Business Context and Reporting Period
This Form 8-K filing by Great Elm Capital Corp. (GECC) reports on events occurring on July 31, 2019. The registrant is a Maryland corporation with principal executive offices in Waltham, MA, and its securities trade on the Nasdaq Global Market.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margin, debt, or liquidity metrics for the reporting period. The transaction described involves a subsidiary, PE Facility Solutions, LLC ("PEFS"), which is not consolidated in the Company's financial statements under GAAP.
Material Changes
- Asset Disposition: PEFS, a wholly-owned subsidiary, completed the sale of substantially all of its assets to Kellermeyer Bergensons Services, LLC.
- Transaction Value: The purchase price for the assets was $23.75 million.
- Accounting Impact: The filing explicitly states that PEFS is not consolidated in the Company's financial statements; therefore, the sale proceeds do not directly appear in the consolidated revenue or asset totals of Great Elm Capital Corp.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors related to future operations. The document serves solely to disclose the completion of the previously announced asset sale.
Investor Verification Checklist
- Verify the non-consolidated status of PE Facility Solutions, LLC in the Company's most recent 10-Q or 10-K to confirm the lack of direct impact on consolidated balance sheets.
- Confirm the final closing date of July 31, 2019, against the initial announcement made on May 10, 2019.
- Review subsequent filings to determine if the $23.75 million proceeds were distributed to the Company or retained by the subsidiary.