☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Identification No.)
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock | LSF | NYSE American |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
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Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
TABLE OF CONTENTS
TABLE OF CONTENTS | |||||||
Page | |||||||
4 | |||||||
4 | |||||||
5 | |||||||
6 | |||||||
7 | |||||||
8 | |||||||
9 | |||||||
Management’s Discussion and Analysis of Financial Conditions and Results of Operations | |||||||
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41 | |||||||
As of | ||||||||
March 31, 2021 | December 31, 2020 | |||||||
Assets |
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Current assets | ||||||||
Cash and cash equivalents | $ | 51,745,417 | $ | 57,208,080 | ||||
Accounts receivable, net | 770,155 | 839,659 | ||||||
Investment securities available-for-sale | 8,690,523 | 8,706,844 | ||||||
Inventory | 7,693,980 | 6,295,898 | ||||||
Prepaid expenses and other current assets | 2,902,784 | 2,847,319 | ||||||
Deposits | 488,823 | 97,674 | ||||||
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Total current assets | 72,291,682 | 75,995,474 | ||||||
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Noncurrent assets | ||||||||
Property and equipment, net | 3,501,718 | 3,513,488 | ||||||
Licensing agreement—intangible | 132,100 | 132,100 | ||||||
Deferred rent | 2,606,592 | 2,696,646 | ||||||
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Other assets | 77,922 | 4,992 | ||||||
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Total noncurrent assets | 6,318,332 | 6,347,226 | ||||||
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Total assets | $ | 78,610,014 | $ | 82,342,700 | ||||
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Liabilities and Stockholders’ Equity |
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Current liabilities | ||||||||
Accounts payable | $ | 1,600,645 | $ | 1,315,964 | ||||
Payroll liabilities | �� | 1,012,223 | 722,915 | |||||
Accrued expenses | 857,849 | 704,543 | ||||||
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Total current liabilities | 3,470,717 | 2,743,422 | ||||||
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Long-term liabilities | ||||||||
Note payable | 51,000 | 51,000 | ||||||
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Total long-term liabilities | 51,000 | 51,000 | ||||||
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Total liabilities | 3,521,717 | 2,794,422 | ||||||
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Commitments and contingencies (Note 8) |
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Stockholders’ equity | ||||||||
Common stock, $0.001 par value, 100,000,000 and 9,600,000 shares authorized as of March 31, 2021 and December 31, 2020; 9,285,782 and 8,921,034 issued and outstanding at March 31, 2021, respectively; 9,247,758 and 8,892,886 issued and outstanding at December 31, 2020, respectively | 8,921 | 8,893 | ||||||
Additional paid-in capital | 112,343,131 | 111,452,346 | ||||||
Accumulated other comprehensive income (loss) | (6,083 | ) | 14,207 | |||||
Accumulated deficit | (37,257,672 | ) | (31,927,168 | ) | ||||
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Total stockholders’ equity | 75,088,297 | 79,548,278 | ||||||
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Total liabilities, convertible preferred stock and stockholders’ equity | $ | 78,610,014 | $ | 82,342,700 | ||||
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As of | ||||||||
June 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 34,859,650 | $ | 57,208,080 | ||||
Accounts receivable, net | 789,642 | 839,659 | ||||||
Investment securities available-for-sale | 8,682,330 | 8,706,844 | ||||||
Inventory | 10,782,337 | 6,295,898 | ||||||
Prepaid expenses and other current assets , net | 2,175,604 | 2,847,319 | ||||||
Deposits | 508,484 | 97,674 | ||||||
Total current assets | 57,798,047 | 75,995,474 | ||||||
Noncurrent assets | ||||||||
Property and equipment, net | 3,786,144 | 3,513,488 | ||||||
Intangible assets, net | 5,073,084 | 137,092 | ||||||
Goodwill | 6,486,000 | 0 | ||||||
Deferred rent | 2,517,143 | 2,696,646 | ||||||
Total noncurrent assets | 17,862,371 | 6,347,226 | ||||||
Total assets | $ | 75,660,418 | $ | 82,342,700 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,571,418 | $ | 1,315,964 | ||||
Payroll liabilities | 861,501 | 722,915 | ||||||
Accrued expenses | 1,219,863 | 704,543 | ||||||
Total current liabilities | 3,652,782 | 2,743,422 | ||||||
Long-term liabilities | ||||||||
Deferred tax liability, net | 36,718 | — | ||||||
Note payable | 51,000 | 51,000 | ||||||
Total long-term liabilities | 87,718 | 51,000 | ||||||
Total liabilities | 3,740,500 | 2,794,422 | ||||||
Stockholders’ equity | ||||||||
Common 2020; 9,365,085 and 8,999,381 issued and outstanding at June 30, 2021, respectively; 9,247,758 and 8,892,886 issued and outstanding at December 31, 2020, respectively | $ | 8,999 | $ | 8,893 | ||||
Additional paid-in capital | 115,480,644 | 111,452,346 | ||||||
Accumulated other comprehensive income (loss) | (9,794 | ) | 14,207 | |||||
Accumulated deficit | (43,559,931 | ) | (31,927,168 | ) | ||||
71,919,918 | 79,548,278 | |||||||
Total liabilities and stockholders’ equity | $ | 75,660,418 | $ | 82,342,700 | ||||
For the Quarters Ended March 31, | ||||||||
2021 | 2020 | |||||||
Sales, net | $ | 7,426,254 | $ | 5,483,226 | ||||
Cost of goods sold | (5,559,499 | ) | (3,365,609 | ) | ||||
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Gross profit | 1,866,755 | 2,117,617 | ||||||
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General and administrative | ||||||||
Salaries, wages and benefits | 1,205,854 | 816,172 | ||||||
Stock-based compensation | 899,235 | 183,203 | ||||||
Professional fees | 343,622 | 182,048 | ||||||
Insurance expense | 522,399 | 31,195 | ||||||
Office expense | 186,831 | 113,365 | ||||||
Occupancy | 56,521 | 53,431 | ||||||
Merchant service fees | 106,375 | 56,035 | ||||||
Netsuite subscription expense | 55,021 | 26,395 | ||||||
Other expense | 267,536 | 137,728 | ||||||
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Total general and administrative expenses | 3,643,394 | 1,599,572 | ||||||
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Research and product development | ||||||||
Salaries, wages and benefits | 70,361 | 74,902 | ||||||
Product development expense | 162,844 | 57,743 | ||||||
Stock-based compensation | 3,567 | 2,192 | ||||||
Other expense | 3,915 | 8,478 | ||||||
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Total research and product development expenses | 240,687 | 143,315 | ||||||
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Sales and marketing | ||||||||
Salaries, wages and benefits | 633,751 | 746,010 | ||||||
Stock-based compensation | 41,389 | 74,495 | ||||||
Advertising | 1,681,344 | 936,363 | ||||||
General marketing | 710,523 | 309,222 | ||||||
Amazon selling fee | 202,276 | 187,571 | ||||||
Travel expense | 8,756 | 70,014 | ||||||
Other expense | 49,040 | 69,141 | ||||||
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Total sales and marketing expenses | 3,327,079 | 2,392,815 | ||||||
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Total expenses | 7,211,160 | 4,135,702 | ||||||
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Operating loss | (5,344,405 | ) | (2,018,085 | ) | ||||
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Other income (expense) | ||||||||
Interest and dividend income | 13,901 | 22,854 | ||||||
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Total other income | 13,901 | 22,854 | ||||||
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Loss before income taxes | (5,330,504 | ) | (1,995,231 | ) | ||||
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Benefit from income taxes | — | — | ||||||
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Net loss attributable to Laird Superfood, Inc. common stockholders | $ | (5,330,504 | ) | $ | (1,995,231 | ) | ||
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Net loss per share attributable to Laird Superfood, Inc common stockholders: | ||||||||
Basic | $ | (0.60 | ) | $ | (0.47 | ) | ||
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Diluted | $ | (0.60 | ) | $ | (0.47 | ) | ||
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Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted | 8,894,495 | 4,281,346 | ||||||
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For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Sales, net | $ | 9,195,786 | $ | 5,608,830 | $ | 16,622,039 | $ | 11,092,055 | ||||||||
Cost of goods sold | (6,998,695 | ) | (4,285,128 | ) | (12,558,194 | ) | (7,650,736 | ) | ||||||||
Gross profit | 2,197,091 | 1,323,702 | 4,063,845 | 3,441,319 | ||||||||||||
General and administrative | ||||||||||||||||
Salaries, wages and benefits | 1,019,845 | 804,903 | 2,225,698 | 1,621,075 | ||||||||||||
Stock-based compensation | 955,369 | 116,249 | 1,854,604 | 299,452 | ||||||||||||
Professional fees | 609,448 | 191,130 | 953,070 | 373,177 | ||||||||||||
Insurance expense | 500,821 | 25,866 | 1,023,221 | 57,061 | ||||||||||||
Office expense | 206,448 | 108,883 | 393,279 | 222,248 | ||||||||||||
Occupancy | 62,957 | 56,343 | 119,478 | 109,774 | ||||||||||||
Merchant service fees | 151,882 | 89,014 | 258,257 | 145,049 | ||||||||||||
Netsuite subscription expense | 74,117 | 30,923 | 129,138 | 57,318 | ||||||||||||
Impairment on asset held for sale | — | 239,734 | — | 239,734 | ||||||||||||
Other expense | 582,024 | 169,397 | 847,235 | 307,124 | ||||||||||||
Total general and administrative expenses | 4,162,911 | 1,832,442 | 7,803,980 | 3,432,012 | ||||||||||||
Research and product development | ||||||||||||||||
Salaries, wages and benefits | 116,187 | 72,931 | 186,548 | 147,833 | ||||||||||||
Stock-based compensation | 5,385 | 2,192 | 8,952 | 4,384 | ||||||||||||
Product development expense | 249,948 | 40,175 | 412,792 | 97,917 | ||||||||||||
Other expense | 3,332 | 2,499 | 7,247 | 10,977 | ||||||||||||
Total research and product development expenses | 374,852 | 117,797 | 615,539 | 261,111 | ||||||||||||
Sales and marketing | ||||||||||||||||
Salaries, wages and benefits | 630,328 | 697,547 | 1,264,079 | 1,443,556 | ||||||||||||
Stock-based compensation | 55,706 | 35,938 | 97,095 | 110,434 | ||||||||||||
Advertising | 1,699,865 | 1,154,060 | 3,381,209 | 2,090,423 | ||||||||||||
General marketing | 1,260,489 | 261,662 | 1,971,012 | 570,884 | ||||||||||||
Amazon selling fee | 210,842 | 208,317 | 413,118 | 395,889 | ||||||||||||
Travel expense | 11,604 | 3,950 | 20,360 | 73,964 | ||||||||||||
Other expense | 67,658 | 34,227 | 116,698 | 103,368 | ||||||||||||
Total sales and marketing expenses | 3,936,492 | 2,395,701 | 7,263,571 | 4,788,518 | ||||||||||||
Total expenses | 8,474,255 | 4,345,940 | 15,683,090 | 8,481,641 | ||||||||||||
Operating loss | (6,277,164 | ) | (3,022,238 | ) | (11,619,245 | ) | (5,040,322 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest and dividend income | 11,623 | 8,171 | 25,525 | 31,025 | ||||||||||||
Loss on sale of fixed assets | — | — | (2,325 | ) | — | |||||||||||
Gain on sale of available-for-sale | — | 7,677 | — | 7,677 | ||||||||||||
Total other income (expense) | 11,623 | 15,848 | 23,200 | 38,702 | ||||||||||||
Loss before income taxes | (6,265,541 | ) | (3,006,390 | ) | (11,596,045 | ) | (5,001,620 | ) | ||||||||
Income tax expense | (36,718 | ) | 0— | (36,718 | ) | 0— | ||||||||||
Net loss | $ | (6,302,259 | ) | $ | (3,006,390 | ) | $ | (11,632,763 | ) | $ | (5,001,620 | ) | ||||
Less deemed dividend of beneficial conversion feature | — | (825,366 | ) | — | (825,366 | ) | ||||||||||
Less deemed dividend on warrant discount | — | (179,427 | ) | — | (179,427 | ) | ||||||||||
Net loss attributable to Laird Superfood, Inc. common stockholders | $ | (6,302,259 | ) | $ | (4,011,183 | ) | $ | (11,632,763 | ) | $ | (6,006,413 | ) | ||||
Net loss per share attributable to Laird Superfood, Inc common stockholders: | ||||||||||||||||
Basic | $ | (0.70 | ) | $ | (0.93 | ) | $ | (1.30 | ) | $ | (1.40 | ) | ||||
Diluted | $ | (0.70 | ) | $ | (0.93 | ) | $ | (1.30 | ) | $ | (1.40 | ) | ||||
Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted | 8,967,797 | 4,325,265 | 8,931,736 | 4,303,305 | ||||||||||||
For the Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net loss | $ | (5,330,504 | ) | $ | (1,995,231 | ) | ||
Other comprehensive income (loss), net of tax | ||||||||
Change in unrealized gains (losses) on investment securities available-for-sale, net of tax(1) | (20,290 | ) | 31,090 | |||||
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Total other comprehensive income (loss) | (20,290 | ) | 31,090 | |||||
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Comprehensive loss | $ | (5,350,794 | ) | $ | (1,964,141 | ) | ||
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For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net loss | $ | (6,302,259 | ) | $ | (3,006,390 | ) | $ | (11,632,763 | ) | $ | (5,001,620 | ) | ||||
Other comprehensive income (loss), net of tax Change in unrealized gains (losses) on investment securities available-for-sale, (1) | (3,711 | ) | (13,745 | ) | (24,001 | ) | 17,345 | |||||||||
Total other comprehensive income (loss) | (3,711 | ) | (13,745 | ) | (24,001 | ) | 17,345 | |||||||||
Comprehensive loss | $ | (6,305,970 | ) | $ | (3,020,135 | ) | $ | (11,656,764 | ) | $ | (4,984,275 | ) | ||||
(1) | The Company maintains a full valuation allowance related to our net deferred tax assets, primarily due to our historical net loss position. See note |
Convertible Preferred Stock | Stockholders’ Equity | |||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||
Balances, January 1, 2021 | — | $ | — | 8,892,886 | $ | 8,893 | $ | 111,452,346 | $ | 14,207 | $ | (31,927,168 | ) | $ | 79,548,278 | |||||||||||||||||
Stock-based compensation | — | — | — | — | 1,010,003 | — | — | 1,010,003 | ||||||||||||||||||||||||
Withholding tax payments for share-based compensation | — | — | — | — | (188,793 | ) | — | — | (188,793 | ) | ||||||||||||||||||||||
Stock option exercises | — | — | 28,148 | 28 | 151,618 | — | — | 151,646 | ||||||||||||||||||||||||
Common stock issuance costs | — | — | — | — | (82,043 | ) | — | — | (82,043 | ) | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (20,290 | ) | — | (20,290 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (5,330,504 | ) | (5,330,504 | ) | ||||||||||||||||||||||
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Balances, March 31, 2021 | — | $ | — | 8,921,034 | $ | 8,921 | $ | 112,343,131 | $ | (6,083 | ) | $ | (37,257,672 | ) | $ | 75,088,297 | ||||||||||||||||
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Convertible Preferred Stock | Stockholders’ Equity | |||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||||||||||||
Balances, January 1, 2020 | 629,186 | $ | 6,722,951 | 4,188,558 | $ | 4,188 | $ | 27,184,250 | $ | (226 | ) | $ | (19,076,867 | ) | $ | 14,834,296 | ||||||||||||||||
Stock-based compensation | — | — | — | — | 258,486 | — | — | 258,486 | ||||||||||||||||||||||||
Stock option exercises | — | — | 804 | — | 6,030 | — | — | 6,030 | ||||||||||||||||||||||||
Common stock issuances | — | — | 137,770 | 138 | 1,997,527 | — | — | 1,997,665 | ||||||||||||||||||||||||
Less: repurchased common stock | — | — | (1,416 | ) | (1 | ) | (20,531 | ) | — | — | (20,532 | ) | ||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 31,090 | — | 31,090 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,995,231 | ) | (1,995,231 | ) | ||||||||||||||||||||||
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Balances, March 31, 2020 | 629,186 | $ | 6,722,951 | 4,325,716 | $ | 4,325 | $ | 29,425,762 | $ | 30,864 | $ | (21,072,098 | ) | $ | 15,111,804 | |||||||||||||||||
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Convertible Preferred Stock | Stockholders’ Equity | |||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional | Accumulated Other | Accumulated | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-in Capital | Comprehensive Income (Loss) | Deficit | Total | |||||||||||||||||||||||||
Balances, January 1, 2021 | 0 | $ | 0 | 8,892,886 | $ | 8,893 | $ | 111,452,346 | $ | 14,207 | $ | (31,927,168 | ) | $ | 79,548,278 | |||||||||||||||||
Stock-based compensation | — | — | — | — | 1,010,003 | — | — | 1,010,003 | ||||||||||||||||||||||||
Less: Withholding tax payments for share-based compensation | — | — | — | — | (188,793 | ) | — | — | (188,793 | ) | ||||||||||||||||||||||
Stock option exercises | — | — | 28,148 | 28 | 151,618 | — | — | 151,646 | ||||||||||||||||||||||||
Common stock issuance costs | — | — | — | — | (82,043 | ) | — | — | (82,043 | ) | ||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | (20,290 | ) | — | (20,290 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (5,330,504 | ) | (5,330,504 | ) | ||||||||||||||||||||||
Balances, March 31, 2021 | 0 | 0 | 8,921,034 | $ | 8,921 | $ | 112,343,131 | $ | (6,083 | ) | $ | (37,257,672 | ) | $ | 75,088,297 | |||||||||||||||||
Stock-based compensation | — | — | — | — | 1,090,074 | — | — | 1,090,074 | ||||||||||||||||||||||||
Less: Withholding tax payments for share-based compensation | — | — | (956 | ) | (1 | ) | (30,362 | ) | — | — | (30,363 | ) | ||||||||||||||||||||
Restricted stock units issued | — | — | 3,000 | 3 | — | — | — | 3 | ||||||||||||||||||||||||
Stock option exercises | — | — | 23,169 | 23 | 242,997 | — | — | 243,020 | ||||||||||||||||||||||||
Common stock issued for business acquisition costs | — | — | 53,134 | 53 | 1,834,804 | — | — | 1,834,857 | ||||||||||||||||||||||||
Other comprehensive | — | — | — | — | — | (3,711 | ) | — | (3,711 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (6,302,259 | ) | (6,302,259 | ) | ||||||||||||||||||||||
Balances, June 30, 2021 | — | — | 8,999,381 | $ | 8,999 | $ | 115,480,644 | $ | (9,794 | ) | $ | (43,559,931 | ) | $ | 71,919,918 | |||||||||||||||||
Convertible Preferred Stock | Stockholders’ Equity | |||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional | Accumulated Other | Accumulated | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-in Capital | Comprehensive Income (Loss) | Deficit | Total | |||||||||||||||||||||||||
Balances, January 1, | 314,593 | $ | 6,722,951 | 4,188,558 | $ | 4,188 | $ | 27,184,250 | $ | (226 | ) | $ | (19,076,867 | ) | $ | 8,111,345 | ||||||||||||||||
Stock-based | — | — | — | — | 258,486 | — | — | 258,486 | ||||||||||||||||||||||||
Stock option exercises | — | — | 804 | — | 6,030 | — | — | 6,030 | ||||||||||||||||||||||||
Less: repurchased | — | — | (1,416 | ) | (1 | ) | (20,531 | ) | — | — | (20,532 | ) | ||||||||||||||||||||
Common stock issuances | — | — | 137,770 | 138 | 1,997,527 | — | — | 1,997,665 | ||||||||||||||||||||||||
Other net tax | — | — | — | — | — | 31,090 | — | 31,090 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,995,230 | ) | (1,995,230 | ) | ||||||||||||||||||||||
Balances, March 31, | 314,593 | 6,722,951 | 4,325,716 | $ | 4,325 | $ | 29,425,762 | $ | 30,864 | $ | (21,072,097 | ) | $ | 8,388,854 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 212,834 | — | — | 212,834 | ||||||||||||||||||||||||
Restricted stock awards | — | — | 4,784 | 5 | 62,426 | — | — | 62,431 | ||||||||||||||||||||||||
Preferred stock issuances | 383,142 | 10,000,006 | — | — | — | — | 0 | |||||||||||||||||||||||||
Beneficial conversion Preferred B-1 | — | (825,366 | ) | — | — | 825,366 | — | — | 825,366 | |||||||||||||||||||||||
Deemed conversion | — | 825,366 | — | — | (825,366 | ) | — | — | (825,366 | ) | ||||||||||||||||||||||
Allocation of preferred B-1 proceeds to | — | (825,366 | ) | — | — | 825,366 | — | — | 825,366 | |||||||||||||||||||||||
Deemed dividend on | — | 179,427 | — | — | (179,427 | ) | — | — | (179,427 | ) | ||||||||||||||||||||||
Preferred stock issuance | — | (147,721 | ) | — | — | — | — | — | 0 | |||||||||||||||||||||||
Other tax | — | — | — | — | — | (13,745 | ) | — | (13,745 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,006,390 | ) | (3,006,390 | ) | ||||||||||||||||||||||
Balances, June 30, 2020 | 697,735 | 15,929,297 | 4,330,500 | $ | 4,330 | $ | 30,346,961 | $ | 17,119 | $ | (24,078,487 | ) | $ | 6,289,923 | ||||||||||||||||||
For the Quarter Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows used in operating activities | ||||||||
Net loss | $ | (5,330,504 | ) | $ | (1,995,231 | ) | ||
Adjustments to reconcile net loss to net cash from operating activities: | ||||||||
Depreciation | 131,333 | 114,901 | ||||||
Amortization | 5,270 | 2,524 | ||||||
Loss on disposal of equipment | 2,325 | — | ||||||
Stock-based compensation | 1,010,003 | 258,486 | ||||||
Provision for excess and obsolete inventory | 102,604 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 69,504 | (1,259,099 | ) | |||||
Accrued investment income receivable | (3,969 | ) | 4,847 | |||||
Inventory | (1,500,686 | ) | 271,028 | |||||
Prepaid expenses and other current assets | (55,465 | ) | (357,734 | ) | ||||
Deferred rent | 90,054 | 90,622 | ||||||
Deposits | (391,149 | ) | (17,191 | ) | ||||
Accounts payable | 284,681 | 340,271 | ||||||
Payroll liabilities | 289,308 | 142,208 | ||||||
Accrued expenses | 153,306 | 60,604 | ||||||
|
|
|
| |||||
Net cash from operating activities | $ | (5,143,385 | ) | $ | (2,343,764 | ) | ||
|
|
|
| |||||
Cash flows used in investing activities | ||||||||
Purchase of property and equipment | (122,588 | ) | (115,669 | ) | ||||
Purchase of software | (78,200 | ) | — | |||||
Proceeds from sale of property, equipment, and software | 700 | — | ||||||
|
|
|
| |||||
Net cash from investing activities | $ | (200,088 | ) | $ | (115,669 | ) | ||
|
|
|
| |||||
Cash flows from financing activities | ||||||||
Issuance of common stock | — | 1,997,665 | ||||||
Common stock issuance costs | (82,043 | ) | — | |||||
Common stock repurchases | — | (20,532 | ) | |||||
Withholding tax payments for share based compensation | (188,793 | ) | — | |||||
Stock options exercised | 151,646 | 6,030 | ||||||
|
|
|
| |||||
Net cash from financing activities | $ | (119,190 | ) | $ | 1,983,163 | |||
|
|
|
| |||||
Net change in cash and cash equivalents | (5,462,663 | ) | (476,270 | ) | ||||
Cash and cash equivalents beginning of period | 57,208,080 | 1,004,109 | ||||||
|
|
|
| |||||
Cash and cash equivalents end of period | $ | 51,745,417 | $ | 527,839 | ||||
|
|
|
| |||||
Supplemental disclosures of non-cash information | ||||||||
Unrealized gain (loss) on available-for-sale securities | $ | (20,290 | ) | $ | 31,090 | |||
|
|
|
|
For the Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash flows used in operating activities | ||||||||
Net loss | $ | (11,632,763 | ) | $ | (5,001,620 | ) | ||
Adjustments to reconcile net loss to net cash from operating activities: | ||||||||
Depreciation | 302,261 | 229,284 | ||||||
Amortization | 103,803 | 5,048 | ||||||
Loss on disposal of equipment | 2,325 | — | ||||||
Stock-based compensation | 2,100,077 | 471,320 | ||||||
Provision for inventory obsolescenc e | 18,266 | — | ||||||
Reserve for prepaid assets | 179,000 | — | ||||||
Restricted stock awards | — | 62,431 | ||||||
Impairment on asset held for sale | — | 239,734 | ||||||
Gain on sale of investment securities available-for-sale | — | 7,677 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 98,534 | (324,211 | ) | |||||
Accrued investment income receivable | 513 | — | ||||||
Inventory | (3,778,699 | ) | (1,048,010 | ) | ||||
Prepaid expenses and other current assets | 729,881 | (371,883 | ) | |||||
Deferred rent | 179,503 | 180,677 | ||||||
Deposits | 2,602 | 10,941 | ||||||
Accounts payable | 208,131 | 568,088 | ||||||
Payroll liabilities | 129,397 | 167,576 | ||||||
Accrued expenses | 367,209 | 155,943 | ||||||
Deferred taxe s | 36,718 | — | ||||||
Net cash from operating activities | (10,953,242 | ) | (4,647,005 | ) | ||||
Cash flows used in (provided by) investing activities | ||||||||
Purchase of property, plant, and equipment | (522,564 | ) | (312,746 | ) | ||||
Proceeds from sale of property, equipment, and software | 700 | — | ||||||
Deposits on equipment to be acquired | (407,412 | ) | (319,174 | ) | ||||
Purchase of software | (109,795 | ) | — | |||||
Acquisiton of a business, net of cash acquired (note 2 ) | (10,449,587 | ) | — | |||||
Sale of investment securities available-for-sale | — | 513,544 | ||||||
Proceeds from maturities of investment securities available-for-sale | — | 475,000 | ||||||
Net cash from investing activities | (11,488,658 | ) | 356,624 | |||||
Cash flows from financing activities | ||||||||
Issuance of common stock | — | 1,997,665 | ||||||
Issuance of preferred stock | — | 10,000,006 | ||||||
Common stock issuance costs | (82,043 | ) | — | |||||
Preferred stock issuance costs | — | (147,721 | ) | |||||
Withholding tax payments for share based compensation | (219,156 | ) | — | |||||
Restricted stock units issue d | 3 | — | ||||||
Repurchased common stock | — | (20,532 | ) | |||||
Stock options exercised | 394,666 | 6,030 | ||||||
Net cash from financing activities | 93,470 | 11,835,448 | ||||||
Net change in cash and cash equivalents | (22,348,430 | ) | 7,545,067 | |||||
Cash and cash equivalents beginning of period | 57,208,080 | 1,004,109 | ||||||
Cash and cash equivalents end of period | $ | 34,859,650 | $ | 8,549,176 | ||||
Supplemental disclosures of non-cash information | ||||||||
Unrealized gain (loss) on available-for-sale | $ | (24,001 | ) | $ | 17,345 | |||
|
Interim Financial Information
LAIRD SUPERFOOD, INC.
Notes
of Operations.
March 31, 2021 | March 31, 2020 | |||||||
Cash and cash equivalents | $ | 51,503,218 | $ | 527,839 | ||||
Restricted cash | 242,199 | — | ||||||
|
|
|
| |||||
Total cash, cash equivalents, and restricted cash show in the statement of cash flows | $ | 51,745,417 | $ | 527,839 | ||||
|
|
|
|
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Cash and cash equivalents | $ | 34,706,429 | $ | 56,973,896 | ||||
Restricted cash | 153,221 | 234,184 | ||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ | 34,859,650 | $ | 57,208,080 | ||||
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
March 31, 2021 | December 31, 2020 | |||||||
Raw Materials and Packaging | $ | 3,412,135 | $ | 4,109,706 | ||||
Finished Goods | 4,281,845 | 2,186,192 | ||||||
|
|
|
| |||||
Total | $ | 7,693,890 | $ | 6,295,898 | ||||
|
|
|
|
net, as of:
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Raw materials and packaging | $ | 5,556,668 | $ | 4,109,706 | ||||
Finished goods | 5,243,915 | 2,186,192 | ||||||
Total gross inventory | 10,800,603 | 6,295,898 | ||||||
Provision for inventory obsolescence | (18,266 | ) | — | |||||
Total inventory, net of reserve | $ | 10,782,337 | $ | 6,295,898 | ||||
obsolescence related to the Company’s liquid creamer product line.
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
13.
Consideration | ||||
Cash | $ | 11,111,830 | ||
Equity instruments | 1,834,857 | |||
Far value of total consideration transferred | $ | 12,946,687 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed | ||||
Cas h | $ | 662,243 | ||
Accounts receivable | 48,517 | |||
Prepaid expenses and other current assets | 243,166 | |||
Inventory | 726,006 | |||
Property, Plant, & Equipment | 55,378 | |||
Intangible assets | 4,930,000 | |||
Total assets acquired | 6,665,310 | |||
Accounts payable | 47,323 | |||
Accrued expenses | 131,661 | |||
Payroll liabilities | 9,189 | |||
Contract liabilities | 16,450 | |||
Total liabilities assumed | 204,623 | |||
Total identifiable net assets | 6,460,687 | |||
Goodwill | $ | 6,486,000 | ||
|
Estimated Useful Life | Fair Value | |||||||
Trade names | 10 years | $ | 2,530,000 | |||||
Customer relationships | 10 years | 1,990,000 | ||||||
Recipes | 10 years | 330,000 | ||||||
Social media agreements | 3 years | 80,000 | ||||||
Total intangible assets acquired | $ | 4,930,000 | ||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Sales | $ | 9,633,998 | $ | 6,673,166 | $ | 18,219,521 | $ | 12,975,718 | ||||||||
Net Loss | (6,125,020 | ) | (3,966,013 | ) | (11,418,183 | ) | (5,934,893 | ) |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Prepaid insurance | $ | 432,784 | $ | 1,446,189 | ||||
Prepaid inventory | 1,218,248 | 958,166 | ||||||
Prepaid subscriptions and license fees | 325,252 | 225,567 | ||||||
Prepaid, other | 196,838 | 152,323 | ||||||
Prepaid consulting | 0 | 13,963 | ||||||
Prepaid advertising | 125,000 | 0 | ||||||
Other current assets | 56,482 | 51,111 | ||||||
Total prepaid and other assets | 2,354,604 | 2,847,319 | ||||||
Reserve for prepaid inventory | (179,000 | ) | — | |||||
Prepaid and other assets, net | $ | 2,175,604 | $ | 2,847,319 | ||||
March 31, 2021 | December 31, 2020 | |||||||
Prepaid insurance | $ | 1,060,840 | $ | 1,446,189 | ||||
Prepaid inventory | 943,083 | 958,166 | ||||||
Prepaid subscriptions and license fees | 389,431 | 225,567 | ||||||
Prepaid advertising | 310,700 | — | ||||||
Prepaid, other | 141,169 | 152,323 | ||||||
Other current assets | 57,561 | 51,111 | ||||||
Prepaid consulting | — | 13,963 | ||||||
|
|
|
| |||||
$ | 2,902,784 | $ | 2,847,319 | |||||
|
|
|
|
|
June 30, 2021.
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||
March 31, 2021 | ||||||||||||||||
Federal agency bonds – mortgage-backed | $ | 8,696,606 | $ | 586 | $ | (6,669 | ) | $ | 8,690,523 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total investment securities available-for-sale | $ | 8,696,606 | $ | 586 | $ | (6,669 | ) | $ | 8,690,523 | |||||||
|
|
|
|
|
|
|
| |||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||
December 31, 2020 | ||||||||||||||||
Federal agency bonds – mortgage-backed | $ | 8,692,637 | $ | 14,207 | $ | — | $ | 8,706,844 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment securities available-for-sale | $ | 8,692,637 | $ | 14,207 | $ | — | $ | 8,706,844 | ||||||||
|
|
|
|
|
|
|
|
Gross unrealized | Gross unrealized | Estimated fair | ||||||||||||||
Amortized cost | gains | losses | value | |||||||||||||
June 30, 2021 | ||||||||||||||||
Federal agency bonds – mortgage-backed | $ | 8,692,124 | $ | 0 | $ | (9,794 | ) | $ | 8,682,330 | |||||||
Total investment securities available-for-sale | $ | 8,692,124 | $ | 0 | $ | (9,794 | ) | $ | 8,682,330 | |||||||
December 31, 2020 | ||||||||||||||||
Federal agency bonds – mortgage-backed | $ | 8,692,637 | $ | 14,207 | $ | — | $ | 8,706,844 | ||||||||
Total investment securities available-for-sale | $ | 8,692,637 | $ | 14,207 | $ | — | $ | 8,706,844 | ||||||||
Available-for-sale | ||||||||
March 31, 2021 | Amortized cost | Estimated fair value | ||||||
Due after one year through five years | $ | 8,696,606 | $ | 8,690,523 | ||||
|
|
|
| |||||
Total investment securities available-for-sale | $ | 8,696,606 | $ | 8,690,523 | ||||
|
|
|
|
Available-for-sale | ||||||||
Amortized cost | Estimated fair value | |||||||
June 30, 2021 | ||||||||
Due after one year through five years | $ | 8,692,124 | $ | 8,682,330 | ||||
Total investment securities available-for-sale | $ | 8,692,124 | $ | 8,682,330 | ||||
Available-for-sale | ||||||||
Amortized cost | Estimated fair value | |||||||
December 31, 2020 | ||||||||
Due after one year through five years | $ | 8,692,637 | $ | 8,706,844 | ||||
Total investment securities available-for-sale | $ | 8,692,637 | $ | 8,706,844 | ||||
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
5. | Fair Value Measurements |
Fair Value as of March 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||
Federal agency bonds - mortgage-backed | $ | — | $ | 8,690,523 | $ | — |
Fair Value as of December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||
Federal agency bonds - mortgage-backed | $ | — | $ | 8,706,844 | $ | — |
Fair Value as of June 30, 2021 | Level 1 | Level 2 | Level 3 | |||||||||
Federal agency bonds—mortgage-backed | $ | 0 | $ | 8,682,330 | $ | 0 |
Fair Value as of December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||
Federal agency bonds—mortgage-backed | $ | — | $ | 8,706,844 | $ | 0 |
|
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
7. | Long-term Debt |
March 31, 2021 | December 31, 2020 | |||||||
Forgivable loan, City of Sisters | $ | 51,000 | $ | 51,000 | ||||
|
|
|
| |||||
Long-term debt | $ | 51,000 | $ | 51,000 | ||||
|
|
|
|
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Forgivable loan, City of Sisters | $ | 51,000 | $ | 51,000 | ||||
Long-term debt | $ | 51,000 | $ | 51,000 | ||||
8. | Property and Equipment, Net |
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Factory equipment | $ | 2,711,014 | $ | 2,668,839 | ||||
Land | 947,394 | 947,394 | ||||||
Furniture and office equipment | 563,488 | 532,116 | ||||||
Leasehold improvements | 509,450 | 259,504 | ||||||
Construction in progress | 273,556 | — | ||||||
5,004,902 | 4,407,854 | |||||||
Accumulated depreciation | (1,218,758 | ) | (894,366 | ) | ||||
Property and equipment, net | $ | 3,786,144 | $ | 3,513,488 | ||||
9. | Goodwill and Intangible Assets, Net |
March 31, 2021 | December 31, 2020 | |||||||
Factory equipment | $ | 2,749,057 | $ | 2,668,839 | ||||
Land | 947,394 | 947,394 | ||||||
Furniture and office equipment | 531,232 | 532,116 | ||||||
Leasehold improvements | 276,553 | 259,504 | ||||||
Construction in progress | 16,666 | — | ||||||
|
|
|
| |||||
4,250,902 | 4,407,853 | |||||||
Accumulated depreciation | (1,019,184 | ) | (894,365 | ) | ||||
|
|
|
| |||||
Property and equipment, net | $ | 3,501,718 | $ | 3,513,488 | ||||
|
|
|
|
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Trade names (10 years) | $ | 2,530,000 | $ | — | ||||
Customer relationships (10 years) | 1,990,000 | — | ||||||
Recipes (10 years) | 330,000 | — | ||||||
Social media agreements (3 years) | 80,000 | — | ||||||
Software (3-15 years) | 141,602 | 31,807 | ||||||
Amortizable intangible assets | 5,071,602 | 31,807 | ||||||
Accumulated amortization | (130,618 | ) | (26,815 | ) | ||||
Amortizable intangible assets, net | 4,940,984 | 4,992 | ||||||
Licensing agreements (indefinite) | 132,100 | 132,100 | ||||||
Total Intangible assets, net | $ | 5,073,084 | $ | 137,092 | ||||
2021 | $ | 275,671 | ||
2022 | 549,198 | |||
2023 | 547,882 | |||
2024 | 499,059 | |||
2025 | 485,118 | |||
Thereafter | 2,584,057 | |||
$ | 4,940,984 | |||
10. | Commitments and Contingencies |
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
Payments Due by Period | Operating Leases(1) | Note Payable | Total | |||||||||
2021 | $ | 178,997 | $ | 51,000 | $ | 229,997 | ||||||
2022 | 244,622 | — | 244,622 | |||||||||
2023 | 251,960 | — | 251,960 | |||||||||
2024 | 259,519 | — | 259,519 | |||||||||
2025 | 267,305 | — | 267,305 | |||||||||
Thereafter | 863,932 | — | 863,932 | |||||||||
|
|
|
|
|
| |||||||
$ | 2,066,335 | $ | 51,000 | $ | 2,117,335 | |||||||
|
|
|
|
|
|
Payments Due by Period | Operating Leases (1) | Note Payable | Total | |||||||||
2021 | $ | 119,423 | $ | 51,000 | $ | 170,423 | ||||||
2022 | 243,236 | 0 | 243,236 | |||||||||
2023 | 250,534 | 0 | 250,534 | |||||||||
2024 | 258,049 | 0 | 258,049 | |||||||||
2025 | 265,791 | 0 | 265,791 | |||||||||
Thereafter | 860,498 | 0 | 860,498 | |||||||||
$ | 1,997,531 | $ | 51,000 | $ | 2,048,531 | |||||||
(1) | Operating lease obligations related to our manufacturing facility leases dated March 1, 2018 and December 17, 2018. |
11. | Deferred Tax Assets and Liabilities |
March 31, 2021 | December 31, 2020 | |||||||
Noncurrent deferred tax assets: | ||||||||
Federal net operating loss carryforwards | $ | 6,385,696 | $ | 5,332,738 | ||||
State net operating loss carryforwards | 2,548,054 | 2,112,119 | ||||||
Federal depreciation and amortization | 346,060 | 458,203 | ||||||
State depreciation and amortization | 166,329 | 213,359 | ||||||
Accrued—PTO | 80,283 | 75,702 | ||||||
Other | 137,996 | 106,526 | ||||||
|
|
|
| |||||
Total noncurrent deferred tax assets | 9,664,418 | 8,298,647 | ||||||
Noncurrent deferred tax liabilities: | ||||||||
Federal depreciation and amortization | $ | — | $ | — | ||||
State depreciation and amortization | — | — | ||||||
Deferred rent asset | 711,232 | 735,537 | ||||||
|
|
|
| |||||
Total noncurrent deferred tax liabilities | 711,232 | 735,537 | ||||||
Net noncurrent deferred tax assets | $ | 8,953,186 | $ | 7,563,110 | ||||
Valuation allowance | (8,953,186 | ) | (7,563,110 | ) | ||||
|
|
|
| |||||
Total net noncurrent deferred tax assets | $ | — | $ | — | ||||
|
|
|
|
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
June 30, | December 31, | |||||||
2020 | 2020 | |||||||
Noncurrent deferred tax assets : | ||||||||
Net operating loss carryforwards | $ | 11,084,791 | $ | 7,444,857 | ||||
Property and equipment | 582,680 | 671,562 | ||||||
Research and development credits | 135,783 | 106,526 | ||||||
Accrued expenses | 86,601 | 75,702 | ||||||
Charitable contributions | 30,681 | — | ||||||
Inventory reserve | 4,982 | — | ||||||
Total noncurrent deferred tax assets | 11,925,518 | 8,298,647 | ||||||
Noncurrent deferred tax liabilities: | ||||||||
Deferred rent asset | $ | 686,576 | $ | 735,537 | ||||
Intangible assets | 36,718 | — | ||||||
Total noncurrent deferred tax liabilities | 723,294 | 735,537 | ||||||
Net noncurrent deferred tax assets | $ | 11,202,224 | $ | 7,563,110 | ||||
Valuation allowance | (11,238,942 | ) | (7,563,110 | ) | ||||
Total net noncurrent deferred tax liabilities | $ | (36,718 | ) | $ | — | |||
|
March 31, 2021 | ||||||||||||||||
Options Activity | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (years) | Aggregate intrinsic value | |||||||||||||
Balance at January 1, 2021 | 887,640 | $ | 9.65 | 6.42 | $ | 33,433,274 | ||||||||||
Granted | 44,068 | 45.53 | ||||||||||||||
Exercised/released | (28,148 | ) | 6.16 | |||||||||||||
Cancelled/forfeited | (2,750 | ) | 11.71 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Balance at March 31, 2021 | 900,810 | $ | 11.42 | 6.35 | $ | 23,488,929 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Exercisable at March 31, 2021 | 543,598 | $ | 7.55 | 5.19 | $ | 16,264,671 | ||||||||||
|
|
|
|
|
|
|
|
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
March 31, 2020 | ||||||||||||||||
Options Activity | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (years) | Aggregate intrinsic value | |||||||||||||
Balance at January 1, 2020 | 788,528 | $ | 8.42 | 7.17 | $ | 4,799,381 | ||||||||||
Granted | 44,000 | 14.50 | ||||||||||||||
Exercised/released | (804 | ) | 7.50 | |||||||||||||
Cancelled/forfeited | (584 | ) | 9.00 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Balance at March 31, 2020 | 831,140 | $ | 8.74 | 7.07 | $ | 4,790,541 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Exercisable at March 31, 2020 | 461,032 | $ | 6.31 | 5.63 | $ | 3,779,313 | ||||||||||
|
|
|
|
|
|
|
|
June 30, 2021 | ||||||||||||||||
Weighted Average | ||||||||||||||||
Weighted Average | Remaining | |||||||||||||||
Options | Exercise Price | Contractual Term | Aggregate | |||||||||||||
Activity | (per share) | (years) | Intrinsic Value | |||||||||||||
Balance at January 1, 2021 | 887,640 | $ | 9.65 | 6.42 | $ | 33,433,274 | ||||||||||
Granted | 54,883 | 42.27 | ||||||||||||||
Exercised/released | (50,602 | ) | 8.06 | |||||||||||||
Cancelled/forfeited | (38,500 | ) | 9.27 | |||||||||||||
Balance at June 30, 2021 | 853,421 | $ | 11.87 | 7.17 | $ | 15,365,736 | ||||||||||
Exercisable at June 30, 2021 | 579,449 | $ | 7.84 | 6.50 | $ | 12,763,447 | ||||||||||
June 30, 2020 | ||||||||||||||||
Weighted Average | ||||||||||||||||
Weighted Average | Remaining | |||||||||||||||
Options | Exercise Price | Contractual Term | Aggregate | |||||||||||||
Activity | (per share) | (years) | Intrinsic Value | |||||||||||||
Balance at January 1, 2020 | 788,528 | $ | 8.42 | 7.17 | $ | 4,799,381 | ||||||||||
Granted | 151,579 | 13.47 | ||||||||||||||
Exercised/released | (805 | ) | 7.50 | |||||||||||||
Cancelled/forfeited | (16,498 | ) | 10.97 | |||||||||||||
Balance at June 30, 2020 | 922,804 | $ | 9.20 | 7.07 | $ | 3,553,415 | ||||||||||
Exercisable at June 30, 2020 | 514,756 | $ | 6.86 | 5.72 | $ | 3,186,683 | ||||||||||
There were 0 payroll taxes withheld from stock-based compensation for remittance directly to the tax authorities on the behalf of the recipients of the awards during the three and six months ended June 30, 2020.
During the three months ended March 31, 2021, we granted 189,608 market-based stock units (“MSUs”) to eight employees based on the agreed upon amounts in their respective market-based restricted stock unit agreements. As a result of applying the provisions of ASC 718 to these issuances we recorded stock-based compensation expense of $385,486$893,565 for the three and six months ended March 31, 2021.June 30, 2021, respectively. These MSUs vest upon the trading volume of theMarch 31,June 30, 2021 and December 31, 2020, there was $3,884,514$3,376,435 and $0, respectively, of total unrecognized compensation cost related to1.822.59 years. We estimate the grant-date fair value of the MSUs using a Monte Carlo simulation which requires assumptions for expected volatility, risk-free rate of return and dividend yield. Expected volatilities within the index are derived using historical volatilities of a selected peer group over a period equal to the length of the performance period. We base the risk-free rate of return on the yield of aPSUsMSUs is recognized over the requisite service period regardless of whether the market conditions are satisfied.
|
|
|
|
For the Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Weighted-average expected volatility | 51.92 | % | 68.25 | % | ||||
Weighted-average expected term (years) | 6.25 | 6.25 | ||||||
Weighted-average expected risk-free interest rate | 0.63 | % | 1.19 | % | ||||
Dividend yield | 0.00 | % | 0.00 | % | ||||
|
|
|
| |||||
Weighted-average fair value of options granted | $ | 21.50 | $ | 18.10 |
For the Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Weighted-average expected volatility | 52.08 | % | 69.88 | % | ||||
Weighted-average expected term (years) | 6.23 | 6.23 | ||||||
Weighted-average expected risk-free interest rate | 0.70 | % | 0.74 | % | ||||
Dividend yield | 0.00 | % | 0.00 | % | ||||
Weighted-average fair value of options granted | $ | 20.95 | $ | 8.42 |
13. | Preferred Stock |
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
|
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net loss attributable to Laird Superfood, Inc. common stockholders | $ | (5,330,504 | ) | $ | (1,995,231 | ) | ||
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| |||||
Weighted average shares outstanding- basic | 8,894,495 | 4,281,346 | ||||||
Dilutive securities | — | — | ||||||
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| |||||
Weighted average shares outstanding- diluted | 8,894,495 | 4,281,346 | ||||||
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| |||||
Common stock equivalent shares excluded due to anti-dilutive effect | 1,169,237 | 1,460,582 | ||||||
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| |||||
Basic and diluted: | ||||||||
Net loss per share (basic) | $ | (0.60 | ) | $ | (0.47 | ) | ||
|
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|
| |||||
Net loss per share (diluted) | $ | (0.60 | ) | $ | (0.47 | ) | ||
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|
Three | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net loss | $ | (6,302,259 | ) | $ | (3,006,390 | ) | $ | (11,632,763 | ) | $ | (5,001,620 | ) | ||||
Less deemed dividend of beneficial conversion feature | 0 | (825,366 | ) | 0 | (825,366 | ) | ||||||||||
Less deemed dividend on warrant discount | 0 | (179,427 | ) | 0 | (179,427 | ) | ||||||||||
Net loss attributable to Laird Superfood, Inc. common stockholders | $ | (6,302,259 | ) | $ | (4,011,183 | ) | $ | (11,632,763 | ) | $ | (6,006,413 | ) | ||||
Weighted average shares outstanding- basic | 8,967,797 | 4,325,265 | 8,931,736 | 4,303,305 | ||||||||||||
Dilutive securities | 0— | 0— | 0— | 0— | ||||||||||||
Weighted average shares outstanding- diluted | 8,967,797 | 4,325,265 | 8,931,736 | 4,303,305 | ||||||||||||
Common stock options and restricted stock awards excluded due to anti-dilutive effect | 950,611 | 2,209,061 | 950,611 | 1,880,653 | ||||||||||||
Basic and diluted: | ||||||||||||||||
Net loss per share (basic) | $ | (0.70 | ) | $ | (0.93 | ) | $ | (1.30 | ) | $ | (1.40 | ) | ||||
Net loss per share (diluted) | $ | (0.70 | ) | $ | (0.93 | ) | $ | (1.30 | ) | $ | (1.40 | ) | ||||
|
$538,204.
June 30, 2020, respectively.
|
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
|
Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
$ | % of Total | $ | % of Total | |||||||||||||
Coffee Creamers | $ | 5,021,908 | 68 | % | $ | 4,019,362 | 73 | % | ||||||||
Hydration and Beverage Enhancing Supplements | 1,064,576 | 14 | % | 858,707 | 16 | % | ||||||||||
Coffee, Tea, and Hot Chocolate Products | 1,900,832 | 26 | % | 740,572 | 14 | % | ||||||||||
Other | 359,321 | 5 | % | 59,590 | 1 | % | ||||||||||
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| |||||||||
Gross Sales | 8,346,637 | 113 | % | 5,678,231 | 104 | % | ||||||||||
Shipping income | 25,659 | 0 | % | 151,551 | 3 | % | ||||||||||
Returns and discounts | (946,042 | ) | (13 | %) | (346,556 | ) | (7 | %) | ||||||||
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| |||||||||
Sales, net | $ | 7,426,254 | 100 | % | $ | 5,483,226 | 100 | % | ||||||||
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|
Three Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
$ | % of Total | $ | % of Total | |||||||||||||
Coffee creamers | $ | 5,078,739 | 55 | % | $ | 4,005,430 | 71 | % | ||||||||
Hydration and beverage enhancing supplements | 1,511,630 | 16 | % | 981,471 | 17 | % | ||||||||||
Coffee, tea, and hot chocolate products | 1,661,130 | 18 | % | 1,222,617 | 22 | % | ||||||||||
Harvest snacks and other food items | 1,344,802 | 15 | % | 0 | 0 | % | ||||||||||
Other | 317,422 | 3 | % | 173,607 | 3 | % | ||||||||||
Gross sales | 9,913,723 | 108 | % | 6,383,125 | 114 | % | ||||||||||
Shipping income | 40,750 | 0 | % | 43,793 | 1 | % | ||||||||||
Returns and discounts | (758,687 | ) | (8 | %) | (818,088 | ) | (15 | %) | ||||||||
Sales, net | $ | 9,195,786 | 100 | % | $ | 5,608,830 | 100 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
$ | % of Total | $ | % of Total | |||||||||||||
Coffee creamers | $ | 10,100,647 | 61 | % | $ | 8,024,792 | 72 | % | ||||||||
Hydration and beverage enhancing supplements | 2,576,206 | 15 | % | 1,840,177 | 17 | % | ||||||||||
Coffee, tea, and hot chocolate products | 3,561,962 | 21 | % | 1,963,189 | 18 | % | ||||||||||
Harvest snacks and other food items | 1,487,705 | 9 | % | 0 | 0 | % | ||||||||||
Other | 533,838 | 3 | % | 233,197 | 2 | % | ||||||||||
Gross sales | 18,260,358 | 110 | % | 12,061,355 | 109 | % | ||||||||||
Shipping income | 66,410 | 0 | % | 195,345 | 2 | % | ||||||||||
Returns and discounts | (1,704,729 | ) | (10 | %) | (1,164,645 | ) | (10 | %) | ||||||||
Sales, net | $ | 16,622,039 | 100 | % | $ | 11,092,055 | 100 | % | ||||||||
Three Months Ended March 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
$ | % of Total | $ | % of Total | |||||||||||||
Online | $ | 4,362,407 | 59 | % | $ | 2,650,741 | 48 | % | ||||||||
Wholesale | 2,923,056 | 39 | % | 2,727,812 | 50 | % | ||||||||||
Food Service | 140,791 | 2 | % | 104,673 | 2 | % | ||||||||||
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| |||||||||
Sales, net | $ | 7,426,254 | 100 | % | $ | 5,483,226 | 100 | % | ||||||||
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|
LAIRD SUPERFOOD, INC.
Notes to Unaudited Financial Statements
Three Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
$ | % of Total | $ | % of Total | |||||||||||||
Online | $ | 5,799,104 | 63 | % | $ | 3,684,526 | 66 | % | ||||||||
Wholesale | 3,235,230 | 35 | % | 1,823,188 | 33 | % | ||||||||||
Food service | 161,452 | 2 | % | 101,116 | 2 | % | ||||||||||
Sales, net | $ | 9,195,786 | 100 | % | $ | 5,608,830 | 100 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
$ | % of Total | $ | % of Total | |||||||||||||
Online | $ | 10,161,510 | 61 | % | $ | 6,335,267 | 59 | % | ||||||||
Wholesale | 6,158,286 | 37 | % | 4,551,000 | 41 | % | ||||||||||
Food service | 302,243 | 2 | % | 205,788 | 1 | % | ||||||||||
Sales, net | $ | 16,622,039 | 100 | % | $ | 11,092,055 | 100 | % | ||||||||
|
customers
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
channels and numerous new product offerings.
Initial Public Offering
On September 25, 2020, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 3,047,500 shares of its common stock at a public offering price of $22 per share, including 397,500 shares of common stock upon the exercise of the underwriter’s option to purchase additional shares. After underwriting discounts and commissions and other offering costs, net proceeds from the IPO were approximately $61,966,237. Offering costs of approximately $1,350,815 were recognized as a reduction of additional-paid-in capital.
Upon the closing of the IPO, all outstanding shares of the Company’s preferred stock converted into shares of common stock, consisting of (i) 162,340 outstanding shares of Series A-1 convertible preferred stock converting into 324,680 aggregate shares of common stock, (ii) 152,253 outstanding shares of Series A-2 convertible preferred stock converting into 304,506 aggregate shares of common stock, and (iii) 383,142 outstanding shares of Series B-1 convertible preferred stock converting into 766,284 aggregate shares of common stock.
Concurrent Private Placement
Danone Manifesto Ventures, PBC (“DMV”) purchased $2,000,020 of our common stock in a private placement immediately subsequent to the consummation of the IPO, at a price per share of $22.
We may encounter difficulties in sourcing products. As an example, one of our suppliers entered voluntary receivership in June 2021, and we may be unable to find a suitable replacement supplier on substantially similar terms or at all.
For the three months ended March 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
Sales, net | $ | 7,426,254 | $ | 5,483,226 | $ | 1,943,028 | 35 | % | ||||||||
Cost of goods sold | (5,559,499 | ) | (3,365,609 | ) | (2,193,890 | ) | 65 | % | ||||||||
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| |||||||||||
Gross profit | 1,866,755 | 2,117,617 | (250,862 | ) | (12 | %) | ||||||||||
Gross margin | 25.1 | % | 38.6 | % | ||||||||||||
General and administrative | 3,643,394 | 1,599,572 | 2,043,822 | 128 | % | |||||||||||
Research and product development | 240,687 | 143,315 | 97,372 | 68 | % | |||||||||||
Sales and marketing | 3,327,079 | 2,392,815 | 934,264 | 39 | % | |||||||||||
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| |||||||||||
Total expenses | 7,211,160 | 4,135,702 | 3,075,458 | 74 | % | |||||||||||
Operating loss | (5,344,405 | ) | (2,018,085 | ) | (3,326,320 | ) | 165 | % | ||||||||
Other income(expense) | 13,901 | 22,854 | (8,953 | ) | (39 | %) | ||||||||||
|
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| |||||||||||
Loss before income taxes | (5,330,504 | ) | (1,995,231 | ) | (3,335,273 | ) | 167 | % | ||||||||
Benefit from income taxes | — | — | — | 0 | % | |||||||||||
|
|
|
|
|
| |||||||||||
Net loss attributable to Laird Superfood, Inc. common stockholders | $ | (5,330,504 | ) | $ | (1,995,231 | ) | $ | (3,335,273 | ) | 167 | % | |||||
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|
|
For the Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Sales, net | $ | 9,195,786 | $ | 5,608,830 | $ | 3,586,956 | 64 | % | ||||||||
Cost of goods sold | (6,998,695 | ) | (4,285,128 | ) | (2,713,567 | ) | 63 | % | ||||||||
Gross profit | 2,197,091 | 1,323,702 | 873,389 | 66 | % | |||||||||||
Gross Margin | 23.9 | % | 23.6 | % | ||||||||||||
General and administrative | 4,162,911 | 1,832,442 | 2,330,469 | 127 | % | |||||||||||
Research and product development | 374,852 | 117,797 | 257,055 | 218 | % | |||||||||||
Sales and marketing | 3,936,492 | 2,395,701 | 1,540,791 | 64 | % | |||||||||||
Total expenses | 8,474,255 | 4,345,940 | 4,128,315 | 95 | % | |||||||||||
Operating loss | (6,277,164 | ) | (3,022,238 | ) | (3,254,926 | ) | 108 | % | ||||||||
Other income (expense) | 11,623 | 15,848 | (4,225 | ) | (27 | %) | ||||||||||
Loss before income taxes | (6,265,541 | ) | (3,006,390 | ) | (3,259,151 | ) | 108 | % | ||||||||
Income tax expense | (36,718 | ) | — | (36,718 | ) | 0 | % | |||||||||
Net loss | $ (6,302,259) | $ | (3,006,390 | ) | $ | (3,295,869 | ) | 110 | % | |||||||
Three months ended March 31, | 2021 v. 2020 Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Sales, net | $ | 7,426,254 | $ | 5,483,226 | $ | 1,943,028 | 35 | % |
For the Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Sales, net | $ | 9,195,786 | $ | 5,608,830 | $ | 3,586,956 | 64 | % |
Three months ended March 31, | 2021 v. 2020 Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Cost of Goods Sold | $ | (5,559,499 | ) | $ | (3,365,609 | ) | $ | (2,193,890 | ) | 65 | % |
For the Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Cost of goods sold | $ (6,998,695) | $ | (4,285,128 | ) | $ | (2,713,567 | ) | 63 | % |
For the Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Gross profit | $ | 2,197,091 | $ | 1,323,702 | $ | 873,389 | 66 | % |
For the Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Operating expenses | ||||||||||||||||
General and administrative | $ | 4,162,911 | $ | 1,832,442 | $ | 2,330,469 | 127 | % | ||||||||
Research and product development | 374,852 | 117,797 | 257,055 | 218 | % | |||||||||||
Sales and marketing | 3,936,492 | 2,395,701 | 1,540,791 | 64 | % | |||||||||||
Total operating expenses | 8,474,255 | 4,345,940 | $ | 4,128,315 | 95 | % |
For the Three Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Other income (expense) | $ | 11,623 | $ | 15,848 | $ | (4,225 | ) | (27 | %) |
For the Six Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Sales, net | $ | 16,622,039 | $ | 11,092,055 | $ | 5,529,984 | 50 | % | ||||||||
Cost of goods sold | (12,558,194 | ) | (7,650,736 | ) | (4,907,458 | ) | 64 | % | ||||||||
Gross profit | 4,063,845 | 3,441,319 | 622,526 | 18 | % | |||||||||||
Gross Margin | 24.4 | % | 31.0 | % | ||||||||||||
General and administrative | 7,803,980 | 3,432,012 | 4,371,968 | 127 | % | |||||||||||
Research and product development | 615,539 | 261,111 | 354,428 | 136 | % | |||||||||||
Sales and marketing | 7,263,571 | 4,788,518 | 2,475,053 | 52 | % | |||||||||||
Total expenses | 15,683,090 | 8,481,641 | 7,201,449 | 85 | % | |||||||||||
Operating loss | (11,619,245 | ) | (5,040,322 | ) | (6,578,923 | ) | 131 | % | ||||||||
Other income (expense) | 23,200 | 38,702 | (15,502 | ) | (40 | %) | ||||||||||
Loss before income taxes | (11,596,045 | ) | (5,001,620 | ) | (6,594,425 | ) | 132 | % | ||||||||
Income tax expense | (36,718 | ) | — | (36,718 | ) | 0 | % | |||||||||
Net loss | $ (11,632,763) | $ | (5,001,620 | ) | $ | (6,631,143 | ) | 133 | % | |||||||
For the Six Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Sales, net | $ | 16,622,039 | $ | 11,092,055 | $ | 5,529,984 | 50 | % |
For the Six Months Ended | ||||||||||||||||
June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Cost of goods sold | $ (12,558,194) | $ | (7,650,736 | ) | $ | (4,907,458 | ) | 64 | % |
Three months ended March 31, | 2021 v. 2020 Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Gross Profit | $ | 1,866,755 | $ | 2,117,617 | $ | (250,861 | ) | (12 | %) |
For the Six Months Ended June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Gross profit | $ | 4,063,845 | $ | 3,441,319 | $ | 622,526 | 18 | % |
Operating Expenses General and administrative Research and product development Sales and marketing Total operating expenses Three months ended March 31, 2021 v. 2020 Change 2021 2020 $ % $ 3,643,394 $ 1,599,572 $ 2,043,822 128 % 240,687 143,315 97,372 68 % 3,327,079 2,392,815 934,264 39 % $ 7,211,160 $ 4,135,702 $ 3,075,458 74 %
For the Six Months Ended June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Operating expenses | ||||||||||||||||
General and administrative | $ | 7,803,980 | $ | 3,432,012 | $ | 4,371,968 | 127 | % | ||||||||
Research and product development | 615,539 | 261,111 | 354,428 | 136 | % | |||||||||||
Sales and marketing | 7,263,571 | 4,788,518 | 2,475,053 | 52 | % | |||||||||||
Total operating expenses | 15,683,090 | 8,481,641 | $ | 7,201,449 | 85 | % | ||||||||||
expense and marketing fees.
Three months ended March 31, | 2021 v. 2020 Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Other income | $ | 13,901 | $ | 22,854 | $ | (8,953 | ) | (39 | %) |
(Expense)
For the Six Months Ended June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Other income (expense) | $ | 23,200 | $ | 38,702 | $ | (15,502 | ) | (40 | %) |
decreased realized gains on the sale of available for sale securities in YTD 2021 relative to YTD 2020.
For the three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | $ | (5,143,385 | ) | $ | (2,343,764 | ) | ||
Cash flows from investing activities | (200,088 | ) | (115,669 | ) | ||||
Cash flows from financing activities | (119,190 | ) | 1,983,163 | |||||
|
|
|
| |||||
Net change in cash | $ | (5,462,663 | ) | $ | (476,270 | ) | ||
|
|
|
|
For the Six Months Ended June 30, | Change | |||||||||||||||
2021 | 2020 | $ | % | |||||||||||||
Cash flows from operating activities | $ | (10,953,242 | ) | $ | (4,647,005 | ) | $ | (6,306,237 | ) | 136 | % | |||||
Cash flows from investing activities | (11,488,658 | ) | 356,624 | (11,845,282 | ) | (3322 | %) | |||||||||
Cash flows from financing activities | 93,470 | 11,835,448 | (11,741,978 | ) | (99 | %) | ||||||||||
Total operating expenses | (22,348,430 | ) | 7,545,067 | $ | (29,893,497 | ) | (396 | %) | ||||||||
Picky Bars in YTD 2021.
Payments Due by Period | Operating Leases (1) | Note Payable | Total | |||||||||
2021 | $ | 119,423 | $ | 51,000 | $ | 170,423 | ||||||
2022 | 243,236 | — | 243,236 | |||||||||
2023 | 250,534 | — | 250,534 | |||||||||
2024 | 258,049 | — | 258,049 | |||||||||
2025 | 265,791 | — | 265,791 | |||||||||
Thereafter | 860,498 | — | 860,498 | |||||||||
$ | 1,997,531 | $ | 51,000 | $ | 2,048,531 | |||||||
(1) | Operating lease obligations related to our manufacturing facility leases dated March 1, 2018 and December 17, 2018. |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk. |
Item 4. | Controls and Procedures. |
Item 1. | Legal Proceedings. |
Item 1A. | Risk Factors. |
Incorporated by Reference | ||||||||||||
Exhibit | Description | Form | File No. | Exhibit | Filing Date | Filed / | ||||||
3.1 | Amended and Restated Certificate of Incorporation of Laird Superfood, Inc. | 8-K | 001-39537 | 3.1 | 9/25/2020 | |||||||
3.2 | Amended and Restated Bylaws of Laird Superfood, Inc. | 8-K | 001-39537 | 3.2 | 9/25/2020 | |||||||
10.1 | 8-K | 001-39537 | 10.1 | 3/10/2021 | ||||||||
10.2 | Amended line of credit agreement | 10.2 | * | |||||||||
31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a). | * | ||||||||||
31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a). | * | ||||||||||
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350. | ** | ||||||||||
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350. | ** | ||||||||||
101.INS | XBRL Instance Document | * | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | * | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | * | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | * |
Incorporated by Reference | ||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | Filed / Furnished Herewith | ||||||
3.1 | Amended and Restated Certificate of Incorporation of Laird Superfood, Inc. | 8-K | 001-39537 | 3.1 | 9/25/2020 | |||||||
3.2 | Amended and Restated Bylaws of Laird Superfood, Inc. | 8-K | 001-39537 | 3.2 | 9/25/2020 | |||||||
31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a). | * | ||||||||||
31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a). | * | ||||||||||
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350. | ** | ||||||||||
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350. | ** | ||||||||||
101.INS | XBRL Instance Document | * | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | * | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | * | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | * | ||||||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
* |
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The certifications attached as Exhibit 32.1 and 32.2 are not deemed filed with the SEC and are not incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such. |
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(Registrant) | ||||||
Date: August 11, 2021 | /s/ Paul W. Hodge, Jr. | |||||
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Paul W. Hodge, Jr. | |||||
President and Chief Executive Officer | ||||||
Date: August 11, 2021 | /s/ Valerie Ells | |||||
Valerie Ells | ||||||
Chief Financial Officer |
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