10-Q Filing

TELOS CORP CIK: 320121 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0000320121-18-000023`
Period End Date	20180630
Filing Date	20180814
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	tlsrp-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 44 Cash Flow Statement 54 Comprehensive Income 20

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$388.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$880.00K	USD	Point-in-time
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`	$411.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$600.00K	USD	Point-in-time
Accounts receivable, net of reserve of $388 and $411, respectively (Note 1)	`ReceivablesNetCurrent`	$18.82M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$1.48M	USD	Point-in-time
Accounts receivable, net of reserve of $388 and $411, respectively (Note 1)	`ReceivablesNetCurrent`	$24.52M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$927.00K	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$27.15M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$25.84M	USD	Point-in-time
Inventories, net of obsolescence reserve of $927 and $1,484, respectively (Note 1)	`InventoryNet`	$13.52M	USD	Point-in-time
Inventories, net of obsolescence reserve of $927 and $1,484, respectively (Note 1)	`InventoryNet`	$3.15M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$2.07M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$1.13M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.98M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$42.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.95M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $27,148 and $25,841, respectively	`PropertyPlantAndEquipmentNet`	$16.34M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $27,148 and $25,841, respectively	`PropertyPlantAndEquipmentNet`	$16.80M	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`	$1.01M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$988.00K	USD	Point-in-time
Total assets	`Assets`	$58.65M	USD	Point-in-time
Total assets	`Assets`	$74.42M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$13.63M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$25.69M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$7.46M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$6.61M	USD	Point-in-time
Contract liabilities (Note 5)	`ContractWithCustomerLiabilityCurrent`	$4.45M	USD	Point-in-time
Contract liabilities (Note 5)	`ContractWithCustomerLiabilityCurrent`	$10.07M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.06M	USD	Point-in-time
Capital lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.01M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.39M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.99M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$46.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.14M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`LongTermDebt`	$10.88M	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`	$2.29M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.44M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$17.98M	USD	Point-in-time
Capital lease obligations	`CapitalLeaseObligationsNoncurrent`	$17.44M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$741.00K	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$766.00K	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$133.48M	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$131.56M	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$872.00K	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$881.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$193.03M	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`	$25.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$32.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-139.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-141.37M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-136.95M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-135.15M	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`	$235.00K	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`	$773.00K	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`	$1.15M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-134.38M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.04M	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`	$58.65M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$34.94M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$44.21M	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$67.34M	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$21.10M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$45.03M	USD	2 Qtrs
Total costs and expenses	`CostOfGoodsAndServicesSold`	$22.86M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$13.71M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$28.37M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$20.18M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.39M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.74M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.35M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$2.13M	USD	2 Qtrs
Operating income (loss)	`OperatingIncomeLoss`	$2.16M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-2.55M	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$6.00K	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$2.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$7.00K	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.71M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.66M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.38M	USD	2 Qtrs
Interest expense	`InterestExpense`	$3.27M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.01M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$450.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.82M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.24M	USD	2 Qtrs
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$6.00K	USD	1 Quarter
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$65.00K	USD	2 Qtrs
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$318.00K	USD	2 Qtrs
Provision for income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$139.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$444.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-3.15M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-1.31M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$-6.14M	USD	2 Qtrs
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$531.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$352.00K	USD	2 Qtrs
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$239.00K	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$765.00K	USD	2 Qtrs
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-2.07M	USD	2 Qtrs
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-3.39M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-87.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-6.49M	USD	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-6.14M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.31M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-3.15M	USD	1 Quarter
Net loss	`ProfitLoss`	$444.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-1.93M	USD	2 Qtrs
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-1.91M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.37M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$879.00K	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$95.00K	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$71.00K	USD	2 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$126.00K	USD	2 Qtrs
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$25.00K	USD	2 Qtrs
Other noncash items	`OtherNoncashIncomeExpense`	$-22.00K	USD	2 Qtrs
Other noncash items	`OtherNoncashIncomeExpense`	$-381.00K	USD	2 Qtrs
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.03M	USD	2 Qtrs
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$869.00K	USD	2 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.50M	USD	2 Qtrs
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.98M	USD	2 Qtrs
Capitalized software development costs	`PaymentsToDevelopSoftware`	$801.00K	USD	2 Qtrs
Capitalized software development costs	`PaymentsToDevelopSoftware`	$836.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$372.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$989.00K	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.17M	USD	2 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.82M	USD	2 Qtrs
Proceeds from senior term loan	`ProceedsFromIssuanceOfSeniorLongTermDebt`	-	USD	2 Qtrs
Proceeds from senior term loan	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$9.44M	USD	2 Qtrs
Redemption of senior preferred stock	`PaymentsForRepurchaseOfRedeemablePreferredStock`	-	USD	2 Qtrs
Redemption of senior preferred stock	`PaymentsForRepurchaseOfRedeemablePreferredStock`	$2.11M	USD	2 Qtrs
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$444.00K	USD	2 Qtrs
Payments under capital lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$490.00K	USD	2 Qtrs
Distributions to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	$905.00K	USD	2 Qtrs
Distributions to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	$2.35M	USD	2 Qtrs
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.54M	USD	2 Qtrs
Cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.40M	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-612.00K	USD	2 Qtrs
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$280.00K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$880.00K	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, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$600.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$600.00K	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`	$880.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$659.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$1.15M	USD	2 Qtrs
Interest	`InterestPaidNet`	$1.23M	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$19.00K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$21.00K	USD	2 Qtrs
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-1.93M	USD	2 Qtrs
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-1.91M	USD	2 Qtrs
Debt issuance costs and prepayment of interest on senior term loan	`DebtIssuanceCostsAndPrepaymentOfInterestOnSeniorTermLoan`	-	USD	2 Qtrs
Debt issuance costs and prepayment of interest on senior term loan	`DebtIssuanceCostsAndPrepaymentOfInterestOnSeniorTermLoan`	$1.56M	USD	2 Qtrs
Gain on extinguishment of subordinated debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	2 Qtrs
Gain on extinguishment of subordinated debt	`GainsLossesOnExtinguishmentOfDebt`	$1.00M	USD	2 Qtrs

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-6.14M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$-1.31M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$-3.15M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$444.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.00K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-7.00K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-8.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.00K	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.00K	USD	2 Qtrs
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.00K	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00K	USD	1 Quarter
Total other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-7.00K	USD	2 Qtrs
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$239.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$765.00K	USD	2 Qtrs
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$531.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$352.00K	USD	2 Qtrs
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-6.49M	USD	2 Qtrs
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-3.40M	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-92.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-2.08M	USD	2 Qtrs

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