$PET
Wag! Group Co.

2024 Q3 Form 10-Q Financial Statement

#000184235624000217 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $13.20M $18.65M
YoY Change -39.43% -5.9%
Cost Of Revenue $1.400M $1.397M
YoY Change -2.78% -57.71%
Gross Profit $11.80M $17.25M
YoY Change -42.02% 4.46%
Gross Profit Margin 89.4% 92.51%
Selling, General & Admin $13.09M $14.85M
YoY Change -24.91% -4.71%
% of Gross Profit 110.92% 86.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $583.0K $580.0K
YoY Change 40.82% 54.67%
% of Gross Profit 4.94% 3.36%
Operating Expenses $13.09M $14.85M
YoY Change -24.91% -4.71%
Operating Profit -$1.289M $2.408M
YoY Change -144.1% 156.72%
Interest Expense $1.497M $1.597M
YoY Change -11.05% -3.74%
% of Operating Profit 66.32%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$6.262M -$2.169M
YoY Change 190.58% -50.52%
Income Tax $0.00 $82.00K
% Of Pretax Income
Net Earnings -$6.262M -$2.251M
YoY Change 185.15% -41.82%
Net Earnings / Revenue -47.43% -12.07%
Basic Earnings Per Share -$0.13 -$0.06
Diluted Earnings Per Share -$0.13 -$0.06
COMMON SHARES
Basic Shares Outstanding 48.81M shares 40.62M shares
Diluted Shares Outstanding 47.78M shares 40.91M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.445M $9.234M
YoY Change -62.13% -62.77%
Cash & Equivalents $8.400M $9.200M
Short-Term Investments
Other Short-Term Assets $3.258M $2.256M
YoY Change -6.91% 12.8%
Inventory
Prepaid Expenses
Receivables $6.500M $7.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.25M $19.00M
YoY Change -46.77% -44.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.515M $1.144M
YoY Change 2033.8% 1185.39%
Goodwill $4.600M $4.600M
YoY Change 0.0% -9.73%
Intangibles $7.312M $7.860M
YoY Change -9.01% 0.59%
Long-Term Investments
YoY Change
Other Assets $52.00K $52.00K
YoY Change -17.46% -97.51%
Total Long-Term Assets $14.34M $14.60M
YoY Change 2.91% -10.46%
TOTAL ASSETS
Total Short-Term Assets $18.25M $19.00M
Total Long-Term Assets $14.34M $14.60M
Total Assets $32.59M $33.60M
YoY Change -32.41% -33.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.252M $6.850M
YoY Change -39.53% -29.18%
Accrued Expenses $3.184M $2.044M
YoY Change -27.7% -50.75%
Deferred Revenue $1.778M $1.642M
YoY Change 0.57% -37.5%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.02M $2.075M
YoY Change 1096.66% 45.41%
Total Short-Term Liabilities $29.63M $13.19M
YoY Change 69.6% -30.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $21.47M
YoY Change -100.0% -16.04%
Other Long-Term Liabilities $31.00K $78.00K
YoY Change -85.78% -64.22%
Total Long-Term Liabilities $31.00K $21.55M
YoY Change -99.88% -16.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.63M $13.19M
Total Long-Term Liabilities $31.00K $21.55M
Total Liabilities $30.22M $35.38M
YoY Change -31.79% -22.74%
SHAREHOLDERS EQUITY
Retained Earnings -$174.5M -$168.2M
YoY Change 10.25% 7.77%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.375M -$1.785M
YoY Change
Total Liabilities & Shareholders Equity $32.59M $33.60M
YoY Change -32.41% -33.91%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$6.262M -$2.251M
YoY Change 185.15% -41.82%
Depreciation, Depletion And Amortization $583.0K $580.0K
YoY Change 40.82% 54.67%
Cash From Operating Activities -$3.253M -$2.189M
YoY Change 42.05% -274.7%
INVESTING ACTIVITIES
Capital Expenditures $405.0K $555.0K
YoY Change 3950.0% 3600.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$128.0K
YoY Change -100.0% -81.97%
Cash From Investing Activities -$405.0K -$683.0K
YoY Change -155.48% -5.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.869M -497.0K
YoY Change -411.85% 108.82%
NET CHANGE
Cash From Operating Activities -3.253M -2.189M
Cash From Investing Activities -405.0K -683.0K
Cash From Financing Activities 2.869M -497.0K
Net Change In Cash -789.0K -3.369M
YoY Change -68.19% -1261.72%
FREE CASH FLOW
Cash From Operating Activities -$3.253M -$2.189M
Capital Expenditures $405.0K $555.0K
Free Cash Flow -$3.658M -$2.744M
YoY Change 59.04% -321.65%

Facts In Submission

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<div style="margin-top:18pt;padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses. Actual results could differ from those estimates.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant items subject to estimates and assumptions include, but are not limited to, fair values of financial instruments, valuation of intangible assets acquired, valuation of stock-based compensation and warrants, and the valuation allowance for deferred income taxes. Actual results may differ from these estimates.</span></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M17D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6386000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5035000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y7M20D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
6452000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
700000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
900000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1900000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2100000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
9000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1656000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1121000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2952000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2463000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
45028000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42841000 shares
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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0001842356-24-000217.txt Edgar Link pending
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exhibit311q22024.htm Edgar Link pending
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