10-Q Filing

TELOS CORP CIK: 320121 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000320121-20-000021`
Period End Date	20200331
Filing Date	20200515
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	tlsrp-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 22 Cash Flow Statement 44 Stockholders Equity 14 Comprehensive Income 8

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$722.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.38M	USD	Point-in-time
Accounts receivable, reserve	`AllowanceForDoubtfulAccountsReceivableCurrent`	$720.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.75M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$861.00K	USD	Point-in-time
Accounts receivable, net of reserve of $722 and $720, respectively (Note 1)	`ReceivablesNetCurrent`	$27.14M	USD	Point-in-time
Inventories, obsolescence reserve	`InventoryValuationReserves`	$860.00K	USD	Point-in-time
Accounts receivable, net of reserve of $722 and $720, respectively (Note 1)	`ReceivablesNetCurrent`	$27.94M	USD	Point-in-time
Inventories, net of obsolescence reserve of $861 and $860, respectively (Note 1)	`InventoryNet`	$1.97M	USD	Point-in-time
Inventories, net of obsolescence reserve of $861 and $860, respectively (Note 1)	`InventoryNet`	$2.76M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$32.47M	USD	Point-in-time
Property and equipment, accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$33.50M	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$636.00K	USD	Point-in-time
Deferred program expenses	`OtherPrepaidExpenseCurrent`	$673.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.55M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$40.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$39.46M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $33,503 and $32,470, respectively	`PropertyPlantAndEquipmentNet`	$19.57M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $33,503 and $32,470, respectively	`PropertyPlantAndEquipmentNet`	$20.07M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.90M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.98M	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`	$985.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$981.00K	USD	Point-in-time
Total assets	`Assets`	$77.34M	USD	Point-in-time
Total assets	`Assets`	$77.69M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs - short-term (Note 5)	`SeniorNotesCurrent`	-	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs - short-term (Note 5)	`SeniorNotesCurrent`	$16.47M	USD	Point-in-time
Accounts payable and other accrued liabilities (Note 6)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$15.05M	USD	Point-in-time
Accounts payable and other accrued liabilities (Note 6)	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$15.18M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$12.19M	USD	Point-in-time
Accrued compensation and benefits	`DeferredCompensationLiabilityCurrent`	$11.59M	USD	Point-in-time
Contract liabilities (Note 1 and 5)	`ContractWithCustomerLiabilityCurrent`	$6.34M	USD	Point-in-time
Contract liabilities (Note 1 and 5)	`ContractWithCustomerLiabilityCurrent`	$7.42M	USD	Point-in-time
Finance lease obligations - short-term (Note 10)	`CapitalLeaseObligationsCurrent`	$1.22M	USD	Point-in-time
Finance lease obligations - short-term (Note 10)	`CapitalLeaseObligationsCurrent`	$1.25M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.38M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.29M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`SeniorLongTermNotes`	$16.34M	USD	Point-in-time
Senior term loan, net of unamortized discount and issuance costs (Note 5)	`SeniorLongTermNotes`	-	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$3.01M	USD	Point-in-time
Subordinated debt (Note 5)	`SubordinatedLongTermDebt`	$2.93M	USD	Point-in-time
Finance lease obligations - long-term (Note 10)	`CapitalLeaseObligationsNoncurrent`	$15.32M	USD	Point-in-time
Finance lease obligations - long-term (Note 10)	`CapitalLeaseObligationsNoncurrent`	$15.64M	USD	Point-in-time
Operating lease obligations - long-term (Note 10)	`OperatingLeaseLiabilityNoncurrent`	$1.55M	USD	Point-in-time
Operating lease obligations - long-term (Note 10)	`OperatingLeaseLiabilityNoncurrent`	$1.44M	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredIncomeTaxLiabilitiesNet`	$621.00K	USD	Point-in-time
Deferred income taxes (Note 7)	`DeferredIncomeTaxLiabilitiesNet`	$631.00K	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$139.21M	USD	Point-in-time
Public preferred stock (Note 6)	`PublicPreferredStockClassifiedAsLiability`	$140.17M	USD	Point-in-time
Other liabilities (Note 9)	`OtherLiabilitiesNoncurrent`	$554.00K	USD	Point-in-time
Other liabilities (Note 9)	`OtherLiabilitiesNoncurrent`	$724.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$214.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$215.42M	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`	$5.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$6.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-147.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-145.53M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-141.14M	USD	Point-in-time
Total Telos stockholders' deficit	`StockholdersEquity`	$-143.38M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$4.51M	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`	$5.30M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$2.62M	USD	Point-in-time
Non-controlling interest in subsidiary (Note 2)	`MinorityInterest`	$4.51M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-138.08M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.62M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-135.76M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-132.10M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$77.69M	USD	Point-in-time
Total liabilities, redeemable preferred stock, and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$77.34M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$31.17M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$38.98M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$26.74M	USD	1 Quarter
Total costs and expenses	`CostOfGoodsAndServicesSold`	$22.19M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$10.36M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.84M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$403.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.38M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$8.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$5.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.76M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.02M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.14M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.61M	USD	1 Quarter
Benefit from income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$-146.00K	USD	1 Quarter
Benefit from income taxes (Note 7)	`IncomeTaxExpenseBenefit`	$-197.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.46M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.94M	USD	1 Quarter
Less: Net income attributable to non-controlling interest (Note 2)	`NetIncomeLossAttributableToNoncontrollingInterest`	$784.00K	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`	$-2.24M	USD	1 Quarter
Net loss attributable to Telos Corporation	`NetIncomeLoss`	$-3.41M	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.46M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.94M	USD	1 Quarter
Dividends from preferred stock recorded as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter
Dividends from preferred stock recorded as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$934.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$54.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$235.00K	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-225.00K	USD	1 Quarter
Deferred income tax provision (benefit)	`DeferredIncomeTaxExpenseBenefit`	$10.00K	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other noncash items	`OtherNoncashIncomeExpense`	$1.00K	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-5.26M	USD	1 Quarter
Changes in other operating assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-614.00K	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.74M	USD	1 Quarter
Cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.04M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$1.51M	USD	1 Quarter
Capitalized software development costs	`PaymentsToDevelopSoftware`	$598.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$210.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.31M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.91M	USD	1 Quarter
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.72M	USD	1 Quarter
Payments under finance lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$267.00K	USD	1 Quarter
Payments under finance lease obligations	`RepaymentsOfLongTermCapitalLeaseObligations`	$294.00K	USD	1 Quarter
Amendment fee paid to lender	`PaymentsOfDebtRestructuringCosts`	$100.00K	USD	1 Quarter
Amendment fee paid to lender	`PaymentsOfDebtRestructuringCosts`	-	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`	$-394.00K	USD	1 Quarter
Cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-983.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$149.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-368.00K	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`	$6.38M	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`	$6.75M	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`	$6.75M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.38M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$739.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$593.00K	USD	1 Quarter
Dividends from preferred stock recorded as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter
Dividends from preferred stock recorded as interest expense	`DividendsPreferredStockAsInterestExpense`	$-956.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.62M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-135.76M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-138.08M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-132.10M	USD	Point-in-time
Net loss	`ProfitLoss`	$-1.46M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.94M	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$1.00K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax`	$-2.00K	USD	1 Quarter
Distributions	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$716.00K	USD	1 Quarter
Distributions	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	-	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-136.62M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-135.76M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-138.08M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-132.10M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.46M	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`	$-1.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$473.00K	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$784.00K	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-3.41M	USD	1 Quarter
Comprehensive loss attributable to Telos Corporation	`ComprehensiveIncomeNetOfTax`	$-2.25M	USD	1 Quarter

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