SAFEGUARD SCIENTIFICS INC (SFES)
Safeguard Scientifics, Inc., a former private equity and venture capital firm, is no longer actively seeking new investments. Historically, the firm specialized in a broad range of financing activities, including providing capital for company expansion and growth, facilitating management buyouts, executing recapitalizations, driving industry consolidations, and supporting corporate spin-offs. Their investment scope covered both early and growth-stage companies. Typically, Safeguard Scientifics participated in Series A, B, or C funding rounds, with an opportunistic approach to seed-stage investments. Their primary sector focus spanned technology, financial services, and healthcare. Within the technology sphere, their interests were diverse, encompassing areas such as software-as-a-service (SaaS), adtech, digital media, the Internet of Everything (IoE), advanced security solutions, predictive analytics, machine learning, artificial intelligence, enterprise software, technology-enabled services, internet/new media, financial technology (FinTech), cloud computing, mobile, social platforms, big data, in-memory computing, and select business services. For these tech ventures, they considered companies requiring up to $25 million in capital. In the healthcare sector, the firm directed its investments towards molecular and point-of-care diagnostics, various medical devices, regenerative medicine, broader medical technology, digital health solutions, healthcare technology, specialized pharmaceuticals, and chosen healthcare services. Geographically, Safeguard Scientifics invested across the entire United States, with a particular emphasis on the Mid-Atlantic region, and also extended its reach into Southeastern Canada. Financial commitments for growth equity financing generally ranged from $5 million to $25 million, while early-stage financings typically saw investments between $5 million and $10 million. The firm's investment strategy often targeted a variety of capital structures, including self-funded (bootstrapped) companies, corporate divisions or business units, and venture capital-backed entities seeking a growth partner. Safeguard Scientifics aimed to be the largest stakeholder in its portfolio companies, typically acquiring an ownership stake between 20% and 50%, though they were flexible and might occasionally take either a majority or a smaller interest. A strong preference existed for companies possessing proprietary technology and intellectual property. Furthermore, the firm routinely sought a Board seat in its invested companies. Founded in 1953 as Lancaster Corporation, the company adopted the name Safeguard Scientifics, Inc. in 1981. Its main office is located in Radnor, Pennsylvania, with an additional presence in Weston, Massachusetts.
Sector: Investors, NEC
Industry: Asset Management
Safeguard Scientifics, Inc.
No splits on record
Nothing in SFES's public trading history: no forward or reverse split has affected the share count.
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 | FY 1995 | FY 1994 | FY 1993 | FY 1992 | FY 1991 | FY 1990 | FY 1989 | FY 1988 | FY 1987 | FY 1986 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 | 1995-12-31 | 1994-12-31 | 1993-12-31 | 1992-12-31 | 1991-12-31 | 1990-12-31 | 1989-12-31 | 1988-12-31 | 1987-12-31 | 1986-12-31 |
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $34.84M | $73.74M | $42.99M | $27.72M | $103.78M | $109.35M | $167.44M | $114.48M | $1.93B | $2.77B | $2.99B | $2.31B | $2B | $2.06B | $1.52B | $1.41B | $1.17B | $845M | $644.2M | $449.1M | $383.5M | $284.2M | $103.3M | $67.5M |
| YoY Growth | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -52.8% | 71.5% | 55.1% | -73.3% | -5.1% | -34.7% | 46.3% | -94.1% | -30.5% | -7.4% | 29.4% | 16.0% | -3.3% | 35.9% | 7.5% | 20.9% | 38.3% | 31.2% | 43.4% | 17.1% | 34.9% | 175.1% | 53.0% | - |
| Cost of Revenue | $436K | $374K | $319K | $271K | $229K | $311K | $1.07M | $0 | $0 | $328K | $190K | $74K | $92K | $108K | $124K | $121K | $13.81M | $33.01M | $26.91M | $19.82M | $81.44M | $77.41M | $100.16M | $49.22M | $1.62B | $2.44B | $2.64B | $2B | $1.7B | $1.79B | $1.31B | $1.17B | $940.9M | $664.2M | $499.3M | $345.6M | $296.8M | $218.4M | $65.4M | $41M |
| Gross Profit | -$436K | -$374K | -$319K | -$271K | -$229K | -$311K | -$1.07M | $0 | $0 | -$328K | -$190K | -$74K | -$92K | -$108K | -$124K | -$121K | $21.03M | $40.73M | $16.08M | $7.9M | $22.34M | $31.94M | $67.28M | $65.25M | $308.27M | $329.38M | $352.97M | $315.5M | $296.5M | $269.8M | $206.3M | $239.3M | $227.4M | $180.8M | $144.9M | $103.5M | $86.7M | $65.8M | $37.9M | $26.5M |
| Gross Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 60.4% | 55.2% | 37.4% | 28.5% | 21.5% | 29.2% | 40.2% | 57.0% | 16.0% | 11.9% | 11.8% | 13.6% | 14.9% | 13.1% | 13.6% | 16.9% | 19.5% | 21.4% | 22.5% | 23.0% | 22.6% | 23.2% | 36.7% | 39.3% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.41M | $6.98M | $125K | $4.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $1.66M | $2.25M | $5.36M | $4.78M | $7.15M | $9.47M | $8.91M | $16.87M | $17.13M | $18.36M | $17.36M | $18.9M | $19.15M | $19.36M | $20.94M | $20.73M | $37.21M | $60.74M | $50.78M | $44.92M | $66.31M | $73.05M | $110.81M | $118.89M | $315.05M | $350.4M | $317.08M | $270.3M | $224.1M | $212.7M | $156.5M | $203.5M | $180.5M | $142.1M | $116.5M | $96.1M | $72.6M | $55.8M | $29.2M | $21.1M |
| Other | $0 | $0 | $0 | -$271K | -$229K | -$311K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.41M | -$6.98M | $3.07M | $2.28M | $25.47M | $14.23M | $40.75M | $38.88M | $30.91M | $21.7M | $18.1M | $20.6M | $16.9M | $17.3M | $18.4M | $15.9M | $14.2M | $12.6M | $7.9M | $7.6M | $5.6M | $4.3M |
| Total Operating Expenses | $1.66M | $2.25M | $5.36M | $4.5M | $6.92M | $9.15M | $8.91M | $16.87M | $17.13M | $18.36M | $17.36M | $18.9M | $19.15M | $19.36M | $20.94M | $20.73M | $37.21M | $60.74M | $50.78M | $44.92M | $69.5M | $80.03M | $136.28M | $133.13M | $355.8M | $389.28M | $348M | $292M | $242.2M | $233.3M | $173.4M | $220.8M | $198.9M | $158M | $130.7M | $108.7M | $80.5M | $63.4M | $34.8M | $25.4M |
| Operating Income (EBIT) | -$2.1M | -$2.63M | -$5.68M | -$4.78M | -$7.15M | -$9.47M | -$9.98M | -$16.87M | -$17.13M | -$18.69M | -$17.55M | -$18.97M | -$19.24M | -$19.47M | -$21.07M | -$20.85M | -$16.19M | -$20.02M | -$34.7M | -$37.02M | -$47.16M | -$48.09M | -$69M | -$67.88M | -$47.53M | -$59.9M | $4.97M | $23.5M | $54.3M | $36.5M | $32.9M | $18.5M | $28.5M | $22.8M | $14.2M | -$5.2M | $6.2M | $2.4M | $3.1M | $1.1M |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -46.5% | -27.1% | -80.7% | -133.6% | -45.4% | -44.0% | -41.2% | -59.3% | -2.5% | -2.2% | 0.2% | 1.0% | 2.7% | 1.8% | 2.2% | 1.3% | 2.4% | 2.7% | 2.2% | -1.2% | 1.6% | 0.8% | 3.0% | 1.6% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $14.02M | $16.07M | $8.62M | $4.63M | $4.52M | $4.4M | $4.3M | $5.64M | $5.97M | $5.74M | $3.16M | $4.73M | $7.66M | $6.82M | $6.51M | $9.76M | $13.57M | $24.09M | $30.13M | $41.9M | $0 | $29.7M | $0 | $23.9M | $19.5M | $17.5M | $13.7M | $13.1M | $13.1M | $13.6M | $12.9M | $11.4M | $0 | $6.5M |
| Interest Income | $298K | $409K | $903K | $794K | $276K | $261K | $0 | $2.81M | $3.88M | $2.08M | $1.94M | $1.9M | $2.65M | $2.93M | $1.42M | $718K | $480K | $3.1M | $7.54M | $6.91M | $5.04M | $2.63M | $3.31M | $8.26M | $12.34M | $18.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $3.82M | -$7.76M | -$4.14M | -$9.49M | $34.16M | -$28.15M | $64.54M | $1.24M | -$71.44M | -$3.57M | -$41.97M | $13.82M | -$16.28M | -$19.89M | $131.66M | $47.96M | $82.97M | -$26.05M | -$12.47M | $9.35M | $6.03M | $22.63M | $27.87M | -$72.76M | -$59.13M | $69.31M | $267.1M | $148M | -$18.5M | -$3.3M | -$2.5M | $5.1M | -$15.1M | -$5.8M | $5.6M | $33.2M | $5.9M | $10.1M | $13.9M | $7.7M |
| Income Before Tax (EBT) | $1.73M | -$10.38M | -$9.83M | -$14.26M | $27M | -$37.62M | $54.56M | -$15.63M | -$88.57M | -$22.26M | -$59.52M | -$5.15M | -$35.52M | -$39.36M | $110.6M | $27.11M | $66.78M | -$46.07M | -$47.18M | -$27.67M | -$41.13M | -$25.46M | -$41.13M | -$140.64M | -$106.66M | $9.41M | $272.07M | $171.5M | $35.8M | $33.2M | $30.4M | $23.6M | $13.4M | $17M | $19.8M | $28M | $12.1M | $12.5M | $17M | $8.8M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$14K | -$24K | -$696K | -$1.27M | -$230K | -$120K | $209K | $46K | -$6.84M | -$100.32M | $66.51M | $61.4M | $14.3M | $13.3M | $12.1M | $7.9M | $9.5M | $7.1M | $8.3M | $12.4M | $4.8M | $5.3M | $4.1M | $3.1M |
| Net Income | $1.73M | -$10.38M | -$9.83M | -$14.26M | $27M | -$37.62M | $54.56M | -$15.63M | -$88.57M | -$22.26M | -$59.52M | -$5.15M | -$35.52M | -$39.36M | $110.6M | $27.11M | $67.61M | -$52.01M | -$65.87M | $45.44M | -$32.07M | -$54.82M | -$33.33M | -$150.48M | -$499.1M | -$212.4M | $123.53M | $110.1M | $21.5M | $19.9M | $18.3M | $15.7M | $3.9M | $9.9M | $11.5M | $15.6M | $7.3M | $7.2M | $12.9M | $5.7M |
| Net Income Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 194.1% | -70.5% | -153.2% | 163.9% | -30.9% | -50.1% | -19.9% | -131.5% | -25.9% | -7.7% | 4.1% | 4.8% | 1.1% | 1.0% | 1.2% | 1.1% | 0.3% | 1.2% | 1.8% | 3.5% | 1.9% | 2.5% | 12.5% | 8.4% |
| Supplementary Data | ||||||||||||||||||||||||||||||||||||||||
| EPS | 0.10 | -0.62 | -0.61 | -0.87 | 1.36 | -1.81 | 2.64 | -0.76 | -4.34 | -1.09 | -2.85 | -0.25 | -1.66 | -1.88 | 5.33 | 1.32 | 3.33 | -2.56 | -3.24 | 2.28 | -1.62 | -2.76 | -1.68 | -7.68 | -25.56 | -11.16 | 2.44 | 2.30 | 0.68 | 1.22 | 1.14 | 1.03 | 0.00 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 |
| Diluted EPS | 0.10 | -0.62 | -0.61 | -0.87 | 1.36 | -1.81 | 2.64 | -0.76 | -4.34 | -1.09 | -2.85 | -0.25 | -1.66 | -1.88 | 4.74 | 1.26 | 3.14 | -2.56 | -3.24 | 2.28 | -1.62 | -2.76 | -1.68 | -7.80 | -25.62 | -11.22 | 2.32 | 2.14 | 0.63 | 1.22 | 1.07 | 0.94 | 0.00 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 |
| Weighted Average OS | 16.72M | 16.63M | 16.22M | 16.34M | 19.83M | 20.75M | 20.64M | 20.54M | 20.43M | 20.34M | 20.87M | 20.98M | 21.36M | 20.97M | 20.76M | 20.54M | 20.31M | 20.33M | 20.39M | 20.25M | 20.14M | 19.86M | 19.84M | 19.59M | 19.53M | 19.03M | 50.57M | 47.75M | 31.73M | 15.67M | 15.37M | 14.72M | 42.11M | 44.83M | 45.90M | 46.12M | 46.21M | 48.88M | 45.46M | 40.39M |
| EBITDA | -$1.66M | -$10.01M | -$9.51M | -$13.99M | $27.23M | -$37.3M | $69.65M | $1.13M | -$79.63M | -$17.3M | -$54.81M | -$673K | -$31.13M | -$33.62M | $116.69M | $32.97M | $71.37M | -$37.78M | -$31.04M | -$33.79M | -$38.75M | -$38.56M | -$51.7M | -$53.23M | -$6.79M | -$21.02M | $35.88M | $45.2M | $72.4M | $57.1M | $49.8M | $35.8M | $46.9M | $38.7M | $28.4M | $7.4M | $14.1M | $10M | $8.7M | $5.4M |
| EBITDA Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 204.9% | -51.2% | -72.2% | -121.9% | -37.3% | -35.3% | -30.9% | -46.5% | -0.4% | -0.8% | 1.2% | 2.0% | 3.6% | 2.8% | 3.3% | 2.5% | 4.0% | 4.6% | 4.4% | 1.6% | 3.7% | 3.5% | 8.4% | 8.0% |
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $8.98M | $6.82M | $9.5M | $13.33M | $24.74M | $15.6M | $25.05M | $7.7M | $20.75M | $22.06M |
| Short-Term Investments | $0 | $0 | $0 | $6.82M | $4.55M | $0 | $0 | $37.95M | $8.21M | $8.38M |
| Cash and Short-Term Investments | $8.98M | $6.82M | $9.5M | $20.15M | $29.29M | $15.6M | $25.05M | $45.66M | $28.96M | $30.44M |
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $235K | $329K | $413K | $1.28M | $25K | $0 | $0 | $500K | $0 | $0 |
| Total Current Assets | $9.21M | $7.14M | $9.91M | $21.42M | $30.28M | $16.06M | $26.35M | $46.73M | $33.61M | $32.55M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $161K | $597K | $971K | $1.29M | $1.56M | $1.79M | $2.1M | $808K | $1.51M | $1.87M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $3.04M | $3.43M | $11.69M | $14.54M | $21.97M | $50.4M | $77.13M | $95.58M | $141.03M | $197.11M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $105K | $133K | $263K | $434K | $217K | $784K | $2M | $2.61M | $316K | $296K |
| Total Long-Term Assets | $3.3M | $4.16M | $12.93M | $16.27M | $23.75M | $52.97M | $81.23M | $99M | $142.86M | $199.28M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $12.52M | $11.3M | $22.84M | $37.69M | $54.03M | $69.03M | $107.58M | $145.74M | $176.46M | $231.83M |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $0 | $0 | $107K | $16K | $41K | $56K | $39K | $165K | $155K | $140K |
| Short-Term Debt | $202K | $558K | $0 | $0 | $0 | $0 | $0 | $27.16M | $40.48M | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $577K | $543K | $854K | $507K | $794K | $2.68M | $627K | $3.43M | $1.05M | $2.22M |
| Total Current Liabilities | $916K | $1.23M | $2.05M | $1.82M | $1.73M | $3.47M | $2.43M | $32.94M | $45.81M | $5.86M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $43.01M | $45.32M | $52.56M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $50K | $50K | $50K | $50K | $50K | $637K | $1.03M | $2.8M | $3.54M | $3.63M |
| Total Long-Term Liabilities | $50K | $252K | $810K | $1.3M | $1.73M | $2.69M | $3.41M | $45.82M | $48.86M | $56.19M |
| Other Liabilities | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $966K | $1.48M | $2.86M | $3.12M | $3.46M | $6.16M | $5.84M | $78.76M | $94.67M | $62.05M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $2.16M | $2.16M | $2.16M | $2.16M | $2.16M | $2.16M | $2.16M | $2.16M | $2.16M | $2.16M |
| Retained Earnings | -$742.39M | -$744.11M | -$733.73M | -$723.9M | -$709.63M | -$736.64M | -$697.22M | -$731.11M | -$715.48M | -$626.9M |
| Comprehensive Income & Other | $0 | $0 | -$25K | -$25K | -$25K | -$25K | -$25K | $0 | -$113K | -$431K |
| Other Stockholders' Equity | $751.78M | $751.78M | $751.55M | $756.32M | $758.04M | $797.36M | $796.81M | $795.93M | $795.12M | $794.52M |
| Total Equity | $11.55M | $9.83M | $19.98M | $34.58M | $50.57M | $62.88M | $101.74M | $66.98M | $81.8M | $169.78M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $12.52M | $11.3M | $22.84M | $37.69M | $54.03M | $69.03M | $107.58M | $145.74M | $176.46M | $231.83M |
| Supplementary Data | ||||||||||
| Total Debt | $202K | $760K | $1.25M | $1.68M | $2.05M | $2.38M | $2.78M | $70.17M | $85.81M | $52.56M |
| Net Debt | -$8.78M | -$6.06M | -$8.25M | -$11.65M | -$22.69M | -$13.22M | -$22.27M | $62.47M | $65.06M | $30.5M |
| Period | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Operating Activities | |||||||||
| Net Income | -$10.38M | -$9.83M | -$14.26M | $27M | -$37.62M | $54.56M | -$15.63M | -$88.57M | -$22.26M |
| Depreciation & Amortization | $374K | $319K | $271K | $229K | $311K | $1.07M | $692K | $322K | $328K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $1.12M | $1.45M | $1.78M | $965K | $1.24M | $966K | $1.14M | $2.39M |
| Changes in Working Capital: | |||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$3.56M | -$1.52M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $178K | -$374K | -$3.04M | -$77K | -$3.35M | -$21K | $628K | -$215K |
| Other Working Capital | -$1.27M | -$146K | -$534K | -$238K | -$137K | -$823K | -$2.06M | $0 | $0 |
| Total Working Capital Change | -$1.27M | $32K | -$908K | -$3.28M | -$214K | -$4.17M | -$2.09M | -$2.93M | -$1.74M |
| Other Non-Cash Items | $8.31M | $5.05M | $10.2M | -$33.88M | $28.41M | -$72.67M | -$9.98M | $69.24M | $2.62M |
| Net Cash from Operating | -$2.98M | -$3.31M | -$3.26M | -$8.15M | -$8.14M | -$19.97M | -$26.04M | -$20.8M | -$18.66M |
| Investing Activities | |||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$432K |
| Acquisitions | $0 | -$149K | $6.88M | $60.83M | $369K | $0 | $64.14M | $1.5M | $21.53M |
| Purchases of Investments | $0 | -$8.53M | -$17.54M | -$2.72M | $0 | -$73.94M | -$37.81M | $0 | -$21.19M |
| Sales of Investments | $0 | $14.65M | $6M | $0 | $0 | $95.94M | $8.15M | $11.24M | $46.31M |
| Other Investing Activities | $285K | -$250K | $0 | $0 | -$1.64M | $104.3M | -$2.37M | -$22.87M | -$26.16M |
| Net Cash from Investing | $285K | $5.72M | -$4.66M | $58.11M | -$1.27M | $126.3M | $32.1M | -$10.13M | $20.06M |
| Financing Activities | |||||||||
| Debt Repaid | - | - | - | - | - | $68.57M | $22.43M | -$35.55M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5K |
| Common Stock Repurchases | -$9K | -$75K | -$2.94M | -$40.66M | $0 | $0 | $0 | -$1K | -$5.39M |
| Dividends Paid | $0 | -$5.82M | $0 | $0 | $0 | -$20.68M | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$358K | -$549K | -$144K | -$40K | -$236K | -$2.52M | -$5.92M | -$460K |
| Net Cash from Financing | -$9K | -$6.25M | -$3.49M | -$40.8M | -$40K | -$89.48M | -$24.95M | $29.63M | -$5.84M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$2.7M | -$3.84M | -$11.41M | $9.16M | -$9.45M | $16.85M | -$18.88M | -$1.31M | -$4.44M |
| Supplementary Data | |||||||||
| Operating Cash Flow | -$2.98M | -$3.31M | -$3.26M | -$8.15M | -$8.14M | -$19.97M | -$26.04M | -$20.8M | -$18.66M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$432K |
| Free Cash Flow | -$2.98M | -$3.31M | -$3.26M | -$8.15M | -$8.14M | -$19.97M | -$26.04M | -$20.8M | -$19.09M |
| Cash at Beginning | $9.52M | $13.36M | $24.76M | $15.6M | $25.05M | $8.2M | $27.09M | $28.39M | $32.84M |
| Cash at End | $6.82M | $9.52M | $13.36M | $24.76M | $15.6M | $25.05M | $8.2M | $27.09M | $28.39M |