Organization and Plan of Business Operations | Note 1 - Organization and Plan of Business Operations Stryve Foods, Inc. (f/k/a Andina Acquisition Corp. III) (the “Company”) was incorporated in the Cayman Islands on July 29, 2016 as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (an “Initial Business Combination”). The Company’s efforts to identify a prospective target business were not limited to a particular industry or geographic region, although the Company initially intended to focus on target businesses in the Americas. All activity through June 30, 2021 related to the Company’s formation, its initial public offering (the “Initial Public Offering”), which is described below, and since the closing of the Initial Public Offering, the Company’s search for an Initial Business Combination, specifically, activities in connection with the announced and subsequently terminated proposed acquisition of EMMAC Life Sciences Limited, (“EMMAC”) (which activities ceased in November 2020) and activities in connection with the Business Combination (as defined below) with Stryve Foods LLC (“Stryve”), as described below. On July 20, 2021 (the “Closing Date”), the Company completed the previously announced business combination (the “Business Combination”) pursuant to that certain Business Combination Agreement (the “Business Combination Agreement”) by and among the Company, Andina Holdings LLC, a Delaware limited liability company (“Holdings”) and a wholly-owned subsidiary of the Company, B. Luke Weil, in the capacity from and after the closing of the transactions contemplated by the Business Combination Agreement as the representative for the shareholders of the Company (other than the Seller) (the “Purchaser Representative”), Stryve, Stryve Foods Holdings, LLC, a Texas limited liability company (the “Seller”), and R. Alex Hawkins, in the capacity from and after the Closing as the representative for the members of the Seller (the “Seller Representative”). As contemplated by the Business Combination Agreement, on or before the Closing Date, the following occurred: (i) the Seller and Stryve conducted a reorganization via a merger pursuant to which the Seller became a holding company for Stryve, the former owners of Stryve became the owners of the Seller, and the former holders of convertible notes of Stryve became holders of convertible notes of the Seller, and pursuant to which Stryve retained all of its subsidiaries, business, assets and liabilities, and became a wholly-owned subsidiary of the Seller, (ii) the Company was transferred by way of continuation out of the Cayman Islands and domesticated as a corporation in the State of Delaware, (iii) the Seller contributed to Holdings all of the issued and outstanding equity interests of Stryve in exchange for 11,502,355 37.9 7.8 10.4 0.0001 On July 20, 2021, in connection with the completion of the Business Combination and as contemplated by the Business Combination Agreement, the Company: (i) issued 4,250,000 42.5 1,357,372 10.9 Except as otherwise expressly provided herein, the information in this report does not reflect the consummation of the Business Combination, which occurred subsequent to the period covered hereunder. Initial Public Offering The registration statement for the Initial Public Offering (the “IPO”) was declared effective on January 24, 2019 pursuant to Section 8(a) of the Securities Act of 1933, as amended. On January 31, 2019, the Company consummated the Initial Public Offering of 10,800,000 800,000 10.00 108,000,000 Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 395,000 10.00 3,950,000 Transaction costs amounted to $ 3,204,451 2,700,000 504,451 Following the closing of the Initial Public Offering on January 31, 2019, an amount of $ 108,000,000 10.00 Initial Business Combination Pursuant to the Nasdaq Capital Markets listing rules, the Company’s Initial Business Combination had to be with a target business or businesses whose collective fair market value is at least equal to 80% of the balance in the Trust Account at the time of the execution of a definitive agreement for such Initial Business Combination, although this could have entailed simultaneous acquisitions of several target businesses. Failure to Consummate an Initial Business Combination The Company initially had until July 31, 2020 to complete an Initial Business Combination. On July 29, 2020, the Company held a special meeting pursuant to which the Company’s shareholders approved extending the date by which the Company had to complete an Initial Business Combination from July 31, 2020 to October 31, 2020 (or December 31, 2020 if the Company had executed a definitive agreement for an Initial Business Combination by October 31, 2020). In connection with the approval of the extension, shareholders elected to redeem an aggregate of 4,303,096 44,063,656 10.24 On October 28, 2020, the Company held a special meeting pursuant to which the Company’s shareholders approved extending the date by which the Company had to complete an Initial Business Combination from October 31, 2020 to January 31, 2021 (or April 30, 2021 if the Company had executed a definitive agreement for an Initial Business Combination by January 31, 2021) (such date or later date, as applicable, the “Extended Date”). In connection with the approval of the extension, shareholders elected to redeem an aggregate of 5,174,508 52,996,135 10.24 On January 27, 2021, the Company held a special meeting pursuant to which the Company’s shareholders approved extending the date by which the Company had to complete an Initial Business Combination from January 31, 2021 to April 30, 2021 (or July 31, 2021 if the Company has executed a definitive agreement for an Initial Business Combination by April 30, 2021) (such date or later date, as applicable, the “Extended Date”). In connection with the approval of the extension, shareholders elected to redeem an aggregate of 300 3,073 10.24 4,417,096 The Company completed an Initial Business Combination on July 20, 2021, which was the Business Combination with Stryve. Liquidity and Going Concern As of June 30, 2021, the Company had $ 59,163 13,543,086 322,199 Until the consummation of the Business Combination, the Company used the funds not held in the Trust Account for identifying and evaluating target businesses, performing due diligence on prospective target businesses, traveling to and from the offices, plants or similar location of prospective target businesses or their representatives or owners, reviewing corporate documents and material agreements of prospective target businesses and structuring, negotiating and completing an Initial Business Combination, which was the Business Combination with Stryve. As of June 30, 2021, the Company had working capital deficit of $ 2,079,174 Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position and/or results of its operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |