.75 to 52.0%\tMonthly\tUpon payment of invoice\nValla note payable\t0\t1.46 to 4.38%\tQuarterly\tOver 14 quarterly payments\nValla short-term working capital borrowings\t0.3\t1.67 to 4.75%\tMonthly\tUpon payment of invoice or letter of credit\n\t58.2\t\t\t\nDebt issuance costs\t0.1\t\t\t\nDebt net of issuance costs\t58.3\t\t\t\n", "q10k_tbl_38": "Period\t(a) Total Number of Shares (or Units) Purchased\t(b) Average Price Paid per Share (or Unit)\t(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs\t(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs\nJuly 1-July 31 2020\t0\t0\t0\t0\nAugust 1-August 31 2020\t232\t4.30\t0\t0\nSeptember 1-September 30 2020\t0\t0\t0\t0\n\t232\t4.30\t0\t0\n", "q10k_tbl_39": "Exhibit Number\tExhibit Description\n10.1\tEmployment Agreement effective as of October 20 2020 between Manitex International Inc. and Joseph Doolan (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 5 2020).\n31.1*\tCertification by the Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934 as amended pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n31.2*\tCertification by the Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934 as amended pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32.1**\tCertification by the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101.INS*\tInline XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH*\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.LAB*\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n101.DEF*\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n104\tCover Page Interactive Data File-The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_6"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
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: 001-32401
MANITEX INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Michigan
42-1628978
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
9725 Industrial Drive, Bridgeview, Illinois
60455
(Address of Principal Executive Offices)
(Zip Code)
(708) 430-7500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, no par value
MNTX
The NASDAQ Stock Market LLC
Preferred Share Purchase Rights
N/A
The NASDAQ Stock Market LLC
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 (§232.405 of this chapter) 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, 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 check mark 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 Exchange Act). Yes ☐ No ☒
The number of shares of the registrant’s common stock, no par, outstanding at November 2, 2020 was 19,791,614.
MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES
GENERAL
This Quarterly Report on Form 10-Q filed by Manitex International, Inc. speaks as of September 30, 2020 unless specifically noted otherwise. Unless otherwise indicated, Manitex International, Inc., together with its consolidated subsidiaries, is hereinafter referred to as “Manitex,” the “Registrant,” “us,” “we,” “our” or the “Company.”
Forward-Looking Information
Certain information in this Quarterly Report includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995). These statements relate to, among other things, the Company’s expectations, beliefs, intentions, future strategies, future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition, when included in this Quarterly Report or in documents incorporated herein by reference the words “may,” “expects,” “should,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond our control, include, without limitation, those described below and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, in the section entitled “Item 1A. Risk Factors”:
•
a substantial deterioration in economic conditions, especially in the United States and/or Europe;
•
the continuing impact of COVID-19 and related economic conditions, including the Company’s assessment of the vulnerability of our customers and vendors in relation to the economic disruptions associated with COVID-19;
•
government spending, fluctuations in the construction industry, and capital expenditures in the oil and gas industry;
•
our level of indebtedness and our ability to meet financial covenants required by our debt agreements;
•
our ability to negotiate extensions of our credit agreements and to obtain additional debt or equity financing when needed;
•
the impact that the restatement of our previously issued financial statements could have on our business reputation and relations with our customers and suppliers;
•
the cyclical nature of the markets we operate in;
•
an increase in interest rates;
•
our increasingly international operations expose us to additional risks and challenges associated with conducting business internationally;
•
difficulties in implementing new systems, integrating acquired businesses, managing anticipated growth, and responding to technological change;
•
our customers’ diminished liquidity and credit availability;
•
the performance of our competitors;
•
shortages in supplies and raw materials or the increase in costs of materials;
•
potential losses under residual value guarantees;
•
product liability claims, intellectual property claims, and other liabilities;
•
the volatility of our stock price;
•
future sales of our common stock;
1
•
the willingness of our shareholders and directors to approve mergers, acquisitions, and other business transactions;
•
currency transaction (foreign exchange) risks and the risk related to forward currency contracts;
•
compliance with changing laws and regulations;
•
certain provisions of the Michigan Business Corporation Act and the Company’s Articles of Incorporation, as amended, Amended and Restated Bylaws, and the Company’s Preferred Stock Purchase Rights may discourage or prevent a change in control of the Company;
•
a substantial portion of our revenues are attributed to limited number of customers which may decrease or cease purchasing any time;
•
a disruption or breach in our information technology systems;
•
our reliance on the management and leadership skills of our senior executives;
•
the cost of compliance with Section 404 of the Sarbanes-Oxley Act of 2002;
•
impairment in the carrying value of goodwill could negatively affect our operating results;
•
potential negative effects related to the SEC investigation into our Company; and
•
other factors.
The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in this Quarterly Report Form 10-Q are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. We do not undertake, and expressly disclaim, any obligation to update this forward-looking information, except as required under applicable law.