$AFCG
Advanced Flower Capital Inc.

2021 Q4 Form 10-K Financial Statement

#000114036122008768 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $13.01M $37.46M $4.000M
YoY Change 225.31% 569.58%
Cost Of Revenue $2.823M $8.322M $222.1K
YoY Change 1170.9% 2184.94%
Gross Profit $10.19M $29.14M $3.778M
YoY Change 169.72% 457.11%
Gross Profit Margin 78.31% 77.79% 94.45%
Selling, General & Admin $1.661M $6.077M $1.105M
YoY Change 50.29% 201.55%
% of Gross Profit 16.3% 20.85% 29.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.661M $14.40M $1.105M
YoY Change 50.29% 614.48%
Operating Profit $8.530M $14.74M $2.673M
YoY Change 219.08% 358.49%
Interest Expense -$176.6K $1.127M -$460.00
YoY Change 38280.43% -27.92%
% of Operating Profit -2.07% 7.64% -0.02%
Other Income/Expense, Net -$1.277M -$2.649M -$465.4K
YoY Change 174.35% 469.26%
Pretax Income $7.076M $21.04M $2.207M
YoY Change 220.58% 387.66%
Income Tax $35.17K $35.17K $0.00
% Of Pretax Income 0.5% 0.17% 0.0%
Net Earnings $7.041M $21.00M $2.207M
YoY Change 218.99% 386.84%
Net Earnings / Revenue 54.11% 56.06% 55.18%
Basic Earnings Per Share $1.57
Diluted Earnings Per Share $414.0K $1.52 $113.5K
COMMON SHARES
Basic Shares Outstanding 13.37M
Diluted Shares Outstanding 13.81M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.1M $109.2M $9.624M
YoY Change 1200.38% 1035.16%
Cash & Equivalents $109.2M $109.2M $9.624M
Short-Term Investments $15.90M $0.00
Other Short-Term Assets $949.3K $949.3K $72.10K
YoY Change 1216.62% 1216.62%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $110.2M $110.2M $10.22M
YoY Change 978.41% 1036.51%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.88M $15.88M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $354.7M $354.7M $83.74M
YoY Change 323.5% 320.87%
TOTAL ASSETS
Total Short-Term Assets $110.2M $110.2M $10.22M
Total Long-Term Assets $354.7M $354.7M $83.74M
Total Assets $464.8M $464.8M $93.96M
YoY Change 394.72% 394.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.529M $1.529M $200.0K
YoY Change 664.49% 609.73%
Accrued Expenses $9.922M $8.930M $2.099M
YoY Change 372.78% 325.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.52M $93.53M $2.314M
YoY Change 3984.62% 3941.76%
LONG-TERM LIABILITIES
Long-Term Debt $96.57M $96.57M $0.00
YoY Change
Other Long-Term Liabilities $683.2K $1.675M
YoY Change
Total Long-Term Liabilities $97.26M $98.25M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $94.52M $93.53M $2.314M
Total Long-Term Liabilities $97.26M $98.25M $0.00
Total Liabilities $191.8M $191.8M $2.314M
YoY Change 8187.59% 8187.59%
SHAREHOLDERS EQUITY
Retained Earnings -$1.093M $517.7K
YoY Change -311.09%
Common Stock $163.9K $61.79K
YoY Change 165.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $273.1M $273.1M $91.65M
YoY Change
Total Liabilities & Shareholders Equity $464.8M $464.8M $93.96M
YoY Change 394.72% 394.72%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $7.041M $21.00M $2.207M
YoY Change 218.99% 386.84%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.933M $9.539M $1.579M
YoY Change 22.42% 528.01%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$127.0M -$248.5M -$31.79M
YoY Change 299.53% 666.22%
Cash From Investing Activities -$127.0M -$248.5M -$31.79M
YoY Change 299.53% 666.22%
FINANCING ACTIVITIES
Cash Dividend Paid $14.39M
YoY Change
Common Stock Issuance & Retirement, Net $185.5M
YoY Change 318.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.3M 338.5M 8.581M
YoY Change 1815.03% 735.26%
NET CHANGE
Cash From Operating Activities 1.933M 9.539M 1.579M
Cash From Investing Activities -127.0M -248.5M -31.79M
Cash From Financing Activities 164.3M 338.5M 8.581M
Net Change In Cash 39.27M 99.62M -21.63M
YoY Change -281.59% 935.16%
FREE CASH FLOW
Cash From Operating Activities $1.933M $9.539M $1.579M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Concentration of Credit Risks</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans and interest receivable. The Company places its cash and cash equivalents with financial institutions, and, at times, cash held exceeds the Federal Deposit Insurance Corporation insured limit. The Company and the Company’s Manager seek to manage this credit risk by monitoring the financial institutions and their ability to continue in business for the foreseeable future.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company has exposure to credit risk on its loans and interest receivable. The Company and the Company’s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.</div>
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<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates in the Preparation of Financial Statements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Over the course of the coronavirus (“COVID-19”) pandemic, medical cannabis companies have been deemed “essential” by almost all states with legalized cannabis and stay-at-home orders. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the year ended December 31, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined.</div>
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CY2021Q4 us-gaap Loans Receivable Fair Value Disclosure
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1
CY2020Q4 afcg Number Of Investments In Debt Securities Held At Fair Value
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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15881250
CY2021Q4 afcg Available For Sale Debt Securities At Carrying Value
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CY2021 afcg Debt Securities Held At Fair Value New Funding
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CY2021 afcg Debt Securities Held At Fair Value Outstanding Principal Repayments
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0
CY2021 afcg Debt Securities Held At Fair Value Original Issue Discount Loan Repayments
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CY2021 afcg Debt Securities Held At Fair Value Unrealized Gains Losses Loan Repayments
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CY2021 afcg Debt Securities Held At Fair Value Loan Repayments
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021 afcg Incentive Compensation
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0
CY2021Q4 afcg Debt Securities Fair Value Disclosure
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15881250
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CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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us-gaap Related Party Transaction Expenses From Transactions With Related Party
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us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
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afcg Incentive Compensation
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CY2021 afcg Number Of Co Invested Loans Held
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CY2021 afcg Sale Of Assigned Rights For Additional Original Issue Discount And Accreted
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afcg Sale Of Assigned Rights For Additional Original Issue Discount And Accreted
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CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
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1.67
CY2021 afcg Return Of Capital Distribution Per Share
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0
CY2021 afcg Section199 A Dividends
Section199ADividends
1.67

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