Prospectus Supplement No. 3 To Prospectus dated May 26, 2021 | Filed Pursuant to Rule 424(b)(3) Registration No. 333-252241 |
Clever Leaves Holdings Inc.
Primary Offering of
17,900,000 Common Shares Issuable Upon Exercise of Warrants
1,217,826 Common Shares Issuable Upon Conversion of Non-Voting Common Shares
125,370 Common Shares Issuable Upon Exercise of Options
Secondary Offering of
5,494,789 Common Shares
4,900,000 Warrants to Purchase Common Shares
4,900,000 Common Shares Issuable upon Exercise of Warrants
This Prospectus Supplement No. 3 supplements the Prospectus dated May 26, 2021 (the “Prospectus”) of Clever Leaves Holdings Inc., a corporation organized under the laws of British Columbia, Canada (“we” or the “Company”), that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-252241). This Prospectus Supplement No. 3 is being filed to update and supplement certain information contained in the Prospectus with the information contained in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the Securities and Exchange Commission on November 10, 2021. This Prospectus Supplement No. 3 should be read in conjunction with the Prospectus. If there is any inconsistency between the information in the Prospectus and this Prospectus Supplement, you should rely on the information in this Prospectus Supplement.
Investing in our securities involves a high degree of risk. Before buying any securities, you should carefully read the discussion of material risks of investing in our securities in “Risk Factors” beginning on page 10 of the Prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed on the adequacy or accuracy of the Prospectus or this Prospectus Supplement. Any representation to the contrary is a criminal offense.
The date of this Prospectus Supplement is November 10, 2021
British Columbia, Canada | Not Applicable | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
6501 Congress Ave, Suite 240 Boca Raton, FL | 33487 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||||||||
Common shares without par value | CLVR | The Nasdaq Stock Market LLC | ||||||||||||||||||||||||
Warrants, each warrant exercisable for one common share at an exercise price of $11.50 | CLVRW | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | ||||||||||||
Smaller reporting company | ☒ | Emerging growth company | ☒ |
Page | ||||||||
PART I - FINANCIAL INFORMATION | ||||||||
ITEM 1. | ||||||||
Condensed Consolidated Statements of Financial Position as of September 30, 2021 (Unaudited) and December 31, 2020 (Audited) | ||||||||
Unaudited Condensed Consolidated Statements of Operations for the Three and Nine months ended September 30, 2021 and 2020 | ||||||||
Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine months ended September 30, 2021 and 2020 | ||||||||
Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 | ||||||||
Notes to Unaudited Condensed Consolidated Financial Statements | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II - OTHER INFORMATION | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | Risk Factors | |||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
Note | September 30, 2021 | December 31, 2020 | |||||||||||||||
(Unaudited) | (Audited) | ||||||||||||||||
Assets | |||||||||||||||||
Current: | |||||||||||||||||
Cash and cash equivalents | $ | 45,762 | $ | 79,107 | |||||||||||||
Restricted cash | 444 | 353 | |||||||||||||||
Accounts receivable, net | 2,160 | 1,676 | |||||||||||||||
Prepaids, advances and other | 3,812 | 3,174 | |||||||||||||||
Other receivables | 1,843 | 1,306 | |||||||||||||||
Inventories, net | 5 | 14,062 | 10,190 | ||||||||||||||
Total current assets | 68,083 | 95,806 | |||||||||||||||
Investment – Cansativa | 6 | 1,514 | 1,553 | ||||||||||||||
Property, plant and equipment, net of accumulated depreciation of $5,055 and $3,356 for the nine months ended September 30, 2021 and December 31, 2020, respectively | 29,665 | 25,680 | |||||||||||||||
Intangible assets, net | 8 | 23,307 | 24,279 | ||||||||||||||
Goodwill | 9 | 18,508 | 18,508 | ||||||||||||||
Other non-current assets | 59 | 52 | |||||||||||||||
Total Assets | $ | 141,136 | $ | 165,878 | |||||||||||||
Liabilities | |||||||||||||||||
Current: | |||||||||||||||||
Accounts payable | $ | 2,869 | $ | 4,429 | |||||||||||||
Accrued expenses and other current liabilities | 2,423 | 4,865 | |||||||||||||||
Convertible note due 2024, current portion | 11 | 12,909 | — | ||||||||||||||
Loans and borrowings, current portion | 11 | 120 | — | ||||||||||||||
Warrant liability | 13,671 | 19,061 | |||||||||||||||
Deferred revenue, current portion | 653 | 870 | |||||||||||||||
Total current liabilities | 32,645 | 29,225 | |||||||||||||||
Convertible notes due 2024 | 11 | 7,218 | — | ||||||||||||||
Convertible notes due 2022 | 11 | — | 27,142 | ||||||||||||||
Loans and borrowings, net of current portion | 11 | 5,859 | 6,701 | ||||||||||||||
Deferred revenue | 1,348 | 1,167 | |||||||||||||||
Deferred tax liabilities | 5,700 | 5,700 | |||||||||||||||
Other long-term liabilities | 695 | 693 | |||||||||||||||
Total Liabilities | $ | 53,465 | $ | 70,628 | |||||||||||||
Shareholders’ equity | |||||||||||||||||
Common shares, without par value, unlimited shares authorized: 26,168,044 and 24,883,024 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 12 | — | — | ||||||||||||||
Preferred shares, without par value, unlimited shares authorized, nil shares issued and outstanding for each of September 30, 2021 and December 31, 2020 | 12 | — | — | ||||||||||||||
Additional paid-in capital | 178,411 | 164,264 | |||||||||||||||
Accumulated deficit | (90,740) | (69,014) | |||||||||||||||
Total equity attributable to shareholders | $ | 87,671 | $ | 95,250 | |||||||||||||
Total shareholders' equity | 87,671 | 95,250 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 141,136 | $ | 165,878 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Note | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenue | 16 | $ | 4,031 | $ | 3,917 | $ | 11,180 | $ | 8,770 | |||||||||||||||||
Cost of sales | (1,496) | (1,844) | (4,080) | (3,629) | ||||||||||||||||||||||
Gross profit | 2,535 | 2,073 | 7,100 | 5,141 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
General and administrative | 13 | 11,070 | 5,742 | 30,418 | 21,126 | |||||||||||||||||||||
Sales and marketing | 812 | 508 | 2,297 | 2,292 | ||||||||||||||||||||||
Goodwill impairment | 9 | — | — | — | 1,682 | |||||||||||||||||||||
Depreciation and amortization | 337 | 534 | 1,440 | 1,251 | ||||||||||||||||||||||
Total expenses | 12,219 | 6,784 | 34,155 | 26,351 | ||||||||||||||||||||||
Loss from operations | (9,684) | (4,711) | (27,055) | (21,210) | ||||||||||||||||||||||
Other Expense (Income), Net | ||||||||||||||||||||||||||
Interest expense, net | 485 | 1,204 | 2,383 | 2,993 | ||||||||||||||||||||||
Gain on remeasurement of warrant liability | 12 | (9,065) | — | (5,390) | — | |||||||||||||||||||||
Loss on investments | — | 58 | — | 318 | ||||||||||||||||||||||
Gain on debt extinguishment, net | 11 | (3,375) | — | (3,375) | — | |||||||||||||||||||||
Loss on fair value of derivative instrument | — | 57 | — | 57 | ||||||||||||||||||||||
Foreign exchange loss | 298 | 96 | 1,137 | 455 | ||||||||||||||||||||||
Other (income) expenses, net | 964 | (20) | (123) | 28 | ||||||||||||||||||||||
Total other expense (income), net | (10,693) | 1,395 | (5,368) | 3,851 | ||||||||||||||||||||||
Gain (loss) before loss from equity investment | $ | 1,009 | $ | (6,106) | $ | (21,687) | $ | (25,061) | ||||||||||||||||||
Equity investment share of loss/(gain) | 14 | 2 | 39 | (14) | ||||||||||||||||||||||
Net income (loss) | $ | 995 | $ | (6,108) | $ | (21,726) | $ | (25,047) | ||||||||||||||||||
Net loss attributable to non-controlling interest | — | (1,014) | — | (2,662) | ||||||||||||||||||||||
Net income (loss) attributable to Clever Leaves Holdings Inc. common shareholders | 17 | $ | 995 | $ | (5,094) | $ | (21,726) | $ | (22,385) | |||||||||||||||||
Net income (loss) per share attributable to Clever Leaves Holdings Inc. common shareholders - basic and diluted | 17 | $ | 0.04 | $ | (0.48) | $ | (0.85) | $ | (2.65) | |||||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 17 | 25,755,972 | 10,638,052 | 25,466,404 | 8,456,977 |
Common Stock | Additional Paid-in Capital | Retained (Deficit) | Attributable to Non- controlling Interest | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 8,304,030 | $ | — | $ | 77,431 | $ | (31,933) | $ | 4,695 | $ | 50,193 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (9,282) | (904) | (10,186) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 416 | — | — | 416 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 8,304,030 | $ | — | $ | 77,847 | $ | (41,215) | $ | 3,791 | $ | 40,423 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (8,009) | (744) | (8,753) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issuance | 2,015,148 | — | 14,021 | — | — | 14,021 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 296 | — | — | 296 | |||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase | (233,788) | — | (6,250) | — | — | (6,250) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercise | 47,607 | — | 12 | — | — | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 10,132,997 | $ | — | $ | 85,926 | $ | (49,224) | $ | 3,047 | $ | 39,749 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | $ | — | $ | (5,094) | $ | (1,014) | (6,108) | ||||||||||||||||||||||||||||||||||||||||||||
Stock issuance | 559,226 | — | 3,817 | — | — | 3,817 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 489 | — | — | 489 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercise | 32,880 | — | 8 | — | — | 8 | |||||||||||||||||||||||||||||||||||||||||||||||
Share exchange | (66,259) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred stock issuance costs | — | — | (1,631) | (204) | — | (1,835) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 10,658,844 | $ | — | $ | 88,609 | $ | (54,522) | $ | 2,033 | $ | 36,120 |
Note | Common Stock | Additional Paid-in Capital | Retained (Deficit) | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 24,883,024 | $ | — | $ | 164,264 | $ | (69,014) | $ | 95,250 | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | $ | — | $ | — | $ | (13,765) | $ | (13,765) | |||||||||||||||||||||||||||||||||||||||||
Founders earn out shares vested | 12 | 570,212 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares upon vesting of RSUs | 7,713 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 1,550 | 1,550 | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | 12 | 122,639 | — | 1,410 | — | 1,410 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 25,583,588 | $ | — | $ | 167,224 | $ | (82,779) | $ | 84,445 | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (8,956) | (8,956) | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares upon vesting of RSUs | 5,111 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 3,323 | — | 3,323 | |||||||||||||||||||||||||||||||||||||||||||||
Stock option exercise | 40,942 | — | 10 | — | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 25,629,641 | $ | — | $ | 170,557 | $ | (91,735) | $ | 78,822 | |||||||||||||||||||||||||||||||||||||||||
Net income | — | $ | — | $ | — | $ | 995 | 995 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 3,264 | — | 3,264 | |||||||||||||||||||||||||||||||||||||||||||||
Conversions of debt to common stock, net of debt issuance | 538,403 | — | 4,590 | — | 4,590 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 26,168,044 | — | 0 | $ | 178,411 | $ | (90,740) | $ | 87,671 |
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Cash Flow from Operating Activities: | ||||||||||||||||||||
Net loss | $ | (21,726) | $ | (25,047) | ||||||||||||||||
Adjustments to reconcile to net cash used in operating activities: | ||||||||||||||||||||
Depreciation and amortization | 1,815 | 1,251 | ||||||||||||||||||
Debt issuance amortization | 325 | 426 | (b) | |||||||||||||||||
Gain on remeasurement of warrant liability | 12 | (5,390) | — | |||||||||||||||||
Foreign exchange loss | 1,137 | 455 | ||||||||||||||||||
Stock-based compensation expense | 14 | 8,137 | 1,202 | |||||||||||||||||
Goodwill impairment | 9 | — | 1,682 | |||||||||||||||||
Loss on investment | — | 318 | ||||||||||||||||||
Loss (gain) on equity method investment | 6 | 39 | (14) | |||||||||||||||||
Gain on debt extinguishment, net | 11 | (3,375) | — | |||||||||||||||||
Loss on derivative instrument | — | 57 | ||||||||||||||||||
Other non-cash expense, net | 394 | 1,899 | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | (484) | (796) | ||||||||||||||||||
Prepaid expenses | (638) | 2,688 | ||||||||||||||||||
Other receivables | (544) | (156) | ||||||||||||||||||
Inventory | 5 | (2,951) | (3,098) | |||||||||||||||||
Accounts payable and other current liabilities | (5,110) | 1,173 | ||||||||||||||||||
Accrued and other non-current liabilities | 176 | (319) | ||||||||||||||||||
Net cash used in operating activities | $ | (28,195) | $ | (18,279) | ||||||||||||||||
Cash Flow from Investing Activities: | ||||||||||||||||||||
Purchase of property, plant and equipment | (5,948) | (3,286) | ||||||||||||||||||
Net cash used in investing activities | $ | (5,948) | $ | (3,286) | ||||||||||||||||
Cash Flow from Financing Activities: | ||||||||||||||||||||
Proceeds from issuance of long-term debt | 11 | 25,000 | 4,162 | |||||||||||||||||
Repayment of debt | 11 | (26,363) | (481) | |||||||||||||||||
Other borrowings | 1,826 | 992 | ||||||||||||||||||
Proceeds from issuance of shares, net of issuance costs | 14 | — | 18,021 | |||||||||||||||||
Purchase and cancellation of shares | 14 | — | (6,250) | |||||||||||||||||
Proceeds from exercise of warrants | 12 | 1,410 | — | |||||||||||||||||
Deferred debt issuance costs | (932) | (1,812) | (c) | |||||||||||||||||
Stock option exercise | 14 | 10 | — | |||||||||||||||||
Net cash provided by financing activities | $ | 951 | $ | 14,632 | ||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents & restricted cash | (62) | (29) | ||||||||||||||||||
(Decrease) in cash, cash equivalents & restricted cash (a) | $ | (33,254) | $ | (6,962) | ||||||||||||||||
Cash, cash equivalents & restricted cash, beginning of period (a) | 79,460 | 13,198 | ||||||||||||||||||
Cash, cash equivalents & restricted cash, end of period (a) | $ | 46,206 | $ | 6,236 | ||||||||||||||||
Supplemental schedule of cash flow information: | ||||||||||||||||||||
Cash paid for interest | $ | 375 | $ | 668 | ||||||||||||||||
Supplemental disclosures for non-cash financing activity: | ||||||||||||||||||||
Conversions of debt to common shares | $ | 4,209 | — | |||||||||||||||||
Subsidiaries | Jurisdiction of incorporation | Ownership | ||||||||||||
Clever Leaves US, Inc. | Delaware, United States | 100% | ||||||||||||
NS US Holdings, Inc. | Delaware, United States | 100% | ||||||||||||
Herbal Brands, Inc. | Delaware, United States | 100% | ||||||||||||
1255096 B.C. Ltd. ("Newco") | British Columbia, Canada | 100% | ||||||||||||
Northern Swan International, Inc. (“NSI”) | British Columbia, Canada | 100% | ||||||||||||
Northern Swan Management, Inc. | British Columbia, Canada | 100% | ||||||||||||
Northern Swan Deutschland Holdings, Inc. | British Columbia, Canada | 100% | ||||||||||||
Northern Swan Portugal Holdings, Inc. | British Columbia, Canada | 100% | ||||||||||||
Clever Leaves Portugal Unipessoal LDA | Portugal | 100% | ||||||||||||
Clever Leaves II Portugal Cultivation SA | Portugal | 100% | ||||||||||||
Northern Swan Europe, Inc. | British Columbia, Canada | 100% | ||||||||||||
Nordschwan Holdings, Inc. | British Columbia, Canada | 100% | ||||||||||||
Clever Leaves Germany GmbH | Frankfurt, Germany | 100% | ||||||||||||
NS Herbal Brands International, Inc. | British Columbia, Canada | 100% | ||||||||||||
Herbal Brands, Ltd. | London, United Kingdom | 100% | ||||||||||||
Clever Leaves International, Inc. | British Columbia, Canada | 100% | ||||||||||||
Eagle Canada Holdings, Inc. (“Eagle Canada”) | British Columbia, Canada | 100% | ||||||||||||
Ecomedics S.A.S. (“Ecomedics”) | Bogota, Colombia | 100% | ||||||||||||
Clever Leaves UK Limited | London, United Kingdom | 100% |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
As of September 30, 2021 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment – Cansativa | — | 1,514 | 1,514 | |||||||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 1,514 | $ | 1,514 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Loans and borrowings | — | 5,979 | — | 5,979 | ||||||||||||||||||||||
Warrant liability | — | — | 13,671 | 13,671 | ||||||||||||||||||||||
Convertible notes | — | 20,127 | — | 20,127 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 26,106 | $ | 13,671 | $ | 39,777 | ||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment – Cansativa | — | — | 1,553 | 1,553 | ||||||||||||||||||||||
Total Assets | $ | — | $ | — | $ | 1,553 | $ | 1,553 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Loans and borrowings | — | 6,701 | — | 6,701 | ||||||||||||||||||||||
Warrant liability | — | — | 19,061 | 19,061 | ||||||||||||||||||||||
Convertible notes | — | 27,142 | — | 27,142 | ||||||||||||||||||||||
Total Liabilities | $ | — | $ | 33,843 | $ | 19,061 | $ | 52,904 |
Private Placement Warrants: | Total Warrant Liability | ||||
Warrant liability at December 31, 2020 | $ | 19,061 | |||
Change in fair value of warrant liability | 4,851 | ||||
Warrant liabilities at March 31, 2021 | $ | 23,912 | |||
Change in fair value of warrant liabilities | (1,176) | ||||
Warrant liabilities at June 30, 2021 | $ | 22,736 | |||
Change in fair value of warrant liabilities | $ | (9,065) | |||
Warrant liabilities at September 30, 2021 | $ | 13,671 |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Risk-free interest rate | 0.80% | 0.43% | |||||||||
Expected volatility | 60% | 60% | |||||||||
Share Price | $7.76 | $8.90 | |||||||||
Exercise Price | $11.50 | $11.50 | |||||||||
Expiration date | December 18, 2025 | December 18, 2025 |
September 30, 2021 | December 31, 2020 | ||||||||||
Raw materials | $ | 1,008 | $ | 1,148 | |||||||
Work in progress – cultivated cannabis | 1,186 | 1,482 | |||||||||
Work in progress – harvested cannabis and extracts | 2,723 | 274 | |||||||||
Finished goods – cannabis extracts | 8,943 | 7,003 | |||||||||
Finished goods – other | 202 | 283 | |||||||||
Total | $ | 14,062 | $ | 10,190 |
Recapitalization | |||||
Cash - SAMA trust and cash, net of redemptions | $ | 86,644 | |||
Cash - SAMA PIPE | 6,000 | ||||
Non-cash PIK | (2,881) | ||||
Cash assumed from SAMA | 698 | ||||
Cash consideration to certain Clever Leaves shareholders | (3,057) | ||||
Less: transaction costs and advisory fees | (13,895) | ||||
Net Business Combination | $ | 73,509 | |||
Non-cash PIK | 2,881 | ||||
Deferred issuance costs | 1,503 | ||||
Warranty liability | (29,841) | ||||
Net liabilities assumed from SAMA | (258) | ||||
Net contributions from Business Combination | $ | 47,794 |
September 30, 2021 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted- Average Useful Life (in Years) | ||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
Customer contracts | $ | 925 | $ | 925 | $ | — | 0.0 | ||||||||||||||||
Customer relationships | 1,000 | 441 | 559 | 3.6 | |||||||||||||||||||
Customer list | 650 | 314 | 336 | 2.6 | |||||||||||||||||||
Brand | 4,516 | 1,104 | 3,412 | 7.6 | |||||||||||||||||||
Total finite-lived intangible assets | $ | 7,091 | $ | 2,784 | $ | 4,307 | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Licenses | $ | 19,000 | N/A | $ | 19,000 | ||||||||||||||||||
Total indefinite-lived intangible assets | $ | 19,000 | N/A | $ | 19,000 | ||||||||||||||||||
Total intangible assets | $ | 26,091 | $ | 2,784 | $ | 23,307 |
December 31, 2020 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted- Average Useful Life (in Years) | ||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||
Customer contracts | $ | 925 | $ | 525 | $ | 400 | 0.5 | ||||||||||||||||
Customer relationships | 1,000 | 304 | 696 | 4.4 | |||||||||||||||||||
Customer list | 650 | 217 | 433 | 3.3 | |||||||||||||||||||
Brand | 4,516 | 766 | 3,750 | 8.3 | |||||||||||||||||||
Total finite-lived intangible assets | $ | 7,091 | $ | 1,812 | $ | 5,279 | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Licenses | $ | 19,000 | N/A | $ | 19,000 | ||||||||||||||||||
Total indefinite-lived intangible assets | $ | 19,000 | N/A | $ | 19,000 | ||||||||||||||||||
Total intangible assets | $ | 26,091 | $ | 1,812 | $ | 24,279 |
Estimated Amortization Expense | |||||
2021 | 191 | ||||
2022 | $ | 795 | |||
2023 | 715 | ||||
2024 | 542 | ||||
2025 | 572 | ||||
Thereafter | 1,492 | ||||
Total | $ | 4,307 |
Cannabinoid | Non- Cannabinoid | Total | ||||||||||||||||||
Balance at December 31, 2020 | $ | 18,508 | $ | — | $ | 18,508 | ||||||||||||||
Balance at September 30, 2021 | $ | 18,508 | $ | — | $ | 18,508 | ||||||||||||||
Cumulative goodwill impairment charges(a) | $ | — | $ | 1,682 | $ | 1,682 |
September 30, 2021 | December 31, 2020 | ||||||||||
Land | $ | 5,065 | $ | 5,065 | |||||||
Building & warehouse | 8,406 | 8,464 | |||||||||
Laboratory equipment | 6,115 | 5,942 | |||||||||
Agricultural equipment | 2,227 | 1,904 | |||||||||
Computer equipment | 1,563 | 1,534 | |||||||||
Furniture & appliances | 740 | 819 | |||||||||
Construction in progress | 9,577 | 4,288 | |||||||||
Other | 1,027 | 1,020 | |||||||||
Property, plant and equipment, gross | 34,720 | 29,036 | |||||||||
Less: accumulated depreciation | (5,055) | (3,356) | |||||||||
Property, plant and equipment, net | $ | 29,665 | $ | 25,680 |
September 30, 2021 | December 31, 2020 | ||||||||||
Convertible Notes due 2024, current portion | 12,909 | — | |||||||||
Loans and borrowings, current portion | 120 | — | |||||||||
Total debt, current portion | $ | 13,029 | $ | — | |||||||
Convertible notes due 2024 (a)(b) | 7,218 | — | |||||||||
Convertible notes due 2022 (a) | — | 27,142 | |||||||||
Herbal Brands Loan and other borrowings | 5,859 | 6,701 | |||||||||
Total debt, long term | $ | 13,077 | $ | 33,843 | |||||||
Ending balance | $ | 26,106 | $ | 33,843 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Salaries and benefits | $ | 3,838 | $ | 2,314 | $ | 10,824 | $ | 11,140 | |||||||||||||||
Office and administration | 1,356 | 276 | 3,822 | 1,555 | |||||||||||||||||||
Professional fees | 858 | 2,075 | 4,665 | 5,050 | |||||||||||||||||||
Share based compensation | 3,264 | 489 | 8,137 | 1,202 | |||||||||||||||||||
Rent | 337 | 556 | 994 | 1,326 | |||||||||||||||||||
Other | 1,417 | 32 | 1,976 | 853 | |||||||||||||||||||
Total | $ | 11,070 | $ | 5,742 | $ | 30,418 | $ | 21,126 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Share-based compensation award type: | |||||||||||||||||||||||
Stock Options | 283 | 354 | 1,004 | 1,067 | |||||||||||||||||||
RSUs | 2,981 | 135 | 7,133 | 135 | |||||||||||||||||||
Total Shared Based Compensation Expense | 3,264 | 489 | 8,137 | 1,202 |
Stock Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Balance as of December 31, 2020 | 896,888 | $ | 5.22 | 3.96 | $ | 2,889 | |||||||||||||||||
Granted | 64,736 | $ | 13.81 | 9.48 | — | ||||||||||||||||||
Exercised | (40,942) | $ | 0.24 | — | $ | 434 | |||||||||||||||||
Forfeited | (40,736) | $ | 10.75 | — | — | ||||||||||||||||||
Expired | (87,300) | $ | 9.40 | — | — | ||||||||||||||||||
Balance as of September 30, 2021 | 792,646 | $ | 5.96 | 3.91 | $ | 1,430 | |||||||||||||||||
Vested and expected to vest as of September 30, 2021 | 781,365 | $ | 5.89 | 3.92 | $ | 1,460 | |||||||||||||||||
Vested and exercisable as of September 30, 2021 | 435,013 | $ | 6.24 | 3.60 | $ | 743 |
Restricted Share Units | Weighted-Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2020 | 78,634 | $ | 3.25 | ||||||||
Granted | 592,213 | 12.61 | |||||||||
Vested | (12,824) | 9.96 | |||||||||
Canceled/forfeited | (14,862) | 7.50 | |||||||||
Non-vested as of September 30, 2021 | 643,161 | $ | 11.64 |
Weighted Average Assumptions | |||||
Grant date share price | $ | 13.68 | |||
Risk-free interest rate | 0.5 | % | |||
Expected dividend yield | 0.0 | % | |||
Expected volatility | 90 | % | |||
Expected life (in years) | 2.4 - 3.5 |
Restricted Share Units | Weighted-Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2020 | — | $ | — | ||||||||
Granted | 1,256,785 | 13.06 | |||||||||
Vested | — | — | |||||||||
Canceled/forfeited | (53,275) | 13.65 | |||||||||
Non-vested as of September 30, 2021 | 1,203,510 | $ | 13.03 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment Net Sales: | |||||||||||||||||||||||
Cannabinoid | $ | 901 | $ | 1,136 | $ | 2,157 | $ | 1,531 | |||||||||||||||
Non-Cannabinoid | 3,130 | 2,781 | 9,023 | 7,239 | |||||||||||||||||||
Total net sales | 4,031 | 3,917 | 11,180 | 8,770 | |||||||||||||||||||
Segment Profit (Loss): | |||||||||||||||||||||||
Cannabinoid | (4,391) | (4,529) | (10,859) | (14,384) | |||||||||||||||||||
Non-Cannabinoid | 551 | 933 | 1,797 | 1,346 | |||||||||||||||||||
Total segment loss | $ | (3,840) | $ | (3,596) | $ | (9,062) | $ | (13,038) | |||||||||||||||
Reconciliation: | |||||||||||||||||||||||
Total segment loss | (3,840) | (3,596) | (9,062) | (13,038) | |||||||||||||||||||
Unallocated corporate expenses | (2,243) | (92) | (8,416) | (4,037) | |||||||||||||||||||
Non-cash share-based compensation | (3,264) | (489) | (8,137) | (1,202) | |||||||||||||||||||
Depreciation and amortization | (337) | (534) | (1,440) | (1,251) | |||||||||||||||||||
Goodwill impairment | — | — | — | (1,682) | |||||||||||||||||||
Loss from operations | $ | (9,684) | $ | (4,711) | $ | (27,055) | $ | (21,210) | |||||||||||||||
Gain on debt extinguishment, net | (3,375) | — | — | (3,375) | — | ||||||||||||||||||
Loss on fair value of derivative instrument | — | 57 | — | — | 57 | ||||||||||||||||||
Gain on remeasurement of warrant liability | (9,065) | — | — | (5,390) | — | ||||||||||||||||||
Loss on investments | — | 58 | — | — | 318 | ||||||||||||||||||
Foreign exchange loss | 298 | 96 | — | 1,137 | 455 | ||||||||||||||||||
Interest expense | 485 | 1,204 | — | 2,383 | 2,993 | ||||||||||||||||||
Other expense, net | 964 | (20) | — | (123) | 28 | ||||||||||||||||||
Gain (loss) before loss from equity investment | $ | 1,009 | $ | (6,106) | $ | (21,687) | $ | (25,061) |
September 30, 2021 | December 31, 2020 | ||||||||||
Long-lived assets | |||||||||||
Cannabinoid | $ | 29,513 | $ | 25,485 | |||||||
Non-Cannabinoid | 136 | 176 | |||||||||
Other(a) | 16 | 19 | |||||||||
$ | 29,665 | $ | 25,680 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Mass retail | $ | 1,958 | $ | 2,602 | $ | 5,567 | $ | 4,635 | |||||||||||||||
Specialty, health and other retail | 277 | 97 | 852 | 1,007 | |||||||||||||||||||
Distributors | 1,650 | 1,130 | 4,330 | 2,705 | |||||||||||||||||||
E-commerce | 146 | 88 | 431 | 423 | |||||||||||||||||||
$ | 4,031 | $ | 3,917 | $ | 11,180 | $ | 8,770 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) | $ | 995 | $ | (6,108) | $ | (21,726) | $ | (25,047) | |||||||||||||||
Adjustments to reconcile to net loss available to common stockholders: | |||||||||||||||||||||||
Net loss attributable to non-controlling interests | — | (1,014) | — | (2,662) | |||||||||||||||||||
Net income (loss) attributable to Clever Leaves Holdings Inc. common shareholders — basic and diluted | $ | 995 | $ | (5,094) | $ | (21,726) | $ | (22,385) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding - basic and diluted | 25,755,972 | 10,638,052 | 25,466,404 | 8,456,977 | |||||||||||||||||||
Net income (loss) per share attributable to Clever Leaves Holdings Inc. common shareholders - basic and diluted | $ | 0.04 | $ | (0.48) | $ | (0.85) | $ | (2.65) |
September 30, 2021 | September 30, 2020 | ||||||||||
Common stock warrants | 17,840,951 | — | |||||||||
SAMA earnout shares | 570,211 | — | |||||||||
Stock options | 792,646 | 1,083,498 | |||||||||
Unvested restricted share units | 1,846,670 | — | |||||||||
Total | 21,050,478 | 1,083,498 |
Three months ended September 30, | ||||||||||||||||||||||||||
Operational information: | 2021 | 2020 (d) | Change | |||||||||||||||||||||||
(In $000s, except kilogram and per gram data) | ||||||||||||||||||||||||||
Kilograms (dry flower) harvested (a) | 17,304 | 14,160 | 3,144 | 22 | % | |||||||||||||||||||||
Costs to produce (b) | $ | 2,597 | $ | 2,176 | $ | 421 | 19 | % | ||||||||||||||||||
Costs to produce per gram | $ | 0.15 | $ | 0.15 | $ | — | — | % | ||||||||||||||||||
Selected financial information: | ||||||||||||||||||||||||||
Revenue | $ | 901 | $ | 1,136 | $ | (235) | (21) | % | ||||||||||||||||||
Kilograms sold (c) | 2,687 | 14,461 | (11,774) | (81) | % | |||||||||||||||||||||
Revenue per grams sold | $ | 0.34 | $ | 0.08 | $ | 0.26 | 325 | % |
Nine months ended September 30, | ||||||||||||||||||||||||||
Operational information: | 2021 | 2020 (d) | Change | |||||||||||||||||||||||
(In $000s, except kilogram and per gram data) | ||||||||||||||||||||||||||
Kilograms (dry flower) harvested (a) | 44,326 | 42,253 | 2,073 | 5 | % | |||||||||||||||||||||
Costs to produce (b) | $ | 7,237 | $ | 5,850 | $ | 1,387 | 24 | % | ||||||||||||||||||
Costs to produce per gram | $ | 0.16 | $ | 0.14 | $ | 0.02 | 14 | % | ||||||||||||||||||
Selected financial information: | ||||||||||||||||||||||||||
Revenue | $ | 2,157 | $ | 1,531 | $ | 626 | 41 | % | ||||||||||||||||||
Kilograms sold (c) | 7,564 | 17,948 | (10,384) | (58) | % | |||||||||||||||||||||
Revenue per grams sold | $ | 0.29 | $ | 0.09 | $ | 0.20 | 222 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenue | $ | 4,031 | $ | 3,917 | 11,180 | $ | 8,770 | |||||||||||||||||||
Cost of sales | (1,496) | (1,844) | (4,080) | (3,629) | ||||||||||||||||||||||
Gross profit | 2,535 | 2,073 | 7,100 | 5,141 | ||||||||||||||||||||||
General and administrative expenses | 11,070 | 5,742 | 30,418 | 21,126 | ||||||||||||||||||||||
Sales and marketing expenses | 812 | 508 | 2,297 | 2,292 | ||||||||||||||||||||||
Goodwill impairment | — | — | — | 1,682 | ||||||||||||||||||||||
Depreciation and amortization expenses | 337 | 534 | 1,440 | 1,251 | ||||||||||||||||||||||
Loss from operations | (9,684) | (4,711) | (27,055) | (21,210) | ||||||||||||||||||||||
Interest expense, net | 485 | 1,204 | 2,383 | 2,993 | ||||||||||||||||||||||
Gain on remeasurement of warrant liability | (9,065) | — | (5,390) | — | ||||||||||||||||||||||
Loss on investments | — | 58 | — | 318 | ||||||||||||||||||||||
Gain on debt extinguishment, net | (3,375) | — | (3,375) | — | ||||||||||||||||||||||
Loss on fair value of derivative instrument | — | 57 | — | 57 | ||||||||||||||||||||||
Foreign exchange loss | 298 | 96 | 1,137 | 455 | ||||||||||||||||||||||
Other (income) expenses, net | 964 | (20) | (123) | 28 | ||||||||||||||||||||||
Total other expenses, net | (10,693) | 1,395 | (5,368) | 3,851 | ||||||||||||||||||||||
Income (loss) before income taxes | 1,009 | (6,106) | (21,687) | (25,061) | ||||||||||||||||||||||
Equity investments and securities loss | 14 | 2 | 39 | (14) | ||||||||||||||||||||||
Net income (loss) | $ | 995 | $ | (6,108) | $ | (21,726) | $ | (25,047) | ||||||||||||||||||
Net loss attributable to non-controlling interest | — | (1,014) | — | (2,662) | ||||||||||||||||||||||
Net income (loss) attributable to Company | $ | 995 | $ | (5,094) | $ | (21,726) | $ | (22,385) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Mass retail | $ | 1,958 | $ | 2,602 | $ | 5,567 | $ | 4,635 | ||||||||||||||||||
Specialty, health and other retail | 277 | 97 | 852 | 1,007 | ||||||||||||||||||||||
Distributors | 1,650 | 1,130 | 4,330 | 2,705 | ||||||||||||||||||||||
E-commerce | 146 | 88 | 431 | 423 | ||||||||||||||||||||||
Total | $ | 4,031 | $ | 3,917 | $ | 11,180 | $ | 8,770 |
Three months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||
General and administrative | $ | 11,070 | $ | 5,742 | $ | 5,328 | 93 | % | |||||||||||||||
Sales and marketing | 812 | 508 | 304 | 60 | % | ||||||||||||||||||
Depreciation and amortization | 337 | 534 | (197) | (37) | % | ||||||||||||||||||
Total operating expenses | $ | 12,219 | $ | 6,784 | |||||||||||||||||||
(As a percentage of revenue) | |||||||||||||||||||||||
General and administrative | 275 | % | 147 | % | |||||||||||||||||||
Sales and marketing | 20 | % | 13 | % | |||||||||||||||||||
Depreciation and amortization | 8 | % | 14 | % | |||||||||||||||||||
Total operating expenses | 303 | % | 173 | % |
Nine months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||
General and administrative | $ | 30,418 | $ | 21,126 | $ | 9,292 | 44 | % | |||||||||||||||
Sales and marketing | 2,297 | 2,292 | 5 | — | % | ||||||||||||||||||
Goodwill impairment | — | 1,682 | (1,682) | (100) | % | ||||||||||||||||||
Depreciation and amortization | 1,440 | 1,251 | 189 | 15 | % | ||||||||||||||||||
Total operating expenses | $ | 34,155 | $ | 26,351 | |||||||||||||||||||
(As a percentage of revenue) | |||||||||||||||||||||||
General and administrative | 272 | % | 241 | % | |||||||||||||||||||
Sales and marketing | 21 | % | 26 | % | |||||||||||||||||||
Goodwill impairment | — | % | 19 | % | |||||||||||||||||||
Depreciation and amortization | 13 | % | 14 | % | |||||||||||||||||||
Total operating expenses | 306 | % | 300 | % |
Three months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||
Interest expense, net | $ | 485 | $ | 1,204 | $ | (719) | (60) | % | |||||||||||||||
Gain on remeasurement of warrant liability | (9,065) | — | (9,065) | N/M | |||||||||||||||||||
Loss on other investments | — | 58 | (58) | (100) | % | ||||||||||||||||||
Gain on debt extinguishment | (3,375) | — | (3,375) | N/M | |||||||||||||||||||
Loss on fair value of derivative instrument | — | 57 | (57) | (100) | % | ||||||||||||||||||
Foreign exchange loss | 298 | 96 | 202 | 210 | % | ||||||||||||||||||
Other expense (income), net | 964 | (20) | 984 | N/M | |||||||||||||||||||
Total | $ | (10,693) | $ | 1,395 | $ | (12,088) | N/M |
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||
Interest expense, net | $ | 2,383 | $ | 2,993 | $ | (610) | (20) | % | |||||||||||||||
Gain on remeasurement of warrant liability | (5,390) | — | (5,390) | 100 | % | ||||||||||||||||||
Loss on other investments | — | 318 | (318) | (100) | % | ||||||||||||||||||
Gain on debt extinguishment | (3,375) | — | (3,375) | N/M | |||||||||||||||||||
Loss on fair value of derivative instrument | — | 57 | (57) | — | % | ||||||||||||||||||
Foreign exchange loss | 1,137 | 455 | 682 | 150 | % | ||||||||||||||||||
Other (income) expense, net | (123) | 28 | (151) | N/M | |||||||||||||||||||
Total | $ | (5,368) | $ | 3,851 | $ | (9,219) | (239) | % |
Three months ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Segment Revenue: | ||||||||||||||||||||||||||
Cannabinoid | $ | 901 | $ | 1,136 | $ | 2,157 | $ | 1,531 | ||||||||||||||||||
Non-Cannabinoid | 3,130 | 2,781 | 9,023 | 7,239 | ||||||||||||||||||||||
Total revenue | $ | 4,031 | $ | 3,917 | $ | 11,180 | $ | 8,770 |
Three months ended September 30, | Change | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
Segment Profit/(Loss): | |||||||||||||||||||||||
Cannabinoid | $ | (4,391) | $ | (4,529) | 138 | (3) | % | ||||||||||||||||
Non-Cannabinoid | 551 | 933 | (382) | (41) | % | ||||||||||||||||||
Total Segment Loss (a) | $ | (3,840) | $ | (3,596) | (244) | 7 | % |
Nine months ended September 30, | Change | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
Segment Profit/(Loss): | |||||||||||||||||||||||
Cannabinoid | $ | (10,859) | $ | (14,384) | 3,525 | (25) | % | ||||||||||||||||
Non-Cannabinoid | 1,797 | 1,346 | 451 | 34 | % | ||||||||||||||||||
Total Segment Loss (a) | $ | (9,062) | $ | (13,038) | 3,976 | (30) | % | ||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net cash used in operating activities | $ | (28,195) | $ | (18,279) | |||||||||||||||||||
Net cash used in investing activities | (5,948) | (3,286) | |||||||||||||||||||||
Net cash provided by financing activities | 951 | 14,632 | |||||||||||||||||||||
Effect of foreign currency translation on cash and cash equivalents | (62) | (29) | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash beginning of period | 79,460 | 13,198 | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash end of period | 46,206 | 6,236 | |||||||||||||||||||||
Decrease in cash and cash equivalents | $ | (33,254) | $ | (6,962) |
Exhibit No. | Description | |||||||
3.1 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
31.1** | ||||||||
31.2** |
Exhibit No. | Description | |||||||
32.1*** | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | |||||||
104 | Cover Page Interactive Date File - (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
Clever Leaves Holdings Inc. | ||||||||
November 10, 2021 | ||||||||
By: | /s/ Kyle Detwiler | |||||||
Name: | Kyle Detwiler | |||||||
Title: | Chief Executive Officer |