FY2021 Net Sales Increased 43% Year Over Year to $36.8 Million
Online Sales Contribute 62% of FY2021 Net Sales, with Direct-To-Consumer Sales Up 87% Year Over Year
SISTERS, Ore.--(BUSINESS WIRE)--
Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood,” “we” and “our”), today reported financial results for its fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Highlights
-
Net Sales increased 29% year over year to $9.4 million.
-
Online contributed 66% of Net Sales, increasing 39% year over year with direct-to-consumer up 49%.
-
Wholesale contributed 33% of Net Sales, increasing 16% year over year, driven by continued expansion in grocery from both liquid creamer and shelf stable products.
-
Gross Profit was $2.2 million and gross margin was 23.6% compared to Gross Profit of $1.5 million and gross margin of 20.1% in the prior year period.
-
Net loss attributable to common stockholders was $6.9 million, or $0.76 per diluted share, compared to a net loss of $4.5 million, or $0.51 per diluted share, in the prior year period.
“Fourth quarter results were in line with the revised expectations that we shared with you at the end of January. Our Net Sales growth of 29% reflects the continued progress across our multi-channel platform, and across our various expanding product lines,” said Jason Vieth, President and Chief Executive Officer of Laird Superfood. “Over the past five weeks since I joined the Company, our team has been focusing on prioritizing strategies and tactics to accelerate our near-term growth and to shore-up our cost structure in this challenging supply chain environment. We continue to identify opportunities across products and channels that we’ll begin to implement in the coming months to leverage our strengths and drive top-line gains in 2022 and also improve margins and profitability. The power of the Laird Superfood brand remains a key point of differentiation, reflecting our deep connections with consumers who share our passion and vision for real food that tastes great and is made from the highest quality, plant-based ingredients. We remain well positioned for significant long-term growth in sales and profitability on our journey to becoming a leading player in the natural food and beverage industry.”
For the Three Months Ended December 31, 2021
|
|
Three Months Ended December 31,
|
|
|
2021
|
|
2020
|
|
|
$
|
|
% of Total
|
|
$
|
|
% of Total
|
| Coffee creamers |
|
$
|
5,177,126
|
|
|
55
|
%
|
|
$
|
5,146,268
|
|
|
71
|
%
|
| Hydration and beverage enhancing supplements |
|
|
1,290,336
|
|
|
14
|
%
|
|
|
1,015,709
|
|
|
14
|
%
|
| Harvest snacks and other food items |
|
|
1,821,220
|
|
|
19
|
%
|
|
|
135,509
|
|
|
2
|
%
|
| Coffee, tea, and hot chocolate products |
|
|
1,874,473
|
|
|
20
|
%
|
|
|
1,805,126
|
|
|
25
|
%
|
| Other |
|
|
438,459
|
|
|
5
|
%
|
|
|
195,655
|
|
|
3
|
%
|
| Gross sales |
|
|
10,601,614
|
|
|
113
|
%
|
|
|
8,298,267
|
|
|
114
|
%
|
| Shipping income |
|
|
196,384
|
|
|
2
|
%
|
|
|
27,783
|
|
|
0
|
%
|
| Returns and discounts |
|
|
(1,430,439
|
)
|
|
(15
|
)%
|
|
|
(1,041,321
|
)
|
|
(14
|
)%
|
| Sales, net |
|
$
|
9,367,559
|
|
|
100
|
%
|
|
$
|
7,284,729
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
| Online |
|
|
6,195,224
|
|
|
66
|
%
|
|
|
4,452,667
|
|
|
61
|
%
|
| Wholesale |
|
|
3,069,198
|
|
|
33
|
%
|
|
|
2,655,690
|
|
|
36
|
%
|
| Food service |
|
|
103,137
|
|
|
1
|
%
|
|
|
176,372
|
|
|
2
|
%
|
| Sales, net |
|
$
|
9,367,559
|
|
|
100
|
%
|
|
$
|
7,284,729
|
|
|
100
|
%
|
Net Sales increased 29% to $9.4 million in the fourth quarter of 2021 compared to $7.3 million in the fourth quarter of 2020, led by 39% growth online, reflecting strong direct-to-consumer (“DTC”) sales, and mid-teens gains in wholesale. Expanded offerings drove strong growth in Harvest Snacks, while Coffee Creamers were stable, with growth in refrigerated liquid creamer sales offset by the timing of Club shelf stable creamer revenues.
Gross Profit was $2.2 million, a 51% increase compared to the prior year period of $1.5 million. Gross margin was 23.6% of Net Sales in the fourth quarter of 2021, compared to 20.1% of Net Sales in the prior year period. The year-over-year increase in gross margin stemmed from lower inventory costs due to operational efficiencies, continued optimization of our DTC shipping expense, and improvements in both distributor chargebacks and production waste from our refrigerated liquid creamer, partially offset by higher wholesale fulfillment costs, timing of promotional activity and other inflationary pressures.
Operating expenses were $9.2 million compared to $6.0 million in the year ago period with $1.2 million of the increase attributable to General and Administrative expense, primarily related to elevated personnel costs, professional fees and amortization of intangible assets. Sales and Marketing expense rose $2.0 million due to growth in advertising and marketing, accounting for the balance of the increase in operating expenses.
Loss from operations was $7.0 million in the fourth quarter of 2021, compared to a loss of $4.5 million in the prior year period.
Net loss was $6.9 million, or $0.76 per diluted share, in the fourth quarter of 2021, compared to a net loss of $4.5 million, or $0.51 per diluted share, in the prior year period.
Valerie Ells, Chief Financial Officer, commented, “Our focus on optimization, including in operational efficiencies and in our direct-to-consumer shipping expenses, helped offset a challenging inflationary environment. We continue to emphasize leveraging the power of our multi-channel platform, balancing key initiatives aimed at driving strong, consistent growth with our ongoing commitment to improving margins and profitability.”
For the Year Ended December 31, 2021
|
|
Years Ended December 31,
|
|
|
2021
|
|
2020
|
|
|
$
|
|
% of Total
|
|
$
|
|
% of Total
|
| Coffee creamers |
|
$
|
21,767,409
|
|
|
59
|
%
|
|
$
|
18,432,236
|
|
|
71
|
%
|
| Hydration and beverage enhancing supplements |
|
|
5,814,629
|
|
|
16
|
%
|
|
|
3,893,406
|
|
|
15
|
%
|
| Harvest snacks and other food items |
|
|
5,228,888
|
|
|
14
|
%
|
|
|
135,509
|
|
|
1
|
%
|
| Coffee, tea, and hot chocolate products |
|
|
7,108,361
|
|
|
19
|
%
|
|
|
5,922,017
|
|
|
23
|
%
|
| Other |
|
|
808,352
|
|
|
2
|
%
|
|
|
588,754
|
|
|
2
|
%
|
| Gross sales |
|
|
40,727,639
|
|
|
110
|
%
|
|
|
28,971,922
|
|
|
112
|
%
|
| Shipping income |
|
|
457,879
|
|
|
1
|
%
|
|
|
248,865
|
|
|
1
|
%
|
| Returns and discounts |
|
|
(4,374,565
|
)
|
|
(11
|
)%
|
|
|
(3,437,561
|
)
|
|
(13
|
)%
|
| Sales, net |
|
$
|
36,810,953
|
|
|
100
|
%
|
|
$
|
25,783,226
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
| Online |
|
|
22,687,736
|
|
|
62
|
%
|
|
|
14,501,706
|
|
|
56
|
%
|
| Wholesale |
|
|
13,598,792
|
|
|
37
|
%
|
|
|
10,773,345
|
|
|
42
|
%
|
| Food service |
|
|
524,425
|
|
|
1
|
%
|
|
|
508,175
|
|
|
2
|
%
|
| Sales, net |
|
$
|
36,810,953
|
|
|
100
|
%
|
|
$
|
25,783,226
|
|
|
100
|
%
|
Net Sales increased 43% to $36.8 million for the year ended December 31, 2021, compared to $25.8 million in the prior year. The increase was primarily driven by higher volumes in our online and wholesale channels, reflecting growth in existing products, new product launches during 2021, and the addition of Picky Bars.
Gross Profit was $9.4 million for the year ended December 31, 2021, an increase of 43% compared to the prior year. Gross margin was 25.6%, in line with our 2020 gross margin of 25.5% as benefits from initiatives to improve inbound freight costs, labor efficiency, and optimizing DTC parcel costs were largely offset by elevated outbound wholesale freight expenses, increased co-packing costs primarily associated with our liquid creamer product line, along with price and mix factors.
Operating expenses were $33.4 million for the year ended December 31, 2021, compared to $19.5 million in 2020. General and Administrative expense increased $7.6 million, including $2.5 million related to stock-based comp and other non-cash items, as well as higher personnel, professional fees and insurance expense. Sales and Marketing expense rose $5.7 million primarily due to increases in advertising and marketing.
Loss from operations was $24.0 million in the year ended December 31, 2021, compared to a loss of $12.9 million in 2020.
Net loss attributable to common stockholders was $23.9 million, or $2.66 per diluted share, compared to a net loss attributable to common stockholders of $14.5 million, or $2.61 per diluted share, in 2020.
Balance Sheet and Cash Flow Highlights
The Company had $31.7 million of cash, cash equivalents and investments as of December 31, 2021 and no outstanding debt. Net cash used in operating activities was $22.1 million for the year ended December 31, 2021, compared to $14.7 million in 2020, and related to the Company’s net loss position and investment in inventory.
Capital expenditures totaled $1.6 million for the year ended December 31, 2021, compared to $1.1 million a year earlier.
2022 Outlook
We estimate Net Sales for full year 2022 will be in a range of $41 million to $44 million, an increase of 15% at the midpoint over 2021. Gross margin for full year 2022 is estimated to be in a range of 24% to 26% compared to 25.6% in 2021. The Company’s guidance assumes that there are no significant disruptions to the supply chain, or its customers or consumers, including any disruptions from adverse macroeconomic factors or additional adverse changes related to the duration, magnitude and effects of the COVID-19 pandemic.
Conference Call and Webcast Details
The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss results. The live conference call can be accessed by dialing (844) 200-6205 from the U.S. or (929) 526-1599 internationally. The conference I.D. code is 741608. Alternatively, participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events.”
About Laird Superfood
Laird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company's products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world's most prolific big-wave surfer, Laird Hamilton. Laird Superfood's offerings are environmentally conscientious, responsibly tested, and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.
Forward-Looking Statements
This press release and the conference call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood’s future financial performance and growth. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The risks and uncertainties referred to above include, but are not limited to: (1) the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) volatility regarding our revenue, expenses, including shipping expenses, and other operating results; (3) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (5) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (7) adverse developments regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; (10) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (11) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (12) the costs and success of our marketing efforts, and our ability to promote our brand; (13) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (14) our ability to effectively manage our growth; (15) our ability to compete effectively with existing competitors and new market entrants; (16) the impact of adverse economic conditions; and (17) the growth rates of the markets in which we compete.
|
LAIRD SUPERFOOD, INC.
|
|
STATEMENTS OF OPERATIONS
|
|
|
For the Three Months Ended
December 31,
|
|
|
2021
|
|
2020
|
|
Sales, net
|
|
$
|
9,367,559
|
|
|
$
|
7,284,729
|
|
|
Cost of goods sold
|
|
|
(7,153,814
|
)
|
|
|
(5,819,762
|
)
|
| Gross profit |
|
|
2,213,745
|
|
|
|
1,464,967
|
|
|
General and administrative
|
|
|
|
|
| Salaries, wages and benefits |
|
|
1,289,719
|
|
|
|
886,214
|
|
| Stock-based compensation |
|
|
803,345
|
|
|
|
835,203
|
|
| Professional fees |
|
|
727,733
|
|
|
|
316,368
|
|
| Insurance expense |
|
|
579,813
|
|
|
|
519,848
|
|
| Office expense |
|
|
350,592
|
|
|
|
217,715
|
|
| Occupancy |
|
|
116,115
|
|
|
|
100,606
|
|
| Merchant service fees |
|
|
169,350
|
|
|
|
127,437
|
|
| Other expense |
|
|
362,163
|
|
|
|
174,056
|
|
| Total general and administrative expenses |
|
|
4,398,830
|
|
|
|
3,177,447
|
|
|
Research and product development
|
|
|
|
|
| Salaries, wages and benefits |
|
|
116,868
|
|
|
|
70,318
|
|
| Stock-based compensation |
|
|
6,745
|
|
|
|
3,567
|
|
| Product development expense |
|
|
46,485
|
|
|
|
67,769
|
|
| Other expense |
|
|
1,886
|
|
|
|
2,526
|
|
| Total research and product development expenses |
|
|
171,984
|
|
|
|
144,180
|
|
|
Sales and marketing
|
|
|
|
|
| Salaries, wages and benefits |
|
|
675,211
|
|
|
|
611,868
|
|
| Stock-based compensation |
|
|
66,432
|
|
|
|
30,570
|
|
| Advertising |
|
|
2,256,998
|
|
|
|
1,111,371
|
|
| General marketing |
|
|
1,412,265
|
|
|
|
684,972
|
|
| Other expense |
|
|
250,229
|
|
|
|
211,578
|
|
| Total sales and marketing expenses |
|
|
4,661,135
|
|
|
|
2,650,359
|
|
| Total expenses |
|
|
9,231,949
|
|
|
|
5,971,986
|
|
| Operating loss |
|
|
(7,018,204
|
)
|
|
|
(4,507,019
|
)
|
|
Other income (expense)
|
|
|
|
|
| Interest and dividend income |
|
|
12,458
|
|
|
|
13,423
|
|
| Gain on sale of available-for-sale securities |
|
|
—
|
|
|
|
—
|
|
| Grant income |
|
|
51,000
|
|
|
|
—
|
|
| Total other income |
|
|
63,458
|
|
|
|
13,423
|
|
| Loss before income taxes |
|
|
(6,954,746
|
)
|
|
|
(4,493,596
|
)
|
| Income tax expense |
|
|
68,661
|
|
|
|
—
|
|
|
Net loss
|
|
$
|
(6,886,085
|
)
|
|
$
|
(4,493,596
|
)
|
|
Net loss per share attributable to Laird Superfood, Inc common stockholders:
|
|
|
|
|
| Basic |
|
$
|
(0.76
|
)
|
|
$
|
(0.51
|
)
|
| Diluted |
|
$
|
(0.76
|
)
|
|
$
|
(0.51
|
)
|
| Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
|
|
9,067,235
|
|
|
|
8,876,431
|
|
|
LAIRD SUPERFOOD, INC.
|
|
STATEMENTS OF OPERATIONS
|
|
|
For the Years Ended
December 31,
|
|
|
2021
|
|
2020
|
|
Sales, net
|
|
$
|
36,810,953
|
|
|
$
|
25,783,226
|
|
|
Cost of goods sold
|
|
|
(27,379,082
|
)
|
|
|
(19,204,642
|
)
|
| Gross profit |
|
|
9,431,871
|
|
|
|
6,578,584
|
|
|
General and administrative
|
|
|
|
|
| Salaries, wages and benefits |
|
|
4,822,910
|
|
|
|
3,546,489
|
|
| Stock-based compensation |
|
|
3,569,416
|
|
|
|
1,424,803
|
|
| Professional fees |
|
|
2,232,171
|
|
|
|
963,791
|
|
| Insurance expense |
|
|
2,140,208
|
|
|
|
666,045
|
|
| Office expense |
|
|
1,217,651
|
|
|
|
735,669
|
|
| Occupancy |
|
|
430,148
|
|
|
|
612,998
|
|
| Merchant service fees |
|
|
598,657
|
|
|
|
375,792
|
|
| Other expense |
|
|
1,448,101
|
|
|
|
502,692
|
|
| Total general and administrative expenses |
|
|
16,459,262
|
|
|
|
8,828,279
|
|
|
Research and product development
|
|
|
|
|
| Salaries, wages and benefits |
|
|
421,521
|
|
|
|
272,605
|
|
| Stock-based compensation |
|
|
23,561
|
|
|
|
10,261
|
|
| Product development expense |
|
|
566,695
|
|
|
|
209,275
|
|
| Other expense |
|
|
18,350
|
|
|
|
16,029
|
|
| Total research and product development expenses |
|
|
1,030,127
|
|
|
|
508,170
|
|
|
Sales and marketing
|
|
|
|
|
| Salaries, wages and benefits |
|
|
2,529,231
|
|
|
|
2,669,384
|
|
| Stock-based compensation |
|
|
228,968
|
|
|
|
661,026
|
|
| Advertising |
|
|
7,570,879
|
|
|
|
4,257,963
|
|
| General marketing |
|
|
4,491,446
|
|
|
|
1,568,258
|
|
| Other expense |
|
|
1,074,374
|
|
|
|
1,014,675
|
|
| Total sales and marketing expenses |
|
|
15,894,898
|
|
|
|
10,171,306
|
|
| Total expenses |
|
|
33,384,287
|
|
|
|
19,507,755
|
|
| Operating loss |
|
|
(23,952,416
|
)
|
|
|
(12,929,171
|
)
|
|
Other income (expense)
|
|
|
|
|
| Interest and dividend income |
|
|
48,704
|
|
|
|
64,943
|
|
| Gain on sale of available-for-sale securities |
|
|
—
|
|
|
|
13,927
|
|
| Grant income |
|
|
51,000
|
|
|
|
—
|
|
| Total other income |
|
|
99,704
|
|
|
|
78,870
|
|
| Loss before income taxes |
|
|
(23,852,712
|
)
|
|
|
(12,850,301
|
)
|
| Income tax expense |
|
|
(17,834
|
)
|
|
|
—
|
|
|
Net loss
|
|
$
|
(23,870,546
|
)
|
|
$
|
(12,850,301
|
)
|
| Less deemed dividend of beneficial conversion feature |
|
|
—
|
|
|
|
(825,366
|
)
|
| Less deemed dividend on warrant discount |
|
|
—
|
|
|
|
(825,366
|
)
|
|
Net loss attributable to Laird Superfood, Inc. common stockholders
|
|
$
|
(23,870,546
|
)
|
|
$
|
(14,501,033
|
)
|
|
Net loss per share attributable to Laird Superfood, Inc common stockholders:
|
|
|
|
|
| Basic |
|
$
|
(2.66
|
)
|
|
$
|
(2.61
|
)
|
| Diluted |
|
$
|
(2.66
|
)
|
|
$
|
(2.61
|
)
|
| Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted |
|
|
8,983,294
|
|
|
|
5,546,078
|
|
|
LAIRD SUPERFOOD, INC.
|
|
STATEMENTS OF CASH FLOWS
|
|
|
For the Years Ended
December 31,
|
|
|
2021
|
|
2020
|
|
Cash flows used in operating activities
|
|
|
|
|
| Net loss |
|
$
|
(23,870,546
|
)
|
|
$
|
(12,850,301
|
)
|
| Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
|
| Depreciation |
|
|
596,505
|
|
|
|
474,621
|
|
| Amortization |
|
|
385,093
|
|
|
|
10,152
|
|
| Gain on disposal of equipment |
|
|
(6,400
|
)
|
|
|
—
|
|
| Stock-based compensation |
|
|
4,040,207
|
|
|
|
2,318,502
|
|
| Reserve for prepaid assets |
|
|
179,000
|
|
|
|
—
|
|
| Restricted stock awards |
|
|
—
|
|
|
|
62,431
|
|
| Noncash conversion of note payable to grant income |
|
|
(51,000
|
)
|
|
|
—
|
|
| Impairment on property, plant, and equipment |
|
|
8,317
|
|
|
|
239,734
|
|
| Deferred taxes |
|
|
7,534
|
|
|
|
—
|
|
| Gain on sale of investment securities available-for-sale |
|
|
—
|
|
|
|
13,927
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Accounts receivable |
|
|
(382,970
|
)
|
|
|
(454,853
|
)
|
| Inventory |
|
|
(3,199,439
|
)
|
|
|
(3,859,932
|
)
|
| Prepaid expenses and other current assets |
|
|
(922,058
|
)
|
|
|
(2,256,511
|
)
|
| Deferred rent |
|
|
368,894
|
|
|
|
360,786
|
|
| Deposits |
|
|
(86,920
|
)
|
|
|
30,954
|
|
| Accounts payable |
|
|
(474,519
|
)
|
|
|
591,213
|
|
| Payroll liabilities |
|
|
82,059
|
|
|
|
231,824
|
|
| Accrued expenses |
|
|
1,230,436
|
|
|
|
403,481
|
|
| Net cash from operating activities |
|
|
(22,095,807
|
)
|
|
|
(14,683,972
|
)
|
|
Cash flows used in investing activities
|
|
|
|
|
| Purchase of property, plant, and equipment |
|
|
(1,555,191
|
)
|
|
|
(1,059,858
|
)
|
| Proceeds on sale of property, plant, and equipment |
|
|
12,700
|
|
|
|
—
|
|
| Deposits on equipment to be acquired |
|
|
(489,325
|
)
|
|
|
—
|
|
| Purchase of software |
|
|
(156,855
|
)
|
|
|
—
|
|
| Acquisition of a business, net of cash acquired |
|
|
(10,449,587
|
)
|
|
|
—
|
|
| Purchase of investment securities available-for-sale |
|
|
(1,028
|
)
|
|
|
(8,171,129
|
)
|
| Proceeds from maturities of investment securities available-for-sale |
|
|
—
|
|
|
|
4,950,000
|
|
| Net cash from investing activities |
|
|
(12,639,286
|
)
|
|
|
(4,280,987
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
| Issuance of common stock |
|
|
66,744
|
|
|
|
66,110,517
|
|
| Issuance of preferred stock |
|
|
—
|
|
|
|
10,000,006
|
|
| Common stock issuance costs |
|
|
(82,043
|
)
|
|
|
(1,268,772
|
)
|
| Preferred stock issuance costs |
|
|
—
|
|
|
|
(147,721
|
)
|
| Capital contribution |
|
|
—
|
|
|
|
298,103
|
|
| Restricted stock units issued |
|
|
48
|
|
|
|
—
|
|
| Withholding tax payments for share based compensation |
|
|
(219,158
|
)
|
|
|
—
|
|
| Repurchased common stock |
|
|
—
|
|
|
|
(20,532
|
)
|
| Stock options exercised |
|
|
810,656
|
|
|
|
197,329
|
|
| Net cash from financing activities |
|
|
576,247
|
|
|
|
75,168,930
|
|
|
Net change in cash and cash equivalents
|
|
|
(34,158,846
|
)
|
|
|
56,203,971
|
|
| Cash and cash equivalents beginning of year |
|
|
57,208,080
|
|
|
|
1,004,109
|
|
| Cash and cash equivalents end of year |
|
$
|
23,049,234
|
|
|
$
|
57,208,080
|
|
|
Supplemental disclosures of non-cash information
|
|
|
|
|
| Noncash conversion of note payable to grant income |
|
$
|
51,000
|
|
|
$
|
—
|
|
| Unrealized gain (loss) on available-for-sale securities |
|
$
|
(75,223
|
)
|
|
$
|
14,433
|
|
| Common stock issued in connection with the acquisition of a business |
|
$
|
1,834,857
|
|
|
$
|
—
|
|
| Conversion of preferred stock to common stock |
|
$
|
—
|
|
|
$
|
16,575,236
|
|
| Purchases of equipment included in deposits at the beginning of the year |
|
$
|
—
|
|
|
$
|
14,699
|
|
| Purchases of equipment included in accrued expenses |
|
$
|
26,141
|
|
|
$
|
—
|
|
|
LAIRD SUPERFOOD, INC.
|
|
BALANCE SHEETS
|
|
|
As of
|
|
|
December 31, 2021
|
|
December 31, 2020
|
|
Assets
|
|
|
|
|
|
Current assets
|
|
|
|
|
| Cash and cash equivalents |
|
$
|
23,049,234
|
|
|
$
|
57,208,080
|
|
| Accounts receivable, net |
|
|
1,268,718
|
|
|
|
839,659
|
|
| Investment securities available-for-sale |
|
|
8,635,077
|
|
|
|
8,706,844
|
|
| Inventory |
|
|
10,221,343
|
|
|
|
6,295,898
|
|
| Prepaid expenses and other current assets, net |
|
|
3,827,543
|
|
|
|
2,847,319
|
|
| Deposits |
|
|
679,919
|
|
|
|
97,674
|
|
| Total current assets |
|
|
47,681,834
|
|
|
|
75,995,474
|
|
|
Noncurrent assets
|
|
|
|
|
| Property and equipment, net |
|
|
4,512,935
|
|
|
|
3,513,488
|
|
| Intangible assets, net |
|
|
4,838,854
|
|
|
|
137,092
|
|
| Goodwill |
|
|
6,486,000
|
|
|
|
—
|
|
| Deferred rent |
|
|
2,327,752
|
|
|
|
2,696,646
|
|
| Total noncurrent assets |
|
|
18,165,541
|
|
|
|
6,347,226
|
|
|
Total assets
|
|
$
|
65,847,375
|
|
|
$
|
82,342,700
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
| Accounts payable |
|
$
|
888,768
|
|
|
$
|
1,315,964
|
|
| Payroll liabilities |
|
|
814,163
|
|
|
|
722,915
|
|
| Accrued expenses |
|
|
2,083,090
|
|
|
|
704,543
|
|
| Total current liabilities |
|
|
3,786,021
|
|
|
|
2,743,422
|
|
|
Long-term liabilities
|
|
|
|
|
| Deferred tax liability, net |
|
|
7,534
|
|
|
|
—
|
|
| Note payable |
|
|
—
|
|
|
|
51,000
|
|
| Total long-term liabilities |
|
|
7,534
|
|
|
|
51,000
|
|
| Total liabilities |
|
|
3,793,555
|
|
|
|
2,794,422
|
|
|
Stockholders’ equity
|
|
|
|
|
| Common stock, $0.001 par value, 100,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 9,460,243 and 9,094,539 issued and outstanding at December 31, 2021, respectively; 9,247,758 and 8,892,886 issued and outstanding at December 31, 2020, respectively |
|
|
9,095
|
|
|
|
8,893
|
|
| Additional paid-in capital |
|
|
117,903,455
|
|
|
|
111,452,346
|
|
| Accumulated other comprehensive income (loss) |
|
|
(61,016
|
)
|
|
|
14,207
|
|
| Accumulated deficit |
|
|
(55,797,714
|
)
|
|
|
(31,927,168
|
)
|
| Total stockholders’ equity |
|
|
62,053,820
|
|
|
|
79,548,278
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
65,847,375
|
|
|
$
|
82,342,700
|
|
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220308005920/en/
ICR
Reed Anderson
646-277-1260
Reed.Anderson@icrinc.com
Source: Laird Superfood, Inc.