10-Q Filing

TELOS CORP CIK: 320121 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000320121-17-000016`
Period End Date	20170331
Filing Date	20170515
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	tlsrp-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 30 Cash Flow Statement 54 Comprehensive Income 10

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$429.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$432.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$53.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$659.00K	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.68M	USD	Point-in-time
Accounts receivable, net of reserve of $432 and $429, respectively	`AccountsReceivableNetCurrent`	$19.09M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.67M	USD	Point-in-time
Accounts receivable, net of reserve of $432 and $429, respectively	`AccountsReceivableNetCurrent`	$16.20M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.02M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,682 and $1,672, respectively	`InventoryNet`	$3.55M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,682 and $1,672, respectively	`InventoryNet`	$8.35M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.44M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	-	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$186.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.52M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.03M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$28.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.00M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $24,444 and $24,023, respectively	`PropertyPlantAndEquipmentNet`	$15.79M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $24,444 and $24,023, respectively	`PropertyPlantAndEquipmentNet`	$16.12M	USD	Point-in-time
Goodwill (Note 3)	`Goodwill`	$14.92M	USD	Point-in-time
Goodwill (Note 3)	`Goodwill`	$14.92M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$743.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$761.00K	USD	Point-in-time
Total assets	`Assets`	$60.12M	USD	Point-in-time
Total assets	`Assets`	$56.80M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$15.32M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$14.74M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$8.07M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$5.76M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.90M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$4.06M	USD	Point-in-time
Senior redeemable preferred stock - short-term (Note 6)	`RedeemablePreferredStockClassifiedAsCurrentLiability`	-	USD	Point-in-time
Senior redeemable preferred stock - short-term (Note 6)	`RedeemablePreferredStockClassifiedAsCurrentLiability`	$2.11M	USD	Point-in-time
Subordinated debt - short-term (Note 5)	`SubordinatedDebtCurrent`	$3.03M	USD	Point-in-time
Subordinated debt - short-term (Note 5)	`SubordinatedDebtCurrent`	-	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$940.00K	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$918.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.41M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$33.64M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`LongTermDebt`	-	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`LongTermDebt`	$10.65M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	-	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$3.10M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$18.99M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$18.75M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$3.45M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$3.39M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemablePreferredStockClassifiedAsLiability`	$2.09M	USD	Point-in-time
Senior redeemable preferred stock (Note 6)	`RedeemablePreferredStockClassifiedAsLiability`	-	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$128.70M	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$127.74M	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$968.00K	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$919.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$194.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$186.78M	USD	Point-in-time
Commitments, contingencies and subsequent events (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments, contingencies and subsequent events (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$78.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$78.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$3.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$3.23M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$33.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$25.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-135.54M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-138.64M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-132.21M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-135.30M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$635.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$2.23M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$906.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$1.34M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-134.39M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-129.98M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$56.80M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$60.12M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$24.29M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$19.70M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$2.79M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$3.42M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$23.11M	USD	1 Quarter
Total Revenue	`SalesRevenueNet`	$27.08M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$14.93M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$13.02M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$1.57M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$1.65M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$14.67M	USD	1 Quarter
Total costs and expenses	`CostOfRevenue`	$16.50M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.35M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.64M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$1.24M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$4.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$10.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.61M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-149.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.81M	USD	1 Quarter
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$179.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-157.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.99M	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$113.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$710.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-867.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-3.10M	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-157.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.99M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$440.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$65.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$29.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$63.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$63.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-16.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-15.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$4.76M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.26M	USD	1 Quarter
Cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.23M	USD	1 Quarter
Cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.27M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$116.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$123.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-116.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-123.00K	USD	1 Quarter
Proceeds from senior credit facilities	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from senior credit facilities	`ProceedsFromLinesOfCredit`	$27.86M	USD	1 Quarter
Repayments of senior credit facilities	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments of senior credit facilities	`RepaymentsOfLinesOfCredit`	$30.98M	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	-	USD	1 Quarter
Decrease in book overdrafts	`IncreaseDecreaseInBookOverdrafts`	$-482.00K	USD	1 Quarter
Proceeds from senior term loan	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$9.44M	USD	1 Quarter
Proceeds from senior term loan	`ProceedsFromIssuanceOfSeniorLongTermDebt`	-	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	-	USD	1 Quarter
Repayments of term loan	`RepaymentsOfBankDebt`	$350.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$219.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$196.00K	USD	1 Quarter
Distributions to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	$1.44M	USD	1 Quarter
Distributions to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$7.78M	USD	1 Quarter
Cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-4.15M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.44M	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$659.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$53.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$58.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$53.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$659.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$376.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$540.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$5.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Debt issuance costs and prepayment of interest on senior term loan	`DebtIssuanceCostsAndPrepaymentOfInterestOnSeniorTermLoan`	$1.56M	USD	1 Quarter
Debt issuance costs and prepayment of interest on senior term loan	`DebtIssuanceCostsAndPrepaymentOfInterestOnSeniorTermLoan`	-	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-157.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.99M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.00K	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.00K	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$113.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$710.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-3.09M	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-862.00K	USD	1 Quarter

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