10-Q Filing

TELOS CORP CIK: 320121 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000320121-18-000017`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	tlsrp-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 30 Cash Flow Statement 46 Comprehensive Income 10

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$659.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$407.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.10M	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$411.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$600.00K	USD	Point-in-time
Accounts receivable, net of reserve of $407 and $411, respectively (Note 1)	`ReceivablesNetCurrent`	$24.52M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.48M	USD	Point-in-time
Accounts receivable, net of reserve of $407 and $411, respectively (Note 1)	`ReceivablesNetCurrent`	$30.03M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.44M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$26.45M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,441 and $1,484, respectively (Note 1)	`InventoryNet`	$13.52M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$25.84M	USD	Point-in-time
Inventories, net of obsolescence reserve of $1,441 and $1,484, respectively (Note 1)	`InventoryNet`	$4.90M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$3.98M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$2.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.44M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$40.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$42.15M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $26,447 and $25,841, respectively	`PropertyPlantAndEquipmentNet`	$16.34M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $26,447 and $25,841, respectively	`PropertyPlantAndEquipmentNet`	$16.81M	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`	$989.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.01M	USD	Point-in-time
Total assets	`Assets`	$74.42M	USD	Point-in-time
Total assets	`Assets`	$73.12M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$25.69M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$27.54M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$7.46M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$7.13M	USD	Point-in-time
Contract liabilities (Note 5)	`ContractWithCustomerLiabilityCurrent`	$10.07M	USD	Point-in-time
Contract liabilities (Note 5)	`ContractWithCustomerLiabilityCurrent`	$4.58M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.04M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.01M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.99M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$46.23M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`LongTermDebt`	$10.83M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`LongTermDebt`	$10.79M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.36M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.29M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$17.98M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$17.71M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$741.00K	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$754.00K	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$132.52M	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$131.56M	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$877.00K	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$872.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$207.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$210.46M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (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`	$4.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$4.31M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$32.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$30.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-141.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-139.47M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-136.95M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-135.06M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$1.15M	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`	$913.00K	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$2.23M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.04M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-133.91M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$74.42M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$73.12M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$28.79M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$19.70M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$3.61M	USD	1 Quarter
Products	`SalesRevenueGoodsNet`	$3.42M	USD	1 Quarter
Total Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$23.11M	USD	1 Quarter
Total Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$32.40M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$20.52M	USD	1 Quarter
Cost of sales - Services	`CostOfServices`	$13.02M	USD	1 Quarter
Cost of sales - Products	`CostOfGoodsSold`	$1.65M	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`	$22.17M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.25M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-22.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.20M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$4.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$4.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.61M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.68M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.69M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.81M	USD	1 Quarter
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$59.00K	USD	1 Quarter
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$179.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.99M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.75M	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$234.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$113.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-3.10M	USD	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-2.99M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.75M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-955.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-972.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$440.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$657.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$47.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$29.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$13.00K	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`	$-5.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$4.76M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-894.00K	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$819.00K	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.23M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$357.00K	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$116.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$773.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-116.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.13M	USD	1 Quarter
Proceeds from senior term loan	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$9.44M	USD	1 Quarter
Proceeds from senior term loan	`ProceedsFromIssuanceOfSeniorLongTermDebt`	-	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$242.00K	USD	1 Quarter
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$219.00K	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 (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-242.00K	USD	1 Quarter
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.78M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.44M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-553.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$600.00K	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`	$659.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$47.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$659.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$47.00K	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`	$600.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$536.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$599.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-955.00K	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`	$-2.99M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.75M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$8.00K	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.00K	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.00K	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`	$234.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-3.09M	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-1.99M	USD	1 Quarter

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