IMATION CORP

CIK:0001014111|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net revenue			$ 0.1
Operating expenses:
Selling, general and administrative	1.0	0.7	3.2	2.3
Total operating expenses	1.0	0.7	3.2	2.3
Operating loss	(1.0)	(0.7)	(3.1)	(2.3)
Other income (expense):
Interest expense		(0.1)	(0.2)	(0.2)
Other income (expense), net	(0.1)			0.2
Total other expense, net	(0.1)	(0.1)	(0.2)
Loss before income taxes	(1.1)	(0.8)	(3.3)	(2.3)
Net loss	$ (1.1)	$ (0.8)	$ (3.3)	$ (2.3)
Net loss per common share — basic and diluted:
Earnings Per Share, Basic	$ (41.67)	$ (30.30)	$ (125.00)	$ (87.12)
Earnings Per Share, Diluted	$ (41.67)	$ (30.30)	$ (125.00)	$ (87.12)
Weighted average common shares outstanding:
Basic (thousands)	26,400	26,400	26,400	26,400
Diluted (thousands)	26,400	26,400	26,400	26,400

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (3.3)	$ (2.3)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	0.1
Payment-in-kind interest	0.2	0.2
Changes in operating assets and liabilities	0.3	0.1
Net cash used in operating activities	(2.7)	(2.0)
Cash Flows from Investing Activities:
Purchase of mortgage servicing rights	(5.5)
Purchase of marketable securities	(0.7)
Purchase of investments		(0.2)
Net cash used in investing activities	(6.2)	(0.2)
Cash Flows from Financing Activities:
Proceeds from Tacora note payable	2.0
Proceeds from the sale of preferred stock	12.7
Proceeds from the sale of restricted stock	0.1
Purchase of common stock placed into treasury shares	(1.3)
Proceeds from the sale of common stock from treasury shares	1.3
Repayment of GHI LLC note payable	(4.0)
Net cash provided by financing activities	10.8
Net change in cash and cash equivalents	1.9	(2.2)
Cash and cash equivalents — beginning of period	1.2	4.1
Cash and cash equivalents — end of period	3.1	1.9
Supplemental disclosures of cash paid during the period:
Interest expense	0.6	0.1
Non-cash investing and financing activities during the period:
Marketable securities received from Arrive distribution	0.3
Offset accounts receivable from Arrive vs capital contribution due Arrive	$ 0.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3.1	$ 1.2
Accounts receivable, net		0.1
Other current assets	1.0
Total current assets	4.1	1.3
Mortgage servicing rights (See Note 5 – Mortgage Servicing Rights)	6.1
Investment in Arrive, cost (See Note 6 – Arrive Investment)	12.5	12.8
Other assets and other investments (See Note 6 – Arrive Investment)	0.6	0.5
Total assets	23.3	14.6
Current liabilities:
Accounts payable	1.4	1.2
Other current liabilities	0.8	0.4
Total current liabilities	2.2	1.6
Tacora note payable (See Note 7 – Debt)	1.9
Preferred stock series B liability (See Note 10– Redeemable Preferred Stock and Restricted Stock Units)	13.2
GHI LLC note payable (See Note 7 – Debt)		3.7
Deferred tax liabilities	0.2	0.2
Total liabilities	17.5	5.5
Shareholders’ equity:
Common stock, $.01 par value, authorized 50,000, 28,097 issued at September 30, 2023; 28,097 issued at December 31, 2022
Additional paid-in capital	1,073.0	1,073.0
Accumulated deficit	(1,042.3)	(1,039.0)
Treasury stock, at cost: 2,927 shares at September 30, 2023; 2,927 shares at December 31, 2022	(24.9)	(24.9)
Total shareholders’ equity	5.8	9.1
Total liabilities and shareholders’ equity	$ 23.3	$ 14.6