INNOVATE Corp
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Stockholders’ Deficit
| Common Stock · Additional Paid-In Capital · Treasury Stock · Accumulated Deficit · Accumulated Comprehensive Income (Loss) (b) · Total INNOVATE Stockholders' (Deficit) Equity · Non-controlling Interest · Total Stockholders' (Deficit) Equity · Temporary Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares (a)(thousands) · Amount | ||||||||||
| Balance as of June 30, 2024 | 13,053.0 | $0.1 | $348.3 | $(5.4) | $(490.3) | $(1.7) | $(149.0) | $22.9 | $(126.1) | $15.9 |
| Share-based compensation | — | — | 0.3 | — | — | — | 0.3 | — | 0.3 | — |
| Preferred stock dividends | — | — | (0.3) | — | — | — | (0.3) | — | (0.3) | — |
| Reverse stock split | 113.1 | (0.1) | 0.1 | — | — | — | — | — | — | — |
| Transactions with non-controlling interests | — | — | — | — | — | — | — | 0.1 | 0.1 | — |
| Net loss | — | — | — | — | (15.0) | — | (15.0) | (1.1) | (16.1) | (0.1) |
| Other comprehensive income | — | — | — | — | — | 0.9 | 0.9 | 0.1 | 1.0 | — |
| Balance as of September 30, 2024 | 13,166.1 | $— | $348.4 | $(5.4) | $(505.3) | $(0.8) | $(163.1) | $22.0 | $(141.1) | $15.8 |
| Common Stock · Additional Paid-In Capital · Treasury Stock · Accumulated Deficit · Accumulated Comprehensive Income (Loss) (b) · Total INNOVATE Stockholders' (Deficit) Equity · Non-controlling Interest · Total Stockholders' (Deficit) Equity · Temporary Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares (a)(thousands) · Amount | ||||||||||
| Balance as of December 31, 2023 | 7,923.5 | $0.1 | $328.2 | $(5.4) | $(487.3) | $(1.1) | $(165.5) | $13.8 | $(151.7) | $15.4 |
| Share-based compensation | — | — | 1.1 | — | — | — | 1.1 | — | 1.1 | — |
| Preferred stock dividends | — | — | (0.9) | — | — | — | (0.9) | — | (0.9) | (0.3) |
| Issuance of common stock | 129.5 | — | — | — | — | — | — | — | — | — |
| Issuance of preferred stock in private placement | — | — | — | — | — | — | — | — | — | 31.3 |
| Rights offering, net of transaction costs | 530.6 | — | 1.9 | — | — | — | 1.9 | — | 1.9 | — |
| Series C Preferred Share Conversion | 4,469.4 | — | 31.3 | — | — | — | 31.3 | — | 31.3 | (31.3) |
| Reverse stock split | 113.1 | (0.1) | 0.1 | — | — | — | — | — | — | — |
| Effect of Series D investment in R2 Technologies | — | — | (13.2) | — | — | — | (13.2) | 12.1 | (1.1) | 1.1 |
| Transactions with non-controlling interests | — | — | (0.1) | — | — | — | (0.1) | — | (0.1) | 0.1 |
| Net loss | — | — | — | — | (18.0) | — | (18.0) | (3.9) | (21.9) | (0.5) |
| Other comprehensive income | — | — | — | — | — | 0.3 | 0.3 | — | 0.3 | — |
| Balance as of September 30, 2024 | 13,166.1 | $— | $348.4 | $(5.4) | $(505.3) | $(0.8) | $(163.1) | $22.0 | $(141.1) | $15.8 |
(a)The number of shares has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 2. Summary of Significant Accounting Policies.
(b)Inclusive of other comprehensive income (loss), foreign currency cumulative translation adjustments totaled a loss of $2.1 million as of September 30, 2024.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
| Common Stock · Additional Paid-In Capital · Treasury Stock · Accumulated Deficit · Accumulated Comprehensive Income (Loss) (b) · Total INNOVATE Stockholders' (Deficit) Equity · Non-controlling Interest · Total Stockholders' (Deficit) Equity · Temporary Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares (a)(thousands) · Amount | ||||||||||
| Balance as of June 30, 2023 | 7,923.5 | $0.1 | $327.0 | $(5.4) | $(471.0) | $(1.6) | $(150.9) | $22.8 | $(128.1) | $10.1 |
| Share-based compensation | — | — | 0.8 | — | — | — | 0.8 | — | 0.8 | — |
| Preferred stock dividends | — | — | — | — | — | — | — | — | — | (0.3) |
| Transactions with non-controlling interests | — | — | — | — | — | — | — | (0.1) | (0.1) | 0.1 |
| Net loss | — | — | — | — | (7.0) | — | (7.0) | (0.1) | (7.1) | (1.5) |
| Other comprehensive (loss) income | — | — | — | — | — | (0.8) | (0.8) | 0.1 | (0.7) | (0.1) |
| Balance as of September 30, 2023 | 7,923.5 | $0.1 | $327.8 | $(5.4) | $(478.0) | $(2.4) | $(157.9) | $22.7 | $(135.2) | $8.3 |
| Common Stock · Additional Paid-In Capital · Treasury Stock · Accumulated Deficit · Accumulated Comprehensive Income (Loss) (b) · Total INNOVATE Stockholders' (Deficit) Equity · Non-controlling Interest · Total Stockholders' (Deficit) Equity · Temporary Equity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares (a)(thousands) · Amount | ||||||||||
| Balance as of December 31, 2022 | 7,879.0 | $0.1 | $330.1 | $(5.3) | $(452.1) | $5.9 | $(121.3) | $30.7 | $(90.6) | $61.0 |
| Share-based compensation | — | — | 2.0 | — | — | — | 2.0 | — | 2.0 | — |
| Taxes paid in lieu of shares issued for share-based compensation | (6.0) | — | — | (0.1) | — | — | (0.1) | — | (0.1) | — |
| Preferred stock dividends | — | — | (1.3) | — | — | — | (1.3) | — | (1.3) | (0.9) |
| Issuance of common stock | 50.5 | — | — | — | — | — | — | — | — | — |
| Distributions to non-controlling interests | — | — | — | — | — | — | — | (10.7) | (10.7) | (5.2) |
| Transactions with non-controlling interests | — | — | (3.0) | — | — | — | (3.0) | 3.0 | — | — |
| DBMGi preferred stock repurchase | — | — | — | — | — | — | — | — | — | (41.8) |
| Net (loss) income | — | — | — | — | (25.9) | — | (25.9) | 2.0 | (23.9) | (4.4) |
| Other comprehensive loss | — | — | — | — | — | (8.3) | (8.3) | (2.3) | (10.6) | (0.4) |
| Balance as of September 30, 2023 | 7,923.5 | $0.1 | $327.8 | $(5.4) | $(478.0) | $(2.4) | $(157.9) | $22.7 | $(135.2) | $8.3 |
(a)The number of shares has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024. Refer to Note 2. Summary of Significant Accounting Policies.
(b)Inclusive of other comprehensive loss, foreign currency cumulative translation adjustments totaled a loss of $3.6 million as of September 30, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.