Property, equipment and leasehold improvements, net
2,220
111
2,600
4,931
Other assets
199
1
79
279
TOTAL ASSETS
$
9,418
$
582
$
292
$
10,292
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
LIABILITIES:
Current liabilities:
Accounts payable and other accrued expenses
$
1,940
$
21
$
(21
)
$
1,940
Short-term debt, net of discounts
2,541
650
(412
)
2,779
Short-term debt, net of discounts - related party
-
484
(484
)
0
Total current liabilities
4,481
1,155
(917
)
4,719
Long-term liabilities:
Long-term debt, net of discounts
3,307
-
771
4,078
Long-term lease liabilities
82
-
-
82
Total long-term liabilities
3,389
-
771
4,160
Total liabilities
7,870
1,155
(146
)
8,879
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS EQUITY (DEFICIT):
Common stock ($0.0001 par value, 200,000,000 shares authorized, 8,654,941 shares outstanding as of June 30, 2022
1
-
-
1
Additional paid-in capital
16,548
-
-
16,548
Accumulated deficit
(15,001
)
(573
)
438
(15,136
)
Total stockholders equity (deficit)
1,548
(573
)
438
1,413
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)
$
9,418
$
582
$
292
$
10,292
Pro Forma Adjustments
1 - Eliminate all assets and liabilities not acquired
2 - Record cash disbursements and debt entered into for assets acquired
3 - Record depreciation and interest expense as if the transaction occurred on January 1, 2022
1
PRO FORMA STATEMENT OF OPERATIONS
(in thousands, except shares)
Edible Garden
Greenleaf
Consolidated
AG, Inc.
Growers, Inc.
Pro Forma
Year Ended
Year Ended
Year Ended
December 31, 2021
December 31, 2021
Pro Forma
Adjustments
December 31, 2021
(unaudited)
(unaudited)
Revenue
$
10,507
$
1,992
$
-
$
12,499
Cost of goods sold
9,859
1,073
-
10,932
Gross profit
648
919
-
1,567
Selling, general and administrative expenses
5,611
1,047
183
6,841
Loss from operations
(4,963
)
(128
)
(183
)
(5,274
)
Other income / (loss)
Interest expense, net
(617
)
(53
)
(12
)
(682
)
Gain (Loss) from extinguishment of debt
42
263
(263
)
42
Other income
19
(19
)
-
Total other expenses
(575
)
229
(294
)
(640
)
NET LOSS
$
(5,538
)
$
101
$
(477
)
$
(5,914
)
Pro Forma Adjustments
1 - Eliminate gain from extinguishment of debt and other income not acquired
2 - Record depreciation and interest expense as if the transaction occurred on January 1, 2021
2
PRO FORMA STATEMENT OF OPERATIONS
(in thousands, except shares)
Edible Garden
Greenleaf
Consolidated
AG, Inc.
Growers, Inc.
Pro Forma
Six Months Ended
Six Months Ended
Pro Forma
Six Months Ended
June 30, 2022
June 30, 2022
Adjustments
June 30, 2022
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
$
5,722
$
1,247
$
-
$
6,969
Cost of goods sold
5,611
649
-
6,260
Gross profit
111
598
-
709
Selling, general and administrative expenses
4,340
611
93
5,044
Loss from operations
(4,229
)
(13
)
(93
)
(4,335
)
Other expenses
Interest expense, net
(1,737
)
(26
)
(16
)
(1,779
)
Gain (Loss) from extinguishment of debt
(826
)
-
-
(826
)
Other income / (loss)
(590
)
10
(10
)
(590
)
Total other expenses
(3,153
)
(16
)
(26
)
(3,195
)
NET LOSS
$
(7,382
)
$
(29
)
$
(119
)
$
(7,530
)
Pro Forma Adjustments
1 - Eliminate gain from extinguishment of debt and other income not acquired
2 - Record depreciation and interest expense as if the transaction occurred on January 1, 2022
3
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