Crossroads Systems Inc. and Subsidiaries Consolidated Balance Sheet (July 31, 2022)
Summary
Consolidated financial statements headed Crossroads Systems Inc. and Crossroads Impact Corp. and Subsidiaries for periods ended July 31, 2022. The balance sheet shows total assets of $1,707,054,782 at July 31, 2022, compared with $3,551,626,460 at October 31, 2021, including PPP loans receivable of $1,235,591,471 and a Federal PPP Liquidity Facility (PPPLF) liability of $1,260,012,462. For the nine months ended July 31, 2022, PPP administrative fees were $52,818,217, compared with $929,776,569 a year earlier, and net income was $47,213,492. The cash flow statement shows payments to the PPPLF of $1,872,553,870 in the 2022 period and proceeds from the PPPLF of $6,422,368,423 in the 2021 period.
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“Crossroads Systems Inc. and Subsidiaries Consolidated Balance Sheet (July 31, 2022).”
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CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
JULY 31, 2022
July 31,
October 31, 2021
2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 86,963,090 $ 278,984,781
Restricted cash 64,270,741 310,026,085
Interest receivable 14,337,015 15,254,327
Current portion of mortgage notes receivable 438,506 1,727,844
Current portion of commercial/other notes receivable 9,503,138 7,880,071
Inventory 11,223,783 10,212,770
Prepaid expenses and other current assets 2,347,727 1,110,164
Total current assets 189,084,000 625,196,042
MORTGAGE NOTES RECEIVABLE, net of current maturities and allowance of $0 132,098,082 130,281,822
COMMERCIAL/OTHER NOTES RECEIVABLE, net of current maturities and allowance of $0 106,333,319 8,533,246
PPP LOANS RECEIVABLE, net of discounts and allowance of $0 1,235,591,471 2,759,667,440
INVESTMENTS - DEBT SECURITIES (Held-to-Maturity) 16,000,000 -
INVESTMENT IN SOLAR TAX CREDIT FUND (Equity Method) 9,380,944 9,380,944
GOODWILL 18,566,966 18,566,966
TOTAL ASSETS $ 1,707,054,782 $ 3,551,626,460
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 583,378 $ 315,544
Accrued liabilities 220,110,099 269,448,624
Escrow liabilities 2,622,088 3,113,208
Income tax payable 10,248,388 28,725,428
Current portion of credit facilities 28,083,564 63,670,466
Current portion of other note payable 52,285 204,151
Current portion of acquisition notes payable 699,403 2,495,172
Total current liabilities 262,399,205 367,972,593
CREDIT FACILITIES, net of current maturities 68,918,020 36,451,501
OTHER NOTE PAYABLE, net of current maturities 940,084 940,083
ACQUISITION NOTES PAYABLE, net of current maturities 5,796,546 5,919,412
PPP LOAN PAYABLE - 376,800
FEDERAL PPP LIQUIDITY FACILITY ("PPPLF") 1,260,012,462 3,132,566,332
DEFERRED TAX LIABILITY - 184,113
OTHER LONG-TERM LIABILITIES 518,917 558,425
TOTAL LIABILITIES 1,598,585,234 3,544,969,259
EQUITY
Common stock, $0.001 par value: 175,000,000 shares
authorized, 10,618,834 shares issued and outstanding 10,619 5,972
Additional paid in capital 58,954,499 3,889,086
Accumulated deficit 31,451,355 (15,289,637)
Crossroads Systems, Inc. stockholders' deficit 90,416,473 (11,394,579)
Non-controlling interests 18,053,075 18,051,780
TOTAL EQUITY 108,469,548 6,657,201
TOTAL LIABILITIES AND EQUITY $ 1,707,054,782 $ 3,551,626,460
The accompanying notes are an integral part of these consolidated financial statements.
CROSSROADS IMPACT CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED JULY 31, 2022
For the Nine Months Ended
July 31, 2022 July 31, 2021
REVENUES
Interest income $ 26,412,840 $ 23,777,722
Property sales 13,429,700 16,733,791
PPP administrative fees 52,818,217 929,776,569
Other revenue 646,677 207,575
Total revenues 93,307,434 970,495,657
COSTS AND EXPENSES
Interest expense 8,052,794 9,134,509
Cost of properties sold 12,025,855 14,468,546
General and administrative 4,234,959 8,848,984
PPP processing fees 2,860,734 600,175,295
Salaries and wages 8,988,875 20,731,003
Management bonus - -
Total costs and expenses 36,163,217 653,358,337
Income from operations 57,144,217 317,137,320
OTHER INCOME (EXPENSES)
Other Income - 3,447,921
Interest expense (291,878) (372,859)
Total other income (291,878) 3,075,062
Income before income tax provision 56,852,339 320,212,382
INCOME TAX PROVISION (9,638,847) (69,991,591)
NET INCOME 47,213,492 250,220,791
Less: net income attributable to non-controlling interests (472,500) (469,910)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ 46,740,992 $ 249,750,881
EARNINGS PER SHARE
Income attributable to common shareholders before tax and after non-controlling interest 56,379,839 319,742,472
Earnings per share from operations before tax and after non-controlling interest $ 8.72 $ 53.54
Cash income attributable to common shareholders 46,740,992 271,594,104
Weighted average shares outstanding 6,461,884 5,971,994
Cash income per share $ 7.23 $ 45.48
The accompanying notes are an integral part of these consolidated financial statements.
CROSSROADS SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
AS OF JULY 31, 2022
For the Three Months Ended
July 31, 2022 July, 2021
REVENUES
Interest income $ 9,931,747 $ 14,910,841
Property sales 3,284,200 6,092,931
Payroll Protection Program (PPP) administrative fees 55,322 465,547,952
Other revenue 324,880 62,337
Total revenues 13,596,149 486,614,061
COSTS AND EXPENSES
Interest expense 2,291,441 5,576,284
Cost of properties sold 2,887,270 5,391,903
General and administrative 1,491,718 3,501,782
Paycheck Protection Program (PPP) processing fees 738,797 287,264,283
Salaries and wages 6,078,192 19,204,171
Management Bonus - -
Total costs and expenses 13,487,418 320,938,423
Income from operations 108,731 165,675,638
OTHER EXPENSES
Interest expense (104,565) (111,250)
Other expenses -
Total other expenses (104,565) (111,250)
Income before income tax provision 4,166 165,564,388
INCOME TAX PROVISION 2,229,717 (38,452,695)
NET INCOME 2,233,883 127,111,693
Less: net income attributable to non-controlling interests (157,500) (155,773)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTERESTS $ 2,076,383 $ 126,955,920
Earnings (loss) per share:
Cash income attributable to common shareholders (153,334) 126,955,920
Weighted average shares outstanding 7,425,690 5,971,994
Cash income per share $ (0.02) $ 21.26
The accompanying notes are an integral part of these consolidated financial statements.
CROSSROADS SYSTEMS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED JULY 31, 2022
As of July 31, 2022 As of July 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 47,213,492 $ 250,220,790
Adjustments to reconcile net income to net cash
used in operating activities:
Loss on derivative related activity - (105,702)
Stock based compensation 5,362,339 224,697
Amortization of deferred financing fees 31,188 (132,673)
Provision for income taxes 9,638,847 18,300,334
Changes in operating assets and liabilities:
Interest receivable 917,312 (14,270,414)
Notes receivable (Mortgage and commercial/other) (99,950,062) (6,148,983,964)
PPP loans receivable 1,524,075,969 -
Inventory (1,011,013) (62,183)
Prepaids and other assets (1,237,563) 106,450
Accounts payable 267,834 26,485
Accrued liabilities (67,855,073) 302,511,385
Escrow liabilities (491,120) (395,749)
Income tax payable (9,822,960) -
Net cash provided/(used) in operating activities 1,407,139,190 (5,592,560,544)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Paid for Investments - Debt Securities (16,000,000) -
Net cash used in investing activities (16,000,000) -
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred equity contributions
Preferred equity dividend distributions (471,205) (471,206)
Common equity distributions 49,707,721 (238,879,760)
Paycheck Protection Program loan (376,800) -
Borrowings on credit facilities (mortgage line) - 2,752,674
Principal payments on credit facilities (mortgage line) (1,462,248) (17,953,429)
Borrowings on credit facilities (inventory line) 2,752,674 -
Principal payments on credit facilities (inventory line) (4,410,809) -
Principal payments on other notes payable (151,865) (142,333)
Principal payments on acquisition note payable (1,949,823) (4,045,236)
Proceeds from the PPPLF - 6,422,368,423
Payments to the PPPLF (1,872,553,870) -
Net cash provided/(used) by financing activities (1,828,916,225) 6,163,629,133
Net change in cash and cash equivalents and restricted cash (437,777,035) 571,068,589
Cash and cash equivalents and restricted cash at beginning of period 589,010,866 5,131,110
Cash and cash equivalents and restricted cash at end of period $ 151,233,831 $ 576,199,699
SUPPLEMENTAL INFORMATION
Cash paid for interest $ 8,239,986 $ 4,289,921
Cash paid for income taxes $ - $ -
The accompanying notes are an integral part of these consolidated financial statements.
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