UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
or
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number: 1‑10466
The St. Joe Company
(Exact name of registrant as specified in its charter)
|
Florida |
59‑0432511 |
|
(State or other jurisdiction of |
(I.R.S. Employer |
|
incorporation or organization) |
Identification No.) |
|
|
|
|
133 South Watersound Parkway |
|
|
Watersound, Florida |
32461 |
|
(Address of principal executive offices) |
(Zip Code) |
(850) 231‑6400
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
|
Title of Each Class |
|
Trading Symbol(s) |
|
Name of Exchange on Which Registered |
|
Common Stock, no par value |
|
JOE |
|
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☑ NO ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☑ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
|
Large accelerated filer |
☐ |
Accelerated filer |
☑ |
|
|
|
|
|
|
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). YES ☐ NO ☑
As of October 28, 2019, there were 59,414,583 shares of common stock, no par value, outstanding.
THE ST. JOE COMPANY
2
PART I - FINANCIAL INFORMATION
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
|
|
|
September 30, |
|
December 31, |
||
|
|
|
2019 |
|
2018 |
||
|
ASSETS |
|
|
|
|
|
|
|
Investment in real estate, net |
|
$ |
410,176 |
|
$ |
350,994 |
|
Cash and cash equivalents |
|
|
165,311 |
|
|
195,155 |
|
Investments - debt securities |
|
|
35 |
|
|
8,958 |
|
Investments - equity securities |
|
|
37,074 |
|
|
36,132 |
|
Other assets |
|
|
59,953 |
|
|
60,308 |
|
Property and equipment, net of accumulated depreciation of $62,462 and $60,271 at September 30, 2019 and December 31, 2018, respectively |
|
|
18,749 |
|
|
12,031 |
|
Investments held by special purpose entities |
|
|
206,728 |
|
|
207,384 |
|
Total assets |
|
$ |
898,026 |
|
$ |
870,962 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Debt, net |
|
$ |
85,581 |
|
$ |
69,374 |
|
Other liabilities |
|
|
60,850 |
|
|
47,387 |
|
Deferred tax liabilities, net |
|
|
52,083 |
|
|
44,315 |
|
Senior Notes held by special purpose entity |
|
|
176,962 |
|
|
176,775 |
|
Total liabilities |
|
|
375,476 |
|
|
337,851 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 18) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Common stock, no par value; 180,000,000 shares authorized; 60,677,742 and 60,672,034 issued at September 30, 2019 and December 31, 2018, respectively; and 59,536,213 and 60,672,034 outstanding at September 30, 2019 and December 31, 2018, respectively |
|
|
326,449 |
|
|
331,395 |
|
Retained earnings |
|
|
205,537 |
|
|
187,450 |
|
Accumulated other comprehensive loss |
|
|
(490) |
|
|
(674) |
|
Treasury stock at cost, 1,141,529 shares held at September 30, 2019 |
|
|
(18,794) |
|
|
— |
|
Total stockholders’ equity |
|
|
512,702 |
|
|
518,171 |
|
Non-controlling interest |
|
|
9,848 |
|
|
14,940 |
|
Total equity |
|
|
522,550 |
|
|
533,111 |
|
Total liabilities and equity |
|
$ |
898,026 |
|
$ |
870,962 |
See accompanying notes to the condensed consolidated financial statements.
3
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
The following presents the portion of the condensed consolidated balances attributable to the Company’s consolidated variable interest entities, which, as of September 30, 2019 and December 31, 2018, include the Pier Park North joint venture (“Pier Park North JV”), Pier Park Crossings LLC (“Pier Park Crossings JV”), Panama City Timber Finance Company, LLC and Northwest Florida Timber Finance, LLC as discussed in Note 2. Summary of Significant Accounting Policies. Basis of Presentation and Principles of Consolidation. As of September 30, 2019, the consolidated balances attributable to the Company’s consolidated variable interest entities also include Origins Crossings, LLC (“Origins Crossings JV”) and SJWCSL, LLC (“Watercrest JV”). As of December 31, 2018 the consolidated balances attributable to the Company’s consolidated variable interest entities also include Windmark JV, LLC (“Windmark JV”). The following assets may only be used to settle obligations of the consolidated variable interest entities and the following liabilities are only obligations of the variable interest entities and do not have recourse to the general credit of the Company, except for covenants and limited guarantees discussed in Note 10. Debt, Net.
|
|
|
September 30, |
|
December 31, |
||
|
|
|
2019 |
|
2018 |
||
|
ASSETS |
|
|
|
|
|
|
|
Investment in real estate |
|
$ |
84,241 |
|
$ |
70,124 |
|
Cash and cash equivalents |
|
|
1,993 |
|
|
2,113 |
|
Other assets |
|
|
11,360 |
|
|
16,165 |
|
Investments held by special purpose entities |
|
|
206,728 |
|
|
207,384 |
|
Total assets |
|
$ |
304,322 |
|
$ |
295,786 |
|
LIABILITIES |
|
|
|
|
|
|
|
Debt, net |
|
$ |
73,972 |
|
$ |
60,262 |
|
Other liabilities |
|
|
3,458 |
|
|
5,773 |
|
Senior Notes held by special purpose entity |
|
|
176,962 |
|
|
176,775 |
|
Total liabilities |
|
$ |
254,392 |
|
$ |
242,810 |
See accompanying notes to the condensed consolidated financial statements.
4
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share amounts)
(Unaudited)
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||
|
|
|
September 30, |
|
September 30, |
|
||||||||
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate revenue |
|
$ |
13,490 |
|
$ |
6,200 |
|
$ |
33,634 |
|
$ |
46,061 |
|
|
Hospitality revenue |
|
|
14,003 |
|
|
12,130 |
|
|
36,994 |
|
|
32,056 |
|
|
Leasing revenue |
|
|
4,037 |
|
|
3,573 |
|
|
11,218 |
|
|
10,507 |
|
|
Timber revenue |
|
|
1,326 |
|
|
1,773 |
|
|
2,580 |
|
|
5,350 |
|
|
Total revenue |
|
|
32,856 |
|
|
23,676 |
|
|
84,426 |
|
|
93,974 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of real estate revenue |
|
|
6,036 |
|
|
3,709 |
|
|
14,715 |
|
|
10,831 |
|
|
Cost of hospitality revenue |
|
|
10,191 |
|
|
9,269 |
|
|
26,384 |
|
|
25,427 |
|
|
Cost of leasing revenue |
|
|
1,351 |
|
|
1,184 |
|
|
3,411 |
|
|
3,511 |
|
|
Cost of timber revenue |
|
|
175 |
|
|
148 |
|
|
509 |
|
|
554 |
|
|
Other operating and corporate expenses |
|
|
5,054 |
|
|
5,113 |
|
|
16,116 |
|
|
16,068 |
|
|
Depreciation, depletion and amortization |
|
|
2,629 |
|
|
2,309 |
|
|
7,162 |
|
|
6,836 |
|
|
Total expenses |
|
|
25,436 |
|
|
21,732 |
|
|
68,297 |
|
|
63,227 |
|
|
Operating income |
|
|
7,420 |
|
|
1,944 |
|
|
16,129 |
|
|
30,747 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income, net |
|
|
2,371 |
|
|
2,575 |
|
|
10,952 |
|
|
12,221 |
|
|
Interest expense |
|
|
(3,109) |
|
|
(2,926) |
|
|
(9,075) |
|
|
(8,905) |
|
|
Other income, net |
|
|
2,147 |
|
|
268 |
|
|
7,126 |
|
|
787 |
|
|
Total other income (expense), net |
|
|
1,409 |
|
|
(83) |
|
|
9,003 |
|
|
4,103 |
|
|
Income before income taxes |
|
|
8,829 |
|
|
1,861 |
|
|
25,132 |
|
|
34,850 |
|
|
Income tax (expense) benefit |
|
|
(3,003) |
|
|
3,483 |
|
|
(7,098) |
|
|
(2,815) |
|
|
Net income |
|
|
5,826 |
|
|
5,344 |
|
|
18,034 |
|
|
32,035 |
|
|
Net (income) loss attributable to non-controlling interest |
|
|
(109) |
|
|
139 |
|
|
53 |
|
|
400 |
|
|
Net income attributable to the Company |
|
$ |
5,717 |
|
$ |
5,483 |
|
$ |
18,087 |
|
$ |
32,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
60,043,427 |
|
|
61,066,731 |
|
|
60,187,313 |
|
|
63,418,118 |
|
|
Net income per share attributable to the Company |
|
$ |
0.10 |
|
$ |
0.09 |
|
$ |
0.30 |
|
$ |
0.51 |
|
See accompanying notes to the condensed consolidated financial statements.
5
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands)
(Unaudited)
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||||||
|
|
|
September 30, |
|
September 30, |
|
||||||||
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
||||
|
Net income: |
|
$ |
5,826 |
|
$ |
5,344 |
|
$ |
18,034 |
|
$ |
32,035 |
|
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) on available-for-sale investments |
|
|
34 |
|
|
(1,244) |
|
|
824 |
|
|
(1,726) |
|
|
Net unrealized gain (loss) on restricted investments |
|
|
— |
|
|
— |
|
|
18 |
|
|
(9) |
|
|
Interest rate swap |
|
|
(509) |
|
|
— |
|
|
(509) |
|
|
— |
|
|
Reclassification of net realized (gain) loss included in earnings |
|
|
(80) |
|
|
— |
|
|
(78) |
|
|
1,050 |
|
|
Reclassification into retained earnings (1) |
|
|
— |
|
|
— |
|
|
— |
|
|
932 |
|
|
Reclassification of other-than-temporary impairment loss included in earnings |
|
|
— |
|
|
1,660 |
|
|
— |
|
|
1,723 |
|
|
Total before income taxes |
|
|
(555) |
|
|
416 |
|
|
255 |
|
|
1,970 |
|
|
Income tax benefit (expense) (2) |
|
|
135 |
|
|
(105) |
|
|
(71) |
|
|
(811) |
|
|
Total other comprehensive (loss) income, net of tax |
|
|
(420) |
|
|
311 |
|
|
184 |
|
|
1,159 |
|
|
Total comprehensive income, net of tax |
|
$ |
5,406 |
|
$ |
5,655 |
|
$ |
18,218 |
|
$ |
33,194 |
|
|
(1) |
The reclassification into retained earnings for the nine months ended September 30, 2018 relates to the adoption of Accounting Standards Update (“ASU”) 2016‑01 Financial Instruments - Overall, as amended (“ASU 2016‑01”). The new guidance was effective January 1, 2018, and required equity investments to be measured at fair value with changes in fair value recognized in results of operations rather than the condensed consolidated statements of comprehensive income. |
|
(2) |
Income tax expense for the nine months ended September 30, 2018 includes $0.3 million of income tax expense related to the adoption of ASU 2018‑02 Income Statement - Reporting Comprehensive Income (“ASU 2018‑02”). The new guidance was effective January 1, 2018, and allowed a reclassification from accumulated other comprehensive loss to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”). |
See accompanying notes to the condensed consolidated financial statements.
6
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|||
|
|
|
Outstanding |
|
|
|
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Non-controlling |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Earnings |
|
|
Loss |
|
|
Stock |
|
|
Interest |
|
|
Total |
|
Balance at June 30, 2019 |
|
60,200,534 |
|
$ |
330,209 |
|
$ |
199,820 |
|
$ |
(70) |
|
$ |
(7,073) |
|
$ |
19,254 |
|
$ |
542,140 |
|
Additional ownership interest in Windmark |
|
— |
|
|
(3,787) |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,832) |
|
|
(11,619) |
|
Capital contribution from non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,683) |
|
|
(1,683) |
|
Stock based compensation expense |
|
5,708 |
|
|
27 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
27 |
|
Repurchase of common shares |
|
(670,029) |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,721) |
|
|
— |
|
|
(11,721) |
|
Other comprehensive loss, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
(420) |
|
|
— |
|
|
— |
|
|
(420) |
|
Net income |
|
— |
|
|
— |
|
|
5,717 |
|
|
— |
|
|
— |
|
|
109 |
|
|
5,826 |
|
Balance at September 30, 2019 |
|
59,536,213 |
|
$ |
326,449 |
|
$ |
205,537 |
|
$ |
(490) |
|
$ |
(18,794) |
|
$ |
9,848 |
|
$ |
522,550 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|||
|
|
|
Outstanding |
|
|
|
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Non-controlling |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Earnings |
|
|
(Loss) Income |
|
|
Stock |
|
|
Interest |
|
|
Total |
|
Balance at June 30, 2018 |
|
61,842,662 |
|
$ |
424,736 |
|
$ |
182,033 |
|
$ |
(613) |
|
$ |
(72,463) |
|
$ |
15,847 |
|
$ |
549,540 |
|
Capital distribution to non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(201) |
|
|
(201) |
|
Stock based compensation expense |
|
2,778 |
|
|
14 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
14 |
|
Repurchase of common shares |
|
(1,173,406) |
|
|
— |
|
|
— |
|
|
— |
|
|
(20,906) |
|
|
— |
|
|
(20,906) |
|
Retirement of treasury stock |
|
— |
|
|
(93,369) |
|
|
— |
|
|
— |
|
|
93,369 |
|
|
— |
|
|
— |
|
Other comprehensive income, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
311 |
|
|
— |
|
|
— |
|
|
311 |
|
Net income |
|
— |
|
|
— |
|
|
5,483 |
|
|
— |
|
|
— |
|
|
(139) |
|
|
5,344 |
|
Balance at September 30, 2018 |
|
60,672,034 |
|
$ |
331,381 |
|
$ |
187,516 |
|
$ |
(302) |
|
$ |
— |
|
$ |
15,507 |
|
$ |
534,102 |
See accompanying notes to the condensed consolidated financial statements.
7
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|||
|
|
|
Outstanding |
|
|
|
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Non-controlling |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Earnings |
|
|
(Loss) Income |
|
|
Stock |
|
|
Interest |
|
|
Total |
|
Balance at December 31, 2018 |
|
60,672,034 |
|
$ |
331,395 |
|
$ |
187,450 |
|
$ |
(674) |
|
$ |
— |
|
$ |
14,940 |
|
$ |
533,111 |
|
Allocation of ownership interest in Watercrest JV |
|
— |
|
|
(1,209) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,209 |
|
|
— |
|
Additional ownership interest in Windmark |
|
— |
|
|
(3,787) |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,832) |
|
|
(11,619) |
|
Capital contribution from non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,784 |
|
|
1,784 |
|
Capital distribution to non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(200) |
|
|
(200) |
|
Stock based compensation expense |
|
5,708 |
|
|
50 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
50 |
|
Repurchase of common shares |
|
(1,141,529) |
|
|
— |
|
|
— |
|
|
— |
|
|
(18,794) |
|
|
— |
|
|
(18,794) |
|
Other comprehensive income, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
184 |
|
|
— |
|
|
— |
|
|
184 |
|
Net income |
|
— |
|
|
— |
|
|
18,087 |
|
|
— |
|
|
— |
|
|
(53) |
|
|
18,034 |
|
Balance at September 30, 2019 |
|
59,536,213 |
|
$ |
326,449 |
|
$ |
205,537 |
|
$ |
(490) |
|
$ |
(18,794) |
|
$ |
9,848 |
|
$ |
522,550 |
See accompanying notes to the condensed consolidated financial statements.
8
THE ST. JOE COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|||
|
|
|
Outstanding |
|
|
|
|
|
Retained |
|
|
Comprehensive |
|
|
Treasury |
|
|
Non-controlling |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Earnings |
|
|
(Loss) Income |
|
|
Stock |
|
|
Interest |
|
|
Total |
|
Balance at December 31, 2017 |
|
65,897,866 |
|
$ |
424,694 |
|
$ |
154,324 |
|
$ |
(1,461) |
|
$ |
— |
|
$ |
15,027 |
|
$ |
592,584 |
|
Allocation of ownership interest in Pier Park Crossings JV |
|
— |
|
|
(490) |
|
|
— |
|
|
— |
|
|
— |
|
|
490 |
|
|
— |
|
Additional ownership interest acquired in Artisan Park, LLC |
|
— |
|
|
297 |
|
|
— |
|
|
— |
|
|
— |
|
|
(297) |
|
|
— |
|
Capital contribution from non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
887 |
|
|
887 |
|
Capital distribution to non-controlling interest |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(200) |
|
|
(200) |
|
Stock based compensation expense |
|
2,778 |
|
|
57 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
57 |
|
Issuance of common stock for officer compensation, net of tax withholding |
|
9,956 |
|
|
192 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
192 |
|
Repurchase of common shares |
|
(5,238,566) |
|
|
— |
|
|
— |
|
|
— |
|
|
(93,369) |
|
|
— |
|
|
(93,369) |
|
Retirement of treasury stock |
|
— |
|
|
(93,369) |
|
|
— |
|
|
— |
|
|
93,369 |
|
|
— |
|
|
— |
|
Adoption of ASU 2014-09 Revenue From Contracts with Customers, as amended, net of tax |
|
— |
|
|
— |
|
|
1,140 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,140 |
|
Adoption of ASU 2016-01 Financial Instruments - Overall, as amended, net of tax |
|
— |
|
|
— |
|
|
(696) |
|
|
696 |
|
|
— |
|
|
— |
|
|
— |
|
Adoption of ASU 2018-02 Income Statement - Reporting Comprehensive Income |
|
— |
|
|
— |
|
|
313 |
|
|
(313) |
|
|
— |
|
|
— |
|
|
— |
|
Other comprehensive income, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
776 |
|
|
— |
|
|
— |
|
|
776 |
|
Net income |
|
— |
|
|
— |
|
|
32,435 |
|
|
— |
|
|
— |
|
|
(400) |
|
|
32,035 |
|
Balance at September 30, 2018 |
|
60,672,034 |
|
$ |
331,381 |
|
$ |
187,516 |
|
$ |
(302) |
|
$ |
— |
|
$ |
15,507 |
|
||