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Steel Connect, Inc. – ‘10-K’ for 7/31/21 – ‘EX-31.1’

On: Friday, 10/29/21, at 5:14pm ET · For: 7/31/21 · Accession #: 1628280-21-20879 · File #: 1-35319

Previous ‘10-K’: ‘10-K/A’ on 11/30/20 for 7/31/20 · Next: ‘10-K/A’ on 11/30/21 for 7/31/21 · Latest: ‘10-K/A’ on 11/28/23 for 7/31/23 · 47 References:

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/29/21  Steel Connect, Inc.               10-K        7/31/21  134:12M                                    Workiva Inc Wde… FA01/FA

Annual Report — Form 10-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.32M 
 2: EX-10.37    Material Contract                                   HTML     63K 
 3: EX-21.0     Subsidiaries List                                   HTML     48K 
 4: EX-23.1     Consent of Expert or Counsel                        HTML     36K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     41K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     41K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     38K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     38K 
15: R1          Cover Page                                          HTML    106K 
16: R2          Consolidated Balance Sheets                         HTML    160K 
17: R3          Consolidated Balance Sheets (Parenthetical)         HTML     58K 
18: R4          Consolidated Statements of Operations               HTML    136K 
19: R5          Consolidated Statements of Comprehensive Loss       HTML     66K 
20: R6          Consolidated Statements of Stockholders' Equity     HTML     81K 
21: R7          Consolidated Statements of Cash Flows               HTML    130K 
22: R8          Nature of Operations                                HTML     50K 
23: R9          Summary of Significant Accounting Policies          HTML    103K 
24: R10         Inventories                                         HTML     44K 
25: R11         Property and Equipment                              HTML     50K 
26: R12         Goodwill and Intangible Assets                      HTML     70K 
27: R13         Accrued Expenses and Other Current Liabilities      HTML     56K 
28: R14         Debt                                                HTML     96K 
29: R15         Leases                                              HTML    113K 
30: R16         Restructuring Activities                            HTML     71K 
31: R17         Commitments and Contingencies                       HTML     44K 
32: R18         Defined Benefit Pension Plans                       HTML    125K 
33: R19         Revenue Recognition                                 HTML     85K 
34: R20         Other Gains, Net                                    HTML     45K 
35: R21         Share-Based Payments                                HTML     69K 
36: R22         Income Taxes                                        HTML    105K 
37: R23         Loss Per Share                                      HTML     50K 
38: R24         Accumulated Other Comprehensive Income              HTML     65K 
39: R25         Statement of Cash Flows Supplemental Information    HTML     50K 
40: R26         Stockholders' Equity                                HTML     57K 
41: R27         Fair Value Measurements                             HTML     52K 
42: R28         Segment Information                                 HTML     91K 
43: R29         Related Party Transactions                          HTML     43K 
44: R30         Summary of Significant Accounting Policies          HTML    136K 
                (Policies)                                                       
45: R31         Summary of Significant Accounting Policies          HTML     64K 
                (Tables)                                                         
46: R32         Inventories (Tables)                                HTML     45K 
47: R33         Property and Equipment (Tables)                     HTML     49K 
48: R34         Goodwill and Intangible Assets (Tables)             HTML     68K 
49: R35         Accrued Expenses and Other Current Liabilities      HTML     55K 
                (Tables)                                                         
50: R36         Debt (Tables)                                       HTML     75K 
51: R37         Leases (Tables)                                     HTML     90K 
52: R38         Restructuring Activities (Tables)                   HTML     67K 
53: R39         Defined Benefit Pension Plans (Tables)              HTML    129K 
54: R40         Revenue Recognition (Tables)                        HTML     84K 
55: R41         Other Gains, Net (Tables)                           HTML     45K 
56: R42         Share-Based Payments (Tables)                       HTML     66K 
57: R43         Income Taxes (Tables)                               HTML    102K 
58: R44         Loss Per Share (Tables)                             HTML     48K 
59: R45         Accumulated Other Comprehensive Income (Tables)     HTML     64K 
60: R46         Statement of Cash Flows Supplemental Information    HTML     64K 
                (Tables)                                                         
61: R47         Fair Value Measurements (Tables)                    HTML     49K 
62: R48         Segment Information (Tables)                        HTML     91K 
63: R49         NATURE OF OPERATIONS - Additional Information       HTML     62K 
                (Detail)                                                         
64: R50         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -        HTML     78K 
                Additional Information (Detail)                                  
65: R51         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -        HTML     46K 
                Accounts Receivable (Details)                                    
66: R52         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash   HTML     44K 
                and Cash Equivalents (Detail)                                    
67: R53         SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -        HTML     51K 
                Estimated Useful Lives of Property Plant and                     
                Equipment (Detail)                                               
68: R54         Inventories (Details)                               HTML     46K 
69: R55         PROPERTY AND EQUIPMENT - At Cost (Detail)           HTML     60K 
70: R56         GOODWILL AND INTANGIBLE ASSETS - Additional         HTML     61K 
                Information (Detail)                                             
71: R57         GOODWILL AND INTANGIBLE ASSETS - Schedule of        HTML     51K 
                Finite-Lived Intangible Assets (Details)                         
72: R58         GOODWILL AND INTANGIBLE ASSETS - Schedule of        HTML     44K 
                Finite-lived Intangible Assets Amortization                      
                Expense (Details)                                                
73: R59         GOODWILL AND INTANGIBLE ASSETS - Schedule of        HTML     52K 
                Estimated Future Amortization Expense of                         
                Intangible Assets (Detail)                                       
74: R60         ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES -    HTML     55K 
                Components of Accrued Expenses (Detail)                          
75: R61         ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES -    HTML     44K 
                Components of Other Current Liabilities (Detail)                 
76: R62         ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES -    HTML     44K 
                Additional Information (Detail)                                  
77: R63         DEBT - Summary of the Components of Debt (Details)  HTML     66K 
78: R64         DEBT - MidCap Credit Facility and Cerberus Credit   HTML    129K 
                Facility (Details)                                               
79: R65         DEBT - Net Carrying Value of Term Loan (Detail)     HTML     47K 
80: R66         DEBT - 7.5% Convertible Note (Details)              HTML     69K 
81: R67         DEBT - Net Carrying Value of the Notes (Detail)     HTML     51K 
82: R68         DEBT - Summary of Interest Expense Related to       HTML     45K 
                Convertible Notes (Detail)                                       
83: R69         LEASES - Narrative (Details)                        HTML     37K 
84: R70         LEASES - Lease Costs (Details)                      HTML     50K 
85: R71         LEASES - Lease Commitments (Details)                HTML     93K 
86: R72         LEASES - Lease Information (Details)                HTML     47K 
87: R73         LEASES - Supplemental Cash Flow Information         HTML     43K 
                (Details)                                                        
88: R74         RESTRUCTURING ACTIVITIES - Narrative (Details)      HTML     49K 
89: R75         RESTRUCTURING ACTIVITIES - Schedule of              HTML     72K 
                Restructuring Charges by Type (Details)                          
90: R76         Restructuring Activities (Details)                  HTML     54K 
91: R77         COMMITMENTS AND CONTINGENCIES - Additional          HTML     69K 
                Information (Detail)                                             
92: R78         DEFINED BENEFIT PENSION PLANS - Additional          HTML     71K 
                Information (Detail)                                             
93: R79         DEFINED BENEFIT PENSION PLANS - Schedule of         HTML     65K 
                Defined Benefit Plan Assets Fair Value                           
                Measurements (Detail)                                            
94: R80         DEFINED BENEFIT PENSION PLANS - Aggregate Change    HTML     90K 
                in Benefit Obligation and Plan Assets (Detail)                   
95: R81         DEFINED BENEFIT PENSION PLANS - Information for     HTML     44K 
                Pension Plans with an Accumulated Benefit                        
                Obligation in Excess of Plan Assets (Detail)                     
96: R82         DEFINED BENEFIT PENSION PLANS - Components of Net   HTML     55K 
                Periodic Pension Cost (Detail)                                   
97: R83         DEFINED BENEFIT PENSION PLANS - Weighted Average    HTML     40K 
                Assumptions Used to Determine Benefit Obligations                
                (Detail)                                                         
98: R84         DEFINED BENEFIT PENSION PLANS - Weighted-Average    HTML     43K 
                Assumptions Used to Determine Net Periodic Pension               
                Cost (Detail)                                                    
99: R85         DEFINED BENEFIT PENSION PLANS - Summary of          HTML     49K 
                Expected Benefit Payments from Plans (Detail)                    
100: R86         REVENUE RECOGNITION - Disaggregated Revenue         HTML     71K  
                (Detail)                                                         
101: R87         REVENUE RECOGNITION REVENUE RECOGNITION - Contract  HTML     52K  
                Balances (Details)                                               
102: R88         REVENUE RECOGNITION - Summary of Changes in         HTML     43K  
                Deferred Revenue (Detail)                                        
103: R89         REVENUE RECOGNITION - Performance Obligations       HTML     45K  
                (Details)                                                        
104: R90         OTHER GAINS, NET - Components of Other Gains, Net   HTML     44K  
                (Detail)                                                         
105: R91         SHARE-BASED PAYMENTS - Additional Information       HTML     98K  
                (Detail)                                                         
106: R92         SHARE-BASED PAYMENTS - Summary of Share-Based       HTML     44K  
                Compensation (Benefit) Expense Related to Employee               
                Stock Options, Employee Stock Purchases and                      
                Non-Vested Shares (Detail)                                       
107: R93         SHARE-BASED PAYMENTS - Summary of Option Activity   HTML     69K  
                (Detail)                                                         
108: R94         SHARE-BASED PAYMENTS - Summary of Activity of       HTML     60K  
                Nonvested Stock (Detail)                                         
109: R95         INCOME TAXES - Components of Loss from Continuing   HTML     46K  
                Operations before Provision for Income Taxes                     
                (Detail)                                                         
110: R96         INCOME TAXES - Components of Income Tax Expense     HTML     64K  
                from Operations (Detail)                                         
111: R97         INCOME TAXES - Additional Information (Detail)      HTML     72K  
112: R98         INCOME TAXES - Components of Deferred Tax Assets    HTML     58K  
                and Liabilities (Detail)                                         
113: R99         INCOME TAXES - Difference of Income Tax Expense     HTML     63K  
                Attributable to Income from Continuing Operations                
                and Expense Computed using U.S. Federal Income Tax               
                (Detail)                                                         
114: R100        INCOME TAXES - Reconciliation of Beginning and      HTML     48K  
                Ending Balances of Total Amounts of Gross                        
                Unrecognized Tax Benefits (Detail)                               
115: R101        LOSS PER SHARE - Reconciliation of Loss Per Share   HTML     72K  
                (Detail)                                                         
116: R102        LOSS PER SHARE - Additional Information (Detail)    HTML     45K  
117: R103        ACCUMULATED OTHER COMPREHENSIVE INCOME -            HTML     70K  
                Accumulated Other Comprehensive Income, Net of                   
                Income Taxes (Detail)                                            
118: R104        STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION -  HTML     46K  
                Reconciliation of Cash (Details)                                 
119: R105        STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION -  HTML     41K  
                Cash Used for Operating Activities Reflect Cash                  
                Payments for Interest and Income Taxes (Detail)                  
120: R106        STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION -  HTML     42K  
                Additional Information (Detail)                                  
121: R107        STOCKHOLDERS' EQUITY - Additional Information       HTML     95K  
                (Detail)                                                         
122: R108        FAIR VALUE MEASUREMENTS - Financial Assets          HTML     48K  
                Measured at Fair Value on Recurring Basis and                    
                Classified by Fair Value Hierarchy (Detail)                      
123: R109        FAIR VALUE MEASUREMENTS - Additional Information    HTML     39K  
                (Details)                                                        
124: R110        SEGMENT INFORMATION - Additional Information        HTML     56K  
                (Detail)                                                         
125: R111        SEGMENT INFORMATION - Summarized Financial          HTML     63K  
                Information of Continuing Operations by Operating                
                Segment and Corporate-Level Activity (Detail)                    
126: R112        SEGMENT INFORMATION - Total Assets of Continuing    HTML     53K  
                Operations (Detail)                                              
127: R113        SEGMENT INFORMATION - Summarized Financial          HTML     46K  
                Information of Net Revenue from External Customers               
                by Group of Services (Detail)                                    
128: R114        SEGMENT INFORMATION - Summarized Financial          HTML     51K  
                Information of Capital Expenditures, Depreciation,               
                and Amortization (Details)                                       
129: R115        SEGMENT INFORMATION - Summarized Financial          HTML     48K  
                Information of Net Revenue by Geographical                       
                Location (Details)                                               
130: R116        RELATED PARTY TRANSACTIONS - Additional             HTML     85K  
                Information (Detail)                                             
132: XML         IDEA XML File -- Filing Summary                      XML    251K  
14: XML         XBRL Instance -- stcn-20210731_htm                   XML   2.99M 
131: EXCEL       IDEA Workbook of Financial Reports                  XLSX    172K  
10: EX-101.CAL  XBRL Calculations -- stcn-20210731_cal               XML    310K 
11: EX-101.DEF  XBRL Definitions -- stcn-20210731_def                XML   1.08M 
12: EX-101.LAB  XBRL Labels -- stcn-20210731_lab                     XML   2.53M 
13: EX-101.PRE  XBRL Presentations -- stcn-20210731_pre              XML   1.66M 
 9: EX-101.SCH  XBRL Schema -- stcn-20210731                         XSD    281K 
133: JSON        XBRL Instance as JSON Data -- MetaLinks              622±   898K  
134: ZIP         XBRL Zipped Folder -- 0001628280-21-020879-xbrl      Zip    523K

‘EX-31.1’ — Certification — §302 – SOA’02

This Exhibit is an HTML Document rendered as filed. [ Alternative Formats ]

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Document

Exhibit 31.1

CERTIFICATION PURSUANT TO EXCHANGE ACT RULE 13a-14(a) OR 15d-14(a)

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Warren G. Lichtenstein, certify that:

1.I have reviewed this annual report on Form 10-K of Steel Connect, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 29, 2021


			By:			/S/ *WARREN G. LICHTENSTEIN*
						Warren G. Lichtenstein
						Interim Chief Executive Officer
						(Principal Executive Officer)

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-K’ Filing	Date	Other Filings

Filed on:	10/29/21	8-K
For Period end:	7/31/21	10-K/A
		List all Filings

10 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/08/23  Steel Connect, Inc.               10-K        7/31/23  151:13M                                    Workiva Inc Wde… FA01/FA
11/09/22  Steel Connect, Inc.               10-K        7/31/22  131:11M                                    Workiva Inc Wde… FA01/FA
 8/23/22  Steel Connect, Inc.               DEFM14A                1:8.2M                                   EdgarAgents LLC/FA
 8/16/22  Steel Connect, Inc.               SC 13E3/A              3:4.7M Steel Connect, Inc.               EdgarAgents LLC/FA
 8/16/22  Steel Connect, Inc.               PRER14A                1:8.2M                                   EdgarAgents LLC/FA
 8/11/22  Steel Connect, Inc.               SC 13E3/A              1:125K Steel Connect, Inc.               EdgarAgents LLC/FA
 8/11/22  Steel Connect, Inc.               PRER14A                1:8.2M                                   EdgarAgents LLC/FA
 8/03/22  Steel Connect, Inc.               SC 13E3/A   8/02/22    1:125K Steel Connect, Inc.               EdgarAgents LLC/FA
 8/02/22  Steel Connect, Inc.               PRER14A                1:8.2M                                   EdgarAgents LLC/FA
 7/08/22  Steel Connect, Inc.               SC 13E3                9:45M  Steel Connect, Inc.               EdgarAgents LLC/FA

37 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/19/21  Steel Connect, Inc.               8-K:5,8,9   8/13/21   12:238K                                   Workiva Inc Wde… FA01/FA
 7/06/21  Steel Connect, Inc.               8-K:1,2,9   7/01/21   12:278K                                   EdgarAgents LLC/FA
 6/03/21  Steel Connect, Inc.               10-Q        4/30/21   81:7.1M                                   Workiva Inc Wde… FA01/FA
 1/08/21  Steel Connect, Inc.               8-K:1,3,8,9 1/08/21    3:68K                                    Workiva Inc Wde… FA01/FA
12/11/20  Steel Connect, Inc.               10-Q       10/31/20   81:6M                                     Workiva Inc Wde… FA01/FA
 9/30/20  Steel Connect, Inc.               10-K        7/31/20  133:19M                                    Workiva Inc Wde… FA01/FA
 6/29/20  Steel Connect, Inc.               DEF 14A     7/23/20    1:2.9M                                   EdgarAgents LLC/FA
 4/01/20  Steel Connect, Inc.               8-K:1,2,9   4/01/20    2:263K                                   Workiva Inc Wde… FA01/FA
 1/02/20  Steel Connect, Inc.               8-K:1,2,9  12/31/19    2:1M                                     Olshan Frome Wolosky LLP
10/15/19  Steel Connect, Inc.               10-K        7/31/19  138:13M                                    Workiva Inc Wde… FA01/FA
 5/03/19  Steel Connect, Inc.               8-K:1,2,9   4/30/19    2:1M                                     Olshan Frome Wolosky LLP
 2/28/19  Steel Connect, Inc.               8-K:1,2,3,9 2/28/19    3:376K                                   Olshan Frome Wolosky LLP
12/04/18  Steel Connect, Inc.               10-K        7/31/18  144:12M                                    Donnelley … Solutions/FA
 6/18/18  Steel Connect, Inc.               10-Q        4/30/18   91:5.6M                                   Donnelley … Solutions/FA
 5/10/18  Steel Connect, Inc.               8-K:1,9     5/09/18    2:148K                                   Olshan Frome Wolosky LLP
 4/16/18  Steel Connect, Inc.               8-K:3,5,9   4/12/18    2:87K                                    Olshan Frome Wolosky LLP
 2/26/18  Steel Connect, Inc.               8-K:5,8,9   2/20/18    3:55K                                    E-Data Systems, Inc./FA
 1/19/18  Steel Connect, Inc.               8-K:1,3,5,8 1/19/18    4:452K                                   Olshan Frome Wolosky LLP
12/19/17  Steel Connect, Inc.               8-K:1,2,3,512/15/17    5:2M                                     Olshan Frome Wolosky LLP
10/05/17  Steel Connect, Inc.               8-K:3,5,9   9/29/17    2:47K                                    Olshan Frome Wolosky LLP
 1/22/15  Steel Connect, Inc.               8-K:3,5,9   1/16/15    4:921K                                   Donnelley … Solutions/FA
 1/05/15  Steel Connect, Inc.               8-K:1,3,5,912/29/14    4:183K                                   Olshan Frome Wolosky LLP
 6/23/14  Steel Connect, Inc.               8-K:5,9     6/23/14    2:165K                                   Donnelley … Solutions/FA
 3/26/13  Steel Connect, Inc.               8-K:3,5,9   3/21/13    2:27K                                    Donnelley … Solutions/FA
 2/13/13  Steel Connect, Inc.               8-K:1,3,5,9 2/11/13    6:537K                                   Donnelley … Solutions/FA
10/18/11  Steel Connect, Inc.               8-K:1,3,5,910/17/11    4:350K                                   Donnelley … Solutions/FA
 3/14/11  Steel Connect, Inc.               10-Q        1/31/11    7:838K                                   Donnelley … Solutions/FA
12/14/10  Steel Connect, Inc.               8-K:5,9    12/08/10    5:134K                                   Donnelley … Solutions/FA
 3/12/10  Steel Connect, Inc.               10-Q        1/31/10   10:2.5M                                   Donnelley … Solutions/FA
10/23/09  Steel Connect, Inc.               DEF 14A    12/09/09    1:910K                                   Donnelley … Solutions/FA
10/14/09  Steel Connect, Inc.               10-K        7/31/09   10:1.5M                                   Donnelley … Solutions/FA
12/10/08  Steel Connect, Inc.               10-Q       10/31/08   13:470K                                   Donnelley … Solutions/FA
 9/29/08  Steel Connect, Inc.               8-K:2,5,9   9/26/08    7:407K                                   Donnelley … Solutions/FA
10/16/06  Steel Connect, Inc.               10-K        7/31/06   11:1.5M                                   Donnelley … Solutions/FA
 3/10/06  Steel Connect, Inc.               10-Q        1/31/06    7:1M                                     Donnelley … Solutions/FA
11/07/05  Steel Connect, Inc.               DEF 14A    12/07/05    1:527K                                   Donnelley … Solutions/FA
11/15/01  Steel Connect, Inc.               DEF 14A    12/19/01    1:115K                                   Donnelley Fin’l S… 07/FA

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Filing Submission 0001628280-21-020879 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)