$LSF
Laird Superfood, Inc.

2021 Q1 Form 10-Q Financial Statement

#000119312521160484 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $7.397M $7.285M $5.483M
YoY Change 34.9% 74.65% 120.11%
Cost Of Revenue $5.559M $5.820M $3.366M
YoY Change 65.19% 113.76% 129.8%
Gross Profit $1.837M $1.465M $2.118M
YoY Change -13.23% 1.14% 106.29%
Gross Profit Margin 24.84% 20.11% 38.62%
Selling, General & Admin $6.941M $5.828M $3.992M
YoY Change 73.86% 64.76% 44.23%
% of Gross Profit 377.77% 397.81% 188.53%
Research & Development $240.7K $144.2K $143.3K
YoY Change 67.94% 4.58% 326.94%
% of Gross Profit 13.1% 9.84% 6.77%
Depreciation & Amortization $131.3K $130.5K $114.9K
YoY Change 14.3% -56.59%
% of Gross Profit 7.15% 8.91% 5.43%
Operating Expenses $7.182M $5.972M $4.136M
YoY Change 73.65% 62.5% 47.61%
Operating Profit -$5.344M -$4.507M -$2.018M
YoY Change 164.83% 102.42% 13.68%
Interest Expense $13.90K $13.42K
YoY Change
% of Operating Profit
Other Income/Expense, Net $13.90K $0.00 $22.85K
YoY Change -39.17% -100.0%
Pretax Income -$5.331M -$4.494M -$1.995M
YoY Change 167.16% 108.12%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.331M -$4.494M -$1.995M
YoY Change 167.16% 108.12% 15.97%
Net Earnings / Revenue -72.06% -61.69% -36.39%
Basic Earnings Per Share -$0.60 -$0.47
Diluted Earnings Per Share -$0.60 -$510.0K -$0.47
COMMON SHARES
Basic Shares Outstanding 8.894M 8.875M 4.281M
Diluted Shares Outstanding 8.894M 4.281M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.19M $65.68M
YoY Change 912.14%
Cash & Equivalents $51.50M $56.97M $527.8K
Short-Term Investments $8.691M $8.707M
Other Short-Term Assets $57.56K $51.11K
YoY Change 15.49%
Inventory $7.694M $6.296M
Prepaid Expenses
Receivables $770.2K $839.7K
Other Receivables $488.8K $97.67K
Total Short-Term Assets $72.29M $76.00M
YoY Change 656.61%
LONG-TERM ASSETS
Property, Plant & Equipment $3.502M $3.513M
YoY Change 11.42%
Goodwill $0.00
YoY Change
Intangibles $137.1K
YoY Change
Long-Term Investments
YoY Change
Other Assets $77.92K $4.992K
YoY Change -67.03%
Total Long-Term Assets $6.318M $6.347M
YoY Change -0.17%
TOTAL ASSETS
Total Short-Term Assets $72.29M $76.00M
Total Long-Term Assets $6.318M $6.347M
Total Assets $78.61M $82.34M
YoY Change 402.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.601M $1.316M
YoY Change 81.57%
Accrued Expenses $857.8K $704.5K
YoY Change 134.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.471M $2.743M
YoY Change 80.86%
LONG-TERM LIABILITIES
Long-Term Debt $51.00K $51.00K
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $51.00K $51.00K
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.471M $2.743M
Total Long-Term Liabilities $51.00K $51.00K
Total Liabilities $3.522M $2.794M
YoY Change 78.23%
SHAREHOLDERS EQUITY
Retained Earnings -$37.26M -$31.93M
YoY Change 67.36%
Common Stock $112.4M $111.5M
YoY Change 309.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.09M $79.55M $8.389M
YoY Change
Total Liabilities & Shareholders Equity $78.61M $82.34M
YoY Change 402.02%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.331M -$4.494M -$1.995M
YoY Change 167.16% 108.12% 15.97%
Depreciation, Depletion And Amortization $131.3K $130.5K $114.9K
YoY Change 14.3% -56.59%
Cash From Operating Activities -$5.143M -$7.586M -$2.344M
YoY Change 119.45% -19.58%
INVESTING ACTIVITIES
Capital Expenditures $122.6K -$185.1K $115.7K
YoY Change 5.98% -92.36%
Acquisitions
YoY Change
Other Investing Activities $700.00 -$8.213M
YoY Change 49.11%
Cash From Investing Activities -$200.1K -$8.398M -$115.7K
YoY Change 72.98% 5.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$1.977M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -119.2K 244.2K 1.983M
YoY Change -106.01% -76.27%
NET CHANGE
Cash From Operating Activities -5.143M -7.586M -2.344M
Cash From Investing Activities -200.1K -8.398M -115.7K
Cash From Financing Activities -119.2K 244.2K 1.983M
Net Change In Cash -5.463M -15.74M -476.3K
YoY Change 1046.97% -3.65%
FREE CASH FLOW
Cash From Operating Activities -$5.143M -$7.586M -$2.344M
Capital Expenditures $122.6K -$185.1K $115.7K
Free Cash Flow -$5.266M -$7.401M -$2.459M
YoY Change 114.11% 5.59%

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TemporaryEquitySharesIssued
0
CY2020Q1 lsf Weighted Average Shares Outstanding Subscribed But Unissued
WeightedAverageSharesOutstandingSubscribedButUnissued
0
CY2021Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8894495
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4281346
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
188793
CY2021Q1 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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;">Unaudited interim financial information </div></div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-align:justify;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the opinion of the Company, the accompanying unaudited interim financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of its financial position and its results of operations, changes in stockholders&#8217; equity and cash flows. The balance sheet as of December&#160;31, 2020 was derived from audited annual financial statements. Operating results for the three months ended March&#160;31, 2021 are not necessarily indicative of the results expected for the fiscal year ending December&#160;31, 2021. The accompanying unaudited interim financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the fiscal year ended December&#160;31, 2020. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-align:justify;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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, and fair value of stock-based compensation. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-align:justify;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">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 broker. 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 March&#160;31, 2021 and December&#160;31, 2020 approximated $6,402,956 and $6,639,821, respectively. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
188793
CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
97759
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
9600000
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2021Q1 lsf Provision For Excess And Obsolete Inventory
ProvisionForExcessAndObsoleteInventory
102604
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassification of Prior Period Presentation </div></div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-align:justify;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or cash flows. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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