Company Quick10K Filing
S&W Seed
Price2.43 EPS-0
Shares33 P/E-6
MCap81 P/FCF-112
Net Debt12 EBIT-14
TEV93 TEV/EBIT-7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-14
10-Q 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-11-13
10-K 2019-06-30 Filed 2019-09-18
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-13
10-K 2018-06-30 Filed 2018-09-20
10-Q 2018-03-31 Filed 2018-05-10
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-09
10-K 2017-06-30 Filed 2017-09-20
10-Q 2017-03-31 Filed 2017-05-11
10-Q 2016-12-31 Filed 2017-02-09
10-Q 2016-09-30 Filed 2016-11-10
10-K 2016-06-30 Filed 2016-09-15
10-Q 2016-03-31 Filed 2016-05-13
10-Q 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-11-12
10-K 2015-06-30 Filed 2015-09-28
10-Q 2015-03-31 Filed 2015-05-15
10-Q 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-11-12
10-K 2014-06-30 Filed 2014-09-29
10-Q 2014-03-31 Filed 2014-05-14
10-Q 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-11-14
10-K 2013-06-30 Filed 2013-09-30
10-Q 2013-03-31 Filed 2013-05-15
10-Q 2012-12-31 Filed 2013-02-13
10-Q 2012-09-30 Filed 2012-11-13
10-K 2012-06-30 Filed 2012-09-27
10-Q 2012-03-31 Filed 2012-05-09
10-Q 2011-12-31 Filed 2012-02-08
10-Q 2011-09-30 Filed 2011-11-14
10-K 2011-06-30 Filed 2011-09-27
10-Q 2011-03-31 Filed 2011-05-16
10-Q 2010-12-31 Filed 2011-02-14
10-Q 2010-09-30 Filed 2010-11-15
10-K 2010-06-30 Filed 2010-09-28
10-Q 2010-03-31 Filed 2010-06-16
8-K 2020-05-14
8-K 2020-04-14
8-K 2020-02-24
8-K 2020-02-18
8-K 2020-02-12
8-K 2020-01-15
8-K 2019-12-24
8-K 2019-11-13
8-K 2019-09-18
8-K 2019-05-22
8-K 2019-05-09
8-K 2019-04-24
8-K 2019-02-12
8-K 2019-01-16
8-K 2018-12-31
8-K 2018-12-27
8-K 2018-12-18
8-K 2018-11-20
8-K 2018-11-08
8-K 2018-10-29
8-K 2018-10-22
8-K 2018-09-23
8-K 2018-09-20
8-K 2018-09-05
8-K 2018-08-15
8-K 2018-08-02
8-K 2018-06-28
8-K 2018-05-09
8-K 2018-04-13
8-K 2018-04-10
8-K 2018-03-14
8-K 2018-02-08
8-K 2018-01-09

SANW 10Q Quarterly Report

Part I
Item 1. Financial Statements
Note 1 - Background and Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Leases
Note 4 - Pioneer Relationship
Note 5 - Revenue Recognition
Note 6 - Business Combinations
Note 7 - Goodwill and Intangible Assets
Note 8 - Property, Plant and Equipment
Note 9 - Debt
Note 10 - Warrants
Note 11 - Equity
Note 12 - Foreign Currency Contracts
Note 13 - Commitments and Contingencies
Note 14 - Related Party Transactions
Note 15 - Equity - Based Compensation
Note 16 - Non - Cash Activities for Statements of Cash Flows
Note 17 - Subsequent Events
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-3.3 sanw-ex33_288.htm
EX-10.1 sanw-ex101_10.htm
EX-31.1 sanw-ex311_11.htm
EX-31.2 sanw-ex312_8.htm
EX-32.1 sanw-ex321_7.htm
EX-32.2 sanw-ex322_6.htm

S&W Seed Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
205164123824102012201420172020
Assets, Equity
3525155-5-152012201420172020
Rev, G Profit, Net Income
30186-6-18-302012201420172020
Ops, Inv, Fin

10-Q 1 sanw-10q_20200331.htm 10-Q sanw-10q_20200331.htm

 

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 year ended March 31, 2020

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 Act). Yes No

The number of shares outstanding of common stock of the registrant as of May 12, 2020 was 33,416,204.

 

 

 

 


S&W SEED COMPANY

TABLE OF CONTENTS

 

PART I.

 

FINANCIAL INFORMATION

 

Page No.

Item 1.

 

Financial Statements (Unaudited):

 

4

 

 

Consolidated Balance Sheets at March 31, 2020 and June 30, 2019

 

4

 

 

Consolidated Statements of Operations for the Three Months and Nine Months Ended March 31, 2020 and 2019

 

5

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three Months and Nine Months Ended March 31, 2020 and 2019

 

6

 

 

Consolidated Statements of Stockholders’ Equity for the Three Months and Nine Months Ended March 31, 2020 and 2019

 

7

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2020 and 2019

 

8

 

 

Notes to Consolidated Financial Statements

 

9

Item 2.

 

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

 

34

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

48

Item 4.

 

Controls and Procedures

 

48

PART II.

 

OTHER INFORMATION

 

49

Item 1.

 

Legal Proceedings

 

49

Item 1A.

 

Risk Factors

 

49

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

51

Item 3.

 

Defaults Upon Senior Securities

 

51

Item 4.

 

Mine Safety Disclosures

 

51

Item 5.

 

Other Information

 

51

Item 6.

 

Exhibits

 

52

 

 

 

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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These forward-looking statements include but are not limited to, any statements concerning the potential effects of the COVID-19 pandemic on our business, projections of revenue, margins, expenses, tax provisions, earnings, cash flows and other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding our ability to raise capital in the future; any statements concerning 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; any statements regarding future economic conditions or performance; any statements of expectation or belief; any statements regarding our ability to retain key employees; and any statements of assumptions 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 that could cause 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:

the duration of the COVID-19 pandemic and the extent to which it continues 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 alfalfa, sorghum, sunflower and stevia products;

our plans for expansion of our business (including by expanding crop offerings and market share of existing offerings through acquisitions) 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 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 be influence what crops our growers elect to plant;

whether we are successful in aligning expense levels to revenue changes;

the effectiveness of our global supply chain and distribution capabilities;

whether we are successful in monetizing our stevia business;

the cost and other implications of pending or future legislation or court decisions and pending or future accounting pronouncements; and

other risks that are described herein including but not limited to the items discussed in “Risk Factors” below, and that are otherwise described or updated from time to time in our filings with the Securities Exchange Commission.

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 listed in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K, for the fiscal year ended June 30, 2019 (the “Annual Report”), as updated in Part II, Item 1A. “Risks Factors” of this Quarterly Report on Form 10-Q.

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.

2


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 2020,” “fiscal 2019” and “fiscal 2018” in this Quarterly Report on Form 10-Q refer to the respective fiscal year ended June 30, 2020, 2019 and 2018, 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

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

ASSETS

 

March 31,

2020

 

 

June 30,

2019

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,466,437

 

 

$

3,431,802

 

Accounts receivable, net

 

 

19,254,556

 

 

 

13,380,464

 

Inventories, net

 

 

70,807,964

 

 

 

71,295,520

 

Prepaid expenses and other current assets

 

 

1,746,268

 

 

 

1,687,490

 

Assets held for sale

 

 

 

 

 

1,850,000

 

TOTAL CURRENT ASSETS

 

 

100,275,225

 

 

 

91,645,276

 

Property, plant and equipment, net

 

 

20,628,422

 

 

 

20,634,949

 

Intangibles, net

 

 

37,854,710

 

 

 

32,714,484

 

Goodwill

 

 

2,381,684

 

 

 

 

Other assets

 

 

6,459,625

 

 

 

1,369,560

 

TOTAL ASSETS

 

$

167,599,666

 

 

$

146,364,269

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$

14,739,329

 

 

$

6,930,829

 

Deferred revenue

 

 

8,416,430

 

 

 

9,054,549

 

Accrued expenses and other current liabilities

 

 

8,017,363

 

 

 

6,073,110

 

Lines of credit, net

 

 

28,145,189

 

 

 

10,755,548

 

Current portion of long-term debt, net

 

 

1,755,905

 

 

 

1,113,502

 

TOTAL CURRENT LIABILITIES

 

 

61,074,216

 

 

 

33,927,538

 

Long-term debt, net, less current portion

 

 

13,852,560

 

 

 

12,158,095

 

Contingent consideration obligation

 

 

4,037,922

 

 

 

 

Other non-current liabilities

 

 

3,418,905

 

 

 

280,424

 

TOTAL LIABILITIES

 

 

82,383,603

 

 

 

46,366,057

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares

   issued and outstanding

 

 

 

 

 

 

Common stock, $0.001 par value; 50,000,000 shares authorized; 33,423,019

   issued and 33,398,019 outstanding at March 31, 2020; 33,303,218 issued and

   33,278,218 outstanding at June 30, 2019;

 

 

33,423

 

 

 

33,303

 

Treasury stock, at cost, 25,000 shares

 

 

(134,196

)

 

 

(134,196

)

Additional paid-in capital

 

 

137,480,467

 

 

 

136,751,875

 

Accumulated deficit

 

 

(45,338,714

)

 

 

(30,466,618

)

Accumulated other comprehensive loss

 

 

(6,679,462

)

 

 

(6,138,467

)

Noncontrolling interests

 

 

(145,455

)

 

 

(47,685

)

TOTAL STOCKHOLDERS' EQUITY

 

 

85,216,063

 

 

 

99,998,212

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

167,599,666

 

 

$

146,364,269

 

 

See notes to consolidated financial statements.

 

 

4


S&W SEED COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and other

 

$

29,091,884

 

 

$

18,176,166

 

 

$

53,717,442

 

 

$

62,877,299

 

Total revenue

 

 

29,091,884

 

 

 

18,176,166

 

 

 

53,717,442

 

 

 

62,877,299

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and other

 

 

22,667,126

 

 

 

13,388,470

 

 

 

42,027,439

 

 

 

47,942,933

 

Total cost of revenue

 

 

22,667,126

 

 

 

13,388,470

 

 

 

42,027,439

 

 

 

47,942,933

 

Gross profit

 

 

6,424,758

 

 

 

4,787,696

 

 

 

11,690,003

 

 

 

14,934,366

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

5,895,984

 

 

 

4,610,471

 

 

 

15,663,907

 

 

 

11,840,547

 

Research and development expenses

 

 

2,041,650

 

 

 

1,824,613

 

 

 

5,301,714

 

 

 

4,190,280

 

Depreciation and amortization

 

 

1,209,433

 

 

 

1,171,057

 

 

 

3,620,235

 

 

 

3,061,771

 

Gain on disposal of property, plant and equipment

 

 

(7,719

)

 

 

(97,483

)

 

 

(20,794

)

 

 

(94,020

)

Total operating expenses

 

 

9,139,348

 

 

 

7,508,658

 

 

 

24,565,062

 

 

 

18,998,578

 

Loss from operations

 

 

(2,714,590

)

 

 

(2,720,962

)

 

 

(12,875,059

)

 

 

(4,064,212

)

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency loss (gain)

 

 

81,574

 

 

 

4,793

 

 

 

67,399

 

 

 

(53,638

)

Reduction of anticipated loss on sub-lease land

 

 

 

 

 

(141,373

)

 

 

 

 

 

(141,373

)

Change in estimated value of assets held for sale

 

 

 

 

 

 

 

 

92,931

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

140,638

 

 

 

 

Interest expense - amortization of debt discount

 

 

96,222

 

 

 

103,362

 

 

 

393,935

 

 

 

238,754

 

Interest expense

 

 

444,401

 

 

 

758,669

 

 

 

1,382,680

 

 

 

2,057,377

 

Loss before income taxes

 

 

(3,336,787

)

 

 

(3,446,413

)

 

 

(14,952,642

)

 

 

(6,165,332

)

Provision (benefit) for income taxes

 

 

(7,296

)

 

 

(82,411

)

 

 

17,224

 

 

 

(77,878

)

Net loss

 

$

(3,329,491

)

 

$

(3,364,002

)

 

$

(14,969,866

)

 

$

(6,087,454

)

Net loss attributed to noncontrolling interests

 

 

(47,742

)

 

 

(22,102

)

 

 

(97,770

)

 

 

(429

)

Net loss attributable to S&W Seed Company

 

$

(3,281,749

)

 

$

(3,341,900

)

 

$

(14,872,096

)

 

$

(6,087,025

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to S&W Seed Company per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.10

)

 

$

(0.10

)

 

$

(0.45

)

 

$

(0.21

)

Diluted

 

$

(0.10

)

 

$

(0.10

)

 

$

(0.45

)

 

$

(0.21

)

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

33,385,376

 

 

 

33,267,258

 

 

 

33,323,239

 

 

 

29,043,493

 

Diluted

 

 

33,385,376

 

 

 

33,267,258

 

 

 

33,323,239

 

 

 

29,043,493

 

 

See notes to consolidated financial statements.

 

 

5


S&W SEED COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

 

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(3,329,491

)

 

$

(3,364,002

)

 

$

(14,969,866

)

 

$

(6,087,454

)

Foreign currency translation adjustment, net of income taxes

 

 

(486,500

)

 

 

36,576

 

 

 

(540,995

)

 

 

(289,045

)

Comprehensive loss

 

$

(3,815,991

)

 

$

(3,327,426

)

 

$

(15,510,861

)

 

$

(6,376,499

)

Comprehensive loss attributable to noncontrolling interests

 

 

(47,742

)

 

 

(22,102

)

 

 

(97,770

)

 

 

(429

)

Comprehensive loss attributable to S&W Seed Company

 

$

(3,768,249

)

 

$

(3,305,324

)

 

$

(15,413,091

)

 

$

(6,376,070

)

 

See notes to consolidated financial statements.

 

 

6


S&W SEED COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Noncontrolling

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Interests

 

 

Loss

 

 

Equity

 

Balance, December 31, 2018

 

 

 

 

 

 

 

 

33,246,141

 

 

$

33,246

 

 

 

(25,000

)

 

$

(134,196

)

 

$

136,495,216

 

 

$

(23,906,501

)

 

 

21,673

 

 

$

(6,116,283

)

 

$

106,393,155

 

Stock-based compensation -

   options, restricted stock,

   and RSUs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

156,175

 

 

 

 

 

 

 

 

 

 

 

 

156,175

 

Net issuance to settle RSUs

 

 

 

 

 

 

 

 

51,205

 

 

 

51

 

 

 

 

 

 

 

 

 

(5,634

)

 

 

 

 

 

 

 

 

 

 

 

(5,583

)

Proceeds from sale of common

   stock, net of fees and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46,620

)

 

 

 

 

 

 

 

 

 

 

 

(46,620

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,576

 

 

 

36,576

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,341,900

)

 

 

(22,102

)

 

 

 

 

 

(3,364,002

)

Balance, March 31, 2019

 

 

 

 

$

 

 

 

33,297,346

 

 

$

33,297

 

 

 

(25,000

)

 

$

(134,196

)

 

$

136,599,137

 

 

$

(27,248,401

)

 

$

(429

)

 

$

(6,079,707

)

 

$

103,169,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2019

 

 

 

 

$

 

 

 

33,329,566

 

 

$

33,329

 

 

 

(25,000

)

 

$

(134,196

)

 

$

137,204,276

 

 

$

(42,056,965

)

 

$

(97,713

)

 

$

(6,192,962

)

 

$

88,755,769

 

Stock-based compensation -

   options, restricted stock,

   and RSUs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

325,587

 

 

 

 

 

 

 

 

 

 

 

 

325,587

 

Net issuance to settle RSUs

 

 

 

 

 

 

 

 

93,453

 

 

 

94

 

 

 

 

 

 

 

 

 

(49,396

)

 

 

 

 

 

 

 

 

 

 

 

(49,302

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(486,500

)

 

 

(486,500

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,281,749

)

 

 

(47,742

)

 

 

 

 

 

(3,329,491

)

Balance, March 31, 2020

 

 

 

 

$

 

 

 

33,423,019

 

 

$

33,423

 

 

 

(25,000

)

 

$

(134,196

)

 

$

137,480,467

 

 

$

(45,338,714

)

 

$

(145,455

)

 

$

(6,679,462

)

 

$

85,216,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Noncontrolling

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Interests

 

 

Loss

 

 

Equity

 

Balance, June 30, 2018

 

 

 

 

 

 

 

 

24,367,906

 

 

$

24,367

 

 

 

(25,000

)

 

$

(134,196

)

 

$

108,803,991

 

 

$

(21,161,376

)

 

 

 

 

$

(5,790,662

)

 

$

81,742,124

 

Stock-based compensation -

   options, restricted stock,

   and RSUs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

533,633

 

 

 

 

 

 

 

 

 

 

 

 

533,633

 

Net issuance to settle RSUs

 

 

 

 

 

 

 

 

86,723

 

 

 

87

 

 

 

 

 

 

 

 

 

(31,168

)

 

 

 

 

 

 

 

 

 

 

 

(31,081

)

Proceeds from sale of preferred stock, net of fees and expenses

 

 

7,235

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,373,835

 

 

 

 

 

 

 

 

 

 

 

 

22,373,842

 

Conversion of preferred stock to common stock

 

 

(7,235

)

 

 

(7

)

 

 

7,235,000

 

 

 

7,235