| Rohan Ajila | | | | |
| Gautham Pai Co-Chairman of the Board of Directors | | | | |
| Global Consumer Acquisition Corp. [•], 2022 | | | | |
| Rohan Ajila | | | | |
| Gautham Pai Co-Chairman of the Board of Directors | | | | |
| Global Consumer Acquisition Corp. [•], 2022 | | | | |
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| | | | | F-1 | | |
Comparables list | | | Enterprise Value | | | Revenue (ttm) | | | EBITDA (ttm) | | | EV/Revenue | | | EV/EBITDA | | | EBITDA % | | | 3 Yr CAGR | | |||||||||||||||||||||
Leifheit AG | | | | | 301.0 | | | | | | 295.6 | | | | | | 28.1 | | | | | | 1.02 | | | | | | 13.0 | | | | | | 10% | | | | | | 4.7% | | |
Ontex Group | | | | | 1,490.0 | | | | | | 2,013.9 | | | | | | 153.5 | | | | | | 0.7 | | | | | | 4.3 | | | | | | 8% | | | | | | -4.0% | | |
Treehouse Foods | | | | | 4,120.0 | | | | | | 4,338.9 | | | | | | 361.0 | | | | | | 0.9 | | | | | | 9.1 | | | | | | 8% | | | | | | -11.6% | | |
Primo Water Corp | | | | | 4,430.0 | | | | | | 2,060.3 | | | | | | 272.9 | | | | | | 2.2 | | | | | | 13.0 | | | | | | 13% | | | | | | -4.9% | | |
Post Holdings | | | | | 12,830.0 | | | | | | 6,226.7 | | | | | | 907.4 | | | | | | 2.1 | | | | | | 12.3 | | | | | | 15% | | | | | | 0.2% | | |
Mean | | | | | | | | | | | | | | | | | | | | | | | 1.4x | | | | | | 10.3x | | | | | | | | | | | | | | |
Median | | | | | | | | | | | | | | | | | | | | | | | 1.3x | | | | | | 12.3x | | | | | | | | | | | | | | |
Luminex Valuation | | | | | | | |
WACC | | | | | 9.17% | | |
Terminal Growth Rate | | | | | 0.50% | | |
DCF for Luminex | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | 12 mnths | | |||||||||||||||
Particulars | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | | TVG | | |||||||||||||||
Sales | | | | | 391 | | | | | | 405 | | | | | | 420 | | | | | | 436 | | | | | | 438 | | |
YOY | | | | | | | | | | | 4% | | | | | | 4% | | | | | | 4% | | | | | | 0.5% | | |
EBITDA | | | | | 33 | | | | | | 38 | | | | | | 42 | | | | | | 47 | | | | | | 42 | | |
EBITDA Margins | | | | | 8% | | | | | | 9% | | | | | | 10% | | | | | | 11% | | | | | | 10% | | |
Changes in Working Capital | | | | | 1.9 | | | | | | 2.5 | | | | | | -0.1 | | | | | | 4.2 | | | | | | 0.2 | | |
Capex | | | | | 4.4 | | | | | | 4.6 | | | | | | 4.6 | | | | | | 4.6 | | | | | | 4.6 | | |
Tax | | | | | 0.9 | | | | | | 1.0 | | | | | | 1.1 | | | | | | 1.1 | | | | | | 7.9 | | |
FCFF | | | | | 25.4 | | | | | | 29.6 | | | | | | 36.9 | | | | | | 36.9 | | | | | | 29.5 | | |
Cash Accrual Factor | | | | | 1.0 | | | | | | 2.0 | | | | | | 3.0 | | | | | | 4.0 | | | | | | 4.0 | | |
DF | | | | | 0.9 | | | | | | 0.8 | | | | | | 0.8 | | | | | | 0.7 | | | | | | 0.7 | | |
Present Value of Cash Flow | | | | | 23.3 | | | | | | 24.8 | | | | | | 28.3 | | | | | | 26.0 | | | | | | 20.8 | | |
Sum of Present Value | | | | | 102 | | | | | | 30% | | | | | | | | | | | | | | | | | | | | |
DCF for Luminex | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | |||||||||||||||||||||||||||||||
Particulars | | FY23 | | FY24 | | FY25 | | FY26 | | TVG | ��� | | FY23 | | FY24 | | FY25 | | FY26 | | TVG | | |||||||||||||||||||||||||||||||
Sales | | | | 391 | | | | | 405 | | | | | 420 | | | | | 436 | | | | | 438 | | | |||||||||||||||||||||||||||
YOY | | | | | | | | | 4% | | | | | 4% | | | | | 4% | | | | | 0.5% | | | |||||||||||||||||||||||||||
EBITDA | | | | 33 | | | | | 38 | | | | | 42 | | | | | 47 | | | | | 42 | | | |||||||||||||||||||||||||||
EBITDA Margins | | | | 8% | | | | | 9% | | | | | 10% | | | | | 11% | | | | | 10% | | | |||||||||||||||||||||||||||
Changes in Working Capital | | | | 1.9 | | | | | 2.5 | | | | | -0.1 | | | | | 4.2 | | | | | 0.2 | | | |||||||||||||||||||||||||||
Capex | | | | 4.4 | | | | | 4.6 | | | | | 4.6 | | | | | 4.6 | | | | | 4.6 | | | |||||||||||||||||||||||||||
Tax | | | | 0.9 | | | | | 1.0 | | | | | 1.1 | | | | | 1.1 | | | | | 7.9 | | | |||||||||||||||||||||||||||
FCFF | | | | 25.4 | | | | | 29.6 | | | | | 36.9 | | | | | 36.9 | | | | | 29.5 | | | |||||||||||||||||||||||||||
Cash Accrual Factor | | | | 1.0 | | | | | 2.0 | | | | | 3.0 | | | | | 4.0 | | | | | 4.0 | | | |||||||||||||||||||||||||||
DF | | | | 0.9 | | | | | 0.8 | | | | | 0.8 | | | | | 0.7 | | | | | 0.7 | | | |||||||||||||||||||||||||||
Present Value of Cash Flow | | | | 23.3 | | | | | 24.8 | | | | | 28.3 | | | | | 26.0 | | | | | 20.8 | | | |||||||||||||||||||||||||||
Sum of Present Value | | | | 102 | | | | | 30% | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Terminal Value | | | | 240 | | | | | 70% | | | | | | | | | | | | 240 | | | | | 70% | | | | | | | | | | | | | | | | | | ||||||||||
Enterprise Value | | | | 342 | | | | | | | | | | | | | | | | | 342 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
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| | | 2 Year Forward Average Target EBITDA ($ M) | | | Entry Multiple | | | Enterprise Valuation ($ M) | | |||||||||
PIL (Indian subsidiary) | | | | | 16 | | | | | | 6.5 | | | | | | 104 | | |
GP Consolidated | | | | | 45 | | | | | | 6.5 | | | | | | 293 | | |
GP Global Consolidated | | | | | 45 | | | | | | 8.0 | | | | | | 360 | | |
Enterprise Value | | | $ M | | | Notes | | |||
MVP (US Subsidiary) | | | | | 233 | | | | | |
PIL (India Subsidiary) | | | | | 108 | | | | | |
LS (to be acquired by PIL) | | | | | 8 | | | | Forward purchase agreement in place between PIL and LS | |
GC (Investment by MVP) | | | | | 77 | | | | MVP owns 50% of Goose Creek (GC) | |
GP Aggregate Enterprise Value | | | | | 426 | | | | | |
MVP Valuation | | | | | | | |
WACC | | | | | 7.76% | | |
Growth Rate | | | | | 0.50% | | |
DCF for MVP | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | Terminal Value | | |||||||||||||||
Particulars | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | ||||||||||||||||||
Sales | | | | | 130 | | | | | | 171 | | | | | | 198 | | | | | | 218 | | | | | | 220 | | |
YOY | | | | | | | | | | | 31% | | | | | | 16% | | | | | | 10% | | | | | | 0.50% | | |
EBITDA | | | | | 9 | | | | | | 16 | | | | | | 21 | | | | | | 26 | | | | | | 26 | | |
EBITDA Margins | | | | | 7% | | | | | | 9% | | | | | | 11% | | | | | | 12% | | | | | | 12% | | |
Changes in Working Capital | | | | | 9 | | | | | | 12 | | | | | | 8 | | | | | | 7 | | | | | | 0.28 | | |
Capex | | | | | (4.8) | | | | | | 0.5 | | | | | | 0.5 | | | | | | 0.5 | | | | | | 0.5 | | |
Tax | | | | | — | | | | | | — | | | | | | — | | | | | | 3 | | | | | | 5 | | |
FCFF | | | | | 6 | | | | | | 3 | | | | | | 12 | | | | | | 16 | | | | | | 20 | | |
Cash Accrual Factor | | | | | 1.0 | | | | | | 2.0 | | | | | | 3.0 | | | | | | 4.0 | | | | | | 4.0 | | |
DF | | | | | 0.9 | | | | | | 0.9 | | | | | | 0.8 | | | | | | 0.7 | | | | | | 0.7 | | |
Present Value of Cash Flows | | | | | 5 | | | | | | 3 | | | | | | 10 | | | | | | 12 | | | | | | 15 | | |
Sum of Present Value | | | | | 29 | | | | | | 14% | | | | | | | | | | | | | | | | | | | | |
Terminal Value | | | | | 204 | | | | | | 86% | | | | | | | | | | | | | | | | | | | | |
Enterprise Value | | | | | 233 | | | | | | | | | | | | | | | | | | | | | | | | | | |
PIL Valuation | | | | | | | |
WACC | | | | | 15.14% | | |
Growth Rate | | | | | 4.00% | | |
DCF for PIL | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | Terminal Value | | |||||||||||||||
Particulars | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | ||||||||||||||||||
Sales | | | | | 106 | | | | | | 132 | | | | | | 142 | | | | | | 153 | | | | | | 159 | | |
YOY | | | | | | | | | | | 24% | | | | | | 8% | | | | | | 8% | | | | | | 4% | | |
EBITDA | | | | | 15 | | | | | | 20 | | | | | | 22 | | | | | | 24 | | | | | | 25 | | |
EBITDA Margins | | | | | 14% | | | | | | 15% | | | | | | 15% | | | | | | 16% | | | | | | 16% | | |
Changes in Working Capital . | | | | | 12 | | | | | | 1 | | | | | | 2 | | | | | | 2 | | | | | | 1 | | |
Capex | | | | | 1 | | | | | | 3 | | | | | | 0 | | | | | | 1 | | | | | | 1 | | |
Tax | | | | | 4 | | | | | | 6 | | | | | | 6 | | | | | | 7 | | | | | | 7 | | |
FCFF | | | | | -3 | | | | | | 11 | | | | | | 14 | | | | | | 14 | | | | | | 17 | | |
Cash Accrual Factor | | | | | 1.0 | | | | | | 2.0 | | | | | | 3.0 | | | | | | 4.0 | | | | | | 4.0 | | |
DF | | | | | 0.9 | | | | | | 0.8 | | | | | | 0.7 | | | | | | 0.6 | | | | | | 0.6 | | |
Present Value of Cash Flow | | | | | (2) | | | | | | 8 | | | | | | 9 | | | | | | 8 | | | | | | 9 | | |
DCF for PIL | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | | Terminal Value | | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | | Terminal Value | | |||||||||||||||||||||||||||||
Particulars | | FY23 | | FY24 | | FY25 | | FY26 | | | FY23 | | FY24 | | FY25 | | FY26 | | |||||||||||||||||||||||||||||||||||
Sales | | | | 106 | | | | | 132 | | | | | 142 | | | | | 153 | | | | | 159 | | | |||||||||||||||||||||||||||
YOY | | | | | | | | | 24% | | | | | 8% | | | | | 8% | | | | | 4% | | | |||||||||||||||||||||||||||
EBITDA | | | | 15 | | | | | 20 | | | | | 22 | | | | | 24 | | | | | 25 | | | |||||||||||||||||||||||||||
EBITDA Margins | | | | 14% | | | | | 15% | | | | | 15% | | | | | 16% | | | | | 16% | | | |||||||||||||||||||||||||||
Changes in Working Capital . | | | | 12 | | | | | 1 | | | | | 2 | | | | | 2 | | | | | 1 | | | |||||||||||||||||||||||||||
Capex | | | | 1 | | | | | 3 | | | | | 0 | | | | | 1 | | | | | 1 | | | |||||||||||||||||||||||||||
Tax | | | | 4 | | | | | 6 | | | | | 6 | | | | | 7 | | | | | 7 | | | |||||||||||||||||||||||||||
FCFF | | | | -3 | | | | | 11 | | | | | 14 | | | | | 14 | | | | | 17 | | | |||||||||||||||||||||||||||
Cash Accrual Factor | | | | 1.0 | | | | | 2.0 | | | | | 3.0 | | | | | 4.0 | | | | | 4.0 | | | |||||||||||||||||||||||||||
DF | | | | 0.9 | | | | | 0.8 | | | | | 0.7 | | | | | 0.6 | | | | | 0.6 | | | |||||||||||||||||||||||||||
Present Value of Cash Flow | | | | (2) | | | | | 8 | | | | | 9 | | | | | 8 | | | | | 9 | | | |||||||||||||||||||||||||||
Sum of Present Value | | | | 23 | | | | | 21% | | | | | | | | | | | | 23 | | | | | 21% | | | | | | | | | | | | | | | | | | ||||||||||
Terminal Value | | | | 85 | | | | | 79% | | | | | | | | | | | | 85 | | | | | 79% | | | | | | | | | | | | | | | | | | ||||||||||
Enterprise Value | | | | 108 | | | | | | | | | | | | | | | | | 108 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
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LS Valuation | | | | | | | |
WACC | | | | | 13.80% | | |
Growth Rate | | | | | 4.00% | | |
DCF for LS | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | Terminal Value | | |||||||||||||||
Particulars | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | ||||||||||||||||||
Sales | | | | | 12 | | | | | | 18 | | | | | | 19 | | | | | | 20 | | | | | | 21 | | |
YOY | | | | | | | | | | | 49% | | | | | | 8% | | | | | | 7% | | | | | | 4% | | |
EBITDA | | | | | 1 | | | | | | 2 | | | | | | 2 | | | | | | 2 | | | | | | 2 | | |
EBITDA Margins | | | | | 10% | | | | | | 10% | | | | | | 10% | | | | | | 10% | | | | | | 10% | | |
Changes in Working Capital. . | | | | | 3 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Capex | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | — | | | | | | — | | |
Tax | | | | | 0 | | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
FCFF | | | | | -2 | | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Cash Accrual Factor | | | | | 1.0 | | | | | | 2.0 | | | | | | 3.0 | | | | | | 4.0 | | | | | | 4.0 | | |
DF | | | | | 0.9 | | | | | | 0.8 | | | | | | 0.7 | | | | | | 0.6 | | | | | | 0.6 | | |
Present Value of Cash Flows | | | | | (2) | | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Sum of Present Value | | | | | -0 | | | | | | -2% | | | | | | | | | | | | | | | | | | | | |
Terminal Value | | | | | 8 | | | | | | 102% | | | | | | | | | | | | | | | | | | | | |
Enterprise Value | | | | | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | |
GC Valuation | | | | | | | |
WACC | | | | | 8.02% | | |
Growth Rate | | | | | 1.00% | | |
DCF for GC | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | 12 mnths | | | Terminal Value | | |||||||||||||||
Particulars | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | ||||||||||||||||||
Sales | | | | | 45 | | | | | | 53 | | | | | | 64 | | | | | | 77 | | | | | | 78 | | |
YOY | | | | | | | | | | | 20% | | | | | | 20% | | | | | | 20% | | | | | | 1% | | |
EBITDA | | | | | 9 | | | | | | 11 | | | | | | 13 | | | | | | 15 | | | | | | 16 | | |
EBITDA Margins | | | | | 20% | | | | | | 20% | | | | | | 20% | | | | | | 20% | | | | | | 20% | | |
Changes in Working Capital | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 2 | | | | | | 0 | | |
DCF for GC | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | | Terminal Value | | | 12 mnths | | 12 mnths | | 12 mnths | | 12 mnths | | | Terminal Value | | ||||||||||||||||||||||||||||||||||||||
Particulars | | FY23 | | FY24 | | FY25 | | FY26 | | | FY23 | | FY24 | | FY25 | | FY26 | | ||||||||||||||||||||||||||||||||||||||||||||
Sales | | | | 45 | | | | | 53 | | | | | 64 | | | | | 77 | | | | | 78 | | | ||||||||||||||||||||||||||||||||||||
YOY | | | | | | | | | 20% | | | | | 20% | | | | | 20% | | | | | 1% | | | ||||||||||||||||||||||||||||||||||||
EBITDA | | | | 9 | | | | | 11 | | | | | 13 | | | | | 15 | | | | | 16 | | | ||||||||||||||||||||||||||||||||||||
EBITDA Margins | | | | 20% | | | | | 20% | | | | | 20% | | | | | 20% | | | | | 20% | | | ||||||||||||||||||||||||||||||||||||
Changes in Working Capital | | | | 1 | | | | | 1 | | | | | 1 | | | | | 2 | | | | | 0 | | | ||||||||||||||||||||||||||||||||||||
Capex | | | | — | | | | | — | | | | | 0 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 0 | | | | | — | | | | | — | | | ||||||||||
Tax | | | | 2 | | | | | 2 | | | | | 3 | | | | | 3 | | | | | 3 | | | | | | 2 | | | | | 2 | | | | | 3 | | | | | 3 | | | | | 3 | | | ||||||||||
FCFF | | | | 6 | | | | | 7 | | | | | 9 | | | | | 11 | | | | | 12 | | | | | | 6 | | | | | 7 | | | | | 9 | | | | | 11 | | | | | 12 | | | ||||||||||
Cash Accrual Factor | | | | 1.0 | | | | | 2.0 | | | | | 3.0 | | | | | 4.0 | | | | | 4.0 | | | | | | 1.0 | | | | | 2.0 | | | | | 3.0 | | | | | 4.0 | | | | | 4.0 | | | ||||||||||
DF | | | | 0.9 | | | | | 0.9 | | | | | 0.8 | | | | | 0.7 | | | | | 0.7 | | | | | | 0.9 | | | | | 0.9 | | | | | 0.8 | | | | | 0.7 | | | | | 0.7 | | | ||||||||||
Present Value of Cash Flows | | | | 6 | | | | | 6 | | | | | 7 | | | | | 8 | | | | | 9 | | | | | | 6 | | | | | 6 | | | | | 7 | | | | | 8 | | | | | 9 | | | ||||||||||
Sum of Present Value | | | | 27 | | | | | 17% | | | | | | | | | | | | | | | | | | | | | 27 | | | | | 17% | | | | | | | | | | | | | | | | | | ||||||||||
Terminal Value | | | | 128 | | | | | 83% | | | | | | | | | | | | | | | | | | | | | 128 | | | | | 83% | | | | | | | | | | | | | | | | | | ||||||||||
Enterprise Value | | | | 155 | | | | | | | | | | | | | | | | | | | | | | | | | | 155 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
MVP Ownership Value | | | | 77 | | | | | | | | | | | | | | | | | | | | | | | | | | 77 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
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Summary | | | No redemptions, warrants not exercised | | | No redemptions, warrants exercised | | | $50 M redemptions, warrants exercised | | | Max redemptions, warrants exercised | | ||||||||||||
Public shareholders | | | | | 56.9% | | | | | | 66.1% | | | | | | 61.5% | | | | | | 55.2% | | |
Sponsor Shares | | | | | 15.6% | | | | | | 12.7% | | | | | | 14.4% | | | | | | 16.7% | | |
Target (GP Global) shares | | | | | 27.4% | | | | | | 21.2% | | | | | | 24.1% | | | | | | 28.1% | | |
Total | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
| | | No Redemption, warrants not exercised | | | No Redemption, warrants exercised | | | $50 M Redemption, warrants exercised | | | Max Redemption ($100.8 M), warrants exercised | | ||||||||||||||||||||||||||||||||||||
| | | Number of Shares | | | Ownership % | | | Number of Shares | | | Ownership % | | | Number of Shares | | | Ownership % | | | Number of Shares | | | Ownership % | | ||||||||||||||||||||||||
Current Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Shares issued in GACQ IPO | | | | | 18,263,000 | | | | | | 56.97% | | | | | | 18,263,000 | | | | | | 44.10% | | | | | | 18,263,000 | | | | | | 50.12% | | | | | | 18,263,000 | | | | | | 58.18% | | |
Redemptions in connection with the Business Combination | | | | | 0 | | | | | | 0.00% | | | | | | 0 | | | | | | 0.00% | | | | | | -4,975,124 | | | | | | -13.65% | | | | | | 10,027,861 | | | | | | -31.95% | | |
Shares held by Public Stockholders post-redemptions | | | | | 18,263,000 | | | | | | 56.97% | | | | | | 18,263,000 | | | | | | 44.10% | | | | | | 13,287,876 | | | | | | 36.46% | | | | | | 8,235,139 | | | | | | 26.24% | | |
Founder Shares issued to Sponsor pre-GACQ IPO | | | | | 4,565,750 | | | | | | 14.24% | | | | | | 4,565,750 | | | | | | 11.02% | | | | | | 4,565,750 | | | | | | 12.53% | | | | | | 4,565,750 | | | | | | 14.55% | | |
Private Shares issued to Sponsor at close of GACQ IPO | | | | | 453,612 | | | | | | 1.41% | | | | | | 453,612 | | | | | | 1.10% | | | | | | 453,612 | | | | | | 1.24% | | | | | | 453,612 | | | | | | 1.45% | | |
Shares issued in connection with the Business Combination and assumed exercise of warrants | | | | | | | | | | | 0.00% | | | | | | | | | | | | 0.00% | | | | | | | | | | | | 0.00% | | | | | | | | | | | | 0.00% | | |
Shares of Common Stock issued to GP Global Equity Shareholders | | | | | 8,775,208 | | | | | | 27.37% | | | | | | 8,775,208 | | | | | | 21.19% | | | | | | 8,775,208 | | | | | | 24.08% | | | | | | 8,775,208 | | | | | | 27.96% | | |
$11.50 strike warrants held by Public Stockholders | | | | | 0 | | | | | | 0.00% | | | | | | 9,131,500 | | | | | | 22.05% | | | | | | 9,131,500 | | | | | | 25.06% | | | | | | 9,131,500 | | | | | | 29.09% | | |
$11.50 strike Private Warrants held by Sponsors | | | | | 0 | | | | | | 0.00% | | | | | | 226,806 | | | | | | 0.55% | | | | | | 226,806 | | | | | | 0.62% | | | | | | 226,806 | | | | | | 0.72% | | |
Total | | | | | 32,057,570 | | | | | | 100.00% | | | | | | 41,415,876 | | | | | | 100.00% | | | | | | 36,440,751 | | | | | | 100.00% | | | | | | 31,388,015 | | | | | | 100.00% | | |
Summary | | | No redemptions, warrants not exercised | | | No redemptions, warrants exercised | | | $50 M redemptions, warrants exercised | | | Max redemptions, warrants exercised | | ||||||||||||
Public shareholders | | | | | 56.9% | | | | | | 66.1% | | | | | | 61.5% | | | | | | 55.2% | | |
Sponsor Shares | | | | | 15.6% | | | | | | 12.7% | | | | | | 14.4% | | | | | | 16.7% | | |
Target (GP Global) shares | | | | | 27.4% | | | | | | 21.2% | | | | | | 24.1% | | | | | | 28.1% | | |
Total | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
| | | No Redemption, warrants not exercised | | | No Redemption, warrants exercised | | | $50 M Redemption, warrants exercised | | | Max Redemption ($100.8 M), warrants exercised | | ||||||||||||||||||||||||||||||||||||
| | | Number of Shares | | | Ownership % | | | Number of Shares | | | Ownership % | | | Number of Shares | | | Ownership % | | | Number of Shares | | | Ownership % | | ||||||||||||||||||||||||
Current Shares Outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Shares issued in GACQ IPO | | | | | 18,263,000 | | | | | | 56.97% | | | | | | 18,263,000 | | | | | | 44.10% | | | | | | 18,263,000 | | | | | | 50.12% | | | | | | 18,263,000 | | | | | | 58.18% | | |
Redemptions in connection with the Business Combination | | | | | 0 | | | | | | 0.00% | | | | | | 0 | | | | | | 0.00% | | | | | | -4,975,124 | | | | | | -13.65% | | | | | | 10,027,861 | | | | | | -31.95% | | |
Shares held by Public Stockholders post-redemptions | | | | | 18,263,000 | | | | | | 56.97% | | | | | | 18,263,000 | | | | | | 44.10% | | | | | | 13,287,876 | | | | | | 36.46% | | | | | | 8,235,139 | | | | | | 26.24% | | |
Founder Shares issued to Sponsor pre-GACQ IPO | | | | | 4,565,750 | | | | | | 14.24% | | | | | | 4,565,750 | | | | | | 11.02% | | | | | | 4,565,750 | | | | | | 12.53% | | | | | | 4,565,750 | | | | | | 14.55% | | |
Private Shares issued to Sponsor at close of GACQ IPO | | | | | 453,612 | | | | | | 1.41% | | | | | | 453,612 | | | | | | 1.10% | | | | | | 453,612 | | | | | | 1.24% | | | | | | 453,612 | | | | | | 1.45% | | |
Shares issued in connection with the Business Combination and assumed exercise of warrants | | | | | | | | | | | 0.00% | | | | | | | | | | | | 0.00% | | | | | | | | | | | | 0.00% | | | | | | | | | | | | 0.00% | | |
Shares of Common Stock issued to GP Global Equity Shareholders | | | | | 8,775,208 | | | | | | 27.37% | | | | | | 8,775,208 | | | | | | 21.19% | | | | | | 8,775,208 | | | | | | 24.08% | | | | | | 8,775,208 | | | | | | 27.96% | | |
$11.50 strike warrants held by Public Stockholders | | | | | 0 | | | | | | 0.00% | | | | | | 9,131,500 | | | | | | 22.05% | | | | | | 9,131,500 | | | | | | 25.06% | | | | | | 9,131,500 | | | | | | 29.09% | | |
$11.50 strike Private Warrants held by Sponsors | | | | | 0 | | | | | | 0.00% | | | | | | 226,806 | | | | | | 0.55% | | | | | | 226,806 | | | | | | 0.62% | | | | | | 226,806 | | | | | | 0.72% | | |
Total | | | | | 32,057,570 | | | | | | 100.00% | | | | | | 41,415,876 | | | | | | 100.00% | | | | | | 36,440,751 | | | | | | 100.00% | | | | | | 31,388,015 | | | | | | 100.00% | | |
| | Luminex (Historical) | | GP Global (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | Pro Forma Combined Assuming Maximum Redemption | | | Luminex (Historical) | | GP Global (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | Pro Forma Combined Assuming Maximum Redemption | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Cash and cash equivalents | | | $ | 5,244 | | | | $ | 2,778 | | | | $ | 257 | | | | $ | 183,570 | | | A | | | $ | 52,193 | | | | $ | (52,193) | | | K | | | $ | — | | | | | $ | 6,950 | | | | $ | 3,094 | | | | $ | 17 | | | | $ | 183,527 | | | A | | | $ | 111,938 | | | | $ | (183,527) | | | J | | | $ | (71,589) | | | L | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (5,935) | | | B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,935) | | | B | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (3,965) | | | C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,138) | | | C | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (129,756) | | | G | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (66,577) | | | E | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Restricted cash | | | | | | | | | 29,251 | | | | | | | | | | | | | | | | | 29,251 | | | | | | | | | | | | 29,251 | | | | | | | | | | | 25,572 | | | | | | | | | | | | | | | | | 25,572 | | | | | | | | | | | | 25,572 | | | | | |||||||||||||||||||
Accounts receivable | | | | 24,837 | | | | | 12,734 | | | | | | | | | | | | | | | | | 37,571 | | | | | | | | | | | | 37,571 | | | | | | 15,101 | | | | | 12,621 | | | | | | | | | | | | | | | | | 27,722 | | | | | | | | | | | | 27,722 | | | | | |||||||||||||||||||
Inventories | | | | 80,126 | | | | | 29,624 | | | | | | | | | | | | | | | | | 109,750 | | | | | | | | | | | | 109,750 | | | | | | 91,390 | | | | | 36,099 | | | | | | | | | | 7,398 | | | F | | | | 137,276 | | | | | (2,389) | | | K | | | | 134,887 | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 2,389 | | | H | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | | | | 11,149 | | | | | 6,526 | | | | | 81 | | | | | | | | | | | | 17,756 | | | | | | | | | | | | 17,756 | | | | | | 9,803 | | | | | 6,676 | | | | | 54 | | | | | | | | | | | | 16,533 | | | | | | | | | | | | 16,533 | | | | | |||||||||||||||||||
Total current assets | | | | 121,356 | | | | | 80,913 | | | | | 338 | | | | | 43,914 | | | | | | | 246,521 | | | | | (52,193) | | | | | | | 194,328 | | | | | | 123,244 | | | | | 84,062 | | | | | 71 | | | | | 111,664 | | | | | | | 319,041 | | | | | (185,916) | | | | | | | 133,125 | | | | | |||||||||||||||||||
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Cash and investments held in Trust Account | | | | — | | | | | — | | | | | 183,570 | | | | | (183,570) | | | A | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | — | | | | | 183,527 | | | | | (183,527) | | | A | | | | — | | | | | | | | | | | | — | | | | | |||||||||||||||||||
Investments | | | | — | | | | | 26 | | | | | — | | | | | | | | | | | | 26 | | | | | | | | | | | | 26 | | | | | | — | | | | | 25 | | | | | — | | | | | | | | | | | | 25 | | | | | | | | | | | | 25 | | | | | |||||||||||||||||||
Intangible assets, net | | | | 5,177 | | | | | 221 | | | | | | | | | | 62,823 | | | H,I | | | | 68,221 | | | | | | | | | | | | 68,221 | | | | | | 5,008 | | | | | 209 | | | | | | | | | | 40,992 | | | F | | | | 166,209 | | | | | (120,000) | | | K | | | | 46,209 | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 120,000 | | | H | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity accounted investments | | | | | | | | | 2,759 | | | | | | | | | | | | | | | | | 2,759 | | | | | | | | | | | | 2,759 | | | | | | | | | | | 2,142 | | | | | | | | | | | | | | | | | 2,142 | | | | | | | | | | | | 2,142 | | | | | |||||||||||||||||||
Deferred income tax asset | | | | 1,511 | | | | | 109 | | | | | | | | | | | | | | | | | 1,620 | | | | | | | | | | | | 1,620 | | | | | | 2,047 | | | | | 257 | | | | | | | | | | | | | | | | | 2,304 | | | | | | | | | | | | 2,304 | | | | | |||||||||||||||||||
Property and equipment, net | | | | 32,117 | | | | | 28,863 | | | | | | | | | | (1,736) | | | I | | | | 59,244 | | | | | | | | | | | | 59,244 | | | | | | 53,319 | | | | | 28,330 | | | | | | | | | | (1,736) | | | F | | | | 79,913 | | | | | | | | | | | | 79,913 | | | | | |||||||||||||||||||
Goodwill | | | | | | | | | | | | | | | | | | | 44,205 | | | H,I | | | | 44,205 | | | | | | | | | | | | 44,205 | | | | | | | | | | | | | | | | | | | | | 492 | | | F | | | | 131,802 | | | | | (131,310) | | | K | | | | 492 | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 131,310 | | | H | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | | | | 4,540 | | | | | 3,874 | | | | | | | | | | | | | | | | | 8,414 | | | | | | | | | | | | 8,414 | | | | | | 4,253 | | | | | 3,636 | | | | | | | | | | | | | | | | | 7,889 | | | | | | | | | | | | 7,889 | | | | | |||||||||||||||||||
Total non-current assets | | | | 43,345 | | | | | 35,852 | | | | | 183,570 | | | | | (78,278) | | | | | | | 184,489 | | | | | — | | | | | | | 184,489 | | | | | | 64,627 | | | | | 34,599 | | | | | 183,527 | | | | | 107,531 | | | | | | | 390,284 | | | | | (251,310) | | | | | | | 138,974 | | | | | |||||||||||||||||||
TOTAL ASSETS | | | $ | 164,701 | | | | $ | 116,765 | | | | $ | 183,908 | | | | $ | (34,364) | | | | | | $ | 431,010 | | | | $ | (52,193) | | | | | | $ | 378,817 | | | | | $ | 187,871 | | | | $ | 118,661 | | | | $ | 183,598 | | | | $ | 219,195 | | | | | | $ | 709,325 | | | | $ | (437,226) | | | | | | $ | 272,099 | | | | | |||||||||||||||||||
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Accounts payable | | | $ | 31,287 | | | | $ | 30,571 | | | | $ | | | | $ | | | | | | | $ | 61,858 | | | | $ | | | | | | | $ | 61,858 | | | | | $ | 41,039 | | | | $ | 35,204 | | | | $ | | | | $ | | | | | | $ | 76,243 | | | | $ | | | | | | $ | 76,243 | | | | | |||||||||||||||||||||||
Accounts payable – related party | | | | 610 | | | | | | | | | | | | | | | | | | | | | | 610 | | | | | | | | | | | | 610 | | | | | | 336 | | | | | | | | | | | | | | | | | | | | | | 336 | | | | | | | | | | | | 336 | | | | | |||||||||||||||||||
Short-term debt | | | | 873 | | | | | 51,234 | | | | | | | | | | (40,485) | | | J | | | | 11,622 | | | | | | | | | | | | 11,622 | | | | | | 3,477 | | | | | 52,690 | | | | | 690 | | | | | (41,280) | | | I | | | | 15,577 | | | | | | | | | | | | 15,577 | | | | | |||||||||||||||||||
Other current liablities | | | | 26,912 | | | | | 28,978 | | | | | 1,854 | | | | | | | | | | | | 57,744 | | | | | | | | | | | | 57,744 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | | | | 59,692 | | | | | 110,783 | | | | | 1,854 | | | | | (40,485) | | | | | | | 131,834 | | | | | | | | | | | | 131,834 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | | | | 69,370 | | | | | 154,719 | | | | | | | | | | (37,063) | | | J | | | | 108,073 | | | | | | | | | | | | 108,073 | | |
| | Luminex (Historical) | | GP Global (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | Pro Forma Combined Assuming Maximum Redemption | | | Luminex (Historical) | | GP Global (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | Pro Forma Combined Assuming Maximum Redemption | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | | | | 23,490 | | | | | 37,790 | | | | | 2,090 | | | | | | | | | | | | 63,370 | | | | | | | | | | | | 63,370 | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | | | | 68,342 | | | | | 125,684 | | | | | 2,780 | | | | | (41,280) | | | | | | | 155,526 | | | | | | | | | | | | 155,526 | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | | | | 89,948 | | | | | 140,489 | | | | | | | | | | | | | | | | | 191,477 | | | | | | | | | | | | 191,477 | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (78,953) | | | E | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (38,960) | | | I | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Long-term debt - revolver | | | | | | | | | | | | | | | | | | | 77,548 | | | J | | | | 77,548 | | | | | | | | | | | | 77,548 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt – revolver | | | | | | | | | | | | | | | | | | | 80,240 | | | I | | | | 80,240 | | | | | | | | | | | | 80,240 | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | | | | 10,588 | | | | | 720 | | | | | | | | | | | | | | | | | 11,308 | | | | | | | | | | | | 11,308 | | | | | | 8,992 | | | | | 550 | | | | | | | | | | | | | | | | | 9,542 | | | | | | | | | | | | 9,542 | | | | | |||||||||||||||||||
Deferred tax liabilities, net | | | | 597 | | | | | 388 | | | | | | | | | | | | | | | | | 985 | | | | | | | | | | | | 985 | | | | | | 1,158 | | | | | 214 | | | | | | | | | | | | | | | | | 1,372 | | | | | | | | | | | | 1,372 | | | | | |||||||||||||||||||
Warrant liability | | | | | | | | | | | | | | 5,774 | | | | | | | | | | | | 5,774 | | | | | | | | | | | | 5,774 | | | | | | | | | | | | | | | | 2,480 | | | | | | | | | | | | 2,480 | | | | | | | | | | | | 2,480 | | | | | |||||||||||||||||||
Deferred underwriting fees payable | | | | | | | | | | | | | | 5,935 | | | | | (5,935) | | | B | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | | | | | 5,935 | | | | | (5,935) | | | B | | | | — | | | | | | | | | | | | — | | | | | |||||||||||||||||||
Total non-current liabilities | | | | 80,555 | | | | | 155,827 | | | | | 11,709 | | | | | (65,247) | | | | | | | 203,688 | | | | | | | | | | | | 203,688 | | | | | | 100,098 | | | | | 141,253 | | | | | 8,415 | | | | | 35,345 | | | | | | | 285,111 | | | | | | | | | | | | 285,111 | | | | | |||||||||||||||||||
Total liabilities | | | | 140,237 | | | | | 266,610 | | | | | 13,563 | | | | | (84,888) | | | | | | | 335,522 | | | | | | | | | | | | 335,522 | | | | | | 168,440 | | | | | 266,937 | | | | | 11,195 | | | | | (5,935) | | | | | | | 440,637 | | | | | | | | | | | | 440,637 | | | | | |||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Temporary equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Common stock subject to possible redemption | | | | | | | | | | | | | | 183,570 | | | | | (183,570) | | | D | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | | | | | 183,527 | | | | | (183,527) | | | D | | | | — | | | | | | | | | | | | — | | | | | |||||||||||||||||||
Shareholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Common stock | | | | | | | | | 1,873 | | �� | | | | 1 | | | | | (1,873) | | | E | | | | 5 | | | | | (1) | | | K | | | | 4 | | | | | | | | | | | 1,873 | | | | | 1 | | | | | (1,873) | | | G | | | | 4 | | | | | (1) | | | J | | | | 2 | | | | | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 2 | | | E | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 | | | G | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 2 | | | D | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2 | | | D | | | | | | | | | (1) | | | K | | | | | | | | | |||||||||||||||||||
Additional paid-in capital | | | | 107,584 | | | | | | | | | | | | | | | 183,568 | | | D | | | | 247,201 | | | | | (52,192) | | | K | | | | 195,009 | | | | | | 107,585 | | | | | | | | | | | | | | | 183,525 | | | D | | | | 279,809 | | | | | (183,526) | | | J | | | | (7,266) | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 80,824 | | | E | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 105,422 | | | G | | | | | | | | | (103,549) | | | K | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (13,226) | | | F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (9,138) | | | C | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (3,965) | | | C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (107,585) | | | E | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Accumulated other comprehensive income (loss) | | | | 18,607 | | | | | 3,881 | | | | | | | | | | (18,607) | | | E | | | | — | | | | | 3,881 | | | K | | | | 3,881 | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | (107,584) | | | G | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3,881) | | | G | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Accumulated other comprehensive income (loss) | | | | 18,804 | | | | | 3,424 | | | | | | | | | | (18,804) | | | G | | | | 3,424 | | | | | | | | | | | | 3,424 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated deficit | | | | (101,924) | | | | | (148,498) | | | | | (13,226) | | | | | 13,226 | | | F | | | | (148,498) | | | | | | | | | | | | (148,498) | | | | | | (106,761) | | | | | (147,624) | | | | | (11,125) | | | | | 147,624 | | | G | | | | (11,125) | | | | | (147,624) | | | K | | | | (158,749) | | | | | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | 101,924 | | | G | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 106,761 | | | E | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Non-controlling interest | | | | | | | | | (6,644) | | | | | | | | | | | | | | | | | (6,644) | | | | | | | | | | | | (6,644) | | | | | | | | | | | (6,406) | | | | | | | | | | 6,406 | | | G | | | | — | | | | | (6,406) | | | K | | | | (6,406) | | | | | |||||||||||||||||||
Total shareholders’ equity (deficit) | | | | 24,464 | | | | | (149,845) | | | | | (13,225) | | | | | 234,094 | | | | | | | 95,488 | | | | | (52,193) | | | | | | | 43,295 | | | | | | 19,431 | | | | | (148,276) | | | | | (11,124) | | | | | 408,657 | | | | | | | 268,688 | | | | | (437,226) | | | | | | | (168,538) | | | | | |||||||||||||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT | | | $ | 164,701 | | | | $ | 116,765 | | | | $ | 183,908 | | | | $ | (34,364) | | | | | | $ | 431,010 | | | | $ | (52,193) | | | | | | $ | 378,817 | | | | | $ | 187,871 | | | | $ | 118,661 | | | | $ | 183,598 | | | | $ | 219,195 | | | | | | $ | 709,325 | | | | $ | (437,226) | | | | | | $ | 272,099 | | | | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Pro Forma Adjustments Assuming Minimum Redemption | | | | | | Pro Forma Combined Assuming Minimum Redemption | | | Pro Forma Adjustments Assuming Maximum Redemption | | | | | | Pro Forma Combined Assuming Maximum Redemption | | |||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 64,188 | | | | | $ | 27,204 | | | | | $ | | | | | $ | | | | | | | | $ | 91,392 | | | | | $ | | | | | | | | $ | 91,392 | | | |||
Cost of revenue | | | | | 47,143 | | | | | | 19,861 | | | | | | | | | | | | | | | | | | | | | 67,004 | | | | | | | | | | | | | | | 67,004 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | | | 17,045 | | | | | | 7,343 | | | | | | | | | | | | | | | | | | | | | 24,388 | | | | | | | | | | | | | | | 24,388 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 19,869 | | | | | | 3,333 | | | | | | 1,192 | | | | | | 13,238 | | | | AA | | | | | 41,404 | | | | | | (2,459) | | | | EE | | | | | 38,945 | | |
| | | | | | | | | | | | | | | | | | | | | | | 1,313 | | | | CC | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 2,459 | | | | DD | | | | | | | | | | | | | | | | | | | | | | |
Restructuring | | | | | (16) | | | | | | | | | | | | | | | | | | | | | | | | | | | (16) | | | | | | | | | | | | | | | (16) | | |
Management fees | | | | | 125 | | | | | | | | | | | | | | | | | | | | | | | | | | | 125 | | | | | | | | | | | | | | | 125 | | |
Total operating costs and expenses | | | | | 19,978 | | | | | | 3,333 | | | | | | 1,192 | | | | | | 17,010 | | | | | | | | | 41,513 | | | | | | (2,459) | | | | | | | | | 39,054 | | |
Loss from operations | | | | | (2,933) | | | | | | 4,010 | | | | | | (1,192) | | | | | | (17,010) | | | | | | | | | (17,125) | | | | | | 2,429 | | | | | | | | | (14,666) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | | | | 11 | | | | | | | | | | | | | | | | | | | | | 11 | | | | | | | | | | | | | | | 11 | | |
Realized and unrealized losses | | | | | | | | | | | | | | | | | (44) | | | | | | 44 | | | | BB | | | | | — | | | | | | | | | | | | | | | — | | |
Interest expense | | | | | (1,550) | | | | | | (2,966) | | | | | | | | | | | | | | | | | | | | | (4,516) | | | | | | | | | | | | | | | (4,516) | | |
Other income, net | | | | | 8 | | | | | | (538) | | | | | | | | | | | | | | | | | | | | | (530) | | | | | | | | | | | | | | | (530) | | |
Foreign exchange | | | | | 249 | | | | | | | | | | | | | | | | | | | | | | | | | | | 249 | | | | | | | | | | | | | | | 249 | | |
Change in fair value of warrant liabilities | | | | | | | | | | | | | | | | | 3,294 | | | | | | | | | | | | | | | 3,294 | | | | | | | | | | | | | | | 3,294 | | |
Total other income (expense) | | | | | (1,293) | | | | | | (3,493) | | | | | | 3,250 | | | | | | 44 | | | | | | | | | (1,492) | | | | | | 2,459 | | | | | | | | | 967 | | |
Net income (loss) before income tax provision | | | | | (4,226) | | | | | | 517 | | | | | | 2,058 | | | | | | (16,966) | | | | | | | | | (18,617) | | | | | | | | | | | | | | | (18,617) | | |
Income tax provision | | | | | (1,019) | | | | | | 447 | | | | | | | | | | | | — | | | | | | | | | (572) | | | | | | | | | | | | | | | (572) | | |
Net income (loss) before equity method investment | | | | | (5,245) | | | | | | 964 | | | | | | 2,058 | | | | | | (16,966) | | | | | | | | | (19,189) | | | | | | 2,459 | | | | | | | | | (16,730) | | |
Share of profit on equity method investment | | | | | | | | | | | 99 | | | | | | | | | | | | | | | | | | | | | 99 | | | | | | | | | | | | | | | 99 | | |
Net income (loss) after equity method investment | | | | | (5,245) | | | | | | 1,063 | | | | | | 2,058 | | | | | | (16,966) | | | | | | | | | (19,090) | | | | | | 2,459 | | | | | | | | | (16,631) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | 246 | | | | | | | | | | | | | | | | | | | | | 246 | | | | | | | | | | | | | | | 246 | | |
Net income (loss) | | | | $ | (5,245) | | | | | $ | 817 | | | | | $ | 2,058 | | | | | $ | (16,966) | | | | | | | | $ | (19,336) | | | | | $ | 2,459 | | | | | | | | $ | (16,877) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | |||||||||||||||
Weighted average redeemable common shares outstanding | | | | | | | | | | | | | | | | | 18,236,000 | | | | | | | | | | | | | | |
Net income (loss) per share, basic and diluted | | | | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | |
Weighted average non-redeemable common shares outstanding | | | | | | | | | | | | | | | | | 5,019,363 | | | | | | | | | | | | | | |
Net income (loss) per share, basic and diluted | | | | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | |
Weighted average common shares outstanding | | | | | 50,000 | | | | | | 6,880,000 | | | | | | | | | | | | 31,909,963 | | | | | | 13,646,963 | | |
Net income (loss) per share, basic and diluted | | | | $ | (104.90) | | | | | $ | 0.12 | | | | | | | | | | | $ | (0.61) | | | | | $ | (1.24) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Pro Forma Adjustments Assuming Minimum and Maximum Redemption | | | | | | | | | Pro Forma Combined Assuming Minimum and Maximum Redemption | | |||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 315,571 | | | | | $ | 105,568 | | | | | $ | | | | | | $ | | | | | | | | | | | | $ | 421,139 | | |
Cost of revenue | | | | | 215,551 | | | | | | 87,259 | | | | | | | | | | | | | | | | | | | | | | | | 302,810 | | |
Gross profit | | | | | 100,020 | | | | | | 18,309 | | | | | | | | | | | | | | | | | | | | | | | | 118,329 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 91,896 | | | | | | 29,213 | | | | | | 2,441 | | | | | | 8,065 | | | | | | AA | | | | | | 138,665 | | |
| | | | | | | | | | | | | | | | | | | | | | | 7,050 | | | | | | CC | | | | | | | | |
Restructuring | | | | | 165 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 165 | | |
Management fees | | | | | 509 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 509 | | |
Total operating costs and expenses | | | | | 92,570 | | | | | | 29,213 | | | | | | 2,441 | | | | | | 15,115 | | | | | | | | | | | | 139,339 | | |
Income (loss) from operations | | | | | 7,450 | | | | | | (10,904) | | | | | | (2,441) | | | | | | (15,115) | | | | | | | | | | | | (21,010) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ��� | | | | | | | |
Interest income | | | | | | | | | | | 249 | | | | | | | | | | | | | | | | | | | | | | | | 249 | | |
Unrealized gains | | | | | | | | | | | | | | | | | 27 | | | | | | (27) | | | | | | BB | | | | | | — | | |
Interest expense | | | | | (5,573) | | | | | | (11,310) | | | | | | | | | | | | | | | | | | | | | | | | (16,883) | | |
Other income, net | | | | | 123 | | | | | | 8,788 | | | | | | | | | | | | | | | | | | | | | | | | 8,911 | | |
Foreign exchange | | | | | (1,089) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,089) | | |
Change in fair value of warrant liabilities | | | | | | | | | | | | | | | | | 4,008 | | | | | | | | | | | | | | | | | | 4,008 | | |
Transaction costs allocated to warrant liabilities | | | | | | | | | | | | | | | | | (451) | | | | | | | | | | | | | | | | | | (451) | | |
Total other income (expense) | | | | | (6,539) | | | | | | (2,273) | | | | | | 3,584 | | | | | | (27) | | | | | | | | | | | | (5,255) | | |
Net income (loss) before income tax provision | | | | | 910 | | | | | | (13,177) | | | | | | 1,143 | | | | | | (15,142) | | | | | | | | | | | | (26,266) | | |
Income tax provision | | | | | (191) | | | | | | (207) | | | | | | | | | | | | — | | | | | | | | | | | | (398) | | |
Net income (loss) before equity method investment | | | | | 719 | | | | | | (13,384) | | | | | | 1,143 | | | | | | (15,142) | | | | | | | | | | | | (26,664) | | |
Share of profit on equity method investment | | | | | | | | | | | 1,965 | | | | | | | | | | | | | | | | | | | | | | | | 1,965 | | |
Net income (loss) after equity method investment | | | | | 719 | | | | | | (11,419) | | | | | | 1,143 | | | | | | (15,142) | | | | | | | | | | | | (24,699) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | (833) | | | | | | | | | | | | | | | | | | | | | | | | (833) | | |
Net income (loss) | | | | $ | 719 | | | | | $ | (10,586) | | | | | $ | 1,143 | | | | | $ | (15,142) | | | | | | | | | | | $ | (23,866) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | |||||||||||||||
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 6,880,000 | | | | | | 14,904,015 | | | | | | 37,615,398 | | | | | | 32,126,929 | | |
Net income (loss) per share, basic and diluted | | | | $ | 14.38 | | | | | $ | (1.54) | | | | | $ | 0.08 | | | | | $ | (0.63) | | | | | $ | (0.74) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Pro Forma Adjustments Assuming Minimum Redemption | | | | | | Pro Forma Combined Assuming Minimum Redemption | | | Pro Forma Adjustments Assuming Maximum Redemption | | | | | | Pro Forma Combined Assuming Maximum Redemption | | |||||||||||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 315,571 | | | | | $ | 105,568 | | | | | $ | | | | | $ | | | | | | | | $ | 421,139 | | | | | $ | | | | | | | | $ | 421,139 | | | |||
Cost of revenue | | | | | 215,551 | | | | | | 87,259 | | | | | | | | | | | | 7,397 | | | | EE | | | | | 312,596 | | | | | | (2,389) | | | | HH | | | | | 310,207 | | |
| | | | | | | | | | | | | | | | | | | | | | | 2,389 | | | | FF | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | | | 100,020 | | | | | | 18,309 | | | | | | | | | | | | (9,786) | | | | | | | | | 108,543 | | | | | | 2,389 | | | | | | | | | 110,932 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 91,896 | | | | | | 29,213 | | | | | | 2,441 | | | | | | 8,065 | | | | AA | | | | | 146,694 | | | | | | (9,829) | | | | GG | | | | | 136,865 | | |
| | | | | | | | | | | | | | | | | | | | | | | 5,250 | | | | CC | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 9,829 | | | | DD | | | | | | | | | | | | | | | | | | | | | | |
Restructuring | | | | | 165 | | | | | | | | | | | | | | | | | | | | | | | | | | | 165 | | | | | | | | | | | | | | | 165 | | |
Management fees | | | | | 509 | | | | | | | | | | | | | | | | | | | | | | | | | | | 509 | | | | | | | | | | | | | | | 509 | | |
Total operating costs and expenses | | | | | 92,570 | | | | | | 29,213 | | | | | | 2,441 | | | | | | 23,144 | | | | | | | | | 147,368 | | | | | | (9,829) | | | | | | | | | 137,539 | | |
Loss from operations | | | | | 7,450 | | | | | | (10,904) | | | | | | (2,441) | | | | | | (32,930) | | | | | | | | | (38,825) | | | | | | 12,218 | | | | | | | | | (26,607) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | | | | 249 | | | | | | | | | | | | | | | | | | | | | 249 | | | | | | | | | | | | | | | 249 | | |
Unrealized gains | | | | | | | | | | | | | | | | | 27 | | | | | | (27) | | | | BB | | | | | — | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (5,573) | | | | | | (11,310) | | | | | | | | | | | | | | | | | | | | | (16,883) | | | | | | | | | | | | | | | (16,883) | | |
Other income, net | | | | | 123 | | | | | | 8,788 | | | | | | | | | | | | | | | | | | | | | 8,911 | | | | | | | | | | | | | | | 8,911 | | |
Foreign exchange | | | | | (1,089) | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,089) | | | | | | | | | | | | | | | (1,089) | | |
Change in fair value of warrant liabilities | | | | | | | | | | | | | | | | | 4,008 | | | | | | | | | | | | | | | 4,008 | | | | | | | | | | | | | | | 4,008 | | |
Transaction costs allocated to warrant liabilities | | | | | | | | | | | | | | | | | (451) | | | | | | | | | | | | | | | (451) | | | | | | | | | | | | | | | (451) | | |
Total other income (expense) | | | | | (6,539) | | | | | | (2,273) | | | | | | 3,584 | | | | | | (27) | | | | | | | | | (5,255) | | | | | | | | | | | | | | | (5,255) | | |
Net income (loss) before income tax provision | | | | | 910 | | | | | | (13,177) | | | | | | 1,143 | | | | | | (32,957) | | | | | | | | | (44,081) | | | | | | | | | | | | | | | (44,081) | | |
Income tax provision | | | | | (191) | | | | | | (207) | | | | | | | | | | | | — | | | | | | | | | (398) | | | | | | | | | | | | | | | (398) | | |
Net income (loss) before equity method investment | | | | | 719 | | | | | | (13,384) | | | | | | 1,143 | | | | | | (32,957) | | | | | | | | | (44,479) | | | | | | 12,218 | | | | | | | | | (32,261) | | |
Share of profit on equity method investment | | | | | | | | | | | 1,965 | | | | | | | | | | | | | | | | | | | | | 1,965 | | | | | | | | | | | | | | | 1,965 | | |
Net income (loss) after equity method investment | | | | | 719 | | | | | | (11,419) | | | | | | 1,143 | | | | | | (32,957) | | | | | | | | | (42,514) | | | | | | 12,218 | | | | | | | | | (30,296) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | (833) | | | | | | | | | | | | | | | | | | | | | (833) | | | | | | | | | | | | | | | (833) | | |
Net income (loss) | | | | $ | 719 | | | | | $ | (10,586) | | | | | $ | 1,143 | | | | | $ | (32,957) | | | | | | | | $ | (41,681) | | | | | $ | 12,218 | | | | | | | | $ | (29,463) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | |||||||||||||||
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 6,880,000 | | | | | | 14,904,015 | | | | | | 31,909,963 | | | | | | 13,646,963 | | |
Net income (loss) per share, basic and diluted | | | | $ | 14.38 | | | | | $ | (1.54) | | | | | $ | 0.08 | | | | | $ | (1.31) | | | | | $ | (2.16) | | |
| | Luminex (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | | | | Pro Forma Combined Assuming Maximum Redemption | | | Luminex (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | Pro Forma Combined Assuming Maximum Redemption | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 5,244 | | | | $ | 257 | | | | $ | 183,570 | | | | | A | | | | $ | 49,415 | | | | $ | (49,415) | | | | | H | | | | $ | — | | | | | $ | 6,950 | | | | $ | 17 | | | | $ | 183,527 | | | A | | | $ | 109,458 | | | | $ | (183,527) | | | H | | | $ | (74,069) | | | L | | | |||||||||||||||||||||||||
| | | | | | | | | | | | | | (5,935) | | | B | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | (5,935) | | | | | B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (8,524) | | | C | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | (3,965) | | | | | C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (66,577) | | | F | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
| | | | | | | | | | | | | | (129,756) | | | | | F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Restricted cash | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | |||||||||||||||||||||||||
Accounts receivable | | | | 24,837 | | | | | | | | | | | | | | | | | | | | 24,837 | | | | | | | | | | | | | | | 24,837 | | | | | | 15,101 | | | | | | | | | | | | | | | | | 15,101 | | | | | | | | | | | | 15,101 | | | | | | |||||||||||||||||||||||||
Inventories | | | | 80,126 | | | | | | | | | | | | | | | | | | | | 80,126 | | | | | | | | | | | | | | | 80,126 | | | | | | 91,390 | | | | | | | | | | 7,398 | | | F | | | | 98,788 | | | | | | | | | | | | 98,788 | | | | | | |||||||||||||||||||||||||
Prepaid expenses and other current assets | | | | 11,149 | | | | | 81 | | | | | | | | | | | | | | | 11,230 | | | | | | | | | | | | | | | 11,230 | | | | | | 9,803 | | | | | 54 | | | | | | | | | | | | 9,857 | | | | | | | | | | | | 9,857 | | | | | | |||||||||||||||||||||||||
Total current assets | | | | 121,356 | | | | | 338 | | | | | 43,914 | | | | | | | | | | 165,608 | | | | | (49,415) | | | | | | | | | | 116,193 | | | | | | 123,244 | | | | | 71 | | | | | 109,889 | | | | | | | 233,204 | | | | | (183,527) | | | | | | | 49,677 | | | | | | |||||||||||||||||||||||||
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Cash and investments held in Trust Account | | | | — | | | | | 183,570 | | | | | (183,570) | | | | | A | | | | | — | | | | | | | | | | | | | | | — | | | | | | — | | | | | 183,527 | | | | | (183,527) | | | A | | | | — | | | | | | | | | | | | — | | | | | | |||||||||||||||||||||||||
Investments | | | | — | | | | | — | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | | | | | — | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | |||||||||||||||||||||||||
Intangible assets, net | | | | 5,177 | | | | | | | | | | 62,823 | | | | | F | | | | | 68,000 | | | | | | | | | | | | | | | 68,000 | | | | | | 5,008 | | | | | | | | | | 40,992 | | | F | | | | 46,000 | | | | | | | | | | | | 46,000 | | | | | | |||||||||||||||||||||||||
Equity accounted investments | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | | |||||||||||||||||||||||||
Deferred income tax asset | | | | 1,511 | | | | | | | | | | | | | | | | | | | | 1,511 | | | | | | | | | | | | | | | 1,511 | | | | | | 2,047 | | | | | | | | | | | | | | | | | 2,047 | | | | | | | | | | | | 2,047 | | | | | | |||||||||||||||||||||||||
Property and equipment, net | | | | 32,117 | | | | | | | | | | (1,736) | | | | | F | | | | | 30,381 | | | | | | | | | | | | | | | 30,381 | | | | | | 53,319 | | | | | | | | | | (1,736) | | | F | | | | 51,583 | | | | | | | | | | | | 51,583 | | | | | | |||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | | | | | | | | | | | | | | 44,205 | | | | | F | | | | | 44,205 | | | | | | | | | | | | | | | 44,205 | | | | | | | | | | | | | | | | 492 | | | F | | | | 492 | | | | | | | | | | | | 492 | | | | | | |||||||||||||||||||||||||
Other non-current assets | | | | 4,540 | | | | | | | | | | | | | | | | | | | | 4,540 | | | | | | | | | | | | | | | 4,540 | | | | | | 4,253 | | | | | | | | | | | | | | | | | 4,253 | | | | | | | | | | | | 4,253 | | | | | | |||||||||||||||||||||||||
Total non-current assets | | | | 43,345 | | | | | 183,570 | | | | | (78,278) | | | | | | | | | | 148,637 | | | | | — | | | | | | | | | | 148,637 | | | | | | 64,627 | | | | | 183,527 | | | | | (143,779) | | | | | | | 104,375 | | | | | — | | | | | | | 104,375 | | | | | | |||||||||||||||||||||||||
TOTAL ASSETS | | | $ | 164,701 | | | | $ | 183,908 | | | | $ | (34,364) | | | | | | | | | $ | 314,245 | | | | $ | (49,415) | | | | | | | | | $ | 264,830 | | | | | $ | 187,871 | | | | $ | 183,598 | | | | $ | (33,890) | | | | | | $ | 337,579 | | | | $ | (183,527) | | | | | | $ | 154,052 | | | | | | |||||||||||||||||||||||||
LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Accounts payable | | | $ | 31,287 | | | | $ | | | | $ | | | | | | | | | | $ | 31,287 | | | | $ | | | | | | | | | | $ | 31,287 | | | | | $ | 41,039 | | | | $ | | | | $ | | | | | | $ | 41,039 | | | | $ | | | | | | $ | 41,039 | | | | | | |||||||||||||||||||||||||||||
Accounts payable – related party | | | | 610 | | | | | | | | | | | | | | | | | | | | 610 | | | | | | | | | | | | | | | 610 | | | | | | 336 | | | | | | | | | | | | | | | | | 336 | | | | | | | | | | | | 336 | | | | | | |||||||||||||||||||||||||
Short-term debt | | | | 873 | | | | | | | | | | | | | | | | | | | | 873 | | | | | | | | | | | | | | | 873 | | | | | | 3,477 | | | | | 690 | | | | | | | | | | | | 4,167 | | | | | | | | | | | | 4,167 | | | | | | |||||||||||||||||||||||||
Other current liablities | | | | 26,912 | | | | | 1,854 | | | | | | | | | | | | | | | 28,766 | | | | | | | | | | | | | | | 28,766 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | | | | 23,489 | | | | | 2,090 | | | | | | | | | | | | 25,579 | | | | | | | | | | | | 25,579 | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | | | | 59,682 | | | | | 1,854 | | | | | — | | | | | | | | | | 61,536 | | | | | | | | | | | | | | | 61,536 | | | | | | 68,341 | | | | | 2,780 | | | | | | | | | | | | 71,121 | | | | | | | | | | | | 71,121 | | | | | | |||||||||||||||||||||||||
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Long-term debt | | | | 69,370 | | | | | | | | | | (37,063) | | | | | J | | | | | 32,307 | | | | | | | | | | | | | | | 32,307 | | | | | | 89,948 | | | | | | | | | | (38,960) | | | G | | | | 50,988 | | | | | | | | | | | | 50,998 | | | | | | | | | | |||||||||||||||||||||
Long-term debt - revolver | | | | | | | | | | | | | | 37,063 | | | | | J | | | | | 37,063 | | | | | | | | | | | | | | | 37,063 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | | | | 10,588 | | | | | | | | | | | | | | | | | | | | 10,588 | | | | | | | | | | | | | | | 10,588 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities, net | | | | 597 | | | | | | | | | | | | | | | | | | | | 597 | | | | | | | | | | | | | | | 597 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant liability | | | | | | | | | 5,774 | | | | | | | | | | | | | | | 5,774 | | | | | | | | | | | | | | | 5,774 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred underwriting fees payable | | | | | | | | | 5,935 | | | | | (5,935) | | | | | B | | | | | — | | | | | | | | | | | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-current liabilities | | | | 80,555 | | | | | 11,709 | | | | | (5,935) | | | | | | | | | | 86,329 | | | | | | | | | | | | | | | 86,329 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | | | | 140,237 | | | | | 13,563 | | | | | (5,935) | | | | | | | | | | 147,865 | | | | | | | | | | | | | | | 147,865 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt – revolver | | | | | | | | | | | | | | 38,960 | | | G | | | | 38,960 | | | | | | | | | | | | 38,960 | | | | | |
| | Luminex (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | | | | Pro Forma Combined Assuming Maximum Redemption | | | Luminex (Historical) | | GACQ (Historical) | | Pro Forma Adjustments Assuming Minimum Redemption | | | | Pro Forma Combined Assuming Minimum Redemption | | Pro Forma Adjustments Assuming Maximum Redemption | | | | Pro Forma Combined Assuming Maximum Redemption | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | | | | 8,995 | | | | | | | | | | | | | | | | | 8,995 | | | | | | | | | | | | 72,195 | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liabilities, net | | | | 1,156 | | | | | | | | | | | | | | | | | 1,156 | | | | | | | | | | | | 1,156 | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrant liability | | | | | | | | | 2,480 | | | | | | | | | | | | 2,480 | | | | | | | | | | | | 2,480 | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred underwriting fees payable | | | | | | | | | 5,935 | | | | | (5,935) | | | B | | | | — | | | | | | | | | | | | — | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-current liabilities | | | | 100,099 | | | | | 8,415 | | | | | (5,935) | | | | | | | 102,579 | | | | | | | | | | | | 102,579 | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | | | | 168,440 | | | | | 11,195 | | | | | (5,935) | | | | | | | 173,700 | | | | | | | | | | | | 173,700 | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Temporary equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Common stock subject to possible redemption | | | | | | | | | 183,570 | | | | | (183,570) | | | | | D | | | | | — | | | | | | | | | | | | | | | — | | | | | | | | | | | 183,527 | | | | | (183,527) | | | D | | | | — | | | | | | | | | | | | — | | | | | |||||||||||||||||
Shareholders’ equity (deficit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Common stock | | | | | | | | | 1 | | | | | | | | | | | | | | | 3 | | | | | (1) | | | | | H | | | | | 2 | | | | | | | | | | | 1 | | | | | 2 | | | D | | | | 3 | | | | | (1) | | | I | | | | 2 | | | | | |||||||||||||||||
| | | | | | | | | | | | | | 2 | | | | | D | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | | | | 107,584 | | | | | | | | | | 183,568 | | | | | D | | | | | 166,377 | | | | | (49,414) | | | | | H | | | | | 116,963 | | | | | | 107,585 | | | | | | | | | | 183,525 | | | D | | | | 175,001 | | | | | (183,526) | | | I | | | | (8,525) | | | | | |||||||||||||||||
| | | | | | | | | | | | | | (13,226) | | | | | E | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | (3,965) | | | | | C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (8,524) | | | C | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
| | | | | | | | | | | | | | (107,584) | | | | | F | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (107,585) | | | E | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||
Accumulated other comprehensive income (loss) | | | | 18,804 | | | | | | | | | | (18,804) | | | | | F | | | | | — | | | | | | | | | | | | | | | — | | | | | | 18,607 | | | | | | | | | | (18,607) | | | E | | | | — | | | | | | | | | | | | — | | | | | |||||||||||||||||
Accumulated deficit | | | | (101,924) | | | | | (13,226) | | | | | 13,226 | | | | | E | | | | | — | | | | | | | | | | | | | | | — | | | | | | (106,761) | | | | | (11,125) | | | | | 106,761 | | | E | | | | (11,125) | | | | | | | | | | | | (11,125) | | | | | |||||||||||||||||
| | | | | | | | | | | | | | 101,924 | | | | | F | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | |||||||||||||||||
Total shareholders’ equity (deficit) | | | | 24,464 | | | | | (13,225) | | | | | 155,141 | | | | | | | | | | 166,380 | | | | | (49,415) | | | | | | | | | | 116,965 | | | | | | 19,431 | | | | | (11,124) | | | | | 181,253 | | | | | | | 163,879 | | | | | (183,527) | | | | | | | (19,648) | | | | | |||||||||||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT | | | $ | 164,701 | | | | $ | 183,908 | | | | $ | (34,364) | | | | | | | | | $ | 314,245 | | | | $ | (49,415) | | | | | | | | | $ | 264,830 | | | | | $ | 187,871 | | | | $ | 183,598 | | | | $ | 71,110 | | | | | | $ | 337,579 | | | | $ | (183,527) | | | | | | $ | 154,052 | | | | | |
| | | Luminex (Historical) | | | GACQ (Historical) | | | Pro Forma Adjustments Assuming Minimum and Maximum Redemption | | | | | | | | | Pro Forma Combined Assuming Minimum and Maximum Redemption | | ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 64,188 | | | | | $ | | | | | $ | | | | | | | | | | | $ | 64,188 | | | ||
Cost of revenue | | | | | 47,143 | | | | | | | | | | | | | | | | | | | | | | | | 47,143 | | |
Gross profit | | | | | 17,045 | | | | | | | | | | | | | | | | | | | | | | | | 17,045 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 19,869 | | | | | | 1,192 | | | | | | 8,524 | | | | | | AA | | | | | | 30,898 | | |
| | | | | | | | | | | | | | | | | 1,313 | | | | | | CC | | | | | | | | |
Restructuring | | | | | (16) | | | | | | | | | | | | | | | | | | | | | | | | (16) | | |
Management fees | | | | | 125 | | | | | | | | | | | | | | | | | | | | | | | | 125 | | |
Intangible impairment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Goodwill impairment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Total operating costs and expenses | | | | | 19,978 | | | | | | 1,192 | | | | | | 9,837 | | | | | | | | | | | | 31,007 | | |
Loss from operations | | | | | (2,933) | | | | | | (1,192) | | | | | | (9,837) | | | | | | | | | | | | (13,962) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Realized and unrealized losses | | | | | | | | | | | (44) | | | | | | 44 | | | | | | BB | | | | | | | | |
Interest expense | | | | | (1,550) | | | | | | | | | | | | | | | | | | | | | | | | (1,550) | | |
Change in fair value of warrant liabilities | | | | | | | | | | | 3,294 | | | | | | | | | | | | | | | | | | | | |
Other income, net | | | | | 8 | | | | | | | | | | | | | | | | | | | | | | | | 8 | | |
Foreign exchange | | | | | 249 | | | | | | | | | | | | | | | | | | | | | | | | 249 | | |
Total other income (expense) | | | | | (1,293) | | | | | | 3,250 | | | | | | 44 | | | | | | | | | | | | 2,001 | | |
Net income (loss) before income tax provision | | | | | (4,226) | | | | | | 2,058 | | | | | | | | | | | | | | | | | | (2,168) | | |
Income tax provision | | | | | (1,019) | | | | | | | | | | | | | | | | | | | | | | | | (1,019) | | |
Net income (loss) before equity method investment | | | | | (5,245) | | | | | | 2,058 | | | | | | (9,793) | | | | | | | | | | | | (12,980) | | |
Share of profit on equity method investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net income (loss) after equity method investment | | | | | (5,245) | | | | | | 2,058 | | | | | | (9,793) | | | | | | | | | | | | (12,980) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net income (loss) | | | | $ | (5,245) | | | | | $ | 2,058 | | | | | $ | (9,793) | | | | | | | | | | | $ | (12,980) | | |
| | | Luminex (Historical) | | | GACQ (Historical) | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | ||||||||||||
Weighted average redeemable common shares outstanding | | | | | | | | | | | 18,236,000 | | | | | | | | | | | | | | |
Net income (loss) per share, basic and diluted | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | |
Weighted average non-redeemable common shares outstanding | | | | | | | | | | | 5,019,363 | | | | | | | | | | | | | | |
Net income (loss) per share, basic and diluted | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | |
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | | | | | | | 31,909,963 | | | | | | 13,646,963 | | |
Net loss per share, basic and diluted | | | | $ | (104.90) | | | | | | | | | | | $ | (0.41) | | | | | $ | (0.95) | | |
| | | Luminex (Historical) | | | GACQ (Historical) | | | Pro Forma Adjustments Assuming Minimum and Maximum Redemption | | | | | | | | | Pro Forma Combined Assuming Minimum and Maximum Redemption | | ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 315,571 | | | | | $ | | | | | | $ | | | | | | | | | | | | $ | 315,571 | | |
Cost of revenue | | | | | 215,551 | | | | | | | | | | | | | | | | | | | | | | | | 215,551 | | |
Gross profit | | | | | 100,020 | | | | | | | | | | | | | | | | | | | | | | | | 100,020 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 91,896 | | | | | | 2,441 | | | | | | 8,065 | | | | | | AA | | | | | | 109,452 | | |
| | | | | | | | | | | | | | | | | 7,050 | | | | | | CC | | | | | | | | |
Restructuring | | | | | 165 | | | | | | | | | | | | | | | | | | | | | | | | 165 | | |
Management fees | | | | | 509 | | | | | | | | | | | | | | | | | | | | | | | | 509 | | |
Total operating costs and expenses | | | | | 92,570 | | | | | | 2,441 | | | | | | 8,065 | | | | | | | | | | | | 103,076 | | |
Income (loss) from operations | | | | | 7,450 | | | | | | (2,441) | | | | | | (8,065) | | | | | | | | | | | | (3,056) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Unrealized gain | | | | | | | | | | | 27 | | | | | | (27) | | | | | | BB | | | | | | — | | |
Interest expense | | | | | (5,573) | | | | | | | | | | | | | | | | | | | | | | | | (5,573) | | |
Other income, net | | | | | 123 | | | | | | | | | | | | | | | | | | | | | | | | 123 | | |
Foreign exchange | | | | | (1,089) | | | | | | | | | | | | | | | | | | | | | | | | (1,089) | | |
Change in fair value of warrant liabilities | | | | | | | | | | | 4,008 | | | | | | | | | | | | | | | | | | 4,008 | | |
Transaction costs allocated to warrant liabilities | | | | | | | | | | | (451) | | | | | | | | | | | | | | | | | | (451) | | |
Total other income (expense) | | | | | (6,539) | | | | | | 3,584 | | | | | | (27) | | | | | | | | | | | | (2,982) | | |
Net income (loss) before income tax provision | | | | | 910 | | | | | | 1,143 | | | | | | (8,092) | | | | | | | | | | | | (6,039) | | |
Income tax provision | | | | | (191) | | | | | | | | | | | | | | | | | | | | | | | | (191) | | |
Net income (loss) before equity method investment | | | | | 719 | | | | | | 1,143 | | | | | | (8,092) | | | | | | | | | | | | (6,230) | | |
Share of profit on equity method investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net income (loss) after equity method investment | | | | | 719 | | | | | | 1,143 | | | | | | (8,092) | | | | | | | | | | | | (6,230) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net income (loss) | | | | $ | 719 | | | | | $ | 1,143 | | | | | $ | (8,092) | | | | | | | | | | | $ | (6,230) | | |
| | | Luminex (Historical) | | | GACQ (Historical) | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | ||||||||||||
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 14,904,015 | | | | | | 37,615,398 | | | | | | 32,126,929 | | |
Net income (loss) per share, basic and diluted | | | | $ | 14.38 | | | | | $ | 0.08 | | | | | $ | (0.17) | | | | | $ | (0.19) | | |
| | | Luminex (Historical) | | | GACQ (Historical) | | | Pro Forma Adjustments Assuming Minimum and Maximum Redemption | | | | | | | | | Pro Forma Combined Assuming Minimum and Maximum Redemption | | ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 315,571 | | | | | $ | | | | | $ | | | | | | | | | | | $ | 315,571 | | | ||
Cost of revenue | | | | | 215,551 | | | | | | | | | | | | 7,397 | | | | | | DD | | | | | | 222,948 | | |
Gross profit | | | | | 100,020 | | | | | | | | | | | | (7,397) | | | | | | | | | | | | 92,623 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 91,896 | | | | | | 2,441 | | | | | | 8,065 | | | | | | AA | | | | | | 107,652 | | |
| | | | | | | | | | | | | | | | | 5,250 | | | | | | CC | | | | | | | | |
Restructuring | | | | | 165 | | | | | | | | | | | | | | | | | | | | | | | | 165 | | |
Management fees | | | | | 509 | | | | | | | | | | | | | | | | | | | | | | | | 509 | | |
Total operating costs and expenses | | | | | 92,570 | | | | | | 2,441 | | | | | | 13,315 | | | | | | | | | | | | 108,326 | | |
Loss from operations | | | | | 7,450 | | | | | | (2,441) | | | | | | (20,712) | | | | | | | | | | | | (15,703) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Unrealized gain | | | | | | | | | | | 27 | | | | | | (27) | | | | | | BB | | | | | | — | | |
Interest expense | | | | | (5,573) | | | | | | | | | | | | | | | | | | | | | | | | (5,573) | | |
Other income, net | | | | | 123 | | | | | | | | | | | | | | | | | | | | | | | | 123 | | |
Foreign exchange | | | | | (1,089) | | | | | | | | | | | | | | | | | | | | | | | | (1,089) | | |
Change in fair value of warrant liabilities | | | | | | | | | | | 4,008 | | | | | | | | | | | | | | | | | | 4,008 | | |
Transaction costs allocated to warrant liabilities | | | | | | | | | | | (451) | | | | | | | | | | | | | | | | | | (451) | | |
Total other income (expense) | | | | | (6,539) | | | | | | 3,584 | | | | | | (27) | | | | | | | | | | | | (2,982) | | |
Net income (loss) before income tax provision | | | | | 911 | | | | | | 1,143 | | | | | | (20,739) | | | | | | | | | | | | (18,685) | | |
Income tax provision | | | | | (191) | | | | | | | | | | | | | | | | | | | | | | | | (191) | | |
Net income (loss) before equity method investment | | | | | 720 | | | | | | 1,143 | | | | | | (20,739) | | | | | | | | | | | | (18,876) | | |
Share of profit on equity method investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net income (loss) after equity method investment | | | | | 720 | | | | | | 1,143 | | | | | | (20,739) | | | | | | | | | | | | (18,876) | | |
Net loss attributable to noncontrolling interest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net income (loss) | | | | $ | 720 | | | | | $ | 1,143 | | | | | $ | (20,739) | | | | | | | | | | | $ | (18,876) | | |
| | | Luminex (Historical) | | | GACQ (Historical) | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | ||||||||||||
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 14,904,015 | | | | | | 23,282,363 | | | | | | 5,019,363 | | |
Net income (loss) per share, basic and diluted | | | | $ | 14.40 | | | | | $ | 0.08 | | | | | $ | (0.81) | | | | | $ | (3.76) | | |
| | | Financial statements as included | | | Adjustments | | | Pro Forma as presented | | |||||||||||||||
| | | Subtract | | | Add | | ||||||||||||||||||
Luminex | | | Year Ended 2/28/2022 | | | Ten Months ended 12/31/2021 | | | One Month ended 3/31/2022 | | | Period Ended 3/31/2022 | | ||||||||||||
Revenue | | | | $ | 308,718 | | | | | $ | 263,750 | | | | | $ | 19,220 | | | | | $ | 64,188 | | |
Cost of revenue | | | | | 210,192 | | | | | | 177,205 | | | | | | 14,156 | | | | | | 47,143 | | |
Gross Profit | | | | | 98,526 | | | | | | 86,545 | | | | | | 5,064 | | | | | | 17,045 | | |
Selling, general and administrative expenses | | | | | 91,866 | | | | | | 77,989 | | | | | | 5,992 | | | | | | 19,869 | | |
Restructuring | | | | | 75 | | | | | | 165 | | | | | | 74 | | | | | | (16) | | |
Management fees | | | | | 502 | | | | | | 419 | | | | | | 42 | | | | | | 125 | | |
Total operating costs and expenses | | | | | 92,443 | | | | | | 78,573 | | | | | | 6,108 | | | | | | 19,978 | | |
Loss from operations | | | | | 6,083 | | | | | | 7,972 | | | | | | (1,044) | | | | | | (2,933) | | |
Interest income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense | | | | | (5,650) | | | | | | (4,677) | | | | | | (577) | | | | | | (1,550) | | |
Other income, net | | | | | 112 | | | | | | 118 | | | | | | 14 | | | | | | 8 | | |
Foreign exchange | | | | | (1,057) | | | | | | (1,003) | | | | | | 303 | | | | | | 249 | | |
Total other income (expense) | | | | | (6,595) | | | | | | (5,562) | | | | | | (260) | | | | | | (1,293) | | |
Net income (loss) before income tax provision | | | | | (512) | | | | | | 2,410 | | | | | | (1,304) | | | | | | (4,226) | | |
Income tax provision | | | | | 1,687 | | | | | | 506 | | | | | | (162) | | | | | | 1,019 | | |
Net income (loss) | | | | $ | (2,199) | | | | | $ | 1,904 | | | | | $ | (1,142) | | | | | $ | (5,245) | | |
| | Statement of Operations Year Ended December 31, 2021 | | | | Financial statements as included | | | Adjustments | | | Pro Forma as presented | | |||||||||||||||||||||||||||||||||||||
| | | Financial statements as included | | | Adjustments | | | Pro Forma as presented | | | Subtract | | Add | | |||||||||||||||||||||||||||||||||||
| | Add | | Add | | |||||||||||||||||||||||||||||||||||||||||||||
| | 9 months ended 11/30/2021 | | Month ended 12/31/2021 | | Two Months ended 2/28/2021 | | Year Ended 12/31/2021 | | |||||||||||||||||||||||||||||||||||||||||
Luminex | | Year Ended 2/28/2022 | | Two Months ended 2/28/2022 | | Two Months ended 2/28/2021 | | Year Ended 12/31/2021 | | |||||||||||||||||||||||||||||||||||||||||
Revenue | | | $ | 236,094 | | | | $ | 27,656 | | | | $ | 51,821 | | | | $ | 315,571 | | | | | $ | 308,718 | | | | $ | 44,968 | | | | $ | 51,821 | | | | $ | 315,571 | | | ||||||||
Cost of revenue | | | | 157,180 | | | | | 20,025 | | | | | 38,346 | | | | | 215,551 | | | | | | 210,192 | | | | | 32,987 | | | | | 38,346 | | | | | 215,551 | | | ||||||||
Gross Profit | | | | 78,914 | | | | | 7,631 | | | | | 13,475 | | | | | 100,020 | | | | | | 98,526 | | | | | 11,981 | | | | | 13,475 | | | | | 100,020 | | | ||||||||
Selling, general and administrative expenses | | | | 71,260 | | | | | 6,729 | | | | | 13,907 | | | | | 91,896 | | | | | | 91,866 | | | | | 13,877 | | | | | 13,907 | | | | | 91,896 | | | ||||||||
Restructuring | | | | 155 | | | | | 10 | | | | | — | | | | | 165 | | | | | | 75 | | | | | (90) | | | | | — | | | | | 165 | | | ||||||||
Management fees | | | | 377 | | | | | 42 | | | | | 90 | | | | | 509 | | | | | | 502 | | | | | 83 | | | | | 90 | | | | | 509 | | | ||||||||
Intangible impairment | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Goodwill impairment | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Total operating costs and expenses | | | | 71,792 | | | | | 6,781 | | | | | 13,997 | | | | | 92,570 | | | | | | 92,443 | | | | | 13,870 | | | | | 13,997 | | | | | 92,570 | | | ||||||||
Income (loss) from operations | | | | 7,122 | | | | | 850 | | | | | (522) | | | | | 7,450 | | | |||||||||||||||||||||||||||||
Loss from operations | | | | 6,083 | | | | | (1,889) | | | | | (522) | | | | | 7,450 | | | |||||||||||||||||||||||||||||
Interest income | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Interest expense | | | | (4,219) | | | | | (457) | | | | | (897) | | | | | (5,573) | | | | | | (5,650) | | | | | (974) | | | | | (897) | | | | | (5,573) | | | ||||||||
Other income, net | | | | 66 | | | | | 53 | | | | | 4 | | | | | 123 | | | | | | 112 | | | | | (7) | | | | | 4 | | | | | 123 | | | ||||||||
Foreign exchange | | | | (1,085) | | | | | 83 | | | | | (87) | | | | | (1,089) | | | | | | (1,057) | | | | | (55) | | | | | (87) | | | | | (1,089) | | | ||||||||
Total other income (expense) | | | | (5,238) | | | | | (321) | | | | | (980) | | | | | (6,539) | | | | | | (6,595) | | | | | (1,036) | | | | | (980) | | | | | (6,539) | | | ||||||||
Net income (loss) before income tax provision | | | | 1,883 | | | | | 528 | | | | | (1,501) | | | | | 910 | | | | | | (512) | | | | | (2,923) | | | | | (1,501) | | | | | 910 | | | ||||||||
Income tax provision | | | | 400 | | | | | 106 | | | | | (315) | | | | | 191 | | | | | | 1,687 | | | | | 1,181 | | | | | (315) | | | | | 191 | | | ||||||||
Net income (loss) | | | $ | 1,482 | | | | $ | 423 | | | | $ | (1,186) | | | | $ | 719 | | | | | $ | (2,199) | | | | $ | (4,104) | | | | $ | (1,186) | | | | $ | 719 | | |
| | | Financial Statements as Included | | | Adjustments | | | Pro forma as Presented | | |||||||||
| | | Subtract | | |||||||||||||||
| | | For the year ended March 31, 2022 | | | For nine months ended December 31, 2021 | | | For three months ended March 31, 2022 | | |||||||||
Revenue, net | | | | $ | 103,067,920 | | | | | $ | 75,864,341 | | | | | $ | 27,203,579 | | |
Cost of goods sold | | | | | 77,898,601 | | | | | | 58,038,084 | | | | | | 19,860,517 | | |
Gross profit | | | | | 25,169,319 | | | | | | 17,826,257 | | | | | | 7,343,062 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | |
Selling, general & administrative expenses | | | | | 27,378,907 | | | | | | 24,717,832 | | | | | | 2,661,075 | | |
Depreciation & amortization | | | | | 2,528,367 | | | | | | 1,856,889 | | | | | | 671,478 | | |
Total operating expenses | | | | | 29,907,274 | | | | | | 26,574,721 | | | | | | 3,332,553 | | |
Profit/ (Loss) from operations before other income (expense) and share of profit on equity accounted investments | | | | | (4,737,955) | | | | | | (8,748,464) | | | | | | 4,010,509 | | |
OTHER INCOME / (EXPENSE) | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 242,210 | | | | | | 230,946 | | | | | | 11,264 | | |
Interest expense | | | | | (9,914,702) | | | | | | (6,948,934) | | | | | | (2,965,768) | | |
Other income/ (expense), net | | | | | 6,984,507 | | | | | | 7,522,848 | | | | | | (538,341) | | |
Total other income/ (expense) | | | | | (2,687,985) | | | | | | 804,860 | | | | | | (3,492,845) | | |
Profit/ (Loss) before income taxes and share of profit on equity accounted investments | | | | | (7,425,940) | | | | | | (7,943,604) | | | | | | 517,664 | | |
Benefit/ (Provision) For income taxes | | | | | 342,703 | | | | | | (104,068) | | | | | | 446,771 | | |
Net Profit/ (Loss)before share of profit on equity accounted investments | | | | | (7,083,237) | | | | | | (8,047,672) | | | | | | 964,435 | | |
Share of profit on equity accounted investment | | | | | 1,709,576 | | | | | | 1,610,355 | | | | | | 99,221 | | |
Net Profit/ (Loss) after share of profit on equity accounted investments | | | | | (5,373,661) | | | | | | (6,437,317) | | | | | | 1,063,656 | | |
Net Profit/ (Loss) attributable to noncontrolling interest | | | | | (223,311) | | | | | | (468,957) | | | | | | 245,646 | | |
Net Profit/ (Loss) attributable to owners | | | | $ | (5,150,350) | | | | | $ | (5,968,360) | | | | | $ | 818,010 | | |
| | | Financial statements as included | | | Adjustments | | | Pro Forma as presented | | |||||||||
| | | Add | | |||||||||||||||
| | | 9 months ended 12/31/2021 | | | Three Months ended 3/31/2021 | | | Year Ended 12/31/2021 | | |||||||||
Revenue | | | | $ | 75,864 | | | | | $ | 29,704 | | | | | $ | 105,568 | | |
Cost of revenue | | | | | 58,038 | | | | | | 29,221 | | | | | | 87,259 | | |
Gross Profit | | | | | 17,826 | | | | | | 483 | | | | | | 18,309 | | |
Selling, general and administrative expenses | | | | | 26,575 | | | | | | 2,638 | | | | | | 29,213 | | |
Restructuring | | | | | | | | | | | | | | | | | | | |
Management fees | | | | | | | | | | | | | | | | | | | |
Intangible impairment | | | | | | | | | | | | | | | | | | | |
Goodwill impairment | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | | | 26,575 | | | | | | 2,638 | | | | | | 29,213 | | |
Loss from operations | | | | | (8,749) | | | | | | (2,155) | | | | | | (10,904) | | |
Interest income | | | | | 231 | | | | | | 18 | | | | | | 249 | | |
Interest expense | | | | | (6,949) | | | | | | (4,361) | | | | | | (11,310) | | |
Other income, net | | | | | 7,523 | | | | | | 1,265 | | | | | | 8,788 | | |
Foreign exchange | | | | | | | | | | | | | | | | | | | |
Total other income (expense) | | | | | 805 | | | | | | (3,078) | | | | | | (2,273) | | |
Net income (loss) before income tax provision | | | | | (7,944) | | | | | | (5,233) | | | | | | (13,177) | | |
Income tax provision | | | | | (104) | | | | | | (103) | | | | | | (207) | | |
Net income (loss) before equity method investment | | | | | (8,048) | | | | | | (5,336) | | | | | | (13,384) | | |
Share of profit on equity method investment | | | | | 1,610 | | | | | | 355 | | | | | | 1,965 | | |
Net income (loss) after equity method investment | | | | | (6,438) | | | | | | (4,981) | | | | | | (11,419) | | |
Net loss attributable to noncontrolling interest | | | | | (469) | | | | | | (364) | | | | | | (833) | | |
Net income (loss) | | | | $ | (5,969) | | | | | $ | (4,617) | | | | | $ | (10,586) | | |
| | | Total expected to be incurred | | |
| (5,935,000) | | | |
| | | |||
| (3,378,000) | | | GACQ incurred through | |
| | | GP Global incurred through 3.31.22 | | |
| (4,063,000) | | | Luminex incurred through | |
| | | Sub total | | |
| (4,100,000) | | | Exclude Luminex acceleration of stock compensation as non cash | |
| | | Adjusted total | ||
|
| | Carrying Value | | ASC 805 Asset Allocation | | | Carrying Value | | ASC 805 Asset Allocation | | ||||||||||||||||
Working capital | | | $ | 62,547,000 | | | | $ | 62,547,000 | | | | | | 58,379,000 | | | | | 65,776,000 | | | ||||
Property, Plant and Equipment | | | | 32,117,000 | | | | | 30,381,000 | | | | | | 53,319,000 | | | | | 51,583,000 | | | ||||
Deferred taxes | | | | 914,000 | | | | | 914,000 | | | | | | 891,000 | | | | | 891,000 | | | ||||
Non current assets | | | | 4,541,000 | | | | | 4,541,000 | | | | | | 4,253,000 | | | | | 4,253,000 | | | ||||
Trade Names and Trademarks | | | | | | | | | 20,000,000 | | | | | | — | | | | | 14,000,000 | | | ||||
ERP Software | | | | | | | | | 14,000,000 | | | | | | — | | | | | 10,000,000 | | | ||||
Customer Relationships | | | | | | | | | 34,000,000 | | | | | | — | | | | | 22,000,000 | | | ||||
Goodwill | | | | | | | | | 44,205,000 | | | | | | — | | | | | 492,000 | | | ||||
Intangibles | | | | 5,177,000 | | | | | | | | | | | 5,008,000 | | | | | — | | | ||||
Non current liabilities | | | | (10,588,000) | | | | | (10,588,000) | | | | | | (8,995,000) | | | | | (8,995,000) | | | ||||
Debt | | | | (70,243,000) | | | | | (70,243,000) | | | |||||||||||||||
Debt (inclusive of lease liability) | | | | (93,425,000) | | | | | (93,425,000) | | | |||||||||||||||
Equity/Purchase price | | | $ | 24,465,000 | | | | $ | 129,757,000 | | | | | | 19,430,000 | | | | | 66,575,000 | | |
| | Purchase Price (Gross) | | | Purchase Price (Gross) | | ||||||||||||||||||||||||||||||||
| | $160 million | | $180 million | | $200 million | | | $160 million | | $180 million | | $200 million | | ||||||||||||||||||||||||
Working capital | | | $ | 62,547,000 | | | | $ | 62,547,000 | | | | $ | 62,547,000 | | | | | | 65,776,000 | | | | | 65,776,000 | | | | | 65,776,000 | | | ||||||
Property, Plant and Equipment | | | | 30,381,000 | | | | | 30,381,000 | | | | | 30,381,000 | | | | | | 51,583,000 | | | | | 51,583,000 | | | | | 51,583,000 | | | ||||||
Deferred taxes | | | | 914,000 | | | | | 914,000 | | | | | 914,000 | | | | | | 891,000 | | | | | 891,000 | | | | | 891,000 | | | ||||||
Non current assets | | | | 4,541,000 | | | | | 4,541,000 | | | | | 4,541,000 | | | | | | 4,253,000 | | | | | 4,253,000 | | | | | 4,253,000 | | | ||||||
Trade Names and Trademarks | | | | 15,000,000 | | | | | 17,000,000 | | | | | 20,000,000 | | | | | | 14,000,000 | | | | | 17,000,000 | | | | | 19,000,000 | | | ||||||
ERP Software | | | | 10,000,000 | | | | | 12,000,000 | | | | | 14,000,000 | | | | | | 10,000,000 | | | | | 12,000,000 | | | | | 14,000,000 | | | ||||||
Customer Relationships | | | | 22,000,000 | | | | | 28,000,000 | | | | | 30,000,000 | | | ||||||||||||||||||||||
Goodwill | | | | 492,000 | | | | | 9,492,000 | | | | | 23,492,000 | | | ||||||||||||||||||||||
Non current liabilities | | | | (8,995,000) | | | | | (8,995,000) | | | | | (8,995,000) | | | ||||||||||||||||||||||
Debt (inclusive of lease liability) | | | | (93,425,000) | | | | | (93,425,000) | | | | | (93,425,000) | | | ||||||||||||||||||||||
Purchase price | | | | 66,575,000 | | | | | 86,575,000 | | | | | 106,575,000 | | |
| | | Purchase Price (Gross) | | |||||||||||||||
| | | $160 million | | | $180 million | | | $200 million | | |||||||||
Customer Relationships | | | | | 26,000,000 | | | | | | 32,000,000 | | | | | | 34,000,000 | | |
Goodwill | | | | | 21,205,000 | | | | | | 31,205,000 | | | | | | 44,205,000 | | |
Non current liabilities | | | | | (10,588,000) | | | | | | (10,588,000) | | | | | | (10,588,000) | | |
Debt | | | | | (70,243,000) | | | | | | (70,243,000) | | | | | | (70,243,000) | | |
Purchase price | | | | $ | 89,757,000 | | | | | $ | 109,757,000 | | | | | $ | 129,757,000 | | |
|
| | | Carrying Value | | | ASC 805 Asset Allocation | | ||||||
Working capital | | | | | (14,440,000) | | | | | | (12,051,000) | | |
Restricted cash | | | | | 25,572,000 | | | | | | 25,572,000 | | |
Property, Plant and Equipment | | | | | 28,330,000 | | | | | | 28,330,000 | | |
Deferred taxes | | | | | 43,000 | | | | | | 43,000 | | |
Non current assets | | | | | 6,011,000 | | | | | | 6,011,000 | | |
Trade Names and Trademarks | | | | | — | | | | | | 60,000,000 | | |
ERP Software | | | | | — | | | | | | 22,000,000 | | |
Customer Relationships | | | | | — | | | | | | 38,000,000 | | |
Goodwill | | | | | — | | | | | | 131,310,000 | | |
Non current liabilities | | | | | (549,000) | | | | | | (549,000) | | |
Debt | | | | | (193,179,000) | | | | | | (193,179,000) | | |
Equity/Purchase price | | | | | (148,212,000) | | | | | | 105,487,000 | | |
| | | Purchase Price (Gross) | | |||||||||||||||
| | | $220 million | | | $245 million | | | $270 million | | |||||||||
Working capital | | | | | (12,051,000) | | | | | | (12,051,000) | | | | | | (12,051,000) | | |
Restricted cash | | | | | 25,572,000 | | | | | | 25,572,000 | | | | | | 25,572,000 | | |
Property, Plant and Equipment | | | | | 28,330,000 | | | | | | 28,330,000 | | | | | | 28,330,000 | | |
Deferred taxes | | | | | 43,000 | | | | | | 43,000 | | | | | | 43,000 | | |
Non current assets | | | | | 6,011,000 | | | | | | 6,011,000 | | | | | | 6,011,000 | | |
Trade Names and Trademarks | | | | | 60,000,000 | | | | | | 60,000,000 | | | | | | 60,000,000 | | |
ERP Software | | | | | 22,000,000 | | | | | | 22,000,000 | | | | | | 22,000,000 | | |
Customer Relationships | | | | | 38,000,000 | | | | | | 38,000,000 | | | | | | 38,000,000 | | |
Goodwill | | | | | 81,310,000 | | | | | | 106,310,000 | | | | | | 131,310,000 | | |
Non current liabilities | | | | | (549,000) | | | | | | (549,000) | | | | | | (549,000) | | |
Debt | | | | | (193,179,000) | | | | | | (193,179,000) | | | | | | (193,179,000) | | |
Purchase price | | | | | 55,487,000 | | | | | | 80,487,000 | | | | | | 105,487,000 | | |
| | | | | | $160 million Purchase Price | | | $180 million Purchase Price | | | $200 million Purchase Price | | |||||||||||||||||||||||||||
Asset Class | | | Life | | | Asset Amount | | | Quarterly Expense | | | Asset Amount | | | Quarterly Expense | | | Asset Amount | | | Quarterly Expense | | ||||||||||||||||||
Trade Names and Trademarks | | | Indefinite | | | | | 15,000,000 | | | | | | — | | | | | | 17,000,000 | | | | | | — | | | | | | 20,000,000 | | | | | | — | | |
ERP Software | | | 5 | | | | | 10,000,000 | | | | | | 500,000 | | | | | | 12,000,000 | | | | | | 600,000 | | | | | | 14,000,000 | | | | | | 700,000 | | |
Customer Relationships | | | 8 | | | | | 26,000,000 | | | | | | 812,500 | | | | | | 32,000,000 | | | | | | 1,000,000 | | | | | | 34,000,000 | | | | | | 1,062,500 | | |
Total | | | | | | | | | | | | | | 1,312,500 | | | | | | | | | | | | 1,600,000 | | | | | | | | | | | | 1,762,500 | | |
| | | | | | $220 million Purchase Price | | | $245 million Purchase Price | | | $270 million Purchase Price | | |||||||||||||||||||||||||||
Asset Class | | | Life | | | Asset Amount | | | Quarterly Expense | | | Asset Amount | | | Quarterly Expense | | | Asset Amount | | | Quarterly Expense | | ||||||||||||||||||
Trade Names and Trademarks | | | Indefinite | | | | | 60,000,000 | | | | | | — | | | | | | 60,000,000 | | | | | | — | | | | | | 60,000,000 | | | | | | — | | |
ERP Software | | | 5 | | | | | 18,000,000 | | | | | | 900,000 | | | | | | 20,000,000 | | | | | | 1,000,000 | | | | | | 22,000,000 | | | | | | 1,100,000 | | |
Customer Relationships | | | 7 | | | | | 35,000,000 | | | | | | 1,250,000 | | | | | | 37,000,000 | | | | | | 1,321,429 | | | | | | 38,000,000 | | | | | | 1,357,143 | | |
Total | | | | | | | | | | | | | | 2,150,000 | | | | | | | | | | | | 2,321,429 | | | | | | | | | | | | 2,457,143 | | |
| | | | | | $160 million Purchase Price | | | $180 million Purchase Price | | | $200 million Purchase Price | | |||||||||||||||||||||||||||
Asset Class | | | Life | | | Asset Amount | | | Annual Expense | | | Asset Amount | | | Annual Expense | | | Asset Amount | | | Annual Expense | | ||||||||||||||||||
Trade Names And Trademarks | | | Indefinite | | | | | 15,000,000 | | | | | | — | | | | | | 17,000,000 | | | | | | — | | | | | | 20,000,000 | | | | | | — | | |
ERP Software | | | 5 | | | | | 10,000,000 | | | | | | 2,000,000 | | | | | | 12,000,000 | | | | | | 2,400,000 | | | | | | 14,000,000 | | | | | | 2,800,000 | | |
Customer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Relationships | | | 8 | | | | | 26,000,000 | | | | | | 3,250,000 | | | | | | 32,000,000 | | | | | | 4,000,000 | | | | | | 34,000,000 | | | | | | 4,250,000 | | |
Total | | | | | | | | | | | | | | 5,250,000 | | | | | | | | | | | | 6,400,000 | | | | | | | | | | | | 7,050,000 | | |
| | | | $220 million Purchase Price | | $245 million Purchase Price | | $270 million Purchase Price | | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Class | | Asset Amount | | Life | | Annual Expense | | | Life | | Asset Amount | | Annual Expense | | Asset Amount | | Annual Expense | | Asset Amount | | Annual Expense | | ||||||||||||||||||||||||||||||||||
Trade Names and Trademarks | | | $ | 20,000,000 | | | Indefinite | | | | — | | | | Indefinite | | | | 60,000,000 | | | | | — | | | | | 60,000,000 | | | | | — | | | | | 60,000,000 | | | | | — | | | ||||||||||
ERP Software | | | $ | 14,000,000 | | | 5 | | | $ | 2,800,000 | | | | 5 | | | | 18,000,000 | | | | | 3,600,000 | | | | | 20,000,000 | | | | | 4,000,000 | | | | | 22,000,000 | | | | | 4,400,000 | | | ||||||||||
Customer Relationships | | | $ | 34,000,000 | | | 8 | | | | 4,250,000 | | | |||||||||||||||||||||||||||||||||||||||||||
Customer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
Relationships . | | 7 | | | | 35,000,000 | | | | | 5,000,000 | | | | | 37,000,000 | | | | | 5,285,714 | | | | | 38,000,000 | | | | | 5,428,571 | | | |||||||||||||||||||||||
Total | | | | | | | | | | $ | 7,050,000 | | | | | | | | | | | | | 8,600,000 | | | | | | | | | | 9,285,714 | | | | | | | | | | 9,828,571 | | |
| | | Total expected to be incurred | | |
| (5,935,000) | | | | |
| | | GACQ incurred through | | |
| | | Luminex incurred through | | |
| | | Sub total | |
| (4,100,000) | | | Exclude Luminex acceleration of stock compensation as non cash | |
| | | Adjusted total | | |
|
| | Carrying Value | | ASC 805 Asset Allocation | | | Carrying Value | | ASC 805 Asset Allocation | | ||||||||||||||||
Working capital | | | $ | 62,547,000 | | | | $ | 62,547,000 | | | | | | 58,379,000 | | | | | 65,776,000 | | | ||||
Property, Plant and Equipment | | | | 32,117,000 | | | | | 30,381,000 | | | | | | 53,319,000 | | | | | 51,583,000 | | | ||||
Deferred taxes | | | | 914,000 | | | | | 914,000 | | | | | | 891,000 | | | | | 891,000 | | | ||||
Non current assets | | | | 4,541,000 | | | | | 4,541,000 | | | | | | 4,253,000 | | | | | 4,253,000 | | | ||||
Trade Names and Trademarks | | | | | | | | | 20,000,000 | | | | | | — | | | | | 14,000,000 | | | ||||
ERP Software | | | | | | | | | 14,000,000 | | | | | | — | | | | | 10,000,000 | | | ||||
Customer Relationships | | | | | | | | | 34,000,000 | | | | | | — | | | | | 22,000,000 | | | ||||
Goodwill | | | | | | | | | 44,205,000 | | | | | | — | | | | | 492,000 | | | ||||
Intangibles | | | | 5,177,000 | | | | | | | | | | | 5,008,000 | | | | | — | | | ||||
Non current liabilities | | | | (10,588,000) | | | | | (10,588,000) | | | | | | (8,995,000) | | | | | (8,995,000) | | | ||||
Debt | | | | (70,243,000) | | | | | (70,243,000) | | | |||||||||||||||
Debt (inclusive of lease liability) | | | | (93,425,000) | | | | | (93,425,000) | | | |||||||||||||||
Equity/Purchase price | | | $ | 24,465,000 | | | | $ | 129,757,000 | | | | | | 19,430,000 | | | | | 66,575,000 | | |
| | | Purchase Price (Gross) | | |||||||||||||||
| | | $160 million | | | $180 million | | | $200 million | | |||||||||
Working capital | | | | $ | 62,547,000 | | | | | $ | 62,547,000 | | | | | $ | 62,547,000 | | |
Property, Plant and Equipment | | | | | 30,381,000 | | | | | | 30,381,000 | | | | | | 30,381,000 | | |
Deferred taxes | | | | | 914,000 | | | | | | 914,000 | | | | | | 914,000 | | |
Non current assets | | | | | 4,541,000 | | | | | | 4,541,000 | | | | | | 4,541,000 | | |
Trade Names and Trademarks | | | | | 15,000,000 | | | | | | 17,000,000 | | | | | | 20,000,000 | | |
ERP Software | | | | | 10,000,000 | | | | | | 12,000,000 | | | | | | 14,000,000 | | |
Customer Relationships | | | | | 26,000,000 | | | | | | 32,000,000 | | | | | | 34,000,000 | | |
Goodwill | | | | | 21,205,000 | | | | | | 31,205,000 | | | | | | 44,205,000 | | |
| | Purchase Price (Gross) | | | Purchase Price (Gross) | | ||||||||||||||||||||||||||||||||
| | $160 million | | $180 million | | $200 million | | | $160 million | | $180 million | | $200 million | | ||||||||||||||||||||||||
Working capital | | | | 65,776,000 | | | | | 65,776,000 | | | | | 65,776,000 | | | ||||||||||||||||||||||
Property, Plant and Equipment | | | | 51,583,000 | | | | | 51,583,000 | | | | | 51,583,000 | | | ||||||||||||||||||||||
Deferred taxes | | | | 891,000 | | | | | 891,000 | | | | | 891,000 | | | ||||||||||||||||||||||
Non current assets | | | | 4,253,000 | | | | | 4,253,000 | | | | | 4,253,000 | | | ||||||||||||||||||||||
Trade Names and Trademarks | | | | 14,000,000 | | | | | 17,000,000 | | | | | 19,000,000 | | | ||||||||||||||||||||||
ERP Software | | | | 10,000,000 | | | | | 12,000,000 | | | | | 14,000,000 | | | ||||||||||||||||||||||
Customer Relationships | | | | 22,000,000 | | | | | 28,000,000 | | | | | 30,000,000 | | | ||||||||||||||||||||||
Goodwill | | | | 492,000 | | | | | 9,492,000 | | | | | 23,492,000 | | | ||||||||||||||||||||||
Non current liabilities | | | | (10,588,000) | | | | | (10,588,000) | | | | | (10,588,000) | | | | | | (8,995,000) | | | | | (8,995,000) | | | | | (8,995,000) | | | ||||||
Debt | | | | (70,243,000) | | | | | (70,243,000) | | | | | (70,243,000) | | | ||||||||||||||||||||||
Debt (inclusive of lease liability) | | | | (93,425,000) | | | | | (93,425,000) | | | | | (93,425,000) | | | ||||||||||||||||||||||
Purchase price | | | $ | 89,757,000 | | | | $ | 109,757,000 | | | | $ | 129,757,000 | | | | | | 66,575,000 | | | | | 86,575,000 | | | | | 106,575,000 | | | ||||||
|
| | | | | | $160 million Purchase Price | | | $180 million Purchase Price | | | $200 million Purchase Price | | |||||||||||||||||||||||||||
Asset Class | | | Life | | | Asset Amount | | | Quarterly Expense | | | Asset Amount | | | Quarterly Expense | | | Asset Amount | | | Quarterly Expense | | ||||||||||||||||||
Trade Names and Trademarks | | | Indefinite | | | | | 15,000,000 | | | | | | — | | | | | | 17,000,000 | | | | | | — | | | | | | 20,000,000 | | | | | | — | | |
ERP Software | | | 5 | | | | | 10,000,000 | | | | | | 500,000 | | | | | | 12,000,000 | | | | | | 600,000 | | | | | | 14,000,000 | | | | | | 700,000 | | |
Customer Relationships | | | 8 | | | | | 26,000,000 | | | | | | 812,500 | | | | | | 32,000,000 | | | | | | 1,000,000 | | | | | | 34,000,000 | | | | | | 1,062,500 | | |
Total | | | | | | | | | | | | | | 1,312,500 | | | | | | | | | | | | 1,600,000 | | | | | | | | | | | | 1,762,500 | | |
| | | | $160 million Purchase Price | | $180 million Purchase Price | | $200 million Purchase Price | | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Class | | Asset Amount | | Life | | Annual Expense | | | Life | | Asset Amount | | Annual Expense | | Asset Amount | | Annual Expense | | Asset Amount | | Annual Expense | | ||||||||||||||||||||||||||||||||||
Trade Names and Trademarks | | | $ | 20,000,000 | | | Indefinite | | | | — | | | | Indefinite | | | | 15,000,000 | | | | | — | | | | | 17,000,000 | | | | | — | | | | | 20,000,000 | | | | | — | | | ||||||||||
ERP Software | | | $ | 14,000,000 | | | 5 | | | $ | 2,800,000 | | | | 5 | | | | 10,000,000 | | | | | 2,000,000 | | | | | 12,000,000 | | | | | 2,400,000 | | | | | 14,000,000 | | | | | 2,800,000 | | | ||||||||||
Customer Relationships | | | $ | 34,000,000 | | | 8 | | | | 4,250,000 | | | | 8 | | | | 26,000,000 | | | | | 3,250,000 | | | | | 32,000,000 | | | | | 4,000,000 | | | | | 34,000,000 | | | | | 4,250,000 | | | ||||||||||
Total | | | | | | | | | | $ | 7,050,000 | | | | | | | | | | | | | 5,250,000 | | | | | | | | | | 6,400,000 | | | | | | | | | | 7,050,000 | | |
| | | Luminex and GACQ | | | Luminex, GP Global and GACQ | | ||||||||||||||||||
| | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | | Assuming Minimum Redemption | | | Assuming Maximum Redemption | | ||||||||||||
Shares held by: | | | | | | | | | | | | | | | | | | | | | | | | | |
— GACQ’s Public shareholders | | | | | 18,263,000 | | | | | | 18,263,000 | | | | | | 18,263,000 | | | | | | 18,263,000 | | |
— GACQ’s Private unitholders | | | | | 453,613 | | | | | | 453,613 | | | | | | 453,613 | | | | | | 453,613 | | |
— GACQ’s Sponsor | | | | | 4,565,750 | | | | | | 4,565,750 | | | | | | 4,565,750 | | | | | | 4,565,750 | | |
Total shares held | | | | | 23,282,363 | | | | | | 23,282,363 | | | | | | 23,282,363 | | | | | | 23,282,363 | | |
Shares to be issued by GACQ to acquire GP Global | | | | | — | | | | | | — | | | | | | 8,627,600 | | | | | | 8,627,600 | | |
Shares redeemed | | | | | — | | | | | | (18,263,000) | | | | | | — | | | | | | (18,263,000) | | |
Pro forma shares outstanding | | | | | 23,282,363 | | | | | | 5,019,363 | | | | | | 31,909,963 | | | | | | 13,646,963 | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Minimum Redemption | | | 25% of Maximum Redemption | | | 50% of Maximum Redemption | | | 75% of Maximum Redemption | | | Maximum Redemption | | ||||||||||||||||||||||||
For the three months ended March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average redeemable common shares outstanding | | | | | | | | | | | | | | | | | 18,236,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) per share, basic and diluted | | | | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average non-redeemable common shares outstanding | | | | | | | | | | | | | | | | | 5,019,363 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) per share, basic and diluted | | | | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 6,880,000 | | | | | | | | | | | | 31,909,963 | | | | | | 27,344,213 | | | | | | 22,778,463 | | | | | | 18,212,713 | | | | | | 13,646,963 | | |
Net income (loss) per share, basic and diluted | | | | $ | (104.90) | | | | | $ | 0.12 | | | | | | | | | | | $ | (0.61) | | | | | $ | (0.62) | | | | | $ | (0.74) | | | | | $ | (0.93) | | | | | $ | (1.24) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Minimum Redemption | | | 25% of Maximum Redemption | | | 50% of Maximum Redemption | | | 75% of Maximum Redemption | | | Maximum Redemption | | ||||||||||||||||||||||||
For the year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 6,880,000 | | | | | | 14,904,015 | | | | | | 37,615,398 | | | | | | 36,243,254 | | | | | | 34,871,111 | | | | | | 33,498,967 | | | | | | 32,126,823 | | |
Net income (loss) per share, basic and diluted | | | | | 14.38 | | | | | | (1.54) | | | | | | 0.08 | | | | | | (0.63) | | | | | | (0.66) | | | | | | (0.68) | | | | | | (0.71) | | | | | | (0.74) | | |
| | | Luminex (Historical) | | | GP Global (Historical) | | | GACQ (Historical) | | | Minimum Redemption | | | 25% of Maximum Redemption | | | 50% of Maximum Redemption | | | 75% of Maximum Redemption | | | Maximum Redemption | | ||||||||||||||||||||||||
For the year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Common shares outstanding | | | | | 50,000 | | | | | | 6,880,000 | | | | | | 14,904,015 | | | | | | 31,909,963 | | | | | | 27,344,213 | | | | | | 22,778,463 | | | | | | 18,212,713 | | | | | | 13,646,963 | | |
Net income (loss) per share, basic and diluted | | | | $ | 14.38 | | | | | $ | (1.54) | | | | | $ | 0.08 | | | | | $ | (1.31) | | | | | $ | (1.08) | | | | | $ | (1.29) | | | | | $ | (1.62) | | | | | $ | (2.16) | | |
| | Luminex (Historical) | | GP Global (Historical) | | GACQ (Historical) | | Minimum Redemption | | 25% of Maximum Redemption | | 50% of Maximum Redemption | | 75% of Maximum Redemption | | Maximum Redemption | | | Luminex (Historical) | | GP Global (Historical) | | GACQ (Historical) | | Minimum Redemption | | 25% of Maximum Redemption | | 50% of Maximum Redemption | | 75% of Maximum Redemption | | Maximum Redemption | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2021 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per diluted share | | | | 489.28 | | | | | (21.78) | | | | | (0.89) | | | | | 2.54 | | | | | 2.27 | | | | | 1.99 | | | | | 1.68 | | | | | 1.35 | | | | | $ | 388.62 | | | | $ | (21.55) | | | | $ | (0.75) | | | | $ | 8.42 | | | | $ | (6.16) | | | | $ | (7.40) | | | | $ | (9.25) | | | | $ | (12.35) | | | ||||||||||||||||
For the year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average redeemable common shares outstanding | | | | | | | | | | | | | | 18,236,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share, basic and diluted | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average non-redeemable common shares outstanding | | | | | | | | | | | | | | 5,019,363 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) per share, basic and diluted | | | | | | | | | | | | | $ | 0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average Common shares outstanding | | | | 50,000 | | | | | 6,880,000 | | | | | 14,904,015 | | | | | 37,615,398 | | | | | 36,243,254 | | | | | 34,871,111 | | | | | 33,498,967 | | | | | 32,126,823 | | | | | | 50,000 | | | | | 6,880,000 | | | | | | | | | | 31,909,963 | | | | | 27,344,213 | | | | | 22,778,463 | | | | | 18,212,713 | | | | | 13,646,963 | | | ||||||||||||||||
Net income (loss) per share, basic and diluted | | | | 14.38 | | | | | (1.54) | | | | | 0.08 | | | | | (0.63) | | | | | (0.66) | | | | | (0.68) | | | | | (0.71) | | | | | (0.74) | | | | | $ | (104.90) | | | | $ | 0.12 | | | | | | | | | $ | (0.61) | | | | $ | (0.62) | | | | $ | (0.74) | | | | $ | (0.93) | | | | $ | (1.24) | | |
DCF Method | | | Low Range | | | High Range | | ||||||
Enterprise Value | | | | | 276.3 | | | | | | 335.3 | | |
Less: Closing Funded Debt | | | | | 206.9 | | | | | | 206.9 | | |
Add: Closing Cash | | | | | 29.4 | | | | | | 29.4 | | |
Equity Value | | | | | 98.8 | | | | | | 157.8 | | |
GPC Method | | | NFY+1 | | | NFY+2 | | | | | | | | | | | | | | ||||||
| | | Low Range | | | High Range | | | Low Range | | | High Range | | ||||||||||||
Enterprise Value | | | | | 273.3 | | | | | | 327.2 | | | | | | 267.4 | | | | | | 320.1 | | |
Less: Closing Funded Debt | | | | | 206.9 | | | | | | 206.9 | | | | | | 206.9 | | | | | | 206.9 | | |
Add: Closing Cash | | | | | 29.4 | | | | | | 29.4 | | | | | | 29.4 | | | | | | 29.4 | | |
Equity Value | | | | | 95.8 | | | | | | 149.7 | | | | | | 89.9 | | | | | | 142.6 | | |
$ M | | | Estimate as on Sep 30, 2021 | | | Estimate as on March 31, 2022 | | | Delta | | |||||||||
Total Bank & External debt | | | | | 113 | | | | | | 110 | | | | | | -3 | | |
CCD | | | | | 44 | | | | | | 88 | | | | | | 44 | | |
Other Debt Items | | | | | 15 | | | | | | 16 | | | | | | 1 | | |
Total Debt | | | | | 172 | | | | | | 214 | | | | | | 42 | | |
Less: Cash | | | | | 45 | | | | | | 32 | | | | | | -13 | | |
Net Debt | | | | | 127 | | | | | | 182 | | | | | | 55 | | |
Enterprise Value | | | | | 270 | | | | | | 270 | | | | | | 0 | | |
Equity Value | | | | | 143 | | | | | | 88 | | | | | | -55 | | |
Ascense P&L (In USD Mn) | | | FY22 | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | |||||||||||||||
Net Revenue from Operations | | | | | 553 | | | | | | 639 | | | | | | 718 | | | | | | 777 | | | | | | 831 | | |
Cost of Goods Sold | | | | | 387 | | | | | | 452 | | | | | | 511 | | | | | | 549 | | | | | | 581 | | |
Less: Inter-Co | | | | | 18 | | | | | | 34 | | | | | | 45 | | | | | | 47 | | | | | | 50 | | |
Add/(Less): Synergies | | | | | — | | | | | | [4] | | | | | | [6] | | | | | | [5] | | | | | | [5] | | |
Net cost of goods sold | | | | | 368 | | | | | | 414 | | | | | | 460 | | | | | | 497 | | | | | | 527 | | |
% of Revenue | | | | | 67% | | | | | | 65% | | | | | | 64% | | | | | | 64% | | | | | | 63% | | |
Selling and Distribution Expenses | | | | | 80 | | | | | | 86 | | | | | | 92 | | | | | | 98 | | | | | | 104 | | |
Add/(Less): Synergies | | | | | — | | | | | | [1] | | | | | | [3] | | | | | | [3] | | | | | | [3] | | |
Net Selling & Distribution Expenses | | | | | 80 | | | | | | 84 | | | | | | 89 | | | | | | 95 | | | | | | 101 | | |
% of Revenue | | | | | 14% | | | | | | 13% | | | | | | 12% | | | | | | 12% | | | | | | 12% | | |
Other Expenses (Gen & Admin Exp) | | | | | 60 | | | | | | 70 | | | | | | 77 | | | | | | 80 | | | | | | 84 | | |
Add/(Less): Synergies | | | | | — | | | | | | -2 | | | | | | -7 | | | | | | -[4] | | | | | | -[4] | | |
Net Other Expenses (Gen & Admin Exp) | | | | | 60 | | | | | | 69 | | | | | | 70 | | | | | | 76 | | | | | | 80 | | |
% of Revenue | | | | | 11% | | | | | | 11% | | | | | | 10% | | | | | | 10% | | | | | | 10% | | |
Total Expenses | | | | | 508 | | | | | | 567 | | | | | | 619 | | | | | | 668 | | | | | | 708 | | |
Operating Income | | | | | 45 | | | | | | 72 | | | | | | 99 | | | | | | 109 | | | | | | 123 | | |
Operating Margin % | | | | | 8% | | | | | | 11% | | | | | | 14% | | | | | | 14% | | | | | | 15% | | |
Other Operating Income | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Less: Inter Co | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net other Operating Income | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Adjusted EBITDA | | | | | 45 | | | | | | 73 | | | | | | 100 | | | | | | 110 | | | | | | 124 | | |
Adjusted EBITDA % | | | | | 8% | | | | | | 11% | | | | | | 14% | | | | | | 14% | | | | | | 15% | | |
Luminex P&L (In USD Mn) | | | FY22 | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | |||||||||||||||
Net Revenue from Operations | | | | | 374 | | | | | | 391 | | | | | | 405 | | | | | | 420 | | | | | | 436 | | |
Cost of Goods Sold | | | | | 251 | | | | | | 258 | | | | | | 265 | | | | | | 272 | | | | | | 281 | | |
Less: Inter-Co | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cost of goods sold | | | | | 251 | | | | | | 258 | | | | | | 265 | | | | | | 272 | | | | | | 281 | | |
% of Revenue | | | | | 67% | | | | | | 66% | | | | | | 65% | | | | | | 65% | | | | | | 64% | | |
Net Selling & Distribution Expenses | | | | | 60 | | | | | | 62 | | | | | | 64 | | | | | | 65 | | | | | | 68 | | |
% of Revenue | | | | | 16% | | | | | | 16% | | | | | | 16% | | | | | | 16% | | | | | | 16% | | |
Net Other Expenses (Gen & Admin Exp) | | | | | 38 | | | | | | 38 | | | | | | 39 | | | | | | 40 | | | | | | 41 | | |
% of Revenue | | | | | 10% | | | | | | 10% | | | | | | 10% | | | | | | 9% | | | | | | 9% | | |
Total Expenses | | | | | 349 | | | | | | 358 | | | | | | 367 | | | | | | 377 | | | | | | 389 | | |
Operating Income | | | | | 25 | | | | | | 33 | | | | | | 38 | | | | | | 42 | | | | | | 47 | | |
Operating Margin % | | | | | 7% | | | | | | 8% | | | | | | 9% | | | | | | 10% | | | | | | 11% | | |
Other Operating Income | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Less: Inter Co | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net other Operating Income | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted EBITDA | | | | | 25 | | | | | | 33 | | | | | | 38 | | | | | | 42 | | | | | | 47 | | |
Adjusted EBITDA % | | | | | 7% | | | | | | 8% | | | | | | 9% | | | | | | 10% | | | | | | 11% | | |
GP Global P&L (In USD Mn) | | | FY22 | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | |||||||||||||||
Net Revenue from Operations | | | | | 179 | | | | | | 248 | | | | | | 313 | | | | | | 357 | | | | | | 395 | | |
Cost of Goods Sold | | | | | 136 | | | | | | 194 | | | | | | 246 | | | | | | 277 | | | | | | 300 | | |
Less: Inter-Co | | | | | 18 | | | | | | 34 | | | | | | 45 | | | | | | 47 | | | | | | 50 | | |
Net cost of goods sold | | | | | 118 | | | | | | 160 | | | | | | 201 | | | | | | 230 | | | | | | 250 | | |
% of Revenue | | | | | 66% | | | | | | 64% | | | | | | 64% | | | | | | 64% | | | | | | 63% | | |
Net Selling & Distribution Expenses | | | | | 19 | | | | | | 24 | | | | | | 28 | | | | | | 32 | | | | | | 37 | | |
% of Revenue | | | | | 11% | | | | | | 10% | | | | | | 9% | | | | | | 9% | | | | | | 9% | | |
Net Other Expenses (Gen & Admin Exp) | | | | | 22 | | | | | | 32 | | | | | | 38 | | | | | | 40 | | | | | | 43 | | |
% of Revenue | | | | | 12% | | | | | | 13% | | | | | | 12% | | | | | | 11% | | | | | | 11% | | |
Total Expenses | | | | | 159 | | | | | | 216 | | | | | | 267 | | | | | | 302 | | | | | | 330 | | |
Operating Income | | | | | 20 | | | | | | 32 | | | | | | 45 | | | | | | 55 | | | | | | 64 | | |
Operating Margin % | | | | | 11% | | | | | | 13% | | | | | | 15% | | | | | | 15% | | | | | | 16% | | |
Other Operating Income | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Less: Inter Co | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net other Operating Income | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Adjusted EBITDA | | | | | 20 | | | | | | 33 | | | | | | 46 | | | | | | 56 | | | | | | 65 | | |
Adjusted EBITDA % | | | | | 11% | | | | | | 13% | | | | | | 15% | | | | | | 16% | | | | | | 17% | | |
Luminex P&L (In USD Mn) | | | FY22 | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | |||||||||||||||
Revenue from Operations | | | | | 374 | | | | | | 391 | | | | | | 405 | | | | | | 420 | | | | | | 436 | | |
Cost of goods sold | | | | | 251 | | | | | | 258 | | | | | | 265 | | | | | | 273 | | | | | | 281 | | |
% of Revenue | | | | | 67% | | | | | | 66% | | | | | | 65% | | | | | | 65% | | | | | | 64% | | |
Selling & Distribution Expenses | | | | | 60 | | | | | | 62 | | | | | | 63 | | | | | | 65 | | | | | | 68 | | |
% of Revenue | | | | | 16% | | | | | | 16% | | | | | | 16% | | | | | | 16% | | | | | | 16% | | |
Other Expenses (Gen & Admin Exp) | | | | | 38 | | | | | | 38 | | | | | | 39 | | | | | | 40 | | | | | | 40 | | |
% of Revenue | | | | | 10% | | | | | | 10% | | | | | | 10% | | | | | | 9% | | | | | | 9% | | |
Total Expenses | | | | | 349 | | | | | | 358 | | | | | | 367 | | | | | | 378 | | | | | | 389 | | |
Operating Income | | | | | 25 | | | | | | 33 | | | | | | 38 | | | | | | 42 | | | | | | 47 | | |
Operating Margin % | | | | | 7% | | | | | | 8% | | | | | | 9% | | | | | | 10% | | | | | | 11% | | |
Other Operating Income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted EBITDA | | | | | 25 | | | | | | 33 | | | | | | 38 | | | | | | 42 | | | | | | 47 | | |
Adjusted EBITDA % | | | | | 7% | | | | | | 8% | | | | | | 9% | | | | | | 10% | | | | | | 11% | | |
GP Global P&L (In USD Mn) | | | FY22 | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | |||||||||||||||
Net Revenue from Operations | | | | | 179 | | | | | | 248 | | | | | | 313 | | | | | | 357 | | | | | | 395 | | |
Cost of Goods Sold | | | | | 136 | | | | | | 194 | | | | | | 246 | | | | | | 277 | | | | | | 300 | | |
Less: Inter-Co | | | | | 18 | | | | | | 34 | | | | | | 45 | | | | | | 47 | | | | | | 50 | | |
Net cost of goods sold | | | | | 118 | | | | | | 160 | | | | | | 201 | | | | | | 230 | | | | | | 250 | | |
% of Revenue | | | | | 66% | | | | | | 64% | | | | | | 64% | | | | | | 64% | | | | | | 63% | | |
Selling & Distribution Expenses | | | | | 19 | | | | | | 24 | | | | | | 28 | | | | | | 32 | | | | | | 37 | | |
% of Revenue | | | | | 11% | | | | | | 10% | | | | | | 9% | | | | | | 9% | | | | | | 9% | | |
Other Expenses (Gen & Admin Exp) | | | | | 22 | | | | | | 32 | | | | | | 39 | | | | | | 40 | | | | | | 44 | | |
% of Revenue | | | | | 12% | | | | | | 13% | | | | | | 12% | | | | | | 11% | | | | | | 11% | | |
Total Expenses | | | | | 159 | | | | | | 216 | | | | | | 268 | | | | | | 302 | | | | | | 331 | | |
Operating Income | | | | | 20 | | | | | | 32 | | | | | | 45 | | | | | | 55 | | | | | | 64 | | |
Operating Margin % | | | | | 11% | | | | | | 13% | | | | | | 15% | | | | | | 15% | | | | | | 16% | | |
Other Operating Income | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Less: Inter Co | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net other Operating Income | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Adjusted EBITDA | | | | | 20 | | | | | | 33 | | | | | | 46 | | | | | | 56 | | | | | | 65 | | |
Adjusted EBITDA % | | | | | 11% | | | | | | 13% | | | | | | 15% | | | | | | 16% | | | | | | 17% | | |
Ascense P&L (In USD Mn) | | | FY22 | | | FY23 | | | FY24 | | | FY25 | | | FY26 | | |||||||||||||||
Net Revenue from Operations | | | | | 553 | | | | | | 639 | | | | | | 718 | | | | | | 777 | | | | | | 831 | | |
Cost of Goods Sold | | | | | 387 | | | | | | 452 | | | | | | 511 | | | | | | 549 | | | | | | 581 | | |
Less: Inter-Co | | | | | 18 | | | | | | 34 | | | | | | 45 | | | | | | 47 | | | | | | 50 | | |
Add/(Less): Synergies | | | | | — | | | | | | (4) | | | | | | (6) | | | | | | (5) | | | | | | (5) | | |
Net cost of goods sold | | | | | 369 | | | | | | 414 | | | | | | 460 | | | | | | 497 | | | | | | 527 | | |
% of Revenue | | | | | 67% | | | | | | 65% | | | | | | 64% | | | | | | 64% | | | | | | 63% | | |
Selling and Distribution Expenses | | | | | 80 | | | | | | 85 | | | | | | 92 | | | | | | 98 | | | | | | 104 | | |
Add/(Less): Synergies | | | | | — | | | | | | (1) | | | | | | (3) | | | | | | (3) | | | | | | (3) | | |
Net Selling & Distribution Expenses | | | | | 79 | | | | | | 84 | | | | | | 89 | | | | | | 95 | | | | | | 101 | | |
% of Revenue | | | | | 14% | | | | | | 13% | | | | | | 12% | | | | | | 12% | | | | | | 12% | | |
Other Expenses (Gen & Admin Exp) | | | | | 60 | | | | | | 70 | | | | | | 77 | | | | | | 80 | | | | | | 84 | | |
Add/(Less): Synergies | | | | | — | | | | | | -2 | | | | | | -7 | | | | | | (4) | | | | | | (4) | | |
Net Other Expenses (Gen & Admin Exp) | | | | | 60 | | | | | | 69 | | | | | | 70 | | | | | | 76 | | | | | | 80 | | |
% of Revenue | | | | | 11% | | | | | | 11% | | | | | | 10% | | | | | | 10% | | | | | | 10% | | |
Total Expenses | | | | | 508 | | | | | | 567 | | | | | | 619 | | | | | | 668 | | | | | | 708 | | |
Operating Income | | | | | 45 | | | | | | 72 | | | | | | 99 | | | | | | 109 | | | | | | 123 | | |
Operating Margin % | | | | | 8% | | | | | | 11% | | | | | | 14% | | | | | | 14% | | | | | | 15% | | |
Other Operating Income | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Less: Inter Co | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net other Operating Income | | | | | 0 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Adjusted EBITDA | | | | | 45 | | | | | | 73 | | | | | | 100 | | | | | | 110 | | | | | | 124 | | |
Adjusted EBITDA % | | | | | 8% | | | | | | 11% | | | | | | 14% | | | | | | 14% | | | | | | 15% | | |
| | | | Current Charter | | | Proposed Charter | |
| Name Change | | | GACQ’s current name is Global Consumer Acquisition Corp. | | | Under the Proposed Charter, the Combined | |
| Provisions Specific to a Blank Check Company | | | Under the Current Charter, Article SIXTH sets forth various provisions related to GACQ’s operation as a blank check company prior to the consummation of an initial business combination. | | | The Proposed Charter will not include these blank check company provisions because, upon consummation of the Business Combination, GACQ will cease to be a blank check company. In addition, the provisions requiring that the proceeds from its initial public offering be held in a trust account until a business combination or liquidation of GACQ and the terms governing GACQ’s consummation of a proposed business combination will not be applicable following consummation of the Business Combination. | |
| Authorized Preferred Stock | | | The Current Charter authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.0001 per share. | | | The Proposed Charter will authorize the issuance of up to 10,000,000 shares of “blank check” preferred stock, the rights, preferences and privileges of which may be designated from time to time by the Combined | |
| Voting Threshold for | | | The Current Charter requires the approval of more than 60% of the | | | The Proposed Charter will provide that the removal of directors will require the vote of | |
| | | | Current Charter | | | Proposed Charter | |
| Removal of Directors | | | voting power of GACQ’s then-outstanding shares of capital stock entitled to vote generally in the election of directors, voting together as a single class, to remove directors. | | | holders of more than 66 2∕3% of the voting power of the Combined | |
| Business Combinations | | | Current Charter was silent | | | The Combined Company elects not to be governed by Section 203 of the DGCL. The Combined Company shall not engage in any business combination with any “interested stockholder” for a three-year period following the time that the stockholder became an interested stockholder, unless (i) prior to the date of the transaction, the Combined Company’s Board approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder, (ii) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the Combined Company’s voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder), or (iii) on or subsequent to such time, the business combination is approved by the Combined Company’s Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock of is not owned by the interested stockholder. | |
| | | | Current Charter | | | Proposed Charter | |
| Advisory Charter Proposal A — Provisions Specific to a Blank Check Company | | | Under the Current Charter, Article SIXTH sets forth various provisions related to GACQ’s operation as a blank check company prior to the consummation of an initial business combination. | | | The Proposed Charter will not include these blank check company provisions because, upon consummation of the Business Combination, GACQ will cease to be a blank check company. In addition, the provisions requiring that the proceeds from its initial public offering be held in a trust account until a business combination or liquidation of GACQ and the terms governing GACQ’s consummation of a proposed business combination will not be applicable following consummation of the Business Combination. | |
| Advisory Charter Proposal B — Authorized Shares of Blank Check Preferred Stock | | | The Current Charter authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.0001 per share. | | | The Proposed Charter will authorize the issuance of up to 10,000,000 shares of “blank check” preferred stock, the rights, preferences and privileges of which may be designated from time to time by the Combined | |
| Advisory Charter Proposal C — Voting Threshold for Director Removal | | | The Current Charter requires the approval of more than 60% of the voting power of GACQ’s then-outstanding shares of capital stock entitled to vote generally in the election of directors, voting together as a single class, to remove directors. | | | The Proposed Charter will provide that the removal of directors will require the vote of holders of more than 66 2/3% of the voting power of the Combined | |
| | | | Current Charter | | | Proposed Charter | |
| Advisory Charter Proposal D — Business Combinations | | | Current Charter was silent | | | The Combined Company elects not to be governed by Section 203 of the DGCL. The Combined Company shall not engage in any business combination with any “interested | |
Name | | | Age | | | Position | |
Rohan Ajila | | | | | | Chief Executive Officer, Chief Financial Officer and Co-Chairman of the Board of Directors | |
Gautham Pai | | | | | | Co-Chairman of the Board of Directors | |
Art Drogue | | | | | | Director | |
Tom Clausen | | | | | | Director | |
Denis Tse | | | | | | Director | |
Name | | | Age | | | Position | |
Rohan Ajila | | | 54 | | | Chief Executive Officer, Chief Financial Officer and Co-Chairman of the Board of Directors | |
Gautham Pai | | | 47 | | | Co-Chairman of the Board of Directors | |
Art Drogue | | | 76 | | | Independent Director | |
Tom Clausen | | | 60 | | | Independent Director | |
Denis Tse | | | 46 | | | Independent Director | |
Sergio Pedreiro | | | 56 | | | Independent Director | |
| Assuming No Redemptions | | Assuming 25% Redemptions | | Assuming 50% Redemptions | | Assuming 75% Redemptions | | Assuming Maximum Redemptions(1) | | Assuming No Redemptions | | Assuming 25% Redemptions | | Assuming 50% Redemptions | | Assuming 75% Redemptions | | Assuming Maximum Redemptions(1) | | ||||||||||||||||||||||||||||||||||||||
| Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | Number of Shares Remaining | | Fee as a% of GACQ IPO Proceeds (net of Redemptions) | | ||||||||||||||||||
| 18,263,000 | | 3.25% | | 16,890,883 | | 3.51% | | 15,518,765 | | 3.82% | | 14,146,648 | | 4.20% | | 12,814,531 | | 4.63% | | 18,263,000 | | 4.50% | | 13,397,250 | | 6.13% | | 9,131,500 | | 9.00% | | 4,565,750 | | 10.80% | | 0 | | 100% | |
Name | | | Age | | | Position(s) | |
Sean Peters | | | 52 | | | Chief Executive Officer | |
Sergio Pedreiro | | | 56 | | | Chief Financial Officer | |
Rohan Ajila | | | 54 | | | Director | |
Gautham Pai | | | 47 | | | Director | |
Arti Drogue | | | 76 | | | Director | |
Tom Clausen | | | 60 | | | Director | |
Dennis Tse | | | 46 | | | Director | |
| | Period Ended November 30, | | | Year Ended February 28, | | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | | 2021 | | 2020 | | $ Change | | %Change | | | 2022 | | 2021 | | $ Change | | %Change | | ||||||||||||||||||||||||||||||||
Net Sales | | | $ | 236,094 | | | | $ | 255,095 | | | | $ | (19,001) | | | | | -7.4% | | | | | $ | 308,718 | | | | $ | 334,679 | | | | $ | (25,961) | | | | | (7.8)% | | | ||||||||
Gross profit | | | | 78,914 | | | | | 97,838 | | | | | (18,924) | | | | | -19.3% | | | | | | 98,526 | | | | | 126,963 | | | | | (28,437) | | | | | (22.4)% | | | ||||||||
Gross margin | | | | 33.4% | | | | | 38.4% | | | | | | | | | | | | | | | | 31.9% | | | | | 37.9% | | | | | | | | | | | | | ||||||||
Operating expenses | | | | 71,793 | | | | | 85,756 | | | | | (13,963) | | | | | -16.3% | | | | | | 92,443 | | | | | 117,470 | | | | | (25,027) | | | | | (21,3)% | | | ||||||||
Income from operations before other income (expense) | | | | 7,121 | | | | | 12,083 | | | | | (4,962) | | | | | -41.1% | | | | | | 6,083 | | | | | 9,493 | | | | | (3,410) | | | | | (35.9)% | | | ||||||||
Operating margin | | | | 3.0% | | | | | 4.7% | | | | | | | | | | | | | | | | 2.0% | | | | | 2.8% | | | | | | | | | | | | | ||||||||
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Interest expense | | | | (4,219) | | | | | (4,428) | | | | | 209 | | | | | -4.7% | | | | | | (5,650) | | | | | (5,880) | | | | | 230 | | | | | (3.9)% | | | ||||||||
Foreign exchange gain (loss) | | | | (1,085) | | | | | 811 | | | | | (1,896) | | | | | 233.8% | | | | | | (1,057) | | | | | 1,126 | | | | | (2,183) | | | | | (193.9)% | | | ||||||||
Other income (expense) | | | | 66 | | | | | (234) | | | | | 300 | | | | | -128.2% | | | | | | 112 | | | | | (243) | | | | | 355 | | | | | (146.1)% | | | ||||||||
Income before income taxes | | | | 1,883 | | | | | 8,231 | | | | | (6,349) | | | | | -77.1% | | | |||||||||||||||||||||||||||||
Income (loss) before income tax expense | | | | (512) | | | | | 4,496 | | | | | (5,008) | | | | | (111.4)% | | | |||||||||||||||||||||||||||||
Income tax provision | | | | 401 | | | | | 755 | | | | | (380) | | | | | -48.7% | | | | | | 1,687 | | | | | 433 | | | | | 1,254 | | | | | 289.6% | | | ||||||||
Effective tax rate | | | | 21.3% | | | | | 9.2% | | | | | | | | | | | | | | | | (329.5)% | | | | | 9.6% | | | | | | | | | | | | | ||||||||
Net income | | | | 1,482 | | | | | 7,476 | | | | | (5,994) | | | | | 80.2% | | | |||||||||||||||||||||||||||||
Net income (loss) | | | | (2,199) | | | | | 4,063 | | | | | (6,262) | | | | | (154.1)% | | |
| | | Period Ended November 30, | | |||||||||||||||||||||
(in thousands) | | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Direct marketing expense | | | | $ | 33,292 | | | | | $ | 43,883 | | | | | $ | (10,591) | | | | | | -24.1% | | |
Selling and marketing | | | | | 10,155 | | | | | | 12,827 | | | | | | (2,672) | | | | | | -20.8% | | |
General and administration | | | | | 27,814 | | | | | | 24,986 | | | | | | 2,828 | | | | | | 11.3% | | |
Management fees | | | | | 377 | | | | | | 666 | | | | | | (289) | | | | | | -43.4% | | |
Restructuring expense | | | | | 155 | | | | | | 3,394 | | | | | | (3,239) | | | | | | -95.4% | | |
| | | Year Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Net Sales | | | | $ | 334,679 | | | | | $ | 324,213 | | | | | $ | 10,465 | | | | | | 3.2% | | |
Gross profit | | | | | 126,963 | | | | | | 124,986 | | | | | | 1,977 | | | | | | 1.6% | | |
Gross margin | | | | | 37.9% | | | | | | 38.6% | | | | | | | | | | | | | | |
Operating expenses | | | | | 117,470 | | | | | | 176,951 | | | | | | (59,481) | | | | | | -33.6% | | |
Income from operations before other income (expense) | | | | | 9,493 | | | | | | (51,965) | | | | | | 61,458 | | | | | | -118.3% | | |
Operating margin | | | | | 2.8% | | | | | | -16.0% | | | | | | | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (5,880) | | | | | | (6,734) | | | | | | 853 | | | | | | -12.7% | | |
Foreign exchange gain (loss) | | | | | 1,126 | | | | | | (890) | | | | | | 2,016 | | | | | | -226.5% | | |
Other income (expense) | | | | | (243) | | | | | | 161 | | | | | | (404) | | | | | | -250.9% | | |
Income before income taxes | | | | | 4,496 | | | | | | (59,428) | | | | | | 63,923 | | | | | | -107.6% | | |
Income tax provision | | | | | 433 | | | | | | 95 | | | | | | 338 | | | | | | 355.4% | | |
Effective tax rate | | | | | 9.6% | | | | | | 0.2% | | | | | | | | | | | | | | |
Net income | | | | | 4,063 | | | | | | (59,523) | | | | | | 63,586 | | | | | | -106.8% | | |
| | Years Ended February 28, | | | Years Ended February 28, | | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | | 2021 | | 2020 | | $ Change | | % Change | | | 2022 | | 2021 | | $ Change | | %Change | | ||||||||||||||||||||||||||||||||
Direct marketing expense | | | $ | 57,245 | | | | $ | 64,806 | | | | $ | (7,561) | | | | | -11.7% | | | | | $ | 41,446 | | | | $ | 57,245 | | | | $ | (15,799) | | | | | (27.6)% | | | ||||||||
Selling and marketing | | | | 16,595 | | | | | 21,448 | | | | | (4,853) | | | | | -22.6% | | | | | | 13,471 | | | | | 16,595 | | | | | (3,124) | | | | | (18.8)% | | | ||||||||
General and administration | | | | 35,560 | | | | | 40,940 | | | | | (5,380) | | | | | -13.1% | | | | | | 36,949 | | | | | 35,560 | | | | | 1,389 | | | | | 3.9% | | | ||||||||
Management fees | | | | 798 | | | | | 1,039 | | | | | (241) | | | | | -23.2% | | | | | | 502 | | | | | 798 | | | | | (296) | | | | | (37.1)% | | | ||||||||
Restructuring expense | | | | 7,272 | | | | | — | | | | | 7,272 | | | | | 100.0% | | | | | | 75 | | | | | 7,272 | | | | | (7,197) | | | | | (99.0)% | | | ||||||||
Intangible impairment | | | | — | | | | | 4,285 | | | | | (4,285) | | | | | -100.0% | | | |||||||||||||||||||||||||||||
Goodwill impairment | | | | — | | | | | 44,433 | | | | | (44,433) | | | | | -100.0% | | |
| | | November 30, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
5.36% term note | | | | $ | 11,417 | | | | | $ | 11,661 | | |
Term note payable A | | | | | 10,112 | | | | | | 11,813 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 790 | | | | | | (1,874 | | |
Revolver – (US) | | | | | 35,902 | | | | | | 27,801 | | |
COVID Relief | | | | | 529 | | | | | | 0 | | |
Capital Lease | | | | | 1,007 | | | | | | 2,280 | | |
| | | | | 70,706 | | | | | | 64,181 | | |
Deferred financing fees | | | | | (803) | | | | | | (1,589) | | |
Current maturities – long term debt | | | | | (848) | | | | | | (2,012) | | |
| | | | $ | 69,055 | | | | | $ | 60,580 | | |
| | | February 28, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
5.36% term note | | | | $ | 11,355 | | | | | $ | 11,602 | | |
Term note payable A | | | | | 10,050 | | | | | | 11,750 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 1,862 | | | | | | 50 | | |
Revolver – (US) | | | | | 34,779 | | | | | | 19,619 | | |
COVID Relief | | | | | 491 | | | | | | 605 | | |
Capital Lease | | | | | 932 | | | | | | 2,046 | | |
| | | | | 70,418 | | | | | | 58,172 | | |
Deferred financing fees | | | | | (1,255) | | | | | | (1,348) | | |
Current maturities – long term debt | | | | | (941) | | | | | | (1,843) | | |
| | | | $ | 68,222 | | �� | | | $ | 54,981 | | |
| | | Period ended November 30, | | |||||||||||||||
(in thousands) | | | 2021 | | | 2020 | | | $ Change | | |||||||||
Net cash provided by (used in) operating activities | | | | $ | (5,106) | | | | | $ | 23,606 | | | | | $ | (28,712) | | |
Net cash (used in) investing activities | | | | | (2,447) | | | | | | (2,765) | | | | | | 318 | | |
Net cash provided by (used in) financing activities | | | | | 12,595 | | | | | | (15,249) | | | | | | 27,844 | | |
| | | Years Ended February 28, | | |||||||||||||||
(in thousands) | | | 2021 | | | 2020 | | | $ Change | | |||||||||
Net cash provided by (used in) operating activities | | | | $ | 25,690 | | | | | | (5,513) | | | | | | 31,203 | | |
Net cash (used in) investing activities | | | | | (4,125) | | | | | | (1,831) | | | | | | (2,294) | | |
Net cash provided by (used in) financing activities | | | | | (21,598) | | | | | | 2,329 | | | | | | (23,927) | | |
| | | For the year ended February 28, | | | For the nine months ended November 30, | | ||||||||||||||||||
(in thousands) | | | 2021 | | | 2020 | | | 2021 | | | 2020 | | ||||||||||||
Net Income (Loss) | | | | | 4,063 | | | | | | (59,523) | | | | | | 1,482 | | | | | | 7,476 | | |
Income tax provision | | | | | 433 | | | | | | 95 | | | | | | 401 | | | | | | 755 | | |
Interest expense, net | | | | | 5,880 | | | | | | 6,734 | | | | | | 4,219 | | | | | | 4,428 | | |
Depreciation & Amortization | | | | | 7,065 | | | | | | 6,799 | | | | | | 5,246 | | | | | | 5,163 | | |
EBITDA | | | | $ | 17,441 | | | | | $ | (45,895) | | | | | $ | 11,348 | | | | | $ | 17,780 | | |
Management fee and expenses(1) | | | | | 798 | | | | | | 1,039 | | | | | | 377 | | | | | | 666 | | |
Goodwill impairment(2) | | | | | — | | | | | | 44,433 | | | | | | — | | | | | | — | | |
Intangible asset impairment(3) | | | | | — | | | | | | 4,285 | | | | | | — | | | | | | — | | |
PPP grant income(4) | | | | | (8,479) | | | | | | — | | | | | | — | | | | | | (8,458) | | |
PartyLite restructuring(5) | | | | | 8,826 | | | | | | — | | | | | | 157 | | | | | | 3,471 | | |
One-time customer costs(6) | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | |
COVID-19 non-recurring legal and other costs(7) | | | | | 254 | | | | | | — | | | | | | 22 | | | | | | 237 | | |
Unconsummated refinancing costs(8) | | | | | 560 | | | | | | 199 | | | | | | 515 | | | | | | — | | |
Unconsummated sale of company(9) | | | | | 87 | | | | | | 356 | | | | | | — | | | | | | 87 | | |
Project Aurora(10) | | | | | 23 | | | | | | 325 | | | | | | — | | | | | | 23 | | |
Project Revolution(11) | | | | | 45 | | | | | | 183 | | | | | | — | | | | | | 45 | | |
Triad deal costs(12) | | | | | — | | | | | | — | | | | | | 1,812 | | | | | | — | | |
Executive CEO Severance(13) | | | | | — | | | | | | — | | | | | | — | | | | | | 769 | | |
Adjusted EBITDA | | | | $ | 19,556 | | | | | $ | 5,924 | | | | | $ | 14,231 | | | | | $ | 14,621 | | |
| Assuming No Redemptions | | | Assuming 25% Redemptions | | | Assuming 50% Redemptions | | | Assuming 75% Redemptions | | | Assuming Maximum Redemptions(1) | | |||||||||||||||
| Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a% of GACQ IPO Proceeds (net of Redemptions) | |
| 18,263,000 | | | 4.50% | | | 13,397,250 | | | 6.13% | | | 9,131,500 | | | 9.00% | | | 4,565,750 | | | 10.80% | | | 0 | | | 100% | |
Name | | | Age | | | Position(s) | |
Sean Peters | | | 52 | | | Chief Executive Officer | |
Sergio Pedreiro | | | 56 | | | Chief Financial Officer | |
Rohan Ajila | | | 54 | | | Director | |
Gautham Pai | | | 47 | | | Director | |
Arti Drogue | | | 76 | | | Director | |
Tom Clausen | | | 60 | | | Director | |
Dennis Tse | | | 46 | | | Director | |
| | | Year Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Net Sales | | | | $ | 308,718 | | | | | $ | 334,679 | | | | | $ | (25,961) | | | | | | (7.8)% | | |
Gross profit | | | | | 98,526 | | | | | | 126,963 | | | | | | (28,437) | | | | | | (22.4)% | | |
Gross margin | | | | | 31.9% | | | | | | 37.9% | | | | | | | | | | | | | | |
Operating expenses | | | | | 92,443 | | | | | | 117,470 | | | | | | (25,027) | | | | | | (21,3)% | | |
Income from operations before other income (expense) | | | | | 6,083 | | | | | | 9,493 | | | | | | (3,410) | | | | | | (35.9)% | | |
Operating margin | | | | | 2.0% | | | | | | 2.8% | | | | | | | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (5,650) | | | | | | (5,880) | | | | | | 230 | | | | | | (3.9)% | | |
Foreign exchange gain (loss) | | | | | (1,057) | | | | | | 1,126 | | | | | | (2,183) | | | | | | (193.9)% | | |
Other income (expense) | | | | | 112 | | | | | | (243) | | | | | | 355 | | | | | | (146.1)% | | |
Income (loss) before income tax expense | | | | | (512) | | | | | | 4,496 | | | | | | (5,008) | | | | | | (111.4)% | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | | | | | 1,254 | | | | | | 289.6% | | |
Effective tax rate | | | | | (329.5)% | | | | | | 9.6% | | | | | | | | | | | | | | |
Net income (loss) | | | | | (2,199) | | | | | | 4,063 | | | | | | (6,262) | | | | | | (154.1)% | | |
| | | Years Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Direct marketing expense | | | | $ | 41,446 | | | | | $ | 57,245 | | | | | $ | (15,799) | | | | | | (27.6)% | | |
Selling and marketing | | | | | 13,471 | | | | | | 16,595 | | | | | | (3,124) | | | | | | (18.8)% | | |
General and administration | | | | | 36,949 | | | | | | 35,560 | | | | | | 1,389 | | | | | | 3.9% | | |
Management fees | | | | | 502 | | | | | | 798 | | | | | | (296) | | | | | | (37.1)% | | |
Restructuring expense | | | | | 75 | | | | | | 7,272 | | | | | | (7,197) | | | | | | (99.0)% | | |
| | | February 28, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
5.36% term note | | | | $ | 11,355 | | | | | $ | 11,602 | | |
Term note payable A | | | | | 10,050 | | | | | | 11,750 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 1,862 | | | | | | 50 | | |
Revolver – (US) | | | | | 34,779 | | | | | | 19,619 | | |
COVID Relief | | | | | 491 | | | | | | 605 | | |
Capital Lease | | | | | 932 | | | | | | 2,046 | | |
| | | | | 70,418 | | | | | | 58,172 | | |
Deferred financing fees | | | | | (1,255) | | | | | | (1,348) | | |
Current maturities – long term debt | | | | | (941) | | | | | | (1,843) | | |
| | | | $ | 68,222 | | �� | | | $ | 54,981 | | |
| Assuming No Redemptions | | | Assuming 25% Redemptions | | | Assuming 50% Redemptions | | | Assuming 75% Redemptions | | | Assuming Maximum Redemptions(1) | | |||||||||||||||
| Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a% of GACQ IPO Proceeds (net of Redemptions) | |
| 18,263,000 | | | 4.50% | | | 13,397,250 | | | 6.13% | | | 9,131,500 | | | 9.00% | | | 4,565,750 | | | 10.80% | | | 0 | | | 100% | |
Name | | | Age | | | Position(s) | |
Sean Peters | | | 52 | | | Chief Executive Officer | |
Sergio Pedreiro | | | 56 | | | Chief Financial Officer | |
Rohan Ajila | | | 54 | | | Director | |
Gautham Pai | | | 47 | | | Director | |
Arti Drogue | | | 76 | | | Director | |
Tom Clausen | | | 60 | | | Director | |
Dennis Tse | | | 46 | | | Director | |
| | | Year Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Net Sales | | | | $ | 308,718 | | | | | $ | 334,679 | | | | | $ | (25,961) | | | | | | (7.8)% | | |
Gross profit | | | | | 98,526 | | | | | | 126,963 | | | | | | (28,437) | | | | | | (22.4)% | | |
Gross margin | | | | | 31.9% | | | | | | 37.9% | | | | | | | | | | | | | | |
Operating expenses | | | | | 92,443 | | | | | | 117,470 | | | | | | (25,027) | | | | | | (21,3)% | | |
Income from operations before other income (expense) | | | | | 6,083 | | | | | | 9,493 | | | | | | (3,410) | | | | | | (35.9)% | | |
Operating margin | | | | | 2.0% | | | | | | 2.8% | | | | | | | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (5,650) | | | | | | (5,880) | | | | | | 230 | | | | | | (3.9)% | | |
Foreign exchange gain (loss) | | | | | (1,057) | | | | | | 1,126 | | | | | | (2,183) | | | | | | (193.9)% | | |
Other income (expense) | | | | | 112 | | | | | | (243) | | | | | | 355 | | | | | | (146.1)% | | |
Income (loss) before income tax expense | | | | | (512) | | | | | | 4,496 | | | | | | (5,008) | | | | | | (111.4)% | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | | | | | 1,254 | | | | | | 289.6% | | |
Effective tax rate | | | | | (329.5)% | | | | | | 9.6% | | | | | | | | | | | | | | |
Net income (loss) | | | | | (2,199) | | | | | | 4,063 | | | | | | (6,262) | | | | | | (154.1)% | | |
| | | Years Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Direct marketing expense | | | | $ | 41,446 | | | | | $ | 57,245 | | | | | $ | (15,799) | | | | | | (27.6)% | | |
Selling and marketing | | | | | 13,471 | | | | | | 16,595 | | | | | | (3,124) | | | | | | (18.8)% | | |
General and administration | | | | | 36,949 | | | | | | 35,560 | | | | | | 1,389 | | | | | | 3.9% | | |
Management fees | | | | | 502 | | | | | | 798 | | | | | | (296) | | | | | | (37.1)% | | |
Restructuring expense | | | | | 75 | | | | | | 7,272 | | | | | | (7,197) | | | | | | (99.0)% | | |
| | | February 28, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
5.36% term note | | | | $ | 11,355 | | | | | $ | 11,602 | | |
Term note payable A | | | | | 10,050 | | | | | | 11,750 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 1,862 | | | | | | 50 | | |
Revolver – (US) | | | | | 34,779 | | | | | | 19,619 | | |
COVID Relief | | | | | 491 | | | | | | 605 | | |
Capital Lease | | | | | 932 | | | | | | 2,046 | | |
| | | | | 70,418 | | | | | | 58,172 | | |
Deferred financing fees | | | | | (1,255) | | | | | | (1,348) | | |
Current maturities – long term debt | | | | | (941) | | | | | | (1,843) | | |
| | | | $ | 68,222 | | �� | | | $ | 54,981 | | |
| | | Years Ended February 28, | | |||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | |||||||||
Net cash provided by (used in) operating activities | | | | $ | (9,147) | | | | | $ | 25,690 | | | | | $ | (34,837) | | |
Net cash (used in) investing activities | | | | | (3,370) | | | | | | (4,125) | | | | | | 755 | | |
Net cash provided by (used in) financing activities | | | | | 11,812 | | | | | | (21,598) | | | | | | 33,410 | | |
| | | For the year ended February 28, | | |||||||||
(in thousands) | | | 2022 | | | 2021 | | ||||||
Net Income (Loss) | | | | | (2,199) | | | | | | 4,063 | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | |
Interest expense, net | | | | | 5,650 | | | | | | 5,880 | | |
Depreciation & Amortization | | | | | 7,045 | | | | | | 7,065 | | |
EBITDA | | | | $ | 12,183 | | | | | $ | 17,441 | | |
Management fee and expenses(1) | | | | | 502 | | | | | | 798 | | |
PPP grant income(2) | | | | | — | | | | | | (8,479) | | |
PartyLite restructuring(3) | | | | | 75 | | | | | | 7,272 | | |
Other Alpha costs (4) | | | | | — | | | | | | 1,554 | | |
Triad deal costs(5) | | | | | 2,707 | | | | | | — | | |
COVID-19 non-recurring legal and other costs(6) | | | | | 22 | | | | | | 254 | | |
Unconsummated refinancing costs(7) | | | | | 370 | | | | | | 560 | | |
eComm startup costs (8) | | | | | 165 | | | | | | — | | |
Unconsummated sale of company(9) | | | | | — | | | | | | 87 | | |
Project Aurora(10) | | | | | — | | | | | | 23 | | |
Project Revolution(11) | | | | | — | | | | | | 45 | | |
Adjusted EBITDA | | | | $ | 16,024 | | | | | $ | 19,555 | | |
| | | For the fiscal year ended | | |||||||||
(in USD thousands) | | | March 31, 2021 | | | March 31, 2020 | | ||||||
North America | | | | $ | 90,614 | | | | | $ | 129,252 | | |
India | | | | $ | 22,437 | | | | | $ | 13,006 | | |
Europe | | | | $ | 6,647 | | | | | $ | 3,383 | | |
Australia | | | | $ | 4,937 | | | | | $ | 4,654 | | |
Rest of the World | | | | $ | 766 | | | | | $ | 4,272 | | |
Product Categories | | | Retail Market ($ million) | | | Expected CAGR 2020-2026 | | | Contract Manufacturing Market 2020 ($ million) | | |||||||||
Air Fresheners (non-solid) | | | | | 71 | | | | | | 14% | | | | | | 29 | | |
Deodorants | | | | | 571 | | | | | | 7% | | | | | | 143-157 | | |
Shampoo | | | | | 957 | | | | | | 5% | | | | | | 129-157 | | |
Hand Sanitizers | | | | | 314 | | | | | | * | | | | | | 50-57 | | |
Other Personal Care and health & Hygiene category | | | | | 429 | | | | | | 7% | | | | | | 50-57 | | |
Disinfectant Spray | | | | | 214 | | | | | | * | | | | | | 57-64 | | |
Sub-total | | | | $ | 2,557 | | | | | | | | | | | $ | 458-$522 | | |
| | | Period Ended Dec 2021 | | | Period Ended Dec 2020 | | | $ Change | | | % Change | | ||||||||||||
Revenues | | | | | 75,864 | | | | | | 98,382 | | | | | | (22,518) | | | | | | (23)% | | |
Cost of revenue | | | | | 58,038 | | | | | | 73,971 | | | | | | (15,933) | | | | | | (22)% | | |
Gross Profit | | | | | 17,826 | | | | | | 24,411 | | | | | | (6,585) | | | | | | (27)% | | |
Selling, general & administrative expenses | | | | | 24,718 | | | | | | 23,745 | | | | | | 973 | | | | | | 4% | | |
Depreciation & amortization | | | | | 1,857 | | | | | | 2,163 | | | | | | (306) | | | | | | (14)% | | |
Total operating expenses | | | | | 26,575 | | | | | | 25,908 | | | | | | 667 | | | | | | 3% | | |
Operating Income (Loss) | | | | | (8,748) | | | | | | (1,497) | | | | | | (7,251) | | | | | | (484)% | | |
Interest Income | | | | | 231 | | | | | | 173 | | | | | | 58 | | | | | | 34% | | |
Interest Expenses | | | | | (6,949) | | | | | | (6,767) | | | | | | (182) | | | | | | (3)% | | |
Other Income, net | | | | | 7,523 | | | | | | 89 | | | | | | 7,164 | | | | | | 8049% | | |
Total Other Income | | | | | 805 | | | | | | 6,506 | | | | | | (5,701) | | | | | | (88)% | | |
Profit/ (Loss) before income taxes | | | | | (7,944) | | | | | | (8,003) | | | | | | (59) | | | | | | (1)% | | |
Income tax expense including deferred taxes | | | | | 104 | | | | | | 259 | | | | | | (155) | | | | | | (60)% | | |
Net income/(loss) after tax | | | | | (8,048) | | | | | | (8,262) | | | | | | (214) | | | | | | (3)% | | |
Share of (profit)/loss on equity accounted investment | | | | | (1,610) | | | | | | (1,481) | | | | | | 129 | | | | | | 9% | | |
Net loss attributable to noncontrolling interests | | | | | (469) | | | | | | (376) | | | | | | 93 | | | | | | 25% | | |
Net loss attributable to owners | | | | | (5,968) | | | | | | (6,405) | | | | | | (437) | | | | | | (7)% | | |
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Revenues | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Cost of revenue | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross Profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Selling, general & administrative expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Depreciation & amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
Total operating expenses | | | | | 29,907 | | | | | | 28,732 | | | | | | 1,175 | | | | | | 4% | | |
Operating Income (Loss) | | | | | -4,738 | | | | | | -2,657 | | | | | | -2,081 | | | | | | 78% | | |
Interest Income | | | | | -242 | | | | | | -211 | | | | | | -31 | | | | | | 15% | | |
Interest Expenses | | | | | 9,915 | | | | | | 11,070 | | | | | | -1,155 | | | | | | -10% | | |
Other Income, net | | | | | -6,985 | | | | | | -1,351 | | | | | | -5,634 | | | | | | 417% | | |
Total Other Expenses | | | | | -2,688 | | | | | | -9,508 | | | | | | 6,820 | | | | | | -72% | | |
Profit/ (Loss) before income taxes | | | | | -7,426 | | | | | | -12,165 | | | | | | 4,739 | | | | | | -39% | | |
Income tax expense including deferred taxes | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Share of (profit)/loss on equity accounted investment | | | | | -1,710 | | | | | | -1419 | | | | | | -291 | | | | | | 20% | | |
Net loss attributable to noncontrolling interests | | | | | -223 | | | | | | -719 | | | | | | 496 | | | | | | -69% | | |
Cumulative translation adjustments | | | | | 452 | | | | | | -226 | | | | | | 678 | | | | | | -300% | | |
Total comprehensive income/ (loss) | | | | | -4,922 | | | | | | -11,337 | | | | | | 6,415 | | | | | | -57% | | |
| | | Nine month ended Dec 31, | | | Period ended 2021 vs. 2020 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Revenue by Geographical Location | | | | | | | | | | | | | | | | | | | | | | | | | |
USA | | | | | 44,360 | | | | | | 69,383 | | | | | | (25,023) | | | | | | (36)% | | |
India | | | | | 15,776 | | | | | | 18,471 | | | | | | (2,695) | | | | | | (15)% | | |
UK | | | | | 7,559 | | | | | | 632 | | | | | | 6,927 | | | | | | 1096% | | |
Australia | | | | | 4,024 | | | | | | 3,364 | | | | | | 660 | | | | | | 20% | | |
Other Countries | | | | | 4,146 | | | | | | 6,531 | | | | | | (2,385) | | | | | | (37)% | | |
Total Revenue | | | | | 75,864 | | | | | | 98,382 | | | | | | (22,518) | | | | | | (23)% | | |
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Revenues | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Cost of revenue | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross Profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Selling, general & administrative expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Depreciation & amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
Total operating expenses | | | | | 29,907 | | | | | | 28,732 | | | | | | 1,175 | | | | | | 4% | | |
Operating Income (Loss) | | | | | -4,738 | | | | | | -2,657 | | | | | | -2,081 | | | | | | 78% | | |
Interest Income | | | | | -242 | | | | | | -211 | | | | | | -31 | | | | | | 15% | | |
Interest Expenses | | | | | 9,915 | | | | | | 11,070 | | | | | | -1,155 | | | | | | -10% | | |
Other Income, net | | | | | -6,985 | | | | | | -1,351 | | | | | | -5,634 | | | | | | 417% | | |
Total Other Expenses | | | | | -2,688 | | | | | | -9,508 | | | | | | 6,820 | | | | | | -72% | | |
Profit/ (Loss) before income taxes | | | | | -7,426 | | | | | | -12,165 | | | | | | 4,739 | | | | | | -39% | | |
Income tax expense including deferred taxes | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Share of (profit)/loss on equity accounted investment | | | | | -1,710 | | | | | | -1419 | | | | | | -291 | | | | | | 20% | | |
Net loss attributable to noncontrolling interests | | | | | -223 | | | | | | -719 | | | | | | 496 | | | | | | -69% | | |
Cumulative translation adjustments | | | | | 452 | | | | | | -226 | | | | | | 678 | | | | | | -300% | | |
Total comprehensive income/ (loss) | | | | | -4,922 | | | | | | -11,337 | | | | | | 6,415 | | | | | | -57% | | |
| | For the Fiscal Year Ended March 31, | | 2021 vs. 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | $ Change | | % Change | | |||||||||||||||||||||||||||||||||||||||||
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | 2022 vs 2021 | | ||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | 2021 | | $ Change | | % Change | | ||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | 125,402 | | | | | 154,568 | | | | | (29,166) | | | | | (19)% | | | | | | 103,068 | | | | | 125,402 | | | | | -22,334 | | | | | -18% | | | ||||||||
Cost of revenue | | | | 99,327 | | | | | 133,313 | | | | | (33,986) | | | | | (25)% | | | | | | 77,899 | | | | | 99,327 | | | | | -21,428 | | | | | -22% | | | ||||||||
Gross Profit | | | | 26,075 | | | | | 21,256 | | | | | 4,820 | | | | | 23% | | | | | | 25,169 | | | | | 26,075 | | | | | -906 | | | | | -3% | | | ||||||||
Selling, general & administrative expenses | | | | 25,968 | | | | | 41,623 | | | | | (15,655) | | | | | (38)% | | | | | | 27,379 | | | | | 25,968 | | | | | 1,411 | | | | | 5% | | | ||||||||
Depreciation & amortization | | | | 2,764 | | | | | 2,730 | | | | | 34 | | | | | 1% | | | | | | 2,528 | | | | | 2,764 | | | | | -236 | | | | | -9% | | | ||||||||
Total operating expenses | | | | 28,732 | | | | | 44,353 | | | | | (15,621) | | | | | (35)% | | | | | | 29,907 | | | | | 28,732 | | | | | 1,175 | | | | | 4% | | | ||||||||
Operating Income (Loss) | | | | (2,657) | | | | | (23,098) | | | | | 20,441 | | | | | (88)% | | | | | | -4,738 | | | | | -2,657 | | | | | -2,081 | | | | | 78% | | | ||||||||
Interest Income | | | | (211) | | | | | (323) | | | | | 112 | | | | | (35)% | | | | | | -242 | | | | | -211 | | | | | -31 | | | | | 15% | | | ||||||||
Interest Expenses | | | | 11,070 | | | | | 13,280 | | | | | (2,210) | | | | | (17)% | | | | | | 9,915 | | | | | 11,070 | | | | | -1,155 | | | | | -10% | | | ||||||||
Other Income, net | | | | (1,351) | | | | | (3,469) | | | | | 2,118 | | | | | (61)% | | | | | | -6,985 | | | | | -1,351 | | | | | -5,634 | | | | | 417% | | | ||||||||
Total Other Expenses | | | | (9,508) | | | | | (9,488) | | | | | (20) | | | | | 0% | | | | | | -2,688 | | | | | -9,508 | | | | | 6,820 | | | | | -72% | | | ||||||||
Profit/ (Loss) before income taxes | | | | (12,165) | | | | | (32,586) | | | | | 20,420 | | | | | (63)% | | | | | | -7,426 | | | | | -12,165 | | | | | 4,739 | | | | | -39% | | | ||||||||
Income tax expense including deferred taxes | | | | 365 | | | | | 285 | | | | | 79 | | | | | 28% | | | | | | -343 | | | | | 365 | | | | | -708 | | | | | -194% | | | ||||||||
Net income / (loss) | | | | (12,530) | | | | | (32,871) | | | | | 20,341 | | | | | (62)% | | | | | | -7,083 | | | | | -12,530 | | | | | 5,447 | | | | | -43% | | | ||||||||
Share of (profit)/loss on equity accounted investment | | | | (1,419) | | | | | (38) | | | | | (1,381) | | | | | 3594% | | | | | | -1,710 | | | | | -1419 | | | | | -291 | | | | | 20% | | | ||||||||
Net loss attributable to noncontrolling interests | | | | (719) | | | | | (2,241) | | | | | 1,522 | | | | | (68)% | | | | | | -223 | | | | | -719 | | | | | 496 | | | | | -69% | | | ||||||||
Cumulative translation adjustments | | | | (226) | | | | | 513 | | | | | (739) | | | | | (144)% | | | | | | 452 | | | | | -226 | | | | | 678 | | | | | -300% | | | ||||||||
Total comprehensive income/ (loss) | | | | (11,337) | | | | | (32,320) | | | | | 20,983 | | | | | (65)% | | | | | | -4,922 | | | | | -11,337 | | | | | 6,415 | | | | | -57% | | |
| | | For the Fiscal Year Ended March 31, | | | 2021 vs. 2020 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Revenue by Geographical Location | | | | | | | | | | | | | | | | | | | | | | | | | |
USA | | | | | 90,614 | | | | | | 129,253 | | | | | | (38,638) | | | | | | (30)% | | |
India | | | | | 22,437 | | | | | | 13,006 | | | | | | 9,431 | | | | | | 73% | | |
UK | | | | | 6,647 | | | | | | 3,383 | | | | | | 3,264 | | | | | | 96% | | |
Australia | | | | | 4,937 | | | | | | 4,654 | | | | | | 283 | | | | | | 6% | | |
Other Countries | | | | | 766 | | | | | | 4,272 | | | | | | (3,505) | | | | | | (82)% | | |
Total Revenue | | | | | 125,402 | | | | | | 154,568 | | | | | | (29,144) | | | | | | (19)% | | |
| | | For the year ended February 28, | | |||||||||
(in thousands) | | | 2022 | | | 2021 | | ||||||
Net Income (Loss) | | | | | (2,199) | | | | | | 4,063 | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | |
Interest expense, net | | | | | 5,650 | | | | | | 5,880 | | |
Depreciation & Amortization | | | | | 7,045 | | | | | | 7,065 | | |
EBITDA | | | | $ | 12,183 | | | | | $ | 17,441 | | |
Management fee and expenses(1) | | | | | 502 | | | | | | 798 | | |
PPP grant income(2) | | | | | — | | | | | | (8,479) | | |
PartyLite restructuring(3) | | | | | 75 | | | | | | 7,272 | | |
Other Alpha costs (4) | | | | | — | | | | | | 1,554 | | |
Triad deal costs(5) | | | | | 2,707 | | | | | | — | | |
COVID-19 non-recurring legal and other costs(6) | | | | | 22 | | | | | | 254 | | |
Unconsummated refinancing costs(7) | | | | | 370 | | | | | | 560 | | |
eComm startup costs (8) | | | | | 165 | | | | | | — | | |
Unconsummated sale of company(9) | | | | | — | | | | | | 87 | | |
Project Aurora(10) | | | | | — | | | | | | 23 | | |
Project Revolution(11) | | | | | — | | | | | | 45 | | |
Adjusted EBITDA | | | | $ | 16,024 | | | | | $ | 19,555 | | |
| | | For the Fiscal Year Ended March 31, | | | 2021 vs. 2020 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Total cost of revenues | | | | | 99,327 | | | | | | 133,317 | | | | | | (33,990) | | | | | | (25%) | | |
Gross profit | | | | | 26,075 | | | | | | 21,256 | | | | | | 4,820 | | | | | | 23% | | |
| | | For the Fiscal Year Ended March 31, | | | 2021 vs. 2020 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Selling, general & administration expenses | | | | | 25,968 | | | | | | 41,623 | | | | | | (15,655) | | | | | | (38%) | | |
| | | For the fiscal year ended | | |||||||||
(in USD thousands) | | | March 31, 2021 | | | March 31, 2020 | | ||||||
North America | | | | $ | 90,614 | | | | | $ | 129,252 | | |
India | | | | $ | 22,437 | | | | | $ | 13,006 | | |
Europe | | | | $ | 6,647 | | | | | $ | 3,383 | | |
Australia | | | | $ | 4,937 | | | | | $ | 4,654 | | |
Rest of the World | | | | $ | 766 | | | | | $ | 4,272 | | |
Product Categories | | | Retail Market ($ million) | | | Expected CAGR 2020-2026 | | | Contract Manufacturing Market 2020 ($ million) | | |||||||||
Air Fresheners (non-solid) | | | | | 71 | | | | | | 14% | | | | | | 29 | | |
Deodorants | | | | | 571 | | | | | | 7% | | | | | | 143-157 | | |
Shampoo | | | | | 957 | | | | | | 5% | | | | | | 129-157 | | |
Hand Sanitizers | | | | | 314 | | | | | | * | | | | | | 50-57 | | |
Other Personal Care and health & Hygiene category | | | | | 429 | | | | | | 7% | | | | | | 50-57 | | |
Disinfectant Spray | | | | | 214 | | | | | | * | | | | | | 57-64 | | |
Sub-total | | | | $ | 2,557 | | | | | | | | | | | $ | 458-$522 | | |
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Revenues | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Cost of revenue | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross Profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Selling, general & administrative expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Depreciation & amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
Total operating expenses | | | | | 29,907 | | | | | | 28,732 | | | | | | 1,175 | | | | | | 4% | | |
Operating Income (Loss) | | | | | -4,738 | | | | | | -2,657 | | | | | | -2,081 | | | | | | 78% | | |
Interest Income | | | | | -242 | | | | | | -211 | | | | | | -31 | | | | | | 15% | | |
Interest Expenses | | | | | 9,915 | | | | | | 11,070 | | | | | | -1,155 | | | | | | -10% | | |
Other Income, net | | | | | -6,985 | | | | | | -1,351 | | | | | | -5,634 | | | | | | 417% | | |
Total Other Expenses | | | | | -2,688 | | | | | | -9,508 | | | | | | 6,820 | | | | | | -72% | | |
Profit/ (Loss) before income taxes | | | | | -7,426 | | | | | | -12,165 | | | | | | 4,739 | | | | | | -39% | | |
Income tax expense including deferred taxes | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Share of (profit)/loss on equity accounted investment | | | | | -1,710 | | | | | | -1419 | | | | | | -291 | | | | | | 20% | | |
Net loss attributable to noncontrolling interests | | | | | -223 | | | | | | -719 | | | | | | 496 | | | | | | -69% | | |
Cumulative translation adjustments | | | | | 452 | | | | | | -226 | | | | | | 678 | | | | | | -300% | | |
Total comprehensive income/ (loss) | | | | | -4,922 | | | | | | -11,337 | | | | | | 6,415 | | | | | | -57% | | |
| | | For the year ended February 28, | | |||||||||
(in thousands) | | | 2022 | | | 2021 | | ||||||
Net Income (Loss) | | | | | (2,199) | | | | | | 4,063 | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | |
Interest expense, net | | | | | 5,650 | | | | | | 5,880 | | |
Depreciation & Amortization | | | | | 7,045 | | | | | | 7,065 | | |
EBITDA | | | | $ | 12,183 | | | | | $ | 17,441 | | |
Management fee and expenses(1) | | | | | 502 | | | | | | 798 | | |
PPP grant income(2) | | | | | — | | | | | | (8,479) | | |
PartyLite restructuring(3) | | | | | 75 | | | | | | 7,272 | | |
Other Alpha costs (4) | | | | | — | | | | | | 1,554 | | |
Triad deal costs(5) | | | | | 2,707 | | | | | | — | | |
COVID-19 non-recurring legal and other costs(6) | | | | | 22 | | | | | | 254 | | |
Unconsummated refinancing costs(7) | | | | | 370 | | | | | | 560 | | |
eComm startup costs (8) | | | | | 165 | | | | | | — | | |
Unconsummated sale of company(9) | | | | | — | | | | | | 87 | | |
Project Aurora(10) | | | | | — | | | | | | 23 | | |
Project Revolution(11) | | | | | — | | | | | | 45 | | |
Adjusted EBITDA | | | | $ | 16,024 | | | | | $ | 19,555 | | |
| | | For the fiscal year ended | | |||||||||
(in USD thousands) | | | March 31, 2021 | | | March 31, 2020 | | ||||||
North America | | | | $ | 90,614 | | | | | $ | 129,252 | | |
India | | | | $ | 22,437 | | | | | $ | 13,006 | | |
Europe | | | | $ | 6,647 | | | | | $ | 3,383 | | |
Australia | | | | $ | 4,937 | | | | | $ | 4,654 | | |
Rest of the World | | | | $ | 766 | | | | | $ | 4,272 | | |
Product Categories | | | Retail Market ($ million) | | | Expected CAGR 2020-2026 | | | Contract Manufacturing Market 2020 ($ million) | | |||||||||
Air Fresheners (non-solid) | | | | | 71 | | | | | | 14% | | | | | | 29 | | |
Deodorants | | | | | 571 | | | | | | 7% | | | | | | 143-157 | | |
Shampoo | | | | | 957 | | | | | | 5% | | | | | | 129-157 | | |
Hand Sanitizers | | | | | 314 | | | | | | * | | | | | | 50-57 | | |
Other Personal Care and health & Hygiene category | | | | | 429 | | | | | | 7% | | | | | | 50-57 | | |
Disinfectant Spray | | | | | 214 | | | | | | * | | | | | | 57-64 | | |
Sub-total | | | | $ | 2,557 | | | | | | | | | | | $ | 458-$522 | | |
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Revenues | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Cost of revenue | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross Profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Selling, general & administrative expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Depreciation & amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
Total operating expenses | | | | | 29,907 | | | | | | 28,732 | | | | | | 1,175 | | | | | | 4% | | |
Operating Income (Loss) | | | | | -4,738 | | | | | | -2,657 | | | | | | -2,081 | | | | | | 78% | | |
Interest Income | | | | | -242 | | | | | | -211 | | | | | | -31 | | | | | | 15% | | |
Interest Expenses | | | | | 9,915 | | | | | | 11,070 | | | | | | -1,155 | | | | | | -10% | | |
Other Income, net | | | | | -6,985 | | | | | | -1,351 | | | | | | -5,634 | | | | | | 417% | | |
Total Other Expenses | | | | | -2,688 | | | | | | -9,508 | | | | | | 6,820 | | | | | | -72% | | |
Profit/ (Loss) before income taxes | | | | | -7,426 | | | | | | -12,165 | | | | | | 4,739 | | | | | | -39% | | |
Income tax expense including deferred taxes | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Share of (profit)/loss on equity accounted investment | | | | | -1,710 | | | | | | -1419 | | | | | | -291 | | | | | | 20% | | |
Net loss attributable to noncontrolling interests | | | | | -223 | | | | | | -719 | | | | | | 496 | | | | | | -69% | | |
Cumulative translation adjustments | | | | | 452 | | | | | | -226 | | | | | | 678 | | | | | | -300% | | |
Total comprehensive income/ (loss) | | | | | -4,922 | | | | | | -11,337 | | | | | | 6,415 | | | | | | -57% | | |
Revenue by Geographical Location | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
USA | | | | | 61,208 | | | | | | 90,614 | | | | | | -29,406 | | | | | | -32% | | |
India | | | | | 21,312 | | | | | | 22,437 | | | | | | -1,125 | | | | | | -5% | | |
UK | | | | | 8,728 | | | | | | 6,647 | | | | | | 2,081 | | | | | | 31% | | |
Australia | | | | | 5,226 | | | | | | 4,937 | | | | | | 289 | | | | | | 6% | | |
Other Countries | | | | | 6,594 | | | | | | 766 | | | | | | 5,828 | | | | | | 761% | | |
Total Revenue | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs. 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Total cost of revenues | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs. 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Selling, general and administration expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
| | | For the Fiscal Year Ended March 31, | | | 2021 vs. 2020 | | ||||||||||||||||||
| | | 2021 | | | 2020 | | | $ Change | | | % Change | | ||||||||||||
Loss after income tax | | | | | (12,530) | | | | | | (32,871) | | | | | | 20,341 | | | | | | (62%) | | |
Tax expense | | | | | 365 | | | | | | 285 | | | | | | 79 | | | | | | 28% | | |
Interest expense, net | | | | | 10,859 | | | | | | 12,958 | | | | | | (2,099) | | | | | | (16%) | | |
Depreciation & amortization | | | | | 2,764 | | | | | | 2,730 | | | | | | 34 | | | | | | 1% | | |
EBITDA | | | | | 1,458 | | | | | | (16,898) | | | | | | 18,356 | | | | | | (109%) | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Tax Expense | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Interest Expense, Net | | | | | 9,672 | | | | | | 10,859 | | | | | | -1,187 | | | | | | -11% | | |
Depreciation & Amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
EBITDA | | | | | 4,775 | | | | | | 1,458 | | | | | | 3,317 | | | | | | 227% | | |
| | For the Fiscal Year Ended March 31, | | |||||||||||||||||||||||
| | 2021 | | 2020 | | |||||||||||||||||||||
Particulars | | | For the Fiscal Year Ended March 31, | | ||||||||||||||||||||||
| 2022 | | 2021 | | ||||||||||||||||||||||
EBITDA | | | | 1,458 | | | | | (16,898) | | | | | | 4,775 | | | | | 1,458 | | | ||||
Supply chain disruption, demurrage extraordinary expenses(1) | | | | 3,512 | | | | | 19,093 | | | |||||||||||||||
Customer Chargebacks(1) | | | | 884 | | | | | | | | |||||||||||||||
Supply chain disruption, demurrage & Customer Chargebacks(1) | | | | 2,140 | | | | | 4,396 | | | |||||||||||||||
Covid-19 induced operating expenses in MVP Group(2) | | | | 718 | | | | | | | | | | | — | | | | | 718 | | | ||||
One-time information technology and other expenses(3) | | | | 90 | | | | | | | | | | | — | | | | | 90 | | | ||||
Expenses on business right-sizing(4) | | | | | | | | | 906 | | | |||||||||||||||
One-time legal & professional expenses in MVP and PIL(4) | | | | 1,706 | | | | | 191 | | | |||||||||||||||
Profit on sale of Fixed Asset(5) | | | | -800 | | | | | — | | | |||||||||||||||
PPP grant income(6) | | | | -4,368 | | | | | — | | | |||||||||||||||
Covid-19 impact expenses in operations in Primacy Industries(7) | | | | 1,337 | | | | | 400 | | | |||||||||||||||
Bank charges | | | | 71 | | | | | 917 | | | | | | 88 | | | | | 71 | | | ||||
One-time legal & professional expenses in MVP Group(5) | | | | 108 | | | | | | | | |||||||||||||||
One-time legal & professional expenses in Primacy Industries(5) | | | | 83 | | | | | 125 | | | |||||||||||||||
Covid-19 impact expenses in operations in Primacy Industries(6) | | | | 400 | | | | | 73 | | | |||||||||||||||
Adjusted EBITDA | | | | 7,325 | | | | | 4,216 | | | | | | 4,879 | | | | | 7,325 | | |
| | Nine Month ended December 31 | | Fiscal Years ended March 31 | | |||||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | 2021 | | 2020 | | |||||||||||||||||||||||||||||
Cash provided by (used in): | | | Fiscal Years ended March 31 | | ||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | |||||||||||||
Operating activities | | | | (14,182) | | | | | (2,717) | | | | | (202) | | | | | 8,835 | | | | | | -15,798 | | | | | -202 | | | ||||||
Investing activities | | | | 1,664 | | | | | (84) | | | | | (141) | | | | | (1,501) | | | | | | 2,195 | | | | | -141 | | | ||||||
Financing activities | | | | 41,245 | | | | | 934 | | | | | 108 | | | | | (6,998) | | | | | | 39,145 | | | | | 108 | | |
Fiscal year ending March 31 | | | Minimum lease payments | | | Minimum sublet income | | | Minimum lease payments, net | | |||||||||
2022 | | | | | 1,367 | | | | | | 1,074 | | | | | | 293 | | |
2023 | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
2024 | | | | | — | | | | | | — | | | | | | — | | |
2025 | | | | | — | | | | | | — | | | | | | — | | |
2026 | | | | | — | | | | | | — | | | | | | — | | |
Thereafter | | | | | — | | | | | | — | | | | | | — | | |
Total minimum future lease payments | | | | | 1,481 | | | | | | 1,164 | | | | | | 317 | | |
Fiscal year ending March 31 | | | Min. lease payments | | | Min. sublet income | | | Min. lease payments, net | | |||||||||
2023 | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
Total min. future lease payments | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
Fiscal year ending March 31 | | | Minimum lease payments | | |||
2022 | | | | | 139 | | |
2023 | | | | | 139 | | |
2024 | | | | | 42 | | |
2025 | | | | | — | | |
2026 | | | | | — | | |
Thereafter | | | | | — | | |
Total minimum future lease payments | | | | | 321 | | |
Fiscal year ending March 31 | | | Min. lease payments | | |||
2023 | | | | | 139 | | |
2024 | | | | | 42 | | |
Total min. future lease payments | | | | | 182 | | |
| | Pre-Business Combination | | Post-Business Combination | | | | Pre-Business Combination | | Post-Business Combination | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Common Stock | | Assuming No Redemptions | | Assuming 100% Redemptions | | | | Common Stock | | Assuming No Redemptions | | Assuming 100% Redemptions | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | Number of Shares Beneficially Owned(2) | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | | | Number of Shares Beneficially Owned(2) | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors and Executive Officers of GACQ: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Rohan Ajila(3) | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | ||||||||||||||||||||||
Gautham Pai(3) | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | ||||||||||||||||||||||
Art Drogue | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | ||||||||||||||||||||||
Tom Clausen | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | ||||||||||||||||||||||||||
Dennis Tse | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | ||||||||||||||||||||||
All Directors and Executive Officers of GACQ as a Group (6 Individuals). | | | | 5,019,363 | | | | | 21.56% | | | | | 5,019,363 | | | | | 15.65% | | | | | 5,019,363 | | | | | 23.47% | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sergio Pedreiro | | | | — | | | | | * | | | | | — | | | | | * | | | | | — | | | | | * | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Directors and Executive Officers of GACQ as a Group (7 Individuals). | | | | 5,019,363 | | | | | 21.56% | | | | | 5,019,363 | | | | | 15.65% | | | | | 5,019,363 | | | | | 23.47% | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
GACQ’s and the Combined Company 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
Global Consumer Acquisition LLC (3) | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | ||||||||||||||||||||||
D. E. Shaw Valence Portfolios, L.L.C. (5) | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | ||||||||||||||||||||||
Highbridge Capital Management, LLC (6) | | | | 1,939,822 | | | | | 8.33% | | | | | 1,939,822 | | | | | 5.16% | | | | | 1,939,822 | | | | | 7.22% | | | | | | | 1,939,822 | | | | | 8.33% | | | | | 1,939,822 | | | | | 5.16% | | | | | 1,939,822 | | | | | 7.22% | | | | ||||||||||||||||||||||
Boothbay Fund Management, LLC (7) | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | ||||||||||||||||||||||
Polar Asset Management Partners, Inc. (9) | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | ||||||||||||||||||||||
Yakira Capital Management, Inc. (10) | | | | 1,426,855 | | | | | 6.13% | | | | | 1,426,855 | | | | | 3.79% | | | | | 1,426,855 | | | | | 5.31% | | | | | | | 1,426,855 | | | | | 6.13% | | | | | 1,426,855 | | | | | 3.79% | | | | | 1,426,855 | | | | | 5.31% | | | | ||||||||||||||||||||||
ATW SPAC Management LLC (11) | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | | | | 1,680,000 | | | | | 7.22% | | | | | 1,680,000 | | | | | 4.47% | | | | | 1,680,000 | | | | | 6.25% | | | | ||||||||||||||||||||||
Lighthouse Investment Partners, LLC (12) | | | | 1,835,533 | | | | | 7.88% | | | | | 1,835,533 | | | | | 5.72% | | | | | 1,835,533 | | | | | 8.58% | | | | | | | 1,835,533 | | | | | 7.88% | | | | | 1,835,533 | | | | | 5.72% | | | | | 1,835,533 | | | | | 8.58% | | | | ||||||||||||||||||||||
Karpus Management, Inc.(13) | | | | 1,261,325 | | | | | 5.42% | | | | | 1,261,325 | | | | | 3.93% | | | | | 1,261,325 | | | | | 5.90% | | | | | | | 1,261,325 | | | | | 5.42% | | | | | 1,261,325 | | | | | 3.93% | | | | | 1,261,325 | | | | | 5.90% | | | | ||||||||||||||||||||||
Directors and Executive Officers of the Combined Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Rohan Ajila(3) | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | | | | 4,959,363 | | | | | 21.30% | | | | | 4,959,363 | | | | | 15.46% | | | | | 4,959,363 | | | | | 23.19% | | | | ||||||||||||||||||||||
Gautham Pai(3) | | | | 4,959,363 | | | | | 21.30% | | | | | 13,357,500(8) | | | | | 41.64% | | | | | 13,357,500(8) | | | | | 62.47% | | | | | | | 4,959,363 | | | | | 21.30% | | | | | 13,357,500(8) | | | | | 41.64% | | | | | 13,357,500(8) | | | | | 62.47% | | | | ||||||||||||||||||||||
Art Drogue | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | ||||||||||||||||||||||
Tom Clausen | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | ||||||||||||||||||||||
Dennis Tse | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | | 20,000 | | | | | * | | | | ||||||||||||||||||||||
Sean Peters | | | | 0 | | | | | * | | | | | 0 | | | | | | | | | | 0 | | | | | * | | | | | | | 0 | | | | | * | | | | | 0 | | | | | | | | | | 0 | | | | | * | | | |
| | Pre-Business Combination | | Post-Business Combination | | | Pre-Business Combination | | Post-Business Combination | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Common Stock | | Assuming No Redemptions | | Assuming 100% Redemptions | | | Common Stock | | Assuming No Redemptions | | Assuming 100% Redemptions | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | Number of Shares Beneficially Owned(2) | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned(2) | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | Number of Shares Beneficially Owned | | % of Outstanding Shares of Common Stock | | ||||||||||||||||||||||||||||||||||||||||||||||||
All Directors and Executive Officers of the Combined Company as a Group (6 Individuals) | | | | 5,019,363 | | | | | 21.56% | | | | | 13,417,500 | | | | | 41.82% | | | | | 13,417,500 | | | | | 62.75% | | | |||||||||||||||||||||||||||||||||||||||||||
Sergio Pedreiro | | | | 0 | | | | | * | | | | | 0 | | | | | * | | | | | 0 | | | | | * | | | |||||||||||||||||||||||||||||||||||||||||||
All Directors and Executive Officers of the Combined Company as a Group (7 Individuals) | | | | 5,019,363 | | | | | 21.56% | | | | | 13,417,500 | | | | | 41.82% | | | | | 13,417,500 | | | | | 62.75% | | |
| | | Pre-Business Combination | | | Post-Business Combination | | | | ||||||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | | | |||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | | ||||||||||||||||||||||
Directors and Executive Officers of GACQ: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sergio Pedreiro | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | ||||
All Directors and Executive Officers of GACQ as a Group (7 Individuals). | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 5,019,363 | | | | | | 15.65% | | | | | | 5,019,363 | | | | | | 23.47% | | | | | ||||
GACQ’s and the Combined Company 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Consumer Acquisition LLC(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
D. E. Shaw Valence Portfolios, L.L.C.(5) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Highbridge Capital Management, LLC(6) | | | | | 1,939,822 | | | | | | 8.33% | | | | | | 1,939,822 | | | | | | 5.16% | | | | | | 1,939,822 | | | | | | 7.22% | | | | | ||||
Boothbay Fund Management, LLC(7) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Polar Asset Management Partners, Inc.(9) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Yakira Capital Management, Inc.(10) | | | | | 1,426,855 | | | | | | 6.13% | | | | | | 1,426,855 | | | | | | 3.79% | | | | | | 1,426,855 | | | | | | 5.31% | | | | | ||||
ATW SPAC Management LLC(11) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Lighthouse Investment Partners, LLC(12) | | | | | 1,835,533 | | | | | | 7.88% | | | | | | 1,835,533 | | | | | | 5.72% | | | | | | 1,835,533 | | | | | | 8.58% | | | | | ||||
Karpus Management, Inc.(13) | | | | | 1,261,325 | | | | | | 5.42% | | | | | | 1,261,325 | | | | | | 3.93% | | | | | | 1,261,325 | | | | | | 5.90% | | | | | ||||
Directors and Executive Officers of the Combined Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 13,357,500(8) | | | | | | 41.64% | | | | | | 13,357,500(8) | | | | | | 62.47% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sean Peters | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | | | | | | | 0 | | | | | | * | | | | |
| | | Pre-Business Combination | | | Post-Business Combination | | ||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | |||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | ||||||||||||||||||
Sergio Pedreiro | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | |
All Directors and Executive Officers of the Combined Company as a Group (7 Individuals) | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 13,417,500 | | | | | | 41.82% | | | | | | 13,417,500 | | | | | | 62.75% | | |
| | | Pre-Business Combination | | | Post-Business Combination | | | | ||||||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | | | |||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | | ||||||||||||||||||||||
Directors and Executive Officers of GACQ: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sergio Pedreiro | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | ||||
All Directors and Executive Officers of GACQ as a Group (7 Individuals). | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 5,019,363 | | | | | | 15.65% | | | | | | 5,019,363 | | | | | | 23.47% | | | | | ||||
GACQ’s and the Combined Company 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Consumer Acquisition LLC(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
D. E. Shaw Valence Portfolios, L.L.C.(5) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Highbridge Capital Management, LLC(6) | | | | | 1,939,822 | | | | | | 8.33% | | | | | | 1,939,822 | | | | | | 5.16% | | | | | | 1,939,822 | | | | | | 7.22% | | | | | ||||
Boothbay Fund Management, LLC(7) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Polar Asset Management Partners, Inc.(9) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Yakira Capital Management, Inc.(10) | | | | | 1,426,855 | | | | | | 6.13% | | | | | | 1,426,855 | | | | | | 3.79% | | | | | | 1,426,855 | | | | | | 5.31% | | | | | ||||
ATW SPAC Management LLC(11) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Lighthouse Investment Partners, LLC(12) | | | | | 1,835,533 | | | | | | 7.88% | | | | | | 1,835,533 | | | | | | 5.72% | | | | | | 1,835,533 | | | | | | 8.58% | | | | | ||||
Karpus Management, Inc.(13) | | | | | 1,261,325 | | | | | | 5.42% | | | | | | 1,261,325 | | | | | | 3.93% | | | | | | 1,261,325 | | | | | | 5.90% | | | | | ||||
Directors and Executive Officers of the Combined Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 13,357,500(8) | | | | | | 41.64% | | | | | | 13,357,500(8) | | | | | | 62.47% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sean Peters | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | | | | | | | 0 | | | | | | * | | | | |
| | | Pre-Business Combination | | | Post-Business Combination | | ||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | |||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | ||||||||||||||||||
Sergio Pedreiro | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | |
All Directors and Executive Officers of the Combined Company as a Group (7 Individuals) | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 13,417,500 | | | | | | 41.82% | | | | | | 13,417,500 | | | | | | 62.75% | | |
| Audited Financial Statements of Global Consumer Acquisition Corp. | | | | | | | | |||
| | | | | F-2 | | | ||||
| | | | | F-3 | | | ||||
| | | | | F-4 | | | ||||
| | | | | F-5 | | | ||||
| | | | | F-6 | | | ||||
| | | | | F-7 – F-22 | | | ||||
| Unaudited Financial Statements of Global Consumer Acquisition Corp. | | | | | | | | |||
| | | | | F-23 | | | ||||
| | | | | F-24 | | | ||||
| | | | | F-25 | | | ||||
| | | | | F-26 | | | ||||
| | | | | F-27 | | | ||||
| Audited Financial Statements of Luminex Home Décor & Fragrance Holding Corporation | | | | | | | | |||
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| Audited Financial Statements of GP Global Limited | | | | | | | | |||
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| | | December 31, 2021 | | | December 31, 2020 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash | | | | $ | 257,271 | | | | | $ | — | | |
Prepaid expense | | | | | 80,169 | | | | | | — | | |
Total Current Assets | | | | | 337,440 | | | | | | — | | |
Cash and Marketable Securities held in Trust Account | | | | | 183,570,432 | | | | | | — | | |
Total Assets | | | | $ | 183,907,872 | | | | | $ | — | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accrued expense | | | | $ | 1,740,131 | | | | | $ | 478 | | |
Franchise tax payable | | | | | 113,648 | | | | | | — | | |
Total Current Liabilities | | | | | 1,853,779 | | | | | | 478 | | |
Warrant Liability | | | | | 5,773,748 | | | | | | — | | |
Deferred underwriting fees | | | | | 5,935,475 | | | | | | — | | |
Total Liabilities | | | | | 13,563,002 | | | | | | 478 | | |
Commitments and Contingencies (NOTE 6) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 18,263,000 and -0- shares at redemption value of $10.05 per share on December 31, 2021 and -0- on December 31, 2020, respectively | | | | | 183,570,432 | | | | | | — | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Common stocks, $0.0001 par value; 100,000,000 shares authorized; 5,019,363 and -0- issued and outstanding (excluding 18,263,000 and -0- shares subject to possible redemption) at December 31, 2021 and December 31, 2020, respectively | | | | | 502 | | | | | | — | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Accumulated deficit | | | | | (13,226,064) | | | | | | (478) | | |
Total Stockholders’ Deficit | | | | | (13,225,562) | | | | | | (478) | | |
Total Liabilities and Stockholders’ Deficit | | | | $ | 183,907,872 | | | | | $ | — | | |
| | | Year Ended December 31, 2021 | | | For the Period from December 28, 2020 Through December 31, 2020 | | ||||||
Formation and operating costs | | | | $ | 2,327,118 | | | | | $ | 478 | | |
Franchise tax expense | | | | | 113,648 | | | | | | | | |
Loss from operation costs | | | | | (2,440,766) | | | | | | (478) | | |
Other income and expense: | | | | | | | | | | | | | |
Realized and unrealized gain from marketable securities held in Trust Account | | | | $ | 27,282 | | | | | $ | — | | |
Change in fair value of warrant liability | | | | | 4,007,950 | | | | | | — | | |
Offering costs allocated to warrants | | | | | (450,846) | | | | | | — | | |
Net income (loss) | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Weighted average shares outstanding of common stock | | | | | 14,904,015 | | | | | | — | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.08 | | | | | $ | — | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Deficit | | | Total Stockholder’s Deficit | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – December 28, 2020 (inception) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net Loss | | | | | — | | | | | | — | | | | | | — | | | | | | (478) | | | | | | (478) | | |
Balance – December 31, 2020 (audited) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (478) | | | | | $ | (478) | | |
Insurance of common stock to Sponsor | | | | | 4,887,500 | | | | | | 489 | | | | | | 24,511 | | | | | | — | | | | | | 25,000 | | |
Re-measurement for common stock to redemption amount | | | | | — | | | | | | — | | | | | | (4,321,343) | | | | | | (14,369,206) | | | | | | (18,690,549) | | |
Forfeiture of founder shares | | | | | (321,750) | | | | | | (32) | | | | | | 32 | | | | | | — | | | | | | — | | |
Sale of Private Units | | | | | 453,613 | | | | | | 45 | | | | | | 4,296,800 | | | | | | — | | | | | | 4,296,845 | | |
Net Income | | | | | — | | | | | | — | | | | | | — | | | | | | 1,143,620 | | | | | | 1,143,620 | | |
Balance – December 31, 2021 | | | | | 5,019,363 | | | | | $ | 502 | | | | | $ | — | | | | | $ | (13,226,064) | | | | | $ | (13,225,562) | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | — | | |
Realized and unrealized gain from marketable securities held in Trust Account | | | | | (27,282) | | | | | | — | | |
Change in fair value of warrant liability | | | | | (4,007,950) | | | | | | — | | |
Offering costs allocated to warrants | | | | | 450,846 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | — | | |
Prepaid expenses | | | | | (80,169) | | | | | | — | | |
Accrued expenses | | | | | 1,739,653 | | | | | | 478 | | |
Franchise tax payable | | | | | 113,648 | | | | | | | | |
Net cash used in operating activities | | | | | (667,634) | | | | | | — | | |
| | | | | | | | | | | — | | |
Cash flows from investing activities: | | | | | | | | | | | — | | |
Investment of cash in Trust Account | | | | | (183,543,150) | | | | | | — | | |
Net cash used in investing activities | | | | | (183,543,150) | | | | | | — | | |
| | | | | | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | — | | |
Proceeds from issue of founder shares | | | | | 25,000 | | | | | | — | | |
Proceeds from sale of units, net underwriting discount paid | | | | | 180,347,125 | | | | | | — | | |
Proceeds from sale of private placement | | | | | 4,536,125 | | | | | | — | | |
Payment of offering costs | | | | | (440,195) | | | | | | — | | |
Net cash provided by financing activities | | | | | 184,468,055 | | | | | | — | | |
| | | | | | | | | | | — | | |
Net change in cash | | | | | 257,271 | | | | | | — | | |
Cash at beginning of period | | | | | — | | | | | | — | | |
Cash at end of period | | | | $ | 257,271 | | | | | $ | — | | |
| | | | | | | | | | | — | | |
Non-cash investing and financing activities: | | | | | | | | | | | — | | |
Initial classification of common stock subject to possible redemption | | | | $ | 164,909,883 | | | | | $ | — | | |
Re-measurement of Common Stock subject to redemption | | | | $ | 18,660,549 | | | | | $ | — | | |
Deferred underwriting fee payable | | | | $ | 5,935,475 | | | | | $ | — | | |
Initial measurement of public warrants and private placement warrants | | | | $ | 9,781,698 | | | | | $ | — | | |
| | | As of December 31, 2021 | | |||
Gross Proceeds | | | | $ | 182,630,000 | | |
Less: | | | | | | | |
Proceeds allocated to public warrants | | | | | (9,542,418) | | |
Transaction costs | | | | | (8,628,545) | | |
Plus: | | | | | | | |
Reverse the cost allocation to warrants | | | | | 450,846 | | |
Re-measurement of carrying value to redemption value | | | | | 18,690,549 | | |
Common stock subject to possible redemption | | | | | 183,570,432 | | |
Name | | | Age | | | Position(s) | |
Sean Peters | | | 52 | | | Chief Executive Officer | |
Sergio Pedreiro | | | 56 | | | Chief Financial Officer | |
Rohan Ajila | | | 54 | | | Director | |
Gautham Pai | | | 47 | | | Director | |
Arti Drogue | | | 76 | | | Director | |
Tom Clausen | | | 60 | | | Director | |
Dennis Tse | | | 46 | | | Director | |
| | | Year Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Net Sales | | | | $ | 308,718 | | | | | $ | 334,679 | | | | | $ | (25,961) | | | | | | (7.8)% | | |
Gross profit | | | | | 98,526 | | | | | | 126,963 | | | | | | (28,437) | | | | | | (22.4)% | | |
Gross margin | | | | | 31.9% | | | | | | 37.9% | | | | | | | | | | | | | | |
Operating expenses | | | | | 92,443 | | | | | | 117,470 | | | | | | (25,027) | | | | | | (21,3)% | | |
Income from operations before other income (expense) | | | | | 6,083 | | | | | | 9,493 | | | | | | (3,410) | | | | | | (35.9)% | | |
Operating margin | | | | | 2.0% | | | | | | 2.8% | | | | | | | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (5,650) | | | | | | (5,880) | | | | | | 230 | | | | | | (3.9)% | | |
Foreign exchange gain (loss) | | | | | (1,057) | | | | | | 1,126 | | | | | | (2,183) | | | | | | (193.9)% | | |
Other income (expense) | | | | | 112 | | | | | | (243) | | | | | | 355 | | | | | | (146.1)% | | |
Income (loss) before income tax expense | | | | | (512) | | | | | | 4,496 | | | | | | (5,008) | | | | | | (111.4)% | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | | | | | 1,254 | | | | | | 289.6% | | |
Effective tax rate | | | | | (329.5)% | | | | | | 9.6% | | | | | | | | | | | | | | |
Net income (loss) | | | | | (2,199) | | | | | | 4,063 | | | | | | (6,262) | | | | | | (154.1)% | | |
| | | Years Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Direct marketing expense | | | | $ | 41,446 | | | | | $ | 57,245 | | | | | $ | (15,799) | | | | | | (27.6)% | | |
Selling and marketing | | | | | 13,471 | | | | | | 16,595 | | | | | | (3,124) | | | | | | (18.8)% | | |
General and administration | | | | | 36,949 | | | | | | 35,560 | | | | | | 1,389 | | | | | | 3.9% | | |
Management fees | | | | | 502 | | | | | | 798 | | | | | | (296) | | | | | | (37.1)% | | |
Restructuring expense | | | | | 75 | | | | | | 7,272 | | | | | | (7,197) | | | | | | (99.0)% | | |
| | | February 28, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
5.36% term note | | | | $ | 11,355 | | | | | $ | 11,602 | | |
Term note payable A | | | | | 10,050 | | | | | | 11,750 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 1,862 | | | | | | 50 | | |
Revolver – (US) | | | | | 34,779 | | | | | | 19,619 | | |
COVID Relief | | | | | 491 | | | | | | 605 | | |
Capital Lease | | | | | 932 | | | | | | 2,046 | | |
| | | | | 70,418 | | | | | | 58,172 | | |
Deferred financing fees | | | | | (1,255) | | | | | | (1,348) | | |
Current maturities – long term debt | | | | | (941) | | | | | | (1,843) | | |
| | | | $ | 68,222 | | �� | | | $ | 54,981 | | |
| | | Years Ended February 28, | | |||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | |||||||||
Net cash provided by (used in) operating activities | | | | $ | (9,147) | | | | | $ | 25,690 | | | | | $ | (34,837) | | |
Net cash (used in) investing activities | | | | | (3,370) | | | | | | (4,125) | | | | | | 755 | | |
Net cash provided by (used in) financing activities | | | | | 11,812 | | | | | | (21,598) | | | | | | 33,410 | | |
| | | For the year ended February 28, | | |||||||||
(in thousands) | | | 2022 | | | 2021 | | ||||||
Net Income (Loss) | | | | | (2,199) | | | | | | 4,063 | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | |
Interest expense, net | | | | | 5,650 | | | | | | 5,880 | | |
Depreciation & Amortization | | | | | 7,045 | | | | | | 7,065 | | |
EBITDA | | | | $ | 12,183 | | | | | $ | 17,441 | | |
Management fee and expenses(1) | | | | | 502 | | | | | | 798 | | |
PPP grant income(2) | | | | | — | | | | | | (8,479) | | |
PartyLite restructuring(3) | | | | | 75 | | | | | | 7,272 | | |
Other Alpha costs (4) | | | | | — | | | | | | 1,554 | | |
Triad deal costs(5) | | | | | 2,707 | | | | | | — | | |
COVID-19 non-recurring legal and other costs(6) | | | | | 22 | | | | | | 254 | | |
Unconsummated refinancing costs(7) | | | | | 370 | | | | | | 560 | | |
eComm startup costs (8) | | | | | 165 | | | | | | — | | |
Unconsummated sale of company(9) | | | | | — | | | | | | 87 | | |
Project Aurora(10) | | | | | — | | | | | | 23 | | |
Project Revolution(11) | | | | | — | | | | | | 45 | | |
Adjusted EBITDA | | | | $ | 16,024 | | | | | $ | 19,555 | | |
| | | For the fiscal year ended | | |||||||||
(in USD thousands) | | | March 31, 2021 | | | March 31, 2020 | | ||||||
North America | | | | $ | 90,614 | | | | | $ | 129,252 | | |
India | | | | $ | 22,437 | | | | | $ | 13,006 | | |
Europe | | | | $ | 6,647 | | | | | $ | 3,383 | | |
Australia | | | | $ | 4,937 | | | | | $ | 4,654 | | |
Rest of the World | | | | $ | 766 | | | | | $ | 4,272 | | |
Product Categories | | | Retail Market ($ million) | | | Expected CAGR 2020-2026 | | | Contract Manufacturing Market 2020 ($ million) | | |||||||||
Air Fresheners (non-solid) | | | | | 71 | | | | | | 14% | | | | | | 29 | | |
Deodorants | | | | | 571 | | | | | | 7% | | | | | | 143-157 | | |
Shampoo | | | | | 957 | | | | | | 5% | | | | | | 129-157 | | |
Hand Sanitizers | | | | | 314 | | | | | | * | | | | | | 50-57 | | |
Other Personal Care and health & Hygiene category | | | | | 429 | | | | | | 7% | | | | | | 50-57 | | |
Disinfectant Spray | | | | | 214 | | | | | | * | | | | | | 57-64 | | |
Sub-total | | | | $ | 2,557 | | | | | | | | | | | $ | 458-$522 | | |
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Revenues | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Cost of revenue | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross Profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Selling, general & administrative expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Depreciation & amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
Total operating expenses | | | | | 29,907 | | | | | | 28,732 | | | | | | 1,175 | | | | | | 4% | | |
Operating Income (Loss) | | | | | -4,738 | | | | | | -2,657 | | | | | | -2,081 | | | | | | 78% | | |
Interest Income | | | | | -242 | | | | | | -211 | | | | | | -31 | | | | | | 15% | | |
Interest Expenses | | | | | 9,915 | | | | | | 11,070 | | | | | | -1,155 | | | | | | -10% | | |
Other Income, net | | | | | -6,985 | | | | | | -1,351 | | | | | | -5,634 | | | | | | 417% | | |
Total Other Expenses | | | | | -2,688 | | | | | | -9,508 | | | | | | 6,820 | | | | | | -72% | | |
Profit/ (Loss) before income taxes | | | | | -7,426 | | | | | | -12,165 | | | | | | 4,739 | | | | | | -39% | | |
Income tax expense including deferred taxes | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Share of (profit)/loss on equity accounted investment | | | | | -1,710 | | | | | | -1419 | | | | | | -291 | | | | | | 20% | | |
Net loss attributable to noncontrolling interests | | | | | -223 | | | | | | -719 | | | | | | 496 | | | | | | -69% | | |
Cumulative translation adjustments | | | | | 452 | | | | | | -226 | | | | | | 678 | | | | | | -300% | | |
Total comprehensive income/ (loss) | | | | | -4,922 | | | | | | -11,337 | | | | | | 6,415 | | | | | | -57% | | |
Revenue by Geographical Location | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
USA | | | | | 61,208 | | | | | | 90,614 | | | | | | -29,406 | | | | | | -32% | | |
India | | | | | 21,312 | | | | | | 22,437 | | | | | | -1,125 | | | | | | -5% | | |
UK | | | | | 8,728 | | | | | | 6,647 | | | | | | 2,081 | | | | | | 31% | | |
Australia | | | | | 5,226 | | | | | | 4,937 | | | | | | 289 | | | | | | 6% | | |
Other Countries | | | | | 6,594 | | | | | | 766 | | | | | | 5,828 | | | | | | 761% | | |
Total Revenue | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs. 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Total cost of revenues | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs. 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Selling, general and administration expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Tax Expense | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Interest Expense, Net | | | | | 9,672 | | | | | | 10,859 | | | | | | -1,187 | | | | | | -11% | | |
Depreciation & Amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
EBITDA | | | | | 4,775 | | | | | | 1,458 | | | | | | 3,317 | | | | | | 227% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | |||||||||
| 2022 | | | 2021 | | ||||||||
EBITDA | | | | | 4,775 | | | | | | 1,458 | | |
Supply chain disruption, demurrage & Customer Chargebacks(1) | | | | | 2,140 | | | | | | 4,396 | | |
Covid-19 induced operating expenses in MVP Group(2) | | | | | — | | | | | | 718 | | |
One-time information technology and other expenses(3) | | | | | — | | | | | | 90 | | |
One-time legal & professional expenses in MVP and PIL(4) | | | | | 1,706 | | | | | | 191 | | |
Profit on sale of Fixed Asset(5) | | | | | -800 | | | | | | — | | |
PPP grant income(6) | | | | | -4,368 | | | | | | — | | |
Covid-19 impact expenses in operations in Primacy Industries(7) | | | | | 1,337 | | | | | | 400 | | |
Bank charges | | | | | 88 | | | | | | 71 | | |
Adjusted EBITDA | | | | | 4,879 | | | | | | 7,325 | | |
Cash provided by (used in): | | | Fiscal Years ended March 31 | | |||||||||
| 2022 | | | 2021 | | ||||||||
Operating activities | | | | | -15,798 | | | | | | -202 | | |
Investing activities | | | | | 2,195 | | | | | | -141 | | |
Financing activities | | | | | 39,145 | | | | | | 108 | | |
Fiscal year ending March 31 | | | Min. lease payments | | | Min. sublet income | | | Min. lease payments, net | | |||||||||
2023 | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
Total min. future lease payments | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
Fiscal year ending March 31 | | | Min. lease payments | | |||
2023 | | | | | 139 | | |
2024 | | | | | 42 | | |
Total min. future lease payments | | | | | 182 | | |
| | | Pre-Business Combination | | | Post-Business Combination | | | | ||||||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | | | |||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | | ||||||||||||||||||||||
Directors and Executive Officers of GACQ: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sergio Pedreiro | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | ||||
All Directors and Executive Officers of GACQ as a Group (7 Individuals). | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 5,019,363 | | | | | | 15.65% | | | | | | 5,019,363 | | | | | | 23.47% | | | | | ||||
GACQ’s and the Combined Company 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Consumer Acquisition LLC(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
D. E. Shaw Valence Portfolios, L.L.C.(5) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Highbridge Capital Management, LLC(6) | | | | | 1,939,822 | | | | | | 8.33% | | | | | | 1,939,822 | | | | | | 5.16% | | | | | | 1,939,822 | | | | | | 7.22% | | | | | ||||
Boothbay Fund Management, LLC(7) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Polar Asset Management Partners, Inc.(9) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Yakira Capital Management, Inc.(10) | | | | | 1,426,855 | | | | | | 6.13% | | | | | | 1,426,855 | | | | | | 3.79% | | | | | | 1,426,855 | | | | | | 5.31% | | | | | ||||
ATW SPAC Management LLC(11) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Lighthouse Investment Partners, LLC(12) | | | | | 1,835,533 | | | | | | 7.88% | | | | | | 1,835,533 | | | | | | 5.72% | | | | | | 1,835,533 | | | | | | 8.58% | | | | | ||||
Karpus Management, Inc.(13) | | | | | 1,261,325 | | | | | | 5.42% | | | | | | 1,261,325 | | | | | | 3.93% | | | | | | 1,261,325 | | | | | | 5.90% | | | | | ||||
Directors and Executive Officers of the Combined Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 13,357,500(8) | | | | | | 41.64% | | | | | | 13,357,500(8) | | | | | | 62.47% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sean Peters | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | | | | | | | 0 | | | | | | * | | | | |
| | | Pre-Business Combination | | | Post-Business Combination | | ||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | |||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | ||||||||||||||||||
Sergio Pedreiro | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | |
All Directors and Executive Officers of the Combined Company as a Group (7 Individuals) | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 13,417,500 | | | | | | 41.82% | | | | | | 13,417,500 | | | | | | 62.75% | | |
| Audited Financial Statements of Global Consumer Acquisition Corp. | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 – F-22 | | | |
| Unaudited Financial Statements of Global Consumer Acquisition Corp. | | | | | | | |
| | | | | F-23 | | | |
| | | | | F-24 | | | |
| | | | | F-25 | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| Audited Financial Statements of Luminex Home Décor & Fragrance Holding Corporation | | | | | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
| Audited Financial Statements of GP Global Limited | | | | | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | | |
| | | | | F-77 | | | |
| | | | | F-78 | | | |
| | | | | F-79 | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash | | | | $ | 257,271 | | | | | $ | — | | |
Prepaid expense | | | | | 80,169 | | | | | | — | | |
Total Current Assets | | | | | 337,440 | | | | | | — | | |
Cash and Marketable Securities held in Trust Account | | | | | 183,570,432 | | | | | | — | | |
Total Assets | | | | $ | 183,907,872 | | | | | $ | — | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accrued expense | | | | $ | 1,740,131 | | | | | $ | 478 | | |
Franchise tax payable | | | | | 113,648 | | | | | | — | | |
Total Current Liabilities | | | | | 1,853,779 | | | | | | 478 | | |
Warrant Liability | | | | | 5,773,748 | | | | | | — | | |
Deferred underwriting fees | | | | | 5,935,475 | | | | | | — | | |
Total Liabilities | | | | | 13,563,002 | | | | | | 478 | | |
Commitments and Contingencies (NOTE 6) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 18,263,000 and -0- shares at redemption value of $10.05 per share on December 31, 2021 and -0- on December 31, 2020, respectively | | | | | 183,570,432 | | | | | | — | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Common stocks, $0.0001 par value; 100,000,000 shares authorized; 5,019,363 and -0- issued and outstanding (excluding 18,263,000 and -0- shares subject to possible redemption) at December 31, 2021 and December 31, 2020, respectively | | | | | 502 | | | | | | — | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Accumulated deficit | | | | | (13,226,064) | | | | | | (478) | | |
Total Stockholders’ Deficit | | | | | (13,225,562) | | | | | | (478) | | |
Total Liabilities and Stockholders’ Deficit | | | | $ | 183,907,872 | | | | | $ | — | | |
| | | Year Ended December 31, 2021 | | | For the Period from December 28, 2020 Through December 31, 2020 | | ||||||
Formation and operating costs | | | | $ | 2,327,118 | | | | | $ | 478 | | |
Franchise tax expense | | | | | 113,648 | | | | | | | | |
Loss from operation costs | | | | | (2,440,766) | | | | | | (478) | | |
Other income and expense: | | | | | | | | | | | | | |
Realized and unrealized gain from marketable securities held in Trust Account | | | | $ | 27,282 | | | | | $ | — | | |
Change in fair value of warrant liability | | | | | 4,007,950 | | | | | | — | | |
Offering costs allocated to warrants | | | | | (450,846) | | | | | | — | | |
Net income (loss) | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Weighted average shares outstanding of common stock | | | | | 14,904,015 | | | | | | — | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.08 | | | | | $ | — | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Deficit | | | Total Stockholder’s Deficit | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – December 28, 2020 (inception) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net Loss | | | | | — | | | | | | — | | | | | | — | | | | | | (478) | | | | | | (478) | | |
Balance – December 31, 2020 (audited) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (478) | | | | | $ | (478) | | |
Insurance of common stock to Sponsor | | | | | 4,887,500 | | | | | | 489 | | | | | | 24,511 | | | | | | — | | | | | | 25,000 | | |
Re-measurement for common stock to redemption amount | | | | | — | | | | | | — | | | | | | (4,321,343) | | | | | | (14,369,206) | | | | | | (18,690,549) | | |
Forfeiture of founder shares | | | | | (321,750) | | | | | | (32) | | | | | | 32 | | | | | | — | | | | | | — | | |
Sale of Private Units | | | | | 453,613 | | | | | | 45 | | | | | | 4,296,800 | | | | | | — | | | | | | 4,296,845 | | |
Net Income | | | | | — | | | | | | — | | | | | | — | | | | | | 1,143,620 | | | | | | 1,143,620 | | |
Balance – December 31, 2021 | | | | | 5,019,363 | | | | | $ | 502 | | | | | $ | — | | | | | $ | (13,226,064) | | | | | $ | (13,225,562) | | |
| | | Year Ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Common stock | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net income (loss) allocable to common stock subject to possible redemption | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Denominator: weighted average number of common stock | | | | | 14,904,015 | | | | | | — | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.08 | | | | | $ | — | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account | | | | $ | 183,570,432 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants | | | | $ | 5,478,900 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants | | | | $ | — | | | | | $ | — | | | | | $ | 294,848 | | |
| | | June 11, 2021 | | | June 30, 2021 | | | September 30, 2021 | | | December 31, 2021 | | ||||||||||||
| | | (Public Warrants and Private Warrants) | | | (Public Warrants and Private Warrants) | | | Private Warrants | | | Private Warrants | | ||||||||||||
Exercise price | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Share price | | | | $ | 10.00 | | | | | $ | 10.00 | | | | | $ | 9.88 | | | | | $ | 9.91 | | |
Expected term (years) | | | | | 5.0 | | | | | | 5.0 | | | | | | 5.44 | | | | | | 5.12 | | |
Probability of Acquisition | | | | | 75.0% | | | | | | 80.0% | | | | | | 80.0% | | | | | | 90.0% | | |
Volatility | | | | | 18.0% | | | | | | 17.6% | | | | | | 10.9% | | | | | | 20.0% | | |
Risk-free rate | | | | | 0.81% | | | | | | 0.98% | | | | | | 1.05% | | | | | | 1.26% | | |
Dividend yield (per share) | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | | Private Placement | | | Public Warrant | | | Warrant Liability | | |||||||||
Fair value as of June 11, 2021 (Initial Public Offering) | | | | $ | 227,622 | | | | | $ | 8,882,500 | | | | | $ | 9,110,122 | | |
Change in valuation inputs or other assumptions(1) | | | | | 14,153 | | | | | | 541,208 | | | | | | 555,361 | | |
Fair value as of June 30, 2021 | | | | $ | 241,775 | | | | | $ | 9,423,708 | | | | | $ | 9,665,483 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | (127,919) | | | | | | (5,151,903) | | | | | | (5,259,822) | | |
Fair value as of September 30, 2021 | | | | $ | 113,856 | | | | | $ | 4,291,805 | | | | | $ | 4,405,661 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | 180,992 | | | | | | 1,187,095 | | | | | | 1,368,087 | | |
Fair value as of December 31, 2021 | | | | $ | 294,848 | | | | | $ | 5,478,900 | | | | | $ | 5,773,748 | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Current | | | | | | | | | | | | | |
Federal | | | | $ | — | | | | | $ | — | | |
State | | | | | — | | | | | | — | | |
Deferred | | | | | — | | | | | | — | | |
Federal | | | | | 506,832 | | | | | | 100 | | |
State | | | | | — | | | | | | — | | |
Valuation allowance | | | | | (506,832) | | | | | | (100) | | |
Income tax provision | | | | $ | — | | | | | $ | — | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Net income before income taxes | | | | $ | 1,143,621 | | | | | $ | (478) | | |
Income tax expenses attributable to statutory rate of 21% | | | | | 240,160 | | | | | | (100) | | |
Fair value change in warrant liability | | | | | (841,670) | | | | | | — | | |
Offering costs allocated to warrants | | | | | 94,678 | | | | | | — | | |
Change in valuation allowance | | | | | 506,832 | | | | | | 100 | | |
Total tax provision | | | | $ | — | | | | | $ | — | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Total Deferred tax asset | | | | | | | | | | | | | |
Net Operating loss | | | | $ | 507,928 | | | | | $ | — | | |
Accrued expense | | | | | — | | | | | | 100 | | |
Less: Valuation allowance | | | | | (506,832) | | | | | | (100) | | |
Net deferred tax assets | | | | | 966 | | | | | | — | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Unrealized (gain) or loss | | | | | (966) | | | | | | — | | |
Net Deferred tax assets (liabilities) | | | | | — | | | | | | — | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Statutory Federal income tax rate | | | | | 21.0% | | | | | | 21.0% | | |
Fair value change in warrant liability | | | | | (73.6)% | | | | | | — | | |
Offering costs allocated to warrants | | | | | 8.3% | | | | | | — | | |
Change in valuation Allowance | | | | | 44.3% | | | | | | (21.0)% | | |
Total tax provision | | | | | 0.0% | | | | | | 0.0% | | |
| Assuming No Redemptions | | | Assuming 25% Redemptions | | | Assuming 50% Redemptions | | | Assuming 75% Redemptions | | | Assuming Maximum Redemptions(1) | | |||||||||||||||
| Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a% of GACQ IPO Proceeds (net of Redemptions) | |
| 18,263,000 | | | 4.50% | | | 13,397,250 | | | 6.13% | | | 9,131,500 | | | 9.00% | | | 4,565,750 | | | 10.80% | | | 0 | | | 100% | |
| Assuming No Redemptions | | | Assuming 25% Redemptions | | | Assuming 50% Redemptions | | | Assuming 75% Redemptions | | | Assuming Maximum Redemptions(1) | | |||||||||||||||
| Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a % of GACQ IPO Proceeds (net of Redemptions) | | | Number of Shares Remaining | | | Fee as a% of GACQ IPO Proceeds (net of Redemptions) | |
| 18,263,000 | | | 4.50% | | | 13,397,250 | | | 6.13% | | | 9,131,500 | | | 9.00% | | | 4,565,750 | | | 10.80% | | | 0 | | | 100% | |
Name | | | Age | | | Position(s) | |
Sean Peters | | | 52 | | | Chief Executive Officer | |
Sergio Pedreiro | | | 56 | | | Chief Financial Officer | |
Rohan Ajila | | | 54 | | | Director | |
Gautham Pai | | | 47 | | | Director | |
Arti Drogue | | | 76 | | | Director | |
Tom Clausen | | | 60 | | | Director | |
Dennis Tse | | | 46 | | | Director | |
| | | Year Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Net Sales | | | | $ | 308,718 | | | | | $ | 334,679 | | | | | $ | (25,961) | | | | | | (7.8)% | | |
Gross profit | | | | | 98,526 | | | | | | 126,963 | | | | | | (28,437) | | | | | | (22.4)% | | |
Gross margin | | | | | 31.9% | | | | | | 37.9% | | | | | | | | | | | | | | |
Operating expenses | | | | | 92,443 | | | | | | 117,470 | | | | | | (25,027) | | | | | | (21,3)% | | |
Income from operations before other income (expense) | | | | | 6,083 | | | | | | 9,493 | | | | | | (3,410) | | | | | | (35.9)% | | |
Operating margin | | | | | 2.0% | | | | | | 2.8% | | | | | | | | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (5,650) | | | | | | (5,880) | | | | | | 230 | | | | | | (3.9)% | | |
Foreign exchange gain (loss) | | | | | (1,057) | | | | | | 1,126 | | | | | | (2,183) | | | | | | (193.9)% | | |
Other income (expense) | | | | | 112 | | | | | | (243) | | | | | | 355 | | | | | | (146.1)% | | |
Income (loss) before income tax expense | | | | | (512) | | | | | | 4,496 | | | | | | (5,008) | | | | | | (111.4)% | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | | | | | 1,254 | | | | | | 289.6% | | |
Effective tax rate | | | | | (329.5)% | | | | | | 9.6% | | | | | | | | | | | | | | |
Net income (loss) | | | | | (2,199) | | | | | | 4,063 | | | | | | (6,262) | | | | | | (154.1)% | | |
| | | Years Ended February 28, | | |||||||||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | | %Change | | ||||||||||||
Direct marketing expense | | | | $ | 41,446 | | | | | $ | 57,245 | | | | | $ | (15,799) | | | | | | (27.6)% | | |
Selling and marketing | | | | | 13,471 | | | | | | 16,595 | | | | | | (3,124) | | | | | | (18.8)% | | |
General and administration | | | | | 36,949 | | | | | | 35,560 | | | | | | 1,389 | | | | | | 3.9% | | |
Management fees | | | | | 502 | | | | | | 798 | | | | | | (296) | | | | | | (37.1)% | | |
Restructuring expense | | | | | 75 | | | | | | 7,272 | | | | | | (7,197) | | | | | | (99.0)% | | |
| | | February 28, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
5.36% term note | | | | $ | 11,355 | | | | | $ | 11,602 | | |
Term note payable A | | | | | 10,050 | | | | | | 11,750 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 1,862 | | | | | | 50 | | |
Revolver – (US) | | | | | 34,779 | | | | | | 19,619 | | |
COVID Relief | | | | | 491 | | | | | | 605 | | |
Capital Lease | | | | | 932 | | | | | | 2,046 | | |
| | | | | 70,418 | | | | | | 58,172 | | |
Deferred financing fees | | | | | (1,255) | | | | | | (1,348) | | |
Current maturities – long term debt | | | | | (941) | | | | | | (1,843) | | |
| | | | $ | 68,222 | | �� | | | $ | 54,981 | | |
| | | Years Ended February 28, | | |||||||||||||||
(in thousands) | | | 2022 | | | 2021 | | | $ Change | | |||||||||
Net cash provided by (used in) operating activities | | | | $ | (9,147) | | | | | $ | 25,690 | | | | | $ | (34,837) | | |
Net cash (used in) investing activities | | | | | (3,370) | | | | | | (4,125) | | | | | | 755 | | |
Net cash provided by (used in) financing activities | | | | | 11,812 | | | | | | (21,598) | | | | | | 33,410 | | |
| | | For the year ended February 28, | | |||||||||
(in thousands) | | | 2022 | | | 2021 | | ||||||
Net Income (Loss) | | | | | (2,199) | | | | | | 4,063 | | |
Income tax provision | | | | | 1,687 | | | | | | 433 | | |
Interest expense, net | | | | | 5,650 | | | | | | 5,880 | | |
Depreciation & Amortization | | | | | 7,045 | | | | | | 7,065 | | |
EBITDA | | | | $ | 12,183 | | | | | $ | 17,441 | | |
Management fee and expenses(1) | | | | | 502 | | | | | | 798 | | |
PPP grant income(2) | | | | | — | | | | | | (8,479) | | |
PartyLite restructuring(3) | | | | | 75 | | | | | | 7,272 | | |
Other Alpha costs (4) | | | | | — | | | | | | 1,554 | | |
Triad deal costs(5) | | | | | 2,707 | | | | | | — | | |
COVID-19 non-recurring legal and other costs(6) | | | | | 22 | | | | | | 254 | | |
Unconsummated refinancing costs(7) | | | | | 370 | | | | | | 560 | | |
eComm startup costs (8) | | | | | 165 | | | | | | — | | |
Unconsummated sale of company(9) | | | | | — | | | | | | 87 | | |
Project Aurora(10) | | | | | — | | | | | | 23 | | |
Project Revolution(11) | | | | | — | | | | | | 45 | | |
Adjusted EBITDA | | | | $ | 16,024 | | | | | $ | 19,555 | | |
| | | For the fiscal year ended | | |||||||||
(in USD thousands) | | | March 31, 2021 | | | March 31, 2020 | | ||||||
North America | | | | $ | 90,614 | | | | | $ | 129,252 | | |
India | | | | $ | 22,437 | | | | | $ | 13,006 | | |
Europe | | | | $ | 6,647 | | | | | $ | 3,383 | | |
Australia | | | | $ | 4,937 | | | | | $ | 4,654 | | |
Rest of the World | | | | $ | 766 | | | | | $ | 4,272 | | |
Product Categories | | | Retail Market ($ million) | | | Expected CAGR 2020-2026 | | | Contract Manufacturing Market 2020 ($ million) | | |||||||||
Air Fresheners (non-solid) | | | | | 71 | | | | | | 14% | | | | | | 29 | | |
Deodorants | | | | | 571 | | | | | | 7% | | | | | | 143-157 | | |
Shampoo | | | | | 957 | | | | | | 5% | | | | | | 129-157 | | |
Hand Sanitizers | | | | | 314 | | | | | | * | | | | | | 50-57 | | |
Other Personal Care and health & Hygiene category | | | | | 429 | | | | | | 7% | | | | | | 50-57 | | |
Disinfectant Spray | | | | | 214 | | | | | | * | | | | | | 57-64 | | |
Sub-total | | | | $ | 2,557 | | | | | | | | | | | $ | 458-$522 | | |
Particulars (in USD thousands) | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Revenues | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Cost of revenue | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross Profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Selling, general & administrative expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Depreciation & amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
Total operating expenses | | | | | 29,907 | | | | | | 28,732 | | | | | | 1,175 | | | | | | 4% | | |
Operating Income (Loss) | | | | | -4,738 | | | | | | -2,657 | | | | | | -2,081 | | | | | | 78% | | |
Interest Income | | | | | -242 | | | | | | -211 | | | | | | -31 | | | | | | 15% | | |
Interest Expenses | | | | | 9,915 | | | | | | 11,070 | | | | | | -1,155 | | | | | | -10% | | |
Other Income, net | | | | | -6,985 | | | | | | -1,351 | | | | | | -5,634 | | | | | | 417% | | |
Total Other Expenses | | | | | -2,688 | | | | | | -9,508 | | | | | | 6,820 | | | | | | -72% | | |
Profit/ (Loss) before income taxes | | | | | -7,426 | | | | | | -12,165 | | | | | | 4,739 | | | | | | -39% | | |
Income tax expense including deferred taxes | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Share of (profit)/loss on equity accounted investment | | | | | -1,710 | | | | | | -1419 | | | | | | -291 | | | | | | 20% | | |
Net loss attributable to noncontrolling interests | | | | | -223 | | | | | | -719 | | | | | | 496 | | | | | | -69% | | |
Cumulative translation adjustments | | | | | 452 | | | | | | -226 | | | | | | 678 | | | | | | -300% | | |
Total comprehensive income/ (loss) | | | | | -4,922 | | | | | | -11,337 | | | | | | 6,415 | | | | | | -57% | | |
Revenue by Geographical Location | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
USA | | | | | 61,208 | | | | | | 90,614 | | | | | | -29,406 | | | | | | -32% | | |
India | | | | | 21,312 | | | | | | 22,437 | | | | | | -1,125 | | | | | | -5% | | |
UK | | | | | 8,728 | | | | | | 6,647 | | | | | | 2,081 | | | | | | 31% | | |
Australia | | | | | 5,226 | | | | | | 4,937 | | | | | | 289 | | | | | | 6% | | |
Other Countries | | | | | 6,594 | | | | | | 766 | | | | | | 5,828 | | | | | | 761% | | |
Total Revenue | | | | | 103,068 | | | | | | 125,402 | | | | | | -22,334 | | | | | | -18% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs. 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Total cost of revenues | | | | | 77,899 | | | | | | 99,327 | | | | | | -21,428 | | | | | | -22% | | |
Gross profit | | | | | 25,169 | | | | | | 26,075 | | | | | | -906 | | | | | | -3% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs. 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Selling, general and administration expenses | | | | | 27,379 | | | | | | 25,968 | | | | | | 1,411 | | | | | | 5% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | | 2022 vs 2021 | | ||||||||||||||||||
| 2022 | | | 2021 | | | $ Change | | | % Change | | ||||||||||||||
Net income / (loss) | | | | | -7,083 | | | | | | -12,530 | | | | | | 5,447 | | | | | | -43% | | |
Tax Expense | | | | | -343 | | | | | | 365 | | | | | | -708 | | | | | | -194% | | |
Interest Expense, Net | | | | | 9,672 | | | | | | 10,859 | | | | | | -1,187 | | | | | | -11% | | |
Depreciation & Amortization | | | | | 2,528 | | | | | | 2,764 | | | | | | -236 | | | | | | -9% | | |
EBITDA | | | | | 4,775 | | | | | | 1,458 | | | | | | 3,317 | | | | | | 227% | | |
Particulars | | | For the Fiscal Year Ended March 31, | | |||||||||
| 2022 | | | 2021 | | ||||||||
EBITDA | | | | | 4,775 | | | | | | 1,458 | | |
Supply chain disruption, demurrage & Customer Chargebacks(1) | | | | | 2,140 | | | | | | 4,396 | | |
Covid-19 induced operating expenses in MVP Group(2) | | | | | — | | | | | | 718 | | |
One-time information technology and other expenses(3) | | | | | — | | | | | | 90 | | |
One-time legal & professional expenses in MVP and PIL(4) | | | | | 1,706 | | | | | | 191 | | |
Profit on sale of Fixed Asset(5) | | | | | -800 | | | | | | — | | |
PPP grant income(6) | | | | | -4,368 | | | | | | — | | |
Covid-19 impact expenses in operations in Primacy Industries(7) | | | | | 1,337 | | | | | | 400 | | |
Bank charges | | | | | 88 | | | | | | 71 | | |
Adjusted EBITDA | | | | | 4,879 | | | | | | 7,325 | | |
Cash provided by (used in): | | | Fiscal Years ended March 31 | | |||||||||
| 2022 | | | 2021 | | ||||||||
Operating activities | | | | | -15,798 | | | | | | -202 | | |
Investing activities | | | | | 2,195 | | | | | | -141 | | |
Financing activities | | | | | 39,145 | | | | | | 108 | | |
Fiscal year ending March 31 | | | Min. lease payments | | | Min. sublet income | | | Min. lease payments, net | | |||||||||
2023 | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
Total min. future lease payments | | | | | 114 | | | | | | 90 | | | | | | 25 | | |
Fiscal year ending March 31 | | | Min. lease payments | | |||
2023 | | | | | 139 | | |
2024 | | | | | 42 | | |
Total min. future lease payments | | | | | 182 | | |
| | | Pre-Business Combination | | | Post-Business Combination | | | | ||||||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | | | |||||||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | | ||||||||||||||||||||||
Directors and Executive Officers of GACQ: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sergio Pedreiro | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | | — | | | | | | * | | | | | ||||
All Directors and Executive Officers of GACQ as a Group (7 Individuals). | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 5,019,363 | | | | | | 15.65% | | | | | | 5,019,363 | | | | | | 23.47% | | | | | ||||
GACQ’s and the Combined Company 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Consumer Acquisition LLC(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
D. E. Shaw Valence Portfolios, L.L.C.(5) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Highbridge Capital Management, LLC(6) | | | | | 1,939,822 | | | | | | 8.33% | | | | | | 1,939,822 | | | | | | 5.16% | | | | | | 1,939,822 | | | | | | 7.22% | | | | | ||||
Boothbay Fund Management, LLC(7) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Polar Asset Management Partners, Inc.(9) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Yakira Capital Management, Inc.(10) | | | | | 1,426,855 | | | | | | 6.13% | | | | | | 1,426,855 | | | | | | 3.79% | | | | | | 1,426,855 | | | | | | 5.31% | | | | | ||||
ATW SPAC Management LLC(11) | | | | | 1,680,000 | | | | | | 7.22% | | | | | | 1,680,000 | | | | | | 4.47% | | | | | | 1,680,000 | | | | | | 6.25% | | | | | ||||
Lighthouse Investment Partners, LLC(12) | | | | | 1,835,533 | | | | | | 7.88% | | | | | | 1,835,533 | | | | | | 5.72% | | | | | | 1,835,533 | | | | | | 8.58% | | | | | ||||
Karpus Management, Inc.(13) | | | | | 1,261,325 | | | | | | 5.42% | | | | | | 1,261,325 | | | | | | 3.93% | | | | | | 1,261,325 | | | | | | 5.90% | | | | | ||||
Directors and Executive Officers of the Combined Company: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Rohan Ajila(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 4,959,363 | | | | | | 15.46% | | | | | | 4,959,363 | | | | | | 23.19% | | | | | ||||
Gautham Pai(3) | | | | | 4,959,363 | | | | | | 21.30% | | | | | | 13,357,500(8) | | | | | | 41.64% | | | | | | 13,357,500(8) | | | | | | 62.47% | | | | | ||||
Art Drogue | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Tom Clausen | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Dennis Tse | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | | | ||||
Sean Peters | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | | | | | | | 0 | | | | | | * | | | | |
| | | Pre-Business Combination | | | Post-Business Combination | | ||||||||||||||||||||||||||||||
| | | Common Stock | | | Assuming No Redemptions | | | Assuming 100% Redemptions | | |||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1) | | | Number of Shares Beneficially Owned(2) | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | | Number of Shares Beneficially Owned | | | % of Outstanding Shares of Common Stock | | ||||||||||||||||||
Sergio Pedreiro | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | | | | | 0 | | | | | | * | | |
All Directors and Executive Officers of the Combined Company as a Group (7 Individuals) | | | | | 5,019,363 | | | | | | 21.56% | | | | | | 13,417,500 | | | | | | 41.82% | | | | | | 13,417,500 | | | | | | 62.75% | | |
| Audited Financial Statements of Global Consumer Acquisition Corp. | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 – F-22 | | | |
| Unaudited Financial Statements of Global Consumer Acquisition Corp. | | | | | | | |
| | | | | F-23 | | | |
| | | | | F-24 | | | |
| | | | | F-25 | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| Audited Financial Statements of Luminex Home Décor & Fragrance Holding Corporation | | | | | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
| Audited Financial Statements of GP Global Limited | | | | | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | | |
| | | | | F-77 | | | |
| | | | | F-78 | | | |
| | | | | F-79 | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash | | | | $ | 257,271 | | | | | $ | — | | |
Prepaid expense | | | | | 80,169 | | | | | | — | | |
Total Current Assets | | | | | 337,440 | | | | | | — | | |
Cash and Marketable Securities held in Trust Account | | | | | 183,570,432 | | | | | | — | | |
Total Assets | | | | $ | 183,907,872 | | | | | $ | — | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accrued expense | | | | $ | 1,740,131 | | | | | $ | 478 | | |
Franchise tax payable | | | | | 113,648 | | | | | | — | | |
Total Current Liabilities | | | | | 1,853,779 | | | | | | 478 | | |
Warrant Liability | | | | | 5,773,748 | | | | | | — | | |
Deferred underwriting fees | | | | | 5,935,475 | | | | | | — | | |
Total Liabilities | | | | | 13,563,002 | | | | | | 478 | | |
Commitments and Contingencies (NOTE 6) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 18,263,000 and -0- shares at redemption value of $10.05 per share on December 31, 2021 and -0- on December 31, 2020, respectively | | | | | 183,570,432 | | | | | | — | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Common stocks, $0.0001 par value; 100,000,000 shares authorized; 5,019,363 and -0- issued and outstanding (excluding 18,263,000 and -0- shares subject to possible redemption) at December 31, 2021 and December 31, 2020, respectively | | | | | 502 | | | | | | — | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Accumulated deficit | | | | | (13,226,064) | | | | | | (478) | | |
Total Stockholders’ Deficit | | | | | (13,225,562) | | | | | | (478) | | |
Total Liabilities and Stockholders’ Deficit | | | | $ | 183,907,872 | | | | | $ | — | | |
| | | Year Ended December 31, 2021 | | | For the Period from December 28, 2020 Through December 31, 2020 | | ||||||
Formation and operating costs | | | | $ | 2,327,118 | | | | | $ | 478 | | |
Franchise tax expense | | | | | 113,648 | | | | | | | | |
Loss from operation costs | | | | | (2,440,766) | | | | | | (478) | | |
Other income and expense: | | | | | | | | | | | | | |
Realized and unrealized gain from marketable securities held in Trust Account | | | | $ | 27,282 | | | | | $ | — | | |
Change in fair value of warrant liability | | | | | 4,007,950 | | | | | | — | | |
Offering costs allocated to warrants | | | | | (450,846) | | | | | | — | | |
Net income (loss) | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Weighted average shares outstanding of common stock | | | | | 14,904,015 | | | | | | — | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.08 | | | | | $ | — | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Deficit | | | Total Stockholder’s Deficit | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – December 28, 2020 (inception) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net Loss | | | | | — | | | | | | — | | | | | | — | | | | | | (478) | | | | | | (478) | | |
Balance – December 31, 2020 (audited) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (478) | | | | | $ | (478) | | |
Insurance of common stock to Sponsor | | | | | 4,887,500 | | | | | | 489 | | | | | | 24,511 | | | | | | — | | | | | | 25,000 | | |
Re-measurement for common stock to redemption amount | | | | | — | | | | | | — | | | | | | (4,321,343) | | | | | | (14,369,206) | | | | | | (18,690,549) | | |
Forfeiture of founder shares | | | | | (321,750) | | | | | | (32) | | | | | | 32 | | | | | | — | | | | | | — | | |
Sale of Private Units | | | | | 453,613 | | | | | | 45 | | | | | | 4,296,800 | | | | | | — | | | | | | 4,296,845 | | |
Net Income | | | | | — | | | | | | — | | | | | | — | | | | | | 1,143,620 | | | | | | 1,143,620 | | |
Balance – December 31, 2021 | | | | | 5,019,363 | | | | | $ | 502 | | | | | $ | — | | | | | $ | (13,226,064) | | | | | $ | (13,225,562) | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | — | | |
Realized and unrealized gain from marketable securities held in Trust Account | | | | | (27,282) | | | | | | — | | |
Change in fair value of warrant liability | | | | | (4,007,950) | | | | | | — | | |
Offering costs allocated to warrants | | | | | 450,846 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | — | | |
Prepaid expenses | | | | | (80,169) | | | | | | — | | |
Accrued expenses | | | | | 1,739,653 | | | | | | 478 | | |
Franchise tax payable | | | | | 113,648 | | | | | | | | |
Net cash used in operating activities | | | | | (667,634) | | | | | | — | | |
| | | | | | | | | | | — | | |
Cash flows from investing activities: | | | | | | | | | | | — | | |
Investment of cash in Trust Account | | | | | (183,543,150) | | | | | | — | | |
Net cash used in investing activities | | | | | (183,543,150) | | | | | | — | | |
| | | | | | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | — | | |
Proceeds from issue of founder shares | | | | | 25,000 | | | | | | — | | |
Proceeds from sale of units, net underwriting discount paid | | | | | 180,347,125 | | | | | | — | | |
Proceeds from sale of private placement | | | | | 4,536,125 | | | | | | — | | |
Payment of offering costs | | | | | (440,195) | | | | | | — | | |
Net cash provided by financing activities | | | | | 184,468,055 | | | | | | — | | |
| | | | | | | | | | | — | | |
Net change in cash | | | | | 257,271 | | | | | | — | | |
Cash at beginning of period | | | | | — | | | | | | — | | |
Cash at end of period | | | | $ | 257,271 | | | | | $ | — | | |
| | | | | | | | | | | — | | |
Non-cash investing and financing activities: | | | | | | | | | | | — | | |
Initial classification of common stock subject to possible redemption | | | | $ | 164,909,883 | | | | | $ | — | | |
Re-measurement of Common Stock subject to redemption | | | | $ | 18,660,549 | | | | | $ | — | | |
Deferred underwriting fee payable | | | | $ | 5,935,475 | | | | | $ | — | | |
Initial measurement of public warrants and private placement warrants | | | | $ | 9,781,698 | | | | | $ | — | | |
| | | As of December 31, 2021 | | |||
Gross Proceeds | | | | $ | 182,630,000 | | |
Less: | | | | | | | |
Proceeds allocated to public warrants | | | | | (9,542,418) | | |
Transaction costs | | | | | (8,628,545) | | |
Plus: | | | | | | | |
Reverse the cost allocation to warrants | | | | | 450,846 | | |
Re-measurement of carrying value to redemption value | | | | | 18,690,549 | | |
Common stock subject to possible redemption | | | | | 183,570,432 | | |
| | | Year Ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Common stock | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net income (loss) allocable to common stock subject to possible redemption | | | | $ | 1,143,620 | | | | | $ | (478) | | |
Denominator: weighted average number of common stock | | | | | 14,904,015 | | | | | | — | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.08 | | | | | $ | — | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account | | | | $ | 183,570,432 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants | | | | $ | 5,478,900 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants | | | | $ | — | | | | | $ | — | | | | | $ | 294,848 | | |
| | | June 11, 2021 | | | June 30, 2021 | | | September 30, 2021 | | | December 31, 2021 | | ||||||||||||
| | | (Public Warrants and Private Warrants) | | | (Public Warrants and Private Warrants) | | | Private Warrants | | | Private Warrants | | ||||||||||||
Exercise price | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Share price | | | | $ | 10.00 | | | | | $ | 10.00 | | | | | $ | 9.88 | | | | | $ | 9.91 | | |
Expected term (years) | | | | | 5.0 | | | | | | 5.0 | | | | | | 5.44 | | | | | | 5.12 | | |
Probability of Acquisition | | | | | 75.0% | | | | | | 80.0% | | | | | | 80.0% | | | | | | 90.0% | | |
Volatility | | | | | 18.0% | | | | | | 17.6% | | | | | | 10.9% | | | | | | 20.0% | | |
Risk-free rate | | | | | 0.81% | | | | | | 0.98% | | | | | | 1.05% | | | | | | 1.26% | | |
Dividend yield (per share) | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | | Private Placement | | | Public Warrant | | | Warrant Liability | | |||||||||
Fair value as of June 11, 2021 (Initial Public Offering) | | | | $ | 227,622 | | | | | $ | 8,882,500 | | | | | $ | 9,110,122 | | |
Change in valuation inputs or other assumptions(1) | | | | | 14,153 | | | | | | 541,208 | | | | | | 555,361 | | |
Fair value as of June 30, 2021 | | | | $ | 241,775 | | | | | $ | 9,423,708 | | | | | $ | 9,665,483 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | (127,919) | | | | | | (5,151,903) | | | | | | (5,259,822) | | |
Fair value as of September 30, 2021 | | | | $ | 113,856 | | | | | $ | 4,291,805 | | | | | $ | 4,405,661 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | 180,992 | | | | | | 1,187,095 | | | | | | 1,368,087 | | |
Fair value as of December 31, 2021 | | | | $ | 294,848 | | | | | $ | 5,478,900 | | | | | $ | 5,773,748 | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Current | | | | | | | | | | | | | |
Federal | | | | $ | — | | | | | $ | — | | |
State | | | | | — | | | | | | — | | |
Deferred | | | | | — | | | | | | — | | |
Federal | | | | | 506,832 | | | | | | 100 | | |
State | | | | | — | | | | | | — | | |
Valuation allowance | | | | | (506,832) | | | | | | (100) | | |
Income tax provision | | | | $ | — | | | | | $ | — | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Net income before income taxes | | | | $ | 1,143,621 | | | | | $ | (478) | | |
Income tax expenses attributable to statutory rate of 21% | | | | | 240,160 | | | | | | (100) | | |
Fair value change in warrant liability | | | | | (841,670) | | | | | | — | | |
Offering costs allocated to warrants | | | | | 94,678 | | | | | | — | | |
Change in valuation allowance | | | | | 506,832 | | | | | | 100 | | |
Total tax provision | | | | $ | — | | | | | $ | — | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Total Deferred tax asset | | | | | | | | | | | | | |
Net Operating loss | | | | $ | 507,928 | | | | | $ | — | | |
Accrued expense | | | | | — | | | | | | 100 | | |
Less: Valuation allowance | | | | | (506,832) | | | | | | (100) | | |
Net deferred tax assets | | | | | 966 | | | | | | — | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Unrealized (gain) or loss | | | | | (966) | | | | | | — | | |
Net Deferred tax assets (liabilities) | | | | | — | | | | | | — | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||
Statutory Federal income tax rate | | | | | 21.0% | | | | | | 21.0% | | |
Fair value change in warrant liability | | | | | (73.6)% | | | | | | — | | |
Offering costs allocated to warrants | | | | | 8.3% | | | | | | — | | |
Change in valuation Allowance | | | | | 44.3% | | | | | | (21.0)% | | |
Total tax provision | | | | | 0.0% | | | | | | 0.0% | | |
| | | March 31, 2022 | | | December 31, 2021 | | ||||||
| | | (Unaudited) | | | (Audited) | | ||||||
ASSETS | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash | | | | $ | 16,671 | | | | | $ | 257,271 | | |
Prepaid expense | | | | | 54,070 | | | | | | 80,169 | | |
Total Current Assets | | | | | 70,741 | | | | | | 337,440 | | |
Cash and Marketable Securities held in Trust Account | | | | | 183,526,532 | | | | | | 183,570,432 | | |
Total Assets | | | | $ | 183,597,273 | | | | | $ | 183,907,872 | | |
LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Accrued expense | | | | $ | 2,039,423 | | | | | $ | 1,740,131 | | |
Franchise tax payable | | | | | 50,000 | | | | | | 113,648 | | |
Promissory note | | | | | 690,000 | | | | | | — | | |
Total Current Liabilities | | | | | 2,779,423 | | | | | | 1,853,779 | | |
Warrant Liability | | | | | 2,480,196 | | | | | | 5,773,748 | | |
Deferred underwriting fees | | | | | 5,935,475 | | | | | | 5,935,475 | | |
Total Liabilities | | | | | 11,195,094 | | | | | | 13,563,002 | | |
Commitments and Contingencies (NOTE 6) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 18,263,000 shares at redemption value of $10.05 per share on March 31, 2022 and December 31, 2021, respectively | | | | | 183,526,532 | | | | | | 183,570,432 | | |
Stockholders’ Deficit | | | | | | | | | | | | | |
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | | | | | — | | | | | | — | | |
Common stocks, $0.0001 par value; 100,000,000 shares authorized; 5,019,363 issued and outstanding (excluding 18,263,000 shares subject to possible redemption) at March 31, 2022 and December 31, 2021, respectively | | | | | 502 | | | | | | 502 | | |
Additional paid-in capital | | | | | — | | | | | | — | | |
Accumulated deficit | | | | | (11,124,855) | | | | | | (13,226,064) | | |
Total Stockholders’ Deficit | | | | | (11,124,353) | | | | | | (13,225,562) | | |
Liabilities, Common Stock Subject to Possible Redemption and Stockholders’ Deficit | | | | $ | 183,597,273 | | | | | $ | 183,907,872 | | |
| | | For Three Month Ended March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
| | | Unaudited | | | Unaudited | | ||||||
Formation and operating costs | | | | $ | 1,142,343 | | | | | $ | 45,630 | | |
Franchise tax | | | | | 50,000 | | | | | | | | |
Loss from operation costs | | | | | (1,192,343) | | | | | | (45,630) | | |
Other income and expense: | | | | | | | | | | | | | |
Realized and unrealized loss from marketable securities held in Trust Account | | | | | (43,900) | | | | | | — | | |
Change in fair value of warrant liability | | | | | 3,293,552 | | | | | | — | | |
Net income (loss) | | | | $ | 2,057,309 | | | | | $ | (45,630) | | |
Weighted average shares outstanding of redeemable common stock | | | | | 18,263,000 | | | | | | — | | |
Basic and diluted net income per common stock | | | | $ | 0.09 | | | | | $ | — | | |
Weighted average shares outstanding of non-redeemable common stock | | | | | 5,019,363 | | | | | | 4,250,000 | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.09 | | | | | $ | (0.01) | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – January 1, 2021 (audited) | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (478) | | | | | $ | (478) | | |
Issuance of common stock to Sponsor | | | | | 4,887,500 | | | | | | 489 | | | | | | 24,511 | | | | | | — | | | | | | 25,000 | | |
Net Loss | | | | | — | | | | | | — | | | | | | — | | | | | | (45,630) | | | | | | (45,630) | | |
Balance – March 31, 2021 (unaudited) | | | | | 4,887,500 | | | | | $ | 489 | | | | | $ | 24,511 | | | | | $ | (46,108) | | | | | $ | (21,108) | | |
| | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Deficit | | | Total Stockholders’ Deficit | | ||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||
Balance – January 1, 2022 (audited) | | | | | 5,019,363 | | | | | $ | 502 | | | | | $ | — | | | | | $ | (13,226,064) | | | | | $ | (13,225,562) | | |
Net Income | | | | | — | | | | | | — | | | | | | — | | | | | | 2,057,309 | | | | | | 2,057,309 | | |
Re-measurement for common stock to redemption amount | | | | | — | | | | | | — | | | | | | — | | | | | | 43,900 | | | | | | 43,900 | | |
Balance – March 31, 2022 (unaudited) | | | | | 5,019,363 | | | | | $ | 502 | | | | | $ | — | | | | | $ | (11,124,855) | | | | | $ | (11,124,353) | | |
| | | For Three Months Ended March 31, | | | |||||||||||
| | | 2022 | | | 2021 | | | ||||||||
| | | (Unaudited) | | | (Unaudited) | | | ||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | ||
Net income | | | | $ | 2,057,309 | | | | | $ | (45,630) | | | | ||
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | — | | | | ||
Realized and unrealized loss from marketable securities held in Trust Account | | | | | 43,900 | | | | | | — | | | | ||
Change in fair value of warrant liability | | | | | (3,293,552) | | | | | | — | | | | ||
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | ||
Proceeds from promissory note | | | | | — | | | | | | 20,600 | | | | ||
Amount due to related party | | | | | — | | | | | | 100 | | | | ||
Prepaid expenses | | | | | 26,099 | | | | | | — | | | | ||
Accrued expenses | | | | | 299,292 | | | | | | — | | | | ||
Franchise tax payable | | | | | (63,648) | | | | | | — | | | | ||
Net cash used in operating activities | | | | | (930,600) | | | | | | (24,930) | | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | ||
Proceeds from issue of founder shares | | | | | — | | | | | | 25,000 | | | | ||
Proceeds from promissory note | | | | | 690,000 | | | | | | — | | | | ||
Net cash provided by financing activities | | | | | 690,000 | | | | | | 25,000 | | | | ||
Net change in cash | | | | | (240,600) | | | | | | 70 | | | | ||
Cash at beginning of period | | | | | 257,271 | | | | | | — | | | | ||
Cash at end of period | | | | $ | 16,671 | | | | | $ | 70 | | | | ||
Non-cash investing and financing activities: | | | | | | | | | | | | | | | ||
Deferred offering costs paid directly by Sponsor from proceeds from issuance of common stock | | | | $ | — | | | | | $ | 25,000 | | | | ||
Accrued deferred offering costs | | | | $ | — | | | | | $ | 141,983 | | | | ||
Deferred underwriting fee payable | | | | $ | 5,935,475 | | | | | $ | — | | | | ||
Initial measurement of public warrants and private placement warrants | | | | $ | 9,781,698 | | | | | $ | — | | | | ||
Re-measurement of common stock subject to redemption | | | | $ | (43,900) | | | | | $ | — | | | |
| | | As of March 31, 2022 (Unaudited) | | |||
Gross Proceeds | | | | | 182,630,000 | | |
Less: | | | | | | | |
Proceeds allocated to public warrants | | | | | (9,542,418) | | |
Transaction costs | | | | | (8,628,545) | | |
Plus: | | | | | | | |
Reverse the cost allocation to warrants | | | | | 450,846 | | |
Re-measurement of carrying value to redemption value | | | | | 18,616,649 | | |
Common stock subject to possible redemption | | | | | 183,526,532 | | |
| | | For the three months ended March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Redeemable common stock | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net income allocable to common stock subject to possible redemption | | | | $ | 1,613,781 | | | | | $ | — | | |
Denominator: weighted average number of common stock | | | | | 18,263,000 | | | | | | — | | |
Basic and diluted net income per common stock | | | | $ | 0.09 | | | | | $ | — | | |
Non-redeemable common stock | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Net income (loss) allocable to common stock subject to possible redemption | | | | $ | 443,528 | | | | | $ | (45,630) | | |
Denominator: weighted average number of common stock | | | | | 5,019,363 | | | | | | 4,250,000 | | |
Basic and diluted net income (loss) per common stock | | | | $ | 0.09 | | | | | $ | (0.01) | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
| | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account | | | | $ | 183,526,532 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants | | | | $ | 2,282,875 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants | | | | $ | — | | | | | $ | — | | | | | $ | 197,321 | | |
Description | | | Quoted Prices in Active Markets (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Other Unobservable Inputs (Level 3) | | |||||||||
| | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | |||||||||
Asset: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account | | | | $ | 183,560,432 | | | | | $ | — | | | | | $ | — | | |
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | |
Public Warrants | | | | $ | 5,478,900 | | | | | $ | — | | | | | $ | — | | |
Private Placement Warrants | | | | $ | — | | | | | $ | — | | | | | $ | 294,848 | | |
| | | June 11, 2021 | | | June 30, 2021 (Unaudited) | | | September 30, 2021 (Unaudited) | | | December 31, 2021 | | | March 31, 2022 (Unaudited) | | |||||||||||||||
| | | (Public Warrants and Private Warrants) | | | (Public Warrants and Private Warrants) | | | Private Warrants | | | Private Warrants | | | Private Warrants | | |||||||||||||||
Exercise price | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.5 | | |
Share price | | | | $ | 10.00 | | | | | $ | 10.00 | | | | | $ | 9.88 | | | | | $ | 9.91 | | | | | $ | 10.0 | | |
Expected term (years) | | | | | 5.0 | | | | | | 5.0 | | | | | | 5.44 | | | | | | 5.12 | | | | | | 5.20 | | |
Probability of Acquisition | | | | | 75.0% | | | | | | 80.0% | | | | | | 80.0% | | | | | | 90.0% | | | | | | 80.0% | | |
Volatility | | | | | 18.0% | | | | | | 17.6% | | | | | | 10.9% | | | | | | 20.0% | | | | | | 12.7% | | |
Risk-free rate | | | | | 0.81% | | | | | | 0.98% | | | | | | 1.05% | | | | | | 1.26% | | | | | | 2.39% | | |
Dividend yield (per share) | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | | | | | 0.00% | | |
| | | Private Placement | | | Public Warrant | | | Warrant Liability | | |||||||||
Fair value as of June 11, 2021 (Initial Public Offering) | | | | $ | 227,622 | | | | | $ | 8,882,500 | | | | | $ | 9,110,122 | | |
Change in valuation inputs or other assumptions(1) | | | | | 14,153 | | | | | | 541,208 | | | | | | 555,361 | | |
Fair value as of June 30, 2021 | | | | $ | 241,775 | | | | | $ | 9,423,708 | | | | | $ | 9,665,483 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | (127,919) | | | | | | (5,151,903) | | | | | | (5,259,822) | | |
Fair value as of September 30, 2021 | | | | $ | 113,856 | | | | | $ | 4,291,805 | | | | | $ | 4,405,661 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | 180,992 | | | | | | 1,187,095 | | | | | | 1,368,087 | | |
Fair value as of December 31, 2021 | | | | $ | 294,848 | | | | | $ | 5,478,900 | | | | | $ | 5,773,748 | | |
Change in valuation inputs or other assumptions(1)(2) | | | | | (97,527) | | | | | | (3,196,025) | | | | | | (3,293,552) | | |
Fair value as of March 31, 2022 (unaudited) | | | | $ | 197,321 | | | | | $ | 2,282,875 | | | | | $ | 2,480,196 | | |
| | | | | | | ||
| FINANCIAL STATEMENTS | | | | | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | ||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and cash equivalents | | | $ | 5,731 | | | | $ | 5,243 | | | | | $ | 4,744 | | | | $ | 5,731 | | | ||||
Accounts receivable, net of allowance for doubtful accounts of $696 and $451, at February 28, 2021 and February 29, 2020, respectively | | | | 19,160 | | | | | 19,942 | | | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $388 and $696, at February 28, 2022 and February 28, 2021, respectively | | | | 15,684 | | | | | 19,160 | | | |||||||||||||||
Inventories, net (Note 3) | | | | 75,554 | | | | | 86,491 | | | | | | 85,702 | | | | | 75,554 | | | ||||
Prepaid expenses and other current assets | | | | 9,565 | | | | | 11,226 | | | | | | 9,858 | | | | | 9,565 | | | ||||
Total current assets | | | | 110,011 | | | | | 122,902 | | | | | | 115,988 | | | | | 110,011 | | | ||||
Property, plant and equipment, net (Note 4) | | | | 34,649 | | | | | 35,850 | | | | | | 31,593 | | | | | 34,649 | | | ||||
Intangible assets, net (Note 5) | | | | 5,741 | | | | | 6,418 | | | | | | 5,065 | | | | | 5,741 | | | ||||
Deferred income tax asset (Note 9) | | | | 1,635 | | | | | 1,810 | | | | | | 1,965 | | | | | 1,635 | | | ||||
Other assets | | | | 4,425 | | | | | 4,479 | | | | | | 4,315 | | | | | 4,425 | | | ||||
Total assets | | | $ | 156,460 | | | | $ | 171,459 | | | | | $ | 158,926 | | | | $ | 156,460 | | | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | ||||
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Current portion long-term debt (Note 6) | | | $ | 1,843 | | | | $ | 2,375 | | | | | $ | 941 | | | | $ | 1,843 | | | ||||
Accounts payable – trade | | | | 29,665 | | | | | 35,399 | | | | | | 34,957 | | | | | 29,665 | | | ||||
Accounts payable with company under common control | | | | 3,399 | | | | | 4,250 | | | | | | 538 | | | | | 3,399 | | | ||||
Accrued payroll | | | | 2,241 | | | | | 1,237 | | | | | | 241 | | | | | 2,241 | | | ||||
Income tax payable | | | | 81 | | | | | 765 | | | | | | — | | | | | 81 | | | ||||
Sales allowance accrued expenses | | | | 1,893 | | | | | 2,025 | | | | | | 889 | | | | | 1,893 | | | ||||
Deferred revenue | | | | 2,215 | | | | | 3,093 | | | | | | 1,615 | | | | | 2,215 | | | ||||
Other accrued expenses | | | | 21,512 | | | | | 19,542 | | | | | | 20,676 | | | | | 21,512 | | | ||||
Total current liabilities | | | | 62,850 | | | | | 68,686 | | | | | | 59,857 | | | | | 62,850 | | | ||||
Long-term debt, net (Note 6) | | | | 54,981 | | | | | 73,952 | | | | | | 68,222 | | | | | 54,981 | | | ||||
Deferred income tax liability (Note 9) | | | | 498 | | | | | 643 | | | | | | 1,156 | | | | | 498 | | | ||||
Other long-term liabilities | | | | 15,873 | | | | | 9,517 | | | | | | 9,268 | | | | | 15,873 | | | ||||
Total liabilities | | | | 134,201 | | | | | 152,797 | | | | | | 138,503 | | | | | 134,201 | | | ||||
Commitments and contingencies (Note 12) | | | | | | | | | | | | | | | | | | | | | | | ||||
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Common stock, par value $.001 per share, 50,000 issued and outstanding | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Series A preferred stock, par value $.001 per share, 10,000 issued and outstanding ($1 per share liquidation value) | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Additional paid-in capital | | | | 107,585 | | | | | 107,584 | | | | | | 107,585 | | | | | 107,585 | | | ||||
Accumulated deficit | | | | (103,829) | | | | | (107,891) | | | | | | (106,028) | | | | | (103,829) | | | ||||
Accumulated other comprehensive incoe: | | | | | | | | | | | | |||||||||||||||
Accumulated other comprehensive income: | | | | | | | | | | | | |||||||||||||||
Foreign currency translation | | | | 18,504 | | | | | 18,969 | | | | | | 18,866 | | | | | 18,504 | | | ||||
Total shareholders’ equity | | | | 22,260 | | | | | 18,662 | | | | | | 20,423 | | | | | 22,260 | | | ||||
Total liabilities and shareholders’ equity | | | $ | 156,460 | | | | $ | 171,459 | | | | | $ | 158,926 | | | | $ | 156,460 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Net sales | | | $ | 334,679 | | | | $ | 324,213 | | | | | $ | 308,718 | | | | $ | 334,679 | | | ||||
Cost of goods sold | | | | 207,716 | | | | | 199,227 | | | | | | 210,192 | | | ��� | | | 207,716 | | | |||
Gross profit | | | | 126,963 | | | | | 124,986 | | | | | | 98,526 | | | | | 126,963 | | | ||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | ||||
Direct marketing expense | | | | 57,245 | | | | | 64,806 | | | | | | 41,446 | | | | | 57,245 | | | ||||
Selling and marketing | | | | 16,595 | | | | | 21,448 | | | | | | 13,471 | | | | | 16,595 | | | ||||
General and administration | | | | 35,560 | | | | | 40,940 | | | | | | 36,949 | | | | | 35,560 | | | ||||
Management fees | | | | 798 | | | | | 1,039 | | | | | | 502 | | | | | 798 | | | ||||
Restructuring expenses (see note 8) | | | | 7,272 | | | | | — | | | |||||||||||||||
Intangible impairment | | | | — | | | | | 4,285 | | | |||||||||||||||
Goodwill impairment | | | | — | | | | | 44,433 | | | |||||||||||||||
Restructuring expenses (see Note 8) | | | | 75 | | | | | 7,272 | | | |||||||||||||||
| | | | 117,470 | | | | | 176,951 | | | | | | 92,443 | | | | | 117,470 | | | ||||
Income (loss) from operations before other income (expense) | | | | 9,493 | | | | | (51,965) | | | |||||||||||||||
Income from operations before other income (expense) | | | | 6,083 | | | | | 9,493 | | | |||||||||||||||
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | ||||
Interest expense | | | | (5,880) | | | | | (6,734) | | | | | | (5,650) | | | | | (5,880) | | | ||||
Foreign exchange gain (loss) | | | | 1,126 | | | | | (890) | | | | | | (1,057) | | | | | 1,126 | | | ||||
Other income (expense), net | | | | (243) | | | | | 161 | | | | | | 112 | | | | | (243) | | | ||||
| | | | (4,997) | | | | | (7,463) | | | | | | (6,595) | | | | | (4,997) | | | ||||
Income (loss) before income tax expense | | | | 4,496 | | | | | (59,428) | | | | | | (512) | | | | | 4,496 | | | ||||
Income tax expense | | | | 433 | | | | | 95 | | | | | | 1,687 | | | | | 433 | | | ||||
Net income (loss) | | | | 4,063 | | | | | (59,523) | | | | | | (2,199) | | | | | 4,063 | | | ||||
Other comprehensive loss | | | | | | | | | | | | |||||||||||||||
Other comprehensive income (loss) | | | | | | | | | | | | |||||||||||||||
Foreign currency translation adjustment | | | | (289) | | | | | (198) | | | | | | 362 | | | | | (289) | | | ||||
Loss on foreign currency contracts | | | | (176) | | | | | — | | | | | | — | | | | | (176) | | | ||||
| | | | (465) | | | | | (198) | | | | | | 362 | | | | | (465) | | | ||||
Comprehensive income (loss) | | | $ | 3,598 | | | | $ | (59,721) | | | | | $ | (1,837) | | | | $ | 3,598 | | | ||||
Weighted average common shares outstanding | | | | 50 | | | | | 50 | | | | | | 50 | | | | | 50 | | | ||||
Basic earnings per common share | | | $ | 81 | | | | $ | (1,190) | | | | | $ | (44) | | | | $ | 81 | | | ||||
Diluted earnings per common share | | | $ | 81 | | | | $ | (1,190) | | | | | $ | (44) | | | | $ | 81 | | |
| | Common Stock | | Preferred Stock | | Additional Paid- in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total | | | Common Stock | | Preferred Stock | | Additional Paid- in Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Income (Loss) | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 1, 2019 | | | $ | — | | | | $ | — | | | | $ | 107,584 | | | | $ | (48,369) | | | | $ | 19,167 | | | | $ | 78,383 | | | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | | | | — | | | | | — | | | | | — | | | | | — | | | | | (198) | | | | | (198) | | | |||||||||||||||||||||||||||||||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | (59,523) | | | | | — | | | | | (59,523) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance, February 29, 2020 | | | | — | | | | | — | | | | | 107,584 | | | | | (107,892) | | | | | 18,969 | | | | | 18,661 | | | | | | — | | | | | — | | | | | 107,585 | | | | | (107,892) | | | | | 18,969 | | | | | 18,662 | | | ||||||||||||
Foreign currency translation | | | | — | | | | | — | | | | | — | | | | | — | | | | | (289) | | | | | (289) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (289) | | | | | (289) | | | ||||||||||||
Loss on foreign currency contracts | | | | — | | | | | — | | | | | — | | | | | — | | | | | (176) | | | | | (176) | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (176) | | | | | (176) | | | ||||||||||||
Net income | | | | — | | | | | — | | | | | — | | | | | 4,063 | | | | | — | | | | | 4,063 | | | | | | — | | | | | — | | | | | — | | | | | 4,063 | | | | | — | | | | | 4,063 | | | ||||||||||||
Balance, February 28, 2021 | | | $ | — | | | | $ | — | | | | $ | 107,584 | | | | $ | (103,829) | | | | $ | 18,504 | | | | $ | 22,259 | | | | | $ | — | | | | $ | — | | | | $ | 107,585 | | | | $ | (103,829) | | | | $ | 18,504 | | | | $ | 22,260 | | | ||||||||||||
Foreign currency translation | | | | — | | | | | — | | | | | — | | | | | — | | | | | 362 | | | | | 362 | | | |||||||||||||||||||||||||||||||||||||||||||
Net loss | | | | — | | | | | — | | | | | — | | | | | (2,199) | | | | | — | | | | | (2,199) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance, February 28, 2022 | | | $ | — | | | | $ | — | | | | $ | 107,585 | | | | $ | (106,028) | | | | $ | 18,866 | | | | $ | 20,423 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Net income (loss) | | | $ | 4,063 | | | | $ | (59,523) | | | | | $ | (2,199) | | | | $ | 4,063 | | | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Depreciation and intangible and other asset amortization | | | | 7,065 | | | | | 6,799 | | | | | | 7,045 | | | | | 7,065 | | | ||||
Provision for doubtful accounts | | | | 246 | | | | | (163) | | | | | | (308) | | | | | 246 | | | ||||
Intangible impairment | | | | — | | | | | 4,285 | | | |||||||||||||||
Goodwill impairment | | | | — | | | | | 44,433 | | | |||||||||||||||
(Gain) loss on sale of property, plant and equipment | | | | (21) | | | | | 4 | | | | | | 14 | | | | | (21) | | | ||||
Amortization of deferred gain on sale-leaseback | | | | (367) | | | | | (367) | | | | | | (409) | | | | | (367) | | | ||||
Amortization of deferred financing fees | | | | 820 | | | | | 484 | | | | | | 722 | | | | | 820 | | | ||||
Deferred income taxes | | | | 31 | | | | | (933) | | | | | | 327 | | | | | 31 | | | ||||
Increase (decrease) in cash from changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts receivable | | | | 835 | | | | | 1,553 | | | | | | 4,665 | | | | | 835 | | | ||||
Inventories | | | | 10,925 | | | | | (762) | | | | | | (11,374) | | | | | 10,925 | | | ||||
Prepaid expenses and other assets | | | | 1,356 | | | | | (319) | | | | | | 1,130 | | | | | 1,356 | | | ||||
Accounts payable | | | | (7,100) | | | | | 12,482 | | | | | | 2,715 | | | | | (7,100) | | | ||||
Accrued expenses and other liabilities | | | | 7,837 | | | | | (13,486) | | | | | | (11,475) | | | | | 7,837 | | | ||||
Net cash provided by (used in) operating activities | | | | 25,690 | | | | | (5,513) | | | | | | (9,147) | | | | | 25,690 | | | ||||
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Proceeds from sale of assets | | | | 12 | | | | | — | | | | | | — | | | | | 12 | | | ||||
Purchase of machinery and equipment | | | | (4,137) | | | | | (1,831) | | | | | | (3,370) | | | | | (4,137) | | | ||||
Net cash (used in) investing activities | | | | (4,125) | | | | | (1,831) | | | | | | (3,370) | | | | | (4,125) | | | ||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Net (payments) proceeds on line of credit | | | | (19,297) | | | | | 3,899 | | | | | | 17,054 | | | | | (19,297) | | | ||||
Proceeds from long-term debt | | | | — | | | | | 837 | | | |||||||||||||||
Proceeds from German Euro loan | | | | 610 | | | | | — | | | | | | — | | | | | 610 | | | ||||
Principal payments on capital lease obligations | | | | (1,991) | | | | | (1,427) | | | | | | (1,114) | | | | | (1,991) | | | ||||
Principal payments on long-term debt | | | | (483) | | | | | (414) | | | | | | (3,499) | | | | | (483) | | | ||||
Loan issuance costs | | | | (437) | | | | | (566) | | | | | | (629) | | | | | (437) | | | ||||
Net cash (used in) provided by financing activities | | | | (21,598) | | | | | 2,329 | | | | | | 11,812 | | | | | (21,598) | | | ||||
Net change in cash | | | | (33) | | | | | (5,015) | | | | | | (705) | | | | | (33) | | | ||||
Effect of exchange rate changes on cash | | | | 521 | | | | | (367) | | | | | | (282) | | | | | 521 | | | ||||
Cash at beginning of the period | | | | 5,243 | | | | | 10,625 | | | | | | 5,731 | | | | | 5,243 | | | ||||
Cash at end of the period | | | $ | 5,731 | | | | $ | 5,243 | | | | | $ | 4,744 | | | | $ | 5,731 | | | ||||
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash paid during the year: | | | | | | | | | | | | | | | | | | | | | | | ||||
Interest | | | $ | 4,737 | | | | $ | 4,693 | | | | | $ | 6,133 | | | | $ | 4,737 | | | ||||
Income taxes | | | | 676 | | | | | 1,220 | | | | | | 518 | | | | | 676 | | | ||||
Supplemental disclosures of non-cash items: | | | | | | | | | | | | | | | | | | | | | | | ||||
Acquired capital lease | | | $ | 957 | | | | $ | 4,257 | | | | | $ | — | | | | $ | 957 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
Balance at beginning of year | | | $ | 450 | | | | $ | 614 | | | | | $ | 696 | | | | $ | 450 | | | ||||
Provisions charged to expense | | | | 366 | | | | | 6 | | | | | | 40 | | | | | 366 | | | ||||
Net Charges and Recoveries | | | | (120) | | | | | (170) | | | | | | (348) | | | | | (120) | | | ||||
Balance at end of year | | | $ | 696 | | | | $ | 450 | | | | | $ | 388 | | | | $ | 696 | | |
| | | Estimated Useful Lives (Years) | |
Building and improvements | | | 40 | |
Machinery and equipment | | | 7 to 10 | |
Vehicles | | | 5 | |
Furniture and fixtures | | | 5 to 7 | |
Data processing equipment and software | | | 3 to 5 | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Balance at beginning of year | | | | $ | 2,310 | | | | | $ | 875 | | |
Provisions charged to expense | | | | | 2,073 | | | | | | 3,813 | | |
Credit memos issued | | | | | (2,090) | | | | | | (2,378) | | |
Balance at end of year | | | | $ | 2,293 | | | | | $ | 2,310 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Balance at beginning of year | | | | $ | 875 | | | | | $ | 2,311 | | |
Provisions charged to expense | | | | | 3,813 | | | | | | (1,184) | | |
Credit memos issued | | | | | (2,378) | | | | | | (252) | | |
Balance at end of year | | | | $ | 2,310 | | | | | $ | 875 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Inventory on FIFO basis | | | | | | | | | | | | | |
Raw materials | | | | $ | 21,100 | | | | | $ | 17,110 | | |
Work in process | | | | | 4,376 | | | | | | 4,878 | | |
Finished goods | | | | | 58,554 | | | | | | 73,010 | | |
| | | | | 84,030 | | | | | | 94,998 | | |
Slow-moving, damaged, and excess inventory reserve | | | | | (4,112) | | | | | | (4,075) | | |
LIFO reserve | | | | | (4,364) | | | | | | (4,432) | | |
Inventories, net | | | | $ | 75,554 | | | | | $ | 86,491 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Inventory on FIFO basis | | | | | | | | | | | | | |
Raw materials | | | | $ | 24,356 | | | | | $ | 21,100 | | |
Work in process | | | | | 4,577 | | | | | | 4,376 | | |
Finished goods | | | | | 64,714 | | | | | | 58,554 | | |
| | | | | 93,647 | | | | | | 84,030 | | |
Slow-moving, damaged, and excess inventory reserve | | | | | (3,927) | | | | | | (4,112) | | |
LIFO reserve | | | | | (4,018) | | | | | | (4,364) | | |
Inventories, net | | | | $ | 85,702 | | | | | $ | 75,554 | | |
| | | 2021` | | | 2020 | | | ||||||||
| | | (in thousands) | | | |||||||||||
Balance at beginning of year | | | | $ | (8,507) | | | | | $ | (10,840) | | | | ||
Costs charged to expense | | | | | (1,571) | | | | | | 911 | | | | ||
Inventory write-off | | | | | 1,602 | | | | | | 1,422 | | | | | |
Balance at end of year | | | | $ | (8.476) | | | | | $ | (8,507) | | | |
| | | 2021 | | | 2020 | | | ||||||||
| | | (in thousands) | | | | | |||||||||
Land | | | | $ | 2,839 | | | | | $ | 2,839 | | | | ||
Buildings and improvements | | | | | 7,613 | | | | | | 7,183 | | | | ||
Machinery and equipment | | | | | 24,050 | | | | | | 20,863 | | | | ||
Vehicles | | | | | 30 | | | | | | 52 | | | | ||
Furniture and fixtures | | | | | 3,613 | | | | | | 2,976 | | | | ||
Data processing equipment and software | | | | | 19,952 | | | | | | 16,973 | | | | ||
Construction in progress | | | | | 1,764 | | | | | | 2,523 | | | | ||
| | | | | 59,861 | | | | | | 53,409 | | | | ||
Less, accumulated depreciation | | | | | (25,212) | | | | | | (17,559) | | | | ||
Property, plant and equipment, net | | | | $ | 34,649 | | | | | $ | 35,850 | | | |
| | Gross Carrying Amount | | Impairment | | Net Asset | | | 2022 | | 2021 | | ||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||
Goodwill – PartyLite | | | $ | 44,433 | | | | $ | (44,433) | | | | $ | — | | | ||||||||||||||||
Balance at beginning of year | | | $ | (8,476) | | | | $ | (8,507) | | | |||||||||||||||||||||
Costs charged to expense | | | | (143) | | | | | (1,571) | | | |||||||||||||||||||||
Inventory write-off | | | | 674 | | | | | 1,602 | | | |||||||||||||||||||||
Balance at end of year | | | $ | (7,945) | | | | $ | (8,476) | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Land | | | | $ | 2,839 | | | | | $ | 2,839 | | |
Buildings and improvements | | | | | 8,169 | | | | | | 7,613 | | |
Machinery and equipment | | | | | 24,089 | | | | | | 24,050 | | |
Vehicles | | | | | 30 | | | | | | 30 | | |
Furniture and fixtures | | | | | 3,900 | | | | | | 3,613 | | |
Data processing equipment and software | | | | | 21,390 | | | | | | 19,952 | | |
Construction in progress | | | | | 1,070 | | | | | | 1,764 | | |
| | | | | 61,487 | | | | | | 59,861 | | |
Less, accumulated depreciation | | | | | (29,893) | | | | | | (25,212) | | |
Property, plant and equipment, net | | | | $ | 31,593 | | | | | $ | 34,649 | | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Impairment | | | Net Asset | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Trade names – Candle-lite | | | | $ | 664 | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | |
Trade names – PartyLite | | | | | 2,574 | | | | | | (1,491) | | | | | | — | | | | | | 1,083 | | |
Customer relationships | | | | | 11,773 | | | | | | (4,170) | | | | | | (4,285) | | | | | | 3,318 | | |
Patents | | | | | 119 | | | | | | (119) | | | | | | — | | | | | | — | | |
Trademark | | | | | 35 | | | | | | (35) | | | | | | — | | | | | | — | | |
Total | | | | $ | 15,165 | | | | | $ | (5,815) | | | | | $ | (4,285) | | | | | $ | 5,065 | | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Impairment | | | Net Asset | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Trade names – Candle-lite | | | | $ | 664 | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | |
Trade names – PartyLite | | | | | 2,574 | | | | | | (1,233) | | | | | | — | | | | | | 1,341 | | |
Customer relationships | | | | | 11,773 | | | | | | (3,752) | | | | | | (4,285) | | | | | | 3,736 | | |
Patents | | | | | 119 | | | | | | (119) | | | | | | — | | | | | | — | | |
Trademark | | | | | 35 | | | | | | (35) | | | | | | — | | | | | | — | | |
Total | | | | $ | 15,165 | | | | | $ | (5,139) | | | | | $ | (4,285) | | | | | $ | 5,741 | | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Impairment | | | Net Asset | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Trade names – Candle-lite | | | | $ | 664 | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | |
Trade names – PartyLite | | | | | 2,574 | | | | | | (976) | | | | | | — | | | | | | 1,598 | | |
Customer relationships | | | | | 11,773 | | | | | | (3,332) | | | | | | (4,285) | | | | | | 4,156 | | |
Patents | | | | | 119 | | | | | | (119) | | | | | | — | | | | | | — | | |
Trademark | | | | | 35 | | | | | | (35) | | | | | | — | | | | | | — | | |
Total | | | | $ | 15,165 | | | | | $ | (4,462) | | | | | $ | (4,285) | | | | | $ | 6,418 | | |
| 2022 | | | | $ | 677 | | |
| 2023 | | | | | 677 | | |
| 2024 | | | | | 677 | | |
| 2025 | | | | | 677 | | |
| 2026 | | | | | 677 | | |
| Thereafter | | | | | 1,692 | | |
| 2023 | | | | $ | 677 | | |
| 2024 | | | | | 677 | | |
| 2025 | | | | | 677 | | |
| 2026 | | | | | 677 | | |
| 2027 | | | | | 677 | | |
| Thereafter | | | | | 1,018 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
5.36% term note | | | $ | 11,602 | | | | $ | 11,836 | | | | | $ | 11,355 | | | | $ | 11,602 | | | ||||
Term note payable A | | | | 11,750 | | | | | 12,000 | | | | | | 10,050 | | | | | 11,750 | | | ||||
Term note payable B | | | | 12,500 | | | | | 12,500 | | | | | | 10,949 | | | | | 12,500 | | | ||||
Revolver – (European) | | | | 50 | | | | | 5,069 | | | | | | 1,862 | | | | | 50 | | | ||||
Revolver – (US) | | | | 19,619 | | | | | 33,619 | | | | | | 34,779 | | | | | 19,619 | | | ||||
Covid relief | | | | 605 | | | | | — | | | |||||||||||||||
Capital lease | | | | 2,046 | | | | | 3,075 | | | |||||||||||||||
Covid Relief | | | | 491 | | | | | 605 | | | |||||||||||||||
Capital Lease | | | | 932 | | | | | 2,046 | | | |||||||||||||||
| | | | 58,172 | | | | | 78,099 | | | | | | 70,418 | | | | | 58,172 | | | ||||
Less: | | | | | | | | | | | | | | | | | | | | | | | ||||
Deferred financing fees | | | | (1,202) | | | | | (1,772) | | | | | | (1,255) | | | | | (1,348) | | | ||||
Current maturities – long-term debt | | | | (1,843) | | | | | (2,375) | | | | | | (941) | | | | | (1,843) | | | ||||
| | | $ | 55,127 | | | | $ | 73,952 | | | | | $ | 68,222 | | | | $ | 54,981 | | |
| 2022 | | | | $ | 1,843 | | |
| 2023 | | | | | 44,596 | | |
| 2024 | | | | | 583 | | |
| 2025 | | | | | 11,055 | | |
| 2026 | | | | | 95 | | |
| Total | | | | $ | 58,172 | | |
| 2023 | | | | $ | 941 | | |
| 2024 | | | | | 58,114 | | |
| 2025 | | | | | 11,195 | | |
| 2026 | | | | | 168 | | |
| 2027 | | | | | — | | |
| Total | | | | $ | 70,418 | | |
| 2022 | | | $ | 1,197 | | | 2023 | | | $ | 343 | | | ||
| 2023 | | | | 343 | | | 2024 | | | | 342 | | | ||
| 2024 | | | | 342 | | | 2025 | | | | 254 | | | ||
| 2025 | | | | 254 | | | 2026 | | | | 100 | | | ||
| 2026 | | | | 98 | | | 2027 | | | | — | | | ||
| Total minimum lease payments | | | | 2,234 | | | Total minimum lease payments | | | $ | 1,039 | | | ||
| Less amounts representing interest | | | | (188) | | | Less amounts representing interest | | | | (107) | | | ||
| | | | | 2,046 | | | Less current portion of lease obligations | | | | (343) | | | ||
| Less current portion of lease obligations | | | | (1,118) | | | Total lease obligations net of current | | | $ | 589 | | | ||
| Total lease obligations net of current | | | $ | 928 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (In thousands) | | |||||||||
Severance and related costs | | | | $ | (22) | | | | | $ | 4,265 | | |
Contract cancellations | | | | | — | | | | | | 896 | | |
Legal expenses | | | | | 174 | | | | | | 546 | | |
Lease exit costs | | | | | — | | | | | | 504 | | |
Other | | | | | (77) | | | | | | 1,061 | | |
Total restructuring costs | | | | $ | 75 | | | | | $ | 7,272 | | |
| Severance and related costs | | | | $ | 4,265 | | |
| Contract cancellations | | | | | 896 | | |
| Legal expenses | | | | | 546 | | |
| Lease exit costs | | | | | 504 | | |
| Other | | | | | 1,061 | | |
| Total restructuring costs | | | | $ | 7,272 | | |
| | | February 28, 2021 | | | Charges | | | Usage | | | February 28, 2022 | | ||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Severance and related costs | | | | $ | 2,666 | | | | | $ | (22) | | | | | $ | (2,600) | | | | | $ | 44 | | |
Contract cancellations | | | | | 123 | | | | | | — | | | | | | (123) | | | | | | — | | |
Legal expenses | | | | | 104 | | | | | | 174 | | | | | | (246) | | | | | | 32 | | |
Lease exit costs | | | | | 476 | | | | | | — | | | | | | (476) | | | | | | — | | |
Other | | | | | 4 | | | | | | (77) | | | | | | 73 | | | | | | — | | |
Total | | | | $ | 3,373 | | | | | $ | 75 | | | | | $ | (3,372) | | | | | $ | 76 | | |
| | | February 29, 2020 | | | Charges | | | Usage | | | February 28, 2021 | | ||||||||||||
| | | (In thousands) | | |||||||||||||||||||||
Severance and related costs | | | | $ | — | | | | | $ | 4,265 | | | | | $ | (1,599) | | | | | $ | 2,666 | | |
Contract cancellations | | | | | — | | | | | | 896 | | | | | | (773) | | | | | | 123 | | |
Legal expenses | | | | | — | | | | | | 546 | | | | | | (442) | | | | | | 104 | | |
Lease exit costs | | | | | — | | | | | | 504 | | | | | | (28) | | | | | | 476 | | |
Other | | | | | — | | | | | | 1,061 | | | | | | (1.057) | | | | | | 4 | | |
Total | | | | $ | — | | | | | $ | 7,272 | | | | | $ | (3,899) | | | | | $ | 3,373 | | |
| | | February 29, 2020 | | | Charges | | | Usage | | | February 28, 2021 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Severance and related costs | | | | $ | — | | | | | $ | 4,265 | | | | | $ | (1,599) | | | | | $ | 2,666 | | |
Contract cancellations | | | | | — | | | | | | 896 | | | | | | (773) | | | | | | 123 | | |
Legal expenses | | | | | — | | | | | | 546 | | | | | | (442) | | | | | | 104 | | |
Lease exist costs | | | | | — | | | | | | 504 | | | | | | (28) | | | | | | 476 | | |
Other | | | | | — | | | | | | 1,061 | | | | | | (1,057) | | | | | | 4 | | |
Total | | | | $ | — | | | | | $ | 7,272 | | | | | $ | (3,899) | | | | | $ | 3,373 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
United States | | | $ | 11,018 | | | | $ | (53,520) | | | | | $ | (4,314) | | | | $ | 11,018 | | | ||||
Foreign | | | | (6,522) | | | | | (5,908) | | | | | | 3,802 | | | | | (6,522) | | | ||||
| | | $ | 4,496 | | | | $ | (59,428) | | | |||||||||||||||
Income (loss) before income tax expense | | | $ | (512) | | | | $ | 4,496 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
Current income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | | | | ||||
Federal | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | ||||
State | | | | 55 | | | | | 17 | | | | | | 76 | | | | | 55 | | | ||||
Foreign | | | | 310 | | | | | 1,028 | | | | | | 1,284 | | | | | 310 | | | ||||
| | | | 365 | | | | | 1,045 | | | | | | 1,360 | | | | | 365 | | | ||||
Deferred income tax expense (benefit): | | | | | | | | | | | | | | | | | | | | | | | ||||
Federal | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
State | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Foreign | | | | 68 | | | | | (950) | | | | | | 327 | | | | | 68 | | | ||||
| | | | 68 | | | | | (950) | | | | | | 327 | | | | | 68 | | | ||||
Income tax expense | | | $ | 433 | | | | $ | 95 | | | | | $ | 1,687 | | | | $ | 433 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Deferred tax assets: | | | | | | | | | | | | | |
Net operating loss | | | | $ | 29,491 | | | | | $ | 28,480 | | |
Basis difference on investment | | | | | 27,461 | | | | | | 27,754 | | |
Accrued expenses and other | | | | | 5,398 | | | | | | 5,412 | | |
Deferred gain on sale of Tilburg | | | | | 1,855 | | | | | | 3,785 | | |
Allowance for doubtful accounts | | | | | 59 | | | | | | 1,489 | | |
Interest expense limitation | | | | | 1,549 | | | | | | 1,450 | | |
Deferred tax assets | | | | | 65,813 | | | | | | 68,370 | | |
Valuation allowance | | | | | (56,541) | | | | | | (55,620) | | |
| | | | | 9,272 | | | | | | 12,750 | | |
| | 2021 | | 2020 | | | 2021 | | 2020 | | ||||||||||||||||
| | (in thousands) | | |||||||||||||||||||||||
Deferred tax assets: | | | | | | | | | | | | |||||||||||||||
Net operating loss | | | $ | 28,480 | | | | $ | 29,930 | | | |||||||||||||||
Basis difference on investment | | | | 27,754 | | | | | 27,754 | | | |||||||||||||||
Accrued expenses and other | | | | 5,412 | | | | | 4,346 | | | |||||||||||||||
Deferred gain on sale of Tilburg | | | | 3,785 | | | | | 4,010 | | | |||||||||||||||
Allowance for doubtful accounts | | | | 1,489 | | | | | 1,440 | | | |||||||||||||||
Interest expense limitation | | | | 1,450 | | | | | 2,317 | | | |||||||||||||||
Deferred tax assets | | | | 68,370 | | | | | 69,797 | | | |||||||||||||||
Valuation allowance | | | | (55,620) | | | | | (56,045) | | | |||||||||||||||
| | | | 12,750 | | | | | 13,752 | | | | (in thousands) | | ||||||||||||
Deferred tax liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Inventory reserves | | | | (795) | | | | | (1,044) | | | | | | (528) | | | | | (795) | | | ||||
Prepaid expenses | | | | (727) | | | | | (730) | | | | | | (555) | | | | | (727) | | | ||||
Depreciation | | | | (6,396) | | | | | (6,862) | | | | | | (6,131) | | | | | (6,396) | | | ||||
Amortization of intangibles | | | | (3,696) | | | | | (3,949) | | | | | | (1,249) | | | | | (3,696) | | | ||||
| | | | (11,614) | | | | | (12,585) | | | | | | (8,463) | | | | | (11,614) | | | ||||
Net deferred tax assets | | | $ | 1,136 | | | | $ | 1,167 | | | | | $ | 809 | | | | $ | 1,136 | | | ||||
| |
| | | 2022 | | | 2021 | | ||||||
Tax at statutory rate | | | | $ | (108) | | | | | $ | 944 | | |
Tax effect of: | | | | | | | | | | | | | |
Change in valuation allowance | | | | | 921 | | | | | | (425) | | |
PPP loan forgiveness | | | | | — | | | | | | (2,046) | | |
Switzerland pension and statutory reserves | | | | | — | | | | | | 213 | | |
State income taxes | | | | | 46 | | | | | | 383 | | |
Return to provision | | | | | 526 | | | | | | 154 | | |
Foreign tax rate differential | | | | | (585) | | | | | | 1,027 | | |
Foreign dividend and subpart F income | | | | | 124 | | | | | | 204 | | |
Change in statutory rate | | | | | (55) | | | | | | — | | |
Transaction Costs | | | | | 598 | | | | | | — | | |
State Rate Change | | | | | 242 | | | | | | — | | |
Other | | | | | (22) | | | | | | (21) | | |
| | | | $ | 1,687 | | | | | $ | 433 | | |
| | | 2021 | | | 2020 | | ||||||
Tax at statutory rate | | | | $ | 944 | | | | | $ | (12,480) | | |
Tax effect of: | ��� | | | | | | | | | | | | |
Expiration of US capital loss carryforward | | | | | — | | | | | | 19,386 | | |
Change in valuation allowance | | | | | (425) | | | | | | (16,720) | | |
Goodwill impairment | | | | | — | | | | | | 9,538 | | |
PPP loan forgiveness | | | | | (2,046) | | | | | | — | | |
Switzerland pension and statutory reserves | | | | | 213 | | | | | | 999 | | |
State income taxes | | | | | 383 | | | | | | (455) | | |
Return to provision | | | | | 154 | | | | | | 272 | | |
Foreign tax rate differential | | | | | 1,027 | | | | | | (217) | | |
Foreign dividend and subpart F income | | | | | 204 | | | | | | (183) | | |
Change in statutory rate | | | | | — | | | | | | (75) | | |
Other | | | | | (21) | | | | | | 30 | | |
| | | | $ | 433 | | | | | $ | 95 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Changes in benefit obligation | | | | | | | | | | | | | |
Benefit obligation at beginning of year | | | | $ | 6,640 | | | | | $ | 6,801 | | |
Interest cost | | | | | 10 | | | | | | — | | |
Service cost | | | | | 384 | | | | | | 426 | | |
Contributions by plan participants | | | | | 87 | | | | | | 90 | | |
Benefits paid | | | | | (242) | | | | | | (756) | | |
Others | | | | | — | | | | | | — | | |
Actuarial (gains) / losses | | | | | (1,094) | | | | | | (346) | | |
Currency translation | | | | | (66) | | | | | | 425 | | |
Benefit obligation at end of year | | | | $ | 5,719 | | | | | $ | 6,640 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Changes in plan assets | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | | | $ | 5,034 | | | | | $ | 5,200 | | |
Actual return on plan assets | | | | | 60 | | | | | | (103) | | |
Contributions by employer | | | | | 268 | | | | | | 279 | | |
Contributions by plan participants | | | | | 86 | | | | | | 90 | | |
Benefits paid | | | | | (241) | | | | | | (756) | | |
Others | | | | | — | | | | | | — | | |
Currency translation | | | | | (50) | | | | | | 324 | | |
Fair value of plan assets at end of year | | | | $ | 5,157 | | | | | $ | 5,034 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Changes in benefit obligation | | | | | | | | | | | | | |
Benefit obligation at beginning of year | | | | $ | 6,801 | | | | | $ | 7,492 | | |
Interest cost | | | | | — | | | | | | 51 | | |
Service cost | | | | | 426 | | | | | | 314 | | |
Contributions by plan participants | | | | | 90 | | | | | | 87 | | |
Benefits paid | | | | | (756) | | | | | | (54) | | |
Others | | | | | — | | | | | | (2,045) | | |
Actuarial (gains) / losses | | | | | (346) | | | | | | 741 | | |
Currency translation | | | | | 425 | | | | | | 215 | | |
Benefit obligation at end of year | | | | $ | 6,640 | | | | | $ | 6,801 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Changes in plan assets | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | | | $ | 5,200 | | | | | $ | 6,560 | | |
Actual return on plan assets | | | | | (103) | | | | | | 215 | | |
Contributions by employer | | | | | 279 | | | | | | 266 | | |
Contributions by plan participants | | | | | 90 | | | | | | 87 | | |
Benefits paid | | | | | (756) | | | | | | (54) | | |
Others | | | | | — | | | | | | (2,045) | | |
Currency translation | | | | | 324 | | | | | | 170 | | |
Fair value of plan assets at end of year | | | | $ | 5,034 | | | | | $ | 5,199 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Funded status | | | | | | | | | | | | | |
Noncurrent liabilities | | | | $ | 1,606 | | | | | $ | 1,602 | | |
Net amounts recognized on the consolidated balance sheets | | | | $ | 1,606 | | | | | $ | 1,602 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Funded status | | | | | | | | | | | | | |
Noncurrent liabilities | | | | $ | 560 | | | | | $ | 1,606 | | |
Net amounts recognized on the consolidated balance sheets | | | | $ | 560 | | | | | $ | 1,606 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Projected benefit obligation | | | | $ | 6,640 | | | | | $ | 6,801 | | |
Accumulated benefit obligation | | | | $ | 6,514 | | | | | $ | 6,667 | | |
Fair value of plan assets | | | | $ | 5,034 | | | | | $ | 5,199 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Projected benefit obligation | | | | $ | 5,719 | | | | | $ | 6,640 | | |
Accumulated benefit obligation | | | | $ | 5,637 | | | | | $ | 6,514 | | |
Fair value of plan assets | | | | $ | 5,157 | | | | | $ | 5,034 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
Equity instruments | | | $ | 1,518 | | | | $ | 1,568 | | | |||||||||||||||
Debt instruments | | | | 2,122 | | | | | 2,192 | | | |||||||||||||||
Equity Instruments | | | $ | 1,812 | | | | $ | 1,518 | | | |||||||||||||||
Debit Instruments | | | $ | 1,791 | | | | $ | 2,122 | | | |||||||||||||||
Properties | | | | 1,103 | | | | | 1,139 | | | | | $ | 1,257 | | | | $ | 1,103 | | | ||||
Liquid assets | | | | 146 | | | | | 151 | | | | | $ | 149 | | | | $ | 146 | | | ||||
Others | | | | 145 | | | | | 150 | | | | | $ | 148 | | | | $ | 145 | | | ||||
Fair value of plan assets at year end | | | $ | 5,034 | | | | $ | 5,200 | | | |||||||||||||||
Total | | | $ | 5,157 | | | | $ | 5,034 | | |
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||
Discount rates | | | | 0.15% | | | | | 0.00% | | | | 0.15% | | 0.15% | | ||||
Rates of compensation increase | | | | 1.00% | | | | | 1.00% | | | | 1.00% | | 1.00% | | ||||
Expected long-term rates of return on plan assets | | | | 1.50% | | | | | 1.50% | | | | 1.50% | | 1.50% | | ||||
Mortality tables | | BVG 2015 GT | | BVG 2015 GT | | | BVG 2020 GT | | BVG 2015 GT | |
| 2022 | | | $ | 46 | | | 2023 | | | $ | 118 | | | ||
| 2023 | | | | 136 | | | 2024 | | | | 270 | | | ||
| 2024 | | | | 295 | | | 2025 | | | | 83 | | | ||
| 2025 | | | | 91 | | | 2026 | | | | 109 | | | ||
| 2026 | | | | 120 | | | 2027 | | | | 133 | | | ||
| Next 5 years | | | | 695 | | | Next 5 years | | | | 554 | | |
| 2022 | | | $ | 4,788 | | | 2023 | | | $ | 3,332 | | | ||
| 2023 | | | | 4,187 | | | 2024 | | | | 3,060 | | | ||
| 2024 | | | | 3,746 | | | 2025 | | | | 2,555 | | | ||
| 2025 | | | | 3,042 | | | 2026 | | | | 2,289 | | | ||
| 2026 | | | | 2,925 | | | 2027 | | | | 1,795 | | | ||
| Thereafter | | | | 25,033 | | | Thereafter | | | | 5,576 | | | ||
| | | | $ | 43,721 | | | | | | $ | 18,607 | | |
| | | FY 2021 | | |||||||||||||||||||||||||||||||||
| | | Candle-Lite | | | PartyLite | | | Combined | | | Corporate | | | Eliminations | | | Consolidated | | ||||||||||||||||||
Sales to external customers | | | | $ | 170,931 | | | | | | 163,748 | | | | | | 334,679 | | | | | | — | | | | | | — | | | | | | 334,679 | | |
Intersegment sales | | | | | 24,621 | | | | | | — | | | | | | 24,621 | | | | | | — | | | | | | (24,621) | | | | | | — | | |
Gross Profit | | | | | 31,642 | | | | | | 95,321 | | | | | | 126,963 | | | | | | — | | | | | | — | | | | | | 126,963 | | |
Depreciation and amortization expense | | | | $ | 2,643 | | | | | | 4,422 | | | | | | 7,065 | | | | | | — | | | | | | — | | | | | | 7,065 | | |
Interest expense | | | | | 5,461 | | | | | | 419 | | | | | | 5,880 | | | | | | — | | | | | | — | | | | | | 5,880 | | |
Income tax expense(benefit) | | | | | 51 | | | | | | 634 | | | | | | 685 | | | | | | (252) | | | | | | — | | | | | | 433 | | |
Net income (loss) | | | | | 15,779 | | | | | | (5,881) | | | | | | 9,898 | | | | | | (5,835) | | | | | | — | | | | | | 4,063 | | |
Total assets | | | | | 145,788 | | | | | | 67,037 | | | | | | 212,825 | | | | | | (1,542) | | | | | | (53,387) | | | | | | 157,896 | | |
Capital expenditures | | | | | 1,322 | | | | | | 2,815 | | | | | | 4,137 | | | | | | — | | | | | | — | | | | | | 4,137 | | |
| | | FY 2020 | | |||||||||||||||||||||||||||||||||
| | | Candle-Lite | | | PartyLite | | | Combined | | | Corporate | | | Eliminations | | | Consolidated | | ||||||||||||||||||
Sales to external customers | | | | | 145,251 | | | | | | 178,962 | | | | | | 324,213 | | | | | | — | | | | | | — | | | | | | 324,213 | | |
Intersegment sales | | | | | 22,008 | | | | | | — | | | | | | 22,008 | | | | | | — | | | | | | (22,008) | | | | | | — | | |
Gross Profit | | | | | 17,879 | | | | | | 107,108 | | | | | | 124,987 | | | | | | — | | | | | | — | | | | | | 124,986 | | |
Depreciation and amortization expense | | | | | 2,653 | | | | | | 4,145 | | | | | | 6,798 | | | | | | — | | | | | | — | | | | | | 6,799 | | |
Interest expense | | | | | 6,153 | | | | | | 580 | | | | | | 6,733 | | | | | | — | | | | | | — | | | | | | 6,734 | | |
Income tax expense(benefit) | | | | | (2) | | | | | | 272 | | | | | | 271 | | | | | | (175) | | | | | | — | | | | | | 95 | | |
Net income (loss) | | | | | 2,322 | | | | | | (56,920) | | | | | | (54,598) | | | | | | (4,925) | | | | | | — | | | | | | (59,523) | | |
Total assets | | | | | 150,871 | | | | | | 83,750 | | | | | | 234,621 | | | | | | 7,833 | | | | | | (69,376) | | | | | | 173,078 | | |
Capital expenditures | | | | | 1,794 | | | | | | 37 | | | | | | 1,831 | | | | | | — | | | | | | — | | | | | | 1,831 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Net sales to external customers | | | | | | | | | | | | | |
United States | | | | $ | 188,949 | | | | | $ | 167,276 | | |
Germany | | | | | 47,777 | | | | | | 52,304 | | |
France | | | | | 31,053 | | | | | | 35,625 | | |
Other foreign countries | | | | | 66,900 | | | | | | 69,008 | | |
| | | | $ | 334,679 | | | | | $ | 324,213 | | |
| | | 2021 | | | 2020 | | ||||||
| | | (in thousands) | | |||||||||
Long-lived assets | | | | | | | | | | | | | |
United States | | | | $ | 33,624 | | | | | $ | 33,342 | | |
Foreign countries | | | | | 1,025 | | | | | | 1,347 | | |
| | | | $ | 34,649 | | | | | $ | 34,689 | | |
| | | November 30, 2021 | | | February 28, 2021 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and Cash Equivalents | | | | $ | 10,238 | | | | | $ | 5,731 | | |
Accounts receivable, net of allowance for doubtful | | | | | | | | | | | | | |
accounts of $485 and $696, at November 30, 2021 and February 28, 2021, respectively | | | | | 26,109 | | | | | | 19,160 | | |
Inventories, net (Note 3) | | | | | 81,593 | | | | | | 75,554 | | |
Prepaid expenses and other current assets | | | | | 11,070 | | | | | | 9,565 | | |
Total current assets | | | | | 129,010 | | | | | | 110,011 | | |
Property, plant and equipment, net (Note 4) | | | | | 32,291 | | | | | | 34,649 | | |
Intangible assets, net (Note 5) | | | | | 5,234 | | | | | | 5,741 | | |
Deferred income tax asset (Note 9) | | | | | 1,792 | | | | | | 1,635 | | |
Other assets | | | | | 4,655 | | | | | | 4,425 | | |
Total assets | | | | $ | 172,982 | | | | | $ | 156,460 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Current portion long-term debt (Note 6) | | | | $ | 848 | | | | | $ | 1,843 | | |
Accounts payable – trade | | | | | 37,377 | | | | | | 29,665 | | |
Accounts payable with Company under Common Control | | | | | 333 | | | | | | 3,399 | | |
Accrued payroll | | | | | 149 | | | | | | 2,241 | | |
Income tax payable | | | | | 425 | | | | | | 81 | | |
Sales allowance accrued expenses | | | | | 2,982 | | | | | | 1,893 | | |
Deferred revenue | | | | | 1,965 | | | | | | 2,215 | | |
Other accrued expenses | | | | | 24,360 | | | | | | 21,512 | | |
Total current liabilities | | | | | 68,439 | | | | | | 62,850 | | |
Long-term debt, net (Note 6) | | | | | 69,055 | | | | | | 54,981 | | |
Deferred income tax liability (Note 9) | | | | | 597 | | | | | | 498 | | |
Other long-term liabilities | | | | | 10,757 | | | | | | 15,873 | | |
Total liabilities | | | | | 148,848 | | | | | | 134,201 | | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | |
Common stock, par value $.001 per share, 50,000 issued and outstanding | | | | | — | | | | | | — | | |
Preferred stock, par value $.001 per share, 10,000 issued and outstanding ($1 per share liquidation value) | | | | | — | | | | | | — | | |
Additional paid-in capital | | | | | 107,585 | | | | | | 107,585 | | |
Accumulated deficit | | | | | (102,347) | | | | | | (103,829) | | |
Accumulated other comprehensive income: | | | | | | | | | | | | | |
Foreign currency translation | | | | | 18,896 | | | | | | 18,504 | | |
Total shareholders’ equity | | | | | 24,134 | | | | | | 22,260 | | |
Total liabilities and shareholders’ equity | | | | $ | 172,982 | | | | | $ | 156,460 | | |
| | | Nine Months Ended November 30, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Net sales | | | | $ | 236,094 | | | | | $ | 255,095 | | |
Cost of goods sold | | | | | 157,180 | | | | | | 157,257 | | |
Gross profit | | | | | 78,914 | | | | | | 97,838 | | |
Operating expenses | | | | | | | | | | | | | |
Direct marketing expense | | | | | 33,292 | | | | �� | | 43,883 | | |
Selling and marketing | | | | | 10,155 | | | | | | 12,827 | | |
General and administration | | | | | 27,814 | | | | | | 24,986 | | |
Management fees | | | | | 377 | | | | | | 666 | | |
Restructuring expenses (see note 8) | | | | | 155 | | | | | | 3,394 | | |
| | | | | 71,793 | | | | | | 85,756 | | |
Income from operations before other income (expense) | | | | | 7,121 | | | | | | 12,083 | | |
Other income (expense) | | | | | | | | | | | | | |
Interest expense | | | | | (4,219) | | | | | | (4,428) | | |
Foreign exchange loss | | | | | (1,085) | | | | | | 811 | | |
Other income (expense), net | | | | | 66 | | | | | | 234 | | |
| | | | | (5,238) | | | | | | (3,851) | | |
Income before income tax expense | | | | | 1,883 | | | | | | 8,231 | | |
Income tax expense | | | | | 401 | | | | | | 755 | | |
Net income | | | | | 1,482 | | | | | | 7,476 | | |
Other comprehensive income (loss) | | | | | | | | | | | | | |
Foreign currency translation adjustment | | | | | 392 | | | | | | (375) | | |
Comprehensive income | | | | $ | 1,874 | | | | | $ | 7,101 | | |
Weighted average common shares outstanding | | | | | 50 | | | | | | 50 | | |
Basic earnings per common share | | | | $ | 30 | | | | | $ | 149 | | |
Diluted earnings per common share | | | | $ | 30 | | | | | $ | 149 | | |
| | | For the Nine Months Ended November 30, 2021 | | |||||||||||||||||||||||||||||||||
| | | Common Stock | | | Preferred Stock | | | Additional Paid- in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||
Balance, February 28, 2021 | | | | $ | — | | | | | $ | — | | | | | $ | 107,585 | | | | | $ | (103,829) | | | | | $ | 18,504 | | | | | $ | 22,260 | | |
Foreign currency translation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 392 | | | | | | 392 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | 1,482 | | | | | | — | | | | | | 1,482 | | |
Balance, November 30, 2021 | | | | $ | — | | | | | $ | — | | | | | $ | 107,585 | | | | | $ | (102,347) | | | | | $ | 18,896 | | | | | $ | 24,134 | | |
| | | For the Nine Months Ended November 30, 2020 | | |||||||||||||||||||||||||||||||||
| | | Common Stock | | | Preferred Stock | | | Additional Paid- in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive Income (Loss) | | | Total | | ||||||||||||||||||
Balance, February 29, 2020 | | | | $ | — | | | | | $ | — | | | | | $ | 107,584 | | | | | $ | (107,892) | | | | | $ | 18,969 | | | | | $ | 18,661 | | |
Foreign currency translation | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (375) | | | | | | (375) | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | 7,476 | | | | | | — | | | | | | 7,476 | | |
Balance, November 30, 2020 | | | | $ | — | | | | | $ | — | | | | | $ | 107,584 | | | | | $ | (100,416) | | | | | $ | 18,594 | | | | | $ | 18,286 | | |
| | | Nine Months Ended November 30, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net income | | | | $ | 1,482 | | | | | $ | 7,476 | | |
Adjustments to reconcile net income (loss) to net cash | | | | | | | | | | | | | |
provided by operating activities: | | | | | | | | | | | | | |
Depreciation and intangible and other asset amortization | | | | | 5,246 | | | | | | 5,163 | | |
Provision for doubtful accounts | | | | | (211) | | | | | | 182 | | |
(Gain) loss on sale of property, plant and equipment | | | | | (25) | | | | | | (6) | | |
Amortization of deferred gain on sale-leaseback | | | | | (275) | | | | | | (275) | | |
Amortization of deferred financing fees | | | | | 544 | | | | | | 579 | | |
Deferred income taxes | | | | | 865 | | | | | | 863 | | |
Increase (decrease) in cash from changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (8,007) | | | | | | (8,431) | | |
Inventories | | | | | (7,219) | | | | | | 18,014 | | |
Prepaid expenses and other assets | | | | | (2,329) | | | | | | 206 | | |
Accounts payable | | | | | 5,060 | | | | | | (6,517) | | |
Accrued expenses and other liabilities | | | | | (237) | | | | | | 6,352 | | |
Net cash provided by (used in) operating activities | | | | | (5,106) | | | | | | 23,606 | | |
Cash flows from investing activities | | | | | | | | | | | | | |
Purchase of machinery and equipment | | | | | (2,447) | | | | | | (2,765) | | |
Net cash (used in) investing activities | | | | | (2,447) | | | | | | (2,765) | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Net (payments) proceeds on line of credit | | | | | 17,062 | | | | | | (12,871) | | |
Principal payments on capital lease obligations | | | | | (1,092) | | | | | | (1,579) | | |
Principal payments on long-term debt | | | | | (3,375) | | | | | | (362) | | |
Loan issuance costs | | | | | — | | | | | | (437) | | |
Net cash (used in) provided by financing activities | | | | | 12,595 | | | | | | (15,249) | | |
Net change in cash | | | | | 5,042 | | | | | | 5,592 | | |
Effect of exchange rate changes on cash | | | | | (535) | | | | | | 810 | | |
Cash at beginning of the period | | | | | 5,731 | | | | | | 5,243 | | |
Cash at end of the period | | | | $ | 10,238 | | | | | $ | 11,645 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | |
Cash paid during the year: | | | | | | | | | | | | | |
Interest | | | | $ | 4,120 | | | | | $ | 4,394 | | |
Income taxes | | | | | 368 | | | | | | 244 | | |
Supplemental disclosures of non-cash items: | | | | | | | | | | | | | |
Acquired capital lease | | | | $ | — | | | | | $ | 590 | | |
| | | November 30, 2021 | | | February 28, 2021 | | ||||||
| | | (in thousands) | | |||||||||
Inventory on FIFO basis | | | | | | | | | | | | | |
Raw materials | | | | $ | 21,862 | | | | | $ | 21,100 | | |
Work in process | | | | | 4,901 | | | | | | 4,376 | | |
Finished goods | | | | | 63,016 | | | | | | 58,554 | | |
| | | | | 89,779 | | | | | | 84,030 | | |
Slow-moving, damaged, and excess inventory reserve | | | | | (4,117) | | | | | | (4,112) | | |
LIFO reserve | | | | | (4,069) | | | | | | (4,364) | | |
Inventories, net | | | | $ | 81,593 | | | | | $ | 75,554 | | |
| | | November 30, 2021 | | | February 28, 2021 | | ||||||
| | | (in thousands) | | |||||||||
Land | | | | $ | 2,839 | | | | | $ | 2,839 | | |
Buildings and improvements | | | | | 7,986 | | | | | | 7,613 | | |
Machinery and equipment | | | | | 23,807 | | | | | | 24,050 | | |
Vehicles | | | | | 30 | | | | | | 30 | | |
Furniture and fixtures | | | | | 3,751 | | | | | | 3,613 | | |
Data processing equipment and software | | | | | 21,150 | | | | | | 19,952 | | |
Construction in progress | | | | | 1,199 | | | | | | 1,764 | | |
| | | | | 60,761 | | | | | | 59,861 | | |
Less, accumulated depreciation | | | | | (28,470) | | | | | | (25,212) | | |
Property, plant and equipment, net | | | | $ | 32,291 | | | | | $ | 34,649 | | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Impairment | | | Net Asset | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Trade names – Candle-lite | | | | $ | 664 | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | |
Trade names – PartyLite | | | | | 2,574 | | | | | | (1,426) | | | | | | — | | | | | | 1,148 | | |
Customer relationships | | | | | 11,773 | | | | | | (4,065) | | | | | | (4,285) | | | | | | 3,423 | | |
Patents | | | | | 119 | | | | | | (119) | | | | | | — | | | | | | — | | |
Trademark | | | | | 35 | | | | | | (35) | | | | | | — | | | | | | — | | |
Total | | | | $ | 15,165 | | | | | $ | (5,646) | | | | | $ | (4,285) | | | | | $ | 5,234 | | |
| | | Gross Carrying Amount | | | Accumulated Amortization | | | Impairment | | | Net Asset | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Trade names – Candle-lite | | | | $ | 664 | | | | | $ | — | | | | | $ | — | | | | | $ | 664 | | |
Trade names – PartyLite | | | | | 2,574 | | | | | | (1,233) | | | | | | — | | | | | | 1,341 | | |
Customer relationships | | | | | 11,773 | | | | | | (3,751) | | | | | | (4,285) | | | | | | 3,736 | | |
Patents | | | | | 119 | | | | | | (119) | | | | | | — | | | | | | — | | |
Trademark | | | | | 35 | | | | | | (35) | | | | | | — | | | | | | — | | |
Total | | | | $ | 15,165 | | | | | $ | (5,139) | | | | | $ | (4,285) | | | | | $ | 5,741 | | |
| 2022 | | | | $ | 171 | | |
| 2023 | | | | | 677 | | |
| 2024 | | | | | 677 | | |
| 2025 | | | | | 677 | | |
| 2026 | | | | | 677 | | |
| Thereafter | | | | | 1,692 | | |
| | | November 30, 2021 | | | February 28, 2021 | | ||||||
| | | (in thousands) | | |||||||||
5.36% term note | | | | $ | 11,417 | | | | | $ | 11,602 | | |
Term note payable A | | | | | 10,112 | | | | | | 11,750 | | |
Term note payable B | | | | | 10,949 | | | | | | 12,500 | | |
Revolver – (European) | | | | | 790 | | | | | | 50 | | |
Revolver – (US) | | | | | 35,902 | | | | | | 19,619 | | |
Covid Relief | | | | | 529 | | | | | | 605 | | |
Capital Lease | | | | | 1,007 | | | | | | 2,046 | | |
| | | | | 70,706 | | | | | | 58,172 | | |
Less: | | | | | | | | | | | | | |
Deferred financing fees | | | | | (803) | | | | | | (1,348) | | |
Current maturities – long-term debt | | | | | (848) | | | | | | (1,843) | | |
| | | | $ | 69,055 | | | | | $ | 54,981 | | |
| 2022 | | | | $ | 235 | | |
| 2023 | | | | | 58,382 | | |
| 2024 | | | | | 724 | | |
| 2025 | | | | | 11,196 | | |
| 2026 | | | | | 168 | | |
| Total | | | | $ | 70,706 | | |
| 2022 | | | | $ | 92 | | |
| 2023 | | | | | 343 | | |
| 2024 | | | | | 342 | | |
| 2025 | | | | | 254 | | |
| 2026 | | | | | 100 | | |
| Total minimum lease payments | | | | | 1,131 | | |
| Less amounts representing interest | | | | | (124) | | |
| | | | | | 1,007 | | |
| Less current portion of lease obligations | | | | | (285) | | |
| Total lease obligations net of current | | | | $ | 722 | | |
| | | November 30, 2021 | | | November 30, 2020 | | ||||||
| | | (in thousands) | | |||||||||
Severance and related costs | | | | $ | — | | | | | $ | 1,977 | | |
Legal expenses | | | | | 155 | | | | | | 684 | | |
Incentive Trip Cancellation | | | | | — | | | | | | 733 | | |
Other | | | | | — | | | | | | — | | |
Total restructuring costs | | | | $ | 155 | | | | | $ | 3,394 | | |
| | | February 28, 2021 | | | Charges | | | Usage | | | November 30, 2021 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Severance and related costs | | | | $ | 2,666 | | | | | $ | — | | | | | $ | (2,695) | | | | | $ | 44 | | |
Contract cancellations | | | | | 123 | | | | | | — | | | | | | (123) | | | | | | — | | |
Legal expenses | | | | | 104 | | | | | | 155 | | | | | | (232) | | | | | | 32 | | |
Lease exit costs | | | | | 476 | | | | | | — | | | | | | (476) | | | | | | — | | |
Other | | | | | 4 | | | | | | — | | | | | | (73) | | | | | | — | | |
Total | | | | $ | 3,373 | | | | | $ | 155 | | | | | $ | (3,453) | | | | | $ | 76 | | |
| | | February 28, 2020 | | | Charges | | | Usage | | | November 30, 2020 | | ||||||||||||
| | | (in thousands) | | |||||||||||||||||||||
Severance and related costs | | | | $ | — | | | | | $ | 1,977 | | | | | $ | (596) | | | | | $ | 1,381 | | |
Contract cancellations | | | | | — | | | | | | 733 | | | | | | (733) | | | | | | — | | |
Legal expenses | | | | | — | | | | | | 684 | | | | | | (575) | | | | | | 109 | | |
Lease exit costs | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | — | | | | | $ | 3,394 | | | | | $ | (1,904) | | | | | $ | 1,490 | | |
| 2022 | | | | $ | 644 | | |
| 2023 | | | | | 2,595 | | |
| 2024 | | | | | 2,593 | | |
| 2025 | | | | | 2,435 | | |
| 2026 | | | | | 2,304 | | |
| Thereafter | | | | | 7,315 | | |
| | | | | $ | 17,886 | | |
| | Nine Months Ended November 30, 2021 | | | FY 2022 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Candle-Lite | | PartyLite | | Combined | | Corporate | | Eliminations | | Consolidated | | | Candle-lite | | PartyLite | | Combined | | Corporate | | Eliminations | | Consolidated | | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales to external customers | | | $ | 133,783 | | | | | 102,311 | | | | | 236,094 | | | | | — | | | | | — | | | | $ | 236,094 | | | | | $ | 180,746 | | | | | 127,972 | | | | | 308,718 | | | | | — | | | | | — | | | | $ | 308,718 | | | ||||||||||||
Intersegment sales | | | $ | 16,488 | | | | | — | | | | | 16,488 | | | | | — | | | | | (16,488) | | | | $ | — | | | | | $ | 20,975 | | | | | — | | | | | 20,975 | | | | | — | | | | | (20,975) | | | | $ | — | | | ||||||||||||
Gross Profit | | | $ | 16,957 | | | | | 61,957 | | | | | 78,914 | | | | | — | | | | | — | | | | $ | 78,914 | | | | | $ | 22,534 | | | | | 75,992 | | | | | 98,526 | | | | | — | | | | | — | | | | $ | 98,526 | | | ||||||||||||
Depreciation and amortization expense | | | $ | 2,053 | | | | | 3,193 | | | | | 5,246 | | | | | — | | | | | — | | | | $ | 5,246 | | | | | $ | 2,740 | | | | | 4,305 | | | | | 7,045 | | | | | — | | | | | — | | | | $ | 7,045 | | | ||||||||||||
Interest expense | | | $ | 4,050 | | | | | 169 | | | | | 4,219 | | | | | — | | | | | — | | | | $ | 4,219 | | | | | $ | 5,454 | | | | | 196 | | | | | 5,650 | | | | | — | | | | | — | | | | $ | 5,650 | | | ||||||||||||
Income tax expense(benefit) | | | $ | 115 | | | | | 286 | | | | | 401 | | | | | — | | | | | — | | | | $ | 401 | | | | | $ | 124 | | | | | (815) | | | | | (691) | | | | | 2,378 | | | | | — | | | | $ | 1,687 | | | ||||||||||||
Net income (loss) | | | $ | 3,458 | | | | | 2,577 | | | | | 6,035 | | | | | (4,553) | | | | | — | | | | $ | 1,482 | | | | | $ | 5,030 | | | | | 2,434 | | | | | 7,464 | | | | | (9,663) | | | | | — | | | | $ | (2,199) | | | ||||||||||||
Total assets | | | $ | 165,379 | | | | | 69,910 | | | | | 235,289 | | | | | 8,110 | | | | | (84,473) | | | | $ | 158,926 | | | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | | | $ | 1,355 | | | | | 1,092 | | | | | 2,447 | ��� | | | | — | | | | | — | | | | $ | 2,447 | | | | | $ | 1,832 | | | | | 1,538 | | | | | 3,370 | | | | | — | | | | | — | | | | $ | 3,370 | | |
| | | Nine Months Ended November 30, 2020 | | |||||||||||||||||||||||||||||||||
| | | Candle-Lite | | | PartyLite | | | Combined | | | Corporate | | | Eliminations | | | Consolidated | | ||||||||||||||||||
Sales to external customers | | | | $ | 131,017 | | | | | | 124,078 | | | | | | 255,095 | | | | | | — | | | | | | — | | | | | $ | 255,095 | | |
Intersegment sales | | | | $ | 17,103 | | | | | | — | | | | | | 17,103 | | | | | | — | | | | | | (17,103) | | | | | $ | — | | |
Gross Profit | | | | $ | 24,841 | | | | | | 72,997 | | | | | | 97,838 | | | | | | — | | | | | | — | | | | | $ | 97,838 | | |
Depreciation and amortization expense | | | | $ | 1,908 | | | | | | 3,255 | | | | | | 5,163 | | | | | | — | | | | | | — | | | | | $ | 5,163 | | |
Interest expense | | | | $ | 4,065 | | | | | | 363 | | | | | | 4,428 | | | | | | — | | | | | | — | | | | | $ | 4,428 | | |
Income tax expense(benefit) | | | | $ | 1 | | | | | | 755 | | | | | | 756 | | | | | | 25 | | | | | | — | | | | | $ | 781 | | |
Net income (loss) | | | | $ | 14,227 | | | | | | (2,161) | | | | | | 12,066 | | | | | | (4,590) | | | | | | — | | | | | $ | 7,476 | | |
Capital expenditures | | | | $ | 519 | | | | | | 2,246 | | | | | | 2,765 | | | | | | — | | | | | | — | | | | | $ | 2,765 | | |
| | | November 30, 2021 | | |||||||||||||||||||||||||||||||||
| | | Candle-Lite | | | PartyLite | | | Combined | | | Corporate | | | Eliminations | | | Consolidated | | ||||||||||||||||||
Total assets | | | | $ | 166,240 | | | | | | 87,910 | | | | | | 254,150 | | | | | | (3,154) | | | | | | (78,014) | | | | | $ | 172,982 | | |
| | | February 28, 2021 | | |||||||||||||||||||||||||||||||||
| | | Candle-Lite | | | PartyLite | | | Combined | | | Corporate | | | Eliminations | | | Consolidated | | ||||||||||||||||||
Total assets | | | | $ | 144,352 | | | | | | 67,037 | | | | | | 211,389 | | | | | | (1,542) | | | | | | (53,387) | | | | | $ | 156,460 | | |
| | | FY 2021 | | |||||||||||||||||||||||||||||||||
| | | Candle-lite | | | PartyLite | | | Combined | | | Corporate | | | Eliminations | | | Consolidated | | ||||||||||||||||||
Sales to external customers | | | | $ | 170,931 | | | | | | 163,748 | | | | | | 334,679 | | | | | | — | | | | | | — | | | | | | 334,679 | | |
Intersegment sales | | | | | 24,621 | | | | | | — | | | | | | 24,621 | | | | | | — | | | | | | (24,621) | | | | | | — | | |
Gross Profit | | | | | 31,642 | | | | | | 95,321 | | | | | | 126,963 | | | | | | — | | | | | | — | | | | | | 126,963 | | |
Depreciation and amortization expense | | | | $ | 2,643 | | | | | | 4,422 | | | | | ��� | 7,065 | | | | | | — | | | | | | — | | | | | | 7,065 | | |
Interest expense | | | | | 5,461 | | | | | | 419 | | | | | | 5,880 | | | | | | — | | | | | | — | | | | | | 5,880 | | |
Income tax expense(benefit) | | | | | 51 | | | | | | 634 | | | | | | 685 | | | | | | (252) | | | | | | — | | | | | | 433 | | |
Net income (loss) | | | | | 15,779 | | | | | | (5,881) | | | | | | 9,898 | | | | | | (5,835) | | | | | | — | | | | | | 4,063 | | |
Total assets | | | | | 144,352 | | | | | | 67,037 | | | | | | 211,389 | | | | | | (1,542) | | | | | | (53,387) | | | | | | 156,460 | | |
Capital expenditures | | | | | 1,322 | | | | | | 2,815 | | | | | | 4,137 | | | | | | — | | | | | | — | | | | | | 4,137 | | |
| | November 30, 2021 | | November 30, 2020 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
Net sales to external customers | | | | | | | | | | | | |||||||||||||||
United States | | | $ | 140,095 | | | | $ | 145,628 | | | | | $ | 190,179 | | | | $ | 188,949 | | | ||||
Germany | | | | 37,472 | | | | | 34,270 | | | | | | 46,786 | | | | | 47,777 | | | ||||
France | | | | 22,423 | | | | | 23,588 | | | | | | 27,611 | | | | | 31,053 | | | ||||
Other foreign countries | | | | 36,104 | | | | | 51,609 | | | | | | 44,142 | | | | | 66,900 | | | ||||
| | | $ | 236,094 | | | | $ | 255,095 | | | | | $ | 308,718 | | | | $ | 334,679 | | |
| | | 2022 | | | 2021 | | ||||||
| | | (in thousands) | | |||||||||
Long-lived assets | | | | | | | | | | | | | |
United States | | | | $ | 30,890 | | | | | $ | 33,624 | | |
Foreign countries | | | | | 703 | | | | | | 1,025 | | |
| | | | $ | 31,593 | | | | | $ | 34,649 | | |
| | | 11/30/2021 | | | 2/28/2021 | | ||||||
United States | | | | $ | 31,537 | | | | | $ | 33,624 | | |
Foreign countries | | | | | 754 | | | | | | 1,025 | | |
| | | | $ | 32,291 | | | | | $ | 34,649 | | |
| | | | | | | | | As at December 31, | | |||||||||
| | | Note | | | 2021 | | | 2020 | | |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | | | | | | | | 2,778,161 | | | | | | 2,586,669 | | |
Restricted cash balance | | | | | | | | | | | 29,250,658 | | | | | | 5,731 | | |
Accounts receivable, net of allowance for doubtful accounts of $1,877,231 and $1,990,720 respectively | | | | | 3 | | | | | | 12,733,669 | | | | | | 15,925,809 | | |
Inventories | | | | | 4 | | | | | | 29,624,165 | | | | | | 30,652,427 | | |
Prepaid expenses | | | | | | | | | | | 481,692 | | | | | | 328,893 | | |
Other current assets | | | | | 5 | | | | | | 6,044,692 | | | | | | 4,240,692 | | |
Total current assets | | | | | | | | | | | 80,913,037 | | | | | | 53,740,221 | | |
Investments | | | | | | | | | | | 25,197 | | | | | | 25,765 | | |
Property, plant and equipment, net | | | | | 6 | | | | | | 28,862,938 | | | | | | 31,337,390 | | |
Intangible assets, net | | | | | 7 | | | | | | 220,614 | | | | | | 260,678 | | |
Equity accounted investments | | | | | 8 | | | | | | 2,758,979 | | | | | | 1,210,567 | | |
Other non-current assets | | | | | 9 | | | | | | 3,875,702 | | | | | | 3,920,242 | | |
Deferred tax assets | | | | | 18 | | | | | | 108,508 | | | | | | — | | |
Total assets | | | | | | | | | | | 116,764,975 | | | | | | 90,494,863 | | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | |
Short-term debt | | | | | 10 | | | | | | 51,234,113 | | | | | | 131,215,518 | | |
Accounts payables | | | | | | | | | | | 30,570,898 | | | | | | 31,921,960 | | |
Other current liabilities | | | | | 11 | | | | | | 28,978,314 | | | | | | 20,284,174 | | |
Total current liabilities | | | | | | | | | | | 110,783,325 | | | | | | 183,421,652 | | |
Long-term debt | | | | | 12 | | | | | | 154,718,868 | | | | | | 44,344,431 | | |
Employee compensation and benefits | | | | | 17 | | | | | | 537,614 | | | | | | 510,882 | | |
Other non-current liabilities | | | | | 13 | | | | | | 181,838 | | | | | | 844,692 | | |
Deferred tax liabilities | | | | | 18 | | | | | | 387,983 | | | | | | 400,170 | | |
Total liabilities | | | | | | | | | | | 266,609,628 | | | | | | 229,521,827 | | |
COMMITMENTS & CONTINGENCIES (Refer Note 14) | | | | | | | | | | | | | | | | | | | |
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | |
Common stock, $0.2723 par value per share, 6,880,000 shares authorized, issued and outstanding | | | | | 15 | | | | | | 1,873,433 | | | | | | 1,873,433 | | |
Accumulated deficit | | | | | | | | | | | (148,498,032) | | | | | | (138,482,121) | | |
Foreign currency translation reserve | | | | | | | | | | | 3,423,715 | | | | | | 3,483,447 | | |
Total stockholders’ deficit | | | | | | | | | | | (143,200,884) | | | | | | (133,125,241) | | |
Non-controlling interest | | | | | | | | | | | (6,643,769) | | | | | | (5,901,273) | | |
Total deficit | | | | | | | | | | | (149,884,653) | | | | | | (139,026,965) | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | 116,764,975 | | | | | | 90,494,863 | | |
| | | | | | As at December 31, | | |||||||||
| | | Note | | | 2021 | | | 2020 | | ||||||
Revenue, net | | | 16 | | | | | 75,864,341 | | | | | | 98,382,366 | | |
Cost of goods sold | | | | | | | | 58,038,084 | | | | | | 73,971,348 | | |
Gross profit | | | | | | | | 17,826,257 | | | | | | 24,411,018 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | |
Selling, general & administrative expenses | | | | | | | | 24,717,832 | | | | | | 23,744,997 | | |
Depreciation & amortization | | | 6 & 7 | | | | | 1,856,889 | | | | | | 2,163,421 | | |
Total operating expenses | | | | | | | | 26,574,721 | | | | | | 25,908,418 | | |
Operating loss before income taxes and share of profit on equity accounted investments | | | | | | | | (8,748,464) | | | | | | (1,497,400) | | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | | | |
Interest income | | | | | | | | 230,946 | | | | | | 172,952 | | |
Interest expense | | | | | | | | (6,948,934) | | | | | | (6,767,378) | | |
Other income, net | | | | | | | | 7,522,848 | | | | | | 88,634 | | |
Total other income | | | | | | | | 804,860 | | | | | | (6,505,792) | | |
Loss before income taxes and share of profit on equity accounted investments | | | | | | | | (7,943,604) | | | | | | (8,003,192) | | |
Provision for income taxes | | | 18 | | | | | 104,068 | | | | | | 258,923 | | |
Net loss before share of profit on equity accounted investments | | | | | | | | (8,047,672) | | | | | | (8,262,115) | | |
Share of profit on equity accounted investment | | | | | | | | 1,610,355 | | | | | | 1,481,289 | | |
Net loss for the period | | | | | | | | (6,437,317) | | | | | | (6,780,826) | | |
Net loss attributable to non-controlling interest | | | | | | | | (468,957) | | | | | | (376,203) | | |
Net loss attributable to owners | | | | | | | | (5,968,360) | | | | | | (6,404,623) | | |
Other comprehensive income (loss) | | | | | | | | | | | | | | | | |
Cumulative translation adjustments | | | | | | | | (51,802) | | | | | | (215,502) | | |
Total other comprehensive income (loss) | | | | | | | | (51,802) | | | | | | (215,502) | | |
Other comprehensive income (loss) attributable to non-controlling interest, net of tax | | | | | | | | (11,156) | | | | | | (16,220) | | |
Other comprehensive income (loss) attributable to owners | | | | | | | | (40,646) | | | | | | (199,282) | | |
Total comprehensive loss | | | | | | | | (6,489,119) | | | | | | (6,996,328) | | |
Weighted average common shares outstanding | | | | | | | | 6,880,000 | | | | | | 6,880,000 | | |
Basic loss per common share | | | | | | | | (0.87) | | | | | | (0.93) | | |
Diluted loss per common share | | | | | | | | (0.87) | | | | | | (0.93) | | |
| | | Common stock | | | Accumulated deficit | | | Accumulated other comprehensive income | | | Non- controlling interest | | | Total stockholders’ deficit | | |||||||||||||||||||||
| | | Nos. of shares | | | Par Value | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Balance as at April 01, 2020 | | | | | 6,880,000 | | | | | | 1,873,433 | | | | | | (132,077,498) | | | | | | 3,682,729 | | | | | | (5,509,300) | | | | | | (132,030,636) | | |
Net loss for the period | | | | | — | | | | | | — | | | | | | (6,404,623) | | | | | | — | | | | | | (376,203) | | | | | | (6,780,826) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | (199,282) | | | | | | (16,220) | | | | | | (215,502) | | |
Transactions with non-controlling interest | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance as at December 31, 2020 | | | | | 6,880,000 | | | | | | 1,873,433 | | | | | | (138,482,121) | | | | | | 3,483,447 | | | | | | (5,901,723) | | | | | | (139,026,964) | | |
Balance as at April 01, 2021 | | | | | 6,880,000 | | | | | | 1,873,433 | | | | | | (142,469,033) | | | | | | 3,464,361 | | | | | | (6,236,117) | | | | | | (143,367,356) | | |
Net loss for the period | | | | | — | | | | | | — | | | | | | (5,968,360) | | | | | | — | | | | | | (468,957) | | | | | | (6,437,317) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | (40,646) | | | | | | (11,156) | | | | | | (51,802) | | |
Transactions with non-controlling interest* | | | | | — | | | | | | — | | | | | | (60,639) | | | | | | — | | | | | | 72,461 | | | | | | 11,822 | | |
Balance as at December 31, 2021 | | | | | 6,880,000 | | | | | | 1,873,433 | | | | | | (148,498,032) | | | | | | 3,423,715 | | | | | | (6,643,769) | | | | | | (149,844,653) | | |
| | | As at December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
(A) CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | |
Net loss for the period | | | | | (6,437,317) | | | | | | (6,780,826) | | |
Adjustments: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 1,856,889 | | | | | | 2,163,421 | | |
Tax expense (net) | | | | | 104,068 | | | | | | 258,923 | | |
Loss on deconsolidation of a subsidiary | | | | | — | | | | | | 463,134 | | |
Provision for gratuity | | | | | 30,357 | | | | | | 29,953 | | |
Provision for leave encashment | | | | | (40,001) | | | | | | (29,294) | | |
Provision for Corporate Social Responsibility (“CSR”) expense | | | | | 39,444 | | | | | | 110,747 | | |
Profit on sale of property, plant and equipment | | | | | (706,352) | | | | | | 14,069 | | |
Share of profit of from equity accounted investments | | | | | (1,610,355) | | | | | | (1,481,289) | | |
Gain on forgiveness of loan | | | | | (4,367,864) | | | | | | — | | |
Effect of foreign exchange fluctuation | | | | | (539,273) | | | | | | (122,140) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | 3,543,632 | | | | | | 110,512 | | |
Inventories | | | | | (7,245,037) | | | | | | 9,644,835 | | |
Other current assets | | | | | 2,670,104 | | | | | | 3,033,820 | | |
Accounts payables and other liabilities | | | | | (1,480,450) | | | | | | (10,132,658) | | |
Cash used in operating activities | | | | | (14,182,155) | | | | | | (2,716,791) | | |
(B) CASH FLOW FROM INVESTING ACTIVITIES | | | | | | | | | | | | | |
(Purchase) Disposal of property, plant, and equipment / intangible assets (net) | | | | | 1,664,530 | | | | | | (83,907) | | |
Net cash generated from investing activities | | | | | 1,664,530 | | | | | | (83,907) | | |
(C) CASH FLOW FROM FINANCING ACTIVITIES | | | | | | | | | | | | | |
Short term debt, net | | | | | (1,708,390) | | | | | | 3,301,939 | | |
Long term debt received | | | | | 43,433,156 | | | | | | 660,514 | | |
Repayment of long-term debt | | | | | — | | | | | | (2,369,219) | | |
Principal payments under capital lease | | | | | (493,076) | | | | | | (659,431) | | |
Issue of share capital to non-controlling interests | | | | | 13,562 | | | | | | — | | |
Net cash generated from financing activities | | | | | 41,245,252 | | | | | | 933,802 | | |
Net increase in cash and cash equivalents | | | | | 28,727,627 | | | | | | (1,866,896) | | |
Cash, cash equivalents, and restricted cash at the beginning of the period | | | | | 3,555,334 | | | | | | 4,435,166 | | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | | | | | (254,142) | | | | | | 24,132 | | |
Cash and cash equivalents and restricted cash at the end of the period | | | | | 32,028,819 | | | | | | 2,592,402 | | |
Supplemental cash flow disclosure: | | | | | | | | | | | | | |
Income tax paid (net of refunds) | | | | | 105,884 | | | | | | 94,700 | | |
Interest paid | | | | | 3,640,256 | | | | | | 5,99,162 | | |
Reconciliation of cash and cash equivalents and restricted cash reported in the interim consolidated balance sheet | | | | | | | | | | | | | |
Cash and cash equivalents | | | | | 2,778,161 | | | | | | 2,586,669 | | |
Restricted cash | | | | | 29,250,658 | | | | | | 5,731 | | |
Restricted cash included in other long-term assets | | | | | — | | | | | | — | | |
Total cash, cash equivalents, and restricted cash reported in the statement of cash flows | | | | | 32,028,819 | | | | | | 2,592,400 | | |
| | | December 31, | | |||||||||
| | | 2021 (IN USD) | | | 2020 (IN USD) | | ||||||
Cash on hand | | | | | 17,336 | | | | | | 18,270 | | |
Balances with banks | | | | | 2,760,825 | | | | | | 2,568,399 | | |
Restricted cash balances | | | | | 29,250,658 | | | | | | 5,731 | | |
Total cash and cash equivalent (Including restricted cash balance) | | | | | 32,028,819 | | | | | | 2,592,400 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Accounts receivable | | | | | 14,610,900 | | | | | | 17,916,529 | | |
Less: Allowance for doubtful accounts | | | | | (1,877,231) | | | | | | (1,990,720) | | |
Accounts receivable, net | | | | | 12,733,669 | | | | | | 15,925,809 | | |
The movement in allowance for doubtful accounts is as follows: | | | | | | | | | | | | | |
Balance as at beginning of the period | | | | | (969,312) | | | | | | (1,333,304) | | |
Net movement including allowance/reversals | | | | | (907,919) | | | | | | (657,416) | | |
Balance as at end of the period | | | | | (1,877,231) | | | | | | (1,990,720) | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Raw materials and components | | | | | 20,703,535 | | | | | | 18,928,351 | | |
Work in progress and semi-finished goods | | | | | 87,312 | | | | | | 86,366 | | |
Finished goods | | | | | 17,238,735 | | | | | | 13,362,939 | | |
Packing material | | | | | 1,719,228 | | | | | | 1,901,541 | | |
Consumables | | | | | 112,206 | | | | | | 84,186 | | |
Less: Provision for slow-moving, damaged, and excess inventory | | | | | (10,236,851) | | | | | | (3,710,956) | | |
Inventories, net | | | | | 29,624,165 | | | | | | 30,652,427 | | |
The movement in provision for slow-moving, damaged, and excess inventory is as follows: | | | | | | | | | | | | | |
Balance as at beginning of the period | | | | | (8,164,986) | | | | | | (7,082,904) | | |
Net movement including provision/reversals | | | | | (2,071,865) | | | | | | 3,371,948 | | |
Balance as at end of the period | | | | | (10,236,851) | | | | | | (3,710,956) | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Balance with statutory / government authorities | | | | | 3,164,764 | | | | | | 3,188,250 | | |
Income tax receivable | | | | | 483,972 | | | | | | 538,695 | | |
Interest accrued | | | | | 1,686 | | | | | | 17,590 | | |
Security deposits | | | | | 32,572 | | | | | | 63,523 | | |
Other advances* | | | | | 2,361,698 | | | | | | 432,634 | | |
| | | | | 6,044,692 | | | | | | 4,240,692 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Land [refer note 12(1) and 12(2)] | | | | | 9,266,438 | | | | | | 9,277,523 | | |
Building [refer note 12(6)] | | | | | 17,588,948 | | | | | | 18,774,208 | | |
Plant and machinery [refer note 12(6)] | | | | | 21,060,321 | | | | | | 20,145,200 | | |
Computer and accessories | | | | | 6,565,603 | | | | | | 6,557,531 | | |
Leasehold improvements | | | | | 2,455,817 | | | | | | 2,456,517 | | |
Office equipment, canteen equipment and lab equipment | | | | | 778,888 | | | | | | 779,656 | | |
Electronic fittings and furniture | | | | | 1,004,404 | | | | | | 1,053,039 | | |
Vehicles | | | | | 233,017 | | | | | | 233,710 | | |
Capital work-in-progress | | | | | 134,548 | | | | | | 135,057 | | |
Property, plant and equipment (gross) | | | | | 59,087,984 | | | | | | 59,412,441 | | |
Less: Accumulated depreciation | | | | | (30,225,046) | | | | | | (28,075,051) | | |
Property, plant and equipment (Net) | | | | | 28,862,938 | | | | | | 31,337,390 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Capitalized software | | | | | 334,440 | | | | | | 340,063 | | |
Customer relationship | | | | | — | | | | | | 4,500,000 | | |
Intangible assets (gross) | | | | | 334,440 | | | | | | 4,840,063 | | |
Less: Accumulated amortization | | | | | (113,826) | | | | | | (4,579,385) | | |
Intangible assets, net | | | | | 220,614 | | | | | | 260,678 | | |
| 2022 | | | | | 8,955 | | |
| 2023 | | | | | 33,901 | | |
| 2024 | | | | | 32,599 | | |
| 2025 | | | | | 31,836 | | |
| 2026 | | | | | 30,883 | | |
| 2027 | | | | | 30,866 | | |
| 2028 | | | | | 29,113 | | |
| 2029 | | | | | 22,461 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Total initial cost | | | | | — | | | | | | — | | |
Accumulated gain | | | | | 2,758,979 | | | | | | 1,210,567 | | |
Carrying value | | | | | 2,758,979 | | | | | | 1,210,567 | | |
Summarized financial information of Goose Creek Candles LLC | | | | | | | | | | | | | |
Current assets | | | | | 16,860,184 | | | | | | 6,433,130 | | |
Non-current assets | | | | | 3,095,020 | | | | | | 3,116,445 | | |
Current liabilities | | | | | 11,152,312 | | | | | | 3,503,415 | | |
Non-current liabilities | | | | | 3,285,168 | | | | | | 3,285,168 | | |
Net sales or gross revenue | | | | | 35,670,202 | | | | | | 20,717,393 | | |
Gross profit | | | | | 12,216,123 | | | | | | 8,259,044 | | |
Net income | | | | | 3,220,710 | | | | | | 2,962,578 | | |
Net income attributable to the Group | | | | | 1,610,355 | | | | | | 1,481,289 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Security deposits | | | | | 640,180 | | | | | | 684,988 | | |
Other advances* | | | | | 3,234,198 | | | | | | 3,234,198 | | |
Interest accrued | | | | | 1,324 | | | | | | 1,056 | | |
| | | | | 3,875,702 | | | | | | 3,920,242 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Post-shipment credit | | | | | — | | | | | | 8,608,766 | | |
Pre-shipment credit | | | | | — | | | | | | 5,277,468 | | |
Inter corporate loans | | | | | 6,248,977 | | | | | | 5,981,425 | | |
Working capital loan (refer note 12(10)) | | | | | 40,485,136 | | | | | | 101,979,995 | | |
Notes payable due within one year | | | | | 4,500,000 | | | | | | 9,367,864 | | |
| | | | | 51,234,113 | | | | | | 131,215,518 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Accrued payroll and related expenses | | | | | 1,196,687 | | | | | | 1,859,333 | | |
Advance from customers | | | | | 232,993 | | | | | | 362,216 | | |
Current maturities of long-term debt | | | | | 9,800,776 | | | | | | 2,359,815 | | |
Current maturities of capital lease obligations | | | | | 694,543 | | | | | | 652,976 | | |
Interest accrued | | | | | 8,231,531 | | | | | | 5,775,986 | | |
Other outstanding expenses | | | | | 8,821,784 | | | | | | 9,273,848 | | |
| | | | | 28,978,314 | | | | | | 20,284,174 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Term loan from bank | | | | | 45,485,380 | | | | | | 29,653,806 | | |
Post-shipment credit | | | | | 1,075,626 | | | | | | — | | |
Pre-shipment credit | | | | | 4,257,085 | | | | | | — | | |
Loans payable to affiliated company | | | | | 14,690,625 | | | | | | 14,690,625 | | |
Optionally convertible debentures | | | | | | | | | |||||
– measured at amortized cost | | | | | 4,260,212 | | | | | | — | | |
Compulsorily convertible debentures | | | | | | | | | |||||
– measured at fair value on recurring basis | | | | | 41,674,231 | | | | | | — | | |
– measured at amortized cost | | | | | 43,275,709 | | | | | | — | | |
| | | | | 154,718,868 | | | | | | 44,344,431 | | |
| Term loan | | | | $ | 4,002,017 | | |
| Funded interest term loan 1 | | | | $ | 346,750 | | |
| Funded interest term loan 2 | | | | $ | 344,228 | | |
| Accrued interest | | | | $ | 137,351 | | |
| Term loan | | | | $ | 1,882,669 | | |
| Funded interest term loan 1 | | | | $ | 156,029 | | |
| Funded interest term loan 2 | | | | $ | 154,895 | | |
| Accrued interest | | | | $ | 61,383 | | |
| Term loan | | | | $ | 999,160 | | |
| Funded interest term loan 1 | | | | $ | 36,927 | | |
| Funded interest term loan 2 | | | | $ | 64,174 | | |
| Accrued interest | | | | $ | 55,160 | | |
| Term loan | | | | $ | 1,366,309 | | |
| Funded interest term loan 1 | | | | $ | 56,000 | | |
| Funded interest term loan 2 | | | | $ | 30,000 | | |
| Accrued interest | | | | $ | 23,462 | | |
| Working capital term loan | | | | $ | 3,807,026 | | |
| Funded interest term loan | | | | $ | 165,406 | | |
| Compulsorily convertible debentures | | | | $ | 1,433,518 | | |
| Optionally convertible debentures (at amortized cost) (presented as long term debt in note 12) | | | | $ | 4,303,244 | | |
| Working capital loan (presented as short-term debt in note 10) | | | | $ | 40,485,136 | | |
| Term loan from bank | | | | $ | 31,563,326 | | |
| CCD (at amortized cost)* | | | | $ | 43,275,709 | | |
| 2022 | | | | | 9,800,776 | | |
| 2023 | | | | | 19,518,192 | | |
| 2024 | | | | | 20,498,965 | | |
| 2025 | | | | | 25,998,606 | | |
| 2026 and onwards | | | | | 88,602,007 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Capital lease obligation (net of current portion) | | | | | 181,838 | | | | | | 844,692 | | |
| | | | | 181,838 | | | | | | 844,692 | | |
| Minimum lease payments at inception | | | | | 3,132,294 | | |
| Imputed rate of interest | | | | | 5.50% | | |
| Amount of imputed interest | | | | | 258,170 | | |
| Present value of lease obligation at inception | | | | | 2,874,124 | | |
| Minimum lease payments for the fiscal year ending March 31: | | | | | | | |
| 2022 | | | | | 184,897 | | |
| 2023 | | | | | 723,346 | | |
| Total minimum lease payments | | | | | 908,243 | | |
| Amount of imputed interest | | | | | 31,862 | | |
| Principal balance | | | | | 876,381 | | |
| – Current | | | | | 694,543 | | |
| – Non-current | | | | | 181,838 | | |
Period ending December 31 | | | Minimum lease payments | | | Minimum sublet income | | | Minimum lease payments, net | | |||||||||
2022 | | | | | 456,565 | | | | | | 358,365 | | | | | | 98,200 | | |
2023 | | | | | — | | | | | | — | | | | | | — | | |
2024 | | | | | — | | | | | | — | | | | | | — | | |
Total minimum future lease payments | | | | | 456,565 | | | | | | 358,365 | | | | | | 98,200 | | |
Period ending December 31 | | | | | | | |
2022 | | | | | 139,346 | | |
2023 | | | | | 77,163 | | |
2024 | | | | | — | | |
2025 | | | | | — | | |
2026 | | | | | — | | |
Thereafter | | | | | — | | |
Total minimum future lease payments | | | | | 216,509 | | |
| | | December 31, | | |||||||||
Geography | | | 2021 | | | 2020 | | ||||||
India | | | | | 15,775,682 | | | | | | 18,471,263 | | |
United States of America | | | | | 44,360,242 | | | | | | 69,383,491 | | |
Australia | | | | | 4,024,302 | | | | | | 3,363,996 | | |
England | | | | | 7,558,572 | | | | | | 632,151 | | |
Other countries | | | | | 4,145,543 | | | | | | 6,531,465 | | |
| | | | | 75,864,341 | | | | | | 98,382,366 | | |
| | | December 31, | | |||||||||
Gratuity | | | 2021 | | | 2020 | | ||||||
Defined benefit Obligation | | | | | (810,058) | | | | | | (795,492) | | |
Plan Assets | | | | | 272,444 | | | | | | 284,611 | | |
Gratuity Asset/(Liability) | | | | | (537,614) | | | | | | (510,881) | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
United States | | | | | (3,359,292) | | | | | | 3,284,773 | | |
India | | | | | 9,690,275 | | | | | | 3,231,731 | | |
Others | | | | | 2,266 | | | | | | 5,399 | | |
Total | | | | | 6,333,249 | | | | | | 6,521,903 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Current tax provision: | | | | | | | | | | | | | |
United States – Federal | | | | | 94,851 | | | | | | — | | |
United States – State and Local | | | | | — | | | | | | — | | |
India | | | | | 18,203 | | | | | | 4,902 | | |
Total current tax provision | | | | | 113,054 | | | | | | 4,902 | | |
Deferred tax provision: | | | | | | | | | | | | | |
United States – Federal | | | | | 285,937 | | | | | | — | | |
United States – State and Local | | | | | — | | | | | | — | | |
India | | | | | (303,453) | | | | | | 93,346 | | |
Total deferred tax provision | | | | | (17,516) | | | | | | 93,346 | | |
Tax pertaining to earlier years: | | | | | | | | | | | | | |
India | | | | | 8,530 | | | | | | 160,676 | | |
Total tax pertaining to earlier years | | | | | 8,530 | | | | | | 160,676 | | |
Provision for income taxes | | | | | 104,068 | | | | | | 258,924 | | |
| Loss before tax | | | | | 6,333,249 | | | | | | 6,521,903 | | |
| Provision for income tax and deferred tax | | | | | 95,538 | | | | | | 98,248 | | |
| Effective tax rate | | | | | 2% | | | | | | 2% | | |
| | | December 31, 2021 | | | December 31, 2020 | | ||||||||||||||||||
| | | US Jurisdiction | | | India Jurisdiction | | | US Jurisdiction | | | India Jurisdiction | | ||||||||||||
Amortization and depreciation | | | | | 2,371,124 | | | | | | 18,726 | | | | | | 2,326,407 | | | | | | 1,923 | | |
Accrued liabilities and other reserves | | | | | 2,355,638 | | | | | | 230,721 | | | | | | 2,740,945 | | | | | | 228,567 | | |
Interest limitation u/s 163(j) | | | | | 5,569,912 | | | | | | — | | | | | | 4,055,358 | | | | | | — | | |
Net operating loss carryover | | | | | 32,226,573 | | | | | | 1,187,500 | | | | | | 31,030,569 | | | | | | 810,784 | | |
Total deferred tax asset before valuation allowance | | | | | 42,566,247 | | | | | | 1,436,947 | | | | | | 40,153,277 | | | | | | 1,041,274 | | |
Valuation allowance | | | | | 41,526,777 | | | | | | 938,360 | | | | | | 39,218,548 | | | | | | 815,548 | | |
Total deferred tax asset, net of valuation allowance | | | | | 1,039,470 | | | | | | 498,587 | | | | | | 934,729 | | | | | | 225,726 | | |
Deferred tax liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortisation and depreciation | | | | | — | | | | | | (390,080) | | | | | | | | | | | | (533,688) | | |
Intangibles/Goodwill | | | | | (770,398) | | | | | | — | | | | | | (695,051) | | | | | | — | | |
Passthrough income | | | | | (657,054) | | | | | | — | | | | | | (331,888) | | | | | | — | | |
Deferred tax liability | | | | | (1,427,452) | | | | | | (390,080) | | | | | | (1,026,939) | | | | | | (533,688) | | |
Net deferred tax liability/ Asset | | | | | (387,982) | | | | | | 108,507 | | | | | | (92,208) | | | | | | (307,962) | | |
Geography | | | December 31, | | |||||||||
| 2021 | | | 2020 | | ||||||||
India | | | | | 15,775,682 | | | | | | 18,471,263 | | |
United States of America | | | | | 44,360,242 | | | | | | 69,383,491 | | |
Australia | | | | | 4,024,302 | | | | | | 3,363,996 | | |
England | | | | | 7,558,572 | | | | | | 632,151 | | |
Other countries | | | | | 4,145,543 | | | | | | 6,531,465 | | |
| | | | | 75,864,341 | | | | | | 98,382,366 | | |
| | | December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
United States | | | | | 23,508,073 | | | | | | 25,283,201 | | |
India | | | | | 5,354,749 | | | | | | 6,052,857 | | |
| | | | | 28,862,822 | | | | | | 31,336,058 | | |
| ||||||||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | |
| | | | As at March 31, | | | | | | | | As at March 31, | | ||||||||||||||||||||||
| | Note | | 2021 | | 2020 | | | Note | | 2022 | | 2021 | | |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Cash and cash equivalents | | | | | | 3,158,891 | | | | | 2,166,498 | | | | | | | | | | | 3,093,910 | | | | | 3,158,891 | | | ||||||
Restricted cash balance | | | | | | 396,442 | | | | | 2,340,830 | | | | | | | | | | | 25,572,218 | | | | | 396,442 | | | ||||||
Accounts receivable, net of allowance of 969,312 and 1,333,304, respectively | | 3 | | | | 16,283,709 | | | | | 15,825,688 | | | ||||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts of $ 1,205,916 and $ 969,312, respectively | | | | 3 | | | | | 12,620,975 | | | | | 16,283,709 | | | |||||||||||||||||||
Inventories | | 4 | | | | 23,018,674 | | | | | 39,292,964 | | | | | | 4 | | | | | 36,099,314 | | | | | 23,018,674 | | | ||||||
Prepaid expenses and other current assets | | 5 | | | | 5,091,394 | | | | | 5,534,188 | | | | | | 5 | | | | | 6,675,723 | | | | | 5,091,394 | | | ||||||
Total current assets | | | | | | 47,949,110 | | | | | 65,160,168 | | | | | | | | | | | 84,062,140 | | | | | 47,949,110 | | | ||||||
Investments | | | | | | 25,990 | | | | | 33,316 | | | | | | | | | | | 24,895 | | | | | 25,990 | | | ||||||
Property, plant and equipment, net | | 6 | | | | 31,749,657 | | | | | 33,306,062 | | | | | | 6 | | | | | 28,329,717 | | | | | 31,749,657 | | | ||||||
Intangible assets, net | | 7 | | | | 251,845 | | | | | 501,993 | | | | | | 7 | | | | | 208,551 | | | | | 251,845 | | | ||||||
Equity accounted investments | | 8 | | | | 1,148,624 | | | | | — | | | ||||||||||||||||||||||
Equity accounted investment | | | | 8 | | | | | 2,142,242 | | | | | 1,148,624 | | | |||||||||||||||||||
Other non-current assets | | 9 | | | | 4,211,768 | | | | | 3,745,247 | | | | | | 9 | | | | | 3,635,810 | | | | | 4,211,768 | | | ||||||
Deferred tax assets | | | | 18 | | | | | 257,377 | | | | | — | | | |||||||||||||||||||
Total assets | | | | | | 85,336,994 | | | | | 102,746,786 | | | | | | | | | | | 118,660,732 | | | | | 85,336,994 | | | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Short-term debt | | 10 | | | | 129,558,557 | | | | | 125,404,449 | | | | | | 10 | | | | | 52,690,489 | | | | | 129,558,557 | | | ||||||
Accounts payables | | | | | | 31,203,774 | | | | | 44,803,274 | | | | | | | | | | | 35,203,595 | | | | | 31,203,774 | | | ||||||
Other current liabilities | | 11 | | | | 23,268,032 | | | | | 25,693,667 | | | | | | 11 | | | | | 37,790,075 | | | | | 23,268,032 | | | ||||||
Total current liabilities | | | | | | 184,030,363 | | | | | 195,901,390 | | | | | | | | | | | 125,684,159 | | | | | 184,030,363 | | | ||||||
Long-term debt | | 12 | | | | 43,232,664 | | | | | 36,856,856 | | | | | | 12 | | | | | 140,489,431 | | | | | 43,232,664 | | | ||||||
Employee compensation and benefits | | 17 | | | | 516,206 | | | | | 464,621 | | | | | | 17 | | | | | 548,544 | | | | | 516,206 | | | ||||||
Deferred tax liabilities, net | | 18 | | | | 119,226 | | | | | 27,856 | | | ||||||||||||||||||||||
Other non-current liabilities | | 13 | | | | 805,891 | | | | | 1,255,977 | | | | | | 13 | | | | | — | | | | | 805,891 | | | ||||||
Liability towards equity accounted investments | | | | | | | | | | | 270,722 | | | ||||||||||||||||||||||
Deferred tax liabilities | | | | 18 | | | | | 214,406 | | | | | 119,226 | | | |||||||||||||||||||
Total liabilities | | | | | | 228,704,350 | | | | | 234,777,422 | | | | | | | | | | | 266,936,540 | | | | | 228,704,350 | | | ||||||
Commitments & contingencies (refer note 14) | | | | | | | | | | | | | | ||||||||||||||||||||||
COMMITMENTS & CONTINGENCIES (Refer Note 14) | | | | | | | | | | | | | | | | | |||||||||||||||||||
STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Common stock, $0.2723 par value per share, 6,880,000 shares authorized, issued and outstanding | | 15 | | | | 1,873,433 | | | | | 1,873,433 | | | ||||||||||||||||||||||
Accumulated other comprehensive income | | | | | | 3,464,361 | | | | | 3,682,729 | | | ||||||||||||||||||||||
Common stock, $ 0.2723 par value per share, 6,880,000 shares authorized, issued and outstanding | | | | 15 | | | | | 1,873,433 | | | | | 1,873,433 | | | |||||||||||||||||||
Accumulated deficit | | | | | | (142,469,033) | | | | | (132,077,498) | | | | | | | | | | | (147,624,303) | | | | | (142,469,033) | | | ||||||
Foreign currency translation reserve | | | | | | | | | 3,881,396 | | | | | 3,464,361 | | | |||||||||||||||||||
Total stockholders’ deficit | | | | | | (137,131,239) | | | | | (126,521,336) | | | | | | | | | | | (141,869,474) | | | | | (137,131,239) | | | ||||||
Non-controlling interest | | | | | | (6,236,117) | | | | | (5,509,300) | | | | | | | | | | | (6,406,334) | | | | | (6,236,117) | | | ||||||
Total deficit | | | | | | (143,367,356) | | | | | (132,030,636) | | | | | | | | | | | (148,275,808) | | | | | (143,367,356) | | | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | 85,336,994 | | | | | 102,746,786 | | | | | | | | | | | 118,660,732 | | | | | 85,336,994 | | |
| | | | For the years ended March 31, | | | | | For year ended March 31, | | ||||||||||||||||||||||
| | Note | | 2021 | | 2020 | | | Note | | 2022 | | 2021 | | ||||||||||||||||||
Revenue, net | | 16 | | | | 125,402,233 | | | | | 154,568,313 | | | | 16 | | | | 103,067,920 | | | | | 125,402,233 | | | ||||||
Cost of goods sold | | | | | | 99,326,930 | | | | | 133,312,640 | | | | | | | | 77,898,601 | | | | | 99,326,930 | | | ||||||
Gross profit | | | | | | 26,075,303 | | | | | 21,255,673 | | | | | | | | 25,169,319 | | | | | 26,075,303 | | | ||||||
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Selling, general & administrative expenses | | | | | | 25,968,325 | | | | | 41,623,030 | | | | | | | | 27,378,907 | | | | | 25,968,325 | | | ||||||
Depreciation & amortization | | 6 & 7 | | | | 2,764,189 | | | | | 2,730,359 | | | | 6 & 7 | | | | 2,528,367 | | | | | 2,764,189 | | | ||||||
Total operating expenses | | | | | | 28,732,514 | | | | | 44,353,389 | | | | | | | | 29,907,274 | | | | | 28,732,514 | | | ||||||
Loss from operations before other income (expense) and share of profit on equity accounted investments | | | | | | (2,657,211) | | | | | (23,097,716) | | | |||||||||||||||||||
OTHER INCOME/(EXPENSE) | | | | | | | | | | | | | | |||||||||||||||||||
Operating loss before income taxes and share of profit on equity accounted investments | | | | | | (4,737,955) | | | | | (2,657,211) | | | |||||||||||||||||||
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | |||||||||||||||||||
Interest income | | | | | | 210,875 | | | | | 322,668 | | | | | | | | 242,210 | | | | | 210,875 | | | ||||||
Interest expense | | | | | | (11,070,335) | | | | | (13,280,314) | | | | | | | | (9,914,702) | | | | | (11,070,335) | | | ||||||
Other income, net | | | | | | 1,351,202 | | | | | 3,469,412 | | | | | | | | 6,984,507 | | | | | 1,351,202 | | | ||||||
Total other (expense) | | | | | | (9,508,258) | | | | | (9,488,234) | | | |||||||||||||||||||
Loss before income taxes and share of profit on equity accounted investments | | | | | | (12,165,469) | | | | | (32,585,950) | | | |||||||||||||||||||
Provision for income taxes | | 18 | | | | (364,846) | | | | | (285,443) | | | |||||||||||||||||||
Net loss before share of profit on equity accounted investments | | | | | | (12,530,315) | | | | | (32,871,393) | | | |||||||||||||||||||
Share of profit on equity accounted investment | | 8 | | | | 1,419,346 | | | | | 38,419 | | | |||||||||||||||||||
Net loss after share of profit on equity accounted investments | | | | | | (11,110,969) | | | | | (32,832,974) | | | |||||||||||||||||||
Net loss attributable to noncontrolling interest | | | | | | (719,434) | | | | | (2,241,005) | | | |||||||||||||||||||
Total other income (expense) | | | | | | (2,687,985) | | | | | (9,508,258) | | | |||||||||||||||||||
Loss before income taxes and share of profit on equity accounted investment | | | | | | (7,425,940) | | | | | (12,165,469) | | | |||||||||||||||||||
Benefit (provision) for income taxes | | 18 | | | | 342,703 | | | | | (364,846) | | | |||||||||||||||||||
Net loss before share of profit on equity accounted investment | | | | | | (7,083,237) | | | | | (12,530,315) | | | |||||||||||||||||||
Share of profit from equity accounted investment | | | | | | 1,709,576 | | | | | 1,419,346 | | | |||||||||||||||||||
Net loss after share of profit on equity accounted investment | | | | | | (5,373,661) | | | | | (11,110,969) | | | |||||||||||||||||||
Net loss attributable to non-controlling interest | | | | | | (223,311) | | | | | (719,434) | | | |||||||||||||||||||
Net loss attributable to owners | | | | | | (10,391,535) | | | | | (30,591,969) | | | | | | | | (5,150,350) | | | | | (10,391,535) | | | ||||||
Other comprehensive (loss)/ income | | | | | | | | | | | | | | |||||||||||||||||||
Foreign currency translation adjustments | | | | | | (225,751) | | | | | 512,934 | | | |||||||||||||||||||
Total other comprehensive (loss)/ income | | | | | | (225,751) | | | | | 512,934 | | | |||||||||||||||||||
Other comprehensive (loss)/ income attributable to noncontrolling interest | | | | | | (7,383) | | | | | 25,682 | | | |||||||||||||||||||
Other comprehensive (loss)/ income attributable to owners | | | | | | (218,368) | | | | | 487,252 | | | |||||||||||||||||||
Other comprehensive income (loss) | | | | | | | | | | | | | | |||||||||||||||||||
Cumulative translation adjustments | | | | | | 451,750 | | | | | (225,751) | | | |||||||||||||||||||
Total other comprehensive income (loss) | | | | | | 451,750 | | | | | (225,751) | | | |||||||||||||||||||
Other comprehensive income (loss) attributable to non-controlling interest, net of tax | | | | | | 28,297 | | | | | (7,383) | | | |||||||||||||||||||
Other comprehensive income (loss) attributable to owners | | | | | | 423,453 | | | | | (218,368) | | | |||||||||||||||||||
Total comprehensive loss | | | | | | (11,336,720) | | | | | (32,320,040) | | | | | | | | (4,921,911) | | | | | (11,336,720) | | | ||||||
Weighted average common shares outstanding | | | | | | 6,880,000 | | | | | 6,880,000 | | | | | | | | 6,880,000 | | | | | 6,880,000 | | | ||||||
Basic loss per common share | | | | | | (1.51) | | | | | (4.45) | | | | | | | | (0.75) | | | | | (1.51) | | | ||||||
Diluted loss per common share | | | | | | (1.51) | | | | | (4.45) | | | | | | | | (0.75) | | | | | (1.51) | | |
| | Common stock | | | Accumulated deficit | | Accumulated other comprehensive income | | Non-controlling interest | | Total stockholders’ deficit | | | Common stock | | | Accumulated deficit | | Accumulated other comprehensive income | | Non-controlling interest | | Total stockholders’ deficit | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | Nos. of shares | | Par value | | | Nos. of shares | | Par Value | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as at April 01, 2019 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (101,278,506) | | | | | 3,195,477 | | | | | (3,501,000) | | | | | (99,710,596) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance as at April 01, 2020 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (132,077,498) | | | | | 3,682,729 | | | | | (5,509,300) | | | | | (132,030,636) | | | |||||||||||||||||||||||||||||||||||||||||||
Net loss for the year | | | | — | | | | | — | | | | | (10,391,535) | | | | | — | | | | | (719,434) | | | | | (11,110,969) | | | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | | | | — | | | | | — | | | | | — | | | | | (218,368) | | | | | (7,383) | | | | | (225,751) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2021 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (142,469,033) | | | | | 3,464,361 | | | | | (6,236,117) | | | | | (143,367,356) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance as at April 01, 2021 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (142,469,033) | | | | | 3,464,361 | | | | | (6,236,117) | | | | | (143,367,356) | | | |||||||||||||||||||||||||||||||||||||||||||
Net loss for the year | | | | — | | | | | — | | | | | (30,591,969) | | | | | — | | | | | (2,241,005) | | | | | (32,832,974) | | | | | | — | | | | | — | | | | | (5,150,350) | | | | | — | | | | | (223,311) | | | | | (5,373,661) | | | ||||||||||||
Other comprehensive income | | | | — | | | | | — | | | | | — | | | | | 487,252 | | | | | 25,682 | | | | | 512,934 | | | | | | — | | | | | — | | | | | — | | | | | 423,453 | | | | | 28,297 | | | | | 451,750 | | | ||||||||||||
Transactions with non-controlling interest* | | | | — | | | | | — | | | | | (207,023) | | | | | — | | | | | 207,023 | | | | | — | | | | | | | | | | | | | | | | (4,920) | | | | | (6,418) | | | | | 24,797 | | | | | 13,459 | | | ||||||||||||
Balance as at March 31, 2020 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (132,077,498) | | | | | 3,682,729 | | | | | (5,509,300) | | | | | (132,030,636) | | | |||||||||||||||||||||||||||||||||||||||||||
Net loss for the year | | | | — | | | | | — | | | | | (10,391,535) | | | | | — | | | | | (719,434) | | | | | (11,110,969) | | | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | | | | — | | | | | — | | | | | — | | | | | (218,368) | | | | | (7,383) | | | | | (225,751) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2021 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (142,469,033) | | | | | 3,464,361 | | | | | (6,236,117) | | | | | (143,367,356) | | | |||||||||||||||||||||||||||||||||||||||||||
Balance as at March 31, 2022 | | | | 6,880,000 | | | | | 1,873,433 | | | | | (147,624,303) | | | | | 3,881,396 | | | | | (6,406,334) | | | | | (148,275,808) | | |
| | For the years ended March 31, | | | For year ended March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
(A) CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
Net loss for the year | | | | (11,110,969) | | | | | (32,832,974) | | | | | | (5,373,661) | | | | | (11,110,969) | | | ||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | ||||
Depreciation and amortization | | | | 2,764,189 | | | | | 2,730,359 | | | | | | 2,528,367 | | | | | 2,764,189 | | | ||||
Tax expense (net) | | | | 364,846 | | | | | 285,443 | | | |||||||||||||||
Amortization of debt issuance cost | | | | 209,445 | | | | | — | | | |||||||||||||||
Tax (benefit) provision (net) | | | | (342,703) | | | | | 364,846 | | | |||||||||||||||
Loss on deconsolidation of a subsidiary | | | | 463,134 | | | | | — | | | | | | — | | | | | 463,134 | | | ||||
Provision for gratuity | | | | 34,903 | | | | | 111,555 | | | | | | 49,531 | | | | | 34,903 | | | ||||
Provision for corporate social responsibility (“CSR”) | | | | 147,694 | | | | | — | | | |||||||||||||||
Loss on sale of property, plant and equipment | | | | 82,608 | | | | | 19 | | | |||||||||||||||
Share of profit on equity accounted investment | | | | (1,419,346) | | | | | (38,419) | | | |||||||||||||||
Provision for compensated absence | | | | 44,807 | | | | | (27,863) | | | |||||||||||||||
Provision for Corporate Social Responsibility (“CSR”) expense | | | | 51,400 | | | | | 147,694 | | | |||||||||||||||
(Profit)/ loss on sale of property, plant, and equipment | | | | (693,405) | | | | | 82,608 | | | |||||||||||||||
Share of profit from equity accounted investments | | | | (1,709,576) | | | | | (1,419,346) | | | |||||||||||||||
Gain on forgiveness of loan | | | | (4,367,863) | | | | | — | | | |||||||||||||||
Effect of foreign exchange fluctuation | | | | 2,786,356 | | | | | (2,628,553) | | | | | | (977,003) | | | | | 2,786,356 | | | ||||
| | | | | | | | | | | | |||||||||||||||
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Accounts receivables | | | | (220,798) | | | | | (2,787,168) | | | |||||||||||||||
Accounts receivable | | | | 3,476,711 | | | | | (220,798) | | | |||||||||||||||
Inventories | | | | 16,580,299 | | | | | 8,736,263 | | | | | | (13,599,249) | | | | | 16,580,299 | | | ||||
Prepaid expenses and other current assets | | | | 3,409,135 | | | | | (1,434,854) | | | |||||||||||||||
Other current assets | | | | (538,927) | | | | | 3,409,135 | | | |||||||||||||||
Accounts payables and other liabilities | | | | (14,083,776) | | | | | 36,693,612 | | | | | | 5,443,973 | | | | | (14,055,913) | | | ||||
Cash (used in) generated from operating activities | | | | (201,725) | | | | | 8,835,283 | | | |||||||||||||||
CASH FLOW FROM INVESTING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
Purchase of property, plant and equipment and intangible assets | | | | (146,090) | | | | | (1,501,867) | | | |||||||||||||||
Sale of property, plant and equipment and intangible assets | | | | 4,603 | | | | | 433 | | | |||||||||||||||
Net cash used in investing activities | | | | (141,487) | | | | | (1,501,434) | | | |||||||||||||||
CASH FLOW FROM FINANCING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
Cash used in operating activities | | | | (15,798,153) | | | | | (201,725) | | | |||||||||||||||
(B) CASH FLOW FROM INVESTING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
Disposal (purchase) of property, plant, and equipment / intangible assets (net) | | | | 1,479,243 | | | | | (141,487) | | | |||||||||||||||
Dividend received from associate | | | | 715,958 | | | | | — | | | |||||||||||||||
Net cash generated from (used in) investing activities | | | | 2,195,201 | | | | | (141,487) | | | |||||||||||||||
(C) CASH FLOW FROM FINANCING ACTIVITIES | | | | | | | | | | | | |||||||||||||||
Short term debt, net | | | | 486,779 | | | | | 1,724,594 | | | | | | 1,749,625 | | | | | 486,779 | | | ||||
Long term debt received | | | | 2,922,154 | | | | | — | | | |||||||||||||||
Repayment of long-term debt | | | | (2,382,512) | | | | | (8,281,566) | | | |||||||||||||||
Long term debt, net | | | | (9,400,690) | | | | | 539,642 | | | |||||||||||||||
Issue of convertible debentures | | | | 47,444,490 | | | | | — | | | |||||||||||||||
Principal payments under capital lease | | | | (918,151) | | | | | (441,145) | | | | | | (662,004) | | | | | (918,151) | | | ||||
Net cash generated from (used in) financing activities | | | | 108,270 | | | | | (6,998,117) | | | |||||||||||||||
Net (decrease)/ increase in cash and cash equivalents | | | | (234,942) | | | | | 335,732 | | | |||||||||||||||
Cash and cash equivalents, and restricted cash at the beginning of the year | | | | 4,507,328 | | | | | 2,959,542 | | | |||||||||||||||
Issue of share capital to non-controlling interests | | | | 13,459 | | | | | — | | | |||||||||||||||
Net cash generated from financing activities | | | | 39,144,880 | | | | | 108,270 | | | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | | | | 25,541,928 | | | | | (234,943) | | | |||||||||||||||
Cash, cash equivalents, and restricted cash at the beginning of the year | | | | 3,555,333 | | | | | 4,507,328 | | | |||||||||||||||
Reduction due to deconsolidation of a subsidiary | | | | (72,163) | | | | | — | | | | | | — | | | | | (72,163) | | | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | | | | (644,890) | | | | | 1,212,054 | | | | | | (431,133) | | | | | (644,890) | | | ||||
Cash and cash equivalents and restricted cash at the end of the year | | | | 3,555,333 | | | | | 4,507,328 | | | | | | 28,666,128 | | | | | 3,555,333 | | | ||||
Supplemental cash flow disclosure: | | | | | | | | | | | | | | | | | | | | | | | ||||
Income tax paid (net of refunds) | | | | 37,633 | | | | | 301,210 | | | | | | 484,457 | | | | | 37,633 | | | ||||
Interest paid | | | | 7,923,389 | | | | | 15,064,788 | | | | | | 4,656,537 | | | | | 7,923,389 | | | ||||
Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheets | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash and cash equivalents | | | | 3,158,891 | | | | | 2,166,498 | | | | | | 3,093,910 | | | | | 3,158,891 | | | ||||
Restricted cash | | | | 396,442 | | | | | 2,340,830 | | | | | | 25,572,218 | | | | | 396,442 | | | ||||
Total cash, cash equivalents, and restricted cash reported in the statements of consolidated cash flows | | | | 3,555,333 | | | | | 4,507,328 | | | |||||||||||||||
Total cash, cash equivalents, and restricted cash reported in the statement of cash flows | | | | 28,666,128 | | | | | 3,555,333 | | | |||||||||||||||
Non-cash investing and financing activities: | | | | | | | | | | | | |||||||||||||||
Restructuring of debt | | | | 22,180,174 | | | | | — | | |
| | | March 31, 2021 | | | March 31, 2020 | | ||||||
Cash on Hand | | | | | 17,344 | | | | | | 15,956 | | |
Balances with Banks | | | | | 3,141,547 | | | | | | 2,150,542 | | |
Restricted Cash balances | | | | | 396,442 | | | | | | 2,340,830 | | |
Total cash and cash equivalent (Including restricted cash balance) | | | | | 3,555,333 | | | | | | 4,507,328 | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Cash on hand | | | | | 18,151 | | | | | | 17,344 | | |
Balances with banks | | | | | 3,075,759 | | | | | | 3,141,547 | | |
Restricted cash balances | | | | | 25,572,218 | | | | | | 396,442 | | |
Total cash and cash equivalent (including restricted cash balance) | | | | | 28,666,128 | | | | | | 3,555,333 | | |
| Building | | | 30 – 60 years | |
| Plant and machinery | | | 3 – 15 | |
| |||||
| Office equipment, canteen equipment and lab equipment | | | 3 – 15 years | |
| Electronic fittings and furniture | | | 3 – 15 years | |
| Computer and accessories | | | 3 – 10 years | |
| Vehicles | | | 3 – 10 years | |
| Leasehold improvements | | | 3 – 10 years | |
| Software | | | 3 – 10 years | |
| Trademark | | | 10 years | |
| Customer relationship | | | 10 years | |
Assets and liabilities measured at fair value on a recurring basis | | | Fair Value | | | Fair Value hierarchy | |
Compulsorily convertible debentures | | | | | | | |
– Fair value as on March 31, 2022 | | | 41,040,922 | | | Level 3 | |
– Fair value as on March 31, 2021 | | | Not Applicable | | | Not Applicable | |
| | | As of March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Accounts receivable | | | | | 17,253,021 | | | | | | 17,158,992 | | |
| | | | | 17,253,021 | | | | | | 17,158,992 | | |
Less: Provision for doubtful accounts | | | | | (969,312) | | | | | | (1,333,304) | | |
Accounts receivable, net | | | | | 16,283,709 | | | | | | 15,825,688 | | |
The movement in provision for doubtful accounts is as follows: | | | | | | | | | | | | | |
Balance as at beginning of the year | | | | | (1,333,304) | | | | | | (2,065,588) | | |
Net movement including provision/reversals | | | | | 363,992 | | | | | | 732,284 | | |
Balance as at end of the year | | | | | (969,312) | | | | | | (1,333,304) | | |
| | | As of March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Raw materials and components | | | | | 18,449,002 | | | | | | 22,619,332 | | |
Work in progress and semi-finished goods | | | | | 94,364 | | | | | | 136,533 | | |
Finished goods | | | | | 11,371,577 | | | | | | 22,123,195 | | |
Packaging material | | | | | 1,178,211 | | | | | | 1,361,251 | | |
Consumables | | | | | 90,506 | | | | | | 135,557 | | |
Less: Provision for slow-moving, damaged, and excess inventory | | | | | (8,164,986) | | | | | | (7,082,904) | | |
Inventories, net | | | | | 23,018,674 | | | | | | 39,292,964 | | |
The movement in provision for slow-moving, damaged, and excess inventory is as follows: | | | | | | | | | | | | | |
Balance as at beginning of the year | | | | | (7,082,904) | | | | | | (3,380,435) | | |
Net movement including provision/reversals | | | | | (1,082,082) | | | | | | (3,702,469) | | |
Balance as at end of the year | | | | | (8,164,986) | | | | | | (7,082,904) | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Accounts receivable | | | | | 13,826,891 | | | | | | 17,253,021 | | |
Less: Allowance for doubtful accounts | | | | | (1,205,916) | | | | | | (969,312) | | |
Accounts receivable, net | | | | | 12,620,975 | | | | | | 16,283,709 | | |
The movement in allowance for doubtful accounts is as follows: | | | | | | | | | | | | | |
Balance as at beginning of the year | | | | | (969,312) | | | | | | (1,333,304) | | |
Net movement including (allowance)/reversals | | | | | (236,604) | | | | | | 363,992 | | |
Balance as at end of the year | | | | | (1,205,916) | | | | | | (969,312) | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Raw materials and components | | | | | 20,792,890 | | | | | | 18,449,002 | | |
Work in progress and semi-finished goods | | | | | 81,031 | | | | | | 94,364 | | |
Finished goods | | | | | 19,859,027 | | | | | | 11,371,577 | | |
Packing material | | | | | 726,175 | | | | | | 1,178,211 | | |
Consumables | | | | | 99,765 | | | | | | 90,506 | | |
Less: Provision for slow-moving, damaged, and excess inventory | | | | | (5,459,574) | | | | | | (8,164,986) | | |
Inventories, net | | | | | 36,099,314 | | | | | | 23,018,674 | | |
The movement in provision for slow-moving, damaged, and excess inventory is as follows: | | | | | | | | | | | | | |
Balance as at beginning of the year | | | | | (8,164,986) | | | | | | (7,082,904) | | |
Net movement including (provision) reversals | | | | | 2,705,412 | | | | | | (1,082,082) | | |
Balance as at end of the year | | | | | (5,459,574) | | | | | | (8,164,986) | | |
| | As of March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Balance with statutory / Government authorities | | | | 2,932,719 | | | | | 3,340,464 | | | |||||||||||||||
Balance with statutory / government authorities | | | | 3,503,213 | | | | | 2,932,719 | | | |||||||||||||||
Income tax receivable | | | | 201,149 | | | | | 406,296 | | | | | | 870,658 | | | | | 201,149 | | | ||||
Interest accrued | | | | 298,794 | | | | | 14,359 | | | | | | 5,666 | | | | | 19,624 | | | ||||
Prepaid expenses | | | | 426,962 | | | | | 319,401 | | | | | | 849,274 | | | | | 426,962 | | | ||||
Security deposits | | | | 33,235 | | | | | 100,889 | | | | | | 19,791 | | | | | 33,235 | | | ||||
Other advances* | | | | 1,198,535 | | | | | 1,352,779 | | | |||||||||||||||
Other advances | | | | 1,427,121 | | | | | 1,477,705 | | | |||||||||||||||
| | | | 5,091,394 | | | | | 5,534,188 | | | | | | 6,675,723 | | | | | 5,091,394 | | |
| | As of March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Land (refer note 10(1), 12(2) and 12(3)) | | | | 9,277,919 | | | | | 9,305,097 | | | |||||||||||||||
Building (refer note 10(1)) | | | | 18,779,178 | | | | | 18,983,623 | | | |||||||||||||||
Plant and machinery (refer note 10(1)) | | | | 21,209,881 | | | | | 19,907,787 | | | |||||||||||||||
Land [refer note 12(1), 12(2) and 12(5)] | | | | 9,256,243 | | | | | 9,277,919 | | | |||||||||||||||
Building [refer note 12(3), 12(4), 12(5) and 12(7)] | | | | 17,542,540 | | | | | 18,779,178 | | | |||||||||||||||
Plant and machinery [refer note 12(3), 12(4) and 12(5)] | | | | 21,069,345 | | | | | 21,209,881 | | | |||||||||||||||
Computer and accessories | | | | 6,562,442 | | | | | 6,550,542 | | | | | | 6,522,666 | | | | | 6,562,442 | | | ||||
Leasehold improvements | | | | 2,451,432 | | | | | 2,456,350 | | | | | | 2,455,639 | | | | | 2,451,432 | | | ||||
Office equipment, canteen equipment and lab equipment | | | | 779,478 | | | | | 764,703 | | | | | | 739,683 | | | | | 779,478 | | | ||||
Electronic fittings and furniture | | | | 986,941 | | | | | 2,166,666 | | | | | | 921,559 | | | | | 986,941 | | | ||||
Vehicles | | | | 233,735 | | | | | 232,309 | | | | | | 243,392 | | | | | 233,735 | | | ||||
Capital work-in-progress | | | | 137,732 | | | | | 118,841 | | | | | | 136,254 | | | | | 137,732 | | | ||||
Property, plant and equipment (gross) | | | | 60,418,738 | | | | | 60,485,918 | | | | | | 58,887,321 | | | | | 60,418,738 | | | ||||
Less: Accumulated depreciation | | | | (28,669,081) | | | | | (27,179,856) | | | | | | (30,557,604) | | | | | (28,669,081) | | | ||||
Property, plant and equipment, net | | | | 31,749,657 | | | | | 33,306,062 | | | |||||||||||||||
Property, plant and equipment (net) | | | | 28,329,717 | | | | | 31,749,657 | | |
| | As of March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Trademarks | | | | 6,839 | | | | | 6,610 | | | |||||||||||||||
Capitalized software | | | | 333,399 | | | | | 320,810 | | | | | | 329,321 | | | | | 333,399 | | | ||||
Trade marks | | | | — | | | | | 6,839 | | | |||||||||||||||
Customer relationship | | | | 4,500,000 | | | | | 4,500,000 | | | | | | — | | | | | 4,500,000 | | | ||||
Intangible assets (gross) | | | | 4,840,238 | | | | | 4,827,420 | | | |||||||||||||||
Less: Accumulated amortization | | | | (4,588,393) | | | | | (4,325,427) | | | | | | (120,770) | | | | | (4,588,393) | | | ||||
Intangible assets, net | | | | 251,845 | | | | | 501,993 | | | | | | 208,551 | | | | | 251,845 | | |
| 2022 | | | | 36,433 | | | 2023 | | | | 33,366 | | | ||
| 2023 | | | | 34,482 | | | 2024 | | | | 32,103 | | | ||
| 2024 | | | | 33,157 | | | 2025 | | | | 31,353 | | | ||
| 2025 | | | | 32,382 | | | 2026 | | | | 29,452 | | | ||
| 2026 | | | | 31,412 | | | 2027 | | | | 29,333 | | | ||
| 2027 | | | | 31,395 | | | 2028 | | | | 28,671 | | | ||
| 2028 | | | | 29,612 | | | 2029 | | | | 24,273 | | | ||
| 2029 | | | | 22,972 | | |
| | | As of March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Total initial cost | | | | | — | | | | | | — | | |
Accumulated gain/(loss) | | | | | 1,148,624 | | | | | | (270,722) | | |
Carrying value | | | | | 1,148,624 | | | | | | (270,722) | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Total initial cost | | | | | — | | | | | | — | | |
Accumulated share of profits | | | | | 2,858,200 | | | | | | 1,148,624 | | |
Distribution received | | | | | (715,958) | | | | | | — | | |
Carrying value | | | | | 2,142,242 | | | | | | 1,148,624 | | |
Summarized financial information of Goose Creek Candles LLC | | | | | | | | | | | | | |
| | | As at March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Current assets | | | | | 15,542,649 | | | | | | 8,938,143 | | |
Non-current assets | | | | | 3,107,305 | | | | | | 3,143,442 | | |
Current liabilities | | | | | 9,328,172 | | | | | | 6,447,796 | | |
Non-current liabilities | | | | | 5,037,533 | | | | | | 3,285,168 | | |
| | | For the year ended March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Net sales or gross revenue | | | | | 47,442,737 | | | | | | 30,610,441 | | |
Gross profit | | | | | 20,599,361 | | | | | | 10,805,808 | | |
Net income | | | | | 3,419,152 | | | | | | 2,838,693 | | |
Net income attributable to the Group | | | | | 1,709,576 | | | | | | 1,419,346 | | |
| | | As of March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Current assets | | | | | 8,938,143 | | | | | | 3,326,994 | | |
Non-current assets | | | | | 3,143,442 | | | | | | 3,116,638 | | |
Current liabilities | | | | | 6,447,796 | | | | | | 3,459,599 | | |
Non-current liabilities | | | | | 3,285,168 | | | | | | 3,285,168 | | |
Net sales or gross revenue | | | | | 30,610,441 | | | | | | 11,270,708 | | |
Gross profit | | | | | 10,805,808 | | | | | | 2,855,540 | | |
Net income | | | | | 2,838,693 | | | | | | 76,838 | | |
Net income attributable to the Group | | | | | 1,419,346 | | | | | | 38,419 | | |
| | As of March 31, | | | | | March 31, | | |||||||||||||||||||||
| | 2021 | | 2020 | | | | 2022 | | 2021 | | ||||||||||||||||||
Security deposits | | | | 723,942 | | | | | 328,677 | | | | | | | 400,308 | | | | | 723,942 | | | ||||||
Capital Advances | | | | 119,045 | | | | | 52,570 | | | | |||||||||||||||||
Other Advances* | | | | 3,367,435 | | | | | 3,362,979 | | | | |||||||||||||||||
Capital advances | | | | — | | | | | 119,045 | | | ||||||||||||||||||
Other advances* | | | | 3,234,199 | | | | | 3,367,435 | | | ||||||||||||||||||
Interest accrued | | | | 1,346 | | | | | 1,021 | | | | | | | 1,303 | | | | | 1,346 | | | ||||||
| | | | 4,211,768 | | | | | 3,745,247 | | | | | | | 3,635,810 | | | | | 4,211,768 | | |
| | As of March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Post-shipment credit | | | | 8,251,376 | | | | | 8,613,345 | | | | | | — | | | | | 8,251,376 | | | ||||
Pre-shipment credit | | | | 5,047,857 | | | | | 5,282,244 | | | | | | — | | | | | 5,047,857 | | | ||||
Inter corporate loans | | | | 5,002,604 | | | | | 5,932,513 | | | | | | 7,260,600 | | | | | 5,002,604 | | | ||||
Loans payable under bank line of credit | | | | 101,888,857 | | | | | 100,576,347 | | | |||||||||||||||
Working capital loan (refer note 12(8)) | | | | 41,279,889 | | | | | 101,888,857 | | | |||||||||||||||
Notes payable due within one year | | | | 9,367,863 | | | | | 5,000,000 | | | | | | 4,150,000 | | | | | 9,367,863 | | | ||||
| | | | 129,558,557 | | | | | 125,404,449 | | | | | | 52,690,489 | | | | | 129,558,557 | | |
| | | As of March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Accrued payroll and related expenses | | | | | 2,190,193 | | | | | | 2,253,141 | | |
Advance from customers | | | | | 2,335,118 | | | | | | 526,953 | | |
Current maturities of long-term debt | | | | | 3,681,444 | | | | | | 9,292,340 | | |
Current maturities of capital lease obligations | | | | | 713,549 | | | | | | 901,121 | | |
Interest accrued | | | | | 6,808,357 | | | | | | 3,084,106 | | |
Other outstanding expenses | | | | | 7,539,371 | | | | | | 9,636,006 | | |
| | | | | 23,268,032 | | | | | | 25,693,667 | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Accrued payroll and related expenses | | | | | 1,412,434 | | | | | | 2,190,193 | | |
Advance from customers | | | | | 558,740 | | | | | | 2,335,118 | | |
Current maturities of long-term debt | | | | | 19,680,921 | | | | | | 3,681,444 | | |
Current maturities of capital lease obligations | | | | | 707,452 | | | | | | 713,549 | | |
Interest accrued | | | | | 6,524,961 | | | | | | 6,808,357 | | |
Other outstanding expenses* | | | | | 8,905,567 | | | | | | 7,539,371 | | |
| | | | | 37,790,075 | | | | | | 23,268,032 | | |
| | As of March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Term loan from bank | | | | 28,542,039 | | | | | 22,166,231 | | | | | | 47,543,218 | | | | | 28,542,039 | | | ||||
Loans payable to affiliated company | | | | 14,690,625 | | | | | 14,690,625 | | | |||||||||||||||
Loans payable to affiliates | | | | 15,056,975 | | | | | 14,690,625 | | | |||||||||||||||
Optionally convertible debentures | | | | | | | | | | | | |||||||||||||||
– measured at amortized cost | | | | 4,110,714 | | | | | — | | | |||||||||||||||
Compulsorily convertible debentures | | | ||||||||||||||||||||||||
– measured at fair value on recurring basis | | | | 41,040,922 | | | | | — | | | |||||||||||||||
– measured at amortized cost | | | | 32,737,602 | | | | | — | | | |||||||||||||||
| | | | 43,232,664 | | | | | 36,856,856 | | | | | | 140,489,431 | | | | | 43,232,664 | | |
| Term loan | | | | $ | 3,905,602 | | |
| FITL 1 | | | | $ | 350,889 | | |
| FITL 2 | | | | $ | 319,973 | | |
| Term loan | | | | $ | 1,837,329 | | |
| FITL 1 | | | | $ | 154,191 | | |
| FITL 2 | | | | $ | 167,819 | | |
| Term loan | | | | $ | 992,101 | | |
| FITL 1 | | | | $ | 36,666 | | |
| FITL 2 | | | | $ | 63,721 | | |
| Term loan | | | | $ | 1,348,436 | | |
| FITL 1 | | | | $ | 55,647 | | |
| FITL 2 | | | | $ | 27,803 | | |
| Working capital term loan | | | | $ | 3,712,091 | | |
| Funded interest term loan | | | | $ | 162,796 | | |
| Compulsorily convertible debentures (at amortized cost) | | | | $ | 1,411,734 | | |
| Optionally convertible debentures (at amortized cost) | | | | $ | 4,237,849 | | |
| Working capital loan (presented as short-term debt in note 10) | | | | $ | 41,279,889 | | |
| Term loan from bank | | | | $ | 31,475,862 | | |
| CCD (at amortized cost)* | | | | $ | 43,131,735 | | |
For March 31,: | | | | | | | |
2022 | | | | | 3,681,444 | | |
2023 | | | | | 2,726,305 | | |
2024 | | | | | 2,611,224 | | |
2025 | | | | | 7,670,853 | | |
2026 and onwards | | | | | 30,224,282 | | |
| 2023 | | | | $ | 19,680,921 | | |
| 2024 | | | | $ | 18,383,125 | | |
| 2025 | | | | $ | 20,865,497 | | |
| 2026 | | | | $ | 67,192,417 | | |
| 2027 and onwards | | | | $ | 34,177,065 | | |
| | As of March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Capital lease obligation (net of current portion) | | | | 805,891 | | | | | 1,255,977 | | | | | | — | | | | | 805,891 | | | ||||
| | | | 805,891 | | | | | 1,255,977 | | | | | | — | | | | | 805,891 | | |
| Minimum lease payments at inception | | | | | 3,132,294 | | |
| Imputed rate of interest | | | | | 5.50% | | |
| Amount of imputed interest | | | | | 258,170 | | |
| Present value of lease obligation at inception | | | | | 2,874,124 | | |
| Minimum lease payments as on 31 March 21: | | | | | | | |
| 2022 | | | | | 875,362 | | |
| 2023 | �� | | | | 723,546 | | |
| Total minimum lease payments | | | | | 1,598,908 | | |
| Amount of imputed interest | | | | | 79,468 | | |
| Principal balance | | | | | 1,519,440 | | |
| – Current | | | | | 713,549 | | |
| – Non-current | | | | | 805,891 | | |
| Minimum lease payments at inception | | | | | 3,132,294 | | |
| Imputed rate of interest | | | | | 5.50% | | |
| Amount of imputed interest | | | | | 258,170 | | |
| Present value of lease obligation at inception | | | | | 2,874,124 | | |
| Minimum lease payments for the fiscal year ending March 31, 2022: | | | | | | | |
| 2023 | | | | | 728,017 | | |
| Total minimum lease payments | | | | | 728,017 | | |
| Amount of imputed interest | | | | | 20,565 | | |
| Principal balance | | | | | 707,452 | | |
| – Current | | | | | 707,452 | | |
| – Non-current | | | | | — | | |
Year Ending March 31 | | | Minimum lease payments | | | Minimum sublet income | | | Minimum lease payments, net | | |||||||||
2022 | | | | | 1,366,792 | | | | | | 1,074,115 | | | | | | 292,677 | | |
2023 | | | | | 114,141 | | | | | | 89,591 | | | | | | 24,550 | | |
2024 | | | | | — | | | | | | — | | | | | | — | | |
2025 | | | | | — | | | | | | — | | | | | | — | | |
2026 | | | | | — | | | | | | — | | | | | | — | | |
Thereafter | | | | | — | | | | | | — | | | | | | — | | |
Total minimum future lease payments | | | | | 1,480,933 | | | | | | 1,163,706 | | | | | | 317,227 | | |
Year ending March 31 | | | Minimum lease payments | | | Minimum sublet income | | | Minimum lease payments, net | | |||||||||
2023 | | | | | 114,141 | | | | | | 89,591 | | | | | | 24,550 | | |
Total minimum future lease payments | | | | | 114,141 | | | | | | 89,591 | | | | | | 24,550 | | |
Year Ending March 31 | | | | | | | |
2022 | | | | | 139,346 | | |
2023 | | | | | 139,346 | | |
2024 | | | | | 42,346 | | |
2025 | | | | | — | | |
2026 | | | | | — | | |
Thereafter | | | | | — | | |
Total minimum future lease payments | | | | | 321,038 | | |
Year ending March 31 | | | | | | | |
2023 | | | | | 139,346 | | |
2024 | | | | | 42,326 | | |
Total minimum future lease payments | | | | | 181,672 | | |
| | For the years ended March 31, | | |||||||||||||||||||||||
Geography | | | March 31, | | ||||||||||||||||||||||
| 2021 | | 2020 | | | 2022 | | 2021 | | |||||||||||||||||
India | | | | 22,437,237 | | | | | 13,006,321 | | | | | | 21,311,761 | | | | | 22,437,237 | | | ||||
United States of America | | | | 90,614,328 | | | | | 129,252,673 | | | | | | 61,207,679 | | | | | 90,614,328 | | | ||||
Australia | | | | 4,936,949 | | | | | 4,654,243 | | | | | | 5,226,051 | | | | | 4,936,949 | | | ||||
United Kingdom | | | | 6,647,265 | | | | | 3,383,013 | | | | | | 8,728,033 | | | | | 6,647,265 | | | ||||
Other countries | | | | 766,454 | | | | | 4,272,063 | | | | | | 6,594,396 | | | | | 766,454 | | | ||||
| | | | 125,402,233 | | | | | 154,568,313 | | | | | | 103,067,920 | | | | | 125,402,233 | | |
| | | March 31, 2021 | | | March 31, 2020 | | ||||||
Net employee benefit expenses recognized in the employee cost | | | | | | | | | | | | | |
a) Changes in defined benefit obligations | | | | | | | | | | | | | |
Present value of obligation as at the beginning of the year | | | | | 762,291 | | | | | | 751,168 | | |
Interest cost | | | | | 59,107 | | | | | | 62,473 | | |
Current service cost | | | | | 91,255 | | | | | | 99,310 | | |
Remeasurements – net actuarial (gains)/ losses | | | | | (100,710) | | | | | | (30,834) | | |
Benefits paid | | | | | (45,083) | | | | | | (51,987) | | |
Foreign currency translation reserve | | | | | 26,457 | | | | | | (67,839) | | |
Present value of obligation as at the end of the year | | | | | 793,317 | | | | | | 762,291 | | |
b) Changes in fair value of the plan assets of the gratuity plan | | | | | | | | | | | | | |
Plan assets at the beginning of the year | | | | | 297,670 | | | | | | 355,775 | | |
Contribution by employer | | | | | — | | | | | | 5,023 | | |
Benefits paid | | | | | (45,083) | | | | | | (51,987) | | |
Return on plan assets (incl. interest income) | | | | | 14,750 | | | | | | 18,149 | | |
Foreign currency translation reserve | | | | | 9,774 | | | | | | (29,290) | | |
Fair value of the plan assets at the end of the year | | | | | 277,111 | | | | | | 297,670 | | |
c) Expenses recognized in the consolidated statement of comprehensive loss | | | | | | | | | | | | | |
Current service cost | | | | | 91,255 | | | | | | 99,310 | | |
Interest cost and benefit obligation | | | | | 59,107 | | | | | | 62,473 | | |
Expected return on plan assets | | | | | (19,230) | | | | | | (23,662) | | |
Net actuarial (gain)loss recognized in the year | | | | | (96,230) | | | | | | (25,320) | | |
Changes in foreign currency translation reserves | | | | | 606 | | | | | | (4,839) | | |
Net benefit expense | | | | | 35,508 | | | | | | 107,962 | | |
d) Net amount recognized in the balance sheet | | | | | | | | | | | | | |
Present value of defined benefit obligation | | | | | (793,317) | | | | | | (762,291) | | |
Fair value of plan assets | | | | | 277,111 | | | | | | 297,670 | | |
Plan (liability) | | | | | (516,206) | | | | | | (464,621) | | |
Gratuity | | | March 31, 2021 | | | March 31, 2020 | | ||||||
Defined benefit obligation | | | | | (793,317) | | | | | | (762,291) | | |
Plan assets | | | | | 277,111 | | | | | | 297,670 | | |
Gratuity (liability) | | | | | (516,206) | | | | | | (464,621) | | |
| | | March 31, 2022 | | | March 31, 2021 | | ||||||
Net employee benefit expenses recognized in the employee cost | | | | | | | | | | | | | |
a) Changes in defined benefit obligations | | | | | | | | | | | | | |
Present value of obligation as at the beginning of the year | | | | | 793,317 | | | | | | 762,291 | | |
Interest cost | | | | | 50,194 | | | | | | 59,107 | | |
Current service cost | | | | | 78,553 | | | | | | 91,255 | | |
Remeasurements – net actuarial (gains)/ losses | | | | | (62,331) | | | | | | (100,710) | | |
Benefits paid | | | | | (34,221) | | | | | | (45,083) | | |
Foreign currency translation reserve | | | | | (25,726) | | | | | | 26,457 | | |
Present value of obligation as at the end of the year | | | | | 799,786 | | | | | | 793,317 | | |
b) Changes in fair value of the plan assets of the gratuity plan | | | | | | | | | | | | | |
Plan assets at the beginning of the year | | | | | 277,111 | | | | | | 297,670 | | |
Contribution by employer | | | | | — | | | | | | — | | |
| | | March 31, 2022 | | | March 31, 2021 | | ||||||
Benefits paid | | | | | (34,221) | | | | | | (45,083) | | |
Return on plan assets (incl. interest income) | | | | | 16,884 | | | | | | 14,750 | | |
Foreign currency translation reserve | | | | | (8,532) | | | | | | 9,774 | | |
Fair value of the plan assets at the end of the year | | | | | 251,242 | | | | | | 277,111 | | |
c) Expenses recognized in the consolidated statements of comprehensive loss | | | | | | | | | | | | | |
Current service cost | | | | | 78,553 | | | | | | 91,255 | | |
Interest cost and benefit obligation | | | | | 50,194 | | | | | | 59,107 | | |
Expected return on plan assets | | | | | (16,066) | | | | | | (19,230) | | |
Net actuarial (gain) loss recognized in the year | | | | | (63,149) | | | | | | (96,230) | | |
Changes in foreign currency translation reserves | | | | | — | | | | | | 606 | | |
Net benefit expense | | | | | 49,532 | | | | | | 35,508 | | |
d) Net amount recognized in the consolidated balance sheets | | | | | | | | | | | | | |
Present value of defined benefit obligation | | | | | (799,786) | | | | | | (793,317) | | |
Fair value of plan assets | | | | | 251,242 | | | | | | 277,111 | | |
Plan (liability) | | | | | (548,544) | | | | | | (516,206) | | |
|
Gratuity | | | March 31, 2022 | | | March 31, 2021 | | ||||||
Defined benefit obligation | | | | | (799,786) | | | | | | (793,317) | | |
Plan assets | | | | | 251,242 | | | | | | 277,111 | | |
Gratuity liability | | | | | (548,544) | | | | | | (516,206) | | |
| | For the year ended March 31, | | | For the year ended March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Expected Group contributions during next financial year | | | | 67,222 | | | | | 70,447 | | | | | | — | | | | | 67,222 | | | ||||
Expected benefit payments during | | | | | | | | | | | | | | | | | | | | | | | ||||
Year 1 | | | | 124,170 | | | | | 127,978 | | | | | | 132,381 | | | | | 124,170 | | | ||||
Year 2 | | | | 120,004 | | | | | 134,487 | | | | | | 138,129 | | | | | 120,004 | | | ||||
Year 3 | | | | 133,079 | | | | | 134,541 | | | | | | 134,487 | | | | | 133,079 | | | ||||
Year 4 | | | | 131,210 | | | | | 151,400 | | | | | | 141,340 | | | | | 131,210 | | | ||||
Year 5 | | | | 134,518 | | | | | 153,756 | | | | | | 134,466 | | | | | 134,518 | | | ||||
Year 6 to Year 10 | | | | 615,144 | | | | | 760,525 | | | | | | 635,941 | | | | | 615,144 | | |
| | For the year ended March 31, | | | For the year ended March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
Discount rate (p.a.) | | | | 7.35% | | | | | 6.30% | | | | | | 6.60% | | | | | 6.30% | | | ||||
Rate of compensation increase (p.a.) | | 13.00% until year 1 inclusive, then 8.00% | | 13.00% until year 2 inclusive, then 8.00% | | | | | 8.00% | | | 13.00% until year 1 inclusive, then 8.00% | |
| | For the year ended March 31, | | | For the year ended March 31, | | ||||||||||||||||||||
| | 2021 | | 2022 | | | 2022 | | 2021 | | ||||||||||||||||
Discount rate (p.a.) | | | | 7.35% | | | | | 6.30% | | | | | | 6.60% | | | | | 6.30% | | | ||||
Rate of compensation increase (p.a.) | | 13.00% until year 2 inclusive, then 8.00% | | 13.00% until year 1 inclusive, then 8.00% | | | | | 8.00% | | | 13.00% until year 1 inclusive, then 8.00% | | |||||||||||||
Expected rate of return on plan assets (p.a.) | | | | 7.00% | | | | | 7.00% | | | | | | 7.00% | | | | | 7.00% | | |
| As at March 31, 2020 | | | $ | 231,244 | | | As at March 31, 2021 | | | $ | 210,899 | | | ||
| As at March 31, 2021 | | | $ | 210,899 | | | As at March 31, 2022 | | | $ | 248,292 | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
United States | | | | | (6,429,785) | | | | | | 7,146,760 | | |
India | | | | | 12,137,826 | | | | | | 3,591,922 | | |
Others | | | | | 8,323 | | | | | | 7,441 | | |
Total | | | | | 5,716,364 | | | | | | 10,746,123 | | |
| | | For the years ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
United States of America | | | | | 7,146,760 | | | | | | 16,040,721 | | |
India | | | | | 3,591,922 | | | | | | 16,500,770 | | |
Others | | | | | 7,441 | | | | | | 6,040 | | |
Total | | | | | 10,746,123 | | | | | | 32,547,531 | | |
| | | For the years ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Current tax provision: | | | | | | | | | | | | | |
United States – Federal | | | | | — | | | | | | — | | |
United States – State and Local | | | | | — | | | | | | — | | |
India | | | | | 168,642 | | | | | | 121,880 | | |
Total current tax provision | | | | | 168,642 | | | | | | 121,880 | | |
Deferred tax provision: | | | | | | | | | | | | | |
United States – Federal | | | | | 52,669 | | | | | | 92,209 | | |
United States – State and Local | | | | | — | | | | | | — | | |
India | | | | | (17,177) | | | | | | (25,610) | | |
Total deferred tax provision | | | | | 35,492 | | | | | | 66,599 | | |
Tax pertaining to earlier years: | | | | | | | | | | | | | |
India | | | | | 160,712 | | | | | | 96,964 | | |
Provision for income taxes | | | | | 364,846 | | | | | | 285,443 | | |
| | | March 31, | | |||||||||
| | | 2022 | | | 2021 | | ||||||
Current tax provision | | | | | | | | | | | | | |
United States – Federal | | | | | — | | | | | | — | | |
United States – State and local | | | | | — | | | | | | — | | |
India | | | | | (9,309) | | | | | | 168,642 | | |
Total current tax (benefit) provision | | | | | (9,309) | | | | | | 168,642 | | |
Deferred tax provision | | | | | | | | | | | | | |
United States – Federal | | | | | 112,201 | | | | | | 52,669 | | |
United States – State and local | | | | | — | | | | | | — | | |
India | | | | | (454,059) | | | | | | (17,177) | | |
Total deferred tax (benefit) provision | | | | | (341,858) | | | | | | 35,492 | | |
Tax pertaining to earlier years | | | | | | | | | | | | | |
India | | | | | 8,464 | | | | | | 160,712 | | |
Total tax pertaining to earlier years | | | | | 8,464 | | | | | | 160,712 | | |
(Benefit) provision for income taxes | | | | | (342,703) | | | | | | 364,846 | | |
| Computed expected tax | | | | 2,467,001 | | | | | 7,046,547 | | | Computed expected tax | | | | (907,908) | | | | | (2,467,001) | | | ||||
| State income taxes (net of federal benefit) | | | | 124,055 | | | | | 360,550 | | | State income taxes (net of federal benefit) | | | | (109,882) | | | | | (124,055) | | | ||||
| Non-deductible expenses, net | | | | (223,538) | | | | | 1,784,561 | | | Permanent difference | | | | (917,251) | | | | | — | | | ||||
| Valuation allowance | | | | (2,469,310) | | | | | (9,199,204) | | | Non-deductible expenses, net | | | | (1,189,663) | | | | | 223,538 | | | ||||
| Adjustments for change in rates due to different tax jurisdiction | | | | (160,712) | | | | | (96,964) | | | Valuation allowance | | | | 2,672,764 | | | | | 2,469,310 | | | ||||
| Others | | | | (102,342) | | | | | (180,933) | | | Tax of earlier year | | | | 8,464 | | | | | 160,712 | | | ||||
| Provision for income tax | | | | 364,846 | | | | | 285,443 | | | Others | | | | 100,773 | | | | | 102,342 | | | ||||
| Effective tax rate | | | | -3% | | | | | -1% | | | (Benefit) provision for income tax | | | | (342,703) | | | | | 364,846 | | | ||||
| Effective tax rate | | | | -6.00% | | | | | 3.40% | | |
| | | March 31, 2022 | | | March 31, 2021 | | ||||||||||||||||||
| | | US jurisdiction | | | India jurisdiction | | | US jurisdiction | | | India jurisdiction | | ||||||||||||
Amortization and depreciation | | | | | 2,732,979 | | | | | | 31,359 | | | | | | 2,586,502 | | | | | | 19,504 | | |
Accrued liabilities and other reserves | | | | | 3,284,282 | | | | | | 650,759 | | | | | | 2,426,039 | | | | | | 246,568 | | |
Interest limitation | | | | | 6,888,114 | | | | | | — | | | | | | 5,569,912 | | | | | | — | | |
Tax credit carryforward | | | | | — | | | | | | — | | | | | | — | | | | | | 178,655 | | |
| | As of March 31, | | | March 31, 2022 | | March 31, 2021 | | ||||||||||||||||||||||||||||||
| | 2021 | | 2020 | | | US jurisdiction | | India jurisdiction | | US jurisdiction | | India jurisdiction | | ||||||||||||||||||||||||
Amortization and depreciation | | | | 2,606,006 | | | | | 2,326,405 | | | |||||||||||||||||||||||||||
Accrued liabilities and other reserves | | | | 2,672,606 | | | | | 2,985,013 | | | |||||||||||||||||||||||||||
Interest limitation u/s 163(j) | | | | 5,569,912 | | | | | 4,055,358 | | | |||||||||||||||||||||||||||
Tax credit carry forward | | | | 178,655 | | | | | 270,376 | | | |||||||||||||||||||||||||||
Net operating loss carryover | | | | 32,866,428 | | | | | 31,503,618 | | | | | | 31,591,565 | | | | | 1,311,411 | | | | | 31,931,398 | | | | | 935,030 | | | ||||||
Total deferred tax asset before valuation allowance | | | | 43,893,608 | | | | | 41,140,770 | | | | | | 44,496,940 | | | | | 1,993,530 | | | | | 42,513,851 | | | | | 1,379,757 | | | ||||||
Valuation allowance | | | | (42,482,286) | | | | | (40,012,977) | | | | | | (43,811,934) | | | | | (1,343,117) | | | | | (41,526,777) | | | | | (955,509) | | | ||||||
Total deferred tax asset, net of valuation allowance | | | | 1,411,322 | | | | | 1,127,793 | | | | | | 685,006 | | | | | 650,413 | | | | | 987,074 | | | | | 424,248 | | | ||||||
Deferred tax liability | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Amortization and depreciation | | | | (441,270) | | | | | (439,781) | | | | | | — | | | | | (393,036) | | | | | — | | | | | (441,270) | | | ||||||
Intangibles/goodwill | | | | (770,398) | | | | | (695,051) | | | |||||||||||||||||||||||||||
Intangibles/ Goodwill | | | | (875,370) | | | | | — | | | | | (770,398) | | | | | — | | | |||||||||||||||||
Passthrough income | | | | (318,880) | | | | | (20,817) | | | | | | (24,042) | | | | | — | | | | | (318,880) | | | | | — | | | ||||||
Deferred tax liability | | | | (1,530,548) | | | | | (1,155,649) | | | | | | (899,413) | | | | | (393,036) | | | | | (1,089,278) | | | | | (441,270) | | | ||||||
Net deferred tax liability | | | | (119,226) | | | | | (27,856) | | | |||||||||||||||||||||||||||
Net deferred tax (liability) asset | | | | (214,407) | | | | | 257,377 | | | | | (102,204) | | | | | (17,022) | | | |||||||||||||||||
| |
| Ultimate | |
| M/s. TGP Trading FZCO, U.A.E. | |
| Direct | |
| Primacy Industries Limited | |
| Primacy Global Enterprises Private Limited | |
| ||
Step-down | | |
| MVP International Inc. | |
| ||
Associate/ | | |
| Goose Creek Candles LLC | |
| Minority owner: | |
| Manipal Media Network Limited | |
| | |
| Ms. Sandhya Satish Pai | |
| Mr. | |
| ||
| Mr. Satish Pai | |
| Ms. Vanita Pai | |
Nature of Transactions/Parties | | | For the year ended March 31, | | |||||||||
| 2022 | | | 2021 | | ||||||||
Sale of goods: | | | | | | | | | | | | | |
– Goose Creek Candles LLC | | | | | — | | | | | | 82,790 | | |
Interest received on advance given: | | | | | | | | | | | | | |
– Goose Creek Candles LLC | | | | | 237,557 | | | | | | 237,557 | | |
Interest expense on loan taken: | | | | | | | | | | | | | |
– Manipal Media Network Limited | | | | | 1,060,720 | | | | | | 1,074,716 | | |
Expenses incurred by Company on behalf of: | | | | | | | | | | | | | |
– Goose Creek Candles LLC | | | | | 125,337 | | | | | | 149,855 | | |
– Manipal Media Network Limited | | | | | 67,892 | | | | | | 112,870 | | |
Expenses incurred on behalf of Company by: | | | | | | | | | | | | | |
– Manipal Media Network Limited | | | | | 53,890 | | | | | | 121,949 | | |
Nature of Transactions/Parties | | | As at year ended March 31, | | |||||||||
| 2022 | | | 2021 | | ||||||||
Accounts receivable: | | | | | | | | | | | | | |
– Goose Creek Candles LLC | | | | | — | | | | | | 64,943 | | |
– Manipal Media Network Limited | | | | | 8,587 | | | | | | 37 | | |
Accounts payable: | | | | | | | | | | | | | |
– Manipal Media Network Limited | | | | | — | | | | | | 589 | | |
Advance receivable: | | | | | | | | | | | | | |
– Goose Creek Candles LLC | | | | | 3,234,199 | | | | | | 3,349,141 | | |
– M/s. TGP Trading FZCO | | | | | 100,000 | | | | | | 100,000 | | |
Trade advances: | | | | | | | | | | | | | |
– Goose Creek Candles LLC | | | | | 96,823 | | | | | | 96,823 | | |
Loan payable: | | | | | | | | | | | | | |
– Manipal Media Network Limited | | | | | 13,249,925 | | | | | | 13,249,925 | | |
– Mr. Gautham Pai | | | | | 1,807,050 | | | | | | 1,440,700 | | |
Interest payable: | | | | | | | | | | | | | |
– Manipal Media Network Limited | | | | | 4,430,171 | | | | | | 3,369,351 | | |
Receivable from Director: | | | | | | | | | ��� | | | | |
– Mr. Gautham Pai | | | | | — | | | | | | 546 | | |
– Mr. Satish Pai | | | | | — | | | | | | 13,698 | | |
| | For the years ended March 31, | | |||||||||||||||||||||||
Geography | | | March 31, | | ||||||||||||||||||||||
| 2021 | | 2020 | | | 2022 | | 2021 | | |||||||||||||||||
India | | | | 22,437,237 | | | | | 13,006,321 | | | | | | 21,311,761 | | | | | 22,437,237 | | | ||||
United States of America | | | | 90,614,328 | | | | | 129,252,673 | | | | | | 61,207,679 | | | | | 90,614,328 | | | ||||
Australia | | | | 4,936,949 | | | | | 4,654,243 | | | | | | 5,226,051 | | | | | 4,936,949 | | | ||||
United Kingdom | | | | 6,647,265 | | | | | 3,383,013 | | | | | | 8,728,033 | | | | | 6,647,265 | | | ||||
Other countries | | | | 766,454 | | | | | 4,272,063 | | | | | | 6,594,396 | | | | | 766,454 | | | ||||
| | | | 125,402,233 | | | | | 154,568,313 | | | | | | 103,067,920 | | | | | 125,402,233 | | |
| | As at March 31, | | | March 31, | | ||||||||||||||||||||
| | 2021 | | 2020 | | | 2022 | | 2021 | | ||||||||||||||||
United States | | | | 25,891,553 | | | | | 27,067,423 | | | |||||||||||||||
United States of America | | | | 22,995,849 | | | | | 25,891,553 | | | |||||||||||||||
India | | | | 5,858,104 | | | | | 6,238,639 | | | | | | 5,333,868 | | | | | 5,858,104 | | | ||||
| | | | 31,749,657 | | | | | 33,306,062 | | | | | | 28,329,717 | | | | | 31,749,657 | | |
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| Exhibit A – Purchaser Support Agreement | |
| Exhibit B – Accounting Methodologies | |
| Exhibit C – Form of Escrow Agreement | |
| Schedule 1.1(a): Assumed Funded Debt | |
| Schedule 1.1(b): Closing Funded Debt | |
| Schedule 1.1(c): Retention Payments | |
| Schedule 1.1(d): Company Expenses (Liabilities and Obligations) | |
| Schedule 1.1(e): Dormant Subsidiaries | |
| Schedule 1.1(f): Excluded Severance | |
| Schedule 1.1(g): Incurred Purchaser Expenses | |
| Schedule 1.1(h): Leases | |
| Schedule 1.1(i): LTM EBITDA Methodologies | |
| Schedule 1.1(j): Permitted Liens | |
| Schedule 1.1(k): Sponsor Supporters | |
| Schedule 6.1(a): Conduct of the Business | |
| Schedule 6.13(b): Restricted Employees | |
| Schedule 7.2(i): Company Consents | |
| Schedule 7.2(j): Payoff Letters | |
| Schedule 7.2(k): Director Resignations | |
| | | | PURCHASER: | | |||
| | | | GLOBAL CONSUMER ACQUISITION CORP. | | |||
| | | | By: | | | /s/ Rohan Ajila | |
| | | | | | | Name: Rohan Ajila | |
| | | | | | | Title: Chief Executive Officer | |
| | | | SELLER: | | |||
| | | | CLP LUMINEX HOLDINGS, LLC | | |||
| | | | By: | | | /s/ Mayank Singh | |
| | | | | | | Name: Mayank Singh | |
| | | | | | | Title: Authorized Signatory | |
| | | | COMPANY: | | |||
| | | | LUMINEX HOME DECOR & FRAGRANCE HOLDING CORPORATION | | |||
| | | | By: | | | /s/ Scott Meader | |
| | | | | | | Name: Scott Meader | |
| | | | | | | Title: Chief Executive Officer | |
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| | | | PURCHASER: | | |||
| | | | GLOBAL CONSUMER ACQUISITION CORP. | | |||
| | | | By: | | | /s/ Rohan Ajila Name: Rohan Ajila Title: Chief Executive Officer | |
| | | | SELLER: | | |||
| | | | TGP TRADING FZCO | | |||
| | | | By: | | | /s/ Gautham Pai Name: Gautham Pai Title: Director and Authorized Signatory | |
| | | | COMPANY: | | |||
| | | | GP GLOBAL LIMITED | | |||
| | | | By: | | | /s/ Gautham Pai Name: Gautham Pai Title: Director | |