10-Q Filing

TELOS CORP CIK: 320121 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000320121-19-000014`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	tlsrp-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 22 Cash Flow Statement 42 Stockholders Equity 15 Comprehensive Income 8

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$221.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$72.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$306.00K	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$306.00K	USD	Point-in-time
Accounts receivable, net of reserve of $306 (Note 1)	`ReceivablesNetCurrent`	$34.54M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$520.00K	USD	Point-in-time
Accounts receivable, net of reserve of $306 (Note 1)	`ReceivablesNetCurrent`	$25.58M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$28.66M	USD	Point-in-time
Inventories, net of obsolescence reserve of $520 (Note 1)	`InventoryNet`	$3.46M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$29.60M	USD	Point-in-time
Inventories, net of obsolescence reserve of $520 (Note 1)	`InventoryNet`	$4.39M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$244.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$1.11M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.99M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.37M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $29,602 and $28,665, respectively	`PropertyPlantAndEquipmentNet`	$19.40M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $29,602 and $28,665, respectively	`PropertyPlantAndEquipmentNet`	$17.43M	USD	Point-in-time
Operating lease right-of-use assets (Note 10)	`OperatingLeaseRightOfUseAsset`	$1.85M	USD	Point-in-time
Operating lease right-of-use assets (Note 10)	`OperatingLeaseRightOfUseAsset`	-	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`	$915.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$956.00K	USD	Point-in-time
Total assets	`Assets`	$74.49M	USD	Point-in-time
Total assets	`Assets`	$69.49M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$17.52M	USD	Point-in-time
Accounts payable and other accrued payables (Note 5)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$21.78M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$9.21M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$9.08M	USD	Point-in-time
Contract liabilities (Note 1 and 5)	`ContractWithCustomerLiabilityCurrent`	$5.16M	USD	Point-in-time
Contract liabilities (Note 1 and 5)	`ContractWithCustomerLiabilityCurrent`	$5.23M	USD	Point-in-time
Finance lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.11M	USD	Point-in-time
Finance lease obligations - short-term	`CapitalLeaseObligationsCurrent`	$1.14M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.72M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.10M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`SeniorLongTermNotes`	$11.04M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`SeniorLongTermNotes`	$10.98M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.68M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.60M	USD	Point-in-time
Finance lease obligations - long-term (Note 10)	`CapitalLeaseObligationsNoncurrent`	$16.86M	USD	Point-in-time
Finance lease obligations - long-term (Note 10)	`CapitalLeaseObligationsNoncurrent`	$16.57M	USD	Point-in-time
Operating lease liabilities - long-term (Note 10)	`OperatingLeaseLiabilityNoncurrent`	$1.58M	USD	Point-in-time
Operating lease liabilities - long-term (Note 10)	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$818.00K	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredTaxLiabilitiesNoncurrent`	$593.00K	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$136.34M	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$135.39M	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$838.00K	USD	Point-in-time
Other liabilities (Note 7)	`OtherLiabilitiesNoncurrent`	$681.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$205.25M	USD	Point-in-time
Total liabilities	`Liabilities`	$206.59M	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`	$17.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-139.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-142.54M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-134.72M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-138.13M	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
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$2.38M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$2.62M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-132.10M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-133.91M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-135.76M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.04M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$74.49M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$69.49M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.17M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$32.40M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$22.17M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$22.19M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.25M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.36M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.38M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-22.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$4.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$5.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.76M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.68M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.14M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.69M	USD	1 Quarter
Benefit (provision) for income taxes (Note 9)	`IncomeTaxExpenseBenefit`	$-197.00K	USD	1 Quarter
Benefit (provision) for income taxes (Note 9)	`IncomeTaxExpenseBenefit`	$59.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.75M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.94M	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`	$473.00K	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-1.99M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-3.41M	USD	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.75M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.94M	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-955.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$934.00K	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`	$54.00K	USD	1 Quarter
Deferred income tax (benefit) provision	`DeferredIncomeTaxExpenseBenefit`	$-225.00K	USD	1 Quarter
Deferred income tax (benefit) provision	`DeferredIncomeTaxExpenseBenefit`	$13.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$-5.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-894.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-5.26M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$819.00K	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.04M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$357.00K	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$598.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.31M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$773.00K	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.91M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.13M	USD	1 Quarter
Payments under finance lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$267.00K	USD	1 Quarter
Payments under finance lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$242.00K	USD	1 Quarter
Distributions to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	$716.00K	USD	1 Quarter
Distributions to Telos ID Class B member - non-controlling interest	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-983.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-242.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$149.00K	USD	1 Quarter
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-553.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$600.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$221.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$47.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$221.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$600.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$599.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$593.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-955.00K	USD	1 Quarter
Dividends of preferred stock as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-132.10M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-133.91M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-135.76M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.04M	USD	Point-in-time
Net (loss) income	`ProfitLoss`	$-1.75M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-2.94M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.00K	USD	1 Quarter
Gain on extinguishment of subordinated debt	`GainOnExtinguishmentOfSubordinatedDebt`	$3.88M	USD	1 Quarter
Distributions	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	-	USD	1 Quarter
Distributions	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$716.00K	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-132.10M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-133.91M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-135.76M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.04M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.75M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.94M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$234.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$473.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-3.41M	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.