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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended December 31, 2023

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: 001-34719

S&W SEED COMPANY

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada

 

27-1275784

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

 

 

 

2101 Ken Pratt Blvd, Suite 201, Longmont, CO

 

80501

(Address of Principal Executive Offices)

 

(Zip Code)

(720) 506-9191

(Registrant's Telephone Number, Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

SANW

The Nasdaq Capital Market

 

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

The number of shares outstanding of common stock of the registrant as of February 7, 2024 was 43,314,975.

 

 


 

S&W SEED COMPANY

TABLE OF CONTENTS

 

PART I.

 

FINANCIAL INFORMATION

 

Page No.

Item 1.

 

Financial Statements (Unaudited):

 

4

 

 

Condensed Consolidated Balance Sheets at December 31, 2023 and June 30, 2023

 

4

 

 

Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended December 31, 2023 and 2022

 

5

 

 

Condensed Consolidated Statements of Comprehensive Loss for the Three Months and Six Months Ended December 31, 2023 and 2022

 

6

 

 

Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity for the Three Months and Six Months Ended December 31, 2023 and 2022

 

7

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

Item 4.

 

Controls and Procedures

 

37

PART II.

 

OTHER INFORMATION

 

38

Item 1.

 

Legal Proceedings

 

38

Item 1A.

 

Risk Factors

 

38

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

38

Item 3.

 

Defaults Upon Senior Securities

 

38

Item 4.

 

Mine Safety Disclosures

 

38

Item 5.

 

Other Information

 

38

Item 6.

 

Exhibits

 

39

 

 

 

1


 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to: statements concerning our loan agreements, including our ability to comply with and/or secure refinancing for such loan agreements; the potential effects of global macroeconomic events and the COVID-19 pandemic on our business; the plans, strategies and objectives of management for our future operations, including our expectations for new product introductions during fiscal 2024; our implementation of our recently implemented strategic review (which includes our plans to reduce annual operating expenses) our recent partnership with Shell and its role in enabling us to reduce our operating expenses and sharpen our focus on key growth priorities; our ability to raise capital in the future; expected development, performance or market acceptance relating to our products or services or our ability to expand our grower or customer bases or to diversify our product offerings; future economic conditions or performance; our ability to retain key employees; and our assumptions, expectations and beliefs underlying any of the foregoing. These forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations about future events. Such forward-looking statements are subject to risks, uncertainties and other important factors, including certain assumptions, that, if they never materialize or prove incorrect, could cause our actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Risks, uncertainties and assumptions include the following:

whether we are successful in implementing our strategies focused on growth opportunities, changes in our cost structure and improved financial performance;
whether we are able to maintain compliance with our current loan agreements, including to provide access to sufficient liquidity to pay our growers and suppliers;
the COVID-19 pandemic and other geopolitical and macroeconomic events, such as global inflation, bank failures, supply chain disruptions, uncertain market conditions, the ongoing military conflict between Russia and Ukraine and related sanctions, the armed conflict in Sudan, the war between Israel and Hamas, and the extent to which they continue to disrupt the local and global economies, as well as our business and the businesses of our customers, distributors and suppliers;
changes in demand for our seed products, including Double TeamTM, our non-GMO herbicide tolerant sorghum solution;
whether we are able to develop and successfully launch additional trait technology products;
whether we are successful in commercializing our current and future trait technology products, including Double Team;
our plans for expansion of our business (including by expanding crop offerings and market share of existing offerings through acquisitions, partnerships, joint ventures and other strategic transactions) and our ability to successfully integrate acquisitions into our operations;
whether we continue to invest in research and development and whether such investment results in trait improvement across our crop categories;
the continued ability of our distributors and suppliers to have access to sufficient liquidity to fund their operations;
market trends and other factors affecting our financial condition or results of operations from period to period;
the impact of crop disease, severe weather conditions, such as drought or flooding, or natural disasters, such as earthquakes, on crop quality and yields and on our ability to grow, procure or export our products;
the impact of pricing of other crops that may influence what crops our growers elect to plant;
whether we are successful in aligning expense levels to revenue changes;
whether we are successful in monetizing camelina;
the cost and other implications of pending or future legislation or court decisions and pending or future accounting pronouncements;
whether our recent partnerships with Trigall Genetics and Shell provide their anticipated benefits; and
other risks that are described herein and in the section titled “Risk Factors” contained in Part I, Item 1A. of our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, or the Annual Report, and that are otherwise described or updated from time to time in our filings with the Securities Exchange Commission.

2


 

You are urged to carefully review the disclosures made concerning risks and uncertainties that may affect our business or operating results, which include, among others, those described above.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Many factors discussed in this Quarterly Report on Form 10-Q, some of which are beyond our control, will be important in determining our future performance. Consequently, these statements are inherently uncertain and actual results may differ materially from those that might be anticipated from the forward-looking statements. In light of these and other uncertainties, you should not regard the inclusion of a forward-looking statement in this Quarterly Report on Form 10-Q as a representation by us that our plans and objectives will be achieved, and you should not place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Furthermore, such forward-looking statements represent our views as of, and speak only as of, the date of this Quarterly Report on Form 10-Q, and such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. We undertake no obligation to publicly update any forward-looking statements, or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

When used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” “the Company,” “S&W” and “S&W Seed” refer to S&W Seed Company and its subsidiaries or, as the context may require, S&W Seed Company only. Our fiscal year ends on June 30, and accordingly, the terms “fiscal 2024,” “fiscal 2023” and “fiscal 2022” in this Quarterly Report on Form 10-Q refer to the respective fiscal year ended June 30, 2024, 2023 and 2022, respectively, with corresponding meanings to any fiscal year reference beyond such dates. Trademarks, service marks and trade names of other companies appearing in this report are the property of their respective holders.

3


 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

S&W SEED COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

ASSETS

 

As of
December 31, 2023

 

 

As of
June 30, 2023

 

CURRENT ASSETS

 

Cash and cash equivalents

 

$

1,114,370

 

 

$

3,398,793

 

Accounts receivable, net

 

 

19,983,583

 

 

 

24,622,727

 

Notes receivable, net

 

 

6,974,357

 

 

 

6,846,897

 

Inventories, net

 

 

46,008,080

 

 

 

45,098,268

 

Prepaid expenses and other current assets

 

 

2,974,177

 

 

 

4,099,027

 

TOTAL CURRENT ASSETS

 

 

77,054,567

 

 

 

84,065,712

 

Property, plant and equipment, net

 

 

10,350,887

 

 

 

10,082,168

 

Intellectual property, net

 

 

20,958,076

 

 

 

21,650,534

 

Other intangibles, net

 

 

7,808,412

 

 

 

8,082,325

 

Right of use assets - operating leases

 

 

2,825,742

 

 

 

2,983,303

 

Equity method investments

 

 

21,624,643

 

 

 

23,059,705

 

Other assets

 

 

3,051,182

 

 

 

2,066,081

 

TOTAL ASSETS

 

$

143,673,509

 

 

$

151,989,828

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

14,891,078

 

 

$

13,312,180

 

Deferred revenue

 

 

5,504,204

 

 

 

464,707

 

Accrued expenses and other current liabilities

 

 

6,004,829

 

 

 

8,804,456

 

Current portion of working capital lines of credit, net

 

 

43,597,213

 

 

 

44,900,779

 

Current portion of long-term debt, net

 

 

4,445,442

 

 

 

3,808,761

 

TOTAL CURRENT LIABILITIES

 

 

74,442,766

 

 

 

71,290,883

 

Long-term debt, net, less current portion

 

 

4,862,340

 

 

 

4,499,334

 

Other non-current liabilities

 

 

2,063,641

 

 

 

2,102,030

 

TOTAL LIABILITIES

 

 

81,368,747

 

 

 

77,892,247

 

MEZZANINE EQUITY

 

 

 

 

 

 

Preferred stock, $0.001 par value; 3,323 shares authorized; 1,695 issued and outstanding at December 31, 2023 and June 30, 2023

 

 

5,518,624

 

 

 

5,274,148

 

TOTAL MEZZANINE EQUITY

 

 

5,518,624

 

 

 

5,274,148

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Common stock, $0.001 par value; 75,000,000 shares authorized; 43,317,044 issued and 43,292,044 outstanding at December 31, 2023; 43,004,011 issued and 42,979,011 outstanding at June 30, 2023

 

 

43,317

 

 

 

43,004

 

Treasury stock, at cost, 25,000 shares

 

 

(134,196

)

 

 

(134,196

)

Additional paid-in capital

 

 

168,270,300

 

 

 

167,768,104

 

Accumulated deficit

 

 

(104,595,765

)

 

 

(91,932,808

)

Accumulated other comprehensive loss

 

 

(6,832,156

)

 

 

(6,987,791

)

Non-controlling interests

 

 

34,638

 

 

 

67,120

 

TOTAL STOCKHOLDERS' EQUITY

 

 

56,786,138

 

 

 

68,823,433

 

TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY

 

$

143,673,509

 

 

$

151,989,828

 

 

See notes to condensed consolidated financial statements.

4


 

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended
December 31,

 

 

Six Months Ended
December 31,

 

 

 

2023

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

10,864,809

 

$

12,937,802

 

 

$

27,297,275

 

 

$

32,803,667

 

Cost of revenue

 

 

7,575,685

 

 

10,188,511

 

 

 

18,996,837

 

 

 

25,549,865

 

Gross profit

 

 

3,289,124

 

 

2,749,291

 

 

 

8,300,438

 

 

 

7,253,802

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

5,892,922

 

 

6,242,212

 

 

 

11,679,502

 

 

 

11,298,469

 

Research and development expenses

 

 

994,648

 

 

1,503,473

 

 

 

2,081,160

 

 

 

3,018,853

 

Depreciation and amortization

 

 

1,076,019

 

 

1,253,904

 

 

 

2,145,042

 

 

 

2,590,338

 

Gain on disposal of property, plant and equipment

 

 

(68,734

)

 

(751

)

 

 

(101,690

)

 

 

(4,411

)

Total operating expenses

 

 

7,894,855

 

 

8,998,838

 

 

 

15,804,014

 

 

 

16,903,249

 

Loss from operations

 

 

(4,605,731

)

 

(6,249,547

)

 

 

(7,503,576

)

 

 

(9,649,447

)

Other (income) expense

 

 

 

 

 

 

 

 

 

 

 

Foreign currency loss

 

 

244,298

 

 

176,624

 

 

 

616,486

 

 

 

367,539

 

Gain on sale of equity investment

 

 

 

 

(32,030

)

 

 

 

 

 

(32,030

)

Gain on disposal of intangible assets

 

 

 

 

(1,796,252

)

 

 

 

 

 

(1,796,252

)

Interest expense - amortization of debt discount

 

 

446,017

 

 

578,112

 

 

 

901,591

 

 

 

861,755

 

Interest expense, net

 

 

1,337,992

 

 

1,092,327

 

 

 

2,743,759

 

 

 

1,879,006

 

Other (income) expenses

 

 

(59,336

)

 

546

 

 

 

(96,896

)

 

 

(43,724

)

Loss before income taxes

 

 

(6,574,702

)

 

(6,268,874

)

 

 

(11,668,516

)

 

 

(10,885,741

)

Benefit from income taxes

 

 

(756,985

)

 

(282,296

)

 

 

(755,778

)

 

 

(383,960

)

Loss before equity in net earnings of affiliates

 

 

(5,817,717

)

 

(5,986,578

)

 

 

(10,912,738

)

 

 

(10,501,781

)

Equity in loss of equity method investees, net of tax

 

 

676,329

 

 

4,015

 

 

 

1,538,225

 

 

 

4,015

 

Net loss

 

$

(6,494,046

)

$

(5,990,593

)

 

$

(12,450,963

)

 

$

(10,505,796

)

Loss attributable to non-controlling interests

 

 

(25,194

)

 

(4,588

)

 

 

(32,482

)

 

 

(10,850

)

Net loss attributable to S&W Seed Company

 

$

(6,468,852

)

$

(5,986,005

)

 

$

(12,418,481

)

 

$

(10,494,946

)

 

 

 

 

 

 

 

 

 

 

 

Calculation of net loss per share:

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to S&W Seed Company

 

$

(6,468,852

)

$

(5,986,005

)

 

$

(12,418,481

)

 

$

(10,494,946

)

Dividends accrued for participating securities and accretion

 

 

(124,431

)

 

(114,062

)

 

 

(244,476

)

 

 

(228,123

)

Net loss attributable to common shareholders

 

$

(6,593,283

)

$

(6,100,067

)

 

$

(12,662,957

)

 

$

(10,723,069

)

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to S&W Seed Company per common share, basic and diluted

 

$

(0.15

)

$

(0.14

)

 

$

(0.29

)

 

$

(0.25

)

Weighted average number of common shares outstanding, basic and diluted

 

 

43,091,438

 

 

42,651,270

 

 

 

43,050,329

 

 

 

42,627,645

 

 

See notes to condensed consolidated financial statements.

5


 

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

 

 

 

Three Months Ended
December 31,

 

 

Six Months Ended
 December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(6,494,046

)

 

$

(5,990,593

)

 

$

(12,450,963

)

 

$

(10,505,796

)

Foreign currency translation adjustment, net of income taxes

 

 

316,614

 

 

 

539,520

 

 

 

155,635

 

 

 

(174,775

)

Comprehensive loss

 

 

(6,177,432

)

 

 

(5,451,073

)

 

 

(12,295,328

)

 

 

(10,680,571

)

Comprehensive loss attributable to non-controlling interests

 

 

(25,194

)

 

 

(4,588

)

 

 

(32,482

)

 

 

(10,850

)

Comprehensive loss attributable to S&W Seed Company

 

$

(6,152,238

)

 

$

(5,446,485

)

 

$

(12,262,846

)

 

$

(10,669,721

)

 

See notes to condensed consolidated financial statements.

6


 

S&W SEED COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

Mezzanine Equity

 

 

Shareholders' Equity

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Non-
controlling

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Interests

 

 

Loss

 

 

Equity

 

Balance, September 30, 2022

 

 

1,695

 

 

$

4,918,880

 

 

 

42,632,585

 

 

$

42,633

 

 

 

(25,000

)

 

$

(134,196

)

 

$

164,486,927

 

 

$

(110,496,559

)

 

$

35,576

 

 

$

(7,274,895

)

 

$

46,659,486

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

305,894

 

 

 

 

 

 

 

 

 

 

 

 

305,894

 

Series B detachable warrant

 

 

 

 

 

25,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,838

)

 

 

 

 

 

 

 

 

(25,838

)

Accrued dividends on Series B convertible preferred stock

 

 

 

 

 

88,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,224

)

 

 

 

 

 

 

 

 

(88,224

)

Net issuance to settle RSUs

 

 

 

 

 

 

 

 

155,838

 

 

 

155

 

 

 

 

 

 

 

 

 

(4,894

)

 

 

 

 

 

 

 

 

 

 

 

(4,739

)

Subordinated loan & security agreement warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

656,427

 

 

 

 

 

 

 

 

 

 

 

 

656,427

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

539,520

 

 

 

539,520

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,986,005

)

 

 

(4,588

)

 

 

 

 

 

(5,990,593

)

Balance, December 31, 2022

 

 

1,695

 

 

$

5,032,942

 

 

 

42,788,423

 

 

$

42,788

 

 

 

(25,000

)

 

$

(134,196

)

 

$

165,444,354

 

 

$

(116,596,626

)

 

$

30,988

 

 

$

(6,735,375

)

 

$

42,051,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2023

 

 

1,695

 

 

$

5,394,193

 

 

 

43,047,951

 

 

$

43,048

 

 

 

(25,000

)

 

$

(134,196

)

 

$

168,011,474

 

 

$

(98,002,482

)

 

$

59,832

 

 

$

(7,148,770

)

 

$

62,828,906

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

283,327

 

 

 

 

 

 

 

 

 

 

 

 

283,327

 

Series B detachable warrant

 

 

 

 

 

25,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,838

)

 

 

 

 

 

 

 

 

(25,838

)

Accrued dividends on Series B convertible preferred stock

 

 

 

 

 

98,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(98,593

)

 

 

 

 

 

 

 

 

(98,593

)

Net issuance to settle RSUs

 

 

 

 

 

 

 

 

269,093

 

 

 

269

 

 

 

 

 

 

 

 

 

(11,919

)

 

 

 

 

 

 

 

 

 

 

 

(11,650

)

Proceeds from sale of common stock, net of expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,582

)

 

 

 

 

 

 

 

 

 

 

 

(12,582

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

316,614

 

 

 

316,614

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,468,852

)

 

 

(25,194

)

 

 

 

 

 

(6,494,046

)

Balance, December 31, 2023

 

 

1,695

 

 

$

5,518,624

 

 

 

43,317,044

 

 

$

43,317

 

 

 

(25,000

)

 

$

(134,196

)

 

$

168,270,300

 

 

$

(104,595,765

)

 

$

34,638

 

 

$

(6,832,156

)

 

$

56,786,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine Equity

 

 

Shareholders' Equity

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Non-
controlling

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Interests

 

 

Loss

 

 

Equity

 

Balance, June 30, 2022

 

 

1,695

 

 

$

4,804,819

 

 

 

42,608,758

 

 

$

42,609

 

 

 

(25,000

)

 

$

(134,196

)

 

$

163,892,575

 

 

$

(105,873,557

)

 

$

41,838

 

 

$

(6,560,600

)

 

$

51,408,669

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

762,006

 

 

 

 

 

 

 

 

 

 

 

 

762,006

 

Subordinated loan & security agreement warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

802,901

 

 

 

 

 

 

 

 

 

 

 

 

802,901

 

Series B detachable warrant

 

 

 

 

 

51,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,676

)

 

 

 

 

 

 

 

 

(51,676

)

Accrued dividends on Series B convertible preferred stock

 

 

 

 

 

176,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(176,447

)

 

 

 

 

 

 

 

 

(176,447

)

Net issuance to settle RSUs

 

 

 

 

 

 

 

 

179,665

 

 

 

179

 

 

 

 

 

 

 

 

 

(13,128

)

 

 

 

 

 

 

 

 

 

 

 

(12,949

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(174,775

)

 

 

(174,775

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,494,946

)

 

 

(10,850

)

 

 

 

 

 

(10,505,796

)

Balance, December 31, 2022

 

 

1,695

 

 

$

5,032,942

 

 

 

42,788,423

 

 

$

42,788

 

 

 

(25,000

)

 

$

(134,196

)

 

$

165,444,354

 

 

$

(116,596,626

)

 

$

30,988

 

 

$

(6,735,375

)

 

$

42,051,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2023

 

 

1,695

 

 

$

5,274,148

 

 

 

43,004,011

 

 

$

43,004

 

 

 

(25,000

)

 

$

(134,196

)

 

$

167,768,104

 

 

$

(91,932,808

)

 

$

67,120

 

 

$

(6,987,791

)

 

$

68,823,433

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

695,147

 

 

 

 

 

 

 

 

 

 

 

 

695,147

 

Series B detachable warrant

 

 

 

 

 

51,676