$LSF
Laird Superfood, Inc.

2020 Form 10-K Financial Statement

#000119312521082813 Filed on March 16, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q3
Revenue $25.78M $4.171M $3.487M
YoY Change 96.76%
Cost Of Revenue $19.20M $2.723M $2.027M
YoY Change 139.49%
Gross Profit $6.579M $1.448M $1.460M
YoY Change 29.38%
Gross Profit Margin 25.51% 34.73% 41.88%
Selling, General & Admin $19.00M $3.537M $3.761M
YoY Change 40.61%
% of Gross Profit 288.81% 244.2% 257.56%
Research & Development $508.2K $137.9K $110.0K
YoY Change 56.71%
% of Gross Profit 7.72% 9.52% 7.53%
Depreciation & Amortization $474.6K $300.6K
YoY Change 57.91%
% of Gross Profit 7.21% 20.75%
Operating Expenses $19.51M $3.675M $3.871M
YoY Change 40.99%
Operating Profit -$12.93M -$2.227M -$2.411M
YoY Change 47.73%
Interest Expense $0.00 $18.83K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $78.87K $67.52K $37.77K
YoY Change -68.2%
Pretax Income -$12.85M -$2.159M -$2.373M
YoY Change 51.11%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.85M -$2.159M -$2.373M
YoY Change 51.11%
Net Earnings / Revenue -49.84% -51.76% -68.05%
Basic Earnings Per Share -$2.61 $1.31 -$0.66
Diluted Earnings Per Share -$2.61 $0.96 -$0.66
COMMON SHARES
Basic Shares Outstanding 5.546M 4.045M 3.593M
Diluted Shares Outstanding 5.546M 5.532M 3.593M

Balance Sheet

Concept 2020 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.91M $6.489M
YoY Change 915.74%
Cash & Equivalents $57.21M $1.004M $7.538M
Short-Term Investments $8.707M $5.485M
Other Short-Term Assets $2.847M $44.26K
YoY Change 381.93%
Inventory $6.296M $2.436M
Prepaid Expenses
Receivables $839.7K $384.8K
Other Receivables $97.67K
Total Short-Term Assets $76.00M $10.04M
YoY Change 656.61%
LONG-TERM ASSETS
Property, Plant & Equipment $3.513M $3.153M
YoY Change 11.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.702M $15.14K
YoY Change -12.07%
Total Long-Term Assets $6.347M $6.358M
YoY Change -0.17%
TOTAL ASSETS
Total Short-Term Assets $76.00M $10.04M
Total Long-Term Assets $6.347M $6.358M
Total Assets $82.34M $16.40M
YoY Change 402.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.316M $724.8K
YoY Change 81.57%
Accrued Expenses $1.427M $301.0K
YoY Change 80.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.743M $1.517M
YoY Change 80.86%
LONG-TERM LIABILITIES
Long-Term Debt $51.00K
YoY Change 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $51.00K $51.00K
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.743M $1.517M
Total Long-Term Liabilities $51.00K $51.00K
Total Liabilities $2.794M $1.568M
YoY Change 78.23%
SHAREHOLDERS EQUITY
Retained Earnings -$19.08M
YoY Change
Common Stock $27.19M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.55M $8.111M -$392.6K
YoY Change
Total Liabilities & Shareholders Equity $82.34M $16.40M
YoY Change 402.02%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$12.85M -$2.159M -$2.373M
YoY Change 51.11%
Depreciation, Depletion And Amortization $474.6K $300.6K
YoY Change 57.91%
Cash From Operating Activities -$14.68M -$9.433M
YoY Change 55.66%
INVESTING ACTIVITIES
Capital Expenditures $1.060M -$2.424M
YoY Change -56.28%
Acquisitions
YoY Change
Other Investing Activities -$3.221M -$5.508M
YoY Change -41.52%
Cash From Investing Activities -$4.281M -$7.932M
YoY Change -46.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$66.09M
YoY Change 672.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.17M 1.029M
YoY Change 7204.48%
NET CHANGE
Cash From Operating Activities -14.68M -9.433M
Cash From Investing Activities -4.281M -7.932M
Cash From Financing Activities 75.17M 1.029M
Net Change In Cash 56.20M -16.34M
YoY Change -444.05%
FREE CASH FLOW
Cash From Operating Activities -$14.68M -$9.433M
Capital Expenditures $1.060M -$2.424M
Free Cash Flow -$15.74M -$7.009M
YoY Change 32.78%

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CY2020Q4 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2020Q3 us-gaap Other Income Tax Expense Benefit Continuing Operations
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26746
CY2020Q2 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
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CY2020 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2019Q4 us-gaap General And Administrative Expense
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CY2019Q3 us-gaap General And Administrative Expense
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CY2019Q4 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2019Q3 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2019Q2 us-gaap Other Income Tax Expense Benefit Continuing Operations
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CY2019Q1 us-gaap Other Income Tax Expense Benefit Continuing Operations
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54684
CY2019 us-gaap Other Income Tax Expense Benefit Continuing Operations
OtherIncomeTaxExpenseBenefitContinuingOperations
248023
CY2019Q4 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2020 dei Document Annual Report
DocumentAnnualReport
true
CY2020 dei Document Transition Report
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false
CY2020 dei Document Period End Date
DocumentPeriodEndDate
2020-12-31
CY2020 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2020 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
No
CY2020 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2020 dei Entity Voluntary Filers
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No
CY2020 dei Entity Small Business
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true
CY2020 dei Entity Emerging Growth Company
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true
CY2020 dei Entity Ex Transition Period
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false
CY2020 dei Icfr Auditor Attestation Flag
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false
CY2020 dei Entity Shell Company
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false
CY2020Q4 us-gaap Commitments And Contingencies
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CY2019Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2020 us-gaap Interest Expense
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CY2020 lsf Grant Income
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CY2020 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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0
CY2019 us-gaap Repayments Of Lines Of Credit
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CY2019 us-gaap Proceeds From Lines Of Credit
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CY2019 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2020 us-gaap Payments Of Stock Issuance Costs
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CY2019 us-gaap Payments Of Stock Issuance Costs
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CY2020 us-gaap Proceeds From Contributed Capital
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2019 us-gaap Payments For Repurchase Of Common Stock
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CY2019 lsf Deemed Contribution From Redemption Of Preferred Stock
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CY2020 us-gaap Conversion Of Stock Amount Converted1
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0
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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0
CY2020Q4 us-gaap Operating Income Loss
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CY2020 lsf Weighted Average Shares Outstanding Subscribed But Unissued
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1000
CY2020Q4 lsf Unrecorded Tax Liabilities
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0
CY2019Q4 lsf Unrecorded Tax Liabilities
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CY2020Q4 dei Entity Public Float
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291100000
CY2019 us-gaap Gain Loss On Sale Of Investments
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CY2020 us-gaap Use Of Estimates
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Although management believes its estimates and assumptions are reasonable when made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Due to the risks and uncertainties involved in the Company&#8217;s business and evolving market conditions and given the subjective element of the estimates and assumptions made, actual results may differ from estimated results. The most significant estimates and judgments impact allowances for doubtful accounts and returns, inventory obsolescence, valuation allowance for deferred taxes, fair value of stock-based compensation, beneficial conversion feature, and discount on warrants. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 us-gaap Concentration Risk Credit Risk
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Risk </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash on deposit and cash equivalents. At times, cash and cash equivalents balances may exceed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) insurable limits. The Company&#8217;s investment account (recognized as cash and cash equivalents) is with what the Company believes to be a high-quality issuer. The Company has never experienced any losses related to these balances. <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Non-interest-bearing</div> amounts on deposit in excess of FDIC insurable limits as of December&#160;31, 2020 and 2019 approximated $6,639,821 and $456,104, respectively. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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56909977

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