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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021 or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

 

Commission File Number: 001-40373

 

 

 

ENDEAVOR GROUP HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

83-3340169

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

9601 Wilshire Boulevard, 3rd Floor

Beverly Hills, CA 90210

(Address of principal executive offices) (Zip Code)

 

(310) 285-9000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.00001 per share

EDR

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of November 5, 2021, there were 264,109,869 shares of the registrant’s Class A common stock outstanding, 187,258,129 shares of the registrant’s Class X common stock outstanding and 238,154,296 shares of the registrant’s Class Y common stock outstanding.

 

 

 


Table of Contents

TABLE OF CONTENTS

 

Part I – FINANCIAL INFORMATION

 

Item 1. Financial Statements (unaudited)

4

Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

4

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020

5

Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2021 and 2020

6

Consolidated Statements of Redeemable Interests and Shareholders’/ Members’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020

9

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

10

Notes to Consolidated Financial Statements

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3. Quantitative and Qualitative Disclosures about Market Risk

49

Item 4. Controls and Procedures

49

Part II – OTHER INFORMATION

 

Item 1. Legal Proceedings

49

Item 1A. Risk Factors

49

Item 6. Exhibits

51

 

 


Table of Contents

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of present and historical facts contained in this Quarterly Report, including without limitation, statements regarding our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, future events or expected performance, are forward-looking statements.

 

Without limiting the foregoing, you can generally identify forward-looking statements by the use of forward-looking terminology, including the terms "aim," "anticipate," "believe," "could," "mission," “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “target,” “predict,” “potential,” “contemplate,” or, in each case, their negative, or other ,variations or comparable terminology and expressions. The forward-looking statements in this Quarterly Report are only predictions and are based on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to:

the impact of the global pandemic related to COVID-19 and its variants on our business, financial condition, liquidity and results of operations;
changes in public and consumer tastes and preferences and industry trends;
the effect of factors beyond our control, such as adverse economic conditions, on our operations;
our ability to adapt to or manage new content distribution platforms or changes in consumer behavior resulting from new technologies;
our reliance on our professional reputation and brand name;
our dependence on the relationships of our management, agents, and other key personnel with clients across many content categories;
our ability to identify, sign, and retain clients;
our ability to identify, recruit, and retain qualified and experienced agents and managers;
our ability to avoid or manage conflicts of interest arising from our client and business relationships;
the loss or diminished performance of members of our executive management and other key employees;
our dependence on key relationships with television and cable networks, satellite providers, digital streaming partners, corporate sponsors, and other distribution partners;
our ability to effectively manage the integration of and recognize economic benefits from businesses acquired, our operations at our current size, and any future growth;
the conduct of our operations through joint ventures and other investments with third parties;
immigration restrictions and related factors;
failure in technology, including at live events, or security breaches of our information systems;
the unauthorized disclosure of sensitive or confidential client or customer information;
our substantial indebtedness;
our ability to protect our trademarks and other intellectual property rights, including our brand image and reputation, and the possibility that others may allege that we infringe upon their intellectual property rights;
the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and international markets;
fluctuations in foreign currency exchange rates;
litigation and other proceedings to the extent uninsured or underinsured;
our ability to comply with the U.S. and foreign governmental regulations to which we are subject;
our compliance with certain franchise and licensing requirements of unions and guilds and dependence on unionized labor;
our control by Messrs. Emanuel and Whitesell, the Executive Holdcos, and the Silver Lake Equityholders;
risk related to our organization and structure;
risks related to tax matters;

1


Table of Contents

risks related to our Class A common stock; and
other important factors that could cause actual results, performance or achievements to differ materially from those contemplated that are found in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Part II, Item 1A., “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 and in Amendment No.1 to our Quarterly Report on Form 10-Q/A for the quarterly period ended June 30, 2021.

These risks could cause actual results to differ materially from those implied by forward-looking statements in this Quarterly Report. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Even if our results of operations, financial condition and liquidity and the development of the industry in which we operate are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods.

You should read this Quarterly Report and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we have no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

 

 

DEFINITIONS

 

As used in this Quarterly Report, unless we state otherwise or the context otherwise requires:

“we,” “us,” “our,” “Endeavor,” the “Company,” and similar references refer (a) after giving effect to the reorganization transactions, to Endeavor Group Holdings and its consolidated subsidiaries, and (b) prior to giving effect to the reorganization transactions, to Endeavor Operating Company and its consolidated subsidiaries.
“Endeavor Catch-Up Profits Units” refer to the Endeavor Full Catch-Up Profits Units and the Endeavor Partial Catch-Up Profits Units.
“Endeavor Full Catch-Up Profits Units” refer to the Endeavor Profits Units that are designated as “catchup” units. Endeavor Full Catch-Up Profits Units have a per unit hurdle price and are entitled to receive a preference on distributions once the hurdle price applicable to such unit has been met. Upon our achievement of a price per share that would have fully satisfied such preference on distributions, the Endeavor Full Catch-Up Profits Units were converted into Endeavor Operating Company Units.
“Endeavor Group Holdings” refers to Endeavor Group Holdings, Inc. (“EGH”).
“Endeavor Manager” refers to Endeavor Manager, LLC, a Delaware limited liability company and a direct subsidiary of Endeavor Group Holdings following the reorganization transactions.
“Endeavor Manager Units” refers to the common interest units in Endeavor Manager.
“Endeavor Operating Company” refers to Endeavor Operating Company, LLC, a Delaware limited liability company and a direct subsidiary of Endeavor Manager’s and indirect subsidiary of ours following the reorganization transactions (“EOC”).
“Endeavor Operating Company Units” refers to all of the existing equity interests in Endeavor Operating Company (other than the Endeavor Profits Units) that were reclassified into Endeavor Operating Company’s non-voting common interest units upon the consummation of the reorganization transactions.
“Endeavor Partial Catch-Up Profits Units” refer to the Endeavor Profits Units that are designated as “catchup” units. Endeavor Partial Catch-Up Profits Units have a per unit hurdle price and are entitled to receive a preference on distributions once the hurdle price applicable to such unit has been met. Upon our achievement of a price per share that would have fully satisfied such preference on distributions, the Endeavor Partial Catch-Up Profits Units were converted into Endeavor Profits Units (without any such preference) with a reduced per unit hurdle price to take into account such prior preference.
“Endeavor Phantom Units” refers to the phantom units outstanding, which, subject to certain conditions and limitations, entitle the holder to cash equal to the value of a number of Endeavor Manager Units, Endeavor Operating Company Units, or Endeavor Profits Units, or of equity settled to the equivalent number of Endeavor Manager Units, Endeavor Operating Company Units, or Endeavor Profits Units.
“Endeavor Profits Units” refers to the profits units of Endeavor Operating Company and that are economically similar to stock options (other than with respect to Endeavor Full Catch-up Profits Units which, upon our achievement of a price per share that would have fully satisfied their preference on distributions, were converted into Endeavor Operating Company Units). Each Endeavor Profits Unit (other than Endeavor Full Catch-Up Profits Units) has a per unit hurdle price, which is economically similar to the exercise price of a stock option.
“Endeavor Full Catch-Up Profits Units” refer to the Endeavor Profits Units that are designated as “catchup” units. Endeavor Full Catch- Up Profits Units have a per unit hurdle price and are entitled to receive a preference on distributions once the hurdle price applicable to such unit has been met. Upon our achievement of a price per share that would have fully satisfied such preference on distributions, the Endeavor Full Catch-Up Profits Units were converted into Endeavor Operating Company Units.

2


Table of Contents

“Executive Holdcos” refers to Endeavor Executive Holdco, LLC, Endeavor Executive PIU Holdco, LLC, and Endeavor Executive II Holdco, LLC, each a management holding company, the equity owners of which include current and former senior officers, employees, or other service providers of Endeavor Operating Company, and which are controlled by Messrs. Emanuel and Whitesell.
“reorganization transactions” refers to the internal reorganization completed in connection with our May 2021 initial public offering, following which Endeavor Group Holdings manages and operates the business and control the strategic decisions and day-to-day operations of Endeavor Operating Company through Endeavor Manager and includes the operations of Endeavor Operating Company in its consolidated financial statements.

 

 

3


Table of Contents

Item 1. Financial Statements (Unaudited)

PART I – FINANCIAL INFORMATION

 

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,028,709

 

 

$

1,008,485

 

Restricted cash

 

 

250,021

 

 

 

181,848

 

Accounts receivable (net of allowance for doubtful accounts of $60,278 and $67,975, respectively)

 

 

639,429

 

 

 

445,778

 

Deferred costs

 

 

230,305

 

 

 

234,634

 

Assets held for sale

 

 

960,677

 

 

 

 

Other current assets

 

 

200,959

 

 

 

194,463

 

      Total current assets

 

 

3,310,100

 

 

 

2,065,208

 

Property and equipment, net

 

 

598,433

 

 

 

613,139

 

Operating lease right-of-use assets

 

 

363,040

 

 

 

386,911

 

Intangible assets, net

 

 

1,554,108

 

 

 

1,595,468

 

Goodwill

 

 

4,415,891

 

 

 

4,181,179

 

Investments

 

 

285,842

 

 

 

251,078

 

Other assets

 

 

203,444

 

 

 

540,651

 

      Total assets

 

$

10,730,858

 

 

$

9,633,634

 

LIABILITIES, REDEEMABLE INTERESTS AND SHAREHOLDERS'/MEMBERS' EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

556,179

 

 

$

554,260

 

Accrued liabilities

 

 

503,953

 

 

 

322,749

 

Current portion of long-term debt

 

 

75,858

 

 

 

212,971

 

Current portion of operating lease liabilities

 

 

60,643

 

 

 

58,971

 

Deferred revenue

 

 

636,531

 

 

 

606,530

 

Deposits received on behalf of clients

 

 

235,308

 

 

 

176,572

 

Liabilities held for sale

 

 

548,846

 

 

 

 

Other current liabilities

 

 

89,805

 

 

 

65,025

 

      Total current liabilities

 

 

2,707,123

 

 

 

1,997,078

 

Long-term debt

 

 

5,032,543

 

 

 

5,712,834

 

Long-term operating lease liabilities

 

 

364,608

 

 

 

395,331

 

Other long-term liabilities

 

 

371,902

 

 

 

373,642

 

    Total liabilities

 

 

8,476,176

 

 

 

8,478,885

 

Commitments and contingencies (Note 20)

 

 

 

 

 

 

Redeemable non-controlling interests

 

 

208,890

 

 

 

168,254

 

Redeemable equity

 

 

 

 

 

22,519

 

Shareholders'/Members' Equity:

 

 

 

 

 

 

Class A common stock, $.00001 par value; 5,000,000,000 shares authorized;
  
261,970,674 shares issued and outstanding as of September 30, 2021

 

 

2

 

 

 

 

Class B common stock, $.00001 par value; 5,000,000,000 shares authorized;
  
none issued and outstanding as of September 30, 2021

 

 

 

 

 

 

Class C common stock, $.00001 par value; 5,000,000,000 shares authorized;
  
none issued and outstanding as of September 30, 2021

 

 

 

 

 

 

Class X common stock, $.00001 par value; 5,000,000,000 shares authorized;
  
187,515,124 shares issued and outstanding as of September 30, 2021

 

 

1

 

 

 

 

Class Y common stock, $.00001 par value; 1,000,000,000 shares authorized;
  
238,154,296 shares issued and outstanding as of September 30, 2021

 

 

2

 

 

 

 

Additional paid-in capital

 

 

1,580,638

 

 

 

 

Accumulated deficit

 

 

(277,112

)

 

 

 

Members' capital

 

 

-

 

 

 

468,633

 

Accumulated other comprehensive loss

 

 

(95,811

)

 

 

(190,786

)

Total Endeavor Group Holdings, Inc./Endeavor Operating Company, LLC
  shareholders'/members' equity

 

 

1,207,720

 

 

 

277,847

 

Nonredeemable non-controlling interests

 

 

838,072

 

 

 

686,129

 

Total shareholders'/members' equity

 

 

2,045,792

 

 

 

963,976

 

Total liabilities, redeemable interests and shareholders'/members' equity

 

$

10,730,858

 

 

$

9,633,634

 

See accompanying notes to consolidated financial statements

4


Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

1,391,303

 

 

$

864,492

 

 

$

3,572,157

 

 

$

2,517,803

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating costs

 

 

673,215

 

 

 

422,070

 

 

 

1,790,562

 

 

 

1,275,997

 

Selling, general and administrative expenses

 

 

520,626

 

 

 

318,933

 

 

 

1,686,840

 

 

 

1,009,951

 

Insurance recoveries

 

 

(12,233

)

 

 

(19,563

)

 

 

(42,100

)

 

 

(53,523

)

Depreciation and amortization

 

 

71,661

 

 

 

76,471

 

 

 

208,058

 

 

 

241,669

 

Impairment charges

 

 

754

 

 

 

 

 

 

4,524

 

 

 

175,282

 

Total operating expenses

 

 

1,254,023

 

 

 

797,911

 

 

 

3,647,884

 

 

 

2,649,376

 

Operating income (loss)

 

 

137,280

 

 

 

66,581

 

 

 

(75,727

)

 

 

(131,573

)

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(55,783

)

 

 

(71,277

)

 

 

(207,970

)

 

 

(212,954

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(28,628

)

 

 

 

Other (expense) income, net

 

 

(7,719

)

 

 

16,409

 

 

 

(3,001

)

 

 

63,576

 

Income (loss) before income taxes and equity losses of affiliates

 

 

73,778

 

 

 

11,713

 

 

 

(315,326

)

 

 

(280,951

)

(Benefit from) provision for income taxes

 

 

(7,718

)

 

 

(941

)

 

 

58,285

 

 

 

43,614

 

Income (loss) before equity losses of affiliates

 

 

81,496

 

 

 

12,654

 

 

 

(373,611

)

 

 

(324,565

)

Equity losses of affiliates, net of tax

 

 

(17,883

)

 

 

(34,473

)

 

 

(77,167

)

 

 

(244,280

)

Net income (loss)

 

 

63,613

 

 

 

(21,819

)

 

 

(450,778

)

 

 

(568,845

)

Less: Net income (loss) attributable to non-controlling interests

 

 

21,128

 

 

 

58,430

 

 

 

(141,980

)

 

 

32,914

 

Less: Net loss attributable to Endeavor Operating Company, LLC prior to the reorganization transactions

 

 

 

 

 

(80,249

)

 

 

(31,686

)

 

 

(601,759

)

Net income (loss) attributable to Endeavor Group Holdings, Inc.

 

$

42,485

 

 

$

 

 

$

(277,112

)

 

$

 

Income (loss) per share of Class A common stock(1):

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

 

$

0.16

 

 

N/A

 

 

$

(1.07

)

 

N/A

 

  Diluted

 

$

0.16

 

 

N/A

 

 

$

(1.07

)

 

N/A

 

Weighted average number of shares used in computing income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

 

 

262,891,070

 

 

N/A

 

 

 

261,048,116

 

 

N/A

 

  Diluted

 

 

435,922,511

 

 

N/A

 

 

 

261,048,116

 

 

N/A

 

 

(1)
Basic and diluted income (loss) per share of Class A common stock is applicable only for the period from May 1, 2021 through September 30, 2021, which is the period following the initial public offering (“IPO”) and the related Reorganization Transactions (as defined in Note 1 to the unaudited consolidated financial statements). See Note 15 for the calculation of the numbers of shares used in computation of net loss per share of Class A common stock and the basis for computation of net loss per share.

 

See accompanying notes to consolidated financial statements

5


Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss)

 

$

63,613

 

 

$

(21,819

)

 

$

(450,778

)

 

$

(568,845

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains/losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (losses) gains on forward foreign exchange contracts

 

 

(628

)

 

 

184

 

 

 

(416

)

 

 

(1,940

)

Reclassification of gains to net income (loss) for forward foreign exchange contracts

 

 

(1,475

)

 

 

 

 

 

(1,468

)

 

 

 

Unrealized (losses) gains on interest rate swaps

 

 

(41

)

 

 

(719

)

 

 

13,233

 

 

 

(93,183

)

Reclassification of losses to net income (loss) for interest rate swaps

 

 

7,677

 

 

 

8,048

 

 

 

22,613

 

 

 

14,960

 

Foreign currency translation adjustments

 

 

(1,128

)

 

 

6,488

 

 

 

(3,508

)

 

 

(4,972

)

Reclassification of loss to net income (loss) for business divestiture

 

 

 

 

 

 

 

 

 

 

 

4,231

 

Total comprehensive income (loss), net of tax

 

 

68,018

 

 

 

(7,818

)

 

 

(420,324

)

 

 

(649,749

)

Less: Comprehensive income (loss) attributable to non-controlling interests

 

 

22,814

 

 

 

58,430

 

 

 

(137,811

)

 

 

32,914

 

Less: Net loss attributable to Endeavor Operating Company, LLC
 prior to the reorganization transactions

 

 

 

 

 

(66,248

)

 

 

(12,021

)

 

 

(682,663

)

Comprehensive income (loss) attributable to Endeavor Group Holdings, Inc.

 

$

45,204

 

 

$

 

 

$

(270,492

)

 

$

 

 

See accompanying notes to consolidated financial statements

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Table of Contents

ENDEAVOR GROUP HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF REDEEMABLE INTERESTS AND SHAREHOLDERS’/ MEMBERS’ EQUITY

(In thousands, except share data)

(Unaudited)

 

 

 

Three Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Shareholders'

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Equity Attributable

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

to Endeavor Group

 

 

Nonredeemable

 

 

Total

 

 

 

Non-controlling

 

 

Redeemable

 

 

 

Members'

 

 

Class A Common Stock

 

 

Class X Common Stock

 

 

Class Y Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Holdings, Inc./

 

 

Non-controlling

 

 

Shareholders'/

 

 

 

Interests

 

 

Equity

 

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Members' Equity

 

 

Interests

 

 

Members' Equity

 

Balance at July 1, 2021

 

$

179,140

 

 

$

-

 

 

 

$

-

 

 

 

261,371,683

 

 

$

2

 

 

 

188,080,383

 

 

$

1

 

 

 

238,154,296

 

 

$

2

 

 

$

1,556,791

 

 

$

(319,597

)

 

$

(98,530

)

 

$

1,138,669

 

 

$

811,568

 

 

$